AXGN on Nasdaq
Axogen, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
74.3%Gross margin3
-3.5%Operating margin3
-7.0%Net margin3
20.2%Revenue growth, 20253
-12.2%Return on equity3
0.38×Debt to equity3
-$2.9MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 99% of the revenue Axogen, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $156.2M | $184.2M | $222.4M |
| Outside the United States | $2.8M | $3.1M | $2.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue26¢$57.9M
- Research and development15¢$32.9M
- Other costs60¢$134.5M
Out of $225.2M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$3.7M
Out of $812.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $225.2M | $187.3M | $159.0M |
| Cost of goods sold | $57.9M | $45.4M | $37.1M |
| Gross profit | $167.4M | $142.0M | $121.9M |
| Sales and marketing | $97.7M | $78.5M | $77.6M |
| Research and development | $32.9M | $27.8M | $27.3M |
| General and administrative | $44.6M | $39.0M | $38.4M |
| Total costs and expenses | $175.2M | $145.3M | $143.3M |
| Loss from operations | -$7.8M | -$3.3M | -$21.5M |
| Investment income | $1.2M | $1.1M | $1.5M |
| Interest expense | -$7.7M | -$8.2M | -$2.8M |
| Change in fair value of debt derivative liabilities | -$1.5M | $587.0K | $1.5M |
| Other income (expense), net | $167.0K | -$199.0K | -$437.0K |
| Total other expense, net | -$7.9M | -$6.7M | -$254.0K |
| Net loss | -$15.7M | -$10.0M | -$21.7M |
| Weighted average common shares outstanding - basic (in shares) | 46.1M shares | 44.3M shares | 42.9M shares |
| Weighted average common shares outstanding - diluted (in shares) | 46.1M shares | 44.3M shares | 42.9M shares |
| Net loss per common share - basic (in USD per share) | -$0.34 | -$0.23 | -$0.51 |
| Net loss per common share - diluted (in USD per share) | -$0.34 | -$0.23 | -$0.51 |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $35.5M | $27.6M | |
| Restricted cash | $4.0M | $6.0M | |
| Investments | $6.0M | $5.9M | |
| Accounts receivable, net of allowance for doubtful accounts of $948 and $788, respectively | $26.2M | $24.1M | |
| Inventory | $42.4M | $33.2M | |
| Prepaid expenses and other assets | $6.4M | $2.4M | |
| Total current assets | $120.4M | $99.2M | |
| Property and equipment, net | $81.8M | $84.7M | |
| Operating lease right-of-use assets | $12.7M | $14.3M | |
| Intangible assets, net | $6.8M | $5.6M | |
| Total assets | $221.7M | $203.7M | |
| Accounts payable and accrued expenses | $21.2M | $28.6M | |
| Current maturities of long-term lease obligations | $2.4M | $2.0M | |
| Total current liabilities | $23.6M | $30.6M | |
| Long-term debt, net of debt discount and financing fees | $48.4M | $47.5M | |
| Long-term lease obligations | $16.9M | $19.2M | |
| Debt derivative liabilities | $3.9M | $2.4M | |
| Other long-term liabilities | $141.0K | $94.0K | |
| Total liabilities | $92.8M | $99.8M | |
| Common stock, $0.01 par value per share; 100,000,000 shares authorized; 47,199,797 and 44,148,836 shares issued and outstanding | $472.0K | $441.0K | |
| Additional paid-in capital | $435.3M | $394.7M | |
| Accumulated deficit | -$307.0M | -$291.3M | |
| Total shareholders equity | $128.8M | $103.9M | $95.7M |
| Total liabilities and shareholders equity | $221.7M | $203.7M | |
| Accounts receivable, allowance for doubtful accounts | $948.0K | $788.0K | |
| Common stock, par value (in USD per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, shares issued (in shares) | 47.2M shares | 44.1M shares | |
| Common stock, shares outstanding (in shares) | 47.2M shares | 44.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$15.7M | -$10.0M | -$21.7M |
| Depreciation | $6.7M | $6.5M | $4.2M |
| Amortization of right-of-use assets | $1.5M | $1.1M | $1.1M |
| Amortization of intangible assets | $315.0K | $267.0K | $273.0K |
| Amortization of debt discount and deferred financing fees | $891.0K | $893.0K | $891.0K |
| Loss on disposal of equipment | $0 | $0 | $56.0K |
| Provision for (recovery of) bad debts | $400.0K | $650.0K | -$271.0K |
| Investment gains, net | -$329.0K | -$155.0K | -$666.0K |
| Change in fair value of debt derivative liabilities | $1.5M | -$587.0K | -$1.5M |
| Impairment of long-lived assets | $64.0K | $0 | $0 |
| Stock-based compensation expense | $30.1M | $15.9M | $14.4M |
| Accounts receivable | -$2.5M | $392.0K | -$2.7M |
| Inventory | -$9.2M | -$10.2M | -$4.1M |
| Prepaid expenses and other assets | -$3.9M | $784.0K | -$867.0K |
| Accounts payable and accrued expenses | -$7.2M | $125.0K | $6.5M |
| Operating lease obligations | -$1.9M | -$1.6M | -$1.3M |
| Cash paid for interest portion of financing lease obligations | -$11.0K | -$4.0K | -$3.0K |
| Other long-term liabilities | $47.0K | $424.0K | -$14.0K |
| Net cash provided by (used in) operating activities | $812.0K | $4.5M | -$5.7M |
| Purchase of property and equipment | -$3.7M | -$3.1M | -$13.9M |
| Purchase of investments | -$13.7M | -$5.8M | -$10.2M |
| Proceeds from sale of investments | $14.0M | $0 | $44.4M |
| Cash payments for intangible assets | -$1.8M | -$1.4M | -$1.0M |
| Net cash (used in) provided by investing activities | -$5.3M | -$10.3M | $19.3M |
| Cash paid for debt portion of financing lease obligations | -$32.0K | -$10.0K | -$10.0K |
| Proceeds from exercise of stock options and ESPP stock purchases | $10.5M | $2.3M | $2.0M |
| Net cash provided by financing activities | $10.5M | $2.3M | $2.0M |
| Net increase (decrease) in cash and cash equivalents, and restricted cash | $6.0M | -$3.5M | $15.5M |
| Cash paid for interest, net of capitalized interest | $6.8M | $7.3M | $1.9M |
| Acquisition of property and equipment change in accounts payable and accrued expenses | -$1.0K | $114.0K | $704.0K |
| Obtaining a right-of-use asset in exchange for a lease liability | $31.0K | $21.0K | $2.3M |
| Acquisition of intangible assets change in accounts payable and accrued expenses | -$298.0K | $