# EDGAR Filing Document

**Accession Number:** 0000320017
**File Stem:** 0000320017-25-000059
**Filing Date:** 2025-8
**Character Count:** 83388
**Document Hash:** 7776b497fe210625ef9a680e86c700df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320017-25-000059.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000320017-25-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LISATA THERAPEUTICS, INC.
- **CENTRAL INDEX KEY:** 0000320017
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 222343568
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33650
- **FILM NUMBER:** 251194039

**BUSINESS ADDRESS:**
- **STREET 1:** 110 ALLEN ROAD
- **STREET 2:** SECOND FLOOR
- **CITY:** BASKING RIDGE
- **STATE:** NJ
- **ZIP:** 07920
- **BUSINESS PHONE:** 908-229-2590

**MAIL ADDRESS:**
- **STREET 1:** 110 ALLEN ROAD
- **STREET 2:** SECOND FLOOR
- **CITY:** BASKING RIDGE
- **STATE:** NJ
- **ZIP:** 07920

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALADRIUS BIOSCIENCES, INC.
- **DATE OF NAME CHANGE:** 20170808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Caladrius Biosciences, Inc.
- **DATE OF NAME CHANGE:** 20150608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NeoStem, Inc.
- **DATE OF NAME CHANGE:** 20060906

?xml version='1.0' encoding='ASCII'? clbs-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**August 7, 2025** 

Date of Report (date of earliest event reported)

**LISATA THERAPEUTICS, INC.** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33650** | **22-2343568** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**110 Allen Road, Second Floor, Basking Ridge, NJ 07920**

**(Address of Principal Executive Offices)(ZipCode)**

**(908) 842-0100** 

Registrant's telephone number, including area code

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | LSTA | The Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

□If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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**Item 2.02 Results of Operations and Financial Condition.**

The information in Item 7.01 is incorporated by reference.

**Item 7.01 Regulation FD Disclosure.**

On August 7, 2025, Lisata Therapeutics, Inc. (the "Company") issued a press release in connection with its financial results for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.

A copy of a slide presentation that the Company will use at investor and industry conferences and presentations is attached to this Current Report as Exhibit 99.2 and is incorporated herein solely for purposes of this Item 7.01 disclosure.

The information in this Item 7.01, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibits 99.1 and 99.2 attached hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

**Item 9.01. Financial Statement and Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| **<u>[99.1](ex991earningsrelease2q25.htm)</u>** | Press Release, dated August 7, 2025 |
| **<u>[99.2](a992lstacorporatepresent.htm)</u>** | Lisata Therapeutics, Inc. Corporate Presentation, August 7, 2025 |

---

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**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**LISATA THERAPEUTICS, INC.**

By: <u>/s/ David J. Mazzo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: David J. Mazzo, PhD

Title: President & Chief Executive Officer

Dated: August 7, 2025

## Exhibit 99.1

**<u>Exhibit 99.1</u>**

**Lisata Therapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update** 

*Cash runway extending into the fourth quarter of 2026 with no debt, funding current clinical programs through to their next data milestone*

*Conference call scheduled for today at 4:30 p.m. Eastern Time*

**BASKING RIDGE, NJ (August 7, 2025)** – Lisata Therapeutics, Inc. (Nasdaq: LSTA) ("Lisata" or the "Company"), a clinical-stage pharmaceutical company developing innovative therapies for the treatment of advanced solid tumors and other serious diseases, provided a business update and reported financial results for the second quarter ended June 30, 2025.

"We continued to advance our clinical development portfolio and partnering initiatives during the second quarter of 2025," stated David J. Mazzo, Ph.D., President and Chief Executive Officer of Lisata. "All of our activities are to support our core mission of exploiting the broad applicability of certepetide across a variety of advanced solid tumors and other difficult-to-treat indications. To this end, we recently announced positive preliminary results from the ASCEND and iLSTA trials, and we anticipate a number of additional data events through the remainder of 2025 and into 2026."

Dr. Mazzo added, "Our continued rigorous financial management allows us to reaffirm our projection that available cash will fund current operations into the fourth quarter of 2026, including all active clinical studies through to their next data milestone."

**Development Portfolio Highlights** 

***Certepetide as a treatment for solid tumors in combination with other anti-cancer agents*** 

Certepetide (formerly LSTA1), a proprietary, *internalizing* RGD (arginyl-glycyl-aspartic acid or iRGD), cyclic peptide product candidate, is an investigational drug designed to activate the C-end rule active transport mechanism in a tumor specific manner, resulting in systemically co-administered anti-cancer agents more efficiently penetrating and accumulating in the tumor. Additionally, certepetide has been shown to modify the tumor microenvironment ("TME"), diminishing its immunosuppressive nature, enhancing cytotoxic T cell concentration in the TME and inhibiting the metastatic cascade. Lisata and its collaborators have amassed significant non-clinical data demonstrating enhanced efficacy of various existing and emerging anti-cancer therapies, including chemotherapies, immunotherapies, and RNA-based therapeutics in solid tumor models.

In addition, to date, certepetide has also demonstrated favorable safety, tolerability, and clinical activity in completed and ongoing clinical trials designed to demonstrate its ability to enhance the effectiveness of standard-of-care ("SoC") chemotherapy for pancreatic cancer as well as the combination of chemotherapy and immunotherapy in a variety of solid tumors. Certepetide has been awarded Fast Track designation (U.S.) and Orphan Drug Designation for pancreatic cancer (U.S. and E.U.) as well as Orphan Drug Designation for glioma, osteosarcoma, and cholangiocarcinoma (U.S.). Additionally, certepetide has received Rare Pediatric Disease Designation for osteosarcoma (U.S.). Currently, certepetide is the subject of multiple ongoing or planned clinical studies being conducted globally across several solid tumor types in combination with a variety of anti-cancer regimens, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ASCEND: Phase 2b double-blind, randomized (2:1 ratio), placebo-controlled trial evaluating two dosing regimens of certepetide in combination with SoC chemotherapy (gemcitabine/nab-paclitaxel) in patients with previously untreated metastatic pancreatic ductal adenocarcinoma ("mPDAC"). The trial is being conducted across 25 sites in Australia and New Zealand led by the Australasian Gastro-Intestinal Trials Group ("AGITG") and coordinated by the National Health and Medical Research Council Clinical Trial Centre at the University of Sydney. Cohort A, with 95 patients receiving a single intravenous ("IV") dose of certepetide 3.2 mg/kg or placebo in combination with SoC, completed enrollment in the third quarter of 2023. Preliminary Cohort A data presented at the 2025 ASCO-GI Symposium showed a positive trend in overall survival, including four complete responses in the certepetide-treated group compared to none in the placebo treated group. As recently announced, preliminary data from Cohort B, with 63 patients receiving two IV doses of certepetide 3.2 mg/kg or placebo administered 4 hours apart in combination with SoC, was presented at the ESMO Gastrointestinal Cancers ("ESMO-GI") Congress on July 2, 2025. The preliminary Cohort B data demonstrate a positive signal in progression-free survival and objective response rate observed in the certepetide-treated group compared to the placebo-treated group, indicating that the addition of two doses of certepetide (Cohort B regimen) to SoC resulted in a

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clinically meaningful treatment effect and an attractive safety profile. Final data and key findings from both cohorts of the ASCEND study are anticipated to be available later this year, with more information to follow as it becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BOLSTER: Phase 2a double-blind, placebo-controlled, multi-center, randomized trial in the U.S. evaluating certepetide in combination with SoC chemotherapy in first- and second-line cholangiocarcinoma (CCA). The Company achieved complete enrollment in first-line CCA nearly six months ahead of plan, accelerating anticipated topline data readout to fourth quarter of 2025. Based on this rapid enrollment rate and the pressing need to improve treatment outcomes in patients that have progressed after first-line CCA treatment, a second cohort was added to the BOLSTER trial evaluating certepetide in combination with SoC in subjects with second-line CCA. In September 2024, Lisata announced first patient treated in the second-line CCA cohort and recently decided to stop enrollment at approximately 20 patients to accelerate data read out and optimize capital allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CENDIFOX: Phase 1b/2a open-label trial in the U.S. evaluating certepetide in combination with neoadjuvant FOLFIRINOX based therapies in pancreatic, colon and appendiceal cancers. In December 2024, the Company announced enrollment completion in all three cohorts. The single-center study, conducted solely at the University of Kansas Cancer Center, was designed with a 3-cycle run-in period to ensure patients met specific criteria before receiving treatment. Of the 66 patients enrolled, 50 patients met the criteria and were treated with certepetide across three cohorts, including 24 with resectable or borderline resectable pancreatic cancer, 15 with high-grade colon or appendiceal cancer and peritoneal metastasis, and 11 with oligometastatic colon cancer. The trial is expected to provide Lisata with valuable pre- and post-treatment tumor tissue data for immune profiling, along with long-term patient outcome information. CENDIFOX data are expected in the coming months; however, given that this is an investigator-initiated study, the exact timing is not in Lisata's control. The trial is funded by the University of Kansas Cancer Center and Lisata is supplying certepetide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qilu Pharmaceutical, the licensee of certepetide in the Greater China territory, is currently evaluating certepetide in combination with gemcitabine and nab-paclitaxel as a treatment for first-line mPDAC. During the 2023 ASCO Annual Meeting, Qilu Pharmaceutical presented an abstract sharing preliminary data from the study which corroborated previously reported findings from the Phase 1b/2a trial of certepetide plus gemcitabine and nab-paclitaxel conducted in Australia in patients with first-line mPDAC. Qilu has completed enrollment in its Phase 2 trial and data are expected in the near future. Progression of Qilu's certepetide development program into Phase 3 in China will trigger a $10 million milestone payment due to Lisata under the terms of the license agreement with Qilu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• iLSTA: Phase 1b/2a randomized, single-blind, single-center, safety and pharmacodynamic trial in Australia, funded by WARPNINE Inc., evaluating certepetide in combination with SoC chemotherapy (nab-paclitaxel and gemcitabine) plus SoC immunotherapy (durvalumab) versus SoC alone in patients with locally advanced non-resectable PDAC. As recently announced, enrollment in this study has been completed. Updated interim analyses from the iLSTA trial, presented at the ESMO-GI Congress on July 3, 2025, show compelling new preliminary data for certepetide. Consistent with earlier preliminary findings from the 2025 ASCO-GI meeting, the data reinforce certepetide's potential to enhance immunotherapy effectiveness by provoking significant RECIST responses and improving overall response and disease control rates. Final data and key findings from this study are anticipated in the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Lisata-funded Phase 2a, double-blind, placebo-controlled, randomized, proof-of-concept study evaluating certepetide in combination with SoC temozolomide versus temozolomide alone in patients with newly diagnosed glioblastoma multiforme ("GBM") is being conducted across multiple sites in Estonia and Latvia and is planned to also include a site in Lithuania. The study is targeted to enroll 30 patients with a randomization of 2:1 in favor of the certepetide treatment group. Enrollment completion is expected in 2026.

