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Disclaimer The following presentation, including any printed or electronic copy of these slides, the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with the presentation (collectively, the “Presentation”) has been prepared by Cabaletta Bio, Inc. (“we,” “us,” “our,” “Cabaletta” or the “Company”) and is made for informational purposes only. This Presentation does not purport to be a prospectus, to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this Presentation unless stated otherwise, and this Presentation shall not under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This Presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial conditions, and include, but are not limited to, express or implied statements regarding our current beliefs, expectations and assumptions regarding: our business, future plans and strategies for our CAAR T and CARTA technologies; our ability to grow our autoimmune-focused pipeline; the ability to capitalize on and potential benefits resulting from our research and translational insights; including those related to any similarly-designed constructs or dosing regimens; the anticipated market opportunities for CABA-201 in patients with autoimmune diseases; the Company’s business plans and objectives; our expectations around the potential success and therapeutic benefits of CABA-201, including our belief that CABA-201 may enable an “immune system reset”; Cabaletta's belief of the potential for CAR T to enable a paradigm shift in autoimmunity, including its potential achieve durable remissions without chronic therapy;; our plans for Phase 1/2 clinical trials of CABA-201 in patients with systemic lupus erythematosus (SLE), myositis, SSc, and generalized myasthenia gravis (gMG), and for advancement of a RESET-PV sub-study within the ongoing DesCAARTes trial in PV, including the timing thereof, including our anticipated progress, timing of enrollment, clinical trial design, updates related to status, safety data, or otherwise and the expected timing of the related data read-outs, and ability to leverage our experience in autoimmune cell therapy; our planned initial clinical data read-out in the first half of 2024 at the EULAR 2024 symposium for patients with myositis and SLE treated with CABA-201; our planned initial clinical data read-out in the second half of 2024 for patients with SSc and gMG treated with CABA-201; our ability to enroll the requisite number of patients, dose each dosing cohort in the intended manner, and advance the trial as planned in our Phase 1/2 clinical trials of CABA-201; the timing any planned regulatory filings for our development programs, including IND applications; the progress and results of our DesCAARTes™ Phase 1 trial, including the significance and impact around reported safety and clinical and translational data of cohorts from our DesCAARTes™ and MusCAARTes™ Phase 1 trials; Cabaletta's potential to eliminate the need for apheresis by using a simpler collection process to obtain the starting material for the CABA-201 manufacturing process the therapeutic potential and clinical benefits of our product candidates; the expectation that Cabaletta may improve outcomes for patients suffering from SLE, SSc, myositis, gMG, mucosal pemphigus vulgaris, MuSK myasthenia gravis, or other autoimmune diseases; the ability of our clinical strategy to reduce risk, maximize reach and accelerate timelines of our Phase 1/2 clinical trials of CABA-201; our ability to successfully complete our preclinical and clinical studies for our product candidates, including our ability to enroll the requisite number of patients, dose each dosing cohort in the intended manner, and progress the trial; our ability to obtain and maintain regulatory approval of our product candidates, including our expectations regarding the intended incentives conferred by and ability to retain Orphan Drug Designation and Fast Track Designations for our product candidates, as applicable; our ability to accelerate our pipeline and to develop meaningful therapies for patients, including in collaboration with academic and industry partners and the ability to optimize such collaborations on our development programs; our ability to contract with third-party suppliers and manufacturers and retain such manufacturers, whether due to legislative action or otherwise; to implement an enhanced manufacturing process and further develop our internal manufacturing strategy, capabilities and facilities; our potential commercial opportunities, including value and addressable market, for our product candidates; and our expectations regarding our use of capital and other financial results, including our ability to fund operations into the first half of 2026. Words such as, but not limited to, “look forward to,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “would,” “should” and “could,” and similar expressions or words, identify forward-looking statements. Various risks, uncertainties and assumptions could cause actual results to differ materially from those anticipated or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to the success, cost, and timing of our product candidate development activities and preclinical studies and clinical trials, risks related to our ability to demonstrate sufficient evidence of safety, efficacy and tolerability in our preclinical studies and clinical trials of CABA-201, DSG3-CAART and MuSK-CAART, the risk that the results observed with the similarly-designed construct, including, but not limited to, due to dosing regimen, are not indicative of the results we seek to achieve with CABA-201, our plans to evaluate additional cohorts in the DesCAARTes™ trial, including a cohort implementing a pre-treatment regimen, the risk that signs of biologic activity or persistence may not inform long-term results, the risk that persistence observed with effective CD19-CAR T oncology studies in combination with lymphodepletion is not indicative of, or applicable to, clinical responses in patients with mPV, risks related to clinical trial site activation or enrollment rates that are lower than expected, our ability to protect and maintain our intellectual property position, risks related to our relationships with third parties, uncertainties related to regulatory agencies’ evaluation of regulatory filings and other information related to our product candidates, our ability to retain and recognize the intended incentives conferred by any Orphan Drug Designations and Fast Track Designations, risks related to regulatory filings and potential clearance, the risk that any one or more of our product candidates will not be successfully developed and commercialized, the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies, and risks related to volatile market and economic conditions and public health crises. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ materially from those contained in the forward-looking statements, see the section entitled Risk Factors in our most recent annual report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in our other and subsequent filings with the Securities and Exchange Commission. Certain information contained in this Presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this Presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. The Company is the owner of various trademarks, trade names and service marks. Certain other trademarks, trade names and service marks appearing in this Presentation are the property of third parties. Solely for convenience, the trademarks and trade names in this Presentation are referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. 2

