Tue, May 14, 8:03 PM (276 days ago)
Longeveron Inc. reported a net loss of $4.1 million for Q1 2024, an improvement from a $4.6 million loss in Q1 2023. Revenue increased by 96% to $0.5 million, primarily driven by higher participant demand for the Bahamas Registry Trial. Despite the revenue increase, the cost of revenues rose slightly by 8% to $0.2 million, resulting in a gross profit of $0.3 million, up from $0.1 million in the previous year. General and administrative expenses increased by 9% to $2.2 million, mainly due to higher professional fees. Research and development expenses decreased by 20% to $2.2 million, attributed to lower costs for Alzheimer’s clinical trials and discontinued activities in Japan, offset by higher compensation costs. The company raised $11.4 million in gross proceeds in April 2024, extending its cash runway into the fourth quarter of 2024. Cash and cash equivalents stood at $1.9 million as of March 31, 2024. Longeveron continues to focus on its primary strategic program in Hypoplastic Left Heart Syndrome (HLHS) while seeking additional financing opportunities and implementing cost-saving measures.