The company remains in a pre-commercial phase, evidenced by a 90% year-over-year revenue decline in 2025Q4 and persistent quarterly operating losses that frequently exceed $4 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Mar'97 | Mar'96 | Mar'95 |
|---|
| Sales/Revenue | 170K | 170K | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.28M | 22.49M | 17.94M | 14.67M | 14.33M | 10.05M | 69.82M | 11.56M | 83.54K | 231.66K | 45.72K | 35.26K | 48.56K | 64.63K | 81.35K | 107.45K | 531.76K | 12.85K | 0 | 0 | 21.05M |
| Revenue Growth % | -83% | -83% | - | - | - | - | - | - | - | -100% | 56.9% | 25.36% | 22.29% | 2.37% | 42.59% | -85.61% | 503.73% | 13743.5% | -63.94% | 406.66% | 29.67% | -27.39% | -24.87% | -20.55% | -24.29% | -79.79% | 4036.9% | - | - | -100% | 177.34% |
| Cost of Goods Sold | 2K | 146K | 0 | 0 | 0 | 0 | 63K | 65K | 225K | 372K | 450.27K | 20.16M | 15.68M | 12.95M | 11.95M | 8.65M | 49.67M | 7.59M | 31.98K | 24.85K | 22.4K | 24.78K | 33.88K | 43.61K | 60.56K | 70.67K | 111.17K | -74.78K | 0 | 0 | 15.53M |
| COGS % of Revenue | - | 85.88% | - | - | - | - | - | - | - | - | 1.28% | 89.64% | 87.4% | 88.26% | 83.38% | 86.04% | 71.14% | 65.6% | 38.28% | 10.73% | 48.99% | 70.26% | 69.78% | 67.47% | 74.45% | 65.78% | 20.91% | -581.77% | - | - | 73.78% |
| Gross Profit | 168K | 24K | 1M | 0 | 0 | 0 | -63K | -65K | -225K | -372K | 4.15M | 2.33M | 2.26M | 1.72M | 2.38M | 1.4M | 20.15M | 3.98M | 51.56K | 206.82K | 23.33K | 10.49K | 14.68K | 21.02K | 20.78K | 36.77K | -6.16K | -47 | 0 | 0 | 5.52M |
| Gross Margin % | 98.82% | 14.12% | 100% | - | - | - | - | - | - | - | 11.76% | 10.36% | 12.6% | 11.73% | 16.62% | 13.96% | 28.86% | 34.4% | 61.72% | 89.27% | 51.01% | 29.74% | 30.22% | 32.53% | 25.55% | 34.22% | -1.16% | -0.37% | - | - | 26.22% |
| Gross Profit Growth % | - | -97.6% | - | - | - | 100% | 3.08% | 71.11% | 39.52% | -108.97% | 78.1% | 3.05% | 31.32% | -27.72% | 69.71% | -93.04% | 406.61% | 7614.98% | -75.07% | 786.64% | 122.45% | -28.55% | -30.19% | 1.16% | -43.48% | 696.58% | -13014.89% | - | - | -100% | -27.27% |
| Operating Expenses | 17.47M | 18.23M | 23.41M | 25.71M | 57.6M | 29.05M | 19.14M | 20.09M | 16.99M | 27.59M | 35.48M | 53.91M | 60M | 38.53M | 32.77M | 35.41M | 39.03M | 27.78M | 9.29M | 10.65M | 4.71M | 1.61M | 1.49M | 915.35K | 1.17M | 1.64M | 2.72M | 1.14M | 251.58K | 257.07K | 8.34M |
| OpEx % of Revenue | - | 10725.29% | 2340.9% | - | - | - | - | - | - | - | 100.56% | 239.71% | 334.47% | 262.66% | 228.65% | 352.32% | 55.9% | 240.19% | 11114.32% | 4595.3% | 10311.87% | 4569.79% | 3066.17% | 1416.25% | 1438.33% | 1529.13% | 511.14% | 8892.22% | - | - | 39.62% |
| Selling, General & Admin | 10.92M | 10.43M | 12.07M | 12.97M | 14.14M | 11.47M | 9.89M | 9.29M | 9.39M | 11.75M | 12.8M | 30.01M | 30.81M | 21.61M | 22.32M | 27.69M | 29.5M | 24.83M | 9.17M | 10.65M | 4.71M | 1.61M | 763.64K | 685.35K | 911.95K | 1.64M | 2.56M | 1.06M | 251.58K | 257.07K | 8.34M |
