Longeveron Inc.
LGVNHealthcare|Biotechnology|US
$1.81
+0.10 (+5.85%)
Tangible Book / Share
$2.61
Cash / Share
$3.21
Financials
Financial Snapshot
Market Cap
$5.5M
Enterprise Value
-$4.0M
Revenue (TTM)
$1.2M
Net Income (TTM)
-$23.5M
Cash & Investments
$10.1M
Net Cash
$9.5M
Free Cash Flow (TTM)
-$20.7M
Operating CF (TTM)
-$20.4M
Debt/Equity
0.06
Cash Runway & Burn Rate
Cash on Hand
$10.1M
Quarterly Burn
$5.1M
Monthly Burn
$1.7M
Est. Runway
~2.0 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.0M | $1.9M | $816.0K | $35.0M | $19.7M | $5.4M | $19.2M | $4.7M | $10.1M | |
| Operating Cash Flow | -$5.2M | -$2.4M | -$2.4M | -$9.6M | -$14.0M | -$19.0M | -$13.9M | -$18.6M | -$20.4M | |
| Free Cash Flow | -$5.4M | -$2.4M | -$2.6M | -$10.9M | -$14.8M | -$19.3M | -$14.9M | -$18.9M | -$20.7M | |
| Capital Expenditure | -$211.7K | -$37.6K | -$261.5K | -$1.3M | -$856.0K | -$301.0K | -$992.0K | -$245.0K | -$305.0K | |
| Financing Cash Flow | $1.4M | $350.0K | $1.6M | $45.2M | -$509.0K | $5.3M | $28.8M | $4.7M | $20.4M |
R&D Spending
R&D (TTM)
$12.1M
R&D Intensity
1018.1%
R&D Growth vs Prior
+0.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $5.6M | $5.6M | $1.3M | $1.2M | $709.0K | $2.4M | $1.2M | $1.2M | |
| R&D Expense | $3.9M | $2.7M | $2.7M | $7.1M | $9.4M | $9.1M | $8.1M | $12.0M | $12.1M | |
| R&D % of Revenue | 181.6% | 47.5% | 47.5% | 543.0% | 766.8% | 1278.7% | 340.2% | 1004.3% | 1018.1% | |
| SG&A | $3.2M | $2.9M | $2.9M | $11.0M | $9.2M | $12.2M | $10.3M | $12.0M | $12.4M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $5.6M | $5.6M | $1.3M | $1.2M | $709.0K | $2.4M | $1.2M | $1.2M | |
| Cost of Revenue | $1.5M | $3.8M | $3.8M | $716.0K | $725.0K | $488.0K | $508.0K | $396.0K | $359.0K | |
| Gross Profit | $680.6K | $1.8M | $1.8M | $590.0K | $497.0K | $221.0K | $1.9M | $803.0K | $828.0K | |
| R&D | $3.9M | $2.7M | $2.7M | $7.1M | $9.4M | $9.1M | $8.1M | $12.0M | $12.1M | |
| SG&A | $3.2M | $2.9M | $2.9M | $11.0M | $9.2M | $12.2M | $10.3M | $12.0M | $12.4M | |
| Operating Income | -$6.4M | -$3.8M | -$3.8M | -$17.5M | -$18.0M | -$21.0M | -$16.5M | -$23.3M | -$23.7M | |
| Interest Expense | $0.00 | $169.00 | $6.5K | $4.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$6.3M | -$3.7M | -$3.7M | -$17.0M | -$18.8M | -$21.4M | -$16.0M | -$22.7M | -$23.5M | |
| Net Income | -$6.3M | -$3.7M | -$3.7M | -$17.0M | -$18.8M | -$21.4M | -$16.0M | -$22.7M | -$23.5M | |
| EPS (Diluted) | -39.80 | -18.70 | -22.10 | -90.00 | -90.00 | -102.20 | -10.70 | -12.90 | -10.10 | |
| EBITDA | -$5.6M | -$2.9M | -$2.9M | -$16.1M | -$17.9M | -$20.5M | -$15.0M | -$21.5M | -$22.7M | |
| Shares Out. (M) | 0.16 | 0.16 | 0.17 | 0.19 | 0.21 | 0.22 | 1.49 | 1.76 | 3.14 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.0M | $1.9M | $816.0K | $25.7M | $10.5M | $4.9M | $19.2M | $4.7M | $10.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $9.4M | $9.2M | $412.0K | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $4.2M | $2.4M | $1.8M | $35.4M | $20.3M | $5.8M | $19.6M | $5.5M | $11.3M | |
| Total Assets | $10.5M | $10.6M | $9.2M | $42.8M | $27.4M | $12.1M | $25.6M | $10.3M | $15.5M | |
| Total Current Liabilities | $1.9M | $2.5M | $3.8M | $2.7M | $4.9M | $3.9M | $2.6M | $4.1M | $4.3M | |
| Long-Term Debt | $0.00 | $0.00 | $311.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.7M | $6.1M | $7.3M | $5.3M | $6.9M | $5.3M | $3.7M | $4.6M | $5.1M | |
| Stockholders' Equity | $6.8M | $4.4M | $2.0M | $37.5M | $20.5M | $6.7M | $21.9M | $5.7M | $10.4M | |
| Retained Earnings | $0.00 | $0.00 | $0.00 | -$43.9M | -$62.8M | -$85.0M | -$109.6M | -$132.3M | -$143.1M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M | -$2.4M | -$2.4M | -$9.6M | -$14.0M | -$19.0M | -$13.9M | -$18.6M | -$20.4M | |
| Capital Expenditure | -$211.7K | -$37.6K | -$261.5K | -$1.3M | -$856.0K | -$301.0K | -$992.0K | -$245.0K | -$305.0K | |
| Free Cash Flow | -$5.4M | -$2.4M | -$2.6M | -$10.9M | -$14.8M | -$19.3M | -$14.9M | -$18.9M | -$20.7M | |
| Investing Cash Flow | -$211.7K | -$125.0K | -$261.5K | -$10.7M | -$677.0K | $8.2M | -$640.0K | -$595.0K | -$305.0K | |
| Financing Cash Flow | $1.4M | $350.0K | $1.6M | $45.2M | -$509.0K | $5.3M | $28.8M | $4.7M | $20.4M | |
| Issuance of Stock | $1.4M | $0.00 | $1.1M | $45.8M | $2.0K | $0.00 | $12.9M | $5.0M | $34.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$174.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $488.0K | -$188.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $423.9K | $136.8K | $83.0K | $7.7M | $2.2M | $2.0M | $2.3M | $1.7M | $1.6M | |
| Net Change in Cash | -$4.0M | -$2.2M | -$1.1M | $24.8M | -$15.2M | -$5.6M | $14.3M | -$14.6M | -$257.0K |
Dilution Tracker
Shares outstanding grew 942.5% over 5 years — significant dilution
Shares Outstanding
3M
5-Year Share Growth
+942.5%
Stock Issuance (TTM)
$34.5M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.16 | 0.16 | 0.17 | 0.19 | 0.21 | 0.22 | 1.49 | 1.76 | 3.14 | |
| Change vs Prior % | — | 0.7% | 5.3% | 12.2% | 10.9% | 3.7% | 585.1% | 18.0% | 78.5% | |
| Stock Issuance | $1.4M | $0.00 | $1.1M | $45.8M | $2.0K | $0.00 | $12.9M | $5.0M | $34.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$174.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $423.9K | $136.8K | $83.0K | $7.7M | $2.2M | $2.0M | $2.3M | $1.7M | $1.6M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 31.9% | 32.4% | 32.4% | 45.2% | 40.7% | 31.2% | 78.8% | 67.0% | 69.8% | |
| Operating Margin % | -298.0% | -67.1% | -67.1% | -1336.6% | -1476.5% | -2966.0% | -690.7% | -1942.2% | -1992.8% | |
| Net Margin % | -296.8% | -66.1% | -66.1% | -1305.1% | -1541.3% | -3020.2% | -667.8% | -1893.6% | -1977.6% | |
