Longeveron Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $381,000, a decrease of 30% from $548,000 in the same period last year. The decline was primarily attributed to reduced participant demand for the Bahamas Registry Trial, which saw clinical trial revenue drop by 50% to $259,000. However, the company experienced a significant increase in contract manufacturing revenue, which rose to $116,000 from $33,000, reflecting a 270% increase due to heightened activity from a new manufacturing services contract.
The company's operating expenses for the quarter increased to $5.5 million, up from $4.4 million in the prior year, driven by higher general and administrative costs, which rose by 34% to approximately $2.9 million. Research and development expenses also increased by 13% to $2.5 million, largely due to higher personnel costs and amortization expenses related to patent costs. As a result, Longeveron reported a net loss of $5.0 million for the quarter, compared to a loss of $4.1 million in the same period of 2024.
In terms of operational developments, Longeveron is actively conducting a Phase 2b clinical trial (ELPIS II) for its lead product candidate, Lomecel-B™ (laromestrocel), aimed at treating Hypoplastic Left Heart Syndrome (HLHS). The trial is nearing completion of patient enrollment, with approximately 95% of the target reached. The company has also received positive feedback from the FDA regarding its regulatory pathway for both HLHS and Alzheimer’s disease, where it plans to initiate a pivotal Phase 2/3 clinical trial.
As of March 31, 2025, Longeveron had cash and cash equivalents of $14.3 million, which the company anticipates will fund its operations into the third quarter of 2025. The company is exploring additional financing options to support its ongoing clinical trials and operational needs, as it expects to continue incurring losses in the foreseeable future. Longeveron has raised approximately $113 million in gross proceeds since its IPO in February 2021 and has outstanding warrants for up to 6.8 million shares of Class A common stock, with exercise prices ranging from $2.35 to $175.00 per share.
About Longeveron Inc.
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