Lisata Therapeutics Inc (NASDAQ:LSTA) CEO David Mazzo told shareholders that the company is coming off a quarter with “strong momentum” to advance clinical studies on its investigational product, certepetide.
The biotech firm is looking forward to crucial data readouts from ongoing trials, particularly the Phase 2b ASCEND trial, which could lead to transformative outcomes and potential regulatory approvals.
Certepetide has received significant regulatory recognitions from both US and European agencies, validating its potential and enhancing its development prospects for treating osteosarcoma and pediatric pancreatic cancer.
“We have a lot to look forward to with multiple key data readouts projected over the next 18 months, including topline results from the Phase 2b ASCEND trial,” Mazzo said in a statement.
“These results have transformative potential for the company as we plan to explore conditional approvals with various regulatory agencies and/or to design an optimized Phase 3 program in metastatic pancreatic ductal adenocarcinoma, an aggressive, often fatal, form of pancreatic cancer.”
For the quarter ending June 30, 2024, Lisata posted a net loss of $5 million, a slight increase from $4 million in the same period last year. Operating expenses decreased by 19.7% to $5.5 million, driven by reductions in research and development (R&D) costs, which fell 17.7% to $2.6 million, and general and administrative (G&A) expenses, down 21.3% to $2.9 million.
The company’s financial position remains solid, with cash, cash equivalents, and marketable securities totaling approximately $38.3 million as of June 30.
Lisata projects this capital will support its operations and ongoing clinical trials into early 2026.