How does Lisata Therapeutics have a negative enterprise value?

Lisata Therapeutics Inc (NASDAQ:LSTA) finds itself in an extraordinary but not unusual position emblematic of the challenges faced by small-cap biotech companies over the past three years as they seek recognition in a market that has performed 'a 180' turn since the peak of Covid vaccines interest in the sector in 2021. Risk capital has been sidelined during this politically and economically volatile period, not just in life sciences, but across microcap markets internationally. Still, for those would-be in ...