Lisata Narrows Q3 Loss, Delays Phase 3 Amid Cash Management

TL;DR

**LSTA is burning cash and delaying key trials, so don't expect a breakout without significant new financing or a major partnership.**

AI Summary

Lisata Therapeutics, Inc. (LSTA) reported a net loss of $4.249 million for the three months ended September 30, 2025, an improvement from the $4.930 million net loss in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $13.632 million, down from $15.375 million in the prior year. Revenue for the nine-month period was $70 thousand in 2025, compared to zero in 2024. Operating expenses decreased, with research and development falling to $1.959 million for the quarter (from $2.542 million in 2024) and $6.815 million for the nine months (from $8.384 million in 2024). General and administrative expenses also declined to $2.455 million for the quarter (from $2.794 million in 2024) and $8.385 million for the nine months (from $9.076 million in 2024). The company's cash and cash equivalents increased to $18.998 million as of September 30, 2025, from $16.209 million at December 31, 2024, but total current assets decreased significantly from $34.578 million to $21.575 million due to the sale of marketable securities. Lisata believes it has sufficient cash to meet funding requirements over the next 12 months but anticipates needing additional financing by the end of 2026 for long-term liquidity, potentially through debt, equity, partnerships, or asset sales. The company has delayed certain readiness activities for its planned Phase 3 study in metastatic pancreatic ductal adenocarcinoma (mPDAC) to manage capital.

Why It Matters

Lisata's ability to reduce its net loss and operating expenses, while increasing cash and cash equivalents, suggests improved financial discipline, which is crucial for a clinical-stage pharmaceutical company. However, the significant decrease in total current assets due to the liquidation of marketable securities highlights a reliance on cash management strategies, including delaying a Phase 3 study for mPDAC. This delay could impact the timeline for bringing certepetide to market, potentially giving competitors an advantage in the oncology space. Investors should weigh the short-term financial improvements against the long-term implications of slowed clinical progress and the stated need for additional financing by late 2026, which could dilute existing shareholders.

Risk Assessment

Risk Level: high — Lisata Therapeutics has a history of net operating losses and negative cash flows, with an accumulated deficit of $561.698 million as of September 30, 2025. While the company believes it has sufficient cash for the next 12 months, it explicitly states the need for additional financing by the end of 2026, indicating significant future capital requirements and potential dilution for shareholders.

Analyst Insight

Investors should monitor LSTA's progress in securing additional financing by the end of 2026 and any updates on the delayed Phase 3 mPDAC study. Given the high risk and ongoing capital needs, a cautious approach is warranted; consider waiting for concrete financing announcements or significant positive clinical trial data before making a substantial investment.

Financial Highlights

debt To Equity

0.27

revenue

$70K

operating Margin

-100.0%

total Assets

$21.759M

total Debt

$4.640M

net Income

$ (13.632M)

eps

$ (1.58)

gross Margin

N/A

cash Position

$18.998M

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $18.998M — Cash and cash equivalents (as of September 30, 2025, up from $16.209M at Dec 31, 2024)
• $13.632M — Net loss for nine months (ended September 30, 2025, an improvement from $15.375M in 2024)
• $70K — Revenue for nine months (ended September 30, 2025, up from $0 in 2024)
• $6.815M — Research and development expenses for nine months (ended September 30, 2025, down from $8.384M in 2024)
• $8.385M — General and administrative expenses for nine months (ended September 30, 2025, down from $9.076M in 2024)
• $21.575M — Total current assets (as of September 30, 2025, down from $34.578M at Dec 31, 2024)
• $561.698M — Accumulated deficit (as of September 30, 2025, indicating significant historical losses)
• 8,820,733 — Common shares outstanding (as of November 6, 2025)

Key Players & Entities

• LISATA THERAPEUTICS, INC. (company) — clinical-stage pharmaceutical company
• certepetide (product) — investigational product for solid tumors
• The Nasdaq Capital Market (regulator) — exchange where LSTA is registered
• Catalent (company) — research collaboration partner
• Chief Executive Officer (person) — Chief Operating Decision Maker (CODM)
• SEC (regulator) — Securities and Exchange Commission
• Private Securities Litigation Reform Act of 1995 (regulator) — governs forward-looking statements
• Impilo Therapeutics (company) — investment in 2024

FAQ

Risk Factors

• Need for Additional Financing [high — financial]: Lisata anticipates needing additional financing by the end of 2026 for long-term liquidity. This could be sought through debt, equity, partnerships, or asset sales, indicating potential dilution or increased financial leverage.
• Delayed Phase 3 Study Readiness [medium — operational]: The company has delayed certain readiness activities for its planned Phase 3 study in metastatic pancreatic ductal adenocarcinoma (mPDAC) to manage capital. This delay could impact the timeline for potential drug approval and market entry.
• Significant Accumulated Deficit [high — financial]: As of September 30, 2025, the company has an accumulated deficit of $561.698 million. This reflects substantial historical losses and the ongoing need for capital to fund operations and development.
• Decrease in Current Assets [medium — financial]: Total current assets decreased significantly from $34.578 million at December 31, 2024, to $21.575 million as of September 30, 2025, primarily due to the sale of marketable securities. This reduces short-term liquidity flexibility.

Industry Context

Lisata Therapeutics operates in the highly competitive biotechnology sector, focusing on developing novel therapies. The industry is characterized by long development cycles, high R&D costs, and significant regulatory hurdles. Success often depends on groundbreaking scientific innovation and the ability to secure substantial funding for clinical trials and commercialization.

