Longeveron (LGVN) Q1 2026 Earnings Transcript

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DATE

May 13, 2026

CALL PARTICIPANTS

• Chief Executive Officer — Stephen H. Willard
• Chief Medical Officer — Nataliya Agafonova
• Chief Financial Officer — Lisa Locklear
• Co-Founder, Chief Science Officer, and Executive Chairman — Joshua Michael Hare FACC

TAKEAWAYS

• Revenue -- $400 thousand, including $400 thousand in clinical trial revenue and $20 thousand in contract manufacturing revenue (the total includes both components; rounding is present in reported numbers).
• Clinical Trial Revenue Growth -- Increased $100 thousand or 46% due to higher participant demand for the Bahamas registry trial.
• Contract Manufacturing Revenue Decline -- Decreased $100 thousand or 84% because of lower third-party demand.
• General and Administrative Expenses -- $2.7 million, down $200 thousand or 7%, mainly from lower personnel and bonus costs, partially offset by higher legal and consulting expenses.
• Research and Development Expenses -- $2.3 million, a decrease of $200 thousand or 8%, attributable to reduced cash incentive bonuses and the absence of a prior year $2 million nonrecurring patent amortization charge, partly offset by increased personnel and clinical trial spending.
• Net Loss -- $4.7 million, down $300 thousand or 6%, primarily due to expense reductions described above.
• Cash Position -- $15.8 million in cash and cash equivalents, projected to fund operations and capital expenditure requirements into 2026.
• HLHS Clinical Milestone -- ELPIS II Phase 2b trial enrolled 40 patients, with top-line results anticipated in August 2026.
• FDA Regulatory Feedback (HLHS) -- The FDA stated that right ventricle ejection fraction is “not an appropriate endpoint to demonstrate efficacy,” no longer considers ELPIS II a pivotal trial, and will re-engage with the company post data readout to discuss “a potential path forward.”
• Sponsor Plan (HLHS) -- The company will submit a statistical analysis plan for ELPIS II to the FDA and intends to include all-cause mortality, transplant-free survival, cardiac transplantation events, and major adverse cardiac events (MACE) as efficacy measures.
• PDCM Clinical Program -- IND effective July 2025; preparation for a Phase 2 registrational trial expected in 2026, with possible initiation in 2027.
• Business Model Shift -- Longeveron is moving toward a capital-efficient, asset-light model, seeking licensing partnerships across its four development programs.
• Investment and Balance Sheet -- New investment from major life sciences funds and “strengthening of our balance sheet,” per CEO Willard.
• Regulatory Designations -- Lomecel-B has received five expedited FDA designations for its lead indications, including RMAT, Fast Track, Orphan Drug, and Rare Pediatric Disease designations.
• Intellectual Property -- Portfolio includes 52 issued patents and over 60 pending patent applications worldwide.
• Upcoming Partnerships -- The company will meet potential pharmaceutical partners at the BIO International Convention in June 2026 to explore licensing and strategic opportunities.
• Endpoint Determination (PDCM) -- “We already have the chosen clinical endpoint, agreed upon with the agency for the PDCM trial,” per Joshua Michael Hare FACC.

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RISKS

• The Nataliya Agafonova “no longer refers to the-- ELPIS II trial as pivotal” and determined the primary efficacy endpoint is “not an appropriate endpoint,” introducing regulatory uncertainty for HLHS approval prospects.
• Contract manufacturing revenue declined $100 thousand or 84%, “driven by reduced demand for these services from our third party clients.”

SUMMARY

Longeveron Inc. (NASDAQ:LGVN) reported flat overall revenue, but clinical trial revenues rose as contract manufacturing fell sharply. The company completed enrollment in its pivotal ELPIS II trial for HLHS, expecting a key data readout in August, while grappling with FDA feedback invalidating its primary efficacy endpoint and removing the trial's pivotal status. Management signaled a strategic business model shift toward licensing partnerships and highlighted new capital infusions from leading life sciences funds. Patent strength and multiple regulatory designations bolster commercial positioning, but limited operating runway underscores reliance on upcoming clinical and partnering milestones.

