Harvard Apparatus Regenerative Technology Inc. Financials

HRGN

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Harvard Apparatus Regenerative Technology Inc. (HRGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HRGN FY2025 2026-05-13

Minimal commercial revenue and recurring operating burn show a development-stage business still financed mainly by fresh outside capital, not customers.

FY2024's liquidity rebound was temporary: cash rose to $2.49M and the current ratio to 3.2x after financing support. By FY2025, cash had fallen to $1.35M while operating cash outflow still ran at -$3.83M, showing the funding round bought time but did not create a durable operating cushion.

Revenue reached $704K in FY2025, up from $103K in FY2023, so market activity is no longer near-zero. But gross margin compression from 76.7% to 8.2% means recent sales are contributing far less toward overhead and research, so commercialization is not yet improving the platform's economics.

With no disclosed long-term debt, external funding has come mainly from new capital: FY2025 financing inflow of $2.70M only partly covered operating cash burn of -$3.83M. The share count rose from 13.9M in FY2023 to 17.6M in FY2025, so owners rather than lenders have been carrying much of the development cost while the company searches for commercial traction.

Financial Health Signals

Financial health score pending refresh

We are recalculating Harvard Apparatus Regenerative Technology Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-57.02

Harvard Apparatus Regenerative Technology Inc. scores -57.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($18.5M) relative to total liabilities ($1.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Harvard Apparatus Regenerative Technology Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.56x

For every $1 of reported earnings, Harvard Apparatus Regenerative Technology Inc. generates $0.56 in operating cash flow (-$3.8M OCF vs -$6.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-864.4x

Harvard Apparatus Regenerative Technology Inc. earns $-864.4 in operating income for every $1 of interest expense (-$6.9M vs $8K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$704K

YoY+63.7%

10Y CAGR+19.6%

Harvard Apparatus Regenerative Technology Inc. generated $704K in revenue in fiscal year 2025. This represents an increase of 63.7% from the prior year.

EBITDA

-$6.9M

YoY+10.4%

Harvard Apparatus Regenerative Technology Inc.'s EBITDA was -$6.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.4% from the prior year.

Net Income

-$6.9M

YoY+11.2%

Harvard Apparatus Regenerative Technology Inc. reported -$6.9M in net income in fiscal year 2025. This represents an increase of 11.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.4M

YoY-45.6%

5Y CAGR+4.7%

10Y CAGR-15.7%

Harvard Apparatus Regenerative Technology Inc. held $1.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+10.4%

5Y CAGR+13.4%

Harvard Apparatus Regenerative Technology Inc. had 18M shares outstanding in fiscal year 2025. This represents an increase of 10.4% from the prior year.

Margins & Returns

Gross Margin

8.2%

YoY-29.0pp

10Y CAGR+26.0pp

Harvard Apparatus Regenerative Technology Inc.'s gross margin was 8.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 29.0 percentage points from the prior year.

Operating Margin

-982.2%

YoY+814.5pp

10Y CAGR+8933.9pp

Harvard Apparatus Regenerative Technology Inc.'s operating margin was -982.2% in fiscal year 2025, reflecting core business profitability. This is up 814.5 percentage points from the prior year.

Net Margin

-975.7%

YoY+822.4pp

10Y CAGR+8942.9pp

Harvard Apparatus Regenerative Technology Inc.'s net profit margin was -975.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 822.4 percentage points from the prior year.

Return on Equity

-649.9%

YoY-409.9pp

5Y CAGR-217.4pp

10Y CAGR-508.9pp

Harvard Apparatus Regenerative Technology Inc.'s ROE was -649.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 409.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.7M

YoY+14.8%

5Y CAGR+5.1%

10Y CAGR-5.7%

Harvard Apparatus Regenerative Technology Inc. invested $2.7M in research and development in fiscal year 2025. This represents an increase of 14.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

