Longeveron(US:LGVN)2025-02-28 21:15Revenue Growth - Total revenue for 2024 increased 237% year-over-year to $2.4 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 $709,000 in 2023[18]. - Clinical trial revenue from the Bahamas Registry Trial for 2024 was $1.4 million, representing a 110% increase compared to $0.7 million in 2023[9]. - Clinical trial revenue reached $1,402,000 in 2024, up from $668,000 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 $0.2 million in 2023[9]. - Gross profit for 2024 was $1,884,000, compared to $221,000 in 2023, reflecting a substantial increase[18]. - General and administrative expenses decreased by 16% to approximately $10.3 million in 2024, down from $12.2 million in 2023[9]. - Research and development expenses decreased by 10% to approximately $8.1 million in 2024, down from approximately $9.1 million in 2023[9]. - Total operating expenses decreased to $18,406,000 in 2024 from $21,250,000 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 $21.4 million in 2023[9]. - Net loss attributable to common stockholders for 2024 was $24,623,000, compared to $22,211,000 in 2023, indicating an increase in losses[18]. - Basic and diluted net loss per share improved to $2.62 in 2024 from $10.22 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 $19,232,000 in 2024 from $4,949,000 in 2023, a growth of 288%[16]. - Total assets rose to $25,558,000 in 2024, up from $12,078,000 in 2023, marking an increase of 112%[16]. - Total liabilities decreased to $3,671,000 in 2024 from $5,337,000 in 2023, a reduction of approximately 31%[16]. - Total stockholders' equity increased to $21,887,000 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].