• The Nataliya Agafonova specifically cited all-cause mortality, transplant-free survival, cardiac transplantation, and MACE as “The FDA further indicated that only the most objective measures including all cause mortality, cardiac transplant-free survival, event of cardiac transplantation, and well defined major adverse cardiac events, MACE, could be informative of efficacy in ELPIS II” for ELPIS II; the company is capturing these in its analysis.
• Longeveron plans to submit a formal statistical analysis plan to the FDA as part of efforts “to support filing a biological license application, BLA, following the readout of top line results.”
• For pediatric dilated cardiomyopathy (PDCM), the trial’s clinical endpoint has been agreed upon with the FDA, differentiating its regulatory risk profile from HLHS.
• Executives stated that post-ELPIS II data, an immediate Type B or Type C FDA meeting will be requested to discuss regulatory pathways for Lomecel-B in HLHS.

INDUSTRY GLOSSARY

• HLHS (Hypoplastic Left Heart Syndrome): A rare congenital heart defect impacting infants, where the left side of the heart is underdeveloped.
• ELPIS II: Longeveron’s Phase 2b clinical trial evaluating Lomecel-B in HLHS.
• MACE (Major Adverse Cardiac Events): A composite clinical endpoint typically including cardiovascular mortality, non-fatal heart attack, stroke, and related major cardiovascular outcomes.
• RMAT (Regenerative Medicine Advanced Therapy) Designation: An FDA program granting accelerated development and review for regenerative therapies meeting specific criteria.
• BLA (Biological License Application): The application submitted to the FDA to obtain approval to market a biological drug in the United States.
• IND (Investigational New Drug) Application: The regulatory submission required to begin clinical trials of an investigational new therapy in the US.
• PDCM (Pediatric Dilated Cardiomyopathy): A rare pediatric heart condition where cardiac muscle becomes enlarged and weakened, often resulting in heart failure or need for transplant.

Full Conference Call Transcript

Stephen H. Willard: Thank you, Derek, and thank you all for joining us today. We have had an extremely productive start to this year. After I took on the role of CEO in February, we embarked on 2 immediate critical tasks. A comprehensive review of the company's assets, development, and strategic plan, and attracting new investment capital. Following this review, we have taken decisive steps to reposition the company for long term value creation. Sharpen our strategic focus, and align our development and capital strategy with the most impactful near term catalyst.

With this reorientation, we were able to successfully attract new investment capital from several of the premier investment funds in the life sciences space including Coastland Capital, Janus Henderson Investments, Logos Capital, and Matthew Perry; Our strategic repositioning is designed to maximize shareholder value, while maintaining disciplined capital allocation. We are transitioning toward a more capital efficient, asset light operating model. An increasing focus on securing strategic licensing partnerships for our stem cell product, Lomecel-B. Across all our development programs. Hypoplastic left heart syndrome, or HLHS, Alzheimer's disease, pediatric dilated cardiomyopathy, or PDCM, and aging related frailty. This evolution reflected both the strength of our client data and clinical data, and the growing external validation of our programs.

We believe that leveraging the commercial infrastructure capital resources, and global reach of established pharmaceutical partners represents the most efficient pathway to unlock the full value of our assets. Longeveron will be participating in the BIO International Convention taking place in June 2026 at the San Diego Convention Center. We will be hosting meetings with global pharmaceutical company executives to explore potential partnership and strategic opportunities for the company's 4 stem cell development programs. We are focused our development activities to prioritize our most important near term catalyst. The data readout of ELPIS 2, our phase 2 b clinical trial evaluating Laromestrocel in HLHS expected in August.

This disciplined prioritization has enabled us to extend our operating runway while maintaining focus on value driven milestones. In 2026, we believe we are approaching a series of potentially transformative milestones that have the potential to redefine the trajectory of our business. It is an exciting time for Lomecel-B.

Nataliya Agafonova: The patients we serve, Longeveron, our shareholders. With that, I will turn the call over to Dr. Agafonova our chief medical officer. To touch on our clinical development programs. Nataliya? Thank you, Steve, and good afternoon, everyone. As Steve mentioned, HLHS program is the primary focus for us, addressing an area of clear unmet medical need. ELPIS II our phase 2 clinical trial evaluating the potential of Lomecel-B in infants with HLHS is nearing completion. Enrollment of 40 patients was completed in June. Top line results from the ELPIS II trial are anticipated in August 2026. We recently completed a constructive type c meeting with the FDA on the Lomecel-B cell development program in HLHS.

