The company significantly improved its financial flexibility by reducing total debt to $20.6M in 2026Q1, down from $69.3M in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Total Current Assets | 184.71M | 120.42M | 99.22M | 88M | 98.08M | 127.05M | 145.25M | 135.02M | 150.95M | 55.74M | 44.04M | 35.05M | 14.41M | 25.66M | 18.3M | 10.88M | 10.09M | 16.77M | 454.26K | 996.23K | 1.35M | 1.59M | 2.57M | 2M | 2.11M | 3.79M | 5.24M | 4.7M | 6.2M | 6.9M | 5.4M |
| Cash & Short-Term Investments | 82.65M | 35.55M | 33.48M | 31.02M | 48.79M | 84.09M | 103.97M | 96.51M | 116.61M | 36.51M | 30.01M | 25.91M | 8.22M | 20.07M | 13.91M | 8.19M | 7.08M | 15.77M | 332.85K | 832.92K | 1.28M | 1.31M | 2.24M | 483.84K | 671.59K | 1.43M | 100.17K | 0 | 1M | 700K | 800K |
| Cash Only | 82.65M | 35.55M | 27.55M | 31.02M | 15.28M | 32.76M | 48.77M | 35.72M | 24.29M | 36.51M | 30.01M | 25.91M | 8.22M | 20.07M | 13.91M | 8.19M | 7.08M | 15.77M | 332.85K | 832.92K | 1.28M | 1.31M | 2.24M | 483.84K | 671.59K | 1.43M | 100.17K | 0 | 1M | 700K | 800K |
| Short-Term Investments | 0 | 0 | 5.93M | 0 | 33.51M | 51.33M | 55.2M | 60.79M | 92.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 28.31M | 26.17M | 24.11M | 25.15M | 22.19M | 18.16M | 17.62M | 16.94M | 15.32M | 11.06M | 8.05M | 4.78M | 2.87M | 1.89M | 1.05M | 797.65K | 407.35K | 31.52K | 32.59K | 100.43K | 0 | 214.91K | 0 | 203.87K | 318.9K | 547.84K | 1.58M | 2M | 2.7M | 2.3M | 2.1M |
| Days Sales Outstanding | 43.42 | 42.41 | 46.97 | 57.72 | 58.43 | 52.04 | 57.26 | 57.96 | 66.62 | 66.84 | 71.5 | 63.88 | 62.34 | 63.14 | 49.83 | 60.04 | 1.63K | 0.46 | 163.58 | 365 | - | 176.93 | - | 10.28 | 16.99 | 12.55 | 39.46 | 59.35 | 76.4 | 68.25 | 58.51 |
| Inventory | 46.07M | 42.37M | 33.18M | 23.02M | 18.91M | 16.69M | 12.53M | 13.86M | 11.98M | 7.32M | 5.46M | 3.93M | 3.21M | 3.4M | 3.15M | 1.76M | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 1.01M | 1.53M | 2.25M | 2.1M | 1.9M | 2.6M | 2M |
| Days Inventory Outstanding | 254.29 | 267.33 | 267.01 | 226.21 | 231.75 | 265.71 | 211.9 | 291.62 | 338.42 | 286.77 | 308.09 | 296.16 | 340.76 | 508.41 | 586.25 | 264.82 | - | - | - | - | - | - | - | 72.63 | 70.78 | 53.07 | 95.76 | 105 | 82.56 | 137.54 | 104.29 |
| Other Current Assets | 27.67M | 16.33M | 8.45M | 6M | 6.25M | 6.25M | 6.84M | 6M | 6M | 853.38K | 511.8K | 424.93K | 109.37K | 296.72K | 187.26K | 133.5K | 1.08M | 0 | 0 | 0 | 0 | 0 | 192.63K | 634.22K | 0 | 0 | 3.28M | 600K | 600K | 1M | 500K |
| Total Non-Current Assets | 104.78M | 101.27M | 104.51M | 108.82M | 97.31M | 80.97M | 56.13M | 19.62M | 9.22M | 3.13M | 2.32M | 2.49M | 1.99M | 2.03M | 1.93M | 1.61M | 56.31K | 35.38K | 69.99K | 103.76K | 166.59K | 232.61K | 233.21K | 688.66K | 2.04M | 2.56M | 3.24M | 4.1M | 4.4M | 4.9M | 6.9M |
