10-Q · May 13, 2026
Longeveron reported a slight increase in revenue for Q1 2026, totaling $400,000, driven by a 46% increase in clinical trial revenues. However, the company continued to face significant losses, with a net loss of $4.7…
Earnings analysis · 10-Q
LGVN earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue was $316,000, down 20.6% sequentially and unchanged year over year, while gross margin fell to 46.2% and diluted EPS worsened to $(0.33). Operating margin remained deeply negative at negative 1,707.9%,…
Read full summary
Q2 2026 revenue was $316,000, down 20.6% sequentially and unchanged year over year, while gross margin fell to 46.2% and diluted EPS worsened to $(0.33). Operating margin remained deeply negative at negative 1,707.9%, and free cash flow was negative $4.0 million. The principal concern is liquidity: $10.1 million of cash is expected to fund operations only into Q4 2026, with additional financing needed and ATM access constrained by a $0.80 share-price condition. Nasdaq compliance was improved through a 4-member independent Audit Committee, but the separate $1.00 bid-price deficiency remains unresolved until the September 21, 2026 compliance date.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Reported figures
- Earnings per share
- $-0.33
What stood out
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Revenue declined sequentially
Revenue was $316,000, down 20.6% from $398,000 in Q1 2026 and flat versus $316,000 in Q2 2025.
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Gross margin compressed
Gross margin was 46.2%, down from 66.3% in Q1 2026 and 72.2% in Q2 2025, a sequential decline of 20.1 percentage points.
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Quarterly loss widened
Diluted EPS was $(0.33), versus $(0.19) in Q1 2026 and $(0.33) in Q2 2025; the sequential loss widened by $0.14 per share.
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Operating losses remain substantial
Operating margin was negative 1,707.9%, deteriorating from negative 1,199.8% in Q1 2026 and negative 1,707.9% in Q2 2025.
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Audit committee compliance remedied
The company stated that its Audit Committee was reconstituted with 4 independent members after the election of 3 new directors on July 1, 2026; 1 member qualifies as an audit committee financial expert.
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Near-term cash runway identified
Management reported cash and cash equivalents of $10.1 million at June 30, 2026, which it expects to fund operations into the fourth quarter of 2026.
What to watch
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Funding runway remains limited
Management expects cash of $10.1 million to fund operations only into Q4 2026 and states that additional funding will be required to advance programs. The ATM facility permits sales of up to $10.7 million, but use is restricted unless the stock trades above $0.80 through September 7, 2026.
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Nasdaq bid-price deficiency
The company must regain Nasdaq's $1.00 minimum bid-price requirement by September 21, 2026. If it fails, Nasdaq will begin delisting procedures; a closing bid price of $0.10 or less for 10 consecutive trading days before that date could lead to immediate suspension and delisting proceedings.
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R&D spending raises capital needs
Management expects increased spending for clinical development, BLA-enabling work and potential commercialization, while stating that additional financing may be needed through capital raises, non-dilutive funding and partnering. Failure to obtain financing could require materially revising the operating plan or delaying, scaling back or discontinuing programs.
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Persistent cash burn
Free cash flow was negative $4.0 million in the quarter, following negative $5.0 million in Q1 2026 and negative $4.0 million in Q2 2025, indicating continued cash consumption despite $316,000 of revenue.
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ATM access is constrained
The company states that the ATM facility was under a standstill until June 9, 2026 and remains subject to the $0.80 trading-price restriction through September 7, 2026, limiting a potential source of liquidity during the near-term runway.
Management's outlook
No explicit numeric revenue or EPS guidance was provided. Management stated that cash and cash equivalents of $10.1 million are expected to fund operations into the fourth quarter of 2026, while spending is expected to increase for clinical, BLA-enabling and commercialization activities.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.