Longeveron Inc. Provides Corporate Update and Reports First Quarter 2022 Financial Results -Conference call scheduled for 8:30 a.m. ET today- Miami, Florida

Inc. Provides Corporate Update and Reports First Quarter 2022 Financial Results

-Conference call scheduled for 8:30 a.m. ET today-

Florida - May 13, 2022- Longeveron Inc. (NASDAQ: LGVN) ("Longeveron" or "Company"), a clinical stage biotechnology

company developing cellular therapies for chronic aging-related and life-threatening conditions, today provided a business update and

reported its financial results for the first quarter ended March 31, 2022.

Quarter Business Updates:

for Alzheimer's Disease:

for Hypoplastic Left Heart Syndrome (HLHS):

for Acute Respiratory Distress Syndrome (ARDS) caused by either Covid-19 or Influenza Infection:

Transition and Addition to Board of Directors:

Results for First Quarter Ended March 31, 2022

Revenue for each of the first quarters of 2022 and 2021 was $0.4 million. Revenue consisted of:

Expenses: Research and development expenses in the first quarter 2022 were $1.4 million compared to $1.3 million for the same period

in 2021. The increase of $0.1 million, or 6%, was primarily due to an increase in research and development expenses that were not reimbursable

by grants. Equity based compensation allocated to research and development expenses decreased from $0.4 million for the three months

ended March 31, 2021 compared to $0.1 million for the same period in 2022.

Expenses: General and administrative expenses in the first quarter 2022 were $2.0 million compared to $1.7 million for the same period

in 2021. The increase of approximately $0.3 million, or 16%, was primarily related to an increase in compensation and insurance costs.

During the three months ended March 31, 2022 expenses for compensation, insurance and professional services increased by $0.8 million

when compared to the same period in 2021. Equity based compensation allocated to general and administrative expenses decreased from $0.9

million for the three months ended March 31, 2021 to $0.4 million for the same period in 2022.

Loss: Net loss was $3.5 million in the first quarter 2022 compared to $3.1 million for the same period in 2021.

Share: Net loss per share was $0.17 in the first quarter 2022 compared to $0.18 for the same period in 2021.

and short-term investments: Cash and short-term investments was $30.6 million and $35.0 million as of March 31, 2022 and December

31, 2021, respectively.

believe, based on the current operating plan and financial resources, that our existing cash and short-term investments will be sufficient

to cover expenses and capital requirements into the first half of 2024.

will host a conference call today at 8:30 a.m. Eastern Time to discuss the Company's first quarter 2022 financial results and provide

Dial-in Number: 844-200-6205

Dial-in Number: 833-950-0062

Other Locations Dial-in Number: 929-526-1599

Replay Dial-in Number: 866-813-9403

Replay Dial-in Number: 226-828-7578

Other Locations Dial-in Number: 44-204-525-0658

audio webcast of the call may also be accessed from the Investors' page of the Longeveron website at www.longeveron.com.

A replay of the call will be available on the Longeveron website shortly after completion of the call.

is a clinical stage biotechnology company developing cellular therapies for specific aging-related and life-threatening conditions. The

Company's lead investigational product is the LOMECEL-B cell-based therapy product ("Lomecel-B"), which is derived

from culture-expanded medicinal signaling cells (MSCs) that are sourced from bone marrow of young, healthy adult donors. Longeveron believes

that by using the same cells that promote tissue repair, organ maintenance, and immune system function, it can develop safe and effective

therapies for some of the most difficult disorders associated with the aging process and other medical disorders. Longeveron is currently

sponsoring Phase 1 and 2 clinical trials in the following indications: Alzheimer's disease, hypoplastic left heart syndrome (HLHS),

Aging Frailty, and Acute Respiratory Distress Syndrome (ARDS). The Company's mission is to advance Lomecel-B into pivotal Phase

3 trials, with the goal of achieving regulatory approvals, subsequent commercialization and broad use by the healthcare community. Additional

information about the Company is available at www.longeveron.com.

Note Regarding Forward-Looking Statements

statements in this press release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions

of the Private Securities Litigation Reform Act of 1995, which reflect management's current expectations, assumptions, and estimates

of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially

from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking

terminology such as "believe," "expects," "may," "looks to," "will," "should,"

"plan," "intend," "on condition," "target," "see," "potential," "estimates,"

"preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or

goals or other future events, circumstances, or effects. Factors that could cause actual results to differ materially from those expressed

or implied in any forward-looking statements in this release include, but are not limited to, statements about the ability of our clinical

trials to demonstrate safety and efficacy of our product candidates, and other positive results; the timing and focus of our ongoing

and future preclinical studies and clinical trials and the reporting of data from those studies and trials; the size of the market opportunity

for our product candidates, including our estimates of the number of patients who suffer from the diseases we are targeting; the success

of competing therapies that are or may become available; the beneficial characteristics, safety, efficacy and therapeutic effects of

our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; our plans relating to the further

development of our product candidates, including additional disease states or indications we may pursue; existing regulations and regulatory

developments in the U.S., Japan and other jurisdictions; our plans and ability to obtain or protect intellectual property rights, including

extensions of existing patent terms where available and our ability to avoid infringing the intellectual property rights of others; the

need to hire additional personnel and our ability to attract and retain such personnel; our estimates regarding expenses, future revenue,

capital requirements and needs for additional financing; our need to raise additional capital, and the difficulties we may face in obtaining

access to capital, and the dilutive impact it may have on our investors; our financial performance, and the period over which we estimate

our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditures requirements.

Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's

filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021, filed

with the SEC on March 11, 2022, and our Quarterly Report on Form 10-Q for the period ended March 31, 2022. The forward-looking statements

contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation,

other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events,

Statements of Operations

(In thousands, except per share data)

accompanying notes to unaudited condensed financial statements.