Cabaletta Bio Inc. (NASDAQ: CABA) announced the pricing of an underwritten offering of 51,725,000 shares of common stock at $2.90 per share. The biotechnology company expects to receive approximately $150 million in gross proceeds before deducting underwriting discounts and offering expenses.

The offering is expected to close on or about May 5, 2026, subject to customary closing conditions. The purchase price represents the at-the-market price under Nasdaq rules, according to the company's statement.

The financing includes participation from Bain Capital Life Sciences, Adage Capital Management, Cormorant Asset Management, other existing investors, multiple new mutual and sovereign wealth funds, and Eli Lilly and Company.

TD Cowen, Guggenheim Securities, and Cantor are serving as joint book-running managers for the offering, while H.C. Wainwright & Co. is acting as lead manager.

Cabaletta Bio is offering the shares under a shelf registration statement on Form S-3-ASR that was declared effective by the Securities and Exchange Commission on March 31, 2025. The company develops targeted cell therapies for autoimmune diseases and is currently evaluating its lead therapy, rese-cel, in clinical trials across multiple therapeutic areas.

The company is headquartered in Philadelphia and focuses on engineered T cell therapies designed to provide treatments for autoimmune diseases.