Longeveron Inc. Reports Strong 2024 Financial Growth

Longeveron Inc. ( (LGVN) ) has released its Q4 earnings. Here is a breakdown of the information Longeveron Inc. presented to its investors.

Longeveron Inc. is a clinical-stage biotechnology company specializing in regenerative medicine, focusing on developing cellular therapies for life-threatening and chronic aging-related conditions. The company recently released its full-year 2024 financial results, highlighting significant progress in its clinical trials and financial performance.

Longeveron reported a remarkable 237% increase in total revenue for 2024, reaching $2.4 million, primarily driven by the initiation of contract manufacturing services and heightened demand for the Bahamas Registry Trial. The company is advancing its pivotal Phase 2b clinical trial for Lomecel-B™ in Hypoplastic Left Heart Syndrome (HLHS) and anticipates an FDA meeting in 2025 to discuss development paths for mild Alzheimer’s disease.

Key financial metrics include a gross profit increase of 752% to $1.9 million and a reduction in net loss by 25% to $16.0 million. General and administrative expenses decreased by 16%, while research and development expenses saw a 10% reduction. Longeveron also reported cash and cash equivalents of $19.2 million, providing a runway into the fourth quarter of 2025.

Looking ahead, Longeveron is poised for multiple transformative milestones, including the completion of its Phase 2b trial in HLHS and potential FDA discussions for Alzheimer’s disease. The company plans to seek additional financing to support its accelerated activities and remains committed to advancing its cellular therapy programs.