MeritValue

Longeveron Inc.

LGVNdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Longeveron Inc. earns about -186% on equity, but has diluted owners by 92823% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$708,0001$940,0001$709,0002$2.39M3$1.2M3
Net income−$17M4−$18.8M5−$21.4M6−$16M7−$22.7M7
Operating cash flow−$9.64M8−$14M9−$19M10−$13.9M11−$18.6M11
Capital expenditure$330,00012$569,00013$301,00014$655,00015$245,00015
Free cash flow (derived)−$9.97M8−$14.5M9−$19.3M10−$14.5M11−$18.9M11
Total debt—————
Cash & equivalents$25.7M16$10.5M17$4.95M18$19.2M19$4.66M19
Diluted shares18.9M21.0M2.17B9.41B17.58B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on $0 of net worth that earned you −$0.01 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-186% avg · 5y
FY21 -46%FY22 -92%FY23 -318%FY24 -73%FY25 -400%

It earned an average -186% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+92823% shares · 5y

Share count is up 92823% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-020006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-029968 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-110664 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-020006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-017521 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-029968 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-110664 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-020006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-017521 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-029968 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-110664 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-020006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-017521 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-029968 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-110664 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-020006 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-017521 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-029968 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-110664 (CashAndCashEquivalentsAtCarryingValue)