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 reported encouraging preliminary results from two studies of its lead drug candidate certepetide, presented by the lead investigator, Dr Andrew Dean, at the 2025 ASCO Gastrointestinal Cancers Symposium on 24 January 2025: (1) Cohort A of the phase 2b ASCEND trial of certepetide in combination with standard chemotherapy in the first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC) in Australia & New Zealand (AUS&NZ). The data showed a median overall survival (mOS) of 12.68 months for the certepetide-treated group compared to 9.72 months for the placebo group, an improvement of 2.96 months or 30%. The reported results were in the range of the results observed in the two earlier phase 1b/2a trials in AUS&NZ (mOS: 13.2 months) and China (11.1 months). Notably, ASCEND showed four complete responses out of 65 patients (6.2%) – almost double the 3.4% observed in phase 1b/2a in AUS&NZ. We believe these findings support Lisata’s decision to include Cohort B in the trial which is investigating further dose optimisation. The data on cohort B are expected in the coming months (FBe: Q2 or Q3 2025). (2) Phase 1b/2a iLSTA trial for certepetide in combination with chemotherapy and immunotherapy as a first-line treatment for locally advanced non-resectable PDAC. After four treatment cycles, nine out of sixteen evaluable patients demonstrated a partial response (at least 30% tumour decrease), including eight in the certepetide cohort, while one patient achieved a complete response. Given that immunotherapy has shown limited success in the treatment of PDAC, these results are good news and confirm the ability of certepetide to improve the outcomes of various PDAC therapies, including chemotherapy and now immunotherapy. The results confirm our positive view of Lisata. We reiterate our Buy recommendation and price target of USD 15.00.