Harvard Apparatus Regenerative Technology Inc. (HRGN) Financials

HRGN

Trailing 12 months to June 30, 2026

Revenue $982K +44.6% YoY

Net Income -$6.7M 0.0% YoY

Operating Cash Flow -$3.6M +15.4% YoY

Gross Profit $74K -25.3% YoY

Market Cap $41.3M as of Sep 3, 2026

Price / Sales 42.1x on $982K revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 13, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HRGN SEC filings page.

Harvard Apparatus Regenerative Technology Inc. (HRGN) reported $982K in revenue over the twelve months to Jun 30, 2026, up 44.6% from the prior twelve months. This page shows its 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 2026-08-29

The development-stage model has rising revenue but still depends on a large operating cost base and recurring cash funding.

Revenue reached $704K while gross margin compressed to 8.2%, so added sales came with weaker reported economics. The operating loss nevertheless narrowed from FY2023, pointing to lower overhead offsetting weaker gross profit rather than sales creating operating leverage.

R&D spending was $2.7M against $704K of revenue, indicating the income statement is funding development ahead of commercial scale. Operating cash flow of -$3.8M shows reported sales are not yet financing the operating platform.

The balance sheet moved to positive equity of $1.1M in FY2025 from a deficit in FY2022, showing a changed funding posture rather than accumulated profitability. At the same time, debt-to-equity reached 1.5x while the current ratio fell to 1.2x, making the improved equity position less informative about short-term flexibility.

Financial Health Signals

Financial health score not available

Harvard Apparatus Regenerative Technology Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-48.55

Harvard Apparatus Regenerative Technology Inc. scores -48.55, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($41.3M) 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 No Cash Backing

N/A

Harvard Apparatus Regenerative Technology Inc. reported a net loss of $6.9M while operations used $3.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Harvard Apparatus Regenerative Technology Inc. reported an operating loss of $6.9M against $8K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$414K

YoY+30.6%

QoQ+83.2%

Harvard Apparatus Regenerative Technology Inc. generated $414K in revenue in Q2 2026. This represents an increase of 30.6% from the same quarter a year earlier. Against the prior quarter it is up 83.2%.

EBITDA

-$1.7M

YoY+7.7%

QoQ-5.4%

Harvard Apparatus Regenerative Technology Inc.'s EBITDA was -$1.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.7% from the same quarter a year earlier. Against the prior quarter it is down 5.4%.

Net Income

-$1.7M

YoY+7.0%

QoQ-5.9%

Harvard Apparatus Regenerative Technology Inc. reported -$1.7M in net income in Q2 2026. This represents an increase of 7.0% from the same quarter a year earlier. Against the prior quarter it is down 5.9%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$351K

YoY-55.3%

QoQ-16.2%

5Y CAGR-6.9%

10Y CAGR-26.9%

Harvard Apparatus Regenerative Technology Inc. held $351K in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

18M

YoY+2.4%

QoQ0.0%

5Y CAGR+12.7%

10Y CAGR+0.3%

Harvard Apparatus Regenerative Technology Inc. had 18M shares outstanding in Q2 2026. This represents an increase of 2.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

5.6%

YoY+0.8pp

QoQ-3.3pp

Harvard Apparatus Regenerative Technology Inc.'s gross margin was 5.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.3 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$948K

YoY+36.0%

QoQ+68.4%

Harvard Apparatus Regenerative Technology Inc. invested $948K in research and development in Q2 2026. This represents an increase of 36.0% from the same quarter a year earlier. Against the prior quarter it is up 68.4%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