| Property, Plant & Equipment | 97.32M | 94.52M | 98.93M | 104.29M | 93.66M | 78.12M | 54.08M | 18.11M | 8.04M | 2.2M | 1.49M | 970.87K | 619.03K | 381.69K | 108.53K | 247.82K | 3.65K | 5.57K | 5.93K | 0 | 0 | 0 | 0 | 477.06K | 1.75M | 2.26M | 3.04M | 3.9M | 4.1M | 4.6M | 5.1M |
| Fixed Asset Turnover | 2.49x | 2.38x | 1.89x | 1.52x | 1.48x | 1.63x | 2.08x | 5.89x | 10.44x | 27.50x | 27.51x | 28.15x | 27.17x | 28.68x | 70.87x | 19.57x | 25.02x | 4473.22x | 12.26x | - | - | - | - | 15.17x | 3.91x | 7.04x | 4.80x | 3.15x | 3.15x | 2.67x | 2.57x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 169.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.27M | 6.75M | 5.58M | 4.53M | 3.65M | 2.86M | 2.05M | 1.51M | 1.18M | 936.99K | 828.98K | 678.08K | 577.17K | 570.4K | 573.73K | 899.48K | 52.66K | 29.81K | 43.77K | 42.92K | 65.19K | 90.65K | 50.69K | 211.59K | 285.86K | 297.07K | 199.35K | 200K | 300K | 400K | 600K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 845.73K | 793.5K | 1.07M | 1.25M | 295.28K | 0 | -474K | 20.28K | -4.62M | 101.4K | 141.96K | 182.51K | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 1.2M |
| Total Assets | 289.49M | 221.69M | 203.73M | 196.83M | 195.39M | 208.02M | 201.38M | 154.64M | 160.17M | 58.87M | 46.36M | 37.55M | 16.4M | 27.68M | 20.23M | 12.5M | 10.14M | 16.81M | 524.24K | 1.1M | 1.51M | 1.82M | 2.8M | 2.69M | 4.15M | 6.35M | 8.47M | 8.8M | 10.6M | 11.8M | 12.3M |
| Asset Turnover | 1.02x | 1.02x | 0.92x | 0.81x | 0.71x | 0.61x | 0.56x | 0.69x | 0.52x | 1.03x | 0.89x | 0.73x | 1.03x | 0.40x | 0.38x | 0.39x | 0.01x | 1.48x | 0.14x | 0.09x | 0.08x | 0.24x | 0.38x | 2.69x | 1.65x | 2.51x | 1.72x | 1.40x | 1.22x | 1.04x | 1.07x |
| Asset Growth % | 77.85% | 8.82% | 3.51% | 0.74% | -6.07% | 3.3% | 30.22% | -3.45% | 172.06% | 26.99% | 23.48% | 128.93% | -40.76% | 36.84% | 61.91% | 23.18% | -39.65% | 3106.23% | -52.34% | -27.38% | -17% | -34.9% | 4.18% | -35.17% | -34.64% | -25.07% | -3.7% | -16.98% | -10.17% | -4.06% | -3.15% |
| Total Current Liabilities | 26.01M | 23.56M | 30.61M | 30.43M | 23.75M | 24.29M | 22.83M | 20.88M | 13.04M | 13.72M | 11.08M | 3.71M | 2.45M | 2.1M | 1.48M | 2.02M | 114.35K | 5.75M | 211.06K | 201.17K | 217.87K | 160.86K | 521.05K | 2.78M | 3.17M | 2.68M | 3.72M | 2.5M | 2M | 2.8M | 1.2M |
| Accounts Payable | 0 | 0 | 8.01M | 11.77M | 8.96M | 5.92M | 4.6M | 8.26M | 4.52M | 3.24M | 3.61M | 2.11M | 1.16M | 1.18M | 1.22M | 1.59M | 62.3K | 84.66K | 26.16K | 13.41K | 14.48K | 10.49K | 4.94K | 19.8K | 587.65K | 628.36K | 1.18M | 1.7M | 1.5M | 800K | 800K |
| Days Payables Outstanding | 34.92 | - | 64.44 | 115.7 | 109.89 | 94.28 | 77.75 | 173.82 | 127.58 | 126.92 | 203.97 | 158.55 | 123.09 | 176.74 | 227.1 | 238.43 | - | - | - | - | - | - | - | 1.32 | 41.15 | 21.83 | 50.1 | 85 | 65.18 | 42.32 | 41.71 |
