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BALCAO · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · SMALL CAP

Harvard Apparatus Regenerative Technology, Inc. HRGN

14 fiscal years on record · USD · FY2025 reported · SEC filings only
$704,000
▲ 63.7% YoY
$-6.9M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Our technology is based on our proprietary cell-therapy platform that uses a patient’s own stem cells to regenerate and restore function to damaged organs. Our technology uses mesenchymal stem cells that are retrieved via biopsy from the patient’s abdominal adipose, or fat, tissue prior to surgery. We conducted the world’s first successful regeneration of the esophagus in a cancer patient in August 2017. Based on our successful first-in-human procedure and our preclinical procedures in over 50 pigs, the U.S. Food and Drug Administration, or FDA has approved our Investigational New Drug (IND) application to begin a phase 1 clinical trial for esophageal regeneration.

Written from the business description in Harvard Apparatus Regenerative Technology, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 19 March 2026. Every sentence was checked against that document before publication.

Growth

USD 704,000.00
Revenue, FY2025 · full 14-year series below
Revenue $M Net income $M
FY2025 · Revenue 0.7 · Net income -6.9
-5M-10M
201220152018202120242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−976 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -982.2%
-20000%-40000%
201220182025
ROE
FY2025 · ROE -321.1%
-10000%-20000%
201220182025
Three returns, three denominators.

Each USD of equity lost 321 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -4.9
-5M-10M
201220182025
Net buybacks $ Dividends $
FY2021 · Dividends · · Net buybacks 0.0
1500030000
201920202021

Total assetsUSD 2.7M
EquityUSD 1.1M
CashUSD 1.4M
Current ratio1.19×

Equity funds 39% of total assets.

The 14-year record

14 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
HRGN, 14-year financial record
Metric 20252024202320222021202020192018201720162015201420132012
Revenue $B0.00.00.0◌0.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.0◌◌◌◌0.00.00.00.00.00.00.00.0
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B◌−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $◌◌−0.67−0.55−0.79−0.55−1.21−1.69−6.63−14.49−1.05−1.41−1.14−0.87
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend——————————————
ROE %−321.1−317.7———−439.5−544.6−279.2−458.6−229.8−158.2−105.0−120.8−24863.0
Shares out B0.020.020.010.010.010.010.010.010.000.020.010.010.010.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 14 of the 14 fiscal years we could check. 10 checks were skipped: the balance sheet is not tagged before 2012. Five checks were skipped: EPS is not tagged before 2012. Five checks were skipped: revenue is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2012

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