HRGN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HRGN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$982K	$704K+63.7%	$430K+317.5%	$103K	N/A	$0	$0	$0	$0	$0-100.0%	$82K-30.5%	$118K+26.9%	$93K+322.7%	$22K	$0
Cost of Revenue	$908K	$646K+139.3%	$270K+1025.0%	$24K	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$116K-16.5%	$139K+189.6%	$48K+336.4%	$11K	$0
Gross Profit	$74K	$58K-63.7%	$160K+102.5%	$79K	N/A	N/A	N/A	N/A	N/A	$0+100.0%	-$34K-61.9%	-$21K-146.7%	$45K+309.1%	$11K	$0
R&D Expenses	$2.9M	$2.7M+14.8%	$2.3M-24.6%	$3.1M+75.8%	$1.7M+9.4%	$1.6M-23.1%	$2.1M-57.4%	$4.9M+23.9%	$3.9M-48.4%	$7.6M-0.2%	$7.6M+58.9%	$4.8M-6.5%	$5.1M+12.2%	$4.6M	N/A
SG&A Expenses	$3.8M	$4.3M-15.3%	$5.0M-12.1%	$5.7M+29.5%	$4.4M-37.4%	$7.0M+116.3%	$3.3M-19.0%	$4.0M+2.4%	$3.9M+1.2%	$3.9M-13.6%	$4.5M-34.9%	$6.9M+21.9%	$5.7M+41.1%	$4.0M	N/A
Operating Income	-$6.7M	-$6.9M+10.5%	-$7.7M+14.1%	-$9.0M-46.1%	-$6.2M+28.8%	-$8.6M-62.2%	-$5.3M+40.0%	-$8.9M-13.1%	-$7.8M+31.6%	-$11.5M+5.4%	-$12.1M-3.6%	-$11.7M-5.8%	-$11.1M-25.4%	-$8.8M	N/A
EBITDA	N/A	-$6.9M+10.4%	-$7.7M+13.9%	-$9.0M-46.8%	-$6.1M+28.5%	-$8.5M-65.9%	-$5.1M+40.6%	-$8.7M-14.2%	-$7.6M+31.4%	-$11.1M+5.3%	-$11.7M-4.0%	-$11.2M-4.9%	-$10.7M-23.5%	-$8.7M	N/A
Interest Expense	$13K	$8K-78.9%	$38K+171.4%	$14K+55.6%	$9K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	N/A	N/A	N/A	N/A	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$6.7M	-$6.9M+11.2%	-$7.7M+14.3%	-$9.0M-48.6%	-$6.1M+23.9%	-$8.0M-64.0%	-$4.9M+41.6%	-$8.3M-10.7%	-$7.5M+36.8%	-$11.9M-2.9%	-$11.6M+1.1%	-$11.7M-5.8%	-$11.1M-25.5%	-$8.8M	N/A
EPS (Basic)	N/A	-$0.42+19.2%	-$0.52+22.4%	-$0.67-21.8%	-$0.55+30.4%	-$0.79-43.6%	-$0.55	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	—	N/A	N/A	-$0.67-21.8%	-$0.55+30.4%	-$0.79-43.6%	-$0.55	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	N/A	N/A	13M+18.6%	11M+12.8%	10M+14.4%	9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$414K+30.6%	$226K+402.2%	$219K-15.1%	$123K+108.5%	$317K+466.1%	$45K-21.1%	$258K	$59K+47.5%
Cost of Revenue	$391K+29.5%	$206K+524.2%	$199K+13.7%	$112K+60.0%	$302K+2223.1%	$33K+175.0%	$175K	$70K
Gross Profit	$23K+53.3%	$20K+66.7%	$20K-75.9%	$11K+200.0%	$15K-65.1%	$12K-73.3%	$83K	-$11K
R&D Expenses	$948K+36.0%	$563K-6.3%	$700K+158.3%	$655K+17.6%	$697K+8.6%	$601K-28.5%	$271K	$557K+64.3%
SG&A Expenses	$751K-34.8%	$1.0M-2.4%	$986K-8.5%	$1.0M-9.0%	$1.2M-31.7%	$1.1M-3.6%	$1.1M	$1.1M-1.8%
Operating Income	-$1.7M+7.7%	-$1.6M+3.8%	-$1.7M-24.4%	-$1.7M+7.8%	-$1.8M+26.1%	-$1.7M+17.4%	-$1.4M	-$1.9M-14.5%
EBITDA	-$1.7M+7.7%	-$1.6M+3.8%	-$1.7M-24.5%	-$1.7M+7.8%	-$1.8M+26.0%	-$1.7M+17.2%	-$1.4M	-$1.9M-14.8%
Interest Expense	$8K+166.7%	$2K0.0%	$1K0.0%	$2K-81.8%	$3K-82.4%	$2K-77.8%	$1K	$11K
Income Tax	N/A	$0	N/A	N/A	N/A	$0	N/A	N/A
Net Income	-$1.7M+7.0%	-$1.6M+3.5%	-$1.7M-25.5%	-$1.7M+8.6%	-$1.8M+27.0%	-$1.7M+18.3%	-$1.3M	-$1.9M-15.2%
EPS (Basic)	-$0.10+9.1%	-$0.09+10.0%	-$0.10-25.0%	-$0.10+16.7%	-$0.11+38.9%	-$0.10+33.3%	-$0.08+38.5%	-$0.120.0%
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.120.0%
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	15M+8.2%

