Lisata Therapeutics, Inc.

For the three months ended September 30, 2025, operating expenses were $4.4 million versus $5.3 million a year ago, a decrease of $0.9 million, or 17.3%. Research and development expense was about $2.0 million versus $2.5 million, down $0.6 million, or 22.9%, and general and administrative expense was about $2.5 million versus $2.8 million, down $0.3 million, or 12.1%. Net loss was $4.2 million compared with $4.9 million in the prior-year quarter. Cash and cash equivalents were approximately $19 million as of September 30, 2025, and the company said current funds should support operations into the first quarter of 2027. Management did not provide revenue or EPS, and no formal next-quarter or full-year financial guidance was given.

David Mazzo said the quarter was active and productive, with Lisata advancing certepetide across multiple studies and broadening the pipeline through business development. He pointed to encouraging preliminary data from ASCEND, iLSTA, and CENDIFOX as corroboration of certepetide’s potential across several cancer regimens. His tone was optimistic but pragmatic: he stressed that the company is preparing for Phase III, but that a partnership-driven financing approach is likely necessary in the current market.

James Nisco emphasized disciplined spending and capital preservation. He said operating expenses declined to $4.4 million, driven by lower R&D spend on chemistry, manufacturing and controls and lower clinical expenses, plus lower G&A from reduced consulting and headcount. He also reiterated that the $19 million cash balance and planned activities should fund the business into the first quarter of 2027, reflecting what he called prudent capital management and expense minimization.

Analysts focused on timing and financing. On CENDIFOX, management said it could not give a precise date for the next data cut because the timing is controlled by the University of Kansas investigator; for GBM, management said enrollment is about two-thirds complete toward the 30-patient target. Questions about the cash runway and ASCEND Phase III funding led management to say the runway does not assume a Phase III ASCEND trial and that any Phase III would likely require partners or licensees, not solo funding, because a unilateral raise would be too dilutive.