In the meeting, the FDA acknowledged that HLHS is a rare disease associated with significant morbidity and mortality with a high unmet medical need. For safe and effective therapies. But also asserted that the primary endpoint of right ventricle ejection fraction in the ELPIS II trial is not an appropriate endpoint. To demonstrate efficacy. While agreed with the FDA regarding the insufficiency of our RVEF as the primary endpoint, and was prepared to discuss other potentially appropriate endpoints sufficient to demonstrate efficacy. The FDA indicated that given the interim analysis mandated and conducted by the National Institute of Health, NIH, during the trial.

Which the company was and remain blinded a new primary endpoint could not be agreed to while the trial is still ongoing. Without an agreed upon primary endpoint, sufficient for efficacy, the FDA no longer refers to the-- ELPIS II trial as pivotal. As had been specifically discussed with the FDA in the company's type c meeting in 2024. Nevertheless, the FDA expressly agreed that it is willing to meet with Longeveron again when the ongoing ELPIS II study is completed to discuss the study results and align on a potential path forward.

The FDA further indicated that only the most objective measures including all cause mortality, cardiac transplant-free survival, event of cardiac transplantation, and well defined major adverse cardiac events, MACE, could be informative of efficacy in ELPIS II And in that regard, the company is capturing all of these measures in ELPIS II along with some additional key measures to support an efficacy determination. The company intends to submit to the FDA a sponsored statistical analysis plan or SAP for ELPIS II.

For the FDA's review and approval and remain optimistic that the trial results and other available evidence will be sufficient to support filing a biological license application, BLA, following the readout of top line results of the ELPIS II data. Which, as I mentioned earlier, are anticipated in August. We look forward to sharing the results of the ELPIS II clinical trial when they are available. Reaching over to pediatric dilated cardiomyopathy or PDCM. This is a rare pediatric cardiovascular disease in which the muscles in 1 or more of the heart chambers become enlarged or stretched. Dilated. This nearly 40% of children with PDCM requiring a heart transplant or dying within 2 years of diagnosis.

Our investigational new drug IND application for Lomecel-B as a potential treatment for PDCM. Became effective in July 2025. This IND allows advancement directly into a single phase 2 registrational clinical trial. Reflecting the serious nature of this rare pediatric disease. And the significant unmet medical need. We currently anticipate planning and preparation for the study in 2026, with potential initiation of the study in 2027.

Lisa Locklear: I will hand the call over to Lisa Locklear, our Chief Financial Officer. Lisa? Thank you, Nataliya, and good afternoon, everyone. This afternoon, we issued a press release and filed our quarterly report on Form 10 Q both of which present our financial results in detail. So I will touch on some highlights. Revenues for the 3 months ended 03/31/2026, were $400 thousand and consisted of $400 thousand of clinical trial revenue and $20 thousand of contract manufacturing revenues. Revenues for the 3 months ended 03/31/2025, were $400 thousand and consisted of $300 thousand of clinical trial revenues and $100 thousand of contract manufacturing revenues.

Clinical trial revenues for the 3 months ended 03/31/2026 increased $100 thousand or 46% when compared to the same period in 2025, as a result of greater participant demand for our Bahamas registry trial. Contract manufacturing revenues for the 3 ended 03/31/2026, decreased $100 thousand or 84% when compared to the same period in 2025 driven by reduced demand for these services from our third party clients. General and administrative expenses for the 3 months ended 03/31/2026 were $2.7 million compared with $2.9 million for the same period in 2025. The $200 thousand or 7% decrease was primarily due to a $400 thousand reduction in personnel and related costs.

Reflecting lower performance achievement for the 2025 annual cash incentive bonuses partially offset by higher legal accounting and consulting fees. Research and development expenses were $2.3 million for the 3 months ended 03/31/2026, compared to $2.5 million for the same period in 2025. The $200 thousand or 8% decrease was due to lower performance achievement related to the 2025 annual cash incentive bonuses a $2 million nonrecurring charge for amortization expense related to patent costs recorded in the 2025 period. These were partially offset by a year over year increase in personnel and higher clinical spend as we prepare for the ELPIS II study results in August.

Our net loss was $4.7 million for the 3 months ended 03/31/2026, compared to $5 million for the 3 months ended 03/31/2025. The decrease of $300 thousand or 6% was due to the factors outlined before. Our cash and cash equivalents as of 03/31/2026, were $15.8 million We currently anticipate our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements into 2026.