| Short-Term Debt | 2.12M | 2.37M | 0 | 0 | 0 | 0 | 863K | 1.74M | 28K | 735.02K | 4.05M | 0 | 0 | 0 | 0 | 434.73K | 0 | 0 | 0 | 0 | 0 | 0 | 2.52K | 12.56K | 1.15M | 938.8K | 860.1K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14K | 18K | 31.67K | 33.28K | 14.12K | 14.12K | 14.12K | 0 | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 240.29K | 502.38K | 780.51K | 1.04M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 23.9M | 21.18M | 18.58M | 0 | 0 | 9.67M | 12.73M | 7.62M | 2M | 7.94M | -804.69K | 0 | 0 | 0 | 0 | 0 | 9.27M | 48K | 130K | 130K | 130K | 98.35K | 273.29K | 2.61M | 650.07K | 75K | 229.44K | 800K | 500K | 2M | 400K |
| Current Ratio | 7.10x | 5.11x | 3.24x | 2.89x | 4.13x | 5.23x | 6.36x | 6.47x | 11.57x | 4.06x | 3.97x | 9.45x | 5.89x | 12.23x | 12.36x | 5.39x | 88.21x | 2.92x | 2.15x | 4.95x | 6.19x | 9.90x | 4.93x | 0.72x | 0.67x | 1.41x | 1.41x | 1.88x | 3.10x | 2.46x | 4.50x |
| Quick Ratio | 5.33x | 3.31x | 2.16x | 2.14x | 3.33x | 4.54x | 5.81x | 5.80x | 10.65x | 3.53x | 3.48x | 8.39x | 4.58x | 10.61x | 10.23x | 4.52x | 79.39x | 2.92x | 2.15x | 4.95x | 6.19x | 9.90x | 4.93x | 0.33x | 0.35x | 0.84x | 0.80x | 1.04x | 2.15x | 1.54x | 2.83x |
| Cash Conversion Cycle | 262.79 | - | 249.54 | 168.24 | 180.3 | 223.47 | 191.42 | 175.75 | 277.47 | 226.69 | 175.62 | 201.49 | 280.01 | 394.81 | 408.98 | 86.43 | - | - | - | - | - | - | - | 81.6 | 46.62 | 43.79 | 85.12 | 79.35 | 93.78 | 163.47 | 121.08 |
| Total Non-Current Liabilities | 18.67M | 69.28M | 69.21M | 70.73M | 70.64M | 71.18M | 55.4M | 1.61M | 147K | 19.97M | 20.36M | 25.64M | 25.2M | 25.45M | 21.58M | 4.4M | 62.3K | 84.66K | 26.16K | 13.41K | 14.48K | 10.49K | 7.47K | 62.44K | 10.77K | 125.17K | 31.18K | 200K | 200K | 200K | 200K |
| Long-Term Debt | 18.53M | 16.87M | 47.5M | 46.6M | 45.71M | 44.82M | 32.03M | 1.59M | 35K | 19.91M | 20.27M | 24.7M | 25.09M | 25.36M | 21.58M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.44K | 10.77K | 125.17K | 31.18K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 35.46M | 0 | 19.22M | 21.14M | 20.41M | 20.8M | 20.87M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -164K | -92.22K | -25.55M | -25.09M | -570.82K | 0 | 0 | 0 | -48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 200K | 200K | 200K |
| Other Non-Current Liabilities | 140K | 52.41M | 2.49M | 2.99M | 4.52M | 5.56M | 2.5M | -1.59M | 70K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 44.68M | 92.84M | 99.82M | 101.16M | 94.39M | 95.47M | 78.23M | 22.49M | 13.19M | 33.69M | 31.44M | 29.35M | 27.65M | 27.55M | 23.06M | 6.42M | 114.35K | 5.75M | 211.06K | 201.17K | 217.87K | 160.86K | 521.05K | 2.84M | 3.18M | 2.81M | 3.75M | 2.7M | 2.2M | 3M | 1.4M |
| Total Debt | 20.64M | 19.24M | 68.69M | 69.29M | 67.43M | 67.45M | 54.63M | 4.93M | 63K | 24.64M | 24.31M | 25.55M | 25.09M | 25.36M | 21.58M | 4.84M | 8.4M | 0 | 0 | 0 | 0 | 0 | 2.52K | 295K | 1.17M | 1.06M | 891.29K | 0 | 0 | 0 | 0 |
| Net Debt | -62.01M | -16.31M | 41.13M | 38.27M | 52.14M | 34.7M | 5.86M | -30.8M | -24.23M | -11.87M | -5.7M | -362.08K | 16.87M | 5.29M | 7.67M | -3.35M | 1.32M | -15.77M | -332.85K | -832.92K | -1.28M | -1.31M | -2.24M | -188.84K | 493.59K | -361.24K | 791.12K | 0 | -1M | -700K | -800K |
