Harvard Apparatus Regenerative Technology (HRGN) AI Stock Analysis

• Market Cap: $30.85M
• Dividend Yield: N/A
• Average Volume (3M): 1.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• Revenue Growth: 216.17%
• EPS Growth: 29.97%
• Country: US
• Employees: 8
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.11
• Shares Outstanding: 17,580,744
• 10 Day Avg. Volume: 797
• 30 Day Avg. Volume: 1,125
• PEG Ratio: 0.25
• Price to Book (P/B): 13.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.08
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -81.89
• Enterprise Value/Ebitda: -4.59
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $2.00 ▲(9.89% Upside)
• Action: Upgraded Date: 01/27/26
• Date: Action: Upgraded 01/27/26

The score is primarily constrained by weak financial performance: no revenue, ongoing losses, and persistent negative free cash flow with elevated cash burn, implying continued funding/dilution risk. Technicals are mixed-to-neutral and do not offset the fundamentals. Valuation is difficult to support due to negative earnings, while the recent private placement modestly improves near-term funding but reinforces the need for external capital.

Positive Factors

Low leverage / stronger equity base

A low absolute debt load relative to equity gives the company a structurally low leverage profile. That reduces near‑term solvency risk and preserves optionality for R&D and strategic moves, providing a firmer balance‑sheet base while commercialization is pursued.

Incremental capital from private placement

The recent $0.7M private placement meaningfully extends near‑term runway for development and regulatory activities. As a structural benefit, this funding allows continued program advancement without immediate revenue, supporting execution while longer‑term financing is arranged.

Lean organizational structure

A very small workforce implies low fixed overhead and operational agility common in early‑stage biotech. Structurally, a lean cost base can stretch available capital, enable faster decision making in development programs, and reduce non‑core administrative burden.

Negative Factors

Zero revenue / persistent operating losses

The company remains pre‑commercial with no reported revenue and sustained large operating losses. Over the medium term this prevents internal funding of development, increases execution risk for commercialization, and forces dependence on external financing to sustain operations.

Chronic negative cash flow and rising burn

Consistent negative operating and free cash flow, with free cash flow deteriorating in 2024, signals structural cash‑burn that undermines sustainability. This persistent outflow limits ability to invest in trials or scale operations without recurrent capital raises.

Ongoing reliance on external financing / dilution risk

The need for incremental private placements highlights a structural dependence on external capital. With no revenue and negative cash flow, recurring financings are likely, increasing shareholder dilution risk and constraining strategic flexibility over the medium term.

Harvard Apparatus Regenerative Technology Business Overview & Revenue Model

Company Description

Harvard Apparatus Regenerative Technology Inc., a clinical-stage biotechnology company, focuses on developing regenerative-medicine treatments for disorders of the gastro-intestinal system and other organs resulting from cancer, trauma, or birth defects. Its lead product candidate is Cellspan Esophageal Implant for the treatment of severe esophageal disease. The company's pipeline includes organ-regeneration technology for the repair or replacement of diseased or damaged organs; and product candidates to treat conditions of the esophagus, including traumatic injury, caustic burns, tissue damage following chemoradiation therapy, birth defects, and reconstruction of the colon and uterus wound repair. It also sells consumer health products that focuses on personal healthcare, including dietary supplements. Harvard Apparatus Regenerative Technology Inc. was formerly known as Biostage, Inc. and changed its name to Harvard Apparatus Regenerative Technology Inc. in July 2023. The company was founded in 2009 and is headquartered in Holliston, Massachusetts.

How the Company Makes Money

HRGN makes money through the commercialization of its bioengineered organ products and regenerative medicine therapies. Revenue is generated from the sale of these products to healthcare providers, research institutions, and potentially through partnerships with other biotech firms. The company may also earn income through licensing agreements, where it licenses its technology to other companies for development or commercial use. Additionally, HRGN might receive funding or grants from government or private entities interested in advancing regenerative medicine technologies. Key revenue streams include product sales, licensing fees, and potentially milestone payments from collaborations or partnerships.

Harvard Apparatus Regenerative Technology Financial Statement Overview

Summary

Income statement and cash flow are very weak (zero revenue, persistent operating/net losses, and consistently negative operating cash flow/free cash flow with higher burn in 2024). The balance sheet shows low leverage and improved equity versus prior years, but ongoing losses and cash burn elevate funding and dilution risk.

