First Berlin Equity Research has published a research update on Lisata Therapeutics, Inc. (ISIN: US1280583022). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 15.00 price target.

Abstract
Lisata published its FY/24 financial results and held an investor conference call. Overall, FY/24 results were slightly better than expected. The company reported revenue of USD1.0m (FBe & FY/23: USD0), generated from an upfront license fee related to its exclusive license agreement with Kuva Labs Inc. The company reported cash and cash equivalents of USD31.2m at the end of FY/24 which are expected to be sufficient to finance operations into Q2 2026. Importantly, management confirmed that the lead drug candidate certepetide is on track to reach relevant development milestones in 2025 in seven studies for various cancer indications. The top-line results of Cohort A of the phase 2b ASCEND study with certepetide for the lead indication of first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC), which were presented on 24 January 2025 at the ASCO Symposium on Gastrointestinal Cancers, were encouraging. Data from the ongoing trial of Cohort B patients, which is investigating further dose optimisation, are expected in Q2 or Q3 2025. Recently, Lisata entered into a collaboration with AI specialist GATC Health, which intends to maximise the potential value of certepetide by using AI to identify the candidate’s most efficient development focus. Given the company’s vigorous pipeline development activity, we believe 2025 will be a news-rich year for Lisata, providing important catalysts for share price appreciation. We reiterate our Buy recommendation and price target of USD15.00.