HRGN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$704K+63.7%	$430K+317.5%	$103K	N/A	$0	$0
Cost of Revenue	$646K+139.3%	$270K+1025.0%	$24K	N/A	N/A	N/A
Gross Profit	$58K-63.7%	$160K+102.5%	$79K	N/A	N/A	N/A
R&D Expenses	$2.7M+14.8%	$2.3M-24.6%	$3.1M+75.8%	$1.7M+9.4%	$1.6M-23.1%	$2.1M
SG&A Expenses	$4.3M-15.3%	$5.0M-12.1%	$5.7M+29.5%	$4.4M-37.4%	$7.0M+116.3%	$3.3M
Operating Income	-$6.9M+10.5%	-$7.7M+14.1%	-$9.0M-46.1%	-$6.2M+28.8%	-$8.6M-62.2%	-$5.3M
Interest Expense	$8K-78.9%	$38K+171.4%	$14K+55.6%	$9K	N/A	N/A
Income Tax	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$6.9M+11.2%	-$7.7M+14.3%	-$9.0M-48.6%	-$6.1M+23.9%	-$8.0M-64.0%	-$4.9M
EPS (Diluted)	N/A	N/A	$-0.67-21.8%	$-0.55+30.4%	$-0.79-43.6%	$-0.55

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$226K+3.2%	$219K+78.0%	$123K-61.2%	$317K+604.4%	$45K-82.6%	$258K+337.3%	$59K+5.4%	$56K
Cost of Revenue	$206K+3.5%	$199K+77.7%	$112K-62.9%	$302K+815.2%	$33K-81.1%	$175K+150.0%	$70K+438.5%	$13K
Gross Profit	$20K0.0%	$20K+81.8%	$11K-26.7%	$15K+25.0%	$12K-85.5%	$83K+854.5%	-$11K-125.6%	$43K
R&D Expenses	$563K-19.6%	$700K+6.9%	$655K-6.0%	$697K+16.0%	$601K+121.8%	$271K-51.3%	$557K-13.2%	$642K
SG&A Expenses	$1.0M+6.0%	$986K-5.6%	$1.0M-9.2%	$1.2M+7.5%	$1.1M-0.6%	$1.1M-6.1%	$1.1M-31.9%	$1.7M
Operating Income	-$1.6M+5.4%	-$1.7M+0.9%	-$1.7M+6.5%	-$1.8M-9.8%	-$1.7M-22.3%	-$1.4M+26.6%	-$1.9M+25.1%	-$2.5M
Interest Expense	$2K+100.0%	$1K-50.0%	$2K-33.3%	$3K+50.0%	$2K+100.0%	$1K-90.9%	$11K-35.3%	$17K
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$1.6M+5.1%	-$1.7M+0.8%	-$1.7M+6.7%	-$1.8M-9.9%	-$1.7M-23.4%	-$1.3M+27.7%	-$1.9M+25.5%	-$2.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	$-0.12+33.3%	$-0.18

HRGN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.7M-39.7%	$4.4M+69.9%	$2.6M+8.9%	$2.4M+28.6%	$1.9M-10.1%	$2.1M
Current Assets	$1.8M-43.4%	$3.2M+313.0%	$783K-50.9%	$1.6M+0.4%	$1.6M-5.4%	$1.7M
Cash & Equivalents	$1.4M-45.6%	$2.5M+475.5%	$432K-65.2%	$1.2M-3.9%	$1.3M+20.1%	$1.1M
Inventory	$16K-80.0%	$80K+60.0%	$50K	N/A	N/A	N/A
Accounts Receivable	$16K-93.1%	$231K+5675.0%	$4K	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.6M+32.8%	$1.2M+26.0%	$968K-82.7%	$5.6M+14.2%	$4.9M+414.7%	$951K
Current Liabilities	$1.5M+50.2%	$1.0M+5.5%	$968K-29.0%	$1.4M-71.8%	$4.8M+539.7%	$756K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1M-67.2%	$3.2M+95.7%	$1.6M+151.6%	-$3.2M-5.3%	-$3.0M-369.2%	$1.1M
Retained Earnings	-$106.6M-6.9%	-$99.7M-8.4%	-$92.0M-10.8%	-$83.0M-7.9%	-$76.9M-11.6%	-$69.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.8M-32.8%	$2.7M+5.1%	$2.5M+19.1%	$2.1M-37.4%	$3.4M-23.1%	$4.4M-16.4%	$5.3M+19.6%	$4.4M
Current Assets	$873K-52.3%	$1.8M+12.4%	$1.6M+45.7%	$1.1M-51.5%	$2.3M-28.8%	$3.2M-18.6%	$4.0M+505.8%	$656K
Cash & Equivalents	$419K-69.0%	$1.4M+2.5%	$1.3M+67.8%	$786K-54.5%	$1.7M-30.5%	$2.5M-30.8%	$3.6M+2484.9%	$139K
Inventory	$15K-6.3%	$16K-27.3%	$22K-18.5%	$27K-43.8%	$48K-40.0%	$80K-29.2%	$113K+88.3%	$60K
Accounts Receivable	$16K0.0%	$16K+433.3%	$3K-40.0%	$5K+25.0%	$4K-98.3%	$231K+23000.0%	$1K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.7M+5.3%	$1.6M+63.3%	$992K-27.9%	$1.4M+0.7%	$1.4M+12.0%	$1.2M-17.1%	$1.5M-68.9%	$4.7M
Current Liabilities	$1.7M+7.6%	$1.5M+75.1%	$876K-28.8%	$1.2M+3.0%	$1.2M+17.0%	$1.0M-18.1%	$1.2M-37.4%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$92K-91.3%	$1.1M-32.0%	$1.6M+104.2%	$761K-62.8%	$2.0M-36.4%	$3.2M-16.1%	$3.8M+1424.1%	-$290K
Retained Earnings	-$108.2M-1.5%	-$106.6M-1.6%	-$104.9M-1.6%	-$103.2M-1.8%	-$101.3M-1.7%	-$99.7M-1.4%	-$98.3M-1.9%	-$96.5M

HRGN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$3.8M+21.1%	-$4.9M+30.1%	-$6.9M-35.9%	-$5.1M-94.3%	-$2.6M+35.0%	-$4.0M
Capital Expenditures	N/A	$0-100.0%	$11K+120.0%	$5K	$0-100.0%	$7K
Free Cash Flow	N/A	-$4.9M+30.2%	-$7.0M-36.0%	-$5.1M-94.5%	-$2.6M+35.1%	-$4.0M
Investing Cash Flow	N/A	$0+100.0%	-$11K-120.0%	-$5K	$0+100.0%	-$7K
Financing Cash Flow	$2.7M-60.9%	$6.9M+12.6%	$6.1M+21.4%	$5.1M+77.9%	$2.8M-31.7%	$4.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$42K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$937K-41.1%	-$664K+54.7%	-$1.5M-55.7%	-$941K-24.1%	-$758K+32.6%	-$1.1M+23.7%	-$1.5M-14.0%	-$1.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	$700K-65.0%	$2.0M	$0	$0	$0-100.0%	$4.9M+317.4%	$1.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HRGN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	8.2%-29.0pp	37.2%-39.5pp	76.7%	N/A	N/A	N/A
Operating Margin	-982.2%+814.5pp	-1796.7%+6931.4pp	-8728.2%	N/A	N/A	N/A
Net Margin	-975.7%+822.4pp	-1798.1%+6961.1pp	-8759.2%	N/A	N/A	N/A
Return on Equity	-649.9%-409.9pp	-240.0%+308.1pp	-548.1%	N/A	N/A	-432.4%
Return on Assets	-256.6%-82.5pp	-174.1%+171.1pp	-345.1%-92.1pp	-253.0%+174.5pp	-427.6%-193.2pp	-234.3%
Current Ratio	1.19-2.0	3.17+2.4	0.81-0.4	1.17+0.8	0.33-1.9	2.22
Debt-to-Equity	1.53+1.2	0.38-0.2	0.59+2.3	-1.75-0.1	-1.62-2.5	0.85
FCF Margin	N/A	-1128.4%+5619.2pp	-6747.6%	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	8.8%-0.3pp	9.1%+0.2pp	8.9%+4.2pp	4.7%-21.9pp	26.7%-5.5pp	32.2%+50.8pp	-18.6%-95.4pp	76.8%
Operating Margin	-710.6%+64.7pp	-775.3%+618.2pp	-1393.5%-815.3pp	-578.2%+3132.9pp	-3711.1%-3182.0pp	-529.1%+2621.8pp	-3150.9%+1279.5pp	-4430.4%
Net Margin	-708.4%+61.9pp	-770.3%+611.8pp	-1382.1%-807.0pp	-575.1%+3111.6pp	-3686.7%-3165.7pp	-520.9%+2631.6pp	-3152.5%+1308.2pp	-4460.7%
Return on Equity	-1740.2%-1580.6pp	-159.6%-50.2pp	-109.4%+130.2pp	-239.6%-158.5pp	-81.0%-39.3pp	-41.7%+6.7pp	-48.4%	N/A
Return on Assets	-89.0%-26.0pp	-63.0%+3.7pp	-66.8%+18.5pp	-85.3%-36.7pp	-48.6%-18.3pp	-30.3%+4.8pp	-35.0%+21.2pp	-56.2%
Current Ratio	0.53-0.7	1.19-0.7	1.86+0.9	0.91-1.0	1.93-1.2	3.17-0.0	3.19+2.9	0.33
Debt-to-Equity	18.54+17.0	1.53+0.9	0.64-1.2	1.81+1.1	0.67+0.3	0.380.0	0.38+16.7	-16.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Harvard Apparatus Regenerative Technology Inc.'s annual revenue?

Harvard Apparatus Regenerative Technology Inc. (HRGN) reported $704K in total revenue for fiscal year 2025. This represents a 63.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Harvard Apparatus Regenerative Technology Inc.'s revenue growing?

Harvard Apparatus Regenerative Technology Inc. (HRGN) revenue grew by 63.7% year-over-year, from $430K to $704K in fiscal year 2025.

Is Harvard Apparatus Regenerative Technology Inc. profitable?

No, Harvard Apparatus Regenerative Technology Inc. (HRGN) reported a net income of -$6.9M in fiscal year 2025, with a net profit margin of -975.7%.

What is Harvard Apparatus Regenerative Technology Inc.'s EBITDA?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had EBITDA of -$6.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Harvard Apparatus Regenerative Technology Inc.'s gross margin?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had a gross margin of 8.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Harvard Apparatus Regenerative Technology Inc.'s operating margin?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had an operating margin of -982.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Harvard Apparatus Regenerative Technology Inc.'s net profit margin?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had a net profit margin of -975.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Harvard Apparatus Regenerative Technology Inc.'s return on equity (ROE)?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has a return on equity of -649.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Harvard Apparatus Regenerative Technology Inc.'s operating cash flow?

Harvard Apparatus Regenerative Technology Inc. (HRGN) generated -$3.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Harvard Apparatus Regenerative Technology Inc.'s total assets?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had $2.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Harvard Apparatus Regenerative Technology Inc. spend on research and development?

Harvard Apparatus Regenerative Technology Inc. (HRGN) invested $2.7M in research and development during fiscal year 2025.

How many shares does Harvard Apparatus Regenerative Technology Inc. have outstanding?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had 18M shares outstanding as of fiscal year 2025.

What is Harvard Apparatus Regenerative Technology Inc.'s current ratio?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had a current ratio of 1.19 as of fiscal year 2025, which is considered adequate.

What is Harvard Apparatus Regenerative Technology Inc.'s debt-to-equity ratio?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had a debt-to-equity ratio of 1.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Harvard Apparatus Regenerative Technology Inc.'s return on assets (ROA)?

Harvard Apparatus Regenerative Technology Inc. (HRGN) had a return on assets of -256.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Harvard Apparatus Regenerative Technology Inc.'s cash runway?

Based on fiscal year 2025 data, Harvard Apparatus Regenerative Technology Inc. (HRGN) had $1.4M in cash against an annual operating cash burn of $3.8M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Harvard Apparatus Regenerative Technology Inc.'s Altman Z-Score?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has an Altman Z-Score of -57.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Harvard Apparatus Regenerative Technology Inc.'s Piotroski F-Score?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Harvard Apparatus Regenerative Technology Inc.'s earnings high quality?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Harvard Apparatus Regenerative Technology Inc. cover its interest payments?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has an interest coverage ratio of -864.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.