| SG&A % of Revenue | - | 6135.29% | 1207.5% | - | - | - | - | - | - | - | 36.28% | 133.43% | 171.73% | 147.34% | 155.72% | 275.49% | 42.26% | 214.73% | 10975.51% | 4595.3% | 10311.87% | 4569.79% | 1572.54% | 1060.39% | 1121.05% | 1529.13% | 481.8% | 8251.66% | - | - | 39.62% |
| Research & Development | 6.55M | 7.95M | 11.33M | 12.73M | 43.46M | 17.58M | 9.25M | 13.5M | 7.59M | 17.14M | 15.11M | 23.9M | 29.19M | 16.92M | 10.45M | 7.72M | 7.68M | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4675.88% | 1133.4% | - | - | - | - | - | - | - | 42.82% | 106.27% | 162.74% | 115.32% | 72.93% | 76.83% | 11.01% | 37.35% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -146K | 0 | 0 | 0 | 0 | 0 | -2.7M | 824K | -1.3M | 21.96K | 0 | 0 | 0 | 11 | -86 | 558.17K | 0 | 0 | 0 | 0 | 0 | 725.32K | 230K | 258.1K | 0 | 155.64K | 82.34K | 0 | 0 | 0 |
| Operating Income | -17.3M | -18.21M | -22.41M | -25.71M | -57.6M | -29.05M | -19.14M | -20.09M | -16.99M | -27.59M | -31.34M | -51.58M | -57.74M | -36.81M | -30.39M | -34.01M | -18.88M | -25.87M | -9.23M | -10.44M | -4.69M | -1.6M | -1.47M | -894.33K | -1.15M | -1.61M | -2.52M | -1.02M | -252K | -257K | -3.92M |
| Operating Margin % | -10178.24% | -10711.18% | -2240.9% | - | - | - | - | - | - | - | -88.81% | -229.35% | -321.87% | -250.93% | -212.04% | -338.36% | -27.04% | -223.68% | -11052.6% | -4506.02% | -10259.38% | -4540.05% | -3035.95% | -1383.72% | -1412.78% | -1494.69% | -473.34% | -7955.55% | - | - | -18.62% |
| Operating Income Growth % | - | 18.74% | 12.83% | 55.37% | -98.28% | -51.74% | 4.71% | -18.28% | 38.44% | 11.94% | 39.24% | 10.68% | -56.87% | -21.14% | 10.64% | -80.13% | 27.02% | -180.17% | 11.55% | -122.53% | -193.02% | -8.59% | -64.85% | 22.18% | 28.44% | 36.19% | -146.14% | -305.8% | 1.95% | 93.44% | -1966.67% |
| EBITDA | -17.2M | -18.06M | -22.23M | -25.52M | -57.53M | -29M | -19.08M | -20.03M | -16.76M | -27.22M | -30.89M | -48.89M | -55.55M | -35.2M | -28.84M | -32.56M | -13.74M | -25.15M | -9.12M | -10.39M | -4.45M | -1.59M | -1.46M | -893.68K | -1.13M | -1.45M | -2.36M | -941.49K | -251.61K | -255.25K | -3.46M |
| EBITDA Margin % | -10116.47% | -10625.29% | -2223.5% | - | - | - | - | - | - | - | -87.53% | -217.4% | -309.68% | -239.98% | -201.22% | -324.02% | -19.68% | -217.46% | -10913.79% | -4482.81% | -9734.22% | -4517.82% | -3008.06% | -1382.73% | -1392.17% | -1350.03% | -444.07% | -7324.48% | - | - | -16.44% |
| EBITDA Growth % | 19.95% | 18.76% | 12.87% | 55.64% | -98.42% | -51.95% | 4.72% | -19.48% | 38.42% | 11.87% | 36.82% | 12% | -57.81% | -22.08% | 11.45% | -136.97% | 45.36% | -175.83% | 12.21% | -133.33% | -179.39% | -9.06% | -63.45% | 21.09% | 21.93% | 38.57% | -150.81% | -274.18% | 1.43% | 92.62% | -1216.13% |
| D&A (Non-Cash Add-back) | 105K | 146K | 174K | 189K | 69K | 55K | 63K | 65K | 225K | 372K | 450.27K | 2.69M | 2.19M | 1.61M | 1.55M | 1.44M | 5.14M | 720.27K | 115.96K | 53.78K | 240.12K | 7.84K | 13.54K | 646 | 16.77K | 155.44K | 155.64K | 81.12K | 388 | 1.75K | 460K |
