Good afternoon, everyone, and thank you for joining us today to review Longeveron's 2025 full year financial results and business updates. After the U.S.

markets closed today, we issued a press release with the financial results for 2025, which can be found under the Investors section of the Longeveron website. On the call today are Stephen Willard, Chief Executive Officer; Joshua Hare, Co-Founder, Chief Science Officer, and Executive Chairman of the Board; Nataliya Agafonova, Chief Medical Officer; and Lisa Locklear, Chief Financial Officer.

As a reminder, during this call, we will be making forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements.

Any such statements should be considered in conjunction with cautionary statements in our press releases and risk factors discussed in the company's filings with the Securities and Exchange Commission, which we encourage you to review. Following the company's prepared remarks, we will open the call to questions from covering analysts.

With that, let me hand the call over to Stephen Willard, CEO. Steve?

Thank you, Jenny. Thank you all for joining us today.

I am excited and honored to join Longeveron at this pivotal moment for the company. The strength of the company's stem cell science and success in multiple clinical trials across several indications positions Longeveron to be a leader in the stem cell field.

Upon assuming the role of CEO, I have had an immediate focus on three critical areas. First, securing necessary financial resources and planning efficient capital allocation.

I'm delighted to report, as you've hopefully seen from our prior press releases, that we have secured $15 million in new capital from, among others, what I believe are two of the premier, fundamental institutional investors in biopharma, Coslin's Capital, that's Matthew Perry, and Janus Henderson Investors. We also have the potential to close a second tranche of an additional $15 million upon meeting certain milestones.

We are grateful for their investment, support, and shared vision of advancing stem cell therapies for the benefit of patients and their families. The initial capital from the financing provides runway comfortably into the fourth quarter of 2026.

Second, this capital enables us to complete and deliver the results of the ELPIS II, our anticipated pivotal Phase 2b study in HLHS, and potentially, if supported by the data, begin preparation of the company's first BLA with the U.S. FDA.

Enrollment of the clinical trial was completed in June of last year, and we remain on track for reporting results in the third quarter of this year. Third, strategic partnering.

We plan to pursue a robust partnering strategy across all of our development programs to accelerate potential time to market, increase capital use efficiency, and leverage the greater resources of larger organizations. For HLHS, we believe that the optimal timing to secure a potential BLA and commercialization partner will be following the readout of the ELPIS II clinical trial results in the third quarter of this year.

For Alzheimer's disease, we plan to leverage the strength of our Phase 2 data and clarity on the clinical pathway to a potential BLA for Alzheimer's disease to engage with potential funding commercialization partners. For pediatric dilated cardiomyopathy, or PDCM, we intend to execute a single pivotal Phase 2 registrational study under our active FDA IND, leveraging an efficient development strategy appropriate for a rare pediatric disease.

If successful, this study could form the basis of a potential BLA submission, pending FDA alignment. Upon successful completion, we intend to pursue strategic partnership opportunities to support regulatory approval and commercialization.

Finally, and potentially very significantly, are our opportunities for Priority Review Vouchers, or PRVs. Our HLHS program has been granted Rare Pediatric Disease Designation by the FDA, which makes it eligible to receive a PRV upon approval of a BLA.

The same opportunity may exist for our PDCM program to also be eligible for a PRV. Companies can either use the PRV to secure a speedier FDA review of a future therapy or sell it to another company.

Since August of 2024, vouchers have been sold for between $150 and $205 million each. Securing one or more PRVs would obviously be a tremendous financial outcome for the company and shareholders.

In our recent private placement, we agreed to pursue a sale of a PRV received for HLHS if granted, and that the investors would be entitled to 50% of the proceeds received from the potential future sale of the HLHS PRV. It is an exciting time for Lomecel-B, the patients we serve, Longeveron, and our shareholders.

With that, I will turn the call over to Dr. Agafonova, our Chief Medical Officer, to touch on the clinical development programs.

Natalia?

Thank you, Steve, and good afternoon, everyone. As Steve mentioned, our HLHS program is the primary focus for us, with a near-term pathway to potential approval in an area of clear unmet medical need.

The Phase 2b clinical trial, ELPIS II, evaluating the potential of Lomecel-B to improve right ventricular function and long-term clinical outcomes in infants with HLHS, is nearing completion. Enrollment of 40 patients was completed in June of last year.