Lisata entered into a research license with Catalent, Inc. ("Catalent"), to preclinically evaluate the efficacy of certepetide in combination with Catalent's SMARTag<sup>®</sup> ADC dual payload technology platform for the treatment of various difficult-to-treat diseases. Additionally, Lisata has expanded its strategic collaboration with GATC Health Corp ("GATC") to combine Lisata's drug development expertise with GATC's AI-powered Multiomics Advanced Technology<sup>™</sup> platform to optimize and accelerate drug discovery and development, including analyzing certepetide for new indications and identifying combination therapies.

Lisata recently announced that the United States Patent and Trademark Office ("USPTO") issued the Company a new composition of matter patent for certepetide (U.S. Patent No. 12,351,653), which extends its patent protection until March 2040, with potential for further extensions. The patent grants Lisata exclusive rights to the drug itself, preventing others from manufacturing or selling certepetide. The patent's claims cover certepetide's chemical structure, pharmacokinetic properties, methods of manufacturing, and applications for treating solid tumors.

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**Second Quarter 2025 Financial Highlights**

***Revenue***

For the three months ended June 30, 2025, revenue totaled $70 thousand in connection with an upfront license fee related to the Research License Agreement with Catalent, Inc. We did not have any revenue for the three months ended June 30, 2024.

***Operating Expenses***

For the three months ended June 30, 2025, operating expenses totaled $4.9 million, compared to $5.5 million for the three months ended June 30, 2024, representing a decrease of $0.6 million or 10.6%.

Research and development expenses were approximately $2.3 million for the three months ended June 30, 2025, compared to $2.6 million for the three months ended June 30, 2024, representing a decrease of $0.3 million or 13.4%. This was primarily due to a reduction in patient treatment costs and clinical research organization expenses associated with our Phase 2a BOLSTER trial and lower spend on chemistry, manufacturing and controls.

General and administrative expenses were approximately $2.7 million for the three months ended June 30, 2025, compared to $2.9 million for the three months ended June 30, 2024, representing a decrease of $0.2 million or 8.1%. This was primarily due to savings resulting from the elimination of an employee position and lower spend on consulting and travel and entertainment expenses.

Overall, net losses were $4.7 million for the three months ended June 30, 2025, compared to $5.0 million for the three months ended June 30, 2024.

***Balance Sheet Highlights***

As of June 30, 2025, we had cash, cash equivalents and marketable securities of approximately $22.0 million. Based on its existing and planned activities, the Company believes available funds will support current operations into the fourth quarter of 2026.

**Conference Call Information**

Lisata will hold a live conference call today, August 7, 2025, at 4:30 p.m. Eastern Time to discuss financial results, provide a business update and answer questions.

Those wishing to participate must register for the conference call by way of the following link: **CLICK HERE TO REGISTER**. Registered participants will receive an email containing conference call details with dial-in options. To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time.

A live webcast of the call will also be accessible under the **Investors & News** section of Lisata's website and will be available for replay beginning two hours after the conclusion of the call for 12 months.

**About Lisata Therapeutics** Lisata Therapeutics is a <u>clinical-stage pharmaceutical company</u> dedicated to the discovery, development and commercialization of innovative therapies for the treatment of advanced solid tumors and other major diseases. Lisata's cyclic peptide product candidate, <u>certepetide</u>, is an investigational drug designed to activate a novel uptake pathway that allows co-administered or tethered anti-cancer drugs to selectively target and penetrate solid tumors more effectively. Lisata has already established noteworthy commercial and R&D partnerships based on its <u>CendR Platform</u><sup>®</sup> <u>technology</u>. The Company expects to announce numerous milestones over the next 1.5 years and believes that its projected capital will fund operations into the fourth quarter of 2026, encompassing anticipated data milestones from its ongoing and planned clinical trials. For a comprehensive overview of certepetide's mechanism of action, please view our informative <u>short film</u>. For more information on the Company, please visit <u>www.lisata.com</u>.

**Forward-Looking Statements** This communication contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding the Company's clinical development programs are forward-looking statements. In addition, when or if used in this communication, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Lisata or its management, may identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, the potential efficacy of certepetide as a treatment for patients with solid tumors; our beliefs about the potential uses and benefits of certepetide; the potential of the collaboration with Catalent to develop new treatment options; the expected expiration of our patents for certepetide; our ability to obtain patent term extension on our U.S. composition of matter patent; statements relating to Lisata's continued listing on the Nasdaq Capital Market; expectations regarding the capitalization, resources and ownership structure of Lisata; the approach Lisata is taking to discover and develop novel therapeutics; the adequacy of Lisata's capital to support its future operations and its ability to successfully initiate and complete clinical trials; and the difficulty in predicting the

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time and cost of development of Lisata's product candidates. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: results observed from preliminary data are not necessarily indicative of final results and one or more of the clinical outcomes may materially change following more comprehensive reviews of the data and as more patient data becomes available, including the risk that unconfirmed responses may not ultimately result in confirmed responses to treatment after follow-up evaluations; the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials; the safety and efficacy of Lisata's product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in Lisata's clinical programs, Lisata's ability to finance its operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of Lisata's scientific studies, Lisata's ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in Lisata's markets, the ability of Lisata to protect its intellectual property rights; and legislative, regulatory, political and economic developments. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in Lisata's Annual Report on Form 10-K filed with the SEC on February 27, 2025, and in other documents filed by Lisata with the Securities and Exchange Commission. Except as required by applicable law, Lisata undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events, or otherwise.

**Contact:**

Investors:

Lisata Therapeutics <br>John Menditto

Vice President, Investor Relations and Corporate Communications <br>Phone: 908-842-0084 <br>Email: jmenditto@lisata.com

Media:

ICR Healthcare

Elizabeth Coleman

Account Supervisor

Phone: 203-682-4783

Email: elizabeth.coleman@icrhealthcare.com

**- Tables to Follow -**

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**Lisata Therapeutics, Inc.<br>Selected Financial Data<br>(in thousands, except per share data)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Statement of Operations Data:** |  |  |  |  |
| **Revenue** | $70 | $— | $70 | $— |
| Research and development | 2253 | 2601 | 4856 | 5842 |
| General and administrative | 2685 | 2922 | 5930 | 6282 |
| **Total operating expenses** | **4938** | **5523** | **10786** | **12124** |
| **Operating loss** | **(4868)** | **(5523)** | **(10716)** | **(12124)** |
| Investment income, net | 216 | 493 | 482 | 1082 |
| Other expense, net | (7) | (14) | (111) | (201) |
| **Net loss before benefit from income taxes and noncontrolling interests** | **(4659)** | **(5044)** | **(10345)** | **(11243)** |
| Benefit from income taxes |  |  | (962) | (798) |
| **Net loss** | **(4659)** | **(5044)** | **(9383)** | **(10445)** |
| Less - net income attributable to noncontrolling interests |  |  |  |  |
| **Net loss attributable to Lisata Therapeutics, Inc. common stockholders** | $**(4659)** | $**(5044)** | $**(9383)** | $**(10445)** |
| **Basic and diluted loss per share attributable to Lisata Therapeutics, Inc. common stockholders** | $**(0.54)** | $**(0.61)** | $**(1.09)** | $**(1.26)** |
| **Weighted average common shares outstanding** | **8605** | **8308** | **8604** | **8301** |
|  |  |  | **June 30, 2025** | **December 31, 2024** |
|  |  |  | **(unaudited)** |  |
| **Balance Sheet Data:** |  |  |  |  |
| Cash, cash equivalents and marketable securities | Cash, cash equivalents and marketable securities |  | $21970 | $31245 |
| Total assets |  |  | 25160 | 35002 |
| Total liabilities |  |  | 4385 | 5685 |
| Total equity |  |  | 20775 | 29317 |