Develop and launch the first curative targeted cellular therapies for patients with autoimmune diseases 3 3

Realizing the vision to transform autoimmune disease treatment 2H24: Additional data 1H24: from myositis & No reported SLE trials CRS or ICANS in first myositis Initial clinical 2 or SLE patients data in SSc & gMG trials Designed & implemented novel Phase 1/2 clinical program to Clinical update accelerate path to approval on each patient Engineered CABA-201 anticipated at • No requirement for dose escalation specifically for use in EULAR • Independent, parallel 6-patient cohorts autoimmune patients symposium • Broad portfolio of trials in autoimmunity • Leveraging data from an academic 4-1BB CD19- CAR T construct with favorable safety data & durable, drug free 1 remissions Evaluating CABA-201 without preconditioning in PV study Advancing program to potentially eliminate apheresis Cash runway Initiated CABA-201 dosing in Securing scalable commercial manufacturing into 1H26 two company-sponsored studies SLE – Systemic lupus erythematosus; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis 1. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. The construct utilized in these studies has a similar design to CABA-201, sharing the 4-1BB costimulatory domain, but is a different construct. 4 2. Within the 28-day dose limiting toxicity observation window for each patient.

Pipeline targeting autoimmune diseases with high unmet need Innovative and scalable clinical strategy with potential for accelerated development path Phase 1/2 Pivotal Program Trial Preclinical Dermatomyositis Rheumatology Anti-synthetase syndrome RESET-Myositis™ Neurology IMNM Dermatology Contains cohort(s) without preconditioning Lupus Nephritis RESET-SLE™ FTD Non-Renal SLE CABA-201 4-1BB CD19-CAR T Skin + Organ Cohort IND RESET-SSc™ cleared Skin Cohort AChR-Ab pos. gMG IND RESET-MG™ cleared AChR-Ab neg. gMG 1 RESET-PV™ Sub-study Mucocutaneous & mucosal pemphigus vulgaris FTD 2 Mucosal pemphigus vulgaris CAART DesCAARTes™ Chimeric AutoAntibody 2 MuSK-Ab positive MG Receptor T cells MusCAARTes™ RESET™ – REstoring SElf-Tolerance; IMNM – Immune-mediated necrotizing myopathy; SLE – Systemic lupus erythematosus; Ab – Antibody; AChR – Acetylcholine receptor; gMG – Generalized myasthenia gravis 1. Sub-study incorporated into DesCAARTes™ study. 2. Currently being evaluated in a Phase 1 trial and not currently dosing patients with DSG3-CAART or MuSK-CAART. 5 2. FDA Fast Track Designation received in dermatomyositis, SLE and lupus nephritis, systemic sclerosis, mucosal pemphigus vulgaris, and MuSK-Ab positive MG.