Top-line results from the ELPIS II trial are anticipated in the third quarter of 2026. Based on FDA feedback received in August 2024, ELPIS II may be considered a pivotal study, subject to the trial results, which could potentially accelerate the regulatory pathway for Lomecel-B.

If supported by the data, we plan to initiate preparation for a potential Biologics License Application, BLA. This would represent our first BLA submission and targets a serious pediatric condition with significant unmet medical need.

Our Lomecel-B program in HLHS is designed to improve cardiac function in these children, with the goal of potentially improving long-term clinical outcomes. The earlier Phase 1 ELPIS I study established the safety and feasibility of Lomecel-B administration and provided supportive clinical observations that informed the design of the ongoing pivotal ELPIS II trial.

Due to its small size and single-arm design, ELPIS I was not intended to evaluate efficacy outcomes. We look forward to sharing the results of the ELPIS II clinical trial in the third quarter.

Pediatric dilated cardiomyopathy is a rare pediatric cardiovascular disease in which the muscles in one or more of the heart chambers become enlarged or stretched, dilated, with nearly 40% of children with PDCM requiring a heart transplant or dying within two 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 pivotal 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.

I will hand the call over to Lisa Locklear, our Chief Financial Officer. Lisa?

Thank you, Natalia, and good afternoon, everyone. This afternoon, we issued a press release and filed our annual report on Form 10-K, both of which present our financial results in detail, I will touch on some highlights.

Revenues for the year ended December 31st, 2025, were $1.2 million and consisted of $1.0 million of clinical trial revenue and $0.2 million of contract manufacturing revenue. Revenues for the year ended December 31st, 2024, were $2.4 million and consisted of $1.4 million of clinical trial revenue, $0.5 million of contract manufacturing lease revenue, and $0.5 million of contract manufacturing revenue.

2025 revenues decreased $1.2 million, or 50%, when compared to 2024, as a result of lower participant demand for our Bahamas registry trial and reduced demand for contract manufacturing services from our third-party client. General and administrative expenses for the year ended December 31st, 2025, increased to approximately $12.0 million, compared to $10.3 million for the same period in 2024.

The increase of approximately $1.8 million, or 17%, was primarily related to an increase in personnel and related costs in 2025 as we increased headcount year-over-year and a one-time accrued severance cost for our former CEO. Research and development expenses for the year ended December 31st, 2025, increased to approximately $12.0 million from $8.1 million for the same period in 2024.

This increase of $3.9 million, or 48%, was primarily driven by $2.2 million increase in personnel and related costs, including equity-based compensation, $1.4 million increase in CMC costs associated with technology transfer, including non-clinical manufacturing batches that advance our readiness for future commercial production as part of our BLA-enabling efforts, and $0.2 million increase in amortization expense related to patent costs. Our net loss increased to approximately $22.7 million for the year ended December 31st, 2025, from a net loss of $16.0 million for the same period in 2024.

The increase in the net loss of $6.7 million, or 41%, was for the reasons outlined previously. Our cash and cash equivalents as of December 31st, 2025, were $4.7 million, with approximately $1.4 million in working capital.

On March 11th, we completed a private placement that raised gross proceeds of approximately $15.9 million. We're delighted to welcome Coslin's Capital and Janus Henderson Investors as key shareholders.

As a result of the financing, we currently anticipate our existing cash and cash equivalents will enable us to fund operating expenses and capital expenditure requirements into the fourth quarter of 2026, based on our current operating budget and cash flow forecast. I will now hand the call over to Joshua Hare, our Founder and Chief Science Officer.

Josh?

Thank you, Lisa. Good afternoon, everyone.

As you've heard from the previous speakers, we believe we are on the cusp of pivotal data in HLHS, which, if positive, would be an important step in our mission to help patients and families through the application of stem cell research. This important milestone for Longeveron reflects not only the continued advancement of Lomecel-B, but also the significant progress occurring across the broader field of stem cell research, clinical application, and commercialization.

In recent years, we've seen increasing validation of cell therapy's role in regenerative medicine and its potential to address a wide range of serious conditions, reinforcing the promise of this rapidly evolving area of medicine. We believe these advances are helping to establish cell therapy as a potentially transformative approach for treating serious diseases with significant unmet medical need.

Longeveron has been an active participant in this evolution, with multiple clinical-stage programs, publications of clinical trial results in premier journals such as Nature Medicine and Cell Stem Cell, and multiple stem cell therapy patents issued globally. The potential for stem cell therapies to address large and underserved patient populations represents a significant opportunity, and we remain focused on executing our clinical, regulatory, and strategic priorities to unlock the value of our platform.