Joshua Michael Hare FACC: Based on our current operating budget and cash flow forecast. I will hand the call over to Joshua Hare, our Co-Founder, Chief Science Officer and Executive Chairman. Joshua? Thank you, Lisa. Good afternoon, everyone. Laramestrocel is an allogeneic mesenchymal stem cell therapy supported by a robust intellectual property portfolio of 52 issued patents and over 60 pending patents worldwide. Its potential mechanism of action including anti inflammatory, provascular, and pro regenerative effects, support its potential application across multiple high value indications. Laromestrocel benefits from having received 5 expedited designations, including regenerative medicine advanced therapy, or RMAT, Fast Track Orphan Drug, and Rare Pediatric Disease Designations. Reinforcing both the clinical promise and regulatory positioning of our program.

We continue to advance a pipeline and product strategy with multiple indications that can be independently developed, partnered, or licensed creating multiple pathways for value creation. Our stem cell therapy development programs address life threatening conditions in the most vulnerable populations, children and the elderly. Our 4 initial indications address market opportunities of what we estimate to be approximately $1.5+ billion, and up to $1.4 billion. Respectively. We plan to pursue a robust partnering strategy across our development programs to accelerate potential time to market increase capital use efficiency, and leverage the greater resources of larger organizations. I will now turn the call back to Steven.

Stephen H. Willard: Thank you, Joshua. The anticipated near term clinical data for HLHS the strengthening of our balance sheet, the support of high quality fundamental investors and the potential for partnerships across our development programs. This is an extraordinary exciting time for Longevron. We deeply appreciate the support of all our stakeholders, and look forward to continued collaborations and progress in the future. Operator?

Operator: We would now like to open the call for questions from our covering analysts. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Please press star and 1 on your telephone keypad. You may press star and 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Ladies and gentlemen, we will wait for a moment while we poll for questions. We take the first question from the line of Raghuram Selvaraju from H.C. Wainwright.

Analyst (Raghuram Selvaraju): Thank so much for taking my questions. Firstly, on the regulatory front, could you maybe provide us with some sense of your expectations post reporting of top line results from ELPIS II and what you think are likely to be the most logical follow-up steps that you would take with the agency? Other words, you know, within what time frame would you request a potential meeting with the agency to discuss the ELPIS II results and what type, what classification of meeting would that be?

Stephen H. Willard: I would say that we would do that immediately. And it would be a type c meeting. Joshua, do you have any correction to that? I am not sure.

Joshua Michael Hare FACC: I would like to hear from Nataliya because if it is an end of phase 2, it could be a type b meeting. But after then, is to immediately provide the top line results to the agency and to solicit a meeting with them as soon as possible.

Nataliya Agafonova: Nataliya, any Sure. Sure. I agree with that. And you know, if the so it depends on the results. If the results are really over overwhelming, we would like to come back probably the Type B meeting to discuss all the potential for the future the potential BLA filing. And, of course, we will follow-up with the full clinical study report And then, definitely, we will plan a pre-BLA meeting later on, probably by the end of the year, to discuss all the you know, all the points of our path forward for the BLA.

And, actually, pre should be done sometimes in 20 2027 because it should be, a reason why we can we can discuss all our readiness for the BLA from not just from the sense of clinical results, but also CMC, etcetera. So yeah.

Analyst (Raghuram Selvaraju): And then with respect to what could conceivably be the post marketing requirements for Lomecel-B if granted approval in HLHS? So this is a hypothetical scenario. Can you give us a sense of whether you think the overall regulatory positioning on what the requirements might be for pros post approval assessment of laramestrocel, have changed in the wake of the most recent feedback from the FDA regarding the primary efficacy endpoint in ELPIS II. Or if that is really a completely separate subject and has not been impacted in any way, by the change in the agency's view about ELPIS II.

Nataliya Agafonova: Sure. it is a fantastic question. Thank you for that question. We actually thought through, even in 2024, about potential post marketing requirements, and we proposed long term extension study. Basically, every patient who went through ELPIS I and ELPIS II study, we want to see long term long term data, long term transplant free survival. So we proposed this design to FDA. They accepted it. They like it. So most likely, that would be the requirement In case we are approved, then to demonstrate efficacy on transplant free survival and some other endpoints. 10 years, let's say, from when the patient reached 10 years old, later on.

So that would be probably 1 of the requirements, and we are preparing for that. We have design and we are implementing it operationally as we speak. We are thinking through about it.

