Lisata Therapeutics (LSTA) Q4 2025 earnings summary

Executive summary

• Entered into a global non-exclusive license agreement with Catalent, granting rights to develop and commercialize bioconjugate products containing certepetide and its analogs using Catalent's SMARTag® ADC platform.

• Catalent will evaluate certepetide as a payload in antibody-drug conjugates (ADCs) for difficult-to-treat diseases, with the goal of creating new targeted bioconjugate therapies.

• Lisata is eligible for over $10 million in tiered study initiation milestone payments and revenue sharing on future sales and partnerships.

Significant events and developments

• The agreement provides Catalent with worldwide, non-exclusive rights to certepetide and its analogs for use in ADCs, including the ability to partner with third parties.

• Catalent's preclinical studies demonstrated proof-of-concept for using certepetide as an ADC payload, supporting the collaboration.

• The collaboration is based on positive preclinical results and is expected to be highlighted at the World ADC conference.

Capital allocation and financing

• Lisata is eligible to receive over $10 million in tiered milestone payments from Catalent, plus revenue sharing on future sales and partnerships.