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\# \# \#

## Exhibit 99.2

![](a992lstacorporatepresent001.jpg)© L i s a t a T h e r a p e u t i c s , I n c . 2 0 2 5 . A l l r i g h t s r e s e r v e d . Targeted Therapy Delivered www.lisata.com Corporate Presentation \| August 7, 2025 Nasdaq: LSTA Exhibit 99.2

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![](a992lstacorporatepresent002.jpg)

2 Forward-looking statements advisory This presentation contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this communication, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict", "target" and similar expressions and their variants, as they relate to Lisata or its management, may identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements relating to Lisata's continued listing on the Nasdaq Capital Market; expectations regarding the capitalization, resources and ownership structure of Lisata; the approach Lisata is taking to discover, develop and commercialize novel therapeutics; the adequacy of Lisata's capital to support its future operations and its ability to successfully initiate and complete clinical trials; and the difficulty in predicting the time and cost of development of Lisata's product candidates. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the safety and efficacy of Lisata's product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in Lisata's clinical programs, Lisata's ability to finance its operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of Lisata's scientific studies, Lisata's ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in Lisata's markets, the ability of Lisata to protect its intellectual property rights and legislative, regulatory, political and economic developments. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in Lisata's Annual Report on Form 10-K filed with the SEC on February 27, 2025, and in other documents filed by Lisata with the Securities and Exchange Commission. Except as required by applicable law, Lisata undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Disclosure

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![](a992lstacorporatepresent003.jpg)

Lisata at a Glance Company Overview 3

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![](a992lstacorporatepresent004.jpg)

Lisata Therapeutics (Nasdaq: LSTA) Company Overview 4 OVERVIEW Clinical-stage therapeutics company rapidly developing a novel solid tumor targeting and penetration technology with tumor microenvironment (TME) modifying properties. MISSION To safely enhance the treatment benefits of existing and emerging therapies for solid tumors and similar diseases utilizing an approach that is patient-friendly and pharmacoeconomically attractive.

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![](a992lstacorporatepresent005.jpg)

Company Overview 5 Lisata Therapeutics (Nasdaq: LSTA): Key attributes Cash runway extending into 4Q 2026 with no debt, funding current clinical programs Seasoned management with successful international drug development experience and expertise Platform technology validated by existing partnerships with potential for many others Multiple product and business milestones projected over the next 12 - 18 months Proprietary field- leading technology with global IP protection extending beyond 2040

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![](a992lstacorporatepresent006.jpg)

Seasoned leadership with proven history of drug approvals worldwide 6 Kristen K. Buck, MD Executive Vice President of R&D and Chief Medical Officer Dr. Buck is a board certified and licensed physician with >20 years of strategic global drug development, drug/device safety/epidemiology, FDA, and clinical practice experience. Gregory Berkin Chief Information Officer and Data Protection Officer James Nisco SVP of Finance and Treasury and Chief Accounting Officer Tariq Imam SVP of BD and Operations and General Counsel John Menditto VP of Investor Relations and Corporate Communications Bill Sietsema, PhD VP of Global Regulatory Affairs Ryan Quick VP of Chemistry, Manufacturing and Controls Detailed management bios can be found at www.lisata.com David J. Mazzo, PhD President and Chief Executive Officer, Member of the Board of Directors With >40 years of experience, Dr. Mazzo is a global pharmaceutical executive noted for his strategic prowess and his vast experience developing and launching new products across all therapeutical areas. He recently was recognized as a 2024 PharmaVoice Top 100 Standout Leader. Company Overview

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![](a992lstacorporatepresent007.jpg)

Therapeutic Focus and Rationale 7

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![](a992lstacorporatepresent008.jpg)

Improved solid tumor treatment remains a vital, growing global need Worldwide Cancer Incidence 2022 20 million new cases with 10 million deaths(1-2) 2050 35 million new cases with 18.5 million deaths(3) Solid tumors account for more than 90% of all diagnosed cancers Pancreatic Cancer Incidence By 2030, PDAC\* is predicted to be the second most common cause of cancer mortality(4) Immunotherapy is generally ineffective in improving outcomes \*Pancreatic ductal adenocarcinoma (PDAC) 1 https://gco.iarc.who.int/tomorrow/en/dataviz/tables?mode=population&years=2050&types=1&populations=903_904_905_908_909_935_900; data retrieved Feb 12, 2024. 2 https://seer.cancer.gov/statfacts/html/common.html; data retrieved Nov 2, 2023. 3 https://www.who.int/news/item/01-02-2024-global-cancer-burden-growing--amidst-mounting-need-for-services; data retrieved Oct 14, 2024. 4 Europe Is Facing a Pancreatic Cancer Emergency - Medscape - January 25, 2024. 8 Therapeutic Focus and Rationale

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Current solid tumor treatments & patient outcomes are suboptimal 9 Therapeutic Focus and Rationale Diagram source: Abizanda-Campo, S. et al, Microsyst Nanoeng 9, 154 (2023) Challenging tumor morphology and tumor microenvironment (TME) pose significant barriers to effective treatment and outcomes Tumor stroma acts as a physical barrier to anti-cancer agents An immunosuppressive TME contributes to tumor resistance and/or metastases Prolonged or escalated dosing of non-targeted anti-cancer therapies generally leads to intolerable off-target side effects

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Certepetide is designed to optimize solid tumor treatment 1 Sugahara, et al. Mol Cancer Ther; 14(1) January 2015; Hamilton, et al., J MolMed. April 2015; and Miyamura, et al., bioRxiv. May 2023. 2 Yuan, D., Duda, D., et al. CCA Foundation Conf. 2024 Poster. Enhancing the efficacy of standard therapy in intrahepatic cholangiocarcinoma using LSTA1, a novel tumor targeting and penetration agent.  Converts tumor stroma from a barrier to a conduit for anti-cancer drugs  Selectively reduces TME immunosuppressive T cells and recruits cytotoxic T cells(1)  Inhibits the metastatic cascade(2)  Applicable with any modality of anti-cancer therapeutic  Via co-administration or molecular tethering  Poised for Phase 3 in mPDAC \*\*  In mid-stage clinical development in multiple solid tumors Certepetide: a proprietary internalizing RGD\* (iRGD) cyclic peptide adjuvant with tumor specific targeting & penetration activity and tumor microenvironment modifying properties \*internalizing RGD (iRGD): Arginylglycylaspartic acid \*\*mPDAC: metastatic pancreatic ductal adenocarcinoma 10 Therapeutic Focus and Rationale

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Certepetide possesses a strong Intellectual Property portfolio  Eight families, comprising 11 granted patents (6 U.S.), 19 pending patents, one family in its PCT phase, and two in provisional status  Orphan Drug Designations bring 7 and 10 years of market exclusivity post-approval in the U.S. and EU, respectively  Composition of matter patent through March 2040, with subsequent opportunity for patent term extension  Claims cover composition of matter, method of use, and therapeutic combinations  Pending claims cover methods of making certepetide (via peptide synthesis), specific combinations in the treatment of PDAC, and combinations with immunotherapies, specifically, durvalumab, resulting from the iLSTA study data  Exclusive option to granted patent relating to the ability of certepetide altering the immune cell landscape, thus better sensitizing cancers to use of checkpoint inhibitors 11 Therapeutic Focus and Rationale

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Partnerships Noteworthy existing relationships and potential for many more 12

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Existing partnerships support certepetide's promise and broad applicability Partnerships 13 R&D alliances contribute resources with minimal commercial interest in certepetide  Australasian Gastro-Intestinal Trials Group - Clinical Trialists Consortium (Australia & New Zealand)  WARPNINE - Foundation (Australia) Existing strategic partnerships Qilu Pharmaceutical  Qilu granted exclusive rights in China, Taiwan, Hong Kong and Macau  Qilu assumes all development and commercialization responsibilities/costs in licensed territories  Potential for additional $221 million in milestones plus royalties on sales to Lisata ($15 million collected to date) Kuva Labs  Kuva granted exclusive worldwide rights to certepetide as a targeting agent/delivery vehicle in combination with Kuva's NanoMark technology for diagnostic tumor imaging  Kuva assumes all development and commercialization responsibilities/costs  Includes a $1 million upfront fee and potential ~$20 million in milestones plus royalties on sales to Lisata Catalent, Inc.  Catalent to preclinically evaluate the efficacy of certepetide as a payload on Catalent's SMARTag® antibody-drug conjugate dual-payload technology platform for the treatment of difficult-to-treat diseases  Catalent assumes all R&D responsibilities/costs; Lisata to provide consulting support  Lisata received an upfront payment with the possibility of future considerations contingent upon the results of the preclinical evaluation GATC Health Corp.  Lisata & GATC formed a strategic alliance to develop GATC's AI-derived drug candidates, including combinations with certepetide  Lisata will receive an upfront payment and increasing asset equity upon development milestone achievement  Lisata will have an option to license future AI-derived assets for a nominal fee Additional partnership opportunities exist for many combinations with certepetide  By indication, modality of co-administered drug(s), and/or geography

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14 Certepetide Strong Scientific Foundation and Rationale

