Lisata Therapeutics, Inc., a clinical-stage pharmaceutical company focused on therapies for solid tumors, reported its financial results for the three and nine months ended September 30, 2024. The company continues to develop its investigational product, Certepetide, which is currently in several Phase 2 clinical trials targeting various solid tumors.

For the third quarter of 2024, Lisata recorded a net loss of $4.93 million, a slight improvement from a net loss of $5.26 million in the same period of 2023. Total operating expenses decreased to $5.34 million from $5.96 million year-over-year, primarily due to a reduction in research and development expenses, which fell to approximately $2.5 million from $3.4 million. This decrease was attributed to lower clinical research organization costs and reduced startup expenses related to the Glioblastoma Multiforme study. General and administrative expenses increased to approximately $2.8 million from $2.6 million, driven by higher consulting costs.

For the nine months ended September 30, 2024, the net loss was $15.38 million, compared to $15.48 million for the same period in 2023. Total operating expenses for this period decreased to $17.46 million from $19.68 million, with research and development expenses declining to approximately $8.4 million from $9.7 million. General and administrative expenses also saw a reduction, totaling approximately $9.1 million compared to $10 million in the prior year.

Lisata reported no revenue for both the three and nine months ended September 30, 2024, consistent with the previous year. The company continues to focus on its clinical development efforts without generating milestone or royalty revenues.

As of September 30, 2024, Lisata's cash and cash equivalents stood at $19.51 million, down from $22.59 million at the end of 2023. Marketable securities also decreased to $16.35 million from $27.94 million. Total current assets were reported at $37.69 million, a decline from $53.92 million at the end of the previous fiscal year. The company’s total stockholders' equity decreased to $33.69 million from $48.15 million.

In terms of strategic developments, Lisata has engaged in various financial maneuvers, including the sale of New Jersey net operating losses for net proceeds of $0.7 million in March 2024. The company also settled a legal dispute with Lingmed Limited, agreeing to pay $0.5 million and a percentage of future milestone payments. Additionally, Lisata entered into a technology transfer agreement with Impilo Therapeutics, transferring rights to its tumor-penetrating nanocomplex platform, and acquired a stake in Impilo.

Overall, Lisata Therapeutics continues to navigate its clinical development landscape while managing its financial resources amid ongoing operational challenges.