Harvard Apparatus Regenerative Technology (HRGN) AI Stock Analysis

• Market Cap: $29.49M
• Dividend Yield: N/A
• Average Volume (3M): 1.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.12
• 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: 0.23
• Price to Book (P/B): 28.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.94
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -42.80
• Enterprise Value/Ebitda: -3.89
• 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: 45 Neutral
• Price Target: $1.50 ▼(-17.58% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is primarily constrained by weak financial performance (no revenue, sustained losses, and ongoing cash burn), with technicals also slightly negative (below key moving averages and negative MACD). A modest positive comes from the recent capital raise improving near-term funding, but valuation remains unattractive given losses (negative P/E) and no dividend support.

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

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Harvard Apparatus Regenerative Technology Financial Statement Overview

Summary

Financials are weak due to zero revenue, persistent operating/net losses, and consistently negative operating and free cash flow (ongoing cash burn). Offsetting factors include relatively low leverage in recent years and positive equity in 2022–2025, though equity volatility and dependence on external funding remain key risks.

Income Statement

Across 2020–2025 annual reports, the company reports zero revenue and consistently negative gross profit, resulting in persistent operating losses (EBIT/EBITDA) and net losses each year. Losses remain large (roughly $4.9M–$9.0M annually), with some improvement from the 2023 peak loss to 2025, but profitability is still structurally weak given the absence of revenue.

Balance Sheet

Leverage is low in recent years (2025 debt-to-equity ~0.19; 2024 ~0.09), which reduces solvency risk, and equity is positive in 2022–2025. However, equity has been volatile (including negative equity in 2021) and returns to shareholders are deeply negative in most years, reflecting ongoing losses and potential balance-sheet fragility if losses persist.

Cash Flow

Operating cash flow and free cash flow are negative every year, indicating ongoing cash burn. There is some improvement in cash burn in 2025 versus 2024 (less negative), but the year-to-year free cash flow change is highly volatile, and cash generation remains insufficient to self-fund operations without external capital.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Mar 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-646.00K	-270.00K	-24.00K	0.00	0.00
EBITDA	-7.62M	-8.16M	-9.09M	-5.92M	-8.89M
Net Income	-6.87M	-7.73M	-9.02M	-6.07M	-7.98M
Balance Sheet
Total Assets	2.68M	4.44M	2.61M	2.40M	1.87M
Cash, Cash Equivalents and Short-Term Investments	1.35M	2.49M	432.00K	1.24M	1.24M
Total Debt	199.00K	294.00K	48.00K	147.00K	169.00K
Total Liabilities	1.62M	1.22M	968.00K	1.41M	4.89M
Stockholders Equity	1.06M	3.22M	1.65M	989.00K	-3.03M
Cash Flow
Free Cash Flow	-3.83M	-4.85M	-6.95M	-5.11M	-2.63M
Operating Cash Flow	-3.83M	-4.85M	-6.94M	-5.11M	-2.63M
Investing Cash Flow	0.00	0.00	-11.00K	-5.00K	0.00
Financing Cash Flow	2.70M	6.91M	6.14M	5.06M	2.84M

Harvard Apparatus Regenerative Technology Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HRGN, the sentiment is Negative. The current price of 1.82 is above the 20-day moving average (MA) of 1.74, above the 50-day MA of 1.74, and above the 200-day MA of 1.75, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.61 is Neutral, neither overbought nor oversold. The STOCH value of 55.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HRGN.

Harvard Apparatus Regenerative Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LGVN	53 Neutral	$23.68M	-0.39	-119.92%	―	-22.41%	78.88%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LSTA	51 Neutral	$45.34M	-0.97	-84.39%	―	―	15.32%
SABS	50 Neutral	$192.59M	5.44	-21.16%	―	-92.42%	62.37%
HRGN	45 Neutral	$29.49M	-4.42	-344.15%	―	216.17%	29.97%
MBRX	45 Neutral	$10.99M	-1.17	―	―	―	79.31%
PULM	43 Neutral	$7.85M	-1.58	-79.47%	―	-99.97%	35.59%

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.