2022 Q2 Form 10-Q Financial Statement

#000121390022047372 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $466.0K $370.0K $209.0K
YoY Change -4.7% -2.63% -82.29%
Cost Of Revenue $306.0K $70.00K $140.0K
YoY Change 8.9% -69.57% -78.46%
Gross Profit $160.0K $300.0K $69.00K
YoY Change -23.08% 100.0% -86.98%
Gross Profit Margin 34.33% 81.08% 33.01%
Selling, General & Admin $2.661M $2.267M $2.368M
YoY Change -19.61% 0.31% 211.58%
% of Gross Profit 1663.13% 755.67% 3431.88%
Research & Development $1.720M $1.427M $1.733M
YoY Change -12.24% 5.7% 50.7%
% of Gross Profit 1075.0% 475.67% 2511.59%
Depreciation & Amortization $100.0K $188.0K $232.0K
YoY Change 0.0% -6.0% 16.0%
% of Gross Profit 62.5% 62.67% 336.23%
Operating Expenses $4.381M $3.694M $4.101M
YoY Change -16.87% 2.61% 114.71%
Operating Profit -$4.221M -$3.394M -$4.032M
YoY Change -16.61% -1.62% 192.17%
Interest Expense -$100.0K -$1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.403M -$16.00K -$36.00K
YoY Change -2798.08% -132.0% -220.0%
Pretax Income -$5.624M -$3.510M -$4.069M
YoY Change 12.26% 12.86% 199.19%
Income Tax
% Of Pretax Income
Net Earnings -$5.624M -$3.510M -$4.069M
YoY Change 12.26% 12.86% 199.19%
Net Earnings / Revenue -1206.87% -948.65% -1946.89%
Basic Earnings Per Share -$0.27 -$0.17
Diluted Earnings Per Share -$0.27 -$167.9K -$203.1K
COMMON SHARES
Basic Shares Outstanding 20.94M shares 20.91M shares
Diluted Shares Outstanding 20.94M shares 20.91M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.06M $30.58M $35.04M
YoY Change 26.52% 25.02% 4173.54%
Cash & Equivalents $20.22M $22.13M $25.66M
Short-Term Investments $6.837M $8.449M $9.385M
Other Short-Term Assets $1.041M $1.190M $282.0K
YoY Change 75.55% 41.67% -53.77%
Inventory
Prepaid Expenses
Receivables $136.0K $96.00K $55.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.24M $31.87M $35.38M
YoY Change 27.71% 25.96% 1812.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.835M $4.711M $3.062M
YoY Change -45.26% -13.24% -46.0%
Goodwill
YoY Change
Intangibles $2.358M $2.334M
YoY Change
Long-Term Investments
YoY Change
Other Assets $219.0K $234.0K $177.0K
YoY Change 23.73% 30.0% -1.67%
Total Long-Term Assets $7.087M $7.306M $7.386M
YoY Change -8.51% 2.47% -0.05%
TOTAL ASSETS
Total Short-Term Assets $28.24M $31.87M $35.38M
Total Long-Term Assets $7.087M $7.306M $7.386M
Total Assets $35.33M $39.17M $42.77M
YoY Change 18.31% 20.79% 362.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $327.0K $561.0K $645.0K
YoY Change 119.46% -37.67% -59.43%
Accrued Expenses $823.0K $1.334M $1.327M
YoY Change -54.3% -9.86% -35.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.618M $2.400M $2.708M
YoY Change 65.58% -13.67% -29.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $2.326M $2.467M $2.605M
YoY Change -19.15% -18.04% -17.04%
Total Long-Term Liabilities $2.326M $2.467M $2.605M
YoY Change -23.03% -21.93% -24.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.618M $2.400M $2.708M
Total Long-Term Liabilities $2.326M $2.467M $2.605M
Total Liabilities $5.944M $4.867M $5.313M
YoY Change 14.15% -18.06% -27.02%
SHAREHOLDERS EQUITY
Retained Earnings -$53.07M -$43.94M
YoY Change
Common Stock $6.000K $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0K $100.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $29.38M $34.31M $37.45M
YoY Change
Total Liabilities & Shareholders Equity $35.33M $39.17M $42.77M
YoY Change 18.31% 20.79% 362.84%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$5.624M -$3.510M -$4.069M
YoY Change 12.26% 12.86% 199.19%
Depreciation, Depletion And Amortization $100.0K $188.0K $232.0K
YoY Change 0.0% -6.0% 16.0%
Cash From Operating Activities -$3.275M -$4.152M -$1.281M
YoY Change 10.87% 37.03% 156.2%
INVESTING ACTIVITIES
Capital Expenditures -$97.00K -$118.0K -$1.153M
YoY Change -21.77% 2782.5%
Acquisitions
YoY Change
Other Investing Activities $1.612M $885.0K -$162.0K
YoY Change -135.56%
Cash From Investing Activities $1.515M $767.0K -$1.315M
YoY Change -132.53% 3187.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -148.0K -141.0K 18.52M
YoY Change 572.73% -100.53% -61820.0%
NET CHANGE
Cash From Operating Activities -3.275M -4.152M -1.281M
Cash From Investing Activities 1.515M 767.0K -1.315M
Cash From Financing Activities -148.0K -141.0K 18.52M
Net Change In Cash -1.908M -3.526M 15.92M
YoY Change -75.0% -114.91% -2892.98%
FREE CASH FLOW
Cash From Operating Activities -$3.275M -$4.152M -$1.281M
Capital Expenditures -$97.00K -$118.0K -$1.153M
Free Cash Flow -$3.178M -$4.034M -$128.0K
YoY Change 12.3% 33.14% -72.17%

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PaymentsForProceedsFromShortTermInvestments
-2497000 usd
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
4533000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
125000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
90000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
124000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2282000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4657000 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
26696000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
289000 usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
38000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-289000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26658000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-5434000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
16017000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25658000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
816000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20224000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16833000 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
2057000 usd
lgvn Vesting Of Rs Us Into Class A Common Stock
VestingOfRSUsIntoClassACommonStock
-1017000 usd
CY2021Q4 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1169288 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
lgvn Recurring Loss
RecurringLoss
