Cynata Therapeutics (ASX:CYP) continued to advance its clinical pipeline, with three active programs expected to deliver major catalysts over several quarters, according to a Friday note by Euroz Hartleys.

The research firm added that the opportunity for CYP remains as "strong" as ever, as last year the US Food and Drug Administration approved its first-ever mesenchymal stem cell (MSC) therapy, which was subsequently priced at about $1.55 million per patient.

The research firm believes that the approval has established both regulatory and commercial precedents, which are "very positive" for the MSC sector.

Euroz Hartleys has maintained a speculative buy rating on Cyanata Therapeutics with a price target of AU$0.90.

The company's shares fell 2% in recent Monday trade.