Longeveron (LGVN) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document Information Line Items
Entity Registrant Name	Longeveron Inc.
Trading Symbol	LGVN
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001721484
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40060
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2174146
Entity Address, Address Line One	1951 NW 7th Avenue,
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33136
City Area Code	305
Local Phone Number	909-0840
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Class A Common stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		3,417,796
Class B Common stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		15,702,834

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 9,738,000	$ 816,000
Short-term investments	9,232,000
Prepaid expenses and other current assets	524,000	52,000
Deferred offering costs		561,000
Accounts and grants receivable	171,000	420,000
Total current assets	19,665,000	1,849,000
Property and equipment, net	3,070,000	3,597,000
Intangible assets, net	2,358,000	1,547,000
Right-of-use (ROU) asset	1,880,000	2,070,000
Other assets	177,000	177,000
Total assets	27,150,000	9,240,000
Current liabilities:
Accounts payable	361,000	1,590,000
Accrued expenses	834,000	1,542,000
Current portion of lease liability	530,000	511,000
Short-term note payable		38,000
Current portion of loans	5,000	139,000
Deferred revenue	202,000	10,000
Total current liabilities	1,932,000	3,830,000
Long-term liabilities:
Long-term loans	143,000	311,000
Lease liability	2,742,000	3,142,000
Total long-term liabilities	2,885,000	3,453,000
Total liabilities	4,817,000	7,283,000
Commitments and contingencies (Note 9)
Members’ equity and stockholders’ equity:
Members’ equity		1,957,000
Preferred stock, $0.001 par value per share, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2021; no shares authorized, issued and outstanding, at December 31, 2020
Class A common stock, $0.001 par value per share, 84,295,000 shares authorized, 3,417,796 shares issued and outstanding at September 30, 2021; no shares authorized, issued and outstanding, at December 31, 2020	3,000
Class B common stock, $0.001 par value per share, 15,705,000 shares authorized, 15,702,834 shares issued and outstanding at September 30, 2021; no shares authorized, issued and outstanding, at December 31, 2020	16,000
Additional paid-in capital	62,283,000
Stock subscription receivable	(100,000)
Accumulated deficit	(39,869,000)
Total members’ equity and stockholders’ equity	22,333,000	1,957,000
Total liabilities, members’ equity and stockholders’ equity	$ 27,150,000	$ 9,240,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	84,295,000
Common stock, shares issued	3,417,796
Common stock, shares outstanding	3,417,796
Class B Common Stock
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	15,705,000
Common stock, shares issued	15,702,834
Common stock, shares outstanding	15,702,834

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Grant revenue	$ 68	$ 1,788	$ 554	$ 3,602
Clinical trial revenue	164	30	543	792
Contract revenue		47		55
Total revenues	232	1,865	1,097	4,449
Cost of revenues	68	1,492	576	3,152
Gross profit	164	373	521	1,297
Operating expenses
General and administrative	2,996	702	8,454	2,029
Research and development	2,048	585	5,359	1,523
Selling and marketing	25	44	132	140
Total operating expenses	5,069	1,331	13,945	3,692
Loss from operations	(4,905)	(958)	(13,424)	(2,395)
Other income and (expenses)
Forgiveness of Paycheck Protection Program loan			300
Interest expense	(1)	(4)	(3)	(4)
Other income, net	51	24	151	34
Total other income and (expenses), net	50	20	448	30
Net loss	$ (4,855)	$ (938)	$ (12,976)	$ (2,365)
Basic and diluted net loss per share (in Dollars per share)	$ (0.25)	$ (0.06)	$ (0.7)	$ (0.15)
Basic and diluted weighted average common shares outstanding (in Shares)	19,115,152	16,040,864	18,543,024	16,017,469

Condensed Statements of Members

Condensed Statements of Members’ Equity and Stockholders’ Equity (Unaudited) - USD ($)	Series ASeries B Units	Series BSeries B Units	Series CSeries B Units	Class ACommon Stock	Class BCommon Stock	Subscription Receivable	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 250,000	$ 1,832,000	$ 2,513,000			$ (150,000)			$ 4,445
Balance (in Shares) at Dec. 31, 2019	1,000,000	1,000,000	43,695
Series C units issued for cash			$ 1,100,000						1,100,000
Series C units issued for cash (in Shares)			18,335
Issuance of Series C units as payment for amounts accrued			$ 44,000						44,000
Issuance of Series C units as payment for amounts accrued (in Shares)			734
Equity-based compensation			$ 36,000						36,000
Cash received pursuant to subscription receivable						50,000			50,000
Net loss		(2,341,000)	(24,000)						(2,365,000)
Balance at Sep. 30, 2020	$ 250,000	$ (509,000)	$ 3,669,000			(100,000)			3,310,000
Balance (in Shares) at Sep. 30, 2020	1,000,000	1,000,000	62,764
Balance at Jun. 30, 2020	$ 250,000	$ 418,000	$ 3,667,000			(100,000)			4,235,000
Balance (in Shares) at Jun. 30, 2020	1,000,000	1,000,000	62,764
Equity-based compensation			$ 13,000						13,000
Net loss		(927,000)	(11,000)						(938,000)
Balance at Sep. 30, 2020	$ 250,000	$ (509,000)	$ 3,669,000			(100,000)			3,310,000
Balance (in Shares) at Sep. 30, 2020	1,000,000	1,000,000	62,764
Balance at Dec. 31, 2020	$ 250,000	$ (1,777,000)	$ 3,584,000			(100,000)			1,957,000
Balance (in Shares) at Dec. 31, 2020	1,000,000	1,000,000	62,764
Conversion of Units into Class A and B common stock	$ (250,000)	$ 1,777,000	$ (3,584,000)		$ 16,000		28,934,000	(26,893,000)
Conversion of Units into Class A and B common stock (in Shares)	(1,000,000)	(1,000,000)	(62,764)	338,030	15,702,834
Initial public offering and overallotment of Class A common stock, net of $2,969 in issuance costs				$ 3,000			26,131,000		26,134,000
Initial public offering and overallotment of Class A common stock, net of $2,969 in issuance costs (in Shares)				2,910,000
Class A common stock, issued for consulting							1,239,000		1,239,000
Class A common stock, issued for consulting (in Shares)				169,766
Equity-based compensation							5,979,000		5,979,000
Net loss								(12,976,000)	(12,976,000)
Balance at Sep. 30, 2021				$ 3,000	$ 16,000	(100,000)	62,283,000	(39,869,000)	22,333,000
Balance (in Shares) at Sep. 30, 2021				3,417,796	15,702,834
Balance at Jun. 30, 2021				$ 3,000	$ 16,000	(100,000)	59,745,000	(35,014,000)	24,650,000
Balance (in Shares) at Jun. 30, 2021				3,411,796	15,702,834
Class A common stock, issued for consulting							42,000		42,000
Class A common stock, issued for consulting (in Shares)				6,000
Equity-based compensation							2,496,000		2,496,000
Net loss								(4,855,000)	(4,855,000)
Balance at Sep. 30, 2021				$ 3,000	$ 16,000	$ (100,000)	$ 62,283,000	$ (39,869,000)	$ 22,333,000
Balance (in Shares) at Sep. 30, 2021				3,417,796	15,702,834

Condensed Statements of Membe_2

Condensed Statements of Members’ Equity and Stockholders’ Equity (Unaudited) (Parentheticals) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 2,969

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (12,976)	$ (2,365)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	682	590
Forgiveness of Paycheck Protection Program loan	(303)
Change in fair value of short-term investments	(8)
Non-cash stock payments to employees and consultants	299	44
Equity-based compensation	5,978	36
Changes in operating assets and liabilities:
Accounts and grants receivable	250	(214)
Prepaid expenses and other current assets	(472)	(37)
Other assets		24
Accounts payable	(1,177)	366
Deferred revenue	192	(300)
Accrued expenses	(629)	154
ROU asset and lease liability	(191)	(157)
Net cash used in operating activities	(8,355)	(1,859)
Cash flows from investing activities
Short-term investments	(9,224)
Acquisition of intangible assets	(139)	(77)
Acquisition of property and equipment	(18)	(144)
Net cash used in investing activities	(9,381)	(221)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of commissions and expenses	26,696
Proceeds from issuance of Series C units		1,100
Repayments of short-term note payable	(38)	58
Proceeds of long-term notes payables		450
Proceeds from subscription agreement		50
Prepaid financing fees		(50)
Net cash provided by financing activities	26,658	1,608
Increase in cash and cash equivalents	8,922	(472)
Cash and cash equivalents at beginning of the period	816	1,866
Cash and cash equivalents at end of the period	9,738	1,394
Supplement Disclosure of Non-cash Investing and Financing Activities:
Conversion of Series A, B and C units into Class A and B common stock	$ (2,057)