| Debt / Equity | 0.08x | 0.15x | 0.66x | 0.72x | 0.67x | 0.60x | 0.44x | 0.04x | 0.00x | 0.98x | 1.63x | 3.12x | - | 185.63x | - | 0.80x | 0.84x | - | - | - | - | - | 0.00x | - | 1.21x | 0.30x | 0.19x | - | - | - | - |
| Debt / EBITDA | -8.16x | 55.94x | 15.10x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.03x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 24.50x | -47.40x | 9.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.99x | - | - | - | - | -25.51x | - | - | - | - | - | -2.50x | -0.64x | -1.60x |
| Interest Coverage | -0.05x | -1.04x | -0.21x | -6.66x | -45.39x | -18.90x | -21.57x | -727.38x | -17.54x | -3.24x | -1.30x | -2.24x | -1.24x | -1.91x | -3.27x | -2.98x | -2.10x | - | - | - | - | - | - | -42.74x | -19.01x | -0.88x | - | - | - | -0.18x | - |
| Total Equity | 244.81M | 128.85M | 103.91M | 95.67M | 101M | 112.55M | 123.15M | 132.15M | 146.98M | 25.18M | 14.92M | 8.2M | -11.25M | 136.63K | -2.83M | 6.07M | 10.03M | 11.06M | 313.19K | 898.82K | 1.3M | 1.66M | 2.28M | -153.77K | 966.8K | 3.54M | 4.72M | 6.1M | 8.4M | 8.8M | 10.9M |
| Equity Growth % | 195.21% | 24% | 8.62% | -5.28% | -10.26% | -8.61% | -6.81% | -10.09% | 483.68% | 68.77% | 82.06% | 172.88% | -8330.57% | 104.83% | -146.6% | -39.46% | -9.33% | 3431.81% | -65.16% | -30.69% | -22.07% | -27.09% | 1584.11% | -115.9% | -72.69% | -24.99% | -22.63% | -27.38% | -4.55% | -19.27% | -2.68% |
| Book Value per Share | 4.75 | 2.80 | 2.35 | 2.23 | 2.40 | 2.73 | 3.08 | 3.37 | 3.96 | 0.76 | 0.49 | 0.31 | -0.63 | 0.01 | -0.26 | 1.64 | 2.33 | 2.57 | 0.07 | 0.22 | 0.31 | 0.40 | 0.55 | -0.04 | 0.24 | 0.90 | 1.21 | 1.54 | 2.10 | 2.28 | 2.87 |
| Total Shareholders' Equity | 244.81M | 128.85M | 103.91M | 95.67M | 101M | 112.55M | 123.15M | 132.15M | 146.98M | 25.18M | 14.92M | 8.2M | -11.25M | 136.63K | -2.83M | 6.07M | 10.03M | 11.06M | 313.19K | 898.82K | 1.3M | 1.66M | 2.28M | -153.77K | 966.8K | 3.54M | 4.72M | 6.1M | 8.4M | 8.8M | 10.9M |
| Common Stock | 532K | 472K | 441K | 431K | 424K | 417K | 406K | 396K | 389K | 343.5K | 330.09K | 299.85K | 194.89K | 173.4K | 111.23K | 110.62K | 43.05K | 42.9K | 42.9K | 41.76K | 41.49K | 41.49K | 40.3K | 39.79K | 39.66K | 39.41K | 39.05K | 0 | 0 | 0 | 0 |
| Retained Earnings | -326.55M | -306.96M | -291.26M | -281.3M | -259.58M | -230.63M | -203.65M | -179.86M | -150.73M | -128.33M | -117.88M | -103.47M | -90.12M | -72.41M | -57.85M | -48.43M | -2.95M | -1.63M | -12.38M | -11.34M | -10.59M | -10.23M | -9.45M | -11.74M | -10.46M | -7.86M | -6.64M | -5.2M | -2.9M | -1.7M | 600K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.86M | -2.29M | -1.8M | -1.94M | -1.74M | -1.58M | -1.5M | -1.32M | -6.2K | -3.02K | -701 | 0 | 0 | 0 | 0 | -4.85M | -5.43M | 0 | 4.84K | -6M | -5.3M | -4.2M | -3.5M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory BLA transition uncertainty