Regulatory Implications

As a clinical-stage biopharmaceutical company, Lisata is subject to stringent regulations from bodies like the FDA. Delays in clinical trial readiness, as seen with the mPDAC study, can have significant implications for regulatory timelines and the path to market approval. Compliance with evolving regulatory standards is critical for drug development.

What Investors Should Do

1. Monitor cash burn and future financing needs.
2. Evaluate the impact of delayed Phase 3 study activities.
3. Analyze the revenue generation strategy.

Key Dates

• 2025-09-30: End of Q3 2025 — Reported cash and cash equivalents of $18.998 million and a net loss of $4.249 million for the quarter. Total current assets stood at $21.575 million.
• 2024-12-31: End of Fiscal Year 2024 — Reported cash and cash equivalents of $16.209 million and total current assets of $34.578 million.

Glossary

Accumulated deficit

The total net losses of a company since its inception, minus any net gains. It represents the cumulative loss that has not been offset by profits. (Indicates the company has historically operated at a loss, requiring significant capital to fund its operations and development activities.)

Marketable securities

Short-term, highly liquid investments that can be readily converted into cash, such as stocks, bonds, and treasury bills. (The sale of marketable securities impacted the company's current asset position, reducing it from $34.578 million to $21.575 million.)

Non-controlling interests

The portion of equity in a subsidiary that is not attributable to the parent company. It represents the ownership interest of outside shareholders in the subsidiary. (Represents a small portion of the company's equity, indicating minimal ownership by external parties in any subsidiaries.)

Year-Over-Year Comparison

Lisata Therapeutics has shown a reduction in net loss for both the three-month ($4.249M vs $4.930M) and nine-month ($13.632M vs $15.375M) periods ending September 30, 2025, compared to the prior year. This improvement is driven by decreased operating expenses, particularly in R&D and G&A. Revenue has emerged, albeit minimally, with $70K reported for the nine-month period versus none in the prior year. However, total current assets have significantly decreased due to the sale of marketable securities, and the company faces ongoing risks related to future financing needs.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share LSTA The Nasdaq Capital Marke

Filing Documents

• lsta-20250930.htm (10-Q) — 1078KB
• lsta-ex311_20250930.htm (EX-31.1) — 9KB
• lsta-ex312_20250930.htm (EX-31.2) — 9KB
• lsta-ex321_20250930.htm (EX-32.1) — 7KB
• lsta-ex322_20250930.htm (EX-32.2) — 7KB
• lsta-20250930_g1.jpg (GRAPHIC) — 172KB
• 0000320017-25-000070.txt ( ) — 7255KB
• lsta-20250930.xsd (EX-101.SCH) — 53KB
• lsta-20250930_cal.xml (EX-101.CAL) — 58KB
• lsta-20250930_def.xml (EX-101.DEF) — 204KB
• lsta-20250930_lab.xml (EX-101.LAB) — 678KB
• lsta-20250930_pre.xml (EX-101.PRE) — 453KB
• lsta-20250930_htm.xml (XML) — 932KB

- FINANCIAL INFORMATION

PART I- FINANCIAL INFORMATION Page No. Item 1.

Financial Statements

Financial Statements: 5 Consolidated Balance Sheets at September 30 , 2025 (unaudited) and December 31, 2024 5 Consolidated Statements of Operations for the three and nine months ended S e ptember 30, 2025 and 2024 (unaudited) 6 Consolidated Statements of Comprehensive Loss for the three and nine months ended S e ptember 30, 2025 and 2024 (unaudited) 7 Consolidated Statements of Equity for the three and nine months ended S e ptember 30, 2025 and 2024 (unaudited) 8 Consolidated Statements of Cash Flows for the nine months ended S e ptember 30, 2025 and 2024 (unaudited) 10 Notes to Unaudited Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

- OTHER INFORMATION

PART II- OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38

Signatures

Signatures 39 4 Index

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LISATA THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) September 30, 2025 December 31, 2024 ASSETS (Unaudited) Cash and cash equivalents $ 18,998 $ 16,209 Marketable securities — 15,036 Accounts receivable 502 900 Prepaid and other current assets 2,075 2,433 Total current assets 21,575 34,578 Property and equipment, net 22 72 Acquired license - intangible, net 139 192 Other assets 23 160 Total assets $ 21,759 $ 35,002 LIABILITIES, NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Liabilities Accounts payable $ 619 $ 1,284 Accrued liabilities 3,949 4,329 Total current liabilities 4,568 5,613 Other long-term liabilities 72 72 Total liabilities 4,640 5,685 Commitments and Contingencies (Note 14) Stockholders' Equity Common stock, $ 0.001 par value, authorized 500,000,000 shares; issued 8,756,686 and 8,409,582 shares at September 30, 2025 and December 31, 2024, respectively; and outstanding, 8,755,948 and 8,408,844 shares at September 30, 2025 and December 31, 2024, respectively 9 8 Additional paid-in capital 579,812 578,418 Treasury stock, at cost; 738 shares at September 30, 2025 and December 31, 2024 ( 708 ) ( 708 ) Accumulated deficit ( 561,698 ) ( 548,066 ) Accumulated other comprehensive loss ( 42 ) ( 81 ) Total Lisata Therapeutics, Inc. stockholders' equity 17,373 29,571 Non-controlling interests ( 254 ) ( 254 ) Total equity 17,119 29,317 Total liabilities, non-controlling interests and stockholders' equity $ 21,759 $ 35,002 See accompanying notes to consolidated financial statements. 5 Index LISATA THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ — $ — $ 70 $ — Operating Expenses: Research and development 1,959 2,542 6,815 8,384 General and administrative

View Full Filing

View this 10-Q filing on SEC EDGAR