Persistent free cash flow deficits, often exceeding $4M per quarter, underscore a reliance on external capital as the OCF/NI ratio frequently tracks between 0.70 and 0.97.
| Cash from Operations | -18.32M | -18.64M | -13.87M | -19M | -13.97M | -9.64M | -2.36M | -2.39M | -5.18M |
| Operating CF Margin % | - | -1555.05% | -579.77% | -2680.11% | -1143.13% | -737.83% | -42% | -42.47% | -242.57% |
| Operating CF Growth % | -106.63% | -34.45% | 27.02% | -36.03% | -44.97% | -307.63% | 1.13% | 53.83% | - |
| Net Income | -22.43M | -22.7M | -15.97M | -21.41M | -18.84M | -17.05M | -3.72M | -2.96M | -6.34M |
| Depreciation & Amortization | 1.06M | 1.23M | 958K | 946K | 893K | 914K | 785.44K | 768.84K | 745.77K |
| Stock-Based Compensation | 889K | 1.68M | 2.33M | 2.03M | 2.17M | 7.74M | 83K | 136.85K | 423.87K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.3M | 97K | 60K | -603K | 1.57M | -155K | -167 | -120.13K | 1.9M |
| Working Capital Changes | 861K | 1.06M | -1.24M | 36K | 238K | -1.09M | 488.63K | -216.48K | -11.22K |
| Change in Receivables | -39K | -20K | 27K | 107K | -164K | 366K | 30.81K | -451.46K | 24.88K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -366K | -30.81K | 0 | 0 |
| Change in Payables | -452K | 325K | -540K | 0 | 1.11M | -945K | 130.94K | 0 | -13.09K |
| Cash from Investing | -465K | -595K | -640K | 8.19M | -677K | -10.7M | -261.5K | -125.05K | -211.68K |
| Capital Expenditures | -404K | -595K | -992K | -301K | -856K | -1.31M | -261.5K | -37.57K | -211.68K |
| CapEx % of Revenue | 33.22% | 49.62% | 41.47% | 42.45% | 70.05% | 100.31% | 4.65% | 0.67% | 9.92% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 85K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -61K | 0 | 0 | 8.49M | 0 | -9.39M | 0 | -87.47K | -115.72K |
| Cash from Financing | 20.21M | 4.67M | 28.79M | 5.26M | -509K | 45.17M | 1.58M | 350K | 1.35M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -188K | 488K | 0 | 0 |
| Equity Issued (Net) | 15.33M | 4.98M | 12.87M | -174K | 2K | 45.81M | 1.1M | 0 | 0 |
| Dividends Paid | 0 | 0 | -8.65M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -194K | 0 | 0 | -174K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.88M | -311K | 24.57M | 5.44M | -511K | -451K | -12.67K | 350K | 1.35M |
| Net Change in Cash | 1.43M | -14.57M | 14.28M | -5.55M | -15.15M | 24.84M | -1.05M | -2.17M | -4.04M |
| Free Cash Flow | -18.6M | -18.89M | -14.86M | -19.3M | -14.82M | -10.95M | -2.63M | -2.43M | -5.39M |
| FCF Margin % | -1529.61% | -1575.48% | -621.24% | -2722.57% | -1213.18% | -838.13% | -46.64% | -43.14% | -252.49% |
| FCF Growth % | -15.21% | -27.12% | 23.02% | -30.21% | -35.44% | -316.93% | -8.11% | 54.95% | - |
| FCF per Share | -0.75 | -1.07 | -1.00 | -8.88 | -7.07 | -5.79 | -1.56 | -1.52 | -3.39 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.82x | 0.87x | 0.89x | 0.74x | 0.57x | 0.64x | 0.64x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
Based on the provided financial data, Longeveron's operating cash flow consistently tracks net losses, with an OCF/NI ratio often hovering near 0.70 to 0.97, suggesting that the company's reported net income is largely a reflection of cash-based operational expenditures rather than non-cash accounting accruals.
The tight correlation between net income and operating cash flow indicates that the company lacks significant non-cash charges that would otherwise bridge the gap between accounting losses and cash reality. This suggests that the firm's financial statements are a direct proxy for its cash burn rate, leaving little room for earnings quality adjustments.
As reported in quarterly filings, Longeveron's free cash flow remains consistently negative, with quarterly outflows frequently exceeding $4M, a trend that highlights the company's inability to generate self-sustaining capital while advancing its clinical pipeline through high-cost research and development phases.
The persistent negative FCF margins, which have reached as low as -67.6%, underscore the structural challenge of funding clinical trials without a commercial revenue base. Investors should monitor whether the company can stabilize these outflows, as the current trajectory necessitates frequent external capital injections.
According to the cash flow statements, working capital changes have been highly erratic, swinging from a $1.1M inflow in 2025Q3 to a $603K outflow in 2025Q4, which suggests that the timing of grant receipts and vendor payments creates significant, unpredictable fluctuations in quarterly cash availability.
This volatility in working capital appears to be a byproduct of the company's reliance on milestone-based funding and clinical trial service contracts. Such instability complicates cash flow forecasting and may exacerbate liquidity pressures during periods where grant inflows do not align with operational payment obligations.
Based on the provided data, stock-based compensation (SBC) has periodically reached as high as $2.3M in a single quarter, which serves to obscure the true economic cost of operations by shifting expenses from cash-based compensation to non-cash equity dilution for shareholders.
While SBC is a standard tool for talent retention in biotech, its magnitude relative to the company's total cash burn warrants close scrutiny. This practice effectively shifts the burden of operational funding from the income statement to the equity base, potentially diluting existing investors to cover the cost of human capital.
Quick answers to the most common questions about buying LGVN stock.
Longeveron Inc. (LGVN) generated $-18.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Longeveron Inc. (LGVN) reported negative free cash flow of $18.9M in 2025, indicating capital requirements exceeded cash from operations.
Longeveron Inc. (LGVN) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.