Analyst (Raghuram Selvaraju): And at the risk of sounding iterative, I also wanted to ask about whether you feel that there is any read through or impact on your plans in PDCM, based on the recent regulatory feedback that you have received. Obviously, there are noteworthy differences between HLHS and PDCM but I just wanted to see if from your perspective, there is any read through to the PDCM program and, you know, any additional considerations that may now be introduced as you look to design. The path forward for Laromestrocel in PDCM in the wake of the most recent FDA feedback on the ELPIS II study.

Nataliya Agafonova: May I just answer from clinical development. Maybe you can give business perspective. Is it okay?

Stephen H. Willard: Yes, please. Go ahead.

Nataliya Agafonova: Okay. So you are absolutely right. When we look at the whole life cycle management, we always have to look at each indication, for the same, compound investigational product even though they can be not connected, and they are completely different. And I would say, the results of, HLHS trial will definitely inform in some way, inform and message We can develop some key messages, clinical messages for PDCM. But they are 2 independent diseases, and they route of administration is completely different. Patient population is different. So even though we will learn from it, and we even might apply some data to PDCM. it is completely 2 different, 2 different entities, 2 different diseases.

And, Steve, maybe you can provide your perspective from business point of view. What happened after results of each of the tests?

Stephen H. Willard: Mhmm. Sure. From a business point of view, I think this was a surprise that we had this issue with the FDA. I think it is 1 that we will be able to overcome quite well. Because it all comes down to the data. And the FDA has been quite clear that this is a very rare orphan drug disease that is an unmet medical need. And the same is true of PDCM. And so, I think we will just be careful with the FDA in terms of making sure that they are completely comfortable. With our endpoints, but I think we should be in a good shape for both products.

Nataliya Agafonova: And I would like to add that we in 2026, we are planning operationally to initiate PDCM. We are going to do feasibility, etcetera. So we are preparing for initiation of PDCM. Thank you.

Joshua Michael Hare FACC: Nataliya, it might be worth mentioning what the PDCM endpoint is that we already designed for the, the approved IND. It is already a clinical endpoint that we anticipate would meet approvability criteria if met. So while there will certainly be opportunities for refinements, we do not anticipate we, rather, let me restate. We do anticipate that the endpoint already agreed upon with the FDA will ultimately be the endpoint if met that will result in approval. For PDCM. Right.

Nataliya Agafonova: Sure. So before Joshua, so would you like me to just mention what is what is sorry. I missed it.

Joshua Michael Hare FACC: Oh, yeah. No. No. I think I was just say I just indicated, Nataliya, that we already have the chosen clinical endpoint. Agreed upon with the agency for the PDCM trial. Yep. Thank you. Yes. Thank you. Thank you very much.

Operator: Thank you. We take the next question from the line of Boobalan Pachaiyappan from ROTH Partners. Please go ahead.

Analyst (Boobalan Pachaiyappan): Hi, team. This is Boobalan dialing in for Boobalan. We have a couple of questions. So Mhmm. Yeah. The first question is, given that RVEF is out of the question, let's assume a composite endpoint, you know, that comprises of 12 months transplant free survival rate, the length of hospitalization, and MACE. So what level of benefits do you need to show in each category to convince the FDA?

Stephen H. Willard: Joshua, you want to take that? I think it is better if we have Nataliya answer that because she's completed the power analysis. Nataliya, would you like to take that question?

Nataliya Agafonova: Sure. Yeah. So, specifically, as you know, when we plan the trial, and now as we prepare to submit statistical analysis plan, and we just received the blinded data. So we are looking at all the assumptions. And but we know even if blinded, we know that as of today, we have 2 deaths on the trial. 1 death happened prior to Glenn procedure, and another death happened after Glenn procedure. So we have these 2 events. And because it is a composite endpoint, the whole weight of the composite end point is the weighting is going to be on hospitalizations. Days in a hospital.

Our assumptions based on literature as you know, we are pioneering this indication, and there are not many precedents available. And we are using, SDR data. We are using, single institution data on literature, So based on all the literature evidence, currently, patients with HLHS chest spent about 30 days in the hospital 12 months after Glenn, and that is our biggest assumption. So, of course, on our trial, we would like to do and we would like to demonstrate that these very clinically meaningful endpoints such as how many days patients spent in the hospital, it is shorter than 30 days. And we have different assumptions, 15 days, etcetera. For now, we are powering 15 days.

And then as far as MACE we know what potentially we have how many events we have, but we have to adjudicate these events and but we have enough events to demonstrate some difference between standard of care and Lomecel-B at this point.

