Longeveron Inc. (NASDAQ: LGVN) announced a private placement agreement for up to $30 million in gross proceeds to fund its clinical development programs. The biotechnology company will receive $15 million upfront, with a potential additional $15 million contingent on milestones related to its pivotal clinical trial for Hypoplastic Left Heart Syndrome.

Coastlands Capital led the private placement, with participation from Janus Henderson Investors, Logos Capital, and Kalehua Capital. H.C. Wainwright & Co. served as the exclusive placement agent for the transaction.

The initial closing involves issuing 6,013,384 shares of Class A common stock at $0.52 per share and Series A Non-Voting Convertible Preferred Stock convertible into 22,832,770 shares of Class A common stock. The preferred shares carry a conversion price of $0.52 per share and are immediately convertible upon issuance.

The company expects the initial proceeds will extend its cash runway into the fourth quarter of 2026, past the anticipated Phase 2b ELPIS II clinical trial topline data readout in the third quarter of 2026. Longeveron plans to use the funds for clinical and regulatory development of laromestrocel, working capital, and general corporate purposes.

As part of the agreement, investors will receive a 50% interest in proceeds from any future sale of a Rare Pediatric Disease Priority Review Voucher that Longeveron might receive from the FDA for its laromestrocel program in HLHS.

The initial closing is expected to occur around March 11, 2026, subject to customary closing conditions. The securities are being sold through a private placement exemption and have not been registered under the Securities Act of 1933.