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Certepetide mechanism of action: Unique, multi-step approach Certepetide - Strong Scientific Foundation and Rationale 15 1 Integrin binding 2 Proteolytic cleavage 3 Neuropilin-1 binding 4 Resulting tumor penetration Bound certepetide is proteolytically- cleaved in the tumor microenvironment (TME) resulting in a C-end Rule (CendR) linear peptide fragment. The CendR fragment binds with high affinity and specificity to neuropilin-1 (NRP-1), an adjacent receptor on the same or nearby cell, activating the CendR active transport pathway(1) and triggering tumor penetration. Certepetide is a 9-amino acid cyclic iRGD peptide with high binding specificity and affinity for αvβ3 and/or αvβ5 integrins that are upregulated on target cells. \*Tumor cells and tumor vascular endothelial cells (components of the tumor stroma) CendR pathway actuation triggers encapsulation of circulating co-administered anti-cancer drugs, ferrying them through the stroma into the tumor. Note: Microvesicles can fuse to form channels across single cells.(2-6) [Not pictured] Certepetide depletes immunosuppressive T cells and enhances cytotoxic T cells in the TME, while inhibiting metastases. Illustration is a simplified rendition of MOA 1 Ding et al., Nature Comm, 2019. 2 Ruoslahti E. The Journal of clinical investigation. 2017;127(5), 1622–1624. 3 Liu, X., et al. J Clin Invest. 2017;127(5):2007-2018. 4 De Mendoza, T. H., Suzuki, K., et al. Nature Comm, 2021;12, 1541. 5 Wang, C., et al. International Journal of Nanomedicine, 2024;19, 12633–12652. 6 Saifi, M. A., et al. Biochimica Et Biophysica Acta (BBA) - Reviews on Cancer, 2023; 1878(3), 188895.

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Certepetide/iRGD selectively promotes intratumoral penetration 1 Braun et al., Nature Mater. 2014. 2 Liu, Braun et al., Nature Comm. 2017. 3 Sugahara et al 2010. 16 Certepetide - Strong Scientific Foundation and Rationale Whole body imaging of mice with pancreatic ductal adenocarcinoma (arrow) dosed with Fluorescent Quantum Dots (FQDs) with and without certepetide(1),(2)  Circulating FQDs result in whole body fluorescence  Etching solution quenches fluorescence in circulation tumor FQDs + Etching solution tumor Certepetide + FQDs + Etching solution When co-administered with iRGD, nab- paclitaxel (Abraxane or ABX) is preferentially taken up by tumor tissue in mice(3) FQDs

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Broad applicability & activity of certepetide/iRGD consistently demonstrated Sampling of >370 scientific publications showing improved survival 17 Certepetide - Strong Scientific Foundation and Rationale Breast cancer + Herceptin®Lung cancer + gemcitabine Zhang, et al., Plos One, 2015 Breast cancer + nanoparticle nab-paclitaxel GI cancer + adoptive cell therapy Ding, et al., Nature, 2019 PDAC + irinotecan nanoparticles Liu X et al., J Clin Invest, 2017 PDAC + gemcitabine Hurtado de Mendoza et al, Nature Comms, 2021 Sugahara, et al., Science, 2010Sugahara, et al., Science, 2010

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Certepetide/iRGD consistently improves immunotherapy efficacy in multiple preclinical solid tumor models 18 Solid Tumor Types  Intrahepatic cholangiocarcinoma  Pancreatic adenocarcinoma  Prostate cancer  Breast cancer  Non-Small Cell Lung Cancer  Gastric cancer  Hepatocellular carcinoma Preclinical Observations  Improved overall survival  Reduced tumor size  Reduced and/or inhibited metastases Certepetide - Strong Scientific Foundation Sugahara, K., et al. bioRxiv 2023.05.24.542137; doi: https://doi.org/10.1101/2023.05.24.542137 Yuan, D., Duda, D., et al. 2024 CCA Foundation Conference. Poster: Enhancing the efficacy of standard therapy in intrahepatic cholangiocarcinoma using LSTA1, a novel tumor targeting and penetration agent. Sugahara, et al. 2015; Sugahara, et al. 2010 Yang, et al. 2019a; Yang, et al. 2019b Zhang et al 2016b Dong, et al. 2023 AACR 2025 Abstracts: • Kim, M., Sugahara, K., et al. iRGD peptide therapy transforms immunosuppressive microenvironment to immune-favorable state in pancreatic ductal adenocarcinoma (https://www.abstractsonline.com/pp8/#!/20273/presentation/5422). • Miyamura, N., Sugahara, K., et al. A cytotoxic peptide designed for tumor-targeted delivery of co-injected molecules (https://www.abstractsonline.com/pp8/#!/20273/presentation/3881). • Kuroda, Y., Sugahara, K., et al. The iRGD tumor-penetrating peptide inhibits TGF-β activation mediated by an αvβ5 integrin-rich tumor microenvironment in pancreatic cancer (https://www.abstractsonline.com/pp8/#!/20273/presentation/5404). • Choi, Y., Sugahara, K., et al. Altered collagen morphology in pancreatic cancer treated with the iRGD tumor-penetrating peptide (https://www.abstractsonline.com/pp8/#!/20273/presentation/5419).

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Certepetide improves immunotherapy impact in cholangiocarcinoma 19 Certepetide - Strong Scientific Foundation and Rationale  Intrahepatic cholangiocarcinoma (ICC) has an immunosuppressive TME and a dense desmoplastic stroma with abnormal vasculature which together impede anti-cancer agent efficacy  Lung metastases often lead to a significant decline in survival  Human ICC SoC (gemcitabine/cisplatin/durvalumab) efficacy improved with certepetide in murine model Yuan, D., Duda, D., et al. CCA Foundation Conf. (2024) Poster. Enhancing the efficacy of standard therapy in intrahepatic cholangiocarcinoma using LSTA1, a novel tumor targeting and penetration agent Certepetide combined with chemo- and immunotherapy improves survival, reduces morbidity and inhibits metastasis in cholangiocarcinoma mouse model ICC mouse model \*Certepetide was formerly known as LSTA1

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iRGD enhances selective tumor penetration of trastuzumab Mouse model injected with human BT474 breast tumors  Panel A shows greater staining for trastuzumab in breast cancer tissue with iRGD  Panel B shows remarkable selectivity for tumor tissue with iRGD  Panel C shows iRGD co-administered with trastuzumab leads to tumor shrinkage Sugahara, et al. 2010 Certepetide - Strong Scientific Foundation and Rationale 20 Trastuzumab + iRGDTrastuzumab A CB Tumor Liver Spleen HeartPancreas Lung Kidney Brain Certepetide is a proprietary iRGD; experiments denoting iRGD use a non-proprietary certepetide analog with differs in structure by a single acetyl group. Trastuzumab is a monoclonal Ab that inhibits HER2

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Certepetide development strategy: A two-pillar approach 21 Certepetide - Strong Scientific Foundation and Rationale Pursue rapid global registration in mPDAC, initially combined with gemcitabine/nab-paclitaxel standard-of- care (SoC)  Positive ASCEND Phase 2b preliminary results  End-of-Phase 2 FDA meeting completed  Phase 3 study protocol and development plan agreed  Phase 3 preparations underway Demonstrate certepetide effectiveness when combined with a variety of other SoC regimens (e.g., chemotherapy, immunotherapy, etc.) in a variety of solid tumors  Multiple Phase 2a studies underway

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Positive Clinical Results Through Phase 2b 22

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23 Positive Clinical Results Through Phase 2b Certepetide improved survival in mPDAC in two independent, multicenter Phase 1b/2a trials 1 Von Hoff D, et al., New England Journal of Medicine, 2013. 2 Dean A, et al., The Lancet Gastroenterology & Hepatology, 2022 3 QILU Pharmaceutical 0.5 2.5 4.5 6.5 8.5 10.5 12.5 Median Overall Survival (Months) M on th s 13.2 months 8.5 months 11.1 months 55% improvement SoC + certepetide 31% improvement SoC CEND1-201 China Gemcitabine + Nab-paclitaxel + certepetide(3) Von Hoff 2013 Phase 3 Gemcitabine + Nab-paclitaxel(1) Registration study establishing gemcitabine + nab-paclitaxel as SoC in mPDAC CEND1-001 Australia Gemcitabine + Nab-paclitaxel + certepetide(2)

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Certepetide demonstrated internal consistency in two Phase 1b/2a trials 1 Von Hoff D, et al., New England Journal of Medicine, 2013. 2 Dean A, et al., The Lancet Gastroenterology & Hepatology, 2022 3 QILU Pharmaceutical 24 Complete Response Partial Response Objective Response Rate Disease Control Rate (16 weeks) CA19-9 Drop >20% Median PFS 23% 59% 23% 3.4% 0.1% 55% 79% 96% 0% 42% 48% 61% 87% 91% SoC SoC SoC SoCSoC 5.5 mo 9.7 mo 5.8 mo 42% CEND1-201 China Gemcitabine + Nab-paclitaxel + certepetide(3) Von Hoff 2013 Phase 3 Gemcitabine + Nab-paclitaxel(1) Registration study establishing gemcitabine + nab-paclitaxel as SoC in mPDAC CEND1-001 Australia Gemcitabine + Nab-paclitaxel + certepetide(2) Positive Clinical Results Through Phase 2b

