LGVN — Longeveron Inc
Company context · prepared 2026-08-11 · company sweep 2026-08-11 · USD · framework v5.6.1
How to read this. Written for a reader who has not studied pharmacology or finance. General terms are defined once in
framework/04-glossary.md. Tags:[VERIFIED — source]/[UNVERIFIED]/[WEB ESTIMATE — source, date].Program analyses for this company are the sub-folders listed in C.2.
C.0 Company-tier coverage — CLEARED
| Tool | State | Note / verbatim error |
|---|---|---|
BPIQ fetch_company_info | CALLED | Price, market cap, cash, burn, ownership returned. finance_updated_at 2026-03-31, so cash is the Q1 balance-sheet figure. |
BPIQ fetch_company_drugs | CALLED | Five rows returned; all in C.2. |
BPIQ fetch_company_historical_catalysts | CALLED | Ten rows, 2021–2026. |
BPIQ fetch_company_options_data | CALLED | Empty on three attempts. Cross-checked against the Yahoo options chain (crumb flow): LGVN has no listed options at all — expirationDates and strikes both empty. The empty is legitimate, not a block. |
BPIQ fetch_company_insider_transactions | CALLED | 246 rows, 2021-10-01 to 2026-07-06. |
BPIQ fetch_company_press_releases | CALLED | 200 items through 2026-08-10. |
BPIQ fetch_company_hedge_fund_holdings (optional) | CALLED | One fund. Label bug confirmed on this ticker: the “2026Q2” block’s value ÷ shares = $1.04, exactly the 2026-03-31 close in data/prices/LGVN.json, so the block holds 2026Q1 holdings (see C.8). |
BPIQ fetch_company_earnings_transcript (optional) | CALLED | Q1 2026 call, 2026-05-13. The single most consequential source of this sweep — see C.8 and the program README. |
EDGAR submissions | CALLED | CIK 0001721484. Filing feed read through 2026-08-10 (Schedule 13G, Millennium). |
EDGAR XBRL companyconcept | CALLED | dei:EntityCommonStockSharesOutstanding does not exist as an undimensioned concept for this dual-class filer (NoSuchKey). companyfacts cross-check returned weighted-average counts carrying a ×1000 scale artifact (see C.8). The authoritative count was read from the 10-Q cover page instead: 29,697,332 Class A + 1,449,005 Class B as of the 2026-05-13 filing. |
FINRA consolidatedShortInterest | CALLED | Settlement 2026-07-15: 1,531,232 shares short, 4.8 days to cover. The 2026-07-31 settlement is not yet published (normal publication lag). |
| Yahoo options chain (optional) | CALLED | No chain exists — see the options row above. |
C.1 What the company is
Longeveron is a Miami clinical-stage cell-therapy company. Its single biological product is
laromestrocel (Lomecel-B), an allogeneic mesenchymal stem cell preparation made from the bone
marrow of young healthy donors, which it is developing in four indications: hypoplastic left heart
syndrome (HLHS, the lead program and the only one with a dated catalyst), Alzheimer’s disease,
pediatric dilated cardiomyopathy, and aging frailty. It is effectively a single-asset company —
every program is the same cells in a different disease. Revenue is negligible (about $0.4M a
quarter, from a Bahamas registry trial and small contract-manufacturing work)
[VERIFIED — Q1 2026 call, 2026-05-13]. Management is explicit that the strategy is
partnering/licensing rather than self-commercialisation (“capital-efficient asset-light operating
model”) [VERIFIED — Q1 2026 call].
C.2 Pipeline — every program
Every row from fetch_company_drugs, 2026-08-11. Materiality is filled only for the analysed
program.