Nature of Business, Basis of Pr

Nature of Business, Basis of Presentation, and Liquidity	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Nature of Business, Basis of Presentation, and Liquidity	1. Nature of Business, Basis of Presentation, and Liquidity Nature of business: On February 12, 2021, Longeveron LLC converted its corporate form (the “Corporate Conversion”) from a Delaware limited liability company (Longeveron, LLC) to a Delaware corporation, Longeveron Inc. (the “Company,” “Longeveron” or “we,” “us,” or “our”). Longeveron LLC was formed as a Delaware limited liability company on October 9, 2014 and authorized to transact business in Florida on December 15, 2014. The Company is a clinical stage biotechnology company developing cellular therapies for specific aging-related and life-threatening conditions. The Company operates out of its leased facilities in Miami, Florida. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on licenses, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical studies and clinical trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting capabilities. The Company’s product candidates are currently in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from, among others, existing pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, partners and consultants. Initial Public Offering (“IPO”): On February 12, 2021 our Class A common stock began to trade on NASDAQ under the stock symbol “LGVN”. Pursuant to the IPO, the Company sold 2,660,000 shares of Class A common stock at a public offering price of $10.00 per share for aggregate gross proceeds of $26.6 million prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 399,000 shares at the public offering price less the underwriting discounts and commissions. On March 15, 2021, the Company’s underwriters partially exercised its over-allotment option, resulting in the Company selling an additional 250,000 shares of Class A common stock at a public offering price of $10.00 per share for aggregate gross proceeds of $2.5 million prior to deducting underwriting discounts, commissions, and other offering expenses. Basis of presentation: The unaudited Condensed Financial Statements have been prepared in accordance with the requirements of Article 8 of Regulation S-X promulgated under the Exchange Act and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited Condensed Financial Statements should be read in conjunction with our Financial Statements and related notes, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC. Unless otherwise stated, references to particular years or quarters refer to our fiscal years ended December 31 and the associated quarters of those fiscal years. The Condensed Financial Statements are unaudited, but include all adjustments, including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. The Condensed Balance Sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Results of operations for interim periods are not necessarily indicative of the results that may be expected for the year as a whole. Liquidity: Since inception, the Company has primarily been engaged in organizational activities, including raising capital, and research and development activities. The Company does not yet have a product that has been approved by the U.S. Food and Drug Administration (“FDA”), and has only generated revenues from grants, clinical trials and contract manufacturing. The Company has not yet achieved profitable operations or generated positive cash flows from operations. The Company intends to continue its efforts to raise additional equity financing, develop its intellectual property, and secure regulatory approvals to commercialize its products. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital, its research and commercialization efforts, regulatory approval, and, ultimately, the market acceptance of the Company’s products. These financial statements do not include adjustments that might result from the outcome of these uncertainties. The Company has incurred recurring losses from operations since its inception, including a net loss of $13.0 million and $2.4 million for the nine months ended September 30, 2021 and 2020, respectively. In addition, as of September 30, 2021, the Company had an accumulated deficit of $39.9 million. The Company expects to continue to generate operating losses for the foreseeable future. As of September 30, 2021, the Company had cash, and cash equivalents of $9.7 million and short-term investments of $9.2 million. The Company believes that its cash and cash equivalents and investments as of September 30, 2021 will enable it to fund its operating expenses and capital expenditure requirements through at least the next 12 months from the date of issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Standard Updates In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, “Income Taxes (Topic 740)”. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending other areas of Topic 740. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2020. We adopted this ASU on January 1, 2021 with no material impact on our consolidated financial statements. A variety of proposed or otherwise potential accounting standards are currently under consideration by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, management has not yet determined the effect, if any, that the implementation of such proposed standards would have on the Company’s financial statements. Cash and cash equivalents: The Company considers cash to consist of cash on hand and temporary investments having an original maturity of 90 days or less that are readily convertible into cash. Short-term investments: Short-term investments at September 30, 2021 consisted of marketable fixed income securities, primarily corporate bonds, which are categorized as available-for-sale securities and are thus marked to market and stated at fair value in accordance with ASC 820 Fair Value Measurement Inventory: The Company will begin carrying inventory of its biological products on its balance sheets following commercial launch of such products. Inventory will consist of raw materials, biological products in process, and finished goods available for sale. The Company will determine its inventory values using the average cost method. Inventory will be valued at the lower of cost or net realizable value and will exclude units that the Company anticipates distributing for clinical evaluation. As of each of September 30, 2021 and December 31, 2020, all of the Company’s biological products were anticipated to be distributed for clinical evaluation. The Company does not currently carry any inventory for its biological products, as it has yet to launch a product for commercial distribution. Historically the Company’s operations have focused on clinical trials and discovery efforts, and accordingly, costs of manufactured clinical doses of biological product candidates were expensed as incurred, consistent with the accounting for all other research and development costs. Once the Company begins commercial distribution, costs of all newly manufactured biological products will be allocated either for use in commercial distribution, which will be carried as inventory and not expensed, or for research and development efforts, which will continue to be expensed as incurred. Accounts and grants receivable: Accounts and grants receivable include amounts due from customers, granting institutions and others. The amounts as of September 30, 2021 and December 31, 2020 are deemed to be collectible and no amount has been recognized for doubtful accounts. MSCRF-TEDCO generally advance grant funds and therefore a receivable is not usually recognized. In addition, for the Clinical trial revenue, most participants pay in advance of treatment. Advanced grant funds and prepayments for the Clinical trial revenue are recorded to deferred revenue. Accounts and grants receivable by source, as of (in thousands): September 30, December 31, Alzheimer’s Association – Grant $ - $ 339 National Institutes of Health – Grant 171 66 Clinical Trial receivable - 15 Total $ 171 $ 420 Deferred offering costs: The Company recorded certain legal, professional and other third-party fees that were directly associated with in-process equity financings as deferred offering costs until the applicable equity financing was consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds generated as a result of the offering. At September 30, 2021 the deferred offering costs accrued as of December 31, 2020 of $0.6 million were recorded to stockholders’ equity. Property and equipment: Property and equipment, including improvements that extend useful lives of related assets, are valued at cost, while maintenance and repairs are charged to operations as incurred. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the asset or the original term of the lease. Depreciation expense is recorded in the research and development line of the Statement of Operations as the assets are primarily related to the Company’s clinical programs. Intangible assets: Intangible assets include payments on license agreements with the Company’s co-founder and chief scientific officer (“CSO”) and the University of Miami (“UM”) (see Note 9) and legal costs incurred related to patents and trademarks. License agreements have been recorded at the value of cash consideration, common stock and membership units transferred to the respective parties when acquired. Payments on license agreements are amortized using the straight-line method over the estimated term of the agreements, which range from 5-20 years. Patents are amortized over their estimated useful life, once issued. The Company considers trademarks to have an indefinite useful life and evaluates them for impairment on an annual basis. Amortization expense is recorded in the research and development line of the Statement of Operations as the assets are primarily related to the Company’s clinical programs. Impairment of Long-Lived Assets: The Company evaluates long-lived assets for impairment, including property and equipment and intangible assets, when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus the residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to the estimated fair value. Any resulting impairment loss is reflected on the statements of operations. Upon evaluation, management determined that there was no impairment of long-lived assets as of September 30, 2021 and December 31, 2020. Deferred revenue: The unearned portion of advanced grant funds and prepayments for Clinical trial revenue, which will be recognized as revenue when the Company meets the respective performance obligations, has been presented as deferred revenue in the balance sheets. For the nine months ended September 30, 2021 and 2020, the Company recognized nil nil Revenue recognition: The Company recognizes revenue when performance obligations related to respective revenue streams are met. For Grant revenue, the Company considers the performance obligation met when the grant related expenses are incurred, or supplies and materials are received. The Company is paid in tranches pursuant to terms of the related grant agreements, and then applies payments based on regular expense reimbursement submissions to grantors. There are no remaining performance obligations or variable consideration once grant expense reporting to the grantor is complete. For Clinical trial revenue, the Company considers the performance obligation met when the participant has received the treatment. The Company usually receives prepayment for these services or receives payment at the time the treatment is provided, and there are no remaining performance obligations or variable consideration once the participant received the treatment. For Contract manufacturing revenue, the Company considers the performance obligation met when the contractual obligation and / or statement of work has been satisfied. Payment terms may vary depending on specific contract terms. There are no significant judgments affecting the determination of the amount and timing of revenue recognition. Revenue by source (in thousands): Three months ended Nine months ended 2021 2020 2021 2020 National Institute of Health - grant $ 41 $ 1,195 $ 171 $ 2,538 Clinical trial revenue 164 30 543 792 Alzheimer’s Association grant 10 598 271 1,038 MSCRF – TEDCO 1 17 (5 ) 112 26 Contract manufacturing revenue - 47 - 55 Total $ 232 $ 1,865 $ 1,097 $ 4,449 1 Maryland Stem Cell Research Fund (MSCRF) - Maryland Technology Development Corporation (TEDCO) The Company records cost of revenues based on expenses directly related to revenue. For Grants, the Company records allocated expenses for Research and development costs to a grant as a cost of revenues. For the Clinical trial revenue directly related expenses for that program are allocated and expensed as incurred. These expenses are similar to those described under “Research and development expense” below. Research and development expense: Research and development costs are charged to expense when incurred in accordance with ASC 730. ASC 730 addresses the proper accounting and reporting for research and development costs. It identifies: 1) those activities that should be identified as research and development; 2) the elements of costs that should be identified with research and development activities, and the accounting for these costs; and 3) the financial statement disclosures related to them. Research and development costs include costs such as clinical trial expenses, contracted research and license agreement fees with no alternative future use, supplies and materials, salaries, share-based compensation, employee benefits, property and equipment depreciation and allocation of various corporate costs. The Company accrues for costs incurred by external service providers, including contract research organizations and clinical investigators, based on its estimates of service performed and costs incurred. These estimates include the level of services performed by the third parties, patient enrollment in clinical trials, administrative costs incurred by the third parties, and other indicators of the services completed. Based on the timing of amounts invoiced by service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as the related services are rendered. Concentrations of credit risk: Financial instruments which potentially subject the Company to credit risk consist principally of cash and cash equivalents, short-term investments and accounts and grants receivable. Cash and cash equivalents are held in United States financial institutions. At times, the Company may maintain balances in excess of the federally insured amounts. Income taxes: Prior to its Corporate Conversion, the Company was treated as a partnership for U.S. federal and state income tax purposes. Consequently, the Company passed its earnings and losses through to its members based on the terms of the Company’s Operating Agreement. Accordingly, no provision for income taxes is recorded in the financial statements for periods prior to the conversion. Following the Corporate Conversion, the Company's tax provision consists of taxes currently payable or receivable, plus any change during the period in deferred tax assets and liabilities. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company's tax provision was nil for the nine months ended September 30, 2021 due to net operating losses. The Company has not recorded any tax benefit for the net operating losses incurred due to the uncertainty of realizing a benefit in the future. The Company recognizes the tax benefits from uncertain tax positions that the Company has taken or expects to take on a tax return. In the unlikely event an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by a taxing authority. Reserves for uncertain tax positions would then be recorded if the Company determined it is probable that either a position would not be sustained upon examination or a payment would have to be made to a taxing authority and the amount was reasonably estimable. As of September 30, 2021 and December 31, 2020, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authority. It is the Company’s policy to expense any interest and penalties associated with its tax obligations when they are probable and estimable. Equity-based compensation: The Company accounts for equity-based compensation expense by the measurement and recognition of compensation expense for stock-based awards based on estimated fair values on the date of grant. The fair value of the options is estimated at the date of the grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions, the most significant of which are the expected share price volatility, the expected life of the option award, the risk-free rate of return, and dividends during the expected term. Because the option-pricing model is sensitive to changes in the input assumptions, different determinations of the required inputs may result in different fair value estimates of the options. Neither the Company’s stock options nor its restricted stock units (“RSUs”) trade on an active market. Volatility is a measure of the amount by which a financial variable, such as a stock price, has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Given the Company’s limited historical data, the Company utilizes the average historical volatility of similar publicly traded companies that are in the same industry. The risk-free interest rate is the average U.S. treasury rate (having a term that most closely approximates the expected life of the option) for the period in which the option was granted. The expected life is the period of time that the options granted are expected to remain outstanding. Options granted have a maximum term of ten years. The Company had insufficient historical data to utilize in determining its expected life assumptions and, therefore, uses the simplified method for determining expected life. Comprehensive Loss Comprehensive loss was equal to net loss for the nine months ended September 30, 2021 and 2020.