| EBIT | -16.93M | -18.21M | -22.41M | -25.71M | -57.6M | -29.05M | -19.14M | -20.09M | -16.99M | -27.59M | -29.48M | -96.13M | -54.81M | -38.42M | -34.7M | -31.92M | -18.36M | -25.89M | -9.23M | -10.44M | -4.69M | -1.6M | -1.47M | -894.33K | -1.15M | -1.61M | -2.52M | -1.02M | -252K | -257K | -3.92M |
| Net Interest Income | 336K | 806K | 1.88M | 2.72M | 1.05M | 151K | 132K | 740K | 0 | 0 | 0 | -2.13M | -756K | -281K | -1.58M | -2.65M | -481K | -23.14K | -11.66K | -6.64K | -1.36M | -144.13K | 0 | -149.82K | 0 | 0 | 159.13K | 0 | 0 | 0 | 0 |
| Interest Income | 336K | 806K | 1.88M | 2.72M | 1.05M | 151K | 132K | 740K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 513.11K | 52.07K | 0 | 15.33K | 20.43K | 137 | 0 | 88.92K | 0 | 0 | 169.27K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 377.77K | 1.86M | 2.13M | 755.7K | 281.42K | 1.58M | 2.65M | 480.9K | 91.26K | 11.66K | 21.97K | 1.38M | 144.26K | 0 | 238.74K | 0 | 0 | 10.14K | 0 | 0 | 0 | -540K |
| Other Income/Expense | 565K | 661K | 1.63M | 2.54M | 897K | 76K | 132K | 740K | 819K | -105K | -1.76M | -46.68M | 2.17M | -1.9M | -5.89M | -562K | 32.21K | -39.19K | -8.62K | -6.64K | -1.36M | -144.13K | -725.32K | -230K | -316.32K | -287K | 330.36K | 0 | -17.37K | -3.64K | 540K |
| Pretax Income | -16.74M | -17.55M | -20.78M | -23.17M | -56.7M | -28.97M | -19.01M | -19.35M | -16.17M | -27.7M | -31.26M | -98.25M | -55.57M | -38.7M | -36.28M | -34.57M | -18.85M | -23.84M | -9.24M | -10.45M | -6.05M | -1.75M | -2.2M | -1.12M | -1.47M | -1.89M | -2.19M | 0 | -269K | -261K | -3.38M |
| Pretax Margin % | -9845.88% | -10322.35% | -2078.3% | - | - | - | - | - | - | - | -88.59% | -436.92% | -309.77% | -263.86% | -253.15% | -343.94% | -26.99% | -206.14% | -11062.92% | -4508.89% | -13233.75% | -4948.78% | -4529.59% | -1739.59% | -1801.64% | -1761.8% | -411.09% | - | - | - | -16.06% |
| Income Tax | -387K | -962K | -798K | -2.33M | -2.48M | -1.51M | -10.87M | 0 | -1K | -11.53M | 138.04K | -17.24M | -104K | 780.1K | -176K | 0 | 550.91K | 344.2K | -3.04K | 6.64K | -20.43K | -137 | 999.41K | 141.08K | 326.89K | 713.48K | -391K | 56.97K | 81.02K | -1.97M | -10K |
| Effective Tax Rate % | 2.31% | 5.48% | 3.84% | 10.06% | 4.37% | 5.2% | 57.18% | 0% | 0.01% | 41.62% | -0.44% | 17.55% | 0.19% | -2.02% | 0.49% | 0% | -2.92% | -1.44% | 0.03% | -0.06% | 0.34% | 0.01% | -45.44% | -12.55% | -22.3% | -37.69% | 17.89% | - | -30.12% | 754.02% | 0.3% |
| Net Income | -16.35M | -16.59M | -19.98M | -20.84M | -54.23M | -27.47M | -8.15M | -20.1M | -16.17M | 22.98M | -32.66M | -80.89M | -54.87M | -38.98M | -54.78M | -47.13M | -23.31M | -26.17M | -9.24M | -10.45M | -6.05M | -1.75M | -1.75M | -1.04M | -1.16M | -2.03M | -2.03M | -1.11M | -333K | 1.71M | -3.37M |
