Leading Financial Trade Associations, Led by LSTA, Submit Amicus Brief in Support of Defendant Lenders in Antitrust Case Filed by Optumum Communications Mar 26, 2026 9:43 AM Eastern Daylight Time Leading Financial Trade Associations, Led by LSTA, Submit Amicus Brief in Support of Defendant Lenders in Antitrust Case Filed by Optumum Communications Share NEW YORK--(BUSINESS WIRE)-- LSTA, the trade association for the U.S. corporate lending market, today was joined by SIFMA, the MFA, the Investment Company Ins ...

Revenue and Expenses - Revenue for the year ended December 31, 2025, was $0.2 million, a decrease of $0.8 million or 80% compared to $1.0 million in 2024[382] - Total operating expenses decreased by $5.0 million or 21.5% to $18.4 million in 2025 from $23.4 million in 2024[383] - Research and development expenses were approximately $7.9 million in 2025, down $3.4 million or 29.9% from $11.3 million in 2024[390] - General and administrative expenses decreased by $1.6 million or 13.6% to approximately $10.4 million in 2025 compared to $12.1 million in 2024[390] - Total other income decreased by approximately $1.0 million or 59.3% to $0.7 million in 2025 from $1.6 million in 2024[385] Net Loss and Financial Position - Net loss for the year ended December 31, 2025, was $16.6 million, an improvement of $3.4 million or 17% from a net loss of $20.0 million in 2024[381] - Cash and cash equivalents as of December 31, 2025, were approximately $16.0 million, with working capital of approximately $14.6 million[388] Acquisition and Agreements - The proposed acquisition by Kuva Labs Inc. includes a cash offer of $5.00 per share plus a contingent cash payment of $1.00 per CVR if certain milestones are met[377] - The termination of the Exclusive License and Collaboration Agreement with Qilu Pharmaceutical Co., Ltd. was effective January 23, 2026, ending potential milestone payments of up to $200 million[380] Going Concern and Liquidity - Management has expressed substantial doubt regarding the company's ability to continue as a going concern for the next twelve months[398] - The company expects to utilize existing cash balances and various means to meet short and long-term liquidity needs, including potential debt or equity issuances, partnerships, and asset sales[399] - The company acknowledges that additional financing may not be available on acceptable terms, which could delay business expansion or require unfavorable funding terms[401] Stock Issuance and Market Value - As of August 20, 2024, the aggregate market value of the company's outstanding common stock held by non-affiliates was approximately $29.6 million, allowing for an offering of $9,855,890 under the ATM Agreement[400] - During the twelve months ended December 31, 2025, the company issued 262,765 shares of common stock under the ATM Agreement for net proceeds of $784,761, totaling 330,938 shares issued since inception for net proceeds of $1,065,608[400] Accounting Policies and Estimates - The company’s financial statements require management to make estimates and judgments that could differ from actual results, impacting the carrying value of assets and liabilities[402] - Critical accounting policies are essential to the company's financial condition and require complex judgments in their application[403] - Share-based compensation expenses are recognized over the requisite service period based on the grant date fair value, with estimates made for performance-based awards[404]

Group 1 - Lisata Therapeutics has agreed to be acquired by Kuva Labs, a privately held company, with a tender offer of $5 per share in cash plus one contingent value right (CVR) per share [2][3] - Lisata's shares surged nearly 20% following the announcement, closing at $4.18 before the news [4] - The CVR could provide an additional cash payment of $1 per share if a New Drug Application for a product containing certepetide is submitted or accepted by regulatory authorities within seven years [4][5] Group 2 - The acquisition is subject to customary closing conditions, including the tender of a majority of Lisata's outstanding shares, and does not include a financing condition [5] - The transaction is expected to close in the second quarter of 2026, with plans for Kuva to acquire any remaining untendered shares through a second-step merger [6] - Lisata will be delisted from the Nasdaq Capital Market following the completion of the transaction, which was unanimously approved by its board after a strategic review [7][8]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans to maintain quality and best practices in content production [5]

Core Viewpoint - Ademi LLP is investigating Lisata Therapeutics Inc. for potential breaches of fiduciary duty and other legal violations related to its transaction with Kuva Labs Inc. [1] Group 1: Transaction Details - Lisata stockholders will receive $5.00 per share in cash plus one contingent value right per share, which could provide an additional $1.00 per share if a New Drug Application for certepetide is filed or accepted by the FDA within seven years of closing [1]. - The transaction agreement imposes significant penalties on Lisata for accepting competing bids, which raises concerns about the fairness of the deal for shareholders [1]. Group 2: Investigation Focus - The investigation is centered on the conduct of Lisata's board of directors and whether they are fulfilling their fiduciary duties to all shareholders [1]. - Ademi LLP specializes in shareholder litigation involving buyouts, mergers, and individual shareholder rights, indicating a focus on protecting shareholder interests [1].

