Longeveron Inc. (LGVN) disclosed its full-year 2025 financial results, posting revenues of $1.2 million and a net loss of $22.7 million. The company secured $15 million in new funding, extending its cash runway into Q4 2026, while progressing key clinical programs in hypoplastic left heart syndrome (HLHS) and other indications.6739
Financial Performance
Revenues dropped 50% to $1.2 million from $2.4 million in 2024, driven by lower demand in the Bahamas Registry Trial and contract manufacturing services. Clinical trial revenue accounted for $1.0 million, with contract manufacturing adding $0.2 million.
Gross profit fell 57% to $0.8 million. General and administrative expenses rose 17% to $12.0 million, reflecting higher personnel costs and severance for the former CEO. Research and development expenses climbed 48% to $12.0 million, due to increased staffing, CMC activities, and patent costs.
The net loss widened 41% to $22.7 million, or $1.29 per share, compared to $16.0 million in 2024. Cash and equivalents stood at $4.7 million as of December 31, 2025, with working capital of $1.4 million.67
Recent Financing Boost
Longeveron closed a private placement raising $15 million initially, led by Coastlands Capital and Janus Henderson Investors, with potential for another $15 million tied to milestones. This funding supports operations through Q4 2026 and advances the ELPIS II trial.39
Clinical Pipeline Progress
HLHS Program
The pivotal Phase 2b ELPIS II trial for laromestrocel in HLHS completed enrollment in June 2025. Topline results are expected in Q3 2026, potentially supporting a Biologics License Application (BLA) submission. The program holds Orphan Drug, Fast Track, and Rare Pediatric Disease designations, qualifying for a Priority Review Voucher (PRV) upon approval.
Pediatric Dilated Cardiomyopathy (PDCM)
The IND for laromestrocel in PDCM became effective in July 2025. Planning for a single pivotal Phase 2 trial starts in 2026, with initiation targeted for 2027.
Alzheimer’s Disease
Phase 2 data from the CLEAR MIND trial showed benefits linked to reduced neuroinflammation. The company seeks partnerships following FDA alignment on a Phase 2/3 design. RMAT and Fast Track designations are in place.
Stephen Willard, Chief Executive Officer, emphasized strategic partnering across programs and PRV opportunities, noting recent sales of vouchers between $150 million and $205 million.39
Leadership and IP Updates
Stephen Willard assumed the CEO role in February 2026. New board member George Paletta Jr. joined in October 2025. Recent patents cover laromestrocel in frailty, NIDCM, and other uses.
Longeveron anticipates pursuing partnerships post-ELPIS II data and remains focused on advancing stem cell therapies for unmet needs.