| Net Margin % | -9618.24% | -9756.47% | -1998.5% | - | - | - | - | - | - | - | -92.55% | -359.69% | -305.89% | -265.74% | -382.29% | -468.99% | -33.38% | -226.29% | -11062.92% | -4508.89% | -13233.75% | -4948.78% | -3600.36% | -1615.52% | -1425.77% | -1892.1% | -381.19% | -8653.62% | - | - | -16.01% |
| Net Income Growth % | 15.31% | 17.01% | 4.1% | 61.57% | -97.43% | -237.01% | 59.45% | -24.33% | -170.36% | 170.37% | 59.63% | -47.41% | -40.77% | 28.84% | -16.23% | -102.24% | 10.95% | -183.17% | 11.52% | -72.62% | -246.75% | 0.19% | -67.45% | 9.97% | 42.95% | -0.3% | -82.23% | -234.03% | -119.46% | 150.77% | - |
| Net Income (Continuing) | -16.35M | -16.59M | -19.98M | -20.84M | -54.23M | -27.47M | -8.14M | -19.35M | -16.17M | -16.17M | -31.26M | -81.01M | -55.47M | -39.48M | -36.1M | -34.57M | -19.4M | -24.18M | -9.24M | -10.45M | -6.05M | -1.75M | -1.75M | -1.04M | -1.16M | -1.79M | -2.3M | -1.08M | -333K | 1.71M | -3.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.97M | -1.64M | 0 | 0 | 0 | -30.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -254K | -254K | -254K | -254K | -254K | -254K | -254K | -263K | -272K | -318.28K | -817.43K | -429.71K | -441.05K | -516.04K | -356.97K | 18.11M | 37.83M | 34.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.82 | -1.91 | -2.40 | -2.58 | -10.47 | -7.45 | -7.91 | -29.20 | -25.03 | 38.43 | -74.81 | -250.12 | -251.28 | -285.29 | -600.00 | -810.00 | -677.08 | -3660.00 | -2295.00 | -4770.00 | -4369.24 | -3712.85 | -6404.29 | -6239.02 | -8104.17 | -14058.88 | -14022.81 | -14090.46 | -20787.75 | 106943.00 | -13983.40 |
| EPS Growth % | 19.13% | 20.42% | 6.98% | 75.36% | -40.54% | 5.82% | 72.91% | -16.66% | -165.13% | 151.37% | 70.09% | 0.46% | 11.92% | 52.45% | 25.93% | -19.63% | 81.5% | -59.48% | 51.89% | -9.17% | -17.68% | 42.03% | -2.65% | 23.01% | 42.36% | -0.26% | 0.48% | 32.22% | -119.44% | 864.79% | - |
| EPS (Basic) | - | -1.91 | -2.40 | -2.58 | -10.47 | -7.45 | -7.91 | -29.20 | -25.03 | 38.43 | -74.81 | -250.12 | -251.28 | -285.29 | -600.00 | -810.00 | -677.08 | -3660.00 | -2295.00 | -4770.00 | -4369.24 | -3712.85 | -6404.29 | -6239.02 | -8104.17 | -14058.88 | -14022.81 | -14090.46 | -20787.75 | 106943.00 | -13983.40 |
| Diluted Shares Outstanding | 9.01M | 8.69M | 8.33M | 8.07M | 5.18M | 3.69M | 1.03M | 688.33K | 645.93K | 597.93K | 436.55K | 323.39K | 218.37K | 136.64K | 92.28K | 59.06K | 34.42K | 8.68K | 4.04K | 2.19K | 1.39K | 332 | 217 | 175 | 149 | 148 | 148 | 83 | 16 | 16 | 241 |
| Basic Shares Outstanding | 9.01M | 8.69M | 8.33M | 8.07M | 5.18M | 3.69M | 1.03M | 688.33K | 645.93K | 633.87K | 436.55K | 323.39K | 218.37K | 136.64K | 92.28K | 59.06K | 34.42K | 8.68K | 4.04K | 2.19K | 1.39K | 332 | 217 | 175 | 149 | 148 | 148 | 83 | 16 | 16 | 241 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As indicated by the company's recent financial disclosures, Lisata remains a pre-revenue entity with negligible quarterly income, as evidenced by the 90% year-over-year revenue decline reported in 2025Q4, underscoring the lack of a scalable commercial product to drive top-line growth at this stage.
