Lisata Therapeutics, Inc. · NASDAQ:LSTA

Lisata Therapeutics — Merger or Acquisition (September 2026)

28 slides from Lisata Therapeutics's merger presentation, Sep 17, 2026

  1. Slide 1: Marea Therapeutics: Transformative cardioendocrine therapies

    Marea TherapeuticsTransformative cardioendocrine therapies Confidential

  2. Slide 2: Forward Looking Statements & Disclaimers

    Forward Looking Statements & Disclaimers Confidential This presentation has been prepared by the Company based on information and data which the Company considers reliable, but no reliance shall be placed on, and no representation or warranty, express or implied, whatsoever is or will be given by th

  3. Slide 3: Transaction Summary

    Transaction Summary Transaction Structure Proposed sign-and-close merger whereby Lisata Therapeutics would acquire 100% of the outstanding equity interests of Marea Therapeutics in exchange for a combination of common stock and Series C non-voting convertible preferred stock of Lisata, as well as Li

  4. Slide 4: Capitalization

    Capitalization Lisata issued shares of common stock and Series C non-voting convertible preferred stock to Marea security holders and options exercisable for Series C non-voting convertible preferred stock to Marea option holders, in exchange for all of Marea’s outstanding equity interest. Shares of

  5. Slide 5: Rapid Path to Value Creation

    Rapid Path to Value Creation 1. Christian JB, et al., Am J Cardiol. 2011;107(6):891–897; 2. Zafrir B, et al. J Clin Lipidol 2018;12(4):928-936; 3. Marea data on file; 4. Burton T et al. Pituitary 2016;19(3):262-267; 5. EvaluatePharma, ClearView market research, company press releases Abbreviations:

  6. Slide 6: Advancing a Late-Stage Cardioendocrine Pipeline Toward Potential 2026-27 Value Inflections

    Molecule Target Indication Disc IND-E Ph1 Ph2 Ph3 Anticipated Near-term Milestones MAR001 (parent mAb) ANGPTL4 sHTG MAR005 (half-life extended MAR001) ANGPTL4 sHTG MAR002 Growth hormone receptor Acromegaly Advancing a Late-Stage Cardioendocrine Pipeline Toward Potential 2026-27 Value Inflections MAR

  7. Slide 7: MAR005 for sHTG

    MAR005 for sHTG Potent sHTG candidate with a clean metabolic profile Section IV Confidential

  8. Slide 8: Recurrent Pancreatitis in sHTG: A Life-Altering Condition with Limited Options

    Recurrent Pancreatitis in sHTG: A Life-Altering Condition with Limited Options >3 million Americans; $9B in healthcare costs, no approved prevention therapies until recently The Unmet Need Limited Generic Options The Critical Gap Inadequate TG lowering ~30% reduction leaves most sHTG patients above

  9. Slide 9: APOC3 Inhibition: New Treatments Driving a Potential Multi-Billion Dollar Opportunity

    APOC3 Inhibition: New Treatments Driving a Potential Multi-Billion Dollar Opportunity Sources: Marston, NA, et al., N Engl J Med 2025;394:429-441; Ionis AHA 2025 press release; Arrowhead July 2026 press release; Overall NNT=20; ClearView market research; AP: acute pancreatitis; SOC: standard of care

  10. Slide 10: APOC3 inhibitor effects on glycemic control

    HbA1c +0.3 despite Rx; Hyperglycemia AEs were most common Plozasiran AE1,4; Plozasiran excluded HBA1c>9 Population Drug / Study TG Reduction Adverse Effects on Glycemic Control (in T2DM) Source mHTG Plozasiran — MUIR Ph2b, Wk 24 58% (56% pbo corrected) – 25mg +0.36% (25mg) absolute vs. placebo Balla

  11. Slide 11: Biology and Genetics Support Inhibition of ANGPTL4 as Potential Best-in-Disease Profile

    Biology and Genetics Support Inhibition of ANGPTL4 as Potential Best-in-Disease Profile The first physiologic sink for excess triglycerides Genetics predict differentiated impact on glycemic control* APOC3 Inhibition (Olezarsen/Plozasiran) ANGPTL4 Inhibition (MAR001/5) Abbreviations: LPL: lipoprotei

  12. Slide 12: TYDAL-TIMI Phase 2b: Establishing a Potential Best in Disease Profile

    TYDAL-TIMI 78 Phase 2b: Establishing a Potential Best in Disease Profile >60% T2DM/pre-DM informs metabolic safety profile; sHTG subgroup informs clinical activity Pre-read 1. Participants are randomized 3:1 MAR001 to placebo (~59 participants per arm); TG: triglycerides; RC: remnant cholesterol; TD

  13. Slide 13: MAR001: Emerging Clinical Data Supports Potential Best-in-Disease Profile

    MAR001: Emerging Clinical Data Supports Potential Best-in-Disease Profile 1. Marston, NA, et al. N Engl J Med 2025;394:429-441; 2. Gaudet D, et al. JAMA Cardiol. 2024;9(7):620-630; 3. Cummings, B, et al. The Lancet. 2025;405(10493):1923-1934; 4. Ballantyne C, et al. N Engl J Med 2024;391(10):899-912

  14. Slide 14: +0.3 HbA1c difference could be clinically meaningful

    +0.3 HbA1c difference could be clinically meaningful Even small, sustained HbA1c increases carry independent cardiovascular risk1 +0.3 HbA1c increase is estimated to lead to ~6% higher risk of diabetes-related death and ~11% higher risk of microvascular complications2 HbA1c drives physician choice i