Short-term investments

Short-term investments	9 Months Ended
	Sep. 30, 2021
Shortterm Investments [Abstract]
Short-term investments	3. Short-term investments Short-term investments consisted of the following (in thousands): September 30, 2021 Amortized Gross Gross Estimated Fixed income bond funds $ 9,224 8 - 9,232 Total short-term investments $ 9,224 8 - $ 9,232 As of December 31, 2020, the Company did not have any short-term investments.

Property and equipment, net

Property and equipment, net	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and equipment, net	4. Property and equipment, net Major components of property and equipment are as follows (in thousands): Useful Lives September 30, December 31, Leasehold improvements 10 years $ 4,310 $ 4,310 Furniture/Lab equipment 7 years 2,071 2,059 Computer equipment 5 years 20 14 Software/Website 3 years 38 38 Total property and equipment 6,439 6,421 Less accumulated depreciation and amortization 3,369 2,824 Property and equipment, net $ 3,070 $ 3,597 Depreciation and amortization expense amounted to approximately $0.2 and $0.5 million for each of the three and nine months ended September 30, 2021 and 2020, respectively.

Intangible assets, net

Intangible assets, net	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net	5. Intangible assets, net Major components of intangible assets as of September 30, 2021 are as follows (in thousands): Useful Lives Cost Accumulated Total License agreements 5-20 years $ 2,043 $ (417 ) $ 1,626 Patent Costs 584 - 584 Trademark costs 148 - 148 Total $ 2,775 $ (417 ) $ 2,358 Major components of intangible assets as of December 31, 2020 are as follows: Useful Lives Cost Accumulated Total License agreements 20 years $ 1,233 $ (279 ) $ 954 Patent Costs 466 - 466 Trademark costs 127 - 127 Total $ 1,826 $ (279 ) $ 1,547 Amortization expense related to intangible assets totaled $0.1 million for each of the three- and nine-month periods ended September 30, 2021 and 2020. Future amortization expense for intangible assets as of September 30, 2021 is approximately as follows (in thousands): Year Ending December 31, Amount 2021 $ 58 2022 224 2023 224 2024 224 2025 224 Thereafter 672 Total $ 1,626

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Disclosure of Leases [Abstract]
Leases	6. Leases In accordance with Accounting Standards Update 2016-02, “Leases (Topic 842)”, the Company records a Right-of-use (ROU) asset and a lease liability related to its operating leases (there are no finance leases). The Company’s corporate office lease expires in March 2027. As of September 30, 2021, the ROU asset and lease liability were approximately $1.9 million and $3.3 million, respectively. As of December 31, 2020, the ROU asset and lease liability were approximately $2.1 million and $3.7 million, respectively. Future minimum payments under the operating leases as of September 30, 2021 are as follows (in thousands): Year Ending December 31, Amount 2021 (remaining three months) $ 165 2022 671 2023 687 2024 702 2025 718 Thereafter 920 Total 3,863 Less: Interest 591 Present Value of Lease Liability $ 3,272 During the three- and nine-month periods ended September 30, in each of 2021 and 2020, the Company incurred approximately $0.2 million and $0.5 million of total lease costs, respectively, that are included in the general and administrative expenses in the statements of operations. On July 1, 2020, the Company entered into a sublease agreement for a portion of its leased space for a one-year period ending September 30, 2021, with three optional one-year renewal periods, and $10,000 in monthly payments to the Company. This sublease agreement was amended on July 29, 2021, effective August 1, 2021. The amendment to the sublease increased the number of cleanrooms occupied by the lessee, changed the expiration date to July 31, 2022, increased the base rent to $22,500, beginning on September 1, 2021, and increased the security deposit to $22,500. For the nine months ended September 30, 2021, $102,500 was recognized as sublease income, and is included in other income in the statements of operations.

