Cabaletta Bio Prices 51.7M Share Offering at $2.90 to Raise $150M
Cabaletta Bio has priced an underwritten offering of 51.725 million common shares at $2.90 each to raise approximately $150 million. Participation from Bain Capital Life Sciences, Adage Capital, Cormorant Asset Management, new mutuals, sovereign wealth funds and Eli Lilly supports the deal, expected to close on May 5, 2026.
1. Offering Details
Cabaletta Bio has launched an underwritten offering of 51,725,000 new common shares at a purchase price of $2.90 per share. The transaction is expected to generate gross proceeds of approximately $150 million, with all shares sold directly by the company.
2. Investor Participation
The round attracted commitments from existing backers including Bain Capital Life Sciences, Adage Capital Management and Cormorant Asset Management, alongside new mutual funds, sovereign wealth funds and Eli Lilly. This mix of strategic and financial investors underscores confidence in Cabaletta’s pipeline.
3. Underwriting and Registration
TD Cowen, Guggenheim Securities and Cantor are acting as joint book-running managers, with H.C. Wainwright & Co. as lead manager. The shares are being offered under an SEC-declared shelf registration statement on Form S-3-ASR.
4. Financial Impact and Use of Proceeds
Proceeds are expected to extend Cabaletta’s cash runway and fund ongoing clinical development of its engineered T cell therapies, including the rese-cel CARTA program. The new issuance will dilute existing holders but strengthens balance sheet for key trial milestones.