Longeveron Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on regenerative medicine, particularly its investigational product Lomecel-B™, experienced a substantial increase in revenue, with total revenues reaching $773,000 for the three months ended September 30, 2024, compared to $150,000 for the same period in 2023, marking a 415% increase. For the nine months ended September 30, 2024, revenues totaled $1.789 million, up from $646,000 in the prior year, reflecting a 177% increase.

The growth in revenue was driven by contract manufacturing and clinical trial revenues, which amounted to $563,000 and $210,000, respectively, for the three months ended September 30, 2024. In contrast, no contract manufacturing revenue was reported in the same period of 2023. Gross profit for the quarter also saw a significant rise to $682,000, compared to $54,000 in the previous year.

Despite the revenue growth, Longeveron reported a net loss of $4.419 million for the three months ended September 30, 2024, a decrease from a net loss of $5.106 million in the same period in 2023. For the nine-month period, the net loss was $11.892 million, down from $15.385 million in the prior year, indicating a 23% reduction in losses attributed to lower operating expenses.

Total operating expenses for the nine months ended September 30, 2024, were $13.595 million, down from $15.812 million in 2023. General and administrative expenses decreased by 16% to $7.4 million, while research and development expenses fell by 11% to $6.1 million, driven by reduced clinical trial costs.

Longeveron’s cash and cash equivalents significantly improved, totaling $22.778 million as of September 30, 2024, compared to $4.949 million at the end of 2023. The company anticipates that its current cash reserves will fund operations through the fourth quarter of 2025.

Strategically, Longeveron has made notable advancements, including a successful Type C meeting with the U.S. FDA regarding the regulatory pathway for HLHS, and plans to file a Biologics License Application (BLA) in 2026, contingent on the success of its ongoing ELPIS II trial. The company has also discontinued its clinical trial in Japan for Aging-related Frailty, focusing instead on registry trials in The Bahamas.

Overall, Longeveron is actively seeking additional financing to support increased operating expenses and capital investments in 2025, while continuing to expand its product pipeline and manufacturing capabilities.