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 Therapeutics published its H1/25 financial results which were slightly better than expected. Regarding the pipeline, management highlighted the encouraging headline results for two main pancreatic cancer indications presented at ESMO-GI in early July 2025: (1) Results from Cohort B of the lead ASCEND phase 2b trial evaluating two doses of certepetide in combination with standard chemotherapy (gemcitabine/nab-paclitaxel) in first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC) showed a positive signal in median progression-free survival (mPFS) and objective response rate (ORR) compared to placebo, reinforcing the treatment effect and favourable safety profile previously observed in Cohort A (single dose). The median overall survival (mOS) benefit from certepetide in Cohort B, while positive, was slightly smaller vs placebo compared to the benefit demonstrated in Cohort A. We believe the overall ASCEND dataset confirms certepetide’s clinical activity but highlights the need for further dose optimisation, which Lisata plans to address in a pivotal phase 3 trial. (2) Updated preliminary results from the phase 1b/2a iLSTA trial of certepetide in combination with standard chemotherapy and immunotherapy (durvalumab) in locally advanced, non-resectable PDAC in 20 patients (n=30, full enrolment completed) confirmed the prior positive objective response rate signals presented at ASCO GI in January and suggest that certepetide’s effect is consistent and possibly even stronger as more patients complete treatment. These improvements increase confidence ahead of the final readout (planned Q1 2026) and support the hypothesis that certepetide can make locally advanced, non-resectable pancreatic tumours which are typically not responsive to immunotherapy, more sensitive to immune checkpoint inhibitors. Based on unchanged assumptions, we reiterate our Buy recommendation and price target of USD15.00.