HRGN · Harvard Apparatus Regenerative Technology, Inc.
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. The company's lead product candidate is Cellspan Esophageal Implant for the treatment of severe esophageal disease. It'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. The company 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.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.97 |
| SO | 17.6M |
| Options | 5.0M |
| Warrants | 0.9M |
| FD SO | 23.5M |
| MC | $46.2M |
| Cash | $0.4M |
| Total debt | $0.5M |
| EV | $46.4M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 47.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 0.0% |
| Insiders | 33.7% |
| # Institutions | 0 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | — |
| Days to cover | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-10. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-28 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.41 | 0.23 | 0.22 | 0.12 |
| Revenue YoY % | 30.6% | 402.2% | (15.1%) | 108.5% |
| Cost of Revenue | 0.39 | 0.21 | 0.20 | 0.11 |
| Gross Profit | 0.02 | 0.02 | 0.02 | 0.01 |
| Gross Profit YoY % | 53.3% | 66.7% | (75.9%) | 200.0% |
| Gross Margin % | 5.6% | 8.8% | 9.1% | 8.9% |
| SG&A | 0.75 | 1.04 | 0.99 | 1.04 |
| R&D | 0.95 | 0.56 | 0.70 | 0.66 |
| Operating Expense | 1.72 | 1.63 | 1.72 | 1.73 |
| Operating Income | (1.69) | (1.61) | (1.70) | (1.71) |
| Operating Income YoY % | 7.7% | 3.8% | (24.4%) | 7.8% |
| Operating Margin % | (408.7%) | (710.6%) | (775.3%) | (1393.5%) |
| EBITDA | (1.69) | (1.60) | (1.70) | (1.71) |
| EBITDA Margin % | (408.5%) | (710.2%) | (774.9%) | (1392.7%) |
| Interest Expense | 0.01 | 0.00 | 0.00 | 0.00 |
| Pretax Income | (1.70) | (1.60) | (1.69) | (1.70) |
| Tax Provision | 0.00 | 0.00 | — | — |
| Net Income | (1.70) | (1.60) | (1.69) | (1.70) |
| Net Margin % | (409.4%) | (708.4%) | (770.3%) | (1382.1%) |
| Basic EPS | -$0.10 | -$0.09 | -$0.10 | -$0.10 |
| Basic Avg Shares | 17.6 | 17.6 | — | 17.0 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 0.98 | 0.70 | 0.43 | 0.10 | — |
| Revenue YoY % | 39.5% | 63.7% | 317.5% | — | — |
| Cost of Revenue | 0.91 | 0.65 | 0.27 | 0.02 | — |
| Gross Profit | 0.07 | 0.06 | 0.16 | 0.08 | — |
| Gross Profit YoY % | 27.6% | (63.8%) | 102.5% | — | — |
| Gross Margin % | 7.5% | 8.2% | 37.2% | 76.7% | — |
| SG&A | 3.83 | 4.25 | 5.58 | 6.01 | 4.41 |
| R&D | 2.87 | 2.65 | 2.31 | 3.06 | 1.74 |
| Operating Expense | 6.78 | 6.97 | 7.89 | 9.07 | — |
| Operating Income | (6.71) | (6.92) | (7.73) | (8.99) | (6.15) |
| Operating Income YoY % | 3.0% | 10.5% | 14.1% | (46.1%) | — |
| Operating Margin % | (683.3%) | (982.2%) | (1796.7%) | (8728.2%) | — |
| EBITDA | (6.71) | (6.91) | (7.71) | (8.96) | (6.10) |
| EBITDA Margin % | (682.9%) | (981.5%) | (1793.5%) | (8694.2%) | — |
| Interest Expense | 0.01 | 0.01 | 0.04 | 0.01 | 0.01 |
| Pretax Income | (6.68) | (6.87) | (7.73) | (8.95) | (6.07) |
| Tax Provision | 0.00 | 0.00 | 0.00 | — | — |
| Net Income | (6.68) | (6.87) | (7.73) | (8.95) | (6.07) |
| Net Margin % | (680.5%) | (975.7%) | (1798.1%) | (8684.5%) | — |
