Longeveron Inc. (NASDAQ: LGVN) reported financial results for the three and nine months ended September 30, 2026, and announced a strategic review process.
For the third quarter of 2026, the company reported revenues of $0.1 million, a decrease of $22,000 or 16% compared to the same period in 2025. This decline was driven by the absence of contract manufacturing revenue, which was $43,000 in the prior year. The company recorded a gross profit of approximately $0.1 million for the quarter, a decrease of $54,000 or 43% year-over-year. Research and development expenses increased by $0.1 million to $4.0 million, attributed to higher ELPIS II clinical trial expenses, while general and administrative expenses decreased by $0.3 million to $3.3 million due to lower personnel costs. The company reported a net loss of $6.1 million for the quarter, compared to a net loss of $7.2 million in the prior year.
As of September 30, 2026, Longeveron held $7.2 million in cash and cash equivalents. The company stated that its current cash balance is expected to fund operating expenses and capital expenditures through the first quarter of 2027, assuming the implementation of ongoing cash conservation measures.
On the clinical front, the company announced that the ELPIS II Phase 2b clinical trial for Hypoplastic Left Heart Syndrome (HLHS) did not meet its primary efficacy endpoint of change in right ventricular ejection fraction at Month 12. However, the trial met pre-specified secondary endpoints, showing laromestrocel was associated with fewer clinical and safety events compared to the standard of care. Specifically, the trial showed statistical significance in major adverse cardiac events (MACE), with 8 events in the standard of care arm versus 1 in the treatment arm (P=0.043). The company has requested a meeting with the FDA to review the results and determine next steps for the HLHS program.
Regarding strategic alternatives, Longeveron has initiated a process to review all strategic options with the goal of maximizing stockholder value. The company has retained Lucid Capital Markets, LLC as its financial advisor to explore potential strategic opportunities, which may include a strategic partnership, additional financing, a sale or merger, or a business combination. The company has also implemented cash conservation measures to optimize cost containment.
In other corporate updates, the company announced the appointment of Nirav Jhaveri, CFA, to the executive leadership team as Chief Financial Officer effective August 26, 2026. Additionally, the company completed a 1-for-10 reverse split of its Class A and Class B common stock on August 26, 2026.