I will now turn the call back to Stephen.

Thank you, Josh. The anticipated near-term pivotal clinical data for HLHS, the strengthening of our balance sheet, the support of high-quality fundamental investors, and possibly our first BLA submission, as well as potential partnerships across our development programs, make this an extraordinarily exciting time for Longeveron.

We deeply appreciate the support of all of our stakeholders and look forward to continuing collaboration and progress in the future. Operator, we would now like to open the call for questions from our covering analysts.

Thanks so much for taking my questions, and congratulations on all the recent progress, very exciting. Wanted to ask about the commercial perspectives as these pertain to scaled-up manufacturing and CMC for Lomecel-B were it to be approved in the HLHS indication.

Also wanted to see if you could just enumerate for us again which potential areas of inquiry for Lomecel-B could conceivably be eligible for PRVs in the future beyond HLHS.

Sure. This is Stephen.

I'll take the second question. We could have a separate PRV for PDCM.

In fact, we'll be seeking that very shortly. There are two different PRVs we sold half of to our investors, and the other half is for us.

Then the PDCM is entirely for us. With regard to the manufacturing and CMC, that is a priority for us going forward.

It's a priority for us this year. We've made incredible strides with regard to it so far.

We are engaged with a CDMO who will be able to do the manufacturing for us going forward, and it will free up our own laboratory space for other projects. Do you have a follow-on question, Ron?

Yes. With respect to indications like, for example, Alzheimer's disease and age-related frailty, what potential non-dilutive sources of capital to fund those initiatives could you access beyond the PRVs that you just enumerated?

Great question. The answer is it's going to be a real priority for us to seek licensing partners for both Alzheimer's disease and for age-related frailty.

We've already got some preliminary conversations set up. I have a background in licensing.

I ran a company called Flamel Technologies, ticker symbol FLML, based in Lyon, France, and we had partnerships with 24 of the world's largest pharmaceutical companies. I have a pretty active Rolodex, and Alzheimer's disease is a very attractive possibility for us now.

Age-relating frailty, we have a wonderful paper in Cell Stem Cell that just came out. I recommend it to you highly, and we already had incoming interest with regard to licensing that technology.

Those two things will be on the priority list for 2026.

Thank you so much.

Thank you, Ron.

Hi, good afternoon, and thanks for taking our questions. Of course, congratulations on your new role.

Firstly, with respect to the HLHS program, assuming the data is positive in Q3, third quarter '26, how sooner you can file for BLA for the HLHS program? Also if you can provide some granularity in terms of whether you'll be filing your BLA on a rolling basis, and also if you're expecting a priority review?

Thank you very much for those questions. Josh, would you care to answer with regard to the various attractive things that have been granted to us by the FDA with regard to HLHS?

Thank you, Steve. Hi, Boobalan.

Thank you for the question. Yes, we are potentially eligible for rolling submission, which we would take advantage of if allowed by the FDA.

At this stage, our next big milestone is of course the data readout, which will then trigger an end-of-phase meeting with the FDA to help determine the speed and timing of the application process. Because we have the Rare Pediatric Disease Designation, we are eligible for the rolling submission, and I believe we're also eligible for priority review based on the designations that we have.

Of course, data permitting, our objective would be to initiate that regulatory process as quickly as possible and as is allowed by the FDA. Perhaps I might also ask Nataliya to comment on that, since she's so involved in that process.

Thank you so much, Josh, and thank you, Boobalan, for your question. Assuming the data are positive in third quarter of 2026, definitely we would like to take advantage of rolling submission.

As it's not only the readiness of clinical data and all the modules related to clinical data, it's also CMC. We are going to take all the advantage and targeting BLA submission sometimes in 2027.

That's very helpful. Then in terms of PRV, because that has been mentioned many times in today's call.

Obviously, the most recent PRV was sold for a very high price of $205 million, this is from Fortis Biotech, right? At the same time, we have a new sunset date for the PRV, which is September 2029, which is a little more than three years from today.

Because the sunset date is a little far, do you expect any challenges in terms of monetizing PRV for a heavy premium, given this new sunset date? Just curious.

It's a great question. It's hard to predict out that far, but I think the immediately prior to that $205 million was a $2 million $200 million from Jazz Pharmaceuticals.

The last two have been in the $200 million range. I would expect prices to remain strong for these as we approach 2029.