HRGN Balance Sheet

HRGN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$2.7M-39.7%	$4.4M+69.9%	$2.6M+8.9%	$2.4M+28.6%	$1.9M-10.1%	$2.1M+4.2%	$2.0M-24.3%	$2.6M-47.8%	$5.0M+10.9%	$4.6M-49.2%	$9.0M+24.3%	$7.2M-52.2%	$15.1M+3339.3%	$438K
Current Assets	$1.8M-43.4%	$3.2M+313.0%	$783K-50.9%	$1.6M+0.4%	$1.6M-5.4%	$1.7M+19.2%	$1.4M-34.7%	$2.2M-51.2%	$4.4M+26.6%	$3.5M-55.8%	$7.9M+35.2%	$5.8M-59.8%	$14.5M	$0
Cash & Equivalents	$1.4M-45.6%	$2.5M+475.5%	$432K-65.2%	$1.2M-3.9%	$1.3M+20.1%	$1.1M+11.7%	$963K-28.9%	$1.4M-66.4%	$4.0M+37.3%	$2.9M-60.6%	$7.5M+41.4%	$5.3M-62.4%	$14.0M	$0
Short-Term Investments	$0	$0-100.0%	$1.2M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$16K-80.0%	$80K+60.0%	$50K	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$75K-63.8%	$207K+444.7%	$38K	$0
Accounts Receivable	$16K-93.1%	$231K+5675.0%	$4K	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$42K+100.0%	$21K+320.0%	$5K	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$1.6M+32.8%	$1.2M+26.0%	$968K-82.7%	$5.6M+14.2%	$4.9M+414.7%	$951K+5.3%	$903K+36.4%	$662K-59.2%	$1.6M-41.6%	$2.8M+324.6%	$654K-7.9%	$710K+43.4%	$495K+20.4%	$411K
Current Liabilities	$1.5M+50.2%	$1.0M+5.5%	$968K-29.0%	$1.4M-71.8%	$4.8M+539.7%	$756K-7.1%	$814K+23.0%	$662K-59.2%	$1.6M-41.6%	$2.8M+324.6%	$654K-7.9%	$710K+43.4%	$495K+20.4%	$411K
Non-Current Liabilities	$86K-56.8%	$199K	$0-100.0%	$4.2M+7066.1%	$59K-69.7%	$195K+119.1%	$89K	$0	$0	$0	$0	$0	$0	$0
Total Equity	$1.1M-67.2%	$3.2M+95.7%	$1.6M+151.6%	-$3.2M-5.3%	-$3.0M-369.2%	$1.1M+3.3%	$1.1M-44.7%	$2.0M-42.4%	$3.4M+93.0%	$1.8M-78.6%	$8.3M+27.8%	$6.5M-55.4%	$14.6M+53859.3%	$27K
Retained Earnings	-$106.6M-6.9%	-$99.7M-8.4%	-$92.0M-10.8%	-$83.0M-7.9%	-$76.9M-11.6%	-$69.0M-7.6%	-$64.1M-14.9%	-$55.8M-15.6%	-$48.2M-32.8%	-$36.3M-46.8%	-$24.7M-89.8%	-$13.0M-560.3%	-$2.0M	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.7M-21.2%	$1.8M-47.3%	$2.7M-39.7%	$2.5M-52.1%	$2.1M-51.9%	$3.4M-23.1%	$4.4M+69.9%	$5.3M+40.4%
Current Assets	$789K-29.4%	$873K-62.1%	$1.8M-43.4%	$1.6M-59.1%	$1.1M+70.3%	$2.3M+273.1%	$3.2M+313.0%	$4.0M+110.3%
Cash & Equivalents	$351K-55.3%	$419K-75.8%	$1.4M-45.6%	$1.3M-63.3%	$786K+465.5%	$1.7M+535.3%	$2.5M+475.5%	$3.6M+1235.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$0-100.0%
Inventory	$0-100.0%	$15K-68.8%	$16K-80.0%	$22K-80.5%	$27K-55.0%	$48K+9.1%	$80K+60.0%	$113K+101.8%
Accounts Receivable	$9K+80.0%	$16K+300.0%	$16K-93.1%	$3K+200.0%	$5K	$4K-42.9%	$231K+5675.0%	$1K-66.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$3.1M+122.7%	$1.7M+24.8%	$1.6M+32.8%	$992K-32.6%	$1.4M-70.9%	$1.4M-68.0%	$1.2M+26.0%	$1.5M+38.0%
Current Liabilities	$3.0M+147.1%	$1.7M+38.2%	$1.5M+50.2%	$876K-29.8%	$1.2M-38.2%	$1.2M-46.7%	$1.0M+5.5%	$1.2M+18.2%
Non-Current Liabilities	$22K-84.8%	$55K-68.0%	$86K-56.8%	$116K-48.2%	$145K-94.7%	$172K-91.5%	$199K	$224K+1936.4%
Total Equity	-$1.4M-281.2%	$92K-95.5%	$1.1M-67.2%	$1.6M-59.5%	$761K+362.4%	$2.0M+1070.3%	$3.2M+95.7%	$3.8M+41.4%
Retained Earnings	-$109.9M-6.5%	-$108.2M-6.7%	-$106.6M-6.9%	-$104.9M-6.6%	-$103.2M-6.9%	-$101.3M-7.8%	-$99.7M-8.4%	-$98.3M-9.1%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