Chimeric Antigen Receptor T Cells for Autoimmunity CABA-201 6

Academic data: Immune system reset in autoimmune patients 1,2 Promising clinical responses in 15 patients across several autoimmune diseases with 4-1BB CD19-CAR T <7% 3-7 Rate of CRS more Months to naïve B severe than fever cell repopulation (1/15) 100% 2+ Years of SLE Objective clinical durable drug-free response rate in SLE, 11/15 patients reported by myositis, SSc remission Erlangen group with CRS, In patients with ≥5 months 10/11 with fever* of follow-up, complete B cell elimination followed by Single grade 1 ICANS event return of healthy naïve B T cell expansion & B cell reported (transient dizziness) Up to 29 months of follow-up st cells within median of depletion within 1 month *One grade 2 CRS (increased in the 15 patients reported by ~3 months enabled robust clinical oxygen requirement in patient with Erlangen group 3 pre-existing lung disease ) improvement by 3 months One IIM subject reported to have recurrence of muscle disease ~12 months after CD19-CAR T administration; BCMA-CAR T therapy planned CRS – Cytokine release syndrome; ICANS – Immune effector cell-associated neurotoxicity syndrome 1. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. 2. The construct utilized in these studies has a similar design to CABA-201, sharing the 4-1BB costimulatory domain, but is a different construct. 7 3. Taubmann J, et al. Efficacy and Safety of CAR-T-Cell Treatment in Refractory Antisynthetase Syndrome – Data of the First Three Patients [ACR abstract; Nov 14, 2023].

CABA-201 CABA-201: CD19-CAR T specifically designed for autoimmunity 1,2 3 Cabaletta’s CD19 binder with similar in vitro & in vivo activity to FMC63 (binder used in academic report ) No CRS or ICANS reported in either of the first myositis or SLE patients Clinical data reported by IASO using 4 licensed CD19 binder in oncology Fully human anti-CD19 binder Similar binding affinity & biologic activity to FMC63, Fully human binder 1,2 with binding to the same epitope Evaluated as dual-CAR combined with CD22 binder with standard Flu/Cy preconditioning 4-1BB costimulatory domain Data reported in ~20 patients to date Same co-stim. domain as used in academic studies B cell leukemia and lymphoma in IIT in China CD3-zeta signaling domain Safety data supports autoimmune development 5 CABA-201 IIT – Investigator-initiated trial; Flu/Cy – Fludarabine/Cyclophosphamide 1. Peng, Binghao J, et al. “Preclinical specificity and activity of CABA-201, a fully human 4-1BB containing CD19 CAR T therapy for treatment-resistant autoimmune disease.” Poster presented at: American Society Gene and Cell Therapy 26th Annual Meeting; 2023 May 19; Los Angeles, CA. 2. Dai, Zhenyu, et al. Development and functional characterization of novel fully human anti‐ CD19 chimeric antigen receptors for T‐ cell therapy. Journal of Cellular Physiology 236.8 (2021): 5832-5847. 3. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. 4. Evaluated as part of CT120, a dual-CD19xCD22 CAR T product candidate under development by Nanjing IASO Biotherapeutics, Co., Ltd. (IASO Bio). 5. Transmembrane domain in CABA-201 is CD8α vs. TNFRSF19 (Troy) utilized in the academic construct. The two transmembrane domains have not been shown to have a significant difference in function or IFN-γ production in preclinical studies. The CD8α transmembrane domain is employed in tisagenlecleucel. 8