All right. Then with respect to PDCM, pediatric dilated cardiomyopathy program, can you provide some context in terms of what would be the next step in this program, how sooner you can start your clinical study?

I know your IND has been sort of cleared. Maybe provide some context in terms of the timeline, design, and potential endpoints you could possibly explore.

Also, I'm trying to understand what is the unmet need you're trying to address here with Lomecel-B? Is it something that patients who would be treated with Lomecel-B not seek a heart transplantation?

Or is this an ambitious goal?

Natalia, would you care to respond to that?

Sure, absolutely. Boobalan, your first question about the timing of the PDCM.

Our goal was to initiate the trial this year, and due to funding, we were not able to achieve this. However, it's our also priority, and we're able to do feasibility assessment sometimes this year, and hopefully initiate the trial and start opening sites sometimes in 2027.

As far as the—

Uh-huh, go ahead.

No, go ahead. Sorry.

You ask also about, can you remind me, you ask about timing, and then—

Design, sample size, and also, is the goal here to have patients not to seek heart transplantation?

Absolutely. We're planning to use hierarchical composite endpoint, similar to the HLHS.

We include listings for transplant, because the left ventricle is failing, we would like to see less heart transplant and hospitalization. Those are very standard approach for heart failure patients, and we're utilizing that.

FDA did accept that as a primary endpoint, with few comments which we're going to do and address as a protocol amendment once we are ready to initiate the trial. We are planning one-year study, every three months administration with Lomecel-B.

Hopefully, the number of patients is 70 patients. Our goal was to do this trial globally, not just to US, but in all geographic area, but as I mentioned, we're planning to do feasibility this year, which is going to show us the high-enrolling sites and the best geographic area, etc.

Hopefully, sometimes in our next call, we can give you an update on that.

Thank you, Natalia. Josh, do you have any comments on that?

Thank you, Steve. Vis-à-vis the potential clinical outcome of Lomecel-B in this population, we're very enthusiastic about the possibility for actually a meaningful disease modification effect here.

This condition, dilated cardiomyopathy, something that affects both adults and children. In children, the clinical burden is much more severe than in adults.

It affects younger kids, and the younger they are affected, more likely they are to have a poor outcome. The death or transplant rate is extremely high in children in the first few years of life.

This is because it's a progressive illness. We don't have any treatment modality to actually cure it, and it's treated with medications that are palliative medications.

Lomecel-B has the potential to actually cure or reverse the disease. Evidence for that does come from studies done in the academic setting in adults, that you can actually see a complete reversal and remission from the disease.

Of course, we will only know that once the trial is done, but there is some reasonable expectation here that the effect could be very substantial and could potentially be curative in these kids and prevent the need for heart transplant, not by prolonging the need for a transplant potentially, but by actually completely reversing the need for it. That at this point is a hypothesis.

We can't say that that is definitely going to happen, but the trial, as designed, will detect the ability to have the complete reversal of the disease, and therefore be one of the first true disease-modifying treatments for this condition.

That's wonderful.

Maybe one last question, sorry. Obviously, you recently received a patent about Lomecel's use in sexual dysfunction in females.

This is pretty interesting program. I'm trying to understand what's your strategy here?

Do you envision this more of a partnered program rather than developing on your own? Also, do you expect this drug in this indication to be a short-term therapy or a long-term therapy?

Thank you very much.

Josh, you take that one as well, please.

Thank you. That's another great question.

Yes, the finding of the improvement of female sexual dysfunction arose from our aging frailty work. This is an issue, and the patent is related to older female individuals.

This is a very important unmet need in this population as well, and there's a tremendous amount of interest in women's health in general that's emerging. It's particularly highlighted by the recent FDA decision to remove the black box warning on postmenopausal estrogen.

I think we see a new era of focus on women's health in postmenopausal women. There's also the recognition in the field that sexual performance and sexual function at that stage of life is incredibly important for health and quality of life.

We do see a big clinical need here and a physician community that's now very focused on this particular matter. In terms of development, I think this would be an indication that would be ripe for partnership, as opposed to us going it alone.

There would clearly be another study that would need to be done and a formal regulatory pathway with the FDA established. In short, I do see this as addressing a very high unmet need and something that would be ripe for a partnership opportunity.

All right. Thank you again.

Thank you for the question.

Thank you, Operator. Thank you all for attending today's call.

We greatly appreciate your interest and support, and look forward to updating you on our continued progress. Thank you once again, Operator.

You may end the call.