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Remarkable evidence of certepetide activity in other solid tumors Certepetide potentiated a complete response in metastatic gastroesophageal adenocarcinoma (mGEAC) FDG-PET\* scan June 2022 FDG-PET scan Sept. 2022 Reduction in FDG activity demonstrated(1)  53-year-old male with mGEAC with significant (> 5cm) nodal metastases (June 2022)  SoC combination chemotherapy (FOLFIRINOX) and radiotherapy, with immunotherapy (pembrolizumab) later added, resulting in partial response  Certepetide added to above regimen at cycle 7 and exploratory laparoscopy after cycle 18 (September 2022) showed no discernable disease  34+ months with sustained complete response 251 Buck, K.K, Dean, A., McSweeney, T. LSTA1 Potentiates Complete Response in Metastatic Gastroesophageal Adenocarcinoma. Oncol Cancer Case Rep. 2023, 9(6), 001-003 \*Fluorodeoxyglucose (FDG)-positron emission tomography (PET) Positive Clinical Results Through Phase 2b

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ASCEND: Phase 2b study of certepetide in mPDAC  Sponsor: Australasian Gastro-Intestinal Trials Group (AGITG) and NHMRC Clinical Trials Centre of University of Sydney (Australia) • Lisata-funded, data contractually sponsor- controlled • Restricts initial public announcement of results to scientific meetings or publications  'Academic design' overlooked global regulatory standards supporting eventual approval • Powered for 6-mos. PFS primary endpoint • Not a standard regulatory endpoint • Single cohort with one IV push of certepetide 3.2 mg/kg + SoC vs. SoC alone Investigator initiated trial inherited through acquisition of Cend Therapeutics Lisata amended protocol to ensure trial data will support global registration strategy  Lisata clinical trial data rights defined/expanded  'Product development design' considers eventual regulatory review and approval  Median overall survival (precedent registration endpoint) added for both cohorts  Second cohort (Cohort B) added with two IV pushes of certepetide 3.2 mg/kg administered 4 hours apart to further evaluate pharmacodynamics of certepetide consistent with FDA Project Optimus 26 Positive Clinical Results Through Phase 2b

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ASCEND: Phase 2b study chronology 27 Positive Clinical Results Through Phase 2b Enrollment initiated in Cohort A May 2022 Lisata's acquisition of Cend Therapeutics completed Sept 2022 Protocol amended to add Cohort B 1Q 2023 Enrollment in Cohort B initiated 2Q 2023 Cohort A enrollment completed 2Q 2023 Expected final data 4Q 2025 Cohort B enrollment completed Dec 2023 Cohort A initial data presented at ASCO-GI Jan 2025 Cohort B initial data presented at ESMO-GI July 2025

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ASCEND: Preliminary Cohort A Progression-Free Survival data Cohort A ONE IV PUSH OF CERTEPETIDE + SoC  Cohort A powered for 6-month PFS  No statistically significant improvement shown with certepetide  Data mature - 91% (86 out of 95 patients with Progressive Disease or Death) Cohort A: Progression-Free Survival (PFS) Data Treatment arm N Median PFS in months (95% CI) Certepetide + SoC 66 5.55 (5.29, 7.39) Standard of Care 21 5.52 (3.68, 7.39) median Moderately Censored Certepetide + SoC Standard of Care 28 Data cut-off 4 November 2024 Positive Clinical Results Through Phase 2b

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ASCEND: Preliminary Cohort A Overall Survival data Cohort A ONE IV PUSH OF CERTEPETIDE + SoC  Cohort A not powered for OS  Data mature - 76% (72 deaths out of 95)  mOS numerically favors certepetide (12.68 vs. 9.72 months); separation occurs at 7 months similar to NAPOLI-3  Cohort A ORR\* data favors certepetide  Certepetide – 4 complete responses  Placebo – 0 complete responses Moderately censored – patients still in follow-up Cohort A: Overall Survival (OS) Data Treatment arm Participants Median OS in months (95% CI) Certepetide + SoC 66 12.68 (10.18, 16.30) Standard of Care 29 9.72 (7.10, 16.39) median \*ORR: Objective Response Rate Data cut-off 4 November 2024 Positive Clinical Results Through Phase 2b Certepetide + SoC Standard of Care 29

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ASCEND: Preliminary Cohort B Progression-Free Survival data Cohort B TWO IV PUSHES OF CERTEPETIDE 4 HOURS APART + SoC Cohort B: Progression-Free Survival (PFS) Data Treatment arm N Median PFS in months (95% CI) Certepetide 42 7.46 (5.52, 9.20) Placebo 21 4.65 (1.94, 5.68) Data cut-off 30 December 2024  Cohort B not powered for PFS  Data mature  Despite not being powered, mPFS in Cohort B nears statistical significance favoring certepetide over placebo (7.46 vs 4.65 months) HR 0.6, p=0.08 Positive Clinical Results Through Phase 2b 30

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ASCEND: Preliminary Cohort B Overall Survival data Cohort B TWO IV PUSHES OF CERTEPETIDE 4 HOURS APART + SoC  Cohort B not powered for OS  Data mature - 71% (45 deaths out of 63)  mOS favors certepetide (10.32 vs. 9.23 months)  Separation occurs at 7 months similar to NAPOLI-3 NALIRIFOX Phase 3 study data  Cohort B ORR favors certepetide (see next slide)  (CR + PR) 45% vs 19% certepetide vs placebo; 1 CR certepetide, 0 CR placebo group Cohort B: Overall Survival (OS) Data Treatment arm Participants Median OS in months (95% CI) Certepetide 42 10.32 (8.87, 13.14) Placebo 21 9.23 (6.24, 15.01) Data cut-off 30 December 2024 Positive Clinical Results Through Phase 2b 31

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Cohort B Time to Treatment Failure (TTF) and Duration of Treatment Cohort B TWO IV PUSHES OF CERTEPETIDE 4 HOURS APART + SoC Cohort B: Time To Treatment Failure and Treatment Duration Treatment arm Treatment Failures Median TTF months (95% CI) Certepetide 40/42 5.47 (4.47, 6.90) Placebo 20/21 4.90 (1.90, 5.52) Data cut-off 30 December 2024 Treatment arm Average Treatment Duration months (95% CI) Certepetide 5.00 (3.77, 6.65) Placebo 3.32 (2.09, 4.96)  TTF and Treatment duration favor certepetide Positive Clinical Results Through Phase 2b 32

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ASCEND: Phase 2 study of certepetide in mPDAC in summary  mOS in Cohort A numerically favored certepetide as did ORR (4 Complete Responses in the certepetide + SoC group and 0 in the placebo + SoC group)  Despite not being powered, mPFS in Cohort B nears statistical significance favoring certepetide over placebo (7.46 vs 4.65 months) HR 0.6, p=0.08.  Cohort B mOS favored certepetide (10.32 vs 9.23 months) corroborating clinical benefit  Cohort B ORR favored certepetide  Excluding unknown/early withdrawal/death, ORR statistically significant favoring certepetide  50.0% certepetide treated patients had complete or partial response vs 21.1% placebo  1 Complete Response in the certepetide group compared to zero in the placebo group  Certepetide treated subjects stayed on treatment longer than those on placebo (5.00 vs. 3.22 months)  Adverse events were comparable across treatment groups and reflect toxicities of concomitant cytotoxics and disease under study Certepetide improves clinical outcomes in mPDAC with benign safety profile Positive Clinical Results Through Phase 2b 33

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Certepetide improves clinical outcomes in mPDAC with benign safety profile Certepetide Clinical Data Summary to Date  Two Phase 1b/2a clinical trials (CEND1-001 in Australia and CEND1-201 in China) demonstrate that certepetide plus SoC chemotherapy improves overall survival in metastatic PDAC akin to the recently FDA approved NALIRIFOX triplet therapy  Certepetide is well tolerated with no dose-limiting toxicity  Cumulative certepetide adverse events reflect companion therapy with which it is administered  ASCEND Phase 2b trial Cohort B data demonstrate near statistically significant PFS and statistically significant ORR data favoring certepetide over placebo  Current Cohort B mOS data numerically favors certepetide (data immature) 34 Positive Clinical Results Through Phase 2b

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35 Positive Early Clinical Results in Combination with I/O

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Cohort 2 Gemcitabine + nab-paclitaxel + LSTA1 + Placebo durvalumab N=5 Cohort 1 Gemcitabine + nab-paclitaxel + Placebo LSTA1 + Placebo durvalumab N=5 Cohort 3 Gemcitabine + nab-paclitaxel + LSTA1 + durvalumab N=up to 20 12 weeks 8 weeks tumor burden assessments until 24 months or recurrence 12 month Follow-up Primary Endpoint 24 months Follow-up completion EUS Biopsy Screening EUS & Biopsy At weeks 12-16 Tumor burden assessment at screening, cycle 2, and then 8-weekly thereafter. Patients are treated with 28-day cycles until surgery, definitive radiotherapy, unacceptable toxicity, progression or death Endpoints: safety, DLT, ORR, PFS, OS, DoR, immune profiling Ra nd om iz e Phase 1b/2a proof-of-concept safety and early efficacy study of LSTA1 in combination with durvalumab, gemcitabine and nab-paclitaxel, as first-line treatment in locally advanced non-resectable pancreatic ductal adenocarcinoma • Sponsor: WARPNINE, Inc. - funding trial • Timing: Final 6-month PFS/OS data expected 1Q 2026 36 iLSTA: Phase 1b/2a trial in locally advanced PDAC with chemo & IO gemcitabine 1000mg/m2 : Days 1, 8, 15 in 28-day cycles nab-paclitaxel 125mg/m2: Days 1, 8, 15 in 28-day cycles durvalumab 750mg: Days 1 and 15 in 28-day cycles certepetide 3.2 mg/kg/ Placebo: Days 1, 2, 8, 15, 16 in 28-day cycles Positive Early Clinical Results in Combination with I/O

