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MARKETS / BALCAO / HRGN
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
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
-4M-8M20122014201620182020202220242025
Compound annual growth
+19.6%
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% · Net -975.7%
-20000%-40000%20122014201620182020202220242025
ROE
FY2025 · ROE -321.1%
-10000%-20000%20122014201620182020202220242025

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
-4M-8M20122014201620182020202220242025
Net buybacks $ Dividends $
FY2021 · Dividends — · Net buybacks 0.0
2000040000201920202021

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
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 %··············
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 B0.020.020.010.010.010.010.010.010.000.000.010.010.010.00

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

Provenance
Company facts, as filed
How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 14 of 19 fiscal years. 30 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 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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