| Program (drug — indication) | bpiq_drug_id | Stage & event | Catalyst (as disclosed) | Date to a day? | Analysed? | Materiality to the stock |
|---|---|---|---|---|---|---|
| Lomecel-B (laromestrocel) — Hypoplastic Left Heart Syndrome | 14275 | Phase 2b Data readout | ”August 2026” | no (month only) | yes | Dominant. The only has_catalyst row; the March 2026 financing’s second tranche and the PRV-interest sale are both contractually keyed to this readout (C.3); the market has sold off every non-HLHS data release this year (C.7). |
| Lomecel-B (laromestrocel) — Pediatric Dilated Cardiomyopathy (DCM) | 19108 | Phase 2 Initiation | ”2027” | no | no | not analysed |
| Lomecel-B (laromestrocel) — Alzheimer’s disease | 13883 | Phase 2a Update | ”TBA” | no | no | not analysed |
| Lomecel-B — Acute respiratory distress syndrome | 15128 | Failed / Discontinued | — | — | no | not analysed (discontinued) |
| Lomecel-B — Aging Frailty | 16131 | Failed / Discontinued | — | — | no | not analysed (discontinued on strategic priority; the Phase 2b was published in Cell Stem Cell 2026 with a positive 6-minute-walk result, so “Failed” is BPIQ’s label for the program status, not the trial result) |
C.3 Financial position
| Item | Value | As of | Tag |
|---|---|---|---|
| Cash and equivalents | $15.8M | 2026-03-31 | [VERIFIED — Q1 2026 10-Q] |
| Burn (per month) | ~$1.46M (BPIQ monthly_burn); Q1 2026 net loss $4.7M | TTM / Q1 2026 | [VERIFIED — BPIQ; 10-Q] |
| Runway as the company states it | ”into the fourth quarter of 2026” | 2026-05-13 | [VERIFIED — Q1 2026 10-Q and call] |
| Runway recomputed (cash ÷ burn) | $15.8M ÷ $1.46M ≈ 10.8 months ≈ into 2027-02 | 2026-03-31 | [UNVERIFIED — arithmetic; the company's own statement is shorter because spending is ramping for BLA-enabling work] |
| Debt | None material. Total liabilities $5.2M, of which $0.78M is the liability for the sold PRV interest (below) and the rest is payables/leases. | 2026-03-31 | [VERIFIED — Q1 2026 10-Q] |
Going concern. The Q1 2026 10-Q states substantial doubt about the company’s ability to
continue as a going concern [VERIFIED — 10-Q].
BPIQ runway conflict. BPIQ’s cash_runway_end_date (2027-02-18) matches the naive cash÷burn
arithmetic, not the company’s own “into Q4 2026” statement. Both are reported here; the company’s
statement is the one used in this analysis (rule 24: the disagreement is reported, not resolved).
The March 2026 private placement — the structure this whole event trades inside.
[VERIFIED — Q1 2026 10-Q; 8-K 2026-03-12]
- First closing (2026-03-13): ~$15.9M gross: Class A common, plus 11,873.04 shares of Series A non-voting convertible preferred ($1,000 stated value) convertible at $0.52 into 22,832,770 Class A shares, plus placement-agent warrants (2,019,231 at $0.65, exp. 2031). Investors named on the Q1 call: Coastlands Capital, Janus Henderson, Logos Capital, Kalehua Capital.
- Second closing (up to ~$15M) is contingent on this program’s catalyst: (i) announcement of ELPIS II results “demonstrating statistical significance of the primary endpoint(s) as agreed between the Company and the U.S. FDA” (the “Milestone”), and (ii) a VWAP ≥ $1.85 with aggregate volume ≥25M shares over any 10 consecutive trading days within 30 trading days of the announcement (the “Price Threshold”). Note the tension: after the May 2026 Type C meeting there is currently no primary endpoint “agreed with the FDA” (see the program README), so the Milestone as written may need the majority-investor waiver the agreement provides for.
- PRV interest: the company sold the investors 50% of any future proceeds from selling a Rare Pediatric Disease Priority Review Voucher earned on the HLHS program, for ~$0.9M cash, carried as debt.
- ATM: $10.7M capacity, but restricted — unusable below a $0.80 share price until 2026-09-07 (spot is below $0.80), a restriction that sits exactly across the readout window.
Dilution history (last 24 months).
