Lisata Therapeutics (NASDAQ:LSTA) Reports Narrower-Than-Expected Q3 2025 Loss

Lisata Therapeutics Reports Narrower-Than-Expected Loss in Q3 2025

Clinical-stage biopharmaceutical company LISATA THERAPEUTICS INC (NASDAQ:LSTA) announced its financial results for the third quarter of 2025, posting a net loss that came in better than Wall Street had anticipated. The company, which continues to advance its lead candidate, certepetide, through multiple clinical trials, also highlighted a strengthened cash position that extends its operational runway.

Earnings and Revenue Versus Estimates

For the quarter ended September 30, 2025, Lisata reported no revenue, which was in line with analyst expectations for this pre-commercial stage company. The key financial metric for investors was the company's net loss per share.

• Reported EPS (Non-GAAP): -$0.49
• Analyst Estimate for EPS: -$0.5457

The company's net loss attributable to common stockholders was $4.2 million for the quarter, an improvement from the $4.9 million loss reported in the same period last year. This was driven by a 17.3% reduction in total operating expenses, which fell to $4.4 million from $5.3 million in Q3 2024. The decrease was attributed to lower spending on manufacturing and clinical department expenses, partially offset by increased costs for the ongoing BOLSTER clinical trial.

Market Reaction and Financial Position

Following the earnings release, the stock experienced downward pressure in after-hours trading, declining approximately 5.1%. This movement suggests that investors may be focusing on broader factors beyond the earnings beat, such as the company's ongoing cash burn in the absence of near-term revenue, despite the improved cost control.

The company's balance sheet remains a point of strength. Lisata reported cash and cash equivalents of approximately $19.0 million as of September 30, 2025. Management stated that based on current plans, this capital is sufficient to fund operations into the first quarter of 2027, providing a clear runway for upcoming clinical milestones. The company carries no debt.

Business and Clinical Development Highlights

The earnings report was accompanied by a significant business update, underscoring continued progress with its flagship asset, certepetide. The cyclic peptide is designed to enhance the delivery and effectiveness of co-administered anti-cancer therapies.

Key developments from the quarter include:

• Positive Clinical Data: The company reported a steady flow of positive data from multiple ongoing trials, including the ASCEND, iLSTA, and CENDIFOX studies. Data presented at recent medical conferences indicated promising signals in overall survival, progression-free survival, and objective response rates across various solid tumors, including pancreatic cancer and cholangiocarcinoma.
• Strategic License Agreement: Lisata entered into a global license agreement with Catalent, granting the latter rights to evaluate certepetide for use in its SMARTag® Antibody-Drug Conjugate (ADC) technology platform. Preclinical data presented showed that certepetide could improve the efficacy and tumor penetration of ADCs.
• AI Drug Discovery Alliance: A strategic alliance was formed with GATC Health to utilize their artificial intelligence-powered drug discovery platform. The collaboration aims to identify new product candidates and explore additional indications for certepetide.
• Upcoming Milestones: The company anticipates a "steady flow of additional data" through 2025 and into 2026. Key near-term catalysts include final data from the ASCEND study in Q1 2026 and topline data from the BOLSTER trial in cholangiocarcinoma in Q4 2025.

Outlook and Analyst Expectations

While the press release did not provide specific financial guidance for the coming quarters, it expressed confidence in its cash runway. Analyst estimates for the future reflect the company's clinical-stage status.

• Q4 2025 EPS Estimate: -$0.6324
• Full-Year 2025 EPS Estimate: -$2.27

Both revenue estimates for these periods are $0.0 million, consistent with the company's pre-revenue phase.

Conclusion

Lisata Therapeutics' third-quarter results demonstrate disciplined financial management, with a narrower-than-expected loss and a cash reserve that funds operations for the next several quarters. The market's after-hours reaction appears to overlook the earnings beat, potentially focusing on the long path to commercialization. For investors, the primary value drivers remain the clinical progress of certepetide and the potential of its recently formed partnerships. The upcoming data readouts in late 2025 and early 2026 will be critical in validating the therapy's broad applicability and effectiveness.

For a detailed look at historical earnings and future analyst estimates for LISATA THERAPEUTICS INC (NASDAQ:LSTA), you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All investment decisions involve risk, and readers should conduct their own research before making any decisions.