9100000 usd
lgvn Recurring Loss
RecurringLoss
8100000 usd
CY2022Q2 lgvn Accmulated Deficit
AccmulatedDeficit
53100000 usd
CY2022Q2 us-gaap Cash
Cash
20200000 usd
CY2022Q2 lgvn Short Term Investments Amount
ShortTermInvestmentsAmount
6800000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><b>Use of estimates:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p>
us-gaap Revenues
Revenues
865000 usd
lgvn Shortterm Investments
ShorttermInvestments
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><b>Short-term investments:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">Short-term investments at June 30, 2022 and December 31, 2021 consisted of marketable fixed income securities, primarily corporate bonds, as well as U.S. Government and agency obligations which are categorized as trading securities and are thus marked to market and stated at fair value in accordance with ASC 820 <i>Fair</i> <i>Value Measurement</i>. These investments are considered Level 1 and Level 2 investments within the ASC 820 fair value hierarchy. The fair value of Level 1 investments, including cash equivalents, money funds and U.S. government securities, are substantially based on quoted market prices. The fair value of corporate bonds is determined using standard market valuation methodologies, including discounted cash flows, matrix pricing and/or other similar techniques. The inputs to these valuation techniques include but are not limited to market interest rates, credit rating of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments categorized within Level 1 and Level 2 of the fair value hierarchy. Interest and dividends are recorded when earned. Realized gains and losses on investments are determined by specific identification and are recognized as incurred in the statement of operations. Changes in net unrealized gains and losses are reported in the statement of operations within other income and losses, in the current period and represent the change in the fair value of investment holdings during the reporting period. Changes in net unrealized gains and losses were not significant for the three and six months ended June 30, 2022 and 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p>
CY2022Q2 lgvn Accounts And Grants Receivable
AccountsAndGrantsReceivable
136000 usd
CY2021Q4 lgvn Accounts And Grants Receivable
AccountsAndGrantsReceivable
55000 usd
us-gaap Revenues
Revenues
836000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><b>Concentrations of credit risk: </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">Financial instruments which potentially subject the Company to credit risk consist principally of cash and cash equivalents, short-term investments and accounts and grants receivable. Cash and cash equivalents are held in U.S. financial institutions. At times, the Company may maintain balances in excess of the federally insured amounts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3363000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3046000 usd
CY2022Q2 us-gaap Revenues
Revenues
466000 usd
CY2021Q2 us-gaap Revenues
Revenues
489000 usd
us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
0 usd
us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
6 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2022Q2 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
42194000 usd
CY2021Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
21823000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
700000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6198000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6108000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2835000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3062000 usd
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000 usd
CY2022Q2 lgvn Employment Agreements Description
EmploymentAgreementsDescription
the Company appointed K. Chris Min, M.D., Ph.D. as its Chief Medical Officer. Dr. Min’s employment agreement provides annual base salary of $350,000, and he will be eligible to receive a performance bonus equal to 30% of his base salary, prorated for his first year of employment. Dr. Min received a $60,000 signing bonus, with 50% of this amount paid in RSUs and 50% in stock options. Dr. Min also received two equity incentive awards; 150,000 RSUs and a stock option award exercisable for 50,000 shares. Each award will vest 25% upon the first-year anniversary of his first day of employment with Longeveron, with 25% vesting thereafter on the second, third and fourth anniversaries of his employment. In each case, the vesting of the equity awards will be subject to Dr. Min’s continued service through the applicable vesting dates. RSUs shall be expensed on a quarterly basis at the rate of $0.1 million for the quarterly vesting amount of 9,375 RSUs, with a price per share of $12.85 (the closing price of the Company’s stock on April 4, 2022). Stock options shall be expensed based upon a Black-Scholes calculation, the price per share to be expensed was $11.34 and a total cost of $0.6 million would be expensed ratably over 48 months.
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2931000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-573000 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2358000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2807000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-473000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2334000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
92000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
224000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
224000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
224000 usd
CY2022Q2 lgvn Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
224000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
482000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1470000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
40000 shares
CY2022Q2 lgvn Rsu Per Share
