Longeveron Inc. (LGVN) gained a further 50.95% in the aftermarket, post its cosmic gain of 135.27% during regular trading on November 18. After FDA approval for its product, the stock reached $10.37 after hours, against its last close at $6.87, crossing its value of $10 during its IPO. LGVN was one of the most active stocks on Thursday, being traded at a humungous volume of 278.5 million. while the average volume for the stock had been 4.21 million. The after-hours also saw a good volume of 14.38 million. The current leap made the stock gain 98.55% over the past five days. The current market capital of LGVN is $55.81 million.
Longeveron Inc. (LGVN) is a clinical-stage biotechnology company that develops cellular therapies for chronic diseases. Diseases that are associated with aging and other life-threatening conditions.
FDA’s Approval of LGVN’s Drug
On November 18, the company announced that its product Lomecel-B has received FDA approval. Stating that FDA has granted Rare Pediatric Disease (RPD) designation to the product for Hypoplastic Left Heart Syndrome (HLHS). HLHS is a congenital heart defect in infants, that is very rare and proves to be life-threatening. While Lomecel-B is an investigational allogeneic, bone marrow-derived medicinal signaling cell (MSC) product. Previously LGVN published the positive results of its phase 1 trial, while now it has also shown great development in phase 2.
Every year, around 1000 babies in the U.S alone, are born with HLHS, impairing their heart’s ability to pump blood. Unless intervened by multiple surgeries, HLHS proves to be a fatal condition. Under the LGVN’s study, Lomecel-B’s safety and effects are evaluated for injection into the heart during the required second surgery for HLHS. The FDA’s approval of Lomecel-B confirms the positive effects it has shown so far.
Financial Data
Longeveron Inc. (LGVN) announced its third-quarter financial results on November 11, 2021. As per the results, the company had revenue of $0.2 million in the third quarter of 2021, against that of $1.8 million in Q3 2020. The decrease in revenue, according to the company, was mainly because of a decrease in grant revenue. Moreover, the net loss for the third quarter of 2021, was $4.9 million, against that of $0.9 million in that of 2020. Resultantly, the net loss per share for the quarter was $0.25, against $0.06 in Q3 2020.
As of September 30, 2021, the cash and short-term investments were $19.0 million. The company believes the existing cash is enough for covering the expenses and capital requirements till at least the fourth quarter of 2022.
