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Longeveron(LGVN) - 2024 Q4 - Annual Results
LGVNLongeveron(LGVN)2025-02-28 21:15

Revenue Growth - Total revenue for 2024 increased 237% year-over-year to 2.4million,primarilyduetosuccessfulcontractmanufacturingservicesandincreasedparticipantdemandfortheBahamasRegistryTrial[6].−TotalrevenuesfortheyearendedDecember31,2024,increasedto2.4 million, primarily due to successful contract manufacturing services and increased participant demand for the Bahamas Registry Trial[6]. - Total revenues for the year ended December 31, 2024, increased to 2,392,000, representing a significant growth of 237% compared to 709,000in2023[18].−ClinicaltrialrevenuefromtheBahamasRegistryTrialfor2024was709,000 in 2023[18]. - Clinical trial revenue from the Bahamas Registry Trial for 2024 was 1.4 million, representing a 110% increase compared to 0.7millionin2023[9].−Clinicaltrialrevenuereached0.7 million in 2023[9]. - Clinical trial revenue reached 1,402,000 in 2024, up from 668,000in2023,indicatingagrowthof109668,000 in 2023, indicating a growth of 109%[18]. Profitability and Expenses - Gross profit for 2024 was approximately 1.9 million, an increase of 752% compared to a gross profit of 0.2millionin2023[9].−Grossprofitfor2024was0.2 million in 2023[9]. - Gross profit for 2024 was 1,884,000, compared to 221,000in2023,reflectingasubstantialincrease[18].−Generalandadministrativeexpensesdecreasedby16221,000 in 2023, reflecting a substantial increase[18]. - General and administrative expenses decreased by 16% to approximately 10.3 million in 2024, down from 12.2millionin2023[9].−Researchanddevelopmentexpensesdecreasedby1012.2 million in 2023[9]. - Research and development expenses decreased by 10% to approximately 8.1 million in 2024, down from approximately 9.1millionin2023[9].−Totaloperatingexpensesdecreasedto9.1 million in 2023[9]. - Total operating expenses decreased to 18,406,000 in 2024 from 21,250,000in2023,areductionofapproximately1321,250,000 in 2023, a reduction of approximately 13%[18]. Net Loss and Shareholder Impact - Net loss decreased to approximately 16.0 million for 2024, a reduction of 25% from a net loss of 21.4millionin2023[9].−Netlossattributabletocommonstockholdersfor2024was21.4 million in 2023[9]. - Net loss attributable to common stockholders for 2024 was 24,623,000, compared to 22,211,000in2023,indicatinganincreaseinlosses[18].−Basicanddilutednetlosspershareimprovedto22,211,000 in 2023, indicating an increase in losses[18]. - Basic and diluted net loss per share improved to 2.62 in 2024 from 10.22in2023,showingareductioninlosspershare[18].CashandAssets−CashandcashequivalentsasofDecember31,2024,were10.22 in 2023, showing a reduction in loss per share[18]. Cash and Assets - Cash and cash equivalents as of December 31, 2024, were 19.2 million, expected to fund operations into Q4 2025[9]. - Cash and cash equivalents increased significantly to 19,232,000in2024from19,232,000 in 2024 from 4,949,000 in 2023, a growth of 288%[16]. - Total assets rose to 25,558,000in2024,upfrom25,558,000 in 2024, up from 12,078,000 in 2023, marking an increase of 112%[16]. - Total liabilities decreased to 3,671,000in2024from3,671,000 in 2024 from 5,337,000 in 2023, a reduction of approximately 31%[16]. - Total stockholders' equity increased to 21,887,000in2024from21,887,000 in 2024 from 6,741,000 in 2023, reflecting a growth of 225%[16]. Clinical Trials and Future Plans - The pivotal Phase 2b clinical trial (ELPIS II) for Lomecel-B in Hypoplastic Left Heart Syndrome has achieved over 90% enrollment and is expected to complete enrollment in Q2 2025[6]. - The FDA meeting to discuss development paths for Lomecel-B in mild Alzheimer's disease is anticipated in late Q1 2025[6]. - The company anticipates a potential BLA submission for Lomecel-B in 2026, contingent on the success of the ELPIS II trial[9].