| EBITDA Margin % | -261.9% | -52.3% | -52.0% | -1234.8% | -1468.2% | -2886.7% | -627.7% | -1791.3% | -1908.6% | |
| FCF Margin % | -252.5% | -43.1% | -46.6% | -838.1% | -1213.2% | -2722.6% | -621.2% | -1575.5% | -1740.4% | |
| ROE % | -93.0% | -83.7% | -190.1% | -45.5% | -91.9% | -317.7% | -73.0% | -400.1% | -223.2% | |
| ROA % | -60.2% | -35.2% | -40.3% | -39.9% | -68.7% | -177.3% | -62.5% | -221.3% | -151.6% | |
| ROIC % | -73.5% | -44.0% | -62.0% | -43.0% | -78.1% | -239.5% | -70.0% | -341.0% | -201.1% | |
| R&D / Revenue % | 181.6% | 47.5% | 47.5% | 543.0% | 766.8% | 1278.7% | 340.2% | 1004.3% | 1018.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 163.7% | -0.0% | -76.8% | -6.4% | -42.0% | 237.4% | -49.9% | |
| Gross Profit | 0.0% | 168.3% | -0.0% | -67.7% | -15.8% | -55.5% | 752.5% | -57.4% | |
| Operating Income | 0.0% | 40.6% | 0.0% | -362.0% | -3.4% | -16.5% | 21.4% | -40.9% | |
| Net Income | 0.0% | 41.3% | -0.0% | -358.1% | -10.5% | -13.7% | 25.4% | -42.1% | |
| EPS (Diluted) | 0.0% | 53.0% | -18.2% | -307.2% | 0.0% | -13.6% | 89.5% | -20.6% | |
| Operating Cash Flow | 0.0% | 53.8% | 1.1% | -307.6% | -45.0% | -36.0% | 27.0% | -34.4% | |
| Free Cash Flow | 0.0% | 54.9% | -8.1% | -316.9% | -35.4% | -30.2% | 23.0% | -27.1% | |
| R&D Expense | 0.0% | -31.0% | -0.0% | 165.2% | 32.1% | -3.2% | -10.2% | 48.0% | |
| SG&A Expense | 0.0% | -7.4% | -0.0% | 273.9% | -16.3% | 32.9% | -15.7% | 17.3% | |
| Total Assets | 0.0% | 0.6% | -12.7% | 362.8% | -35.9% | -55.9% | 111.6% | -59.9% | |
| Book Value / Share | 0.0% | -35.2% | -58.2% | 1605.9% | -50.6% | -68.3% | -52.6% | -78.0% | |
| Debt | 0.0% | 0.0% | 0.1% | -24.1% | -17.1% | -21.7% | -29.1% | -43.1% | |
| Diluted Shares | 0.0% | 0.7% | 5.3% | 12.2% | 10.9% | 3.7% | 585.1% | 18.0% |
Valuation
P/E (TTM)At Loss
P/S4.64
10Y Low / Med / High7.42 / 41.69 / 174.81
P/B0.55
10Y Low / Med / High1.18 / 6.10 / 63.84
EV/EBITDA0.18
EV/Revenue-3.36
10Y Low / Med / High3.33 / 37.59 / 157.57
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.61
Net Current Assets / Share
$2.05
Graham Net-Net
$1.61
Cash / Share
$3.21
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -18.62 | -39.63 | -33.53 | -13.41 | -3.58 | -1.33 | -1.62 | -0.39 | -0.18 | |
| P/S Ratio | 55.21 | 21.08 | 22.20 | 174.81 | 55.25 | 41.69 | 10.77 | 7.42 | 4.64 | |
| P/B Ratio | 17.30 | 26.70 | 63.84 | 6.10 | 3.29 | 4.39 | 1.18 | 1.57 | 0.55 | |
| EV/EBITDA | -20.36 | -41.07 | -43.79 | -12.76 | -3.32 | -1.30 | -0.53 | -0.24 | 0.18 | |
| EV/Revenue | 53.33 | 21.49 | 22.79 | 157.57 | 48.79 | 37.59 | 3.33 | 4.22 | -3.36 |
Analyst Estimates & Quality
Altman Z-Score
-16.71
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.4M | $2.4M | $2.9M |
| Net Income | -$12.8M | -$10.3M | -$10.0M |
| EPS | $-7.20 | $-5.80 | $-5.60 |
| # Analysts (EPS) | 1 | 1 | 1 |