Lisata Therapeutics is a clinical-stage pharmaceutical company developing a single investigational drug, certepetide, for solid tumor cancers. Certepetide is not a cancer-killing drug — it is a tumor penetration enhancer that is co-administered with standard chemotherapies, immunotherapies, or other anti-cancer agents to help those drugs reach and accumulate inside solid tumors. The core problem certepetide addresses is that solid tumors — particularly pancreatic cancer — are surrounded by dense fibrous tissue that physically blocks anti-cancer drugs from penetrating the tumor. Certepetide activates a tumor-specific transport pathway called the CendR mechanism, enabling co-administered drugs to selectively enter tumor tissue, and also modifies the tumor microenvironment to potentially improve immunotherapy response. Lisata's primary clinical focus is metastatic pancreatic ductal adenocarcinoma, where certepetide has completed Phase 2 development and has FDA alignment on a Phase 3 protocol. Additional programs span glioblastoma, cholangiocarcinoma, colon, and appendiceal cancers. Lisata has no approved products and no product revenue. The company funds operations through equity raises and intends to monetize certepetide through licensing deals — earning upfront fees, milestones, and royalties — while relying on a larger pharma partner to fund any Phase 3 trial. In March 2026, Lisata entered into a merger agreement with private company Kuva Labs, which would acquire all Lisata shares for $5.00 per share plus a contingent value right.