Harvard Apparatus Regenerative Technology (HRGN) investor relations material

Executive summary

• Focused on regenerative medicine for gastrointestinal disorders and consumer health products, with clinical-stage esophageal implant trials underway and dietary supplements sold in Asia.

• Experienced delays in clinical trial recruitment due to stringent eligibility and logistical challenges; mitigation strategies are being implemented.

• Substantial operating losses since inception, with an accumulated deficit of $103.2 million as of June 30, 2025; additional financing is required to fund operations beyond Q4 2025.

Financial highlights

• Product revenue for Q2 2025 was $317,000, up 466% year-over-year, driven by new product launches and expanded distribution.

• Net loss for Q2 2025 was $1.8 million, a 27% improvement from $2.5 million in Q2 2024; six-month net loss was $3.5 million, down from $4.5 million year-over-year.

• Gross margin declined due to a shift from retail to wholesale pricing.

• Operating expenses for Q2 2025 were $2.2 million, down 15% year-over-year, mainly due to lower general and administrative costs and a shift in sales strategy.

Outlook and guidance

• Cash on hand and recent equity financing are expected to fund operations into Q4 2025; further capital is needed to continue beyond that period.

• Ongoing efforts to raise additional funds through equity, debt, grants, or collaborations; failure to secure funding may force curtailment or cessation of operations.