Members_ Equity and Stockholder

Members’ Equity and Stockholders’ Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Members’ Equity and Stockholders’ Equity	7. Members’ Equity and Stockholders’ Equity IPO The Corporate Conversion undertaken immediately prior to the Company’s IPO caused all existing Series A and B units to convert into Class B common stock and all existing Series C units to convert into Class A common stock. The purpose of the Corporate Conversion was to reorganize the Company structure so that the entity that offered the Company’s Class A common stock to the public was a Delaware corporation rather than a Delaware limited liability company, and so that the Company’s existing investors own the Company’s Class A common stock or Class B common stock rather than equity interests in a limited liability company. Pursuant to the IPO, the Company sold 2,660,000 shares of Class A common stock at a public offering price of $10.00 per share for aggregate gross proceeds of $26.6 million prior to deducting underwriting discounts, commissions, and other offering expenses. Thereafter, on March 15, 2021, the Company sold an additional 250,000 shares of Class A common stock at a public offering price of $10.00 per share for additional aggregate gross proceeds of $2,500,000 prior to deducting underwriting discounts, commissions, and other offering expenses, pursuant to a partial exercise of the over-allotment option held by the underwriters. Class A Common Stock During the nine months ended September 30, 2021 and prior to the Corporate Conversion, the Company issued 1,130 Series C Common Membership Units (“Series C Units”), as payment for existing consulting agreements, with an aggregate value of $0.1 million. As part of the Corporate Conversion, 63,893 outstanding Series C units (which includes the units referenced in the prior sentence) converted into 344,077 shares of Class A common stock. Also, during the three and nine months ended September 30, 2021, the Company issued 6,000 and 163,719 unregistered shares of Class A common stock shares, with an aggregate value of less than $0.1 million and $1.2 million, respectively, as payment under consulting and license agreements. During the nine months ended September 30, 2020, the Company issued 18,335 Series C Units for $1.1 million in cash (none during the three months ended September 30, 2020). The Company also issued 734 Series C Units with an aggregate value of $0.1 million as payment under consulting agreements. Class B Common Stock In connection with the Corporate Conversion, 2,000,000 outstanding Series A and B units were converted into 15,702,834 shares of unregistered Class B common stock. Holders of Class A common stock generally have rights identical to holders of Class B common stock, except that holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to five (5) votes per share. The holders of Class B common stock may convert each share of Class B common stock into one share of Class A common stock at any time at the holder’s option. Class B common shares are not publicly tradable. Warrants As part of the IPO, the underwriter received warrants to purchase 106,400 shares of Class A common stock. The warrants are exercisable at any time and from time to time, in whole or in part, during the four and a half-year period commencing August 12, 2021, at a price of $12.00 per Class A common stock share. Total grant date fair value of warrants as of September 30, 2021, estimated using the Black-Scholes pricing model, was approximately $0.5 million.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	8. Equity Incentive Plan RSUs As part of the Company’s IPO, the Company adopted and approved the 2021 Incentive Award Plan (“2021 Incentive Plan”). Under the 2021 Incentive Plan, the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which the Company competes. The material terms of the 2021 Incentive Plan are summarized below. Prior to the IPO, on January 29, 2021, the Board approved the granting of 159,817 Series C RSUs under the Company’s existing 2017 Longeveron LLC Incentive Plan (the “2017 Incentive Plan”), which, as part of the Corporate Conversion, converted into 855,247 RSUs exercisable for Class A common stock. Based upon a third party valuation, the calculated fair value of each January 2021 RSU was $9.00. One employee resigned from the Company in February 2021, forfeiting 16,113 RSUs. In May and June 2021, annual grants of 5,000 RSUs each were made to each of the Company’s Directors, based on a fair market value at the time of grant of $0.1 million. Generally, the RSUs vest upon attainment of a time-vesting event, by which the RSUs vest in 25% increments per year, on each of the first, second, third and fourth anniversaries of the date of grant, assuming continued service. Such yearly vesting will vest pro-rata per quarter at the end of each quarter. The RSUs granted in January of 2021 included accelerated time-based vesting (as having been earned for prior years of service, and hence were treated as earned “catch-up” awards), and an additional vesting requirement whereby the holder must remain employed by the Company as of the IPO settlement date, which was the third quarterly settlement date following the Company’s IPO (October 1, 2021). The fair value of each RSU grant made during 2021 will be recognized as stock-based compensation ratably over the related vesting periods, which approximates the service period, except for May 2021 grants to the Company’s Directors, which vest over two years with 50% of the RSUs vesting on grant date and the remaining RSUs vesting 25% on each of the first and second anniversaries of the grant date. On July 20, 2021, the Company granted a bonus for the completion of the IPO to Mr. Green, Mr. Lehr and Dr. Hare of $100,000, $75,000 and $75,000. The bonus would be paid out in cash and RSUs. With Mr. Green, Mr. Lehr and Dr. Hare received 8,223, 6,167 and 12,335 RSUs each. The RSU were issued based on a fair market value at the time of grant, July 20, 2021, of $6.08. As of September 30, 2021, the Company had 897,564 RSUs granted and outstanding. RSU activity for the nine months ended September 30, 2021 was as follows: Number of Outstanding at December 31, 2020 - RSU granted 921,972 RSU exercised - RSU expired/forfeited (24,408 ) Outstanding at September 30, 2021 897,564 Stock Options Stock options may be granted under the 2021 Incentive Plan. The exercise price of options is equal to the fair market value of the Company’s Class A common stock as of the grant date. Options historically granted have generally become exercisable over four years and expire ten years from the date of grant. The 2021 Incentive Plan provides for equity grants to be granted up to 5% of the outstanding common stock shares. The fair value of the options issued are estimated using the Black-Scholes option-pricing model and have the following assumptions: a dividend yield of 0%; an expected life of 10 years; volatility of 95%; and risk-free interest rate based on the grant date ranging from of 1.23% to 1.62%. Each option grant made during 2021 will be expensed ratably over the option vesting periods, which approximates the service period. As of September 30, 2021, the Company has recorded issued and outstanding options to purchase a total of 321,000 shares of Class A common stock pursuant to the 2021 Incentive Plan, at a weighted average exercise price of $5.95 per share. For the nine months ended September 30, 2021: Number of Stock options vested (based on ratable vesting) 40,894 Stock options unvested 280,106 Total stock options granted at September 30, 2021 321,000 Stock Option activity for the nine months ended September 30, 2021 was as follows: Number of Weighted Outstanding at December 31, 2020 - - Options granted 334,125 $ 5.95 Options exercised - - Options expired/forfeited 13,125 $ 5.84 Outstanding at September 30, 2021 321,000 $ 5.95 On April 22, 2021, the Company granted awards of 64,125 Class A common stock options to employees. The stock option awards have four-year vesting periods, vesting 25% per year, and have an exercise price of $5.73. Based upon a Black-Scholes calculation, the price per share to be expensed was $5.03 and a total cost of $0.3 million would be expensed ratably over 48 months. On May 5, 2021, the Company granted an award of 10,000 Class A common stock options to an employee. The stock option award has a four-year vesting period, vesting 25% per year, and has an exercise price of $5.89. Based upon a Black-Scholes calculation, the price per share to be expensed was $5.17 and a total cost of less than $0.1 million would be expensed ratably over 48 months. On May 17, 2021, the Company granted an award of 30,000 Class A common stock options to an employee. The stock option award has a four-year vesting period, vesting 25% per year, and has an exercise price of $5.29. Based upon a Black-Scholes calculation, the price per share to be expensed was $4.64 and a total cost of approximately $0.1 million would be expensed ratably over 48 months. On June 1, 2021, the Company granted an award of 5,000 Class A common stock options to an employee. The stock option award has a four-year vesting period, vesting 25% per year, and has an exercise price of $6.77. Based upon a Black-Scholes calculation, the price per share to be expensed was $5.94 and a total cost of less than $0.1 million would be expensed ratably over 48 months. On July 20, 2021, the Company granted 225,000 Class A common stock options to executives. Mr. Green was granted 75,000 Class A common stock options and Mr. Lehr, Dr. Hare and Mr. Clavijo were each granted 50,000 Class A common stock options. The stock options have four-year vesting periods, vesting 12.5% on July 22, 2021 and the remaining vesting equally over the remaining four years, with an exercise price of $6.08. Based upon a Black-Scholes calculation, the price per share to be expensed was $5.32 and a total cost of $1.2 million would be expensed ratably over 48 months. For the nine months ended September 30, 2021 and 2020, the equity-based compensation expense amounted to approximately $6.0 million ($2.5 million for the three months ended September 30, 2021) and $36,000 ($12,000 for the three months ended September 30, 2020), respectively, which is included in the research and development and general and administrative expenses in the statements of operations for the nine months ended September 30, 2021 and 2020. As of September 30, 2021, the remaining unrecognized equity-based compensation of approximately $3.7 million will be recognized over approximately 3.8 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Master Services Agreements: As of September 30, 2021, the Company had two active master services agreements with third parties to conduct its clinical trials and manage clinical research programs and clinical development services on behalf of the Company. The Company expects these agreements or amended current agreements to have total expenditures of less than $1.0 million for 2021. Consulting Services Agreement: On November 20, 2014, the Company entered into a ten-year consulting services agreement with its CSO. Under the agreement, the Company agreed to pay the CSO $270,000 annually. The compensation payments are for scientific knowledge, medical research, technical knowledge, skills, and abilities to be provided by the CSO to further develop the intellectual property rights assigned by the CSO to the Company. This agreement requires the CSO to also assign to the Company the exclusive right, title, and interest in any work product developed from his efforts on behalf of the Company during the term of this agreement. During the three months ended September 30, 2021, the Company paid $0.2 million towards the $0.3 million outstanding balance. As of September 30, 2021, the Company had an accrued balance due to the CSO of $0.1 million and as of December 31, 2020 had a balance due of $0.3 million. Technology Services Agreement: On March 27, 2015, the Company entered into a technology services agreement with Optimal Networks, Inc. (a related company owned by a board member’s brother-in-law) for use of information technology services. The Company agreed to issue the related party equity incentive units in the amount equal to 50% of the charges for invoiced services, with such equity to be issued annually on or about the anniversary date of the agreement. During 2017, the Company issued 1,901 Series C Units, and on November 22, 2019 and January 29, 2021, the Company issued 820 and 410 Series C Units, respectively, as payment for an aggregate of $0.2 million of accrued technology services. The Series C units were converted to 16,755 Class A common stock shares as part of the Corporate Conversion. As of September 30, 2021, and December 31, 2020, the Company owed less than $0.1 million, pursuant to this agreement, which is included in accounts payable in the September 30, 2021 and December 31, 2020 balance sheets. Exclusive Licensing Agreements: UM Agreement On November 20, 2014, the Company entered into an exclusive license agreement with UM for the use of certain stem cell aging-related frailty technology rights developed by the CSO while employed at UM. The Company recorded the value of the membership units issued to obtain this license agreement as an intangible asset. The Company is required to pay UM up to 3% of net sales on products or services developed from the technology. The agreement extends for up to 20 years from the last date a product or process is commercialized from the technology. Under the agreement, the Company is required to pay an annual fee to UM. As of September 30, 2020, the Company had accrued $50,000 based on the terms of the agreement. In addition, on November 14, 2014, as required by the license agreement, the Company issued 20,000 series C membership units valued at $0.5 million to UM. The Company recorded this $0.5 million as an intangible asset that is amortized over the life of the license agreement which was defined as 20 years. As of September 30, 2021, the Company had accrued less than $0.1 million in milestone fees payable to UM based on the estimated progress to date. The UM agreement was amended on March 3, 2021 to increase the license fee due to UM. The Company agreed to pay UM an additional fee of $0.1 million, which will be recorded as legal costs, to defray patent costs, with $70,000 due within thirty (30) days of the effective date of the amendment, and the remainder to be paid in equal installments of $7,500 on the 2 nd rd th CD271 On December 22, 2016, the Company entered into an exclusive license agreement with JMHMD Holdings, LLC, an affiliated entity of the CSO for the use of CD271 cellular therapy technology. The Company recorded the value of the cash consideration and membership units issued to obtain this license agreement as an intangible asset. The Company is required to pay as royalty 1% of the annual net sales of the licensed product(s) used, leased, or sold by or for licensee or its sub-licensees. If the Company sublicenses the technology, it is also required to pay an amount equal to 10% of the net sales of the sub-licensees. In addition, on December 23, 2016, as required by the license agreement, the Company paid an initial fee of $250,000 to JMHMD, and issued to it 10,000 Series C Units, valued at $250,000. The $0.5 million of value provided to JMHMD for the license agreement, along with professional fees of approximately $27,000, were recorded as an intangible asset that is amortized over the life of the license agreement, which was defined as 20 years. Further, expenses related to the furtherance of the CD271+ technology is being capitalized and amortized as incurred over 20 years. There were no license fees due during the nine months ended September 30, 2021 or year ended December 31, 2020 pertaining to this agreement. Other Royalty Under the grant award agreement with the Alzheimer’s Association, the Company may be required to make revenue sharing or distribution of revenue payments for products or inventions generated or resulting from this clinical trial program. The potential payments, although not currently defined, could result in a maximum payment of five times (5x) the award amount. Contingencies – Legal On September 13, 2021, the Company and certain of our directors and officers were named as defendants in a securities lawsuit filed in the United States District Court for the Southern District of Florida and brought on behalf of a purported class. The suit alleges there were materially false and misleading statements made (or omissions of required information) in the Company’s initial public offering materials and in other disclosures during the period from our initial public offering on February 12, 2021, through August 12, 2021, in violation of the federal securities laws. The action seeks damages on behalf of a proposed class of purchasers of our common stock during said period. The Company believes, that these allegations are without merit and intends to vigorously defend against them. The Company has not determined losses resulting from this lawsuit as it is in the early stages and the ultimate outcome or range of losses, if any, cannot currently be determined. Contingencies – COVID-19 Pandemic The COVID-19 outbreak has impacted, and could continue to adversely impact, the Company’s ability to conduct business. In December 2019, it was first reported that there had been an outbreak of a novel strain of coronavirus, SARS-CoV-2, COVID-19, in China. As COVID-19 continues to spread globally, including throughout the United States, the Company may experience disruptions that could severely impact its business, including: ● impact to the financial markets; ● disruption in the ability to provide our product in foreign markets; ● disruption on the ability to source materials; ● disruption in the ability to manufacture our product; ● delays or difficulties in completing the Company’s regulatory work; ● limitations on the Company’s employees’ ability to work, including because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people; and ● additional repercussions on the Company’s ability to operate its business. The global outbreak of COVID-19 continues to rapidly evolve. The extent to which COVID-19 impacts the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19, the duration and severity of ongoing outbreaks, continued travel restrictions imposed by countries in which the Company conducts business, business closures or other business disruption in the world, including with respect to the Company’s supply chains, a reduction in time spent out of home and the actions taken throughout the world, including in the Company’s markets, to contain COVID-19 or mitigate its impact. The future impact of the outbreak remains highly uncertain and cannot be predicted, and the Company cannot provide any assurance that the outbreak will not have a material adverse impact on the Company’s operations or future results or filings with regulatory health authorities. The extent of the pandemic’s ultimate impact on the Company will depend on future developments, including actions taken to contain COVID-19. The Company continues to monitor how the COVID-19 pandemic is affecting the Company’s employees, business, and clinical trials. In response to the spread of COVID-19, employees who can perform their essential employment duties from home may continue to do so at their choice. Some of these employees are using a hybrid approach, with some days in the office and some days working remotely. The Company’s laboratory scientists, cell processing scientists and other manufacturing personnel continue to work from the Company’s GMP facility on a day-to-day basis, and as such cell production has been minimally impacted. When the pandemic began to emerge in the U.S., most of the Company’s ongoing clinical trials had completed enrollment, however a few subjects that were currently on study and in follow-up experienced some difficulties in adhering to the protocol schedule. Because the Company primarily enrolls elderly subjects in the trials, who remain at particular risk for poor outcomes related to COVID-19 infection, the Company has experienced some disruption in executing the follow-up visits in Company protocols. While the Company believes the number of instances where a visit was missed completely is small, the Company cannot predict whether this will have a material impact on the Company clinical results in the future. If too many subjects drop-out or the protocol is no longer effective, the Company may have to restart the clinical trial entirely.

