MeritValue

Harvard Apparatus Regenerative Technology, Inc.

HRGNdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Harvard Apparatus Regenerative Technology, Inc. earns about -478% on equity, but has diluted owners by 64% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01—$103,0002$430,0003$704,0003
Net income−$7.98M4−$6.07M5−$8.95M6−$7.73M7−$6.87M7
Operating cash flow−$2.63M8−$5.11M9−$6.94M10−$4.85M11−$3.83M11
Capital expenditure$012$5,00013$11,00014$014—
Free cash flow (derived)−$2.63M8−$5.11M9−$6.95M10−$4.85M11—
Total debt—————
Cash & equivalents$1.29M15$1.24M16$432,00017$2.49M18$1.35M18
Diluted shares10.1M11.3M13.5M14.8M16.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.64
your share of equity
Profit it earned you last year
−$4.16
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.64 of net worth that earned you −$4.16 last year.

iii. Is this a good business?
Moat signal · return on equity
-478% avg · 5y
FY21 —FY22 —FY23 -543%FY24 -240%FY25 -650%

It earned an average -478% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+64% shares · 5y

Share count is up 64% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-22-004945 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-010213 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-009079 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-009840 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-011784 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-010213 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-009079 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-009840 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-011784 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-010213 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-009079 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-22-004945 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011784 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-010213 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-24-011784 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-011784 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-010213 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-009079 (CashAndCashEquivalentsAtCarryingValue)