The merger and PIPE transform LSTA's balance sheet and pipeline. The key catalyst is the upcoming stockholder vote to approve the conversion of the Series C Preferred Stock, which is required for the full economic integration. Monitor for the filing of the proxy statement and the date of the stockholder meeting.
Price Chart
Executive Summary
Lisata Therapeutics (LSTA) has completed its acquisition of Marea Therapeutics via a reverse merger structured as a two-step merger. LSTA issued 1,793,129 shares of common stock and 211,365.213 shares of Series C Convertible Preferred Stock as merger consideration, valued at an implied Company Valuation of $351.9 million. Concurrently, LSTA closed a $225 million PIPE financing through the sale of Series C Preferred Shares to institutional investors. The combined entity will operate under the name Marea Therapeutics, with LSTA's existing CEO David Mazzo remaining at the helm and a reconstituted board including a Marea designee. The deal transforms LSTA from a clinical-stage biotech into a larger entity with a combined pipeline and a significantly strengthened balance sheet.
Key Financial Metrics
Key Facts
- Lisata Therapeutics (LSTA) acquired Marea Therapeutics via a reverse merger, with Marea valued at $351,903,103.
- LSTA issued 1,793,129 shares of common stock and 211,365.213 shares of Series C Convertible Preferred Stock as merger consideration.
- A concurrent PIPE financing raised $225,000,000 through the sale of Series C Convertible Preferred Stock to institutional investors.
- The combined company will be renamed Marea Therapeutics, Inc.
- LSTA's existing CEO David J. Mazzo will continue as CEO of the combined entity.
- The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Code.
- A stockholder meeting is required to approve the conversion of the Series C Preferred Stock and other proposals.
- LSTA's cash and cash equivalents as of the date of the agreement were $7,693,931, with Parent Net Cash of negative $3,850,189.
Financial Impact
Marea acquired at a valuation of $351.9 million; $225 million PIPE financing closed; LSTA had $7.7M cash and negative net cash of -$3.85M pre-merger.
Risk Factors
- Failure to obtain stockholder approval for the Preferred Stock conversion could limit the liquidity and value of the PIPE investment.
- Integration risks associated with combining two clinical-stage biotech companies.
- Potential for shareholder litigation challenging the merger or the PIPE terms.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-036866 |
| Document: ef20082158_ex10-2.htm | 0001140361-26-036866 |
| Document: ef20082158_ex10-3.htm | 0001140361-26-036866 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | DEF 14A | $1.00 | awaiting T+60 | — | $1.02 (−2.00%) |
Oct 14, 2026 13d ago | 8-K | $1.07 | awaiting T+60 | — | $1.02 (−4.67%) |
Sep 17, 2026 5w ago | 8-K | $1.74 | awaiting T+60 | — | $1.02 (−41.38%) |
Sep 17, 2026 5w ago | Press Release | $1.74 | awaiting T+60 | — | $1.02 (−41.38%) |
Aug 4, 2026 12w ago | 8-K | $1.14 | awaiting T+60 | — | $1.02 (+10.53%) |
Jul 24, 2026 13w ago | 8-K | $1.67 $1.00 | ▲ +40.12% | ▲ +43.41% | $1.02 (+38.92%) |
Jul 17, 2026 14w ago | 8-K | $3.60 $1.05 | ▼ −70.79% | ▼ −75.48% | $1.02 (−71.63%) |
Jun 10, 2026 19w ago | Press Release | $3.61 $1.64 | ▼ −54.57% | ▼ −61.15% | $1.02 (−71.75%) |
Jun 9, 2026 20w ago | 8-K | $3.46 $1.57 | ▲ +54.62% | ▲ +58.44% | $1.02 (+70.52%) |
Jun 1, 2026 21w ago | 8-K | $3.58 $1.74 | ▲ +51.40% | ▲ +52.63% | $1.02 (+71.51%) |
US Market Status
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