Short-Term Note Payable

Short-Term Note Payable	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Short-term Note Payable	10. Short-term Note Payable On September 27, 2020, the Company entered into a premium finance agreement to finance its insurance policies for approximately $63,000. The note required a down payment of $6,334, ratable monthly payments of $6,499, including interest at 5.353% and matured in September 2021. As of September 30, 2021, the outstanding balance was paid in full.

Long-Term Loan

Long-Term Loan	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Loan	11. Long-term Loan On April 16, 2020, the Company received a loan from the Small Business Administration (“SBA”) pursuant to the Paycheck Protection Program (“PPP”) as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the amount of $300,390. The loan had interest at a rate of 1.00%, and initial maturity in 24 months. It was anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. The Company also received $10,000 from the SBA for the Economic Relief Fund; this amount does not need to be repaid and was recorded as Other Income for the year ended December 31, 2020. As of December 31, 2020, the outstanding balance of the PPP loan was $300,390. On March 4, 2021, the full balance due for the PPP loan was forgiven by the SBA. On May 12, 2020, the Company received a loan from the SBA pursuant to the Disaster Recovery Plan as part of the CARES Act in the amount of $150,000. The Company began repayment on July 20, 2021 of $731 per month. The note will mature in 30 years and bears an interest rate of 3.75%. Due to part of the notes being due within one year, the Company recorded $5,000 and $139,000 in the current portion of loans line on the Balance Sheet as of September 30, 2021 and December 31, 2020, respectively. Future debt obligations at September 30, 2020 for Long-term loans are as follows (in thousands): Year Ending December 31, Amount 2021 (remaining three months) $ 1 2022 3 2023 3 2024 3 2025 3 Thereafter 135 Total $ 148

Employee Benefits Plan

Employee Benefits Plan	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Employee Benefits Plan	12. Employee Benefits Plan The Company sponsors a defined contribution employee benefit plan (the “Plan”) under the provisions of Section 401(k) of the Internal Revenue Code. The Plan covers substantially all full-time employees of the Company who have completed one year of service. Contributions to the Plan by the Company are at the discretion of the Board of Directors. The Company contributed approximately $49,000 and $34,000 to the Plan during the nine months ended September 30, 2021 and 2020, respectively and $18,000 and $13,000 for the three months ended September 30, 2021 and 2020, respectively.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	13. Loss Per Share Basic and diluted net loss per share have been computed using the weighted-average number of shares of common stock outstanding during the period. We have outstanding stock-based awards that are not used in the calculation of diluted net loss per share because to do so would be anti-dilutive. These common share equivalents were as follows at September 30, 2021 and 2020: September 30, 2021 2020 RSUs 898 - Stock options 321 - Warrants 106 - Total 1,325 -

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On October 1, 2021, previously disclosed RSUs granted to employees and directors vested. A total of 657,062 RSUs vested of which 355,495 were held by Company employees. RSUs are taxable upon vesting based on the market value on the date of vesting. The Company is required to make mandatory tax withholding for the payment and satisfaction of income tax, social security tax, payroll tax, or payment on account of other tax related to withholding obligations that arise by reason of vesting of an RSU. The taxable income is calculated by multiplying the number of vested RSUs for each individual by the $3.65 closing price as of the vesting date (October 1, 2021) and a tax liability is calculated based on each individual’s tax bracket. As a result, on October 5, 2021, the Company recorded a tax liability of $451,000 for the employees and a corresponding tax liability for the Company of $38,000. In total, the Company paid $489,000 for employee and employer taxes that resulted from the vesting of RSUs. In order to cover the employee tax liability, the Company withheld 123,659 Class A common stock shares owned by the Company’s employees upon vesting. The shares received have been transferred into the 2021 Incentive Plan.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Use of estimates	Use of estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounting Standard Updates	Accounting Standard Updates In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, “Income Taxes (Topic 740)”. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending other areas of Topic 740. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2020. We adopted this ASU on January 1, 2021 with no material impact on our consolidated financial statements. A variety of proposed or otherwise potential accounting standards are currently under consideration by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, management has not yet determined the effect, if any, that the implementation of such proposed standards would have on the Company’s financial statements.
Cash and cash equivalents	Cash and cash equivalents: The Company considers cash to consist of cash on hand and temporary investments having an original maturity of 90 days or less that are readily convertible into cash.
Short-term investments	Short-term investments: Short-term investments at September 30, 2021 consisted of marketable fixed income securities, primarily corporate bonds, which are categorized as available-for-sale securities and are thus marked to market and stated at fair value in accordance with ASC 820 Fair Value Measurement
Inventory	Inventory: The Company will begin carrying inventory of its biological products on its balance sheets following commercial launch of such products. Inventory will consist of raw materials, biological products in process, and finished goods available for sale. The Company will determine its inventory values using the average cost method. Inventory will be valued at the lower of cost or net realizable value and will exclude units that the Company anticipates distributing for clinical evaluation. As of each of September 30, 2021 and December 31, 2020, all of the Company’s biological products were anticipated to be distributed for clinical evaluation. The Company does not currently carry any inventory for its biological products, as it has yet to launch a product for commercial distribution. Historically the Company’s operations have focused on clinical trials and discovery efforts, and accordingly, costs of manufactured clinical doses of biological product candidates were expensed as incurred, consistent with the accounting for all other research and development costs. Once the Company begins commercial distribution, costs of all newly manufactured biological products will be allocated either for use in commercial distribution, which will be carried as inventory and not expensed, or for research and development efforts, which will continue to be expensed as incurred.
Accounts and grants receivable	Accounts and grants receivable: Accounts and grants receivable include amounts due from customers, granting institutions and others. The amounts as of September 30, 2021 and December 31, 2020 are deemed to be collectible and no amount has been recognized for doubtful accounts. MSCRF-TEDCO generally advance grant funds and therefore a receivable is not usually recognized. In addition, for the Clinical trial revenue, most participants pay in advance of treatment. Advanced grant funds and prepayments for the Clinical trial revenue are recorded to deferred revenue. Accounts and grants receivable by source, as of (in thousands): September 30, December 31, Alzheimer’s Association – Grant $ - $ 339 National Institutes of Health – Grant 171 66 Clinical Trial receivable - 15 Total $ 171 $ 420
Deferred offering costs	Deferred offering costs: The Company recorded certain legal, professional and other third-party fees that were directly associated with in-process equity financings as deferred offering costs until the applicable equity financing was consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds generated as a result of the offering. At September 30, 2021 the deferred offering costs accrued as of December 31, 2020 of $0.6 million were recorded to stockholders’ equity.
Property and equipment	Property and equipment: Property and equipment, including improvements that extend useful lives of related assets, are valued at cost, while maintenance and repairs are charged to operations as incurred. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the asset or the original term of the lease. Depreciation expense is recorded in the research and development line of the Statement of Operations as the assets are primarily related to the Company’s clinical programs.
Intangible assets	Intangible assets: Intangible assets include payments on license agreements with the Company’s co-founder and chief scientific officer (“CSO”) and the University of Miami (“UM”) (see Note 9) and legal costs incurred related to patents and trademarks. License agreements have been recorded at the value of cash consideration, common stock and membership units transferred to the respective parties when acquired. Payments on license agreements are amortized using the straight-line method over the estimated term of the agreements, which range from 5-20 years. Patents are amortized over their estimated useful life, once issued. The Company considers trademarks to have an indefinite useful life and evaluates them for impairment on an annual basis. Amortization expense is recorded in the research and development line of the Statement of Operations as the assets are primarily related to the Company’s clinical programs.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: The Company evaluates long-lived assets for impairment, including property and equipment and intangible assets, when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus the residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to the estimated fair value. Any resulting impairment loss is reflected on the statements of operations. Upon evaluation, management determined that there was no impairment of long-lived assets as of September 30, 2021 and December 31, 2020.
Deferred revenue	Deferred revenue: The unearned portion of advanced grant funds and prepayments for Clinical trial revenue, which will be recognized as revenue when the Company meets the respective performance obligations, has been presented as deferred revenue in the balance sheets. For the nine months ended September 30, 2021 and 2020, the Company recognized nil nil
Revenue recognition	Revenue recognition: The Company recognizes revenue when performance obligations related to respective revenue streams are met. For Grant revenue, the Company considers the performance obligation met when the grant related expenses are incurred, or supplies and materials are received. The Company is paid in tranches pursuant to terms of the related grant agreements, and then applies payments based on regular expense reimbursement submissions to grantors. There are no remaining performance obligations or variable consideration once grant expense reporting to the grantor is complete. For Clinical trial revenue, the Company considers the performance obligation met when the participant has received the treatment. The Company usually receives prepayment for these services or receives payment at the time the treatment is provided, and there are no remaining performance obligations or variable consideration once the participant received the treatment. For Contract manufacturing revenue, the Company considers the performance obligation met when the contractual obligation and / or statement of work has been satisfied. Payment terms may vary depending on specific contract terms. There are no significant judgments affecting the determination of the amount and timing of revenue recognition. Revenue by source (in thousands): Three months ended Nine months ended 2021 2020 2021 2020 National Institute of Health - grant $ 41 $ 1,195 $ 171 $ 2,538 Clinical trial revenue 164 30 543 792 Alzheimer’s Association grant 10 598 271 1,038 MSCRF – TEDCO 1 17 (5 ) 112 26 Contract manufacturing revenue - 47 - 55 Total $ 232 $ 1,865 $ 1,097 $ 4,449 1 Maryland Stem Cell Research Fund (MSCRF) - Maryland Technology Development Corporation (TEDCO) The Company records cost of revenues based on expenses directly related to revenue. For Grants, the Company records allocated expenses for Research and development costs to a grant as a cost of revenues. For the Clinical trial revenue directly related expenses for that program are allocated and expensed as incurred. These expenses are similar to those described under “Research and development expense” below.
Research and development expense	Research and development expense: Research and development costs are charged to expense when incurred in accordance with ASC 730. ASC 730 addresses the proper accounting and reporting for research and development costs. It identifies: 1) those activities that should be identified as research and development; 2) the elements of costs that should be identified with research and development activities, and the accounting for these costs; and 3) the financial statement disclosures related to them. Research and development costs include costs such as clinical trial expenses, contracted research and license agreement fees with no alternative future use, supplies and materials, salaries, share-based compensation, employee benefits, property and equipment depreciation and allocation of various corporate costs. The Company accrues for costs incurred by external service providers, including contract research organizations and clinical investigators, based on its estimates of service performed and costs incurred. These estimates include the level of services performed by the third parties, patient enrollment in clinical trials, administrative costs incurred by the third parties, and other indicators of the services completed. Based on the timing of amounts invoiced by service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as the related services are rendered.
Concentrations of credit risk	Concentrations of credit risk: Financial instruments which potentially subject the Company to credit risk consist principally of cash and cash equivalents, short-term investments and accounts and grants receivable. Cash and cash equivalents are held in United States financial institutions. At times, the Company may maintain balances in excess of the federally insured amounts.
Income taxes	Income taxes: Prior to its Corporate Conversion, the Company was treated as a partnership for U.S. federal and state income tax purposes. Consequently, the Company passed its earnings and losses through to its members based on the terms of the Company’s Operating Agreement. Accordingly, no provision for income taxes is recorded in the financial statements for periods prior to the conversion. Following the Corporate Conversion, the Company's tax provision consists of taxes currently payable or receivable, plus any change during the period in deferred tax assets and liabilities. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company's tax provision was nil for the nine months ended September 30, 2021 due to net operating losses. The Company has not recorded any tax benefit for the net operating losses incurred due to the uncertainty of realizing a benefit in the future. The Company recognizes the tax benefits from uncertain tax positions that the Company has taken or expects to take on a tax return. In the unlikely event an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by a taxing authority. Reserves for uncertain tax positions would then be recorded if the Company determined it is probable that either a position would not be sustained upon examination or a payment would have to be made to a taxing authority and the amount was reasonably estimable. As of September 30, 2021 and December 31, 2020, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authority. It is the Company’s policy to expense any interest and penalties associated with its tax obligations when they are probable and estimable.
Equity-based compensation	Equity-based compensation: The Company accounts for equity-based compensation expense by the measurement and recognition of compensation expense for stock-based awards based on estimated fair values on the date of grant. The fair value of the options is estimated at the date of the grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions, the most significant of which are the expected share price volatility, the expected life of the option award, the risk-free rate of return, and dividends during the expected term. Because the option-pricing model is sensitive to changes in the input assumptions, different determinations of the required inputs may result in different fair value estimates of the options. Neither the Company’s stock options nor its restricted stock units (“RSUs”) trade on an active market. Volatility is a measure of the amount by which a financial variable, such as a stock price, has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Given the Company’s limited historical data, the Company utilizes the average historical volatility of similar publicly traded companies that are in the same industry. The risk-free interest rate is the average U.S. treasury rate (having a term that most closely approximates the expected life of the option) for the period in which the option was granted. The expected life is the period of time that the options granted are expected to remain outstanding. Options granted have a maximum term of ten years. The Company had insufficient historical data to utilize in determining its expected life assumptions and, therefore, uses the simplified method for determining expected life.
Comprehensive Loss	Comprehensive Loss Comprehensive loss was equal to net loss for the nine months ended September 30, 2021 and 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of accounts and grants receivable	September 30, December 31, Alzheimer’s Association – Grant $ - $ 339 National Institutes of Health – Grant 171 66 Clinical Trial receivable - 15 Total $ 171 $ 420
Schedule of revenue	Three months ended Nine months ended 2021 2020 2021 2020 National Institute of Health - grant $ 41 $ 1,195 $ 171 $ 2,538 Clinical trial revenue 164 30 543 792 Alzheimer’s Association grant 10 598 271 1,038 MSCRF – TEDCO 1 17 (5 ) 112 26 Contract manufacturing revenue - 47 - 55 Total $ 232 $ 1,865 $ 1,097 $ 4,449