| Diluted EPS | — | — | — | -$0.67 | -$0.55 |
| Basic EPS | -$0.39 | -$0.42 | -$0.52 | -$0.67 | -$0.55 |
| Diluted Avg Shares | — | — | — | 13.5 | 11.3 |
| Basic Avg Shares | 17.6 | 16.5 | 14.8 | 13.5 | 11.3 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.35 | 0.42 | 1.35 | 1.32 |
| Receivables | 0.01 | 0.02 | 0.02 | 0.00 |
| Inventory | 0.00 | 0.01 | 0.02 | 0.02 |
| Total Current Assets | 0.79 | 0.87 | 1.83 | 1.63 |
| Net PPE | 0.00 | 0.01 | 0.01 | 0.01 |
| Operating Lease ROU | 0.14 | 0.17 | 0.20 | 0.22 |
| Other Assets | 0.75 | 0.75 | 0.65 | 0.69 |
| Total Assets | 1.69 | 1.80 | 2.68 | 2.55 |
| Accounts Payable | 0.76 | 0.24 | 0.45 | 0.31 |
| Current Lease Liabilities | 0.12 | 0.12 | 0.11 | 0.11 |
| Other Current Liabilities | 2.16 | 1.29 | 0.97 | — |
| Total Current Liabilities | 3.04 | 1.65 | 1.53 | 0.88 |
| Long-term Lease Liabilities | 0.02 | 0.06 | 0.09 | 0.12 |
| Total Liabilities | 3.06 | 1.71 | 1.62 | 0.99 |
| Retained Earnings | (109.85) | (108.16) | (106.56) | (104.87) |
| Total Equity | (1.38) | 0.09 | 1.06 | 1.55 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.35 | 1.35 | 2.49 | 0.43 | 1.24 |
| Short-term Investments | — | — | — | 1.20 | — |
| Receivables | 0.01 | 0.02 | 0.23 | 0.00 | — |
| Inventory | 0.00 | 0.02 | 0.08 | 0.05 | — |
| Other Current Assets | — | — | — | (0.90) | — |
| Total Current Assets | 0.79 | 1.83 | 3.23 | 0.78 | 1.59 |
| Net PPE | 0.00 | 0.01 | 0.01 | 0.03 | 0.05 |
| Operating Lease ROU | 0.14 | 0.20 | 0.29 | 0.05 | 0.15 |
| Other Assets | 0.75 | 0.65 | 0.90 | 1.76 | 0.61 |
| Total Assets | 1.69 | 2.68 | 4.44 | 2.61 | 2.40 |
| Accounts Payable | 0.76 | 0.45 | 0.45 | 0.45 | 0.68 |
| Current Lease Liabilities | 0.12 | 0.11 | 0.10 | 0.05 | 0.10 |
| Other Current Liabilities | 2.16 | 0.97 | — | — | 0.58 |
| Total Current Liabilities | 3.04 | 1.53 | 1.02 | 0.97 | 1.36 |
| Long-term Lease Liabilities | 0.02 | 0.09 | 0.20 | 0.00 | 0.05 |
| Total Liabilities | 3.06 | 1.62 | 1.22 | 0.97 | 1.41 |
| Mezzanine Equity | — | — | — | — | 4.18 |
| Retained Earnings | (109.85) | (106.56) | (99.69) | (91.96) | (83.01) |
| Total Equity | (1.38) | 1.06 | 3.22 | 1.65 | (3.19) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (1.70) | (1.60) | (1.69) | (1.70) |
| D&A | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-Based Comp | 0.22 | 0.63 | 0.49 | 0.49 |
| Δ Working Cap & Other | 0.90 | 0.03 | 0.53 | (0.26) |
| Operating Cash Flow | (0.57) | (0.94) | (0.66) | (1.47) |
| Debt Issuance | — | 0.50 | — | — |
| Stock Issuance | — | — | 0.70 | 2.00 |
| Financing Cash Flow | — | — | 0.70 | 2.00 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (6.68) | (6.87) | (7.73) | (8.95) | (6.07) |
| D&A | 0.00 | 0.01 | 0.01 | 0.04 | 0.05 |
| Stock-Based Comp | 1.84 | 2.01 | 2.40 | 3.46 | 1.03 |
| Δ Working Cap & Other | 1.20 | 1.03 | 0.46 | (1.49) | (0.12) |
| Operating Cash Flow | (3.63) | (3.83) | (4.85) | (6.94) | (5.11) |
| CapEx | — | — | 0.00 | (0.01) | (0.01) |
| Investing Cash Flow | — | — | 0.00 | (0.01) | (0.01) |
| Stock Issuance | — | 2.70 | 6.48 | 5.99 | 5.06 |