CABA-201 REstoring SElf-Tolerance (RESET™) Phase 1/2 trials advancing SLE & myositis trials currently enrolling, with a broadening portfolio to realize the potential of CABA-201 Phase 1/2 Trials Preclinical Rheum Myositis SLE SSc gMG 2024 Neuro Undiscl. > > > > Typical onset middle age Affects young women & Middle age onset common Bimodal age of onset people of color Autoimmune diseases Only FDA-approved Progressive skin & organ Profound weakness that in which B cells play a therapy is IVIg in DM ~40% with lupus nephritis, fibrosis with lung, cardiac, can be disabling key role which carries ~25% risk of renal damage High mortality due to lung Risk for myasthenic crises, death or ESRD within 10y & cardiac involvement Average survival of 12y with respiratory failure U.S. ~66k ~160-320k ~88k ~55k Over 1 million Prevalence CABA-201 also to be evaluated in the absence of preconditioning in pemphigus vulgaris sub-study 9 SLE – Systemic lupus erythematosus; DM – Dermatomyositis; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis; ESRD – End-stage renal disease

CABA-201 Clinical strategy to reduce risk, maximize reach & accelerate timelines Broad investigation of CABA-201 in well-defined patient populations with the same dose & similar design RESET-Myositis™ RESET-SLE™ RESET-SSc™ RESET-MG™ Lupus ASyS Skin + Organ AChR+ Nephritis Cohort Involvement gMG CABA-201 CABA-201 CABA-201 CABA-201 Cohort Cohort Cohort Single Single Single Single 1 1 1 1 infusion infusion infusion infusion Non-renal Severe Skin AChR- DM SLE Involvement gMG Cohort CABA-201 CABA-201 CABA-201 CABA-201 Cohort Cohort Cohort Single Single Single Single 1 1 1 1 infusion infusion infusion infusion IMNM CD19-CAR T clinical data 2 CABA-201 Cohort reported in academic literature No CD19-CAR T clinical data Single 1 infusion Each cohort to include 6 patients treated with an identical dose – without dose escalation requirement – and designed to inform discussions with FDA on registrational path for each indication SLE – Systemic lupus erythematosus; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis; ASyS – Anti-synthetase syndrome; DM – Dermatomyositis; IMNM – Immune-mediated necrotizing myopathy 1. Subjects will be treated with a standard preconditioning regimen consisting of fludarabine and cyclophosphamide prior to a single dose CABA-201, followed by short inpatient stay. 10 2. The data reported in the academic literature does not employ CABA-201.

CABA-201 RESET-Myositis™: Phase 1/2 study design for CABA-201 Patient dosing commenced; enrolling patients with active myositis with DM, ASyS or IMNM subtypes Screening Phase 1/2 Study Design Study Objectives Open-label trial with parallel 6-subject cohorts Adults 18-65y Primary objective Safety & tolerability within CABA-201 Clinical IIM diagnosis DM 28 days of infusion 6 1 Single dose of 1x10 cells/kg Subtype based on serology Disease activity despite CABA-201 Categories of key standard of care ASyS secondary objectives 6 1 Single dose of 1x10 cells/kg Recommended vaccines • Pharmacokinetics / pharmacodynamics CABA-201 Cancer associated myositis IMNM • Myositis serology 6 1 Single dose of 1x10 cells/kg Significant lung or cardiac • Myositis clinical activity – impairment Total Improvement Score Equivalent to dose of 4-1BB CD19-CAR T used in Treatment with anti-B cell 1,2 • Functional & radiographic academic report along with standard preconditioning agent within prior ~6 months evidence of disease Treatment with biologic agent within prior ~3 months IIM – Idiopathic inflammatory myopathy; DM – Dermatomyositis; ASyS – Anti-synthetase syndrome; IMNM – Immune-mediated necrotizing myopathy 1. Subjects will be treated with a standard preconditioning regimen consisting of fludarabine and cyclophosphamide prior to a single dose CABA-201, followed by short inpatient stay. 11 2. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. Key exclusion criteria Key inclusion criteria