Short-term investments (Tables)

Short-term investments (Tables)	9 Months Ended
	Sep. 30, 2021
Shortterm Investments [Abstract]
Schedule of short-term investments	September 30, 2021 Amortized Gross Gross Estimated Fixed income bond funds $ 9,224 8 - 9,232 Total short-term investments $ 9,224 8 - $ 9,232

Property and equipment, net (Ta

Property and equipment, net (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of major components of property and equipment	Useful Lives September 30, December 31, Leasehold improvements 10 years $ 4,310 $ 4,310 Furniture/Lab equipment 7 years 2,071 2,059 Computer equipment 5 years 20 14 Software/Website 3 years 38 38 Total property and equipment 6,439 6,421 Less accumulated depreciation and amortization 3,369 2,824 Property and equipment, net $ 3,070 $ 3,597

Intangible assets, net (Tables)

Intangible assets, net (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Useful Lives Cost Accumulated Total License agreements 5-20 years $ 2,043 $ (417 ) $ 1,626 Patent Costs 584 - 584 Trademark costs 148 - 148 Total $ 2,775 $ (417 ) $ 2,358 Useful Lives Cost Accumulated Total License agreements 20 years $ 1,233 $ (279 ) $ 954 Patent Costs 466 - 466 Trademark costs 127 - 127 Total $ 1,826 $ (279 ) $ 1,547
Schedule of future amortization expense for intangible assets	Year Ending December 31, Amount 2021 $ 58 2022 224 2023 224 2024 224 2025 224 Thereafter 672 Total $ 1,626

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of future minimum payments under the operating leases	Year Ending December 31, Amount 2021 (remaining three months) $ 165 2022 671 2023 687 2024 702 2025 718 Thereafter 920 Total 3,863 Less: Interest 591 Present Value of Lease Liability $ 3,272

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of fair value of each RSU activity	Number of Outstanding at December 31, 2020 - RSU granted 921,972 RSU exercised - RSU expired/forfeited (24,408 ) Outstanding at September 30, 2021 897,564
Schedule of issued and outstanding options	Number of Stock options vested (based on ratable vesting) 40,894 Stock options unvested 280,106 Total stock options granted at September 30, 2021 321,000
Schedule of stock option activity	Number of Weighted Outstanding at December 31, 2020 - - Options granted 334,125 $ 5.95 Options exercised - - Options expired/forfeited 13,125 $ 5.84 Outstanding at September 30, 2021 321,000 $ 5.95

Long-Term Loan (Tables)

Long-Term Loan (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of future debt obligations for long term loans	Year Ending December 31, Amount 2021 (remaining three months) $ 1 2022 3 2023 3 2024 3 2025 3 Thereafter 135 Total $ 148

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of calculation of diluted net loss per share	September 30, 2021 2020 RSUs 898 - Stock options 321 - Warrants 106 - Total 1,325 -

Nature of Business, Basis of _2

Nature of Business, Basis of Presentation, and Liquidity (Details) - USD ($)	Mar. 15, 2021	Feb. 12, 2021	Sep. 30, 2021	Sep. 30, 2020
Nature of Business, Basis of Presentation, and Liquidity (Details) [Line Items]
Recurring loss			$ 13,000,000	$ 2,400,000
Accumulated deficit			(39,900,000)
Cash and cash equivalents			9,700,000
Short term investments			$ 9,200,000
Initial Public Offering [Member]
Nature of Business, Basis of Presentation, and Liquidity (Details) [Line Items]
Sale of stock price, per share (in Dollars per share)			$ 10
Purchase additional shares of public offering (in Shares)		399,000
Class A Common Stock [Member] | Initial Public Offering [Member]
Nature of Business, Basis of Presentation, and Liquidity (Details) [Line Items]
Sale of stock (in Shares)		2,660,000
Sale of stock price, per share (in Dollars per share)		$ 10
Gross proceeds of initial public offering		$ 26,600,000
Class A Common Stock [Member] | Over-Allotment Option [Member]
Nature of Business, Basis of Presentation, and Liquidity (Details) [Line Items]
Sale of stock (in Shares)	250,000
Sale of stock price, per share (in Dollars per share)	$ 10
Gross proceeds of initial public offering	$ 2,500,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]
Deferred offering costs					$ 0.6
Revenue		$ 0.2		$ 0.3
Options granted maximum term			10 years
Finite-Lived Intangible Assets [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
intangible assets estimated useful life			5 years
Finite-Lived Intangible Assets [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
intangible assets estimated useful life			20 years
Clinical trial revenue [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Revenue

