Longeveron Inc-A · Q2 2022 earnings

Briefing

Reported financial results for the second quarter ended June 30, 2022.

Longeveron reported revenue of $0.5 million for the second quarter of 2022, the same as in 2021. Net loss was $5.6 million, compared to $5.0 million for the same period in 2021. Cash and short-term investments totaled $27.0 million as of June 30, 2022.

• Phase 2a trial of Lomecel-B for patients with mild Alzheimer’s Disease is proceeding on schedule, currently at 50% enrollment.
• Japanese Pharmaceuticals and Medical Devices Agency Accepted Amended Aging Frailty study design August 8, 2022, allowing the trial to begin.
• Top-line findings from the second phase of the Phase1/2 HERA trial show that the primary endpoint for safety was met in the randomized placebo-controlled portion of the study.
• $27 million in cash, cash equivalents and short-term investments as of June 30, 2022, expected to be sufficient to fund operations into 2024.

Headline financials

Revenue & EPS history

Based on the current operating plan and financial resources, existing cash and short-term investments are expected to be sufficient to cover expenses and capital requirements into the first half of 2024.