CABA-201 RESET-SLE™: Phase 1/2 study design for CABA-201 Patient dosing commenced; enrolling patients with active SLE with or without renal involvement Screening Phase 1/2 Study Design Study Objectives Open-label trial with parallel 6-subject cohorts Adults 18-65y Primary objective Safety & tolerability within Clinical SLE diagnosis CABA-201 SLE with lupus 28 days of infusion Confirmatory serology nephritis 6 1 Single dose of 1x10 cells/kg Disease activity despite Categories of key standard of care secondary objectives CABA-201 SLE without Recommended vaccines • Pharmacokinetics / 6 1 renal disease Single dose of 1x10 cells/kg pharmacodynamics Treatment with anti-B cell • SLE serology agent within prior ~6 months Equivalent to dose of 4-1BB CD19-CAR T used in • SLE clinical activity 1,2 academic report along with standard preconditioning Treatment with biologic agent within prior ~3 months Similarly designed Phase 1/2 trials – RESET-SSc™ & RESET-MG™ – advancing in SSc & gMG SLE – Systemic lupus erythematosus; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis 1. Subjects will be treated with a standard preconditioning regimen consisting of fludarabine and cyclophosphamide prior to a single dose CABA-201, followed by short inpatient stay. 12 2. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. Key exclusion criteria Key inclusion criteria

CABA-201 Evaluating CABA-201 without preconditioning in pemphigus Elimination of preconditioning may expand CAR T Updated PV Study Design opportunity for autoimmune patients Open-label umbrella trial incorporating CABA-201 • Published data in multiple myeloma suggests into DSG3-CAART study 1 preconditioning may not be necessary CABA-201 Mucocutaneous • Experience with and without preconditioning in PV in & mucosal PV DesCAARTes™ study Initiating sub-study without preconditioning As a well-defined autoantibody-mediated disease, DSG3-CAART PV is a potentially ideal evaluation setting Mucosal PV Dose-ranging cohorts in absence of • Anti-DSG antibodies necessary & sufficient for disease preconditioning 2 • Anti-DSG antibodies 98-100% sensitive & specific Mucosal PV Combination with IVIg & CY • Anti-DSG antibodies correlate with disease activity Mucosal PV • Depletion of B cells or antibodies improve disease Combination with IVIg, CY & fludarabine • Clinical scoring based on mucosal & skin disease DSG – Desmoglein; PV – Pemphigus vulgaris 1. Cohen, Adam D., et al. B cell maturation antigen–specific CAR T cells are clinically active in multiple myeloma. The Journal of Clinical Investigation 129.6 (2019). 13 2. Schmidt, Enno, et al. Novel ELISA systems for antibodies to desmoglein 1 and 3. Experimental dermatology 19.5 (2010): 458-463. Enrollment completed New sub-study

Metrics to assess outcomes of B cell depletion in autoimmunity st For CABA-201, translational measures in 1 month may inform clinical outcomes at 3 months CAR T & 1 B cell levels CD19-CAR T Following treatment with autologous CD19-CAR T, 5 pts Cells with 14+ mo. of drug-free remission, as reported by 2 Erlangen group Healthy B Naïve cells B cells Autoreactive B cells Infusion 1 mo. 3 mo. 6 mo. 12+ mo. Metrics of Within 1 month ~3 months 5-12+ months evaluation q Autoantibody changesq Time to B cell repopulation Translational q B cell depletion: Timing & depth q Vaccine titer changesq B cell phenotype q CAR T expansion: Magnitude & timing measures q Inflammatory marker changesq Autoantibody changes q Rate of CRS more severe than fever q Early efficacy signalsq Durability of clinical activity q Rate & grade of ICANS Clinical data q Rate & severity of infectionq Rate & severity of infection q Rate & severity of infection q Hospitalization requirements Patient q Chronic maintenance therapy / q Chronic maintenance / q Apheresis & preconditioning concomitant medications, if any concomitant medications, if any experience q Single vs. multiple infusions SLE – Systemic lupus erythematosus; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis 1. Illustrative graphic, adapted from Taubmann, J., et al. OP0141 Long Term Safety and Efficacy Of CAR-T Cell Treatment in Refractory SLE-Data from the First Seven Patients. (2023): 93-94. 14 2. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700.