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of accounts and grants receivable - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and grants receivable	$ 171	$ 420
Alzheimer’s Association - Grant [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and grants receivable		339
National Institutes of Health - Grant [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and grants receivable	171	66
Clinical Trial receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and grants receivable		$ 15

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of revenue - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue		$ 232	$ 1,865	$ 1,097	$ 4,449
National Institute of Health - Grant [Member]
Disaggregation of Revenue [Line Items]
Revenue		41	1,195	171	2,538
Clinical trial revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue		164	30	543	792
Alzheimer’s Association - Grant [Member]
Disaggregation of Revenue [Line Items]
Revenue		10	598	271	1,038
MSCRF – TEDCO - Grant [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	17	(5)	112	26
Contract Manufacturing Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue			$ 47		$ 55
[1]	Maryland Stem Cell Research Fund (MSCRF) - Maryland Technology Development Corporation (TEDCO)

Short-term investments (Details

Short-term investments (Details) - Schedule of short-term investments $ in Thousands	Sep. 30, 2021USD ($)
Amortized Cost [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fixed income bond funds	$ 9,224
Total short-term investments	9,224
Gross Unrealized Gains [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fixed income bond funds	8
Total short-term investments	8
Gross Unrealized Losses [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fixed income bond funds
Total short-term investments
Estimated Fair Value [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fixed income bond funds	9,232
Total short-term investments	$ 9,232

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 0.2	$ 0.5

Property and equipment, net (_2

Property and equipment, net (Details) - Schedule of major components of property and equipment - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,439	$ 6,421
Less accumulated depreciation and amortization	3,369	2,824
Property and equipment, net	$ 3,070	3,597
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful Lives	10 years
Property and equipment, gross	$ 4,310	4,310
Furniture/Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful Lives	7 years
Property and equipment, gross	$ 2,071	2,059
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful Lives	5 years
Property and equipment, gross	$ 20	14
Software/Website [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful Lives	3 years
Property and equipment, gross	$ 38	$ 38

Intangible assets, net (Details

Intangible assets, net (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 0.1	$ 0.1

Intangible assets, net (Detai_2

Intangible assets, net (Details) - Schedule of intangible assets - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Cost	$ 2,775	$ 1,826
Accumulated amortization	(417)	(279)
Intangible assets	2,358	1,547
Patents [Member]
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Cost	584	466
Accumulated amortization
Intangible assets	584	$ 466
License agreements [Member]
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Useful lives		20 years
Cost	2,043	$ 1,233
Accumulated amortization	(417)	(279)
Intangible assets	$ 1,626	954
License agreements [Member] | Minimum [Member]
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Useful lives	5 years
License agreements [Member] | Maximum [Member]
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Useful lives	20 years
Trademarks [Member]
Intangible assets, net (Details) - Schedule of intangible assets [Line Items]
Cost	$ 148	127
Accumulated amortization
Intangible assets	$ 148	$ 127

Intangible assets, net (Detai_3

Intangible assets, net (Details) - Schedule of future amortization expense for intangible assets $ in Thousands	Sep. 30, 2021USD ($)
Schedule of future amortization expense for intangible assets [Abstract]
2021	$ 58
2022	224
2023	224
2024	224
2025	224
Thereafter	672
Total	$ 1,626

Leases (Details)

Leases (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 22, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 01, 2021	Dec. 31, 2020
Disclosure Text Block [Abstract]
Right of use asset		$ 1,900,000		$ 1,900,000			$ 2,100,000
Lease liability		3,300,000		3,300,000			$ 3,700,000
Lease costs		200,000	$ 500,000	200,000	$ 500,000
Monthly payments		$ 10,000		10,000
Increased base rent	$ 22,500
Security Deposit						$ 22,500
Sublease income				$ 102,500

Leases (Details) - Schedule of

Leases (Details) - Schedule of future minimum payments under the operating leases $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Schedule of future minimum payments under the operating leases [Abstract]
2021 (remaining three months)	$ 165
2022	671
2023	687
2024	702
2025	718
Thereafter	920
Total	3,863
Less: Interest	591
Present Value of Lease Liability	$ 3,272

Members_ Equity and Stockhold_2

Members’ Equity and Stockholders’ Equity (Details) - USD ($)	Mar. 15, 2021	Feb. 12, 2021	Jan. 29, 2021	Sep. 30, 2021	Sep. 30, 2021
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Conversion of outstanding shares			9
Aggregate value in cash (in Dollars)				$ 9,700,000	$ 9,700,000
Warrants [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Fair value of warrants (in Dollars)					$ 500,000
IOP [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Shares issued					2,660,000
Sale of stock price, per share (in Dollars per share)				$ 10	$ 10
Gross proceeds (in Dollars)					$ 26,600,000
Class A Common Stock [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Conversion of stock, shares issued					344,077
Aggregate value (in Dollars)				$ 100,000	$ 1,200,000
Conversion of outstanding shares			855,247		16,755
Unregistered shares				6,000	163,719
Class A Common Stock [Member] | Warrants [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Warrants to purchase of common stock shares				106,400	106,400
Warrants exercise price (in Dollars per share)				$ 12	$ 12
Class A Common Stock [Member] | IOP [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Sale of stock price, per share (in Dollars per share)		$ 10
Gross proceeds of initial public offering (in Dollars)		$ 26,600,000
Class A Common Stock [Member] | Over-Allotment Option [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Sale of stock price, per share (in Dollars per share)	$ 10
Sale of stock issued	250,000
Gross proceeds of initial public offering (in Dollars)	$ 2,500,000
Series C Units [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Conversion of stock, shares issued					1,130
Aggregate value (in Dollars)					$ 100,000
Conversion of outstanding shares					63,893
Shares issued				18,335	18,335
Aggregate value in cash (in Dollars)				$ 1,100,000	$ 1,100,000
Additional shares issued					734
Class B Common Stock [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Conversion of outstanding shares					15,702,834
Outstanding shares conversion				2,000,000	2,000,000
Consulting Agreements [Member] | Series C Units [Member]
Members’ Equity and Stockholders’ Equity (Details) [Line Items]
Aggregate value (in Dollars)					$ 100,000

Equity Incentive Plan (Details)

Equity Incentive Plan (Details)	Jun. 01, 2021USD ($)$ / sharesshares	May 05, 2021USD ($)$ / sharesshares	Jul. 20, 2021USD ($)$ / sharesshares	Jun. 30, 2021shares	May 31, 2021shares	May 17, 2021USD ($)$ / sharesshares	Apr. 22, 2021USD ($)$ / sharesshares	Feb. 28, 2021USD ($)	Jan. 29, 2021shares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2021RON ( )shares
Equity Incentive Plan (Details) [Line Items]
RSUs grant (in Shares) | shares										321,000		321,000		321,000
RSUs converted (in Shares) | shares									9
RSUs forfeiting								$ 16,113
Granted awards (in Shares) | shares	5,000	10,000		5,000	5,000	30,000	64,125
Fair market value										$ 100,000		$ 100,000
Increments, percentage												25.00%
Cash										$ 9,700,000		$ 9,700,000
Fair market value			$ 6.08
RSUs granted and outstanding (in Shares) | shares												897,564
Outstanding common stock shares												5.00%
dividend yield												0.00%
Expected life												10 years
Volatility												95.00%
Issued and outstanding options (in Shares) | shares										321,000		321,000		321,000
Weighted average exercise price (in Dollars per share) | $ / shares										$ 5.95		$ 5.95
Vesting period	25.00%	25.00%	12.50%			25.00%	25.00%
Exercise price (in Dollars per share) | $ / shares	$ 6.77	$ 5.89				$ 5.29	$ 5.73
Calculation price (in Dollars per share) | $ / shares	$ 5.94	$ 5.17	$ 5.32			$ 4.64	$ 5.03
Total cost	$ 100,000	$ 100,000	$ 1,200,000			$ 100,000	$ 300,000
Expensed ratably over	48 months	48 months	48 months			48 months	48 months
Vesting equally over the remaining			4 years
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionWeightedAverageExercisePrice1 (in Dollars per share) | $ / shares			$ 6.08
Equity based compensation expense										$ 2,500,000	$ 12,000	$ 6,000,000	$ 36,000
Unrecognized equity based compensation												$ 3,700,000
Maturity term												3 years 9 months 18 days
Mr. Green [Member]
Equity Incentive Plan (Details) [Line Items]
Granted awards (in Shares) | shares			75,000
Bonus for the completion			$ 100,000
Mr. Green [Member] | Restricted Stock Units (RSUs) [Member]
Equity Incentive Plan (Details) [Line Items]
Cash										8,223		$ 8,223
Mr. Lehr [Member]
Equity Incentive Plan (Details) [Line Items]
Bonus for the completion			75,000
Mr. Lehr [Member] | Restricted Stock Units (RSUs) [Member]
Equity Incentive Plan (Details) [Line Items]
Cash |														6,167
Dr. Hare [Member]
Equity Incentive Plan (Details) [Line Items]
Bonus for the completion			$ 75,000
Dr. Hare [Member] | Restricted Stock Units (RSUs) [Member]
Equity Incentive Plan (Details) [Line Items]
Cash										12,335		$ 12,335
Mr. Clavijo [Member]
Equity Incentive Plan (Details) [Line Items]
Granted awards (in Shares) | shares			50,000
Maximum [Member]
Equity Incentive Plan (Details) [Line Items]
RSUs vest grant date												50.00%
Risk-free interest rate												1.62%
Minimum [Member]
Equity Incentive Plan (Details) [Line Items]
RSUs vest grant date												25.00%
Risk-free interest rate												1.23%
Series C [Member]
Equity Incentive Plan (Details) [Line Items]
RSUs grant (in Shares) | shares									159,817
RSUs converted (in Shares) | shares												63,893
Cash										$ 1,100,000		$ 1,100,000
Class A Common Stock [Member]
Equity Incentive Plan (Details) [Line Items]
RSUs converted (in Shares) | shares									855,247			16,755
Granted awards (in Shares) | shares			225,000

