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Harvard Apparatus Regenerative Technology (OTCQB: HRGN) has reported its first quarter 2024 financial results and recent business highlights. The company, which is developing organ regeneration technology, entered into a $1.5 million PIPE financing agreement that closed on April 15, 2024. Additionally, it received $0.5 million in convertible debt from its CEO in February 2024.
For Q1 2024, HRGN reported a net loss of $2.0 million, or $0.15 per share, an improvement from the $3.0 million loss, or $0.24 per share, in Q1 2023. This was mainly due to a $1.5 million share-based compensation expense incurred in Q1 2023, which was not repeated in 2024. However, increased preclinical and clinical trial activities in Q1 2024 offset some of the gains.
As of March 31, 2024, the company had $0.3 million in operating cash. It used $1.0 million in operational cash during the quarter and raised $0.3 million through financing activities. The company also reported a $0.5 million debt financing from a related party.