Core Viewpoint - Lisata Therapeutics, Inc. has entered into a definitive agreement to be acquired by Kuva Labs Inc., with stockholders set to receive $5.00 per share in cash plus a contingent value right for an additional $1.00 per share, contingent on regulatory milestones [2][3][4]. Transaction Details - The merger agreement stipulates that Kuva will initiate a tender offer to acquire all outstanding shares of Lisata for $5.00 per share in cash, along with one contingent value right (CVR) per share [3]. - The CVR allows holders to receive an additional $1.00 per share if a New Drug Application for the product candidate certepetide is filed or accepted by the FDA within a specified timeframe [3]. - The transaction is expected to close in the second quarter of 2026, subject to customary offer conditions, including the tender of a majority of Lisata's outstanding shares [4]. Board of Directors Recommendation - The board of directors of Lisata has unanimously approved the merger agreement, determining it to be fair and in the best interests of the stockholders, and recommends that all stockholders accept the offer [6]. Post-Transaction Status - Upon completion of the transaction, Lisata will become part of Kuva, its common stock will be delisted from Nasdaq, and it will apply to deregister its common stock, ceasing to be a reporting company under U.S. securities laws [5]. Company Background - Lisata Therapeutics is a clinical-stage pharmaceutical company focused on developing innovative therapies for advanced solid tumors and other serious diseases, with its product candidate certepetide designed to enhance the targeting of anti-cancer drugs [8]. - Kuva Labs is a preclinical bioscience company developing a proprietary imaging platform aimed at improving cancer diagnosis and treatment [10].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Viewpoint - Lisata Therapeutics has regained full development rights to certepetide in the Greater China region following the mutual termination of its agreement with Qilu Pharmaceutical, allowing the company to pursue its own development and commercialization strategies for this product [1][2]. Group 1: Agreement Termination - The February 2021 Exclusive License and Collaboration Agreement with Qilu Pharmaceutical has been mutually terminated, resulting in all rights reverting to Lisata [1]. - Qilu will continue to fulfill its obligations related to the ongoing Phase 2 clinical study of certepetide in combination with standard chemotherapy for metastatic pancreatic ductal adenocarcinoma [3]. Group 2: Product Overview - Certepetide is an investigational drug designed to enhance the delivery of anti-cancer therapies to solid tumors by activating a novel uptake pathway [4]. - The product has shown favorable safety and tolerability in clinical trials and has received multiple designations, including Fast Track and Orphan Drug Designation for various cancers [4]. Group 3: Company Background - Lisata Therapeutics is focused on developing innovative therapies for advanced solid tumors and has established partnerships based on its CendR Platform technology [5]. - The company anticipates announcing several milestones over the next 1.5 years and believes its capital will support operations into the first quarter of 2027 [5].

Company Developments - PAVmed Inc. (NASDAQ:PAVM) experienced a stock price surge to $16.12, marking a 160.42% increase, driven by a contract secured by its subsidiary, Lucid Diagnostics, with the U.S. Department of Veterans Affairs for the EsoGuard® Esophageal DNA Test [1][7] - Namib Minerals Ordinary Shares (NASDAQ:NAMM) saw a 145.95% increase in stock price to $2.41, with a trading volume of 103,136,334, indicating heightened investor interest possibly due to strategic developments or metal price fluctuations [2][7] - Global Interactive Technologies, Inc. (NASDAQ:GITS) reported a 93.32% rise in stock price to $1.66, reflecting growing investor interest in tech and entertainment platforms, particularly those related to K-POP and modern Korean culture [3][7] - Lisata Therapeutics, Inc. (NASDAQ:LSTA) experienced an 87.27% increase in stock price to $4.04, suggesting positive market reception for its focus on cellular therapies, despite ongoing investigations into the company [4][7] - Namib Minerals Warrants (NASDAQ:NAMMW) saw a 66.78% increase in price to $0.15, indicating investor optimism in leveraging warrants for potential gains in the mining sector [5][7] Market Dynamics - The significant price changes across these companies reflect diverse sector interests, including healthcare, biotechnology, technology, and basic materials, driven by factors such as innovative product pipelines and strategic company developments [6]

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of Lisata Therapeutics, Inc. to Kuva Labs, Inc. for $4.00 per share in cash plus two non-tradeable contingent value rights [1] Group 1 - The sale price of $4.00 per share is being scrutinized for its fairness to Lisata shareholders [1] - The transaction includes two non-tradeable contingent value rights that are payable under certain conditions [1] - Lisata shareholders are encouraged to explore their legal rights and options regarding the sale [1]