| Date | Instrument | Gross proceeds | Price | Source |
|---|---|---|---|---|
| 2025-08-08/12 | Public offering, Class A + short-term warrants (up to $17.5M with exercise) | ~$5M upfront | ~$0.85 units; the 13,206,632 warrants at $0.85 (exp. 2027-08-11) date from here | [VERIFIED — press feed 2025-08-08/12; 10-Q warrant table] |
| 2025-11/12 | Public offering ~$5M; December offering of up to 11.8M shares via warrants and stock units | ~$5M | not re-verified this sweep | [WEB ESTIMATE — press feed headlines 2025-11-15, 2025-12-11] |
| 2026-03-13 | Private placement, first closing (common + Series A preferred at $0.52 conversion + PRV interest) | ~$15.9M (incl. $0.9M PRV interest) | preferred converts at $0.52 | [VERIFIED — 10-Q; 8-K] |
| 2026-03 | Exercise of August-2025 warrants | ~$1.3M | ~$0.87 | [VERIFIED — 10-Q] |
| 2024-04 | Warrant exercises (inducement) | ~$11.4M | $2.35 units | [WEB ESTIMATE — press feed 2024-04-17/18] |
Is a raise before the catalyst likely? Before: no — the placement was the pre-readout raise, and the ATM is blocked below $0.80. On or shortly after: near-certain in some form. A positive result triggers the $15M second tranche (if the Milestone/Price Threshold or a waiver is met) plus up to ~$11.2M from the $0.85 warrants; a miss leaves a Q4 2026 runway wall and going-concern language, forcing a dilutive raise from weakness.
C.4 Valuation frame
| Item | Value | Source / tag |
|---|---|---|
| Share price (spot) | $0.74 | [VERIFIED — BPIQ fetch_company_info, read 2026-08-11] (cache close 2026-08-10: $0.736) |
| Market capitalisation | ~$23.0M recomputed: 31,146,337 shares (29,697,332 A + 1,449,005 B, 10-Q cover 2026-05-13) × $0.74. BPIQ’s $24.2M divides by the previous close (known bug, C.8). | [VERIFIED — 10-Q cover; arithmetic] |
| Enterprise value | ~$7.2M on filed 3/31 cash; | [UNVERIFIED — arithmetic on a 4.5-month-old cash figure] |
| 52-week high / low | $1.23 / $0.475 | [VERIFIED — data/prices/LGVN.json via lib/prices.mjs range52w, asOf 2026-08-10] |
| Position in the 52-week range, computed off the last price | 34.6% (close $0.736, 2026-08-10) | [VERIFIED — lib/prices.mjs positionInRange] |
| Multiple off the 52-week low | 1.55× | arithmetic |
Economic share count. The count the miss scenario must divide by is not 31.1M: the Series A
preferred converts into another 22,832,770 shares at $0.52, giving ~54.0M economic shares before
counting 22.4M warrants (most far out of the money; 13.2M at $0.85 and 2.0M at $0.65 are the live
ones) [VERIFIED — 10-Q].
C.5 Ownership and flow
| Holder type | Share | Note | Source |
|---|---|---|---|
| Insider | 9.3% | BPIQ insider_own. Class B (1,449,005 sh) is founder stock. | [VERIFIED — BPIQ; 10-Q cover] |
| Institutional | 11.9% | BPIQ tute_own. Millennium filed a 13G for 5.2% of Class A on 2026-08-10; an earlier 13G (2026-05-15) followed the placement. Placement funds (Coastlands, Janus Henderson, Logos, Kalehua) hold preferred that converts at $0.52. | [VERIFIED — BPIQ; EDGAR submissions; call] |
| Retail / other | remainder | The 2021 meme-era base. | [UNVERIFIED] |
| Short interest | 1,531,232 sh at 2026-07-15 ≈ 4.9% of 31.1M total shares (5.2% of Class A); 4.8 days to cover | FINRA ÷ EDGAR-filed count — units confirmed. BPIQ short_float 5.9% is the same order but unconfirmed units. | [VERIFIED — FINRA consolidatedShortInterest; 10-Q cover] |
Flow reading. The 2025–2026 insider tape is entirely compensation mechanics: RSU grants and
tax-withholding disposals (all five officers on 2026-07-06/07), option grants, and Form 3s for new
directors showing zero holdings. The last open-market-style insider buying was April 2024, when
Hare, Soffer and then-CEO Hashad participated in the offering at $2.35 with warrants — prices ~3×
today’s. No insider has bought stock ahead of this readout, and none has sold beyond tax
withholding [VERIFIED — 246 BPIQ insider rows cross-checked against the Form 4 titles in the press feed]. ADAR1 Capital’s 13F block (200,000 shares) is small and dates to Q1 2026 holdings
(label bug, C.8).