Joshua Michael Hare FACC: And MACE, which is another composite endpoint. And which consists of cardiovascular mortality, hospitalization due to heart failure, thromboembolic event, and arrhythmia. So we are adjudicating these events, and we have enough sufficient events to demonstrate the difference.

Nataliya Agafonova: So did I address your question?

Analyst (Boobalan Pachaiyappan): Yeah. So I have a couple more. So the next thing is so are there any specific learnings from the recently published child study that, you know, could provide a read through for the ELPIS II study?

Nataliya Agafonova: Joshua, maybe you can answer this question because you were involved in the study and you know it better.

Joshua Michael Hare FACC: Yes. Thank you, and thank you for that question. We are we are excited about the child results, and they did inform our, thinking for the endpoint of ELPIS II. The reason why it is so attractive is, first of all, it is current data whereas the SVR data is somewhat dated. So the, the child study was concurrently enrolled at the same centers with the ELPIS 2, patients, and it did also involve standard we also had randomization between active treatment and standard of care. So we have a standard of care reference although it is a small study.

What was quite intriguing in the child study was that the rate of events was quite high in the standard of care group, and all of the events that we are looking at in the ELPIS II were seen in the child study. So, again, concurrently, concurrently enrolled with ELPIS 2, so at the same time in same point in time, at the same centers with the same surgeons, And although it was a much smaller study, we did we were able to detect meaningful differences between treated patients and standard of care patients.

So we did use that as a guide in our thinking of what the endpoint for ELPIS II should be as well as what the constituents of MACE should be. And we are hopeful that the event rate in child will be whatever we saw in child will be similar in the ELPIS II study.

Nataliya Agafonova: Thank you, Joshua.

Analyst (Boobalan Pachaiyappan): And another question. So from a payer standpoint, what would be the greatest predictor of drug efficacy, you know, that would influence them to cover Lomecel-B? Know, if it is approved on an accelerated basis.

Nataliya Agafonova: I would say you know, clinically relevant and outcome measures, as we spoke, transplant free survival, it is very important There are not too many hearts available, and we would love this transplant free survival to be as long as possible. And then, days in the hospital, it is also very important to demonstrate. On the composite endpoint, even though we can demonstrate composite, we have to demonstrate significance on each endpoint anyway, and I think these 2 are very, very important. And, of course, heart failure hospitalization also. So which is kind of indicator how the right ventricle is performing, etcetera. So I think those are the most significant, endpoints.

And in addition, I would like to say even though FDA did not accept right ventricular ejection fraction because they believe it is not enough, evidence to consider this as a surrogate endpoint. We are still including it as our secondary endpoint. And we would like to do more work. And once we have more long term data available, we would like to perform this analysis of correlation with ejection fraction and clinical outcome and survival. So it is not a surrogate endpoint today. But I hope this data can inform us and maybe it is a potential for us to elevate right ventricular ejection to surrogate endpoint.

Analyst (Boobalan Pachaiyappan): Thank you, Nataliya. And 1 last question from me. So after the release of ELPIS II and you know, assuming positive data, do placebo patients have an opportunity to try out Lomecel-B on a compassionate basis?

Nataliya Agafonova: So we do not have any long term or we do have compassionate program, but we do not have any long term extension study where a patient can switch crossover anything like this, but maybe we have not discussed it yet, but I think we should. If the data are positive, I think it should be a discussion how to make it available for patients. Absolutely. Steve, would you like to add anything for compassionate use?

Stephen H. Willard: Yes. I mean, this whole the whole purpose of Dr. Hare creating this company over 10 years ago was to save lives particularly in children and the elderly. And, making our drugs available for compassionate use is a priority for us. We will do everything we can to make that possible. Derek, are there any other questions?

Operator: No other questions. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I would now hand the conference over to Stephen H. Willard for his closing comments.

Stephen H. Willard: Thank you all very much for participating in this conference call and for listening to our progress We have focused today tremendously on the data that we expect in August It is a fundamental time for our company, but please remember that we have 4 shots on goal here. Not just 1. And that you can expect we hope, very interesting progress with regard to Alzheimer's disease and aging frailty. as a supplement to and as a very strong carrier of the company together with our HLHS and PDCM products. Thank you once again for your time, and we look forward to updating you shortly again. Thank you. Thank you.

Operator: Ladies and gentlemen, the conference of Longeveron has now concluded. Thank you for your participation. You may now disconnect your lines. Thank you.

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