RSUPerShare
8.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.07
CY2022Q2 lgvn Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber
415473 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.21
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
5000 shares
CY2022Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
8.73
CY2022Q2 lgvn Calculation Price
CalculationPrice
7.73
CY2021Q3 lgvn Fair Market Value Per Share
FairMarketValuePerShare
6.08
us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
302046 shares
CY2021 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
196751 shares
CY2022Q1 lgvn Sharebased Compensation Arrangement Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementSharebasedPaymentAwardExpirationPeriod
P48M
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3500000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1700000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2900000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1800000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3100000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
473000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
687000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
702000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
718000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
735000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
185000 usd
CY2022Q2 lgvn Lessee Operating Lease Liability Payments
LesseeOperatingLeaseLiabilityPayments
3500000 usd
lgvn Operating Lease Interest Expense
OperatingLeaseInterestExpense
623000 usd
lgvn Present Value Of Lease Liability
PresentValueOfLeaseLiability
2877000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
200000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
10000000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
30000000 usd
us-gaap Sublease Income
SubleaseIncome
60000000 usd
CY2021 lgvn Underwriters Warrants
UnderwritersWarrants
95760 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.5
CY2021Q4 lgvn Warrants Expire Term
WarrantsExpireTerm
P5Y
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
27854 shares
CY2022Q2 lgvn Rsu Per Share
RSUPerShare
6.1
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
196751 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
265189 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
131960 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
27934 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
302046 shares
lgvn Grant Shares
GrantShares
0.05 pure
lgvn Dividend Yield
dividendYield
0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.95 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
415473 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.21
lgvn Stock Option Issued And Outstanding
StockOptionIssuedAndOutstanding
304449 shares
CY2022Q2 lgvn Weighted Average Exercise Price
WeightedAverageExercisePrice
5.96
CY2022Q2 lgvn Total Stock Options Outstanding
TotalStockOptionsOutstanding
415473 shares
CY2021Q4 lgvn Total Stock Options Outstanding
TotalStockOptionsOutstanding
304449 shares
CY2021Q4 lgvn Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber
304449 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
164160 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.33
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
374 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.73
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
100000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
22000 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.25 pure
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
5.94
CY2022Q1 lgvn Calculation Price
CalculationPrice
5.23
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
100000 usd
CY2022Q1 lgvn Sharebased Compensation Arrangement Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementSharebasedPaymentAwardExpirationPeriod
P48M
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
84825 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.25 pure
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
10
CY2022Q1 lgvn Calculation Price
CalculationPrice
8.78
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2200000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3500000 usd
lgvn Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
P3Y9M
CY2017Q4 lgvn Aggregate Of Accrued Technology Service
AggregateOfAccruedTechnologyService
200000 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100000 usd
CY2022Q2 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100000 usd
CY2014Q4 lgvn Licensing Agreement Description
LicensingAgreementDescription
The Company is required to pay UM up to 3% of net sales on products or services developed from the technology. The agreement extends for up to 20 years from the last date a product or process is commercialized from the technology. Under the agreement, the Company is required to pay an annual fee to UM. On December 11, 2017, the original agreement with UM was amended. The amendment provided that for a $5,000 fee the dates of the milestone completions were amended and replaced as follows: (a) by December 31, 2021, to have completed Phase II clinical trials for the products; and (b) by September 1, 2025, to have completed Phase III clinical trials for products. In addition, one-year extensions may be granted on these milestone dates by making a payment of $5,000. Upon completion of the Phase II clinical trials, a milestone payment of $250,000 is due. Upon completion of the Phase III clinical trials, a milestone payment of $750,000 is due. As of June 30, 2022, the Company had accrued $46,667 based on the terms of the agreement. In addition, on November 14, 2014, as required by the license agreement the Company issued 20,000 series C membership units valued at $0.5 million to UM. The Company recorded this $500,000 as an intangible asset that is amortized over the life of the license agreement which was defined as 20 years.