Manufacturing strategy Staged approach allows for efficient allocation of capital while leveraging experienced partners Early Phase: Late Phase & Commercial: Penn, CDMOs & CABA Process Scale-Up & Commercialization Data-gated, staged investment Ongoing • Penn has reliably provided timely product for years • Evaluating paths to commercial-ready manufacturing: • Expanded commercial CDMO partnerships for • Expansion of CDMO relationships vector and cell product supply • Opportunities for automated manufacturing • Process development work on track to implement • Cabaletta-operated facility commercial-ready process in pivotal studies • Strategic partnership(s) • Continuous focus on innovations to address scale • Internal program • Cellares technology assessment program ongoing 15

Securing & expanding our leadership in autoimmune cell therapy Rapidly advancing to address patient need Broadening potential to serve patients Advancing the RESET™ clinical trials Biologic opportunity for potential cure or paradigm-shifting treatment with the goal of delivering on our commitment to patients may be possible in dozens of autoimmune diseases • Rheumatoid arthritis • ANCA-associated vasculitis Rheumatology • Sjögren’s syndrome Myositis • Multiple sclerosis Systemic lupus erythematosus • Neuromyelitis optica Neurology • CIDP Systemic sclerosis • Membranous nephropathy Generalized myasthenia gravis Nephrology • Goodpasture’s syndrome Pemphigus vulgaris • Pemphigus foliaceus • Epidermolysis bullosa acquisita Dermatology • Bullous pemphigoid • Immune thrombocytopenic purpura Minimizing the requirement for inpatient stay • Thrombotic thrombocytopenic purpura Hematology • Antiphospholipid syndrome Optimizing the preconditioning regimen • Autoimmune hemolytic anemia 1 Seeking to remove the burden of apheresis • Type 1 diabetes • Graves’ disease Endocrinology • Hashimoto’s disease Innovating to address scale in autoimmune disease 16 1. Abstract 1372: Autologous CD19 CART Manufacturing from Whole Blood Collection for the Treatment of Autoimmune Disease. ASGCT 2024.

Corporate Summary 17

Cabaletta Bio leadership Track record of operational success evaluating novel cell therapy candidates in autoimmunity LEADERSHIP TEAM Steven Nichtberger, M.D. Samik Basu, M.D. Gwendolyn Binder, Ph.D. David J. Chang, M.D., M.P.H., FACR Arun Das, M.D. President, CEO & Chairman Chief Scientific Officer President, Science & Technology Chief Medical Officer Chief Business Officer Michael Gerard Heather Harte-Hall Anup Marda Martha O’Connor General Counsel Chief Compliance Officer Chief Financial Officer Chief HR Officer BOARD OF DIRECTORS SCIENTIFIC ADVISORY BOARD Steven Nichtberger, M.D. Richard Henriques Aimee Payne, M.D., Ph.D. Michael C. Milone, M.D., Ph.D. Co-Founder and Co-Chair Co-Founder and Co-Chair Catherine Bollard, M.D. Mark Simon Brian Daniels, M.D. Georg Schett, M.D. Scott Brun, M.D. Shawn Tomasello Carl June, M.D. Jay Siegel, M.D. From Fortune. Iain McInnes, Ph.D., FRCP, FRSE, FMedSci Drew Weissman, M.D., Ph.D. ©2023 Fortune Media IP Limited. All rights reserved. Used under license. 18

Realizing the vision to transform autoimmune disease treatment 2H24: Additional data 1H24: from myositis & No reported SLE trials CRS or ICANS in first myositis Initial clinical 2 or SLE patients data in SSc & gMG trials Designed & implemented novel Phase 1/2 clinical program to Clinical update accelerate path to approval on each patient Engineered CABA-201 anticipated at • No requirement for dose escalation specifically for use in EULAR • Independent, parallel 6-patient cohorts autoimmune patients symposium • Broad portfolio of trials in autoimmunity • Leveraging data from an academic 4-1BB CD19- CAR T construct with favorable safety data & durable, drug free 1 remissions Evaluating CABA-201 without preconditioning in PV study Advancing program to potentially eliminate apheresis Cash runway Initiated CABA-201 dosing in Securing scalable commercial manufacturing into 1H26 two company-sponsored studies SLE – Systemic lupus erythematosus; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis 1. Müller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease—A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. The construct utilized in these studies has a similar design to CABA-201, sharing the 4-1BB costimulatory domain, but is a different construct. 19 2. Within the 28-day dose limiting toxicity observation window for each patient.