LISATA THERAPEUTICS, INC. LSTA
Lisata Therapeutics, Inc. (together with its subsidiaries, the "Company") is a clinical-stage pharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapies for the treatment of solid tumors and other serious diseases. Our investigational product, certepetide (formerly known as LSTA1 or CEND-1), is designed to activate a novel uptake pathway (the C-end rule active transport mechanism) that allows co-administered or tethered (i.e., molecularly bound) anti-cancer drugs to target and penetrate solid tumors more effectively. Certepetide actuates this active transport system in a tumor-specific manner, resulting in systemically co-administered anti-cancer drugs more efficiently penetrating and accumulating in the tumor, while normal tissues are expected to remain unaffected. Certepetide has also been shown to modify the tumor microenvironment ("TME") by reducing T-regulatory cells and augmenting cytotoxic T cells, thereby making tumors more susceptible to immunotherapies while also inhibiting the metastatic cascade (i.e., the spread of cancer to other parts of the body). We, our collaborators and other researchers have amassed and continue to amass significant non-clinical data demonstrating enhanced delivery of a range of existing and emerging anti-cancer therapies, including chemotherapeutics, immunotherapies, and RNA-based therapeutics. In addition, certain preclinical data using certepetide in combination with antibody drug conjugates (ADCs) has been generated as part of our research collaboration with Catalent. These data were presented at a scientific meeting during the fourth quarter of 2025. To date, certepetide has also demonstrated favorable safety, tolerability and activity in completed and ongoing clinical trials designed to enhance delivery of standard-of-care chemotherapy, with and without added immunotherapy, for pancreatic cancer. Certepetide is or has been the subject of several Phase 2 clinical studies globally in a variety of solid tumor types, including metastatic pancreatic ductal adenocarcinoma (mPDAC), cholangiocarcinoma, appendiceal cancer, colon cancer and glioblastoma multiforme in combination with a variety of anti-cancer regimens.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $170.0K | $1.0M | $0 | $0 | — | — | — | — | — | $35.3M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | $31.1M |
| Gross profit | — | — | — | — | — | — | — | — | — | $4.1M |
| R&D | — | — | — | — | $17.7M | $9.3M | $10.8M | $7.6M | $15.8M | $16.7M |
| SG&A | $10.4M | $12.1M | $13.0M | $14.1M | $11.5M | $9.9M | $9.3M | $9.4M | $11.8M | $12.8M |
| Total operating expenses | $18.4M | $23.4M | $25.7M | $57.6M | $29.1M | $19.1M | $20.1M | $17.0M | $27.6M | $29.5M |
| Operating income | -$18.2M | -$22.4M | -$25.7M | -$57.6M | -$29.1M | -$19.1M | -$20.1M | -$17.0M | -$27.6M | -$29.5M |
| Interest expense | — | — | — | — | — | — | $0 | $5.0K | $378.0K | $1.8M |
| Pre-tax income | -$17.5M | -$20.8M | -$23.2M | -$56.7M | -$29.0M | -$19.0M | -$19.4M | -$16.2M | -$27.7M | -$31.3M |
| Income tax | $962.0K | $798.0K | $800.0K | $2.5M | $1.5M | $10.9M | $0 | $0 | $11.5M | $0 |
| Net income | -$16.6M | -$20.0M | -$20.8M | -$54.2M | -$27.5M | -$8.2M | -$19.4M | -$16.2M | $23.0M | -$32.7M |
| EPS, basic | -1.91 | -2.40 | -2.58 | -10.47 | -7.45 | -0.53 | — | -1.67 | 2.56 | -4.99 |
| EPS, diluted | -1.91 | -2.40 | -2.58 | -10.47 | -7.45 | -0.53 | -1.88 | -1.67 | 2.56 | -4.99 |
| Shares, diluted (wtd. avg.) | 8.7M | 8.3M | 8.1M | 5.2M | 3.7M | 15.4M | — | 9.7M | 9.0M | 6.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.0M | $16.2M | $22.6M | $32.2M | $24.6M | $16.5M | $14.0M | $10.3M | $34.2M | $7.1M |
| Receivables | $0 | $900.0K | $0 | — | — | — | — | — | $234.5K | $138.8K |
| Total current assets | $17.7M | $34.6M | $53.9M | $71.9M | $96.2M | $35.3M | $26.0M | $44.1M | $61.4M | $24.6M |
| Property, plant and equipment | $18.0K | $72.0K | $175.0K | $296.0K | $62.0K | $57.0K | $100.0K | $165.0K | $257.0K | $705.4K |
| Goodwill | — | — | — | — | — | — | — | — | — | $7.0M |
| Other intangibles | $400.0K | $192.0K | $263.0K | $400.0K | — | — | — | — | — | $2.3M |
| Total assets | $17.7M | $35.0M | $54.7M | $73.0M | $97.0M | $36.0M | $27.2M | $44.6M | $63.4M | $53.5M |
| Accounts payable | $1.0M | $1.3M | $2.4M | $2.7M | $1.9M | $1.0M | $1.5M | $762.0K | $1.3M | $2.2M |
| Short-term debt | — | — | — | — | — | — | — | — | $0 | $3.1M |
| Total current liabilities | $3.1M | $5.6M | $6.6M | $6.4M | $4.5M | $3.5M | $6.0M | $5.6M | $9.3M | $21.2M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $2.5M |
| Total liabilities | $3.1M | $5.7M | $6.8M | $6.7M | $5.0M | $3.8M | $6.6M | $7.1M | $13.2M | $30.0M |
| Retained earnings | -$564.7M | -$548.1M | -$528.1M | -$507.2M | -$453.0M | -$425.6M | -$417.4M | -$398.0M | -$381.8M | -$404.8M |
| Total equity | $14.9M | $29.6M | $47.9M | $66.3M | $92.0M | $32.2M | $20.6M | $37.5M | $50.2M | $4.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.9M | -$19.4M | -$20.0M | -$21.2M | -$22.2M | -$8.8M | -$18.9M | -$20.0M | -$20.9M | -$23.7M |
| Depreciation and amortisation | $100.0K | $100.0K | $100.0K | $69.0K | $55.0K | $100.0K | $100.0K | $200.0K | $400.0K | $500.0K |
| Stock-based compensation | $1.2M | $1.7M | $2.0M | — | — | — | — | — | — | — |
| Capital expenditure | $28.0K | $0 | $0 | $285.0K | $60.0K | $20.0K | $0 | $134.0K | $135.0K | $1.1M |
| Investing cash flow | $15.1M | $13.2M | $10.1M | $28.9M | -$54.9M | -$7.3M | $21.4M | -$4.7M | $41.3M | -$2.8M |
| Financing cash flow | $599.0K | -$206.0K | $385.0K | -$224.0K | $85.3M | $18.6M | $1.2M | $824.0K | -$932.0K | $20.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000320017-26-000028.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.3M | — | — | — | — | — | $0 | $0 | $1.0M | $170.0K |
| Gross profit | $4.1M | — | — | — | — | — | — | — | — | — |
| Net income | -$32.7M | $23.0M | -$16.2M | -$19.4M | -$8.2M | -$27.5M | -$54.2M | -$20.8M | -$20.0M | -$16.6M |
Recent filings and events
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
- Other event Item 8.01
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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