Lisata Therapeutics(US:LSTA)2024-05-09 20:13Financial Performance - Net loss for the three months ended March 31, 2024, was $5.4 million, a decrease of $0.8 million compared to a net loss of $6.2 million for the same period in 2023[121] - Total operating expenses for Q1 2024 were $6.6 million, down 3.6% from $6.8 million in Q1 2023[122] - Net cash used in operating activities for Q1 2024 was $7.0 million, an improvement from $8.2 million in Q1 2023[128] Expenses Breakdown - Research and development expenses increased by $62,000 or 2.0% to approximately $3.2 million in Q1 2024, primarily due to enrollment activities for the certepetide Phase 2a trial[124] - General and administrative expenses decreased by $0.3 million or 8.3% to approximately $3.4 million in Q1 2024, attributed to staffing cost reductions and decreased consulting fees[124] Clinical Trials and Development - Certepetide demonstrated an Objective Response Rate (ORR) of 59% in a Phase 1b/2a trial for mPDAC, compared to 23% in the MPACT trial[115] - The Disease Control Rate (DCR) for the certepetide trial was over 79%, significantly higher than the 48% DCR observed in the MPACT trial[115] - Certepetide is currently involved in multiple ongoing and planned clinical trials across various solid tumor types globally[116] Cash and Market Value - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling approximately $43.3 million[127] - As of May 1, 2024, the aggregate market value of the company's outstanding common stock held by non-affiliates was approximately $26.7 million[135] Financing and Capital - The company entered into an At The Market Offering Agreement with H.C. Wainwright & Co. for an aggregate offering price of up to $50.0 million[135] - Due to the Baby Shelf Limitation, the company is permitted to offer and sell $8,915,094, which is one-third of the aggregate market value of its common stock held by non-affiliates as of March 21, 2024[135] - There were no issuances of common stock under the ATM Agreement for the three months ended March 31, 2024[135] - Since inception, the company has issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774[135] - The company continues to seek capital through various means, but there is no assurance that additional financing will be available on acceptable terms[136] - Additional equity financing may be dilutive to stockholders, and debt financing may involve significant cash payment obligations[136] Accounting and Risk - The company does not have any off-balance sheet arrangements[137] - There have been no material changes in critical accounting policies and estimates during the three months ended March 31, 2024[138] - There are no applicable quantitative and qualitative disclosures about market risk[139]