According to recent balance sheet data, AXGN's total assets expanded to $289.5M in 2026Q1 from $203.7M in 2024Q4, a trend that appears driven by equity-based capital raises rather than organic accumulation of retained earnings, which remain deeply negative at -$326.5M.
The trajectory of the balance sheet suggests a company prioritizing growth and infrastructure investment over immediate balance sheet self-sufficiency. While the asset base is growing, the persistent negative retained earnings indicate that the business model has yet to reach a point of sustainable internal capital generation.
As reported in financial statements, AXGN significantly reduced its total debt from $69.3M in 2023Q4 to $20.6M by 2026Q1, effectively lowering the debt-to-equity ratio from 0.72 to 0.08 over the same period, which suggests a strategic shift toward a cleaner capital structure.
This deleveraging appears to be a deliberate effort to reduce interest expense and financial risk as the company approaches critical regulatory milestones. Investors should monitor whether this lower leverage profile is maintained as the company continues to fund its BLA-related operational requirements.
Based on the most recent quarterly figures, AXGN's cash position surged to $82.7M in 2026Q1, resulting in a current ratio of 7.10, which indicates a substantial improvement in short-term liquidity compared to the 2.89 ratio observed in 2023Q4.
The significant increase in cash and liquidity suggests the company has successfully fortified its balance sheet to withstand potential delays in the BLA approval process. This liquidity buffer appears sufficient to support ongoing clinical and commercial activities without immediate reliance on external debt financing.
Data from recent filings shows that net PPE remains a significant component of the asset base at $97.3M in 2026Q1, reflecting the company's heavy investment in the Alachua, Florida processing facility as a core pillar of its long-term manufacturing strategy.
The concentration of assets in specialized manufacturing infrastructure underscores the company's commitment to controlling its supply chain for human allografts. However, this asset-heavy profile warrants monitoring for potential impairment risks should the BLA transition or product demand fail to meet long-term expectations.
Quick answers to the most common questions about buying AXGN stock.
As of 2025, AxoGen, Inc. (AXGN) had total assets of $221.7M including $120.4M in current assets.
AxoGen, Inc. (AXGN) carries total debt of $19.2M, offset by $35.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AxoGen, Inc. (AXGN) has total shareholders' equity (book value) of $128.8M ($2.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AxoGen, Inc. (AXGN) reported a current ratio of 5.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.