Lisata Therapeutics (NASDAQ: LSTA) is a clinical-stage biopharmaceutical company focused on drug development, generating de minimis revenue from licensing arrangements rather than commercial product sales. Revenue totaled $0.2 million in FY2025 and $1.0 million in FY2024, derived from upfront license fees and a collaboration agreement with Kuva. The company has no marketed products and operates at a net loss, reporting a net loss of $16.6 million in FY2025 and $20.0 million in FY2024. Management disclosed substantial doubt about the company's ability to continue as a going concern as of the 10-K filing date of March 12, 2026. On March 6, 2026, Lisata entered into a merger agreement with Kuva, under which Kuva's acquisition vehicle will acquire all outstanding shares at $5.00 per share plus one contingent value right of $1.00, subject to closing conditions. Upon completion, Lisata's common stock will be delisted from Nasdaq and the company will cease to be a public reporting entity.

Revenue model

License fees from collaboration agreements, specifically upfront payments. FY2025 revenue was $0.2 million; FY2024 revenue was $1.0 million, the latter connected to an Exclusive License and Collaboration Agreement with Kuva. No product sales revenue is disclosed.

Products and services

Clinical-stage drug candidates under research and development. No commercially approved products are disclosed in the filing excerpts. The company incurred $7.9 million in R&D expenses in FY2025 and $11.3 million in FY2024.

Customers and end markets

Collaboration partner Kuva is the identified counterparty for the primary licensing revenue in FY2024. End markets are in the pharmaceutical and healthcare sector, subject to regulations including HIPAA, HITECH, and state health information privacy laws.

Value-chain role

Pre-commercial drug developer. Licenses intellectual property to partners and conducts clinical-stage research. Positioned upstream in the pharmaceutical value chain with no manufacturing or commercial distribution operations disclosed.

Geographic exposure

United States primary regulatory and operating jurisdiction. Foreign currency translation adjustments appear in equity statements, indicating some international activity, but no geographic revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-12

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