C.6 Options chain and its readability
Plain takeaway: there is no options market in this stock at all. Nothing can be read from options for this event — no implied move, no skew, no expiry positioning.
| Item | Value | Note |
|---|---|---|
| Spot | $0.74 | 2026-08-11 |
| Nearest listed strike to spot | none — no listed options | BPIQ options empty ×3; Yahoo chain confirms expirationDates: [] |
| Expiry nearest the next catalyst | none | — |
| At-the-money straddle ÷ spot | not computable | — |
| Front implied volatility | not computable | — |
| Open interest at that strike | n/a | — |
| Liquidity confidence | NONE | The event must be read from price, volume and ownership only. |
C.7 Reaction to past catalysts
Intraday moves from fetch_company_historical_catalysts, cross-checked against the same-day
press feed and the price cache.
| Date | Event | Intraday move | Same-day press-feed check | Read |
|---|---|---|---|---|
| 2026-07-13 | AAIC post-hoc Phase 2a Alzheimer’s MRI data (positive) | −8.0% | Clean — only the AAIC release | Positive AD data sells off. The market pays for HLHS only. |
| 2026-05-11 | ELPIS II DMC final safety review, recommendation to complete | +2.2% | Clean | Safety progress on the lead program: mildly positive. |
| 2026-02-25 | Frailty Phase 2b published in Cell Stem Cell (positive) | −3.9% | Clean | Same pattern: non-HLHS wins do not move it up. |
| 2026-01-26 | FDA grants Type C meeting ahead of ELPIS II readout | −4.4% (gap +11.1%) | Clean | Gapped up on the headline, faded through the day — thin conviction. |
| 2025-12-01 | CTAD 2025 AD neuroinflammation data (positive) | −7.4% | Clean | Again: AD data days trade down. |
| 2025-07-08 | FDA IND approval for pivotal Phase 2 in PDCM | +27.2% | Clean | Regulatory expansion of the cardiac franchise: the biggest genuine catalyst pop on the tape. |
| 2025-06-24 | ELPIS II enrollment complete; “topline Q3 2026” | +13.8% | Clean | The lead-program clock starting is worth more than any data release since. |
| 2024-10-29 | CTAD24 late-breaker (AD) | +9.1% | Pre-dates the sold-off-AD-data pattern | — |
| 2021-09-29 | Frailty biomarker result | +19.3% | Meme-era tape | Not comparable to today’s float. |
| (context) 2026-03-10 | $30M private placement announced | +68% close-to-close ($0.53→$0.891) | The placement is the news | The single biggest move of the last year was financing, not data — the market’s main worry was survival. |
Read across the table. Every positive non-HLHS data release in the last year traded flat to down; the three biggest up-days were financing, an IND, and the ELPIS II clock starting. This equity is a pure bet on the HLHS program, which is what C.2 records as dominant.
C.8 Company data-quality flags
- BPIQ
market_capuses the previous close (known bug family): $24,204,030 ÷ $0.77 previous close ≈ 31.4M shares. Market cap recomputed here from the 10-Q cover count × last price. - BPIQ
cash_runway_end_date(2027-02-18) disagrees with the company’s own “into Q4 2026” — reported as a conflict in C.3, not resolved. - EDGAR XBRL scale artifact:
WeightedAverageNumberOfSharesOutstandingBasicfor CY2026Q1 reads 24,786,282,000 — a ×1000 scale error in the filing’s own tagging (24.79M is the plausible figure). The dei cover-page concept is absent entirely for this dual-class filer. Share counts in this document therefore come from the 10-Q cover text, not XBRL. fetch_company_hedge_fund_holdingsfiling-quarter label bug confirmed on LGVN: the “2026Q2” block’s value/shares = $1.04 = the 2026-03-31 close in the committed cache, so the block holds Q1 2026 holdings, one quarter older than its label.- BPIQ options row indistinguishable from a failure:
fetch_company_options_datareturns empty output for a ticker with no listed chain, identical to what a silent failure would look like. Resolved via the Yahoo chain (no expirations exist) rather than assumed. fifty_two_week_low(BPIQ $0.475) matches the cache;max_52_week_positionnot read (known previous-close bug; C.4 derives position from the cache).- The Q1 2026 earnings transcript materially changes the regulatory picture (FDA rejected RVEF as the efficacy endpoint; trial no longer called pivotal). No press release in the feed carries this — it surfaced on the call and in the 10-Q risk factors. An analysis reading only the press-release headlines would have missed the single most important fact of the sweep.