Lisata Therapeutics (LSTA) Q2 2025 earnings summary

Executive summary

• Achieved key clinical and corporate milestones, including new research agreements, strategic alliances, and positive preliminary results from ASCEND and iLSTA trials for certepetide in solid tumors since the start of Q2 2025.

• Focused on developing certepetide, a novel agent for enhancing anti-cancer drug delivery in solid tumors, with multiple ongoing and planned global Phase 2 trials in pancreatic and other cancers.

• Leadership team has extensive biopharma experience; strategy includes advancing the pipeline and out-licensing opportunities.

• Cash runway extends into Q4 2026, supporting all current clinical programs through next data milestones.

• Anticipates a data-rich period over the next 12 months with several key milestones ahead.

Financial highlights

• Q2 2025 revenue was $70,000, attributed to an upfront license fee from Catalent; no revenue in Q2 2024.

• Operating expenses decreased 10.6% year-over-year to $4.9 million, mainly due to lower R&D and G&A costs.

• Net loss for Q2 2025 was $4.7 million, down from $5.0 million in Q2 2024; net loss for the six months was $9.4 million, down from $10.4 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $22.0 million as of June 30, 2025.

• Working capital was $20.6 million and stockholders' equity was $21.0 million at quarter end.

Outlook and guidance

• Available funds expected to support operations into Q4 2026, including all active clinical studies through next milestones.

• Several key clinical data readouts and milestones expected within the next 12 months, including from ASCEND, BOLSTER, CENDIFOX, and iLSTA trials.

• Spending expected to modestly decrease as ongoing clinical trials conclude, unless new trials are initiated.

• Additional financing likely needed by Q4 2026 for long-term needs; company continues to seek non-dilutive funding and partnerships.

• Ongoing clinical trials progressing as planned, but some Phase 3 readiness activities remain on hold to manage capital.