Analyst Summary:
Longeveron Inc. (NASDAQ:LGVN) has reported its financial results for the fourth quarter and full year of 2022. The company's revenue for full year 2022 was $1.2 million compared to $1.3 million in 2021, primarily due to a decrease in clinical trial revenue during the fourth quarter of 2022. Longeveron reported a net loss of $4.5 million in the fourth quarter of 2022, compared to $4.1 million for the same period in 2021. The decrease in cash was primarily the result of funds used for operations. The company's current operating plan and financial resources are expected to cover expenses and capital requirements into the first half of 2024. Longeveron's lead investigational product, Lomecel-B™, an allogeneic medicinal signaling cell therapy product, has multiple mechanisms of action and broad potential applications across a spectrum of disease areas. Longeveron is advancing Lomecel-B™ through clinical trials in three indications: hypoplastic left heart syndrome (HLHS), Alzheimer's Disease, and Aging-Related Frailty.