AXGN · 10-Q · 2026Q1 · Full report

R&D Spend and Clinical Trials

Axogen, Inc. · 2026-04-28 · Importance 79 · Surprise 66

R&D expense increased to $7,517 for the three months ended March 31, 2026, a 23.4% rise year-over-year, and now represents 12.2% of revenue. The composition of R&D shifted: clinical trial costs comprised approximately 59% of R&D in Q1 2026 versus 43% in Q1 2025, indicating higher spend on confirmatory and clinical programs tied to Avance's regulatory commitments. Product development costs declined as a share of R&D, reflecting the reallocation toward trials and post-approval studies. This elevated clinical spend aligns with the BLA approval and the company’s need to satisfy confirmatory-study obligations.

Key facts

• Clinical trial costs and expenses represented approximately 59% of total research and development costs and expenses for the three months ended March 31, 2026
• Clinical trial costs and expenses represented approximately 43% of total research and development costs and expenses for the three months ended March 31, 2025
• Product development costs and expenses represented approximately 41% of total research and development costs and expenses for the three months ended March 31, 2026
• Product development costs and expenses represented approximately 57% of total research and development costs and expenses for the three months ended March 31, 2025