  15. Slide 15: As Predicted by Biology: ANGPTL4 Inhibition Overperforms in sHTG vs. mHTG

    As Predicted by Biology: ANGPTL4 Inhibition Overperforms in sHTG vs. mHTG TG lowering scales with baseline TGs: MAR001 is competitive with APOC3 inhibitors in severe patients Notes: Clinical Data from MAR001 and APOC3 Programs; data extrapolation and curve fitting are based on the following: Olezars

  16. Slide 16: MAR-104 Study: Potential Best-in-Class Suppression of Postprandial TGs

    MAR-104 Study: Potential Best-in-Class Suppression of Postprandial TGs MAR001 flattens the post-prandial TG surge, the key driver of AP risk Participants are randomized 2:1 MAR001 to placebo (~21 participants in MAR001 arm and 10 patients in placebo arm) TG: triglycerides; AP; acute pancreatitis, iA

  17. Slide 17: MAR002 for Acromegaly

    MAR002 for Acromegaly First long-acting GHR antagonist candidate for acromegaly Section IV Confidential

  18. Slide 18: Acromegaly: Serious Disease with Inadequate Options for Medical Therapy

    Acromegaly: Serious Disease with Inadequate Options for Medical Therapy ~30K patients US caused by excess GH production from benign pituitary adenoma. Early Mortality and High Morbidity Bone/organ overgrowth, cardiovascular & metabolic disease. Median lifespan shortened by ~10 years without effectiv

  19. Slide 19: Medical Therapy Treatment Guidelines: Direct Growth Hormone Antagonists Critical for >70% of Patients

    Medical Therapy Treatment Guidelines: Direct Growth Hormone Antagonists Critical for >70% of Patients IGF-1 > ULN after surgery T2DM, unfavorable tumor histology lower IGF-1, favorable tumor histology, tumor mass concerns Direct GHRA (somavert) SRL or Dopamine Agonists IGF-1 uncontrolled add GHRA IG

  20. Slide 20: The Marea Opportunity

    The Marea Opportunity Most patients are not fully controlled or cannot tolerate current therapies MAR002 (anti-GHR mAb) A Potential Optimal Direct GHRA SRLs: First line, but limited control Somatostatin receptor ligands: <30% disease control SRL class causes GI intolerance and hyperglycemia Often us

  21. Slide 21: An Optimal Direct GHRA Could Address 3-4x More Patients than the SRL Class

    An Optimal Direct GHRA Could Address 3-4x More Patients than the SRL Class A better GHRA than Somavert is needed to address >9K patients Sources: Crinetics, FDA Pegvisomant and Paltusotine labelling; https://www.accessdata.fda.gov/drugsatfda_docs/label/2025/219070s000lbl.pdf; https://labeling.pfizer

  22. Slide 22: MAR002: Allosteric Mechanism, Potential for greater Efficacy than Somavert

    MAR002: Allosteric Mechanism, Potential for greater Efficacy than Somavert Maintains Potent GHR Antagonism at High GH Levels (Preclinical Data) Confidential Somavert: loses efficacy at high GH concentrations MAR002: maintains reduction at high GH concentrations Increasing growth hormone levels Growt

  23. Slide 23: Phase 1 Healthy Volunteer Study Established Potential Best-in-Class Profile

    Phase 1 Healthy Volunteer Study Established Potential Best-in-Class Profile Potential best-in-disease suppression; 300 mg Q2W predicted clinical dose 1. Cross-trial comparison, not a head-to-head study. MAR002: Marea data on file (single 900 mg SC dose, n=8); Pegvisomant (Somavert) comparator estima

  24. Slide 24: MAR002: Emerging Clinical Data Supports Potential Best-in-Class Profile

    MAR002: Emerging Clinical Data Supports Potential Best-in-Class Profile Confidential MAR002 Somavert Peak IGF-1 Suppression in HV In vitro potency with excess GH IGF-1 Normalization PK/Dosing -64% -49%1 90% suppression 24% suppression2 competitive peptide Expected > Somavert 81% IGF-1 normalization

  25. Slide 25: Efficient Development to POC to Evaluate 1st and 2nd Line Label

    Efficient Development to POC to Evaluate 1st and 2nd Line Label Phase 2 study population supports 1) first line monotherapy 2) second line combination therapy 3) second line monotherapy Week 10: Primary Endpoint 150 mg Q2W 300 mg Q2W 600 mg Q2W Placebo + Open Label Extension MAR002 Active Treatment

  26. Slide 26: Advancing a Late-Stage Cardioendocrine Pipeline Toward Potential 2026-27 Value Inflections

    Molecule Target Indication Disc IND-E Ph1 Ph2 Ph3 Anticipated Near-term Milestones MAR001 (parent mAb) ANGPTL4 sHTG MAR005 (half-life extended MAR001) ANGPTL4 sHTG MAR002 Growth hormone receptor Acromegaly Advancing a Late-Stage Cardioendocrine Pipeline Toward Potential 2026-27 Value Inflections MAR

  27. Slide 27: Experienced Team; Strong Investor Base

    Experienced Team; Strong Investor Base MANAGEMENT TEAM Josh Lehrer, MD CEO Caitlin Murray, Esq Fractional GC Ian Clements, PhD CFO Ethan Weiss, MD CSO, Scientific Founder Shishir Gadam, PhD CTO Max Zeiberg SVP, Corp Dev Rebecca Juliano, PhD CDO SCIENTIFIC FOUNDERS Joshua Rabinowitz, MD, PhD Professo

  28. Slide 28: All rights reserved.

    ©2026 Marea Therapeutics, Inc. All rights reserved. Confidential

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