Longeveron announces board member resignation

Longeveron Inc. (NASDAQ:LGVN), a biopharmaceutical company specializing in regenerative medicine with a market capitalization of $23.81 million, announced the immediate resignation of Mr. Neil Hare from its Board of Directors on January 27, 2025. The departure was reported in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro data, this news comes as the company’s stock has declined over 71% in the past year.

Mr. Hare’s resignation was prompted by his acceptance of a new professional role that prevents him from serving on the board of any public companies. Longeveron clarified that his decision to step down was not due to any disagreements with the company’s operations, policies, practices, management, or board.

The company, headquartered in Miami, Florida, operates in the pharmaceutical preparations sector under the industrial classification code 2834. Longeveron Inc., previously known as Longeveron LLC before its name change in 2017, is incorporated in Delaware and ends its fiscal year on December 31.

As of now, Longeveron has not announced a successor to Mr. Hare on the Board of Directors. The company’s shares are traded on The Nasdaq Capital Market under the ticker symbol LGVN.

This development comes as part of the ongoing changes within Longeveron’s leadership structure and is based on information contained in the company’s SEC filing.

In other recent news, Longeveron Inc. has shown significant progress in its ELPIS II trial, which is now over 80% enrolled and expected to complete by early 2025. The trial is evaluating Lomecel-B, Longeveron’s therapeutic candidate, against the standard-of-care for Hypoplastic Left Heart Syndrome. This progress has led H.C. Wainwright to maintain a positive outlook on Longeveron, reiterating a Buy rating and raising the price target by 25%.

In financial developments, Longeveron reported a 177% increase in revenue, totaling $1.8 million, and a 14% decrease in operating expenses during its Q3 2024 earnings call. Despite these positive results, the company reported a net loss of $11.9 million, an improvement of 22% from the previous year.

On the other hand, the company’s leading product candidate, Lomecel-B, is showing promising initial results in treating diseases such as Alzheimer’s and hypoplastic left heart syndrome. Longeveron is planning a Biologics License Application submission for Lomecel-B in 2026. Its cash reserves are projected to cover expenses through Q4 2025. These are the recent developments in the company’s operations.

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