RGENMEDIUM SIGNALOPERATIONAL10-K

RGEN expanded operations with three additional manufacturing sites and grew revenue meaningfully while facing operational cash flow pressures.

The company's expansion from 16 to 19 manufacturing sites signals confidence in market demand for bioprocessing solutions, particularly for emerging therapies like antibody drug conjugates. However, the substantial decline in operating cash flow despite revenue growth suggests working capital pressures or timing issues that warrant monitoring.

Comparing 2026-02-26 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

RGEN delivered solid revenue growth of 35% alongside increased R&D investment, indicating business expansion and continued innovation focus. However, operating cash flow declined meaningfully to $117.4M from $175.4M, while cash reserves dropped to $566.0M from $757.4M. Rising inventory and receivables levels suggest growing working capital requirements to support the expanded operations, though the company maintains a strong cash position.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+67.9%
$1.2M→$2.0M

Interest expense surged 67.9% — significant debt increase or rising rates materially impacting earnings.

Revenue
P&L
+35.1%
$104.5M→$141.2M

Strong top-line growth of 35.1% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
-33.1%
$175.4M→$117.4M

Operating cash flow fell 33.1% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+25.4%
$43.2M→$54.2M

R&D investment increased 25.4% — signals commitment to future product development, though near-term margin impact.

Cash & Equivalents
Balance Sheet
-25.3%
$757.4M→$566.0M

Cash decreased 25.3% — monitor burn rate and upcoming capital needs.

Inventory
Balance Sheet
+19.2%
$143.0M→$170.5M

Inventory built 19.2% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+18.2%
$134.1M→$158.6M

Receivables grew 18.2% — monitor days sales outstanding for collection efficiency.

SG&A Expense
P&L
+10.3%
$263.4M→$290.5M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-14
ADDED
The number of shares of the registrant s common stock o utstanding as of February 20, 2026, was 56,331,110 .
These forward-looking statements are based on information available to us at the time of this Form 10-K and current operations, forecasts and assumptions and involve a number of judgments, risks and uncertainties.
We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs including monoclonal antibodies ( mAbs ) and mAb derivatives like antibody drug conjugates, recombinant proteins, RNA-based therapeutics and vaccines and cell and gene therapies ( C GT ) that are improving human health worldwide.
A majority of our 19 manufacturing sites are located in the United States (including California, Massachusetts, New Hampshire, New Jersey and New York).
The majority of our revenue is derived from consumable and/or single-campaign ( single-use ) product sales, though we have grown our hardware and equipment offerings in recent years.
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REMOVED
10-K Summary 62 SIGNATURES 63 Summary of the Material Risks Associated with Our Business Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business.
Investors are cautioned that express or implied statements in this Form 10-K that are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, potential impairment of future earnings, management s strategy, plans and objectives for future operations or acquisitions, product development and sales, research and development, selling, general and administrative expenditures, intellectual property and adequacy of capital resources and financing plans constitute forward-looking statements.
We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs including monoclonal antibodies ( mAbs ) and mAb derivatives, recombinant proteins, RNA-based therapeutics and vaccines, and cell and gene therapies ( C GT ) that are improving human health worldwide.
Increasingly, our technologies are being implemented to overcome challenges in processing plasmid DNA (a starting material for the production of mRNA) and gene delivery vectors such as lentivirus and adeno-associated viral vectors.
A majority of our 16 manufacturing sites are located in the United States (California, Massachusetts, New Hampshire, New Jersey, and New York).
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