Longeveron Inc. Provides Corporate Update and Reports Second Quarter 2021 Financial Results -- Longeveron to hold conference call today at 8:00 AM EDT Miami, Florida

Inc. Provides Corporate Update and Reports Second Quarter 2021 Financial Results

Longeveron to hold conference call today at 8:00 AM EDT

Florida - August 13, 2021- 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 quarter ended June 30, 2021.

continue to make excellent progress advancing our Lomecel-B clinical research programs forward," said Geoff Green, CEO of Longeveron.

"Today we announced encouraging top-line results from our Phase 2b Aging Frailty trial evaluating the safety and efficacy of four

different doses of Lomecel-B compared to placebo in Aging Frailty subjects. And, we anticipate announcing top-line results from our other

Phase 1/2 Aging Frailty "HERA" trial this quarter. Furthermore, we anticipate initiation of a Phase 2 Alzheimer's disease

trial and a Phase 2 Japan Aging Frailty trial later this year, and we are thrilled that the first subject was dosed this past June in

the Phase 2 Hypoplastic Left Heart Syndrome trial."

Green continued, "In July, we presented our Phase 1 Alzheimer's disease trial data at the Alzheimer's Association International

Conference (AAIC), and have submitted a manuscript of the results for peer-review publication. We look forward to additional presentations

regarding our various trials and data at the upcoming International Conference on Frailty and Sarcopenia Research (ICFSR) in late September,

and the Gerontological Society of America's (GSA) Annual Scientific Meeting in November. Finally, we welcomed key personnel to

our management team and board of directors, and look forward to a busy and productive second half of 2021."

Significant Data from Phase 2b Trial of Lomecel-B in Aging Frailty Subjects:

pre-specified statistical analysis plan involved a primary analysis and a secondary analysis:

Frailty Phase 1/2 "HERA" Trial Data This Quarter; Japan Phase 2 On Track:

Data from Alzheimer's Disease Phase 1 Study Presented at AAIC; Phase 2 Trial On Track:

for Hypoplastic Left Heart Syndrome (HLHS)

for Acute Respiratory Distress Syndrome Due to COVID 19 Infection:

Results for Second Quarter Ended June 30, 2021

Revenue in the second quarter 2021 was $0.5 million compared to $0.9 million in the same period in 2020. The difference was due to

a decrease in clinical trial revenue and grant revenue, as follows:

Expenses: Research and development expenses in the second quarter of 2021 were $2.0 million compared to $0.7 million for the same

period in 2020. The increase of $1.3 million, or 205%, was primarily due to an increase in research and development expenses that were

not reimbursable by grants; including $0.8 million of equity-based compensation recorded for Restricted Stock Units ("RSUs")

and stock options granted during the quarter.

Expenses: General and administrative expenses in the second quarter of 2021 were $3.3 million compared to $0.6 million for the same

period in 2020. The increase of approximately $2.6 million, or 401%, was primarily related to an increase in compensation, insurance

and professional expenses incurred during the current period; including $1.4 million of equity-based compensation recorded for RSUs and

stock options granted during the quarter.

Loss: Net loss was $5.0 million in the second quarter 2021 compared to $1.2 million for the same period in 2020.

Share: Net loss per share was $0.26 in the second quarter 2021 compared to $0.08 for the same period in 2020.

Cash on hand was $16.8 million compared to $0.8 million as of June 30, 2021 and 2020, respectively. The increase in cash period over

period was the result of the completion of the Company's initial public offering in February of 2021.

on the Company's current operating plan and financial resources, we believe that our existing cash on hand will be sufficient to

cover expenses and capital requirements through at least the fourth quarter of 2022.

will host a conference call today at 8:00 a.m. Eastern Time to discuss the Company's second quarter 2021 financial results and

provide a business update.

conference call will be available via telephone by dialing toll free 1-844-200-6205 for U.S. callers; 1-646-904-5544 for local callers;

or + 44 208-068-2558 for international callers and using entry code 874656. An audio replay of the call will be available through August

webcast of the call may be accessed from the "Events & Presentations" page on the Longeveron website at https://investors.longeveron.com/events-and-presentations/default.aspxby

selecting today's date from the "Upcoming Events" calendar followed by the "Webcast" link that

appears beneath. The recorded webcast will remain accessible for one year through August 13, 2022.

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: Aging Frailty, Alzheimer's disease, the Metabolic Syndrome,

Acute Respiratory Distress Syndrome (ARDS), and hypoplastic left heart syndrome (HLHS). The Company's mission is to advance Lomecel-B

and other cell-based product candidates 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 that 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. Moreover, 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; the size of the market

opportunity for our product candidates, 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 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. 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 Quarterly Report on Form 10-Q for the period ended

June 30, 2021. 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, or otherwise.

Statements of Operations

thousands, except per share data)