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Preliminary Efficacy as of May 2025 – Best Overall Response Rate \*N=20 patients treated: N=1 patient (032) without baseline measurement Cohort 3: 11/16 with PRKey: Stable disease Partial response Complete response Cohort 1 Cohort 2 \* Cohort 3: Overall Response Rate 69% Disease Control Rate 100% Pe rc en t C ha ng e (%) Positive Early Clinical Results in Combination with I/O 37

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Attractive Commercial Opportunity 38

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Patient with mPDAC Diagnosis Poor Patient Functional Status Good Patient Functional Status Gemcitabine + Nab-paclitaxel Gemcitabine + Nab-paclitaxel First-Line (1L) First-Line (1L) Disease Progression FOLFIRINOX or NALIRIFOX FOLFIRINOX or FOLFIRI or FOLFOX or NALIRIFOX Second-Line (2L) Second-Line (2L) Immunotherapy or other treatment CERTEPETIDE CERTEPETIDE Immunotherapy or other treatment CERTEPETIDE Third-Line (3L) Third-Line (3L) Certepetide can be used throughout the mPDAC treatment paradigm Attractive Commercial Opportunity Disease Progression 39

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Certepetide's broad value proposition beyond mPDAC Breadth of Applicability Certepetide's Commercial Prospects Oncologic applications:  Locally advanced PDAC - a population recognized as non- responsive to checkpoint inhibition - Improved clinical outcomes demonstrated  Metastatic gastroesophageal cancer - a sustained complete response shown  Other tumor types (cholangiocarcinoma, GBM, CRC, appendiceal) – clinical tolerance demonstrated  Preclinical study ongoing in combination with an oncolytic virus + checkpoint inhibitor in melanoma Non-oncologic applications:  Preclinical study ongoing with anti-VEGF in endometriosis  Cancer diagnostics  Well-characterized, de-risked, in later stage development  Capital efficient, rational & broad clinical development plan  Efficacy agnostic to co-administered treatment  Combination therapy complementary not competitive with existing and/or emerging anti-cancer agents Existing commercial partnerships  QILU Pharmaceutical (greater China)  KUVA Labs (diagnostics)  Catalent (ADCs)  GATC-Health (New certepetide combos/indications)  Additional commercial partnership opportunities exist • By region • By combination product • By indication 40 Attractive Commercial Opportunity

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Certepetide special regulatory designations and benefits 41 FDA Fast Track Designation • Pancreatic cancer (FDA)  Eligible for Accelerated Approval, Priority Review and Rolling Review  Provides for program-specific guidance from and frequent communication with FDA Orphan Drug Designations • Pancreatic cancer (FDA & EMA) • Malignant glioma (FDA) • Osteosarcoma (FDA) • Cholangiocarcinoma (FDA)  Eligible for tax credits, marketing exclusivity, fee waivers and development grants  Provides for specialized regulatory assistance from FDA's Office of Orphan Products Development FDA Rare Pediatric Disease Designation • Osteosarcoma (FDA)  Eligible for Priority Review Voucher upon approval; redeemable for a priority review for any subsequent marketing application, or may be sold or transferred  Vouchers have sold recently for $75-$100 million and, historically, for up to $350 million \*Priority Review Voucher program expires September 2026 and may not be renewed Attractive Commercial Opportunity

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Poised for Global Phase 3 Initiation 42

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Requisite clinical development steps completed in preparation for Phase 3 trial Full NDA-ready preclinical toxicology package  no DLTs observed Phase 1 dose ranging study in 1L mPDAC  No DLTs observed; safety profile consistent with co-administered SoC  Certepetide improved all efficacy endpoints compared to SoC Second independent Phase 1 study in in 1L mPDAC in different geography  Appropriate certepetide dose validated and improvement in mOS effect corroborated FDA end-of-Phase 1 meeting completed: agreement on tox package, comparator, endpoints, and patient population for NDA Large Phase 2b (ASCEND) study in 1L mPDAC nearing completion  Effect size for Phase 3 determined Initial EMA scientific advice meeting held; second meeting planned for Autumn 2025 FDA end-of-Phase 2 meeting held; agreement reached on Phase 3 program and development plan Clinical operations and CMC readiness for Phase 3 underway Poised for Global Phase 3 Initiation 43

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Phase 3 study design agreed with FDA  Global Phase 3, open-label, randomized clinical trial evaluating the efficacy and safety of certepetide in combination with standard of care (gemcitabine and nab-paclitaxel) vs. standard of care alone in patients with 1L mPDAC  N=657 patients (+/- 50 depending on event rate)  Primary endpoint: Overall Survival  90% Power, HR of 0.75  18 months accrual (assuming 0.2 patients/site/month), 16 months observation period  183 clinical sites in ~15 countries  Open-label study acceptance precedent with global health authorities (e.g., NAPOLI-3)  End-of-Phase 2 FDA meeting held May 21, 2025 – FDA agreement reached on key elements of Phase 3; EMA interaction expected in Autumn 2025 44 Poised for Global Phase 3 Initiation

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45 Certepetide Development Portfolio

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Certepetide capital efficient clinical development plan Certepetide – Clinical / Regulatory Development Portfolio 46 Sponsor(s) Indication Description Current Phase Phase 1 Phase 2 Phase 3 AGITG/Lisata First-line mPDAC  ASCEND: Phase 2b, placebo-controlled trial (N=158)  Gemcitabine/nab-paclitaxel + certepetide or placebo  Australia/New Zealand Lisata First- and Second-line Cholangiocarcinoma (CCA)  BOLSTER: Phase 2a, placebo-controlled trial  1L: Gemcitabine/cisplatin/durvalumab + certepetide or placebo (N=47)  2L: FOLFOX with certepetide or placebo (N=22)  United States KUCC/Lisata Investigator-initiated trial Pancreatic, Colon, and Appendiceal Cancers  CENDIFOX: Phase 1b/2a, open-label trial (N=50)  FOLFIRINOX + panitumumab\*\* + certepetide  United States Qilu/Lisata First-line mPDAC  Phase 1b/2a, open-label trial (N=55)  Gemcitabine/nab-paclitaxel + certepetide  China WARPNINE/Lisata Locally advanced, non- resectable PDAC  iLSTA: Phase 1b/2a, open-label trial (N=30)  Gemcitabine/nab-paclitaxel/durvalumab + certepetide  Australia Tartu University/Lisata Investigator-initiated trial First-line Glioblastoma Multiforme (GBM)  Phase 2a, placebo-controlled trial (N=30)  Temozolomide +/- certepetide  Estonia/Latvia Qilu/Lisata First-line mPDAC  Phase 2, placebo-controlled trial (N=96)  Gemcitabine/nab-paclitaxel + certepetide  China Enrollment complete Enrollment complete Enrollment complete \*Panitumumab may be added for colorectal or appendiceal patients without Ras mutation Enrolling Enrollment complete 1L CCA Enrollment complete 2L CCA Enrollment complete Cohort A data available Cohort B data available

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Certepetide preclinical activities and results Sponsor(s) Indication Objective and Description Results University of Cincinnati/Lisata Endometriosis Assess the therapeutic effect of adding certepetide to bevacizumab (VEGF inhibitor) on the size and number of endometriotic lesions.  Certepetide + bevacizumab  Murine endometriosis model C57BL/6J  United States  Encouraging early signals suggest further investigation  Next steps contingent on funding Valo Therapeutics/Lisata Melanoma Assess the therapeutic effects of PeptiCRAd (oncolytic virus), certepetide, and a checkpoint inhibitor (CPI) on systemic T cell responses, T cell infiltration into tumors, and impact on tumor growth control.  Certepetide + PeptiCRAd + CPI  Murine melanoma model B16-OVA  Finland  Target date for data: 2H2025 Catalent/Lisata Solid tumors  Assess the therapeutic effects of certepetide and Catalent's SMARTag® antibody-drug conjugate dual- payload technology platform for the treatment of difficult-to-treat-diseases.  Target date for data: 2H2025 GATC Health Corp. Opioid use Disorder (OUD)  Validate GATC's Multiomic Advanced Technology® (MAT) AI platform  Design and develop the GATC-1021 asset for OUD through Phase 1  Target first in human dosing: TBD Certepetide – Clinical / Regulatory Development Portfolio 47

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Clinical Development Milestones 48

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A wealth of key certepetide clinical milestones Clinical Development Milestones 49 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ASCEND [AUS, NZ] First-line mPDAC BOLSTER [USA] First- and second-line CCA CENDIFOX [USA] Pancreatic, Colon and Appendiceal Cancers Qilu: Phase 1b/2a [CHN] First-line mPDAC iLSTA [AUS] Locally advanced, non-resectable PDAC Phase 2a [EST, LATV, LTU] First-line GBM Qilu: Phase 2 [CHN] First-line mPDAC \*Several of these studies are investigator-initiated trials. Lisata has limited control and thus, timelines and expectations may be subject to change.  PFS: Progression-free Survival  OS: Overall Survival  ORR: Objective Response Rate  EOP2: End-of-Phase 2 First patient in Last patient in Interim analysis Data Final data Milestone achievedSafety run-in analysis Cohort A data Final Cohort A & B PFS/OS data FDA EOP2 meeting Cohort B data 1L CCA LPI Achieved 6 months early 2L CCA FPI 2L CCA LPI 1L OS data 2L OS data target: mid-2026 PDAC cohort Colon and Appendiceal cohorts Preliminary data for Colon and Appendiceal cohorts Final data LPI Final 6-month PFS/OS data Safety run-in analysis LPI Enrollment complete LPI ORR data

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50 Financial Summary

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Capital projected to fund all clinical programs to data Financial Summary 51 $22.0M Cash & Investments As of 6/30/2025 $0 Debt 4Q 2026 Projected Cash Runway into Common Shares Outstanding (6/30/2025): 8.6 million shares Options Outstanding (6/30/2025): Exercise Price: $0.02 - $4.22 = 1,293,100 shares Exercise Price: > $4.22 = 218,000 shares 1.5 million shares Warrants Outstanding (6/30/2025): Weighted Average Exercise Price: $40.52 1.5 million shares

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\* As of 6/30/2025; includes investments Key factors supporting investment in Lisata Therapeutics 52 Strong Investment Rationale PEOPLE Seasoned management with successful international drug development experience and expertise INTELLECTUAL PROPERTY Proprietary field- leading technology with global IP protection extending beyond 2040 MILESTONES Multiple product and business milestones projected over the next 12 - 18 months CAPITAL $22.0 million cash\*- no debt; Funds to support advancement of current clinical programs PARTNERING Platform technology validated by existing partnerships with potential for many others

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![](a992lstacorporatepresent053.jpg)© L i s a t a T h e r a p e u t i c s , I n c . 2 0 2 5 . A l l r i g h t s r e s e r v e d . Investor Relations Contact: John D. Menditto VP, IR & Corporate Communications Tel: (908) 842-0084 \| Email: jmenditto@lisata.com Nasdaq: LSTA \| www.lisata.com Targeted Therapy Delivered

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Appendix 54

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Appendix Certepetide capital efficient clinical development plan Development Partner(s) [Development Venue] Indication and Trial Product/Comparator Stage of Development Strategic Rationale Lisata/AGITG [Australia/New Zealand] First-line mPDAC; Gemcitabine/nab-paclitaxel with certepetide or placebo Phase 2b (ASCEND) Corroborate Phase 1b results in a placebo-controlled trial and evaluate 2 dose regimens of certepetide for dose optimization Lisata [United States] First- and Second-line Cholangiocarcinoma (CCA); 1L CCA: Gemcitabine/cisplatin/durvalumab + certepetide or placebo 2L CCA: FOLFOX + certepetide or placebo Phase 2a (BOLSTER) Assess certepetide safety and effectiveness in cholangiocarcinoma in a placebo-controlled trial (proof-of-concept) KUCC/Lisata\* [United States] Pancreatic, Colon & Appendiceal Cancers; FOLFIRINOX + panitumumab\*\* with certepetide Phase 1b/2a (CENDIFOX) Tumor immuno-profiling pre- & post- treatment and certepetide effectiveness assessment in combination with chemo and an EGFR inhibitor (open-label) Qilu [China] First-line mPDAC; Gemcitabine/nab-paclitaxel + certepetide Phase 1b/2a Assess safety, PK and therapeutic effect of certepetide in Chinese patients (open-label) WARPNINE/Lisata [Australia] Locally Advanced, Non-Resectable PDAC; Gemcitabine/nab-paclitaxel/durvalumab + certepetide Phase 1b/2a (iLSTA) Assess certepetide safety and effectiveness in combination with IO & Chemo in locally advanced PDAC; determine if inoperable tumors can become operable (open-label) Tartu University/Lisata\* [Estonia/Latvia] First-line Glioblastoma Multiforme (GBM); Temozolomide +/- certepetide Phase 2a Assess certepetide safety and effectiveness in additional tumor type (GBM) in a placebo-controlled trial Qilu [China] First-line mPDAC; Gemcitabine/Nab-paclitaxel + certepetide Phase 2b Continue development of certepetide in China (placebo controlled) \*Investigator-initiated trial \*\*Panitumumab may be added for colorectal or appendiceal patients without Ras mutation 55

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ASCEND: Phase 2b, blinded, randomized trial in mPDAC 56 Appendix Sponsor/Partner  Australasian Gastro-Intestinal Trials Group (AGITG) in collaboration with the NHMRC Clinical Trials Centre at the University of Sydney  Lisata funded (LSTA eligible for ~43% rebate on all qualified R&D expenses in AUS) Objective  Corroborate Phase 1b results in a placebo-controlled study  Determine if a second dose of certepetide further improves patient outcomes Design  Phase 2b randomized, double-blind study in mPDAC testing gemcitabine + nab-paclitaxel SoC with one of two certepetide dose regimens or placebo Study Size  N=158 (~30 sites in Australia and New Zealand) Endpoints  Primary: Progression Free Survival  Secondary: AEs, SAEs, Overall Survival, Objective Tumor Response Rate Timing  Enrollment completed December 2023  Preliminary Cohort A data was presented at ASCO-GI in January 2025  Preliminary Cohort B data was presented at ESMO-GI in July 2025

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R INTERVENTION Arm (N=63) • Nab-paclitaxel 125 mg/m2 IV infusion • ONE IV push of Certepetide 3.2 mg/kg • Gemcitabine 1000 mg/m2 IV infusion Treatment on days 1, 8, 15 every 28 days CONTROL Arm (N=29) • Nab-paclitaxel 125 mg/m2 IV • Matching certepetide Placebo IV • Gemcitabine 1000 mg/m2 IV Treatment on days 1, 8, 15 every 28 days INTERVENTION Arm (N=42) • Nab-paclitaxel 125 mg/m2 IV • First IV push of Certepetide 3.2 mg/kg • Gemcitabine 1000 mg/m2 IV • Second IV push of Certepetide 3.2 mg/kg IV 4 hours later Treatment on days 1, 8, 15 every 28 days Control Arm (N=21) • Nab-paclitaxel 125 mg/m2 IV • Matching certepetide Placebo IV • Gemcitabine 1000 mg/m2 IV • Matching Placebo certepetide IV 4 hours later Treatment on days 1, 8, 15 every 28 days R R Cohort A Cohort B 2:1 2:1 ONE IV push of certepetide per SoC treatment TWO IV pushes of certepetide 4 hours apart per SoC treatment Endpoints  PFS: Progression Free Survival  ORR: Objective Response Rate  OS: Overall Survival  Safety (Adverse Events)  QoL: Quality of Life  Exploratory Endpoints 57 N=95 N=63 First-line mPDAC patients 30 sites AUS & NZ \*\* Lisata Amendment \*\* Appendix ASCEND Phase 2b trial design Phase 2b randomized, double-blind study in mPDAC testing gemcitabine + nab-paclitaxel SoC with one of two certepetide dose regimens or placebo

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Sponsor/Partner  Qilu Pharmaceutical (funds all development in China) Objective  Evaluate safety, pharmacokinetics and preliminary efficacy of certepetide added to SoC in Chinese patients with mPDAC Design  Phase 1b/2a open-label study in advanced mPDAC patients of Chinese ethnicity testing SoC chemotherapy (gemcitabine + Qilu-produced nab-paclitaxel) in combination with certepetide Study Size  N=55 (~15 sites) Endpoints  Primary: AEs, SAEs, Objective Response Rate, Duration of Response, Disease Control Rate, Overall Survival, and Progression Free Survival  Secondary: Pharmacokinetic parameters Timing  Preliminary data was presented at the 2023 ASCO Annual Meeting Appendix 58 Phase 1b/2a open-label trial in mPDAC in China (CEND1-201)

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7 Day Safety Evaluation Certepetide 1.6 mg/kg + nab-pac\* + gem Days 1, 8, and 15 every 28 days Confirm Eligibility Informed Consent Extension Stage mPDAC 1.6 mg/kg certepetide Day 1 Phase 1b/2a study evaluating the safety, pharmacokinetics, and preliminary efficacy of certepetide for injection in Chinese patients with advanced metastatic pancreatic ductal adenocarcinoma mPDAC 3.2 mg/kg certepetide Day 1 7 Day Safety Evaluation Certepetide 3.2 mg/kg + nab-pac\* + gem Days 1, 8, and 15 every 28 days Phase 1b N=3 N=3 Phase 2 Extension N=10-12 N=10-12 N=30-50 Disease Progression Response rates PFS OS Safety \*Qilu produced Qilu Phase 1b/2a trial design Appendix 59

