$AXGN

AxoGen, Inc.

CIK:0000805928|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 69,731	$ 56,662	$ 131,188	$ 105,222
Cost of goods sold	19,057	14,644	34,325	28,271
Gross profit	50,674	42,018	96,863	76,951
Costs and expenses
Sales and marketing	30,827	23,804	59,460	44,849
Research and development	8,589	6,853	16,106	12,944
General and administrative	13,414	9,689	26,285	19,147
Total costs and expenses	52,830	40,346	101,851	76,940
(Loss) income from operations	(2,156)	1,672	(4,988)	11
Other income (expense)
Investment income	786	225	1,554	497
Interest expense	(1)	(1,977)	(695)	(4,227)
Loss on extinguishment of debt		0	(16,849)	0
Change in fair value of debt derivative liabilities	0	480	0	322
Other (expense) income, net	(145)	179	(122)	142
Total other income (expense), net	640	(1,093)	(16,112)	(3,266)
Net (loss) income	$ (1,516)	$ 579	$ (21,100)	$ (3,255)
Weighted average common shares outstanding - basic (in shares)	53,339,258	46,063,092	52,562,976	45,605,419
Weighted average common shares outstanding - diluted (in shares)	53,339,258	47,980,830	52,562,976	45,605,419
Net (loss) income per common share - basic (in USD per share)	$ (0.03)	$ 0.01	$ (0.40)	$ (0.07)
Net (loss) income per common share - diluted (in USD per share)	$ (0.03)	$ 0.01	$ (0.40)	$ (0.07)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (21,100)	$ (3,255)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	3,211	3,385
Amortization of right-of-use assets	854	184
Amortization of intangible assets	212	133
Amortization of debt discount and deferred financing fees	68	442
(Recovery of) provision for bad debts	(52)	386
Loss on disposal of equipment	7	0
Change in fair value of debt derivative liabilities	0	(322)
Investment gains, net	(110)	(121)
Loss on extinguishment of debt	16,849	0
Stock-based compensation expense	15,609	8,077
Change in operating assets and liabilities:
Accounts receivable	(7,905)	(4,310)
Inventory	(4,940)	(3,591)
Prepaid expenses and other assets	827	(81)
Other assets	(729)	0
Accounts payable and accrued expenses	7,118	(5,755)
Operating lease obligations	(1,130)	(542)
Cash paid for interest portion of financing lease obligations	(3)	(2)
Other long-term liabilities	0	(77)
Net cash provided by (used in) operating activities	8,786	(5,449)
Cash flows from investing activities:
Purchase of property and equipment	(3,682)	(978)
Purchase of investments	(18,750)	(7,837)
Proceeds from sale of investments	8,000	4,000
Cash payments for intangible assets	(1,032)	(793)
Net cash used in investing activities	(15,464)	(5,608)
Cash flows from financing activities:
Proceeds from issuance of common stock	134,044	0
Payment of stock issuance costs	(792)	0
Repayment of long-term debt	(48,585)	0
Fees paid to lender related to debt extinguishment	(20,498)	0
Fees paid to third parties related to debt extinguishment	(107)	0
Payments of employee tax withholding on vested stock awards	(9,273)	0
Cash paid for debt portion of financing lease obligations	(9)	(8)
Proceeds from exercise of stock options and ESPP stock purchases	8,922	3,547
Net cash provided by financing activities	63,702	3,539
Net increase (decrease) in cash and cash equivalents, and restricted cash	57,024	(7,518)
Cash and cash equivalents, and restricted cash, beginning of period	39,548	33,554
Cash and cash equivalents, and restricted cash, end of period	96,572	26,036
Supplemental disclosures of cash flow activity:
Cash paid for interest	627	3,559
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property and equipment change in accounts payable and accrued expenses	95	132
Acquisition of right-of-use asset in exchange for a lease liability	1,967	0
Acquisition of intangible assets change in accounts payable and accrued expenses	$ 2	$ (124)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 94,572	$ 35,548
Restricted cash	2,000	4,000
Investments	16,840	5,980
Accounts receivable, net of allowance for doubtful accounts of $734 and $948, respectively	34,126	26,169
Inventory	47,313	42,373
Prepaid expenses and other assets	5,525	6,352
Total current assets	200,376	120,422
Property and equipment, net	82,342	81,783
Operating lease right-of-use assets	13,845	12,732
Intangible assets, net	7,571	6,750
Other assets	729	0
Total assets	304,863	221,687
Current liabilities
Accounts payable and accrued expenses	28,399	21,184
Current maturities of long-term lease obligations	1,975	2,372
Total current liabilities	30,374	23,556
Long-term debt, net of debt discount and financing fees	0	48,387
Long-term lease obligations	18,091	16,870
Debt derivative liabilities	0	3,886
Other long-term liabilities	141	141
Total liabilities	48,606	92,840
Commitments and contingencies - see Note 14
Shareholders’ equity
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,656,293 and 47,199,797 shares issued and outstanding, respectively	537	472
Additional paid-in capital	583,783	435,338
Accumulated deficit	(328,063)	(306,963)
Total shareholders’ equity	256,257	128,847
Total liabilities and shareholders’ equity	$ 304,863	$ 221,687