| Financing Cash Flow | — | 2.70 | 6.91 | 6.14 | 5.06 |
| Free Cash Flow | — | — | (4.85) | (6.95) | (5.11) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.26 | 0.53 | 1.19 | 1.86 |
| Quick Ratio | 0.26 | 0.52 | 1.18 | 1.83 |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (408.5%) | (710.2%) | (774.9%) | (1392.7%) |
| Working Capital | (2.25) | (0.78) | 0.29 | 0.75 |
| Net Debt | — | — | — | — |
| ROE % | 122.9% | (1740.2%) | (159.6%) | (109.4%) |
| ROA % | (100.6%) | (89.0%) | (63.0%) | (66.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.26 | 1.19 | 3.17 | 0.81 | 1.17 |
| Quick Ratio | 0.26 | 1.18 | 3.09 | 0.76 | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | (682.9%) | (981.5%) | (1793.5%) | (8694.2%) | — |
| Working Capital | (2.25) | 0.29 | 2.21 | (0.18) | 0.23 |
| Net Debt | — | — | — | — | — |
| ROE % | 484.6% | (649.9%) | (240.0%) | (543.4%) | 190.3% |
| ROA % | (396.6%) | (256.6%) | (174.1%) | (342.2%) | (253.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-15 | P | 6,725 | $2.15 | $14,459 |
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-11 | C | 683,725 | $1.05 | $717,911 |
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-11 | P | 361,905 | $1.05 | $380,000 |
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-11 | C | (310,000) | — | $-0 |
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-11 | C | (205,378) | — | $-0 |
| 2026-09-25 | He Junli | Director, Officer (CEO) | 2026-09-11 | C | (202,533) | — | $-0 |
| 2026-08-11 | He Junli | Director, Officer (CEO) | 2026-07-21 | A | 600,000 | — | $0 |
| 2026-08-11 | He Junli | Director, Officer (CEO) | 2026-07-21 | A | 600,000 | — | $0 |
| 2025-12-01 | He Junli | Director, Officer (CEO) | 2025-11-25 | P | 3,000 | $1.70 | $5,100 |
| 2025-10-01 | He Junli | Director, Officer (CEO) | 2025-09-30 | P | 300 | $1.98 | $594 |
| 2025-09-24 | He Junli | Director, Officer (CEO) | 2025-09-02 | P | 11,225 | $1.85 | $20,766 |
| 2025-09-02 | He Junli | Director, Officer (CEO) | 2025-08-21 | P | 4,050 | $1.72 | $6,966 |
| 2025-07-01 | Zhang Mao | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Zhang Mao | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | Shmerling James E. | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Shmerling James E. | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | Sanchez Herman | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Sanchez Herman | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | Packard Ronald J | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Packard Ronald J | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | Li Ting | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Li Ting | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | GREEN DAVID | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | GREEN DAVID | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-07-01 | Chen Jing | Director | 2025-06-27 | A | 18,590 | — | $0 |
| 2025-07-01 | Chen Jing | Director | 2025-06-27 | A | 15,227 | — | $0 |
| 2025-01-02 | He Junli | Director, Officer (CEO) | 2024-12-24 | P | 2,299 | $2.87 | $6,598 |