AXGN · 10-Q · 2026Q1 · Full report

Liquidity and Cash Position

Axogen, Inc. · 2026-04-28 · Importance 71 · Surprise 60

As of March 31, 2026 the company reported cash, cash equivalents and investments totaling $101,601 (amounts presented in thousands in the filing). The increase in cash and investments from December 31, 2025 was primarily due to net proceeds from a public offering of $133,252 (amounts in thousands) and the release of $2,000 of restricted cash, partially offset by early payoff and termination of the Credit Facility and payment of annual bonuses. The company reports current assets exceeded current liabilities by $158,695 and a current ratio of 7.1x as of March 31, 2026. Management believes existing cash, investments and product sales will fund operations for at least the next twelve months from issuance of the financial statements.

Key facts

• The increase in cash and investments was primarily due to net proceeds from the Offering of $133,252 and the release of $2,000 of restricted cash under a lease agreement, partially offset by $69,707 used for early payoff and termination of the Credit Facility and payment of annual bonuses during Q1 2026
• On March 31, 2026, current assets exceeded current liabilities by $158,695
• The company's current ratio was 7.1x as of March 31, 2026
• As of March 31, 2026, cash and cash equivalents and investments totaled $101,601
• Cash and cash equivalents and investments increased $60,073 to $101,601 from $41,528 at December 31, 2025
• On December 31, 2025, current assets exceeded current liabilities by $96,866
• The company's current ratio was 5.1x as of December 31, 2025
• Net increase in cash and cash equivalents, and restricted cash was $45,106 for the three months ended March 31, 2026

Impact estimates