The absence of consistent revenue suggests that the firm is entirely reliant on external capital to fund its research pipeline. Investors should monitor whether future milestone payments or licensing agreements can materialize to provide a more stable revenue foundation.
Based on reported income statements, Lisata maintains a high fixed-cost structure, with R&D expenses consistently exceeding $1 million per quarter, which, when combined with SG&A, results in persistent operating losses that highlight the company's heavy reliance on capital markets for ongoing operations.
The cost structure is dominated by clinical trial execution and personnel expenses, which are essential for the development of the CendR platform. This expense discipline appears secondary to the necessity of advancing clinical milestones, leaving little room for operational efficiency improvements until a commercial pivot occurs.
According to historical financial data, the company's net income is consistently negative, with quarterly losses frequently exceeding $4 million, a trend that suggests the firm's primary earnings quality challenge is the ongoing dilution required to sustain its clinical-stage research and development activities.
The recurring net losses reflect the inherent nature of a biotech firm without a commercialized asset. Analysts should scrutinize the impact of stock-based compensation and potential future equity raises, as these factors may continue to weigh on shareholder value regardless of clinical progress.
While the CendR platform offers a unique biological mechanism, the company's financial history, characterized by a 10,711% operating margin deficit, suggests that the market may be underestimating the significant risk of clinical failure and the subsequent inability to secure further non-dilutive funding.
Short-term focus on the BOLSTER and ASCEND trials may obscure the fundamental challenge of sustaining operations in a high-rate environment. Investors should consider that the current valuation may be overly optimistic regarding the probability of successful regulatory approval for LSTA1.
Quick answers to the most common questions about buying LSTA stock.
For fiscal year 2025, Lisata Therapeutics, Inc. (LSTA) reported total revenue of $0.2M. This represents a 99.2% decline compared to $21.1M in 1995.
Lisata Therapeutics, Inc. (LSTA) reported a net loss of $16.6M for the fiscal year ending 2025.
Lisata Therapeutics, Inc. (LSTA) reported an operating income of $-18.2M, resulting in an operating profit margin of -10711.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Lisata Therapeutics, Inc. (LSTA) generated $0.0M in gross profit for the year, representing a gross profit margin of 14.1%. This demonstrates the company's core pricing power and production efficiency.