First Berlin Equity Research Reaffirms BUY Rating for Lisata Therapeutics

First Berlin Equity Research has updated its stance on Lisata Therapeutics Inc., maintaining a BUY rating with a target price of USD 15.0. Lisata's results for the first nine months of 2025 slightly exceeded expectations, driven by operational discipline and reduced external R&D expenses. Operating expenses fell 13% year-on-year to USD 15.2 million, reflecting lower manufacturing and CRO costs.

Cash and marketable securities totaled USD 19.0 million, extending cash runway into Q1 2027. Operational progress was highlighted by promising data from the phase 1/2a CENDIFOX trial on pancreatic ductal adenocarcinoma, presented at the AACR Conference on Pancreatic Cancer in Boston.

Lisata expanded its platform through two strategic collaborations: a global licence with Catalent and an AI-driven alliance with GATC Health. These developments bolster the positive view on Lisata and its pipeline, suggesting potential stock revaluation.