Income Statement

Across 2020–2024, the company reports zero revenue, negative gross profit in the last two years (2023–2024), and consistently large operating losses (EBIT roughly -$5.3M to -$9.1M) with net losses each year (about -$4.9M to -$9.0M). Losses narrowed modestly in 2024 versus 2023, but the overall profile remains pre-commercial with no visible top-line traction and persistent negative profitability.

Balance Sheet

Leverage appears low in the most recent year (2024 debt of ~$0.29M versus equity of ~$3.22M, a modest debt-to-equity level), and equity has improved from negative in 2021 to positive in 2022–2024. However, the business continues to generate heavy losses, which is reflected in very weak returns on equity (notably negative in 2022 and 2024), creating ongoing risk of future equity dilution or balance-sheet erosion if losses persist.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are negative every year shown (roughly -$2.6M to -$6.9M). Free cash flow deteriorated sharply in 2024 versus 2023, indicating higher cash burn. While cash burn improved in 2021 versus 2020 and was somewhat better in 2022 than 2023/2024, the overall trend remains meaningfully negative and implies continued reliance on external funding.

Breakdown	TTM	Dec 2024	Mar 2024	Dec 2022	Mar 2022	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-364.00K	-270.00K	-24.00K	0.00	0.00	0.00
EBITDA	-6.49M	-8.16M	-9.09M	-5.92M	-8.89M	-4.71M
Net Income	-6.53M	-7.73M	-9.02M	-6.07M	-7.98M	-4.87M
Balance Sheet
Total Assets	2.55M	4.44M	2.61M	2.40M	1.87M	2.08M
Cash, Cash Equivalents and Short-Term Investments	1.32M	2.49M	432.00K	1.24M	1.24M	1.03M
Total Debt	224.00K	294.00K	48.00K	147.00K	169.00K	586.00K
Total Liabilities	992.00K	1.22M	968.00K	1.41M	4.89M	951.00K
Stockholders Equity	1.55M	3.22M	1.65M	989.00K	-3.03M	1.13M
Cash Flow
Free Cash Flow	275.00K	-4.85M	-6.95M	-5.11M	-2.63M	-4.05M
Operating Cash Flow	264.00K	-4.85M	-6.94M	-5.11M	-2.63M	-4.04M
Investing Cash Flow	3.78M	0.00	-11.00K	-5.00K	0.00	-7.00K
Financing Cash Flow	-3.07M	6.91M	6.14M	5.06M	2.84M	4.16M

Harvard Apparatus Regenerative Technology Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.82
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HRGN, the sentiment is Positive. The current price of 1.82 is above the 20-day moving average (MA) of 1.76, above the 50-day MA of 1.79, and above the 200-day MA of 1.74, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.10 is Neutral, neither overbought nor oversold. The STOCH value of 61.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HRGN.

Harvard Apparatus Regenerative Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LSTA	52 Neutral	$38.81M	-2.07	-71.45%	―	―	15.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SABS	50 Neutral	$178.05M	-1.27	-21.16%	―	-92.42%	62.37%
PULM	48 Neutral	$12.16M	-1.88	-79.47%	―	-99.97%	35.59%
MBRX	45 Neutral	$7.54M	-0.04	―	―	―	79.31%
HRGN	44 Neutral	$30.85M	-4.47	-2839.07%	―	216.17%	29.97%
LGVN	40 Underperform	$12.40M	-0.41	-119.92%	―	-22.41%	78.88%

Harvard Apparatus Regenerative Technology Corporate Events

Harvard Apparatus Regenerative Tech Announces Private Stock Placement

On December 30, 2025, Harvard Apparatus Regenerative Technology, Inc. entered into securities purchase agreements with certain investors for a private placement of 411,765 shares of common stock at $1.70 per share, raising approximately $0.7 million. The agreements, which include customary representations, warranties and covenants intended mainly for risk allocation between the parties, underscore a targeted capital-raising move that provides additional funding to the company while emphasizing that these contractual provisions should not be interpreted by stockholders as definitive statements about the company’s current factual condition or future performance.