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.

• ↑Kappa-201 achieved favorable risk-benefit in early trials, fueling FDA registrational talks set for early 2025.
• ↑Immunomodulator-free response rates high across lupus and systemic sclerosis cohorts, filling a large treatment gap.
• ↓Net income of -$43.5M and operating cash flow of -$42.6M underscore rapid cash burn.