CY2021Q1 us-gaap Legal Fees
LegalFees
100000 usd
CY2021Q1 lgvn Defray Patent Costs
DefrayPatentCosts
70000 usd
CY2021Q1 lgvn Installments Paid
InstallmentsPaid
7500 usd
CY2021Q1 lgvn Isuuance Of Addritional Unrigistered Shares
IsuuanceOfAddritionalUnrigisteredShares
110387 shares
lgvn Milestone Payments Description
MilestonePaymentsDescription
The Company and UM agreed to the following modification of the milestone payments: (a) No payment will be due upon the completion of Phase 2 clinical trials for the product; (b) a one-time payment of $0.5 million, payable within six months of the completion of the first Phase 3 clinical trial of the products (based upon the final data unblinding); (c) a one-time payment of $0.5 million payable within six months of the receipt by the Company of approval for the first new drug application (“NDA”), biologics application (“BLA”), or other marketing or licensing application for the product; and (d) a one-time payment of $0.5 million payable within six months of the first sale following product approval.
CY2021Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1400000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
51000000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
31000000 usd
CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
19000000 usd
CY2021Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
15000000 usd
us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
718000 shares
us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
988000 shares
lgvn Warrants Shares
WarrantsShares
1271000 shares
lgvn Warrants Shares
WarrantsShares
106000 shares
lgvn Antidilutive Securities Excluded From Computation Of Net Income Loss Amount Total
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomeLossAmountTotal
1989000 shares
lgvn Antidilutive Securities Excluded From Computation Of Net Income Loss Amount Total
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomeLossAmountTotal
1094000 shares
CY2022Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q2 lgvn Nonoperating Lawsuit Expense
NonoperatingLawsuitExpense
usd
CY2022Q2 lgvn Forgiveness Of Paycheck Protection Program Loan
ForgivenessOfPaycheckProtectionProgramLoan
usd
CY2021Q2 lgvn Forgiveness Of Paycheck Protection Program Loan
ForgivenessOfPaycheckProtectionProgramLoan
usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
usd
us-gaap Interest Expense
InterestExpense
usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
usd
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
usd
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
CY2022Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
usd
CY2021Q2 us-gaap Revenue Remaining Performance Obligation Optional Exemption Remaining Duration
RevenueRemainingPerformanceObligationOptionalExemptionRemainingDuration
P1Y
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001721484

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0001213900-22-047372-index-headers.html Edgar Link pending
0001213900-22-047372-index.html Edgar Link pending
0001213900-22-047372.txt Edgar Link pending
0001213900-22-047372-xbrl.zip Edgar Link pending
f10q0622ex31-1_longeveron.htm Edgar Link pending
f10q0622ex31-2_longeveron.htm Edgar Link pending
f10q0622ex32-1_longeveron.htm Edgar Link pending
f10q0622_longeveron.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lgvn-20220630.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
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lgvn-20220630_def.xml Edgar Link unprocessable
lgvn-20220630_lab.xml Edgar Link unprocessable
lgvn-20220630_pre.xml Edgar Link unprocessable
f10q0622_longeveron_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
lgvn-20220630_cal.xml Edgar Link unprocessable