$CABA hot take on new slides & Jeffries call. tl;dr clear accretion to NPV despite market reaction. Myositis PoS up on data - main risk is SA design. JDM data looks encouraging. SSc moves from blue sky to base case. No-PC SLE data is positive incremental signal. Downside of few meaningful catalysts left this year - FDA clarity on SA design is a possible big one. Unlikely to see much if any further no-PC data until it is mature enough to comment on selected dosing and preliminary safety and efficacy with durability. The work CABA continues to advance is medically transformative and potentially immensely valuable. Let’s see how the market absorbs the data. Pros: - No-PC SLE/LN — IMO this data looked encouraging and perhaps is the biggest derisking factor for long-term value creation. Granted, just 2 patients. The SLE patient had deep B cell depletion and then LN patients had 90% reduction in B cells levels. LN is a tough nut to crack but… look at the patient’s starting level of B cells relative to every other patient’s(!) (including other LN with PC) - it’s top-3 highest. PC is probably doing some debulking work that creates a more hospitable environment for CAR T expansion - the data show a possible ~10 day delay in B cell depletion for no-PC SLE/LN and pemphigus relative to the rest of dataset. Regardless, this data is a significant pieces of evidence that PC isn’t required for B cell reset in patients with more systemic autoimmune conditions. It wouldn’t shock me to see >>50% of LN/SLE patients have deep B cell depletion w/o PC at higher doses. BAFF also suggest this could be overcome with higher dose. - Myositis and scleroderma data are strong. They are disease modifying in way current and imminent therapies aren’t. Especially compelling as a product in juvenile DM and scleroderma where disease severity will organically drive adoption. - The JDM data increase PoS for PRV voucher (worth ~$100M) - In SSc the improvement on FVC will be the recitation endpoint and could be first in class as a disease modifying therapy - stopping or reversing respiratory decline rather than slowing it. Huge for these patients as they have usual life expectancy in the 2-3 year range. Encouraged by the 12 patients evaluated - signals demand that should keep the 24pt registrational trial enrollment on track. - Management is laying the ground work with payer engagement for DM and SSc commercial launches. We’re told that 52wk durability for TIS improvement is the minimum and 78wk is ideal. The durability is maturing with 3 pts showing sustained durability out to a year and one pt with a durable response out to 80wk. The TIS metric is a bit noisy - lots of ups and downs but every 6/6 patients (including juv DM) with mod/major improvement at 16wk held through at least 32 wks. Not only does this data derisk P3 approval, it suggests RESE-CEL strongly aligns with payer incentives. Cons: - The registrational myositis trial requires 14 DM patients and 3 ASYS. Enrollment is quietly filling but no indication from management on actual numbers. Possible delay flag. - The no-PC data will require higher dosing of RESE-CEL for desired response/durability in SLE/LN and potentially DM, SSc, MG - this could produce unforeseen safety issues. Any serious signals would challenge the outpatient GTM strategy for most indications. - Few anticipated 2026 catalysts. A rerate, deal, or FDA commentary on SA registrational design would be pleasant surprises but not forecasted.