Cabaletta Bio Inc

In a Stage 4 decline with confirmed lower highs and lower lows, the medium-term bias remains bearish. Despite the Bearish Exhaustion pattern suggesting seller fatigue, price has only bounced into declining 9/21 EMA resistance without a decisive rejection. With no clear upside displacement, execution is deferred toward a trim on rallies into the 9 and 21 EMA zone and prior resistance region.

• ↑Phase 1/2 data show complete B-cell depletion by day 22 in all patients.
• ↑Management plans to meet FDA in early 2025 on registrational trial design.
• ↓Q2 2026 net loss of $51M with $44.4M R&D spend underscores cash burn.