Equity Incentive Plan (Detail_2

Equity Incentive Plan (Details) - Schedule of fair value of each RSU activity	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Schedule of fair value of each RSU activity [Abstract]
Outstanding at December 31, 2020
RSU granted	921,972
RSU exercised (in Dollars per share) | $ / shares
RSU expired/forfeited	(24,408)
Outstanding at September 30, 2021	897,564

Equity Incentive Plan (Detail_3

Equity Incentive Plan (Details) - Schedule of issued and outstanding options	Sep. 30, 2021shares
Equity Incentive Plan (Details) - Schedule of issued and outstanding options [Line Items]
Total stock options granted	321,000
Stock options vested [Member]
Equity Incentive Plan (Details) - Schedule of issued and outstanding options [Line Items]
Total stock options granted	40,894
Stock options unvested [Member]
Equity Incentive Plan (Details) - Schedule of issued and outstanding options [Line Items]
Total stock options granted	280,106

Equity Incentive Plan (Detail_4

Equity Incentive Plan (Details) - Schedule of stock option activity	9 Months Ended
	Sep. 30, 2021shares
Number of Stock Options [Member]
Equity Incentive Plan (Details) - Schedule of stock option activity [Line Items]
Outstanding at December 31, 2020
Options granted	334,125
Options exercised
Options expired/forfeited	13,125
Outstanding at September 30, 2021	321,000
Weighted Average Exercise Price [Member]
Equity Incentive Plan (Details) - Schedule of stock option activity [Line Items]
Outstanding at December 31, 2020
Options granted	5.95
Options exercised
Options expired/forfeited	5.84
Outstanding at September 30, 2021	5.95

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 03, 2021	Jan. 29, 2021	Dec. 22, 2016	Mar. 27, 2015	Nov. 20, 2014	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2017
Commitments and Contingencies (Details) [Line Items]
Company expense							$ 5,978,000	$ 36,000
Incentive units				50.00%
Aggregate of accrued technology services										$ 200,000
Converted shares (in Shares)		9
Account payable, other						$ 100,000	$ 100,000
Licensing agreement, description					The Company is required to pay UM up to 3% of net sales on products or services developed from the technology. The agreement extends for up to 20 years from the last date a product or process is commercialized from the technology. Under the agreement, the Company is required to pay an annual fee to UM. As of September 30, 2020, the Company had accrued $50,000 based on the terms of the agreement. In addition, on November 14, 2014, as required by the license agreement, the Company issued 20,000 series C membership units valued at $0.5 million to UM. The Company recorded this $0.5 million as an intangible asset that is amortized over the life of the license agreement which was defined as 20 years. As of September 30, 2021, the Company had accrued less than $0.1 million in milestone fees payable to UM based on the estimated progress to date.The UM agreement was amended on March 3, 2021 to increase the license fee due to UM. The Company agreed to pay UM an additional fee of $0.1 million, which will be recorded as legal costs, to defray patent costs, with $70,000 due within thirty (30) days of the effective date of the amendment, and the remainder to be paid in equal installments of $7,500 on the 2nd, 3rd, and 5th year anniversaries of the effective date. The Company also agreed to issue an additional 110,387 unregistered shares of Class A common stock shares to UM. The Company recorded this $0.8 million as an intangible asset that is amortized over the life of the license agreement which was defined as 5 years. The Company and UM agreed to the following modification of the milestone payments: (a) No payment will be due upon the completion of Phase 2 clinical trials for the product; (b) a one-time payment of $0.5 million, payable within nine months of the completion of the first Phase 3 clinical trial of the products (based upon the final data unblinding); (c) a one-time payment of $0.5 million payable within nine months of the receipt by the Company of approval for the first new drug application, biologics application, or other marketing or licensing application for the product; and (d) a one-time payment of $0.5 million payable within nine months of the first sale following product approval.		The Company is required to pay UM up to 3% of net sales on products or services developed from the technology. The agreement extends for up to 20 years from the last date a product or process is commercialized from the technology. Under the agreement, the Company is required to pay an annual fee to UM. As of September 30, 2020, the Company had accrued $50,000 based on the terms of the agreement. In addition, on November 14, 2014, as required by the license agreement, the Company issued 20,000 series C membership units valued at $0.5 million to UM. The Company recorded this $0.5 million as an intangible asset that is amortized over the life of the license agreement which was defined as 20 years. As of September 30, 2021, the Company had accrued less than $0.1 million in milestone fees payable to UM based on the estimated progress to date.The UM agreement was amended on March 3, 2021 to increase the license fee due to UM. The Company agreed to pay UM an additional fee of $0.1 million, which will be recorded as legal costs, to defray patent costs, with $70,000 due within thirty (30) days of the effective date of the amendment, and the remainder to be paid in equal installments of $7,500 on the 2nd, 3rd, and 5th year anniversaries of the effective date. The Company also agreed to issue an additional 110,387 unregistered shares of Class A common stock shares to UM. The Company recorded this $0.8 million as an intangible asset that is amortized over the life of the license agreement which was defined as 5 years. The Company and UM agreed to the following modification of the milestone payments: (a) No payment will be due upon the completion of Phase 2 clinical trials for the product; (b) a one-time payment of $0.5 million, payable within nine months of the completion of the first Phase 3 clinical trial of the products (based upon the final data unblinding); (c) a one-time payment of $0.5 million payable within nine months of the receipt by the Company of approval for the first new drug application, biologics application, or other marketing or licensing application for the product; and (d) a one-time payment of $0.5 million payable within nine months of the first sale following product approval.
Legal fees	$ 100,000
Defray patent costs	70,000
Installments paid	$ 7,500
Issuance of additional unregistered shares (in Shares)	110,387
Intangible assets	$ 800,000
Intangible asset life year							5 years
Agreement, description			The Company is required to pay as royalty 1% of the annual net sales of the licensed product(s) used, leased, or sold by or for licensee or its sub-licensees. If the Company sublicenses the technology, it is also required to pay an amount equal to 10% of the net sales of the sub-licensees. In addition, on December 23, 2016, as required by the license agreement, the Company paid an initial fee of $250,000 to JMHMD, and issued to it 10,000 Series C Units, valued at $250,000. The $0.5 million of value provided to JMHMD for the license agreement, along with professional fees of approximately $27,000, were recorded as an intangible asset that is amortized over the life of the license agreement, which was defined as 20 years. Further, expenses related to the furtherance of the CD271+ technology is being capitalized and amortized as incurred over 20 years. There were no license fees due during the nine months ended September 30, 2021 or year ended December 31, 2020 pertaining to this agreement.				“Approval” refers to Product approval, licensure, or other marketing authorization by the U.S. Food and Drug Administration, or any successor agency. The amendment also provided for the Company’s license of additional technology, to the extent not previously included in the UM License, and granted the Company an exclusive option to obtain an exclusive license for (a) the HLHS IND with ckit+ cells; and (b) UMP-438 titled “Method of Determining Responsiveness to Cell Therapy in Dilated Cardiomyopathy.”
Minimum [Member]
Commitments and Contingencies (Details) [Line Items]
Outstanding balance						200,000
Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
Outstanding balance						300,000
Series C Units [Member]
Commitments and Contingencies (Details) [Line Items]
Shares issued (in Shares)										1,901
Class A Common Stock [Member]
Commitments and Contingencies (Details) [Line Items]
Converted shares (in Shares)		855,247					16,755
Master Services Agreements [Member]
Commitments and Contingencies (Details) [Line Items]
Expenditure amount							$ 1,000,000
Consulting Services Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Company expense					$ 270,000
Accrued balance						$ 100,000	$ 100,000		$ 300,000

Short-Term Note Payable (Detail

Short-Term Note Payable (Details)	1 Months Ended
	Sep. 27, 2020USD ($)
Debt Disclosure [Abstract]
Insurance policies amount	$ 63,000
Down payment	6,334
Monthly payments	$ 6,499
Interest rate	5.353%

Long-Term Loan (Details)

Long-Term Loan (Details) - USD ($)	Sep. 30, 2021	Jul. 20, 2021	Dec. 31, 2020	May 12, 2020	Apr. 16, 2020
Debt Disclosure [Abstract]
Outstanding loan amount			$ 300,390	$ 150,000	$ 300,390
Debt instrument interest rate		3.75%			1.00%
Initial maturity		30 years			24 months
Forgive amount, percentage					25.00%
Economic relief fund			10,000
Loan payments		$ 731
Current portion of loans	$ 5,000		$ 139,000

Long-Term Loan (Details) - Sche

Long-Term Loan (Details) - Schedule of future debt obligations for long term loans $ in Thousands	Dec. 31, 2020USD ($)
Schedule of future debt obligations for long term loans [Abstract]
2021 (remaining three months)	$ 1
2022	3
2023	3
2024	3
2025	3
Thereafter	135
Total	$ 148

Employee Benefits Plan (Details

Employee Benefits Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Company contribution	$ 18,000	$ 13,000	$ 49,000	$ 34,000

Loss Per Share (Details) - Sche

Loss Per Share (Details) - Schedule of calculation of diluted net loss per share - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of calculation of diluted net loss per share [Abstract]
RSUs	$ 898
Stock options	321
Warrants	106
Total	$ 1,325

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended		9 Months Ended
	Oct. 05, 2021	Oct. 01, 2021	Sep. 30, 2021
Subsequent Events (Details) [Line Items]
Closing price per share		$ 3.65
Company paid employer taxes			$ 489,000
Maximum [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Tax liability	$ 451,000
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Subsequent Events (Details) [Line Items]
Vested shares		657,062
Minimum [Member]
Subsequent Events (Details) [Line Items]
Tax liability	$ 38,000
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Subsequent Events (Details) [Line Items]
Vested shares		355,495
Class A Common Stock [Member]
Subsequent Events (Details) [Line Items]
Tax liability shares			123,659