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Sponsor/Partner  University of Kansas Medical Center (Investigator initiated trial in U.S.)  KUCC funded; Lisata provides certepetide Objective  Evaluate the safety and therapeutic effect of certepetide in combination with neoadjuvant FOLFIRINOX- based therapies and an EGFR inhibitor for the treatment of pancreatic, colon and appendiceal cancers and determine immuno-profiling in tumor pre- & post- treatment Design  Phase 1b/2a open-label study in resectable pancreatic, colon with oligo metastases and appendiceal with peritoneal metastases cancers testing SoC chemotherapy (neoadjuvant FOLFIRINOX-based therapies) with certepetide ± panitumumab Study Size  N=50 (24 PDAC, 15 colon, and 11 appendiceal) Endpoints  Primary: Drug Safety  Secondary: Overall Survival, Disease-free Survival, Overall Response Rate, RO Resection Rate, Pathological Response Rate Timing  Enrollment completed 4Q24 CENDIFOX: Phase 1b/2a open-label trial in PDAC and other cancers Appendix 60

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Surgery COHORT 1 Resectable and borderline resectable PDAC Key Objectives: • Pathological response • Immune response pre- & post- treatment • PFS, OS FOLFIRINOX X 3 Cycles (± Panitumumab if RAS/BRAF wildtype - Cohorts 2, 3) Tissue immune profiling Biopsy if archival tissue not available COHORT 2 Colon and appendiceal cancer with peritoneal mets COHORT 3 Colon cancer with oligo metastatic disease Repeat Biopsy ~72 hours after C3D1 tx Tissue immune profiling FOLFIRINOX (± Panitumumab if RAS/BRAF wildtype - Cohorts 2, 3) + Certepetide X 3, 6, or 9 Cycles Resume Standard of Care Phase 1b/2a open-label trial of certepetide in combination with neoadjuvant FOLFIRINOX based therapies in pancreatic, colon and appendiceal cancers (CENDIFOX) CENDIFOX Phase 1b/2a trial design Appendix 61

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Sponsor/Partner  Lisata (U.S.) Objective  Evaluate the preliminary efficacy, safety and tolerability of certepetide in combination with standards of care in subjects with first- and second-line cholangiocarcinoma Design  Phase 2 randomized, double-blind, placebo-controlled, proof-of-concept trial in first- and second-line cholangiocarcinoma testing corresponding SoC with certepetide or placebo Study Size  N=69 (1L: N=47, 2L: N=22)  1:1 SoC + certepetide or SoC + placebo Endpoints  Primary: OS  Secondary: Safety, ORR, PFS Timing  Enrollment completed for 1L and 2L CCA BOLSTER: Phase 2 blinded, randomized trial in cholangiocarcinoma Appendix 62

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Dosed on Days 1, 8 every 21 days X 8 cycles Disease Progression Response rates Safety Confirm Eligibility Informed Consent Survival Analysis Certepetide + cisplatin/gemcitabine/durvalumab 72-hour run-in without SoC 1st line Cholangiocarcinoma (CCA) Placebo + cisplatin/gemcitabine/durvalumab R Phase 2a, double-blind, placebo-controlled, multi-center, randomized study evaluating certepetide when added to standard of care (SoC) versus standard of care alone in subjects with first- and second-line cholangiocarcinoma BOLSTER Phase 2a trial design Appendix 63 Dosed every 14 days Disease Progression Response rates Safety Confirm Eligibility Informed Consent Survival Analysis Certepetide + FOLFOX 72-hour run-in without SoC 2nd line Cholangiocarcinoma (CCA) Placebo + FOLFOX R

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Sponsor/Partner  Qilu Pharmaceutical (funds all development in China) Objective  Further evaluate safety and therapeutic efficacy of certepetide when added to SoC in Chinese patients with locally advanced unresectable mPDAC Design  Phase 2b, double-blind, placebo-controlled, randomized study evaluating certepetide + SoC (Qilu-produced nab-paclitaxel and gemcitabine) vs. placebo + SoC Study Size  N=96 (1:1 SoC + certepetide or SoC + placebo) Endpoints  Objective response rate, progression free survival, duration of response, disease control rate, overall survival  Safety Timing  Enrollment completed 1Q25 Appendix 64 Phase 2 double-blind, placebo-controlled trial in mPDAC in China

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Days 1, 8, 15 and every 28 days Disease Progression Response rates PFS Safety Gemcitabine + Qilu produced nab-paclitaxel + certepetide 3.2 mg/kg Confirm Eligibility Informed Consent 1:1 Survival AnalysismPDAC R Gemcitabine + Qilu produced nab-paclitaxel + placebo N=48 N=48 Phase 2b, double-blind, placebo-controlled, randomized, multicenter study evaluating the safety and efficacy of certepetide when added to standard of care (nab-paclitaxel and gemcitabine) vs. standard of care alone and placebo in Chinese subjects with locally advanced unresectable mPDAC Appendix 65 Qilu Phase 2b trial design

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Sponsor/Partner  WARPNINE, Inc. (registered charity in Australia) is funding trial  Lisata providing study drug Objective  Evaluate safety and therapeutic effect of LSTA1 in combination with IO & Chemo in locally advanced non-resectable pancreatic ductal adenocarcinoma (PDAC); determine if inoperable tumors can become operable Design  Phase 1b/2a proof-of-concept safety and early efficacy study of LSTA1 in combination with durvalumab, gemcitabine and nab-paclitaxel, as first-line treatment in locally advanced non-resectable pancreatic adenocarcinoma Study Size  N=30 Endpoints  Safety and tolerability; 28-day DLTs  Objective response rate, PFS, OS, duration of response, immune cell infiltration Timing  Final 6-month PFS/OS data expected 1Q 2026  Preliminary data presented at ASCO-GI (January 2025), with updated data consistent with previous findings presented at ESMO-GI (July 2025) Appendix 66 iLSTA: Phase 1b/2a trial in locally advanced PDAC with chemo & IO

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Cohort 2 Gemcitabine + nab-paclitaxel + LSTA1 + Placebo durvalumab N=5 Cohort 1 Gemcitabine + nab-paclitaxel + Placebo LSTA1 + Placebo durvalumab N=5 Cohort 3 Gemcitabine + nab-paclitaxel + LSTA1 + durvalumab N=up to 20 12 weeks 8 weeks tumor burden assessments until 24 months or recurrence 12 month Follow-up Primary Endpoint 24 months Follow-up completion EUS Biopsy Screening EUS & Biopsy At weeks 12-16 Tumor burden assessment at screening, cycle 2, and then 8-weekly thereafter. Patients are treated with 28-day cycles until surgery, definitive radiotherapy, unacceptable toxicity, progression or death Endpoints: safety, DLT, ORR, PFS, OS, DoR, immune profiling Ra nd om iz e Phase 1b/2a proof-of-concept safety and early efficacy study of LSTA1 in combination with durvalumab, gemcitabine and nab-paclitaxel, as first-line treatment in locally advanced non-resectable pancreatic ductal adenocarcinoma 67 iLSTA Phase 1b/2a trial design gemcitabine 1000mg/m2 : Days 1, 8, 15 in 28-day cycles nab-paclitaxel 125mg/m2: Days 1, 8, 15 in 28-day cycles durvalumab 750mg: Days 1 and 15 in 28-day cycles certepetide 3.2 mg/kg/ Placebo: Days 1, 2, 8, 15, 16 in 28-day cycles Appendix

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Preliminary iLSTA trial results poster at 2025 ASCO-GI Symposium Appendix 68An abstract with a detailed summary of the poster presentation is also available on the ASCO GI website: https://meetings.asco.org/abstracts-presentations/241611

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Updated preliminary iLSTA trial results poster at 2025 ESMO-GI 69 Appendix

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Sponsor/Partner  Tartu University Hospital (Investigator initiated trial in Estonia, Latvia and Lithuania)  Lisata providing study drug and funding trial Objective  Evaluate safety, tolerability, and therapeutic effect of certepetide in combination with standard-of-care (temozolomide) in patients with previously untreated Glioblastoma Multiforme Design  Phase 2a proof-of-concept, double-blind, placebo-controlled, randomized study evaluating certepetide when added to standard of care (temozolomide) versus SoC and placebo in subjects with newly diagnosed Glioblastoma Multiforme (GBM) Study Size  N=30 total (N=3 safety run-in, N=27 in main study schema) Endpoints  Safety, tolerability  ORR, PFS, OS, disease control rate Timing  Enrollment commenced December 2023 Appendix 70 Phase 2a trial of certepetide with SoC in first-line GBM

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Days 1, 2, 3, 4, 5 and every 28 days for 6 cycles Disease Progression Response rates Safety Temodar® + certepetideConfirm Eligibility Informed Consent 2:1 Survival Analysis 72-hour Run-in without SoC Newly Diagnosed GBM R Temodar® + certepetide matching placebo N=18 N=9 Phase 2a proof-of-concept double-blind, placebo-controlled, randomized, proof-of-concept study evaluating certepetide when added to standard of care (temozolomide) versus temozolomide and matching certepetide placebo in subjects with newly diagnosed GBM Appendix 71 GBM Phase 2a trial design Main Study Schema Safety Lead-in Schema Confirm Eligibility Informed Consent Newly Diagnosed GBM 3-Day Run-in N=3 TMZ + certepetide Safety AnalysisCertepetide on Days 1, 2 which is repeated after 28 days for 2 cycles \* TMZ + certepetide Days 1, 2, 3, 4, 5 and every 28 days for 4 remaining cycles • TMZ will be administered on Days 1, 2, 3, 4, and 5 of each cycle Disease Progression Response rates Safety Survival Analysis

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