HRGN Cash Flow Statement

HRGN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	-$3.6M	-$3.8M+21.1%	-$4.9M+30.1%	-$6.9M-35.9%	-$5.1M-94.3%	-$2.6M+35.0%	-$4.0M+33.3%	-$6.1M+20.7%	-$7.6M+30.7%	-$11.0M-21.6%	-$9.1M-26.1%	-$7.2M+10.1%	-$8.0M-4.0%	-$7.7M	N/A
Depreciation & Amortization	N/A	$5K-64.3%	$14K-60.0%	$35K-32.7%	$52K-51.4%	$107K-41.8%	$184K-14.0%	$214K-18.0%	$261K-36.8%	$413K-9.0%	$454K-5.0%	$478K+31.7%	$363K+129.7%	$158K+167.8%	$59K
Stock-Based Compensation	N/A	$2.0M-16.3%	$2.4M-30.6%	$3.5M+235.7%	$1.0M+5.2%	$980K-14.3%	$1.1M-30.8%	$1.7M+119.1%	$755K+8.9%	$693K-47.8%	$1.3M-66.5%	$4.0M+54.6%	$2.6M+87.2%	$1.4M+168.1%	$511K
Capital Expenditures	N/A	N/A	$0-100.0%	$11K+120.0%	$5K	$0-100.0%	$7K-94.6%	$129K-1.5%	$131K-3.7%	$136K-55.0%	$302K+71.6%	$176K-84.9%	$1.2M+294.6%	$295K-4.8%	$310K
Free Cash Flow	N/A	N/A	-$4.9M+30.2%	-$7.0M-36.0%	-$5.1M-94.5%	-$2.6M+35.1%	-$4.0M+34.6%	-$6.2M+20.4%	-$7.8M+30.3%	-$11.2M-19.1%	-$9.4M-27.1%	-$7.4M+19.6%	-$9.2M-14.7%	-$8.0M	N/A
Investing Cash Flow	N/A	N/A	$0+100.0%	-$11K-120.0%	-$5K	$0+100.0%	-$7K+94.6%	-$129K-92.5%	-$67K+50.7%	-$136K+55.0%	-$302K	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	$2.7M-60.9%	$6.9M+12.6%	$6.1M+21.4%	$5.1M+77.9%	$2.8M-31.7%	$4.2M-28.2%	$5.8M+15.4%	$5.0M-59.0%	$12.2M+152.8%	$4.8M	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$42K	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$569K+39.5%	-$937K-23.6%	-$664K+41.0%	-$1.5M+0.6%	-$941K+27.2%	-$758K+21.0%	-$1.1M+7.6%	-$1.5M+53.4%
Depreciation & Amortization	$1K0.0%	$1K-50.0%	$1K-50.0%	$1K0.0%	$1K-80.0%	$2K-66.7%	$2K-66.7%	$1K-83.3%
Stock-Based Compensation	$200K-60.0%	$632K+30.3%	N/A	N/A	$500K-12.6%	$485K-13.4%	N/A	$562K+5.0%
Financing Cash Flow	N/A	N/A	$700K	$2.0M-59.4%	$0-100.0%	$0-100.0%	$0-100.0%	$4.9M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.

HRGN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HRGN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Gross Margin	8.2%-29.0pp	37.2%-39.5pp	76.7%	N/A	N/A	N/A	N/A	N/A	N/A	-41.5%-23.7pp	-17.8%-66.2pp	48.4%-1.6pp	50.0%	N/A
Operating Margin	-982.2%	-1796.7%	-8728.2%	N/A	N/A	N/A	N/A	N/A	N/A	-14787.8%	-9916.1%	-11889.3%	-40077.3%	N/A
Net Margin	-975.7%	-1798.1%	-8759.2%	N/A	N/A	N/A	N/A	N/A	N/A	-14120.7%	-9918.6%	-11893.6%	-40077.3%	N/A
Return on Equity	-649.9%-409.9pp	-240.0%+308.1pp	-548.1%	N/A	N/A	-432.4%+332.7pp	-765.1%-383.1pp	-382.0%-33.9pp	-348.1%+304.6pp	-652.7%-511.7pp	-141.0%+29.4pp	-170.3%-109.8pp	-60.5%	N/A
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%+183.9pp	-418.3%-132.3pp	-285.9%-49.8pp	-236.2%+18.2pp	-254.4%-123.7pp	-130.7%+22.9pp	-153.5%-95.0pp	-58.5%	N/A
Current Ratio	1.19-2.0x	3.17+2.4x	0.81-0.4x	1.17+0.8x	0.33-1.9x	2.22+0.5x	1.73-1.5x	3.25+0.5x	2.72+1.5x	1.26-10.8x	12.05+3.8x	8.21-21.1x	29.27+29.3x	0.00
Debt-to-Equity	1.53+1.2x	0.38-0.2x	0.59	N/A	N/A	0.850.0x	0.83+0.5x	0.34-0.1x	0.47-1.1x	1.57+1.5x	0.080.0x	0.11+0.1x	0.03-15.2x	15.22
Asset Turnover	0.26+0.2x	0.10+0.1x	0.04	N/A	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.020.0x	0.010.0x	0.010.0x	0.000.0x	0.00
FCF Margin	N/A	-1128.4%	-6747.6%	N/A	N/A	N/A	N/A	N/A	N/A	-11414.6%	-6239.0%	-9846.2%	-36277.3%	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	5.6%+0.8pp	8.8%-17.8pp	9.1%-23.0pp	8.9%+27.6pp	4.7%-72.1pp	26.7%-52.3pp	32.2%	-18.6%
Operating Margin	-408.7%	-710.6%	-775.3%	-1393.5%	-578.2%	-3711.1%	-529.1%	-3150.9%
Net Margin	-409.4%	-708.4%	-770.3%	-1382.1%	-575.1%	-3686.7%	-520.9%	-3152.5%
Return on Equity	N/A	-1740.2%-1659.2pp	-159.6%-117.9pp	-109.4%-61.0pp	-239.6%	-81.0%+1079.0pp	-41.7%	-48.4%+11.0pp
Return on Assets	-100.6%-15.3pp	-89.0%-40.5pp	-63.0%-32.8pp	-66.8%-31.7pp	-85.3%-29.1pp	-48.6%-2.9pp	-30.3%	-35.0%+7.7pp
Current Ratio	0.26-0.6x	0.53-1.4x	1.19-2.0x	1.86-1.3x	0.91+0.6x	1.93+1.7x	3.17+2.4x	3.19+1.4x
Debt-to-Equity	N/A	18.54+17.9x	1.53+1.2x	0.64+0.3x	1.81	0.67-23.7x	0.38-0.2x	0.380.0x
Asset Turnover	0.25+0.1x	0.13+0.1x	0.080.0x	0.050.0x	0.15+0.1x	0.010.0x	0.06	0.010.0x

Not reported in any period shown, so not listed: FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Harvard Apparatus Regenerative Technology Inc. HRGN	FY2025	$704K	-$6.9M	N/A	$41.3M	—
ACCUSTEM SCIENCES INC ACUT	FY2025	N/A	-$1.8M	N/A	$2.6M	—
Provectus Biopha PVCT	FY2025	$336K	N/A	N/A	$24.8M	—

Where Harvard Apparatus Regenerative Technology Inc. Ranks

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.

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 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) recorded an outflow of $3.8M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?

Harvard Apparatus Regenerative Technology Inc. (HRGN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $41.3M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Harvard Apparatus Regenerative Technology Inc.'s price-to-sales ratio?

Harvard Apparatus Regenerative Technology Inc. (HRGN) trades at 42.1x sales, its market capitalization divided by revenue of $982K revenue, trailing 12 months to June 30, 2026. The market capitalization is $41.3M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Harvard Apparatus Regenerative Technology Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Harvard Apparatus Regenerative Technology Inc. (HRGN) held $1.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $3.8M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Harvard Apparatus Regenerative Technology Inc. (HRGN) has an Altman Z-Score of -48.55, 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) reported a net loss of $6.9M while operations used $3.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $6.9M against $8K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.