Longeveron Q1 loss $4.6M, cash $13.7M; CFO resigns; HLHS survival 100% at 5 yrs

Longeveron Inc.

2023-Q1 EPS reported -$0.22 revenue$279,000

Net loss widened to $4.6M ($0.22/share) in Q1 2023 from $3.5M ($0.17/share) in Q1 2022.
Cash and marketable securities fell to $13.7M at March 31, 2023 from $19.6M at Dec 31, 2022.
CFO James Clavijo resigning effective June 9, 2023; external search for replacement ongoing.
ELPIS I HLHS trial shows 100% survival up to 5 years vs historical 20% mortality for Lomecel-B.
Topline results from CLEAR MIND Phase 2a Alzheimer's trial expected by end of 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Longeveron Inc. reported the first quarter ended March 31, 2023 results: revenue $0.3 million, net income $4.6 million, EPS $0.22.

Period: the first quarter ended March 31, 2023
Revenue: $0.3 million
Net income: $4.6 million
EPS: $0.22
Result: reported results

Exact text from the filing

Revenue for the first quarters of 2023 and 2022 was $0.3 million and $0.4 million, respectively. Revenue consisted of: ● Clinical trial revenue, which comes from our Bahamas Registry Trial, for the three months ended March 31, 2023, and 2022 was $0.2 million and $0.3 million, respectively, representing a 23% decline, despite demand increasing in the first quarter of 2023 versus first quarter 2022. The Company experienced some discounts and one-time price adjustments that reduced overall revenue in the first quarter of 2023 for the Bahamas Registry Trial. ● Grant revenue for each of the three months ended March 31, 2023, and 2022 was $0.1 million. R&D Expenses: Research and development expenses in the first quarter 2023 were $2.8 million compared to $1.4 million for the same period in 2022. The increase of $1.4 million, or 94%, was primarily due to an increase of $1.1 million in research and development expenses that were not reimbursable by grants. Equity-based compensation allocated t

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Source: SEC EDGAR

accession 0001213900-23-038758

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