Longeveron Inc.
LGVN Healthcare Biotechnology
Longeveron Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 million, down 49.9% from fiscal 2024. In the quarter to June 2026, revenue fell 9.18%, EPS grew 42.4% and free cash flow fell 49.1%, each against the same quarter a year earlier.
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Longeveron Inc. (LGVN) Beneish M-score
Longeveron Inc.'s Beneish M-score for fiscal 2025 is −3.83; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.83 | (2.18) |
| FY2024 | −1.65 | 2.17 |
| FY2023 | −3.82 | (3.37) |
| FY2022 | −0.45 | 6.77 |
| FY2021 | −7.22 | (4.06) |
| FY2020 | −3.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.47 | — | 2.27 | |
| Gross margin index | 1.18 | — | 0.62 | |
| Asset quality index | 2.13 | — | 0.86 | |
| Sales growth index | 0.50 | — | 0.45 | |
| Depreciation index | 0.70 | — | 0.08 | |
| SG&A index | 2.34 | — | −0.40 | |
| Total accruals to total assets | (0.40) | — | −1.85 | |
| Leverage index | 3.11 | — | −1.02 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.83 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LGVN Longeveron Inc. | −3.8× |
| CDIO Cardio Diagnostics Holdings, Inc. compare | −3.5× |
| DRMA Dermata Therapeutics, Inc. compare | — |
| PCSA Heatwurx Inc. compare | — |
| NCNA NuCana PLC Sponsored ADR compare | — |
| RVPH Reviva Pharmaceuticals Holdings, Inc. compare | — |
| PULM Pulmatrix, Inc. compare | — |
| ENLV Enlivex Ltd. compare | — |
| XBIO Xenetic Biosciences, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI