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SEC filingLisata Therapeutics, Inc. reported a net loss of $16.6 million for fiscal year 2024, an improvement from a $20.0 million loss in the prior year. Revenue was minimal at $170K, down from $1.0 million in FY 2023, primarily from license agreements. Operating expenses totaled $18.4 million, with research and development costs of $7.9 million and general and administrative expenses of $10.4 million. The company ended the year with $16.0 million in cash and cash equivalents and total assets of $17.7 million. A significant forward-looking event is the proposed acquisition by Kuva Labs Inc., announced on March 6, 2026, for $5.00 per share plus a contingent value right, which, if completed, would result in delisting from Nasdaq. The company's financial statements include a going concern qualification, noting substantial doubt about its ability to continue operations beyond twelve months without additional funding.
Lisata Therapeutics, Inc. reported a net loss attributable to common stockholders of $16.6 million for the fiscal year ended December 31, 2025 (FY 2024), compared to a net loss of $20.0 million for the prior year. This represents a year-over-year improvement of approximately 17.0%. Revenue was $170 thousand, a significant decrease from $1.0 million in FY 2023. Operating loss was $18.2 million, improved from $22.4 million in the prior year. The company's basic and diluted loss per share was $1.91, compared to $2.40 in the prior year. The company's accumulated deficit increased to $564.7 million as of December 31, 2025.
Revenue for FY 2024 was $170 thousand, derived from license and collaboration agreements. This represents a substantial decrease from the $1.0 million in revenue recognized in FY 2023, which included an upfront payment from an Exclusive License and Collaboration Agreement with Kuva Labs, Inc. The company has no products approved for commercial sale and does not anticipate generating revenue from product sales until after potential regulatory approval, which may never occur. The company's revenue is currently dependent on non-refundable upfront fees and milestone payments from collaboration agreements, which are uncertain and not recurring.
The company's operating loss margin cannot be calculated as a percentage of revenue due to the de minimis revenue figure. Operating expenses totaled $18.4 million, comprising research and development expenses of $7.9 million and general and administrative expenses of $10.4 million. Research and development expenses decreased from $11.3 million in the prior year, while general and administrative expenses decreased from $12.1 million. The reduction in operating expenses contributed to the improved operating loss. The company's business model is inherently unprofitable at this clinical development stage, with profitability contingent on future successful product development, regulatory approval, and commercialization.
Net cash used in operating activities was $15.9 million for FY 2024. Cash flows from investing activities provided $15.1 million, primarily from net sales of marketable securities. Cash flows from financing activities provided $0.6 million. The net decrease in cash and cash equivalents was $0.3 million, ending the year with $16.0 million. Total assets were $17.7 million, with current assets of $17.7 million. Total liabilities were $3.1 million, resulting in total equity of $14.6 million. The company's independent auditor included a going concern qualification in its report, stating substantial doubt about the company's ability to continue as a going concern for twelve months after the financial statements are issued, citing a history of net operating losses, negative cash flows, and the need for additional funding.
The company's future is highly dependent on its ability to raise additional capital. Management believes current cash and cash equivalents will not be sufficient to fund operating expenses and capital requirements for twelve months after the financial statements are issued. The company is analyzing alternatives including debt or equity financings. A key forward-looking event is the proposed acquisition by Kuva Labs Inc., announced on March 6, 2026. The transaction, subject to customary closing conditions, offers $5.00 per share in cash plus a contingent value right of $1.00 per share upon achieving a specified regulatory milestone. If completed, the company would become privately held and delisted from Nasdaq. There is no assurance the transaction will be consummated. The company's clinical development programs for its investigational product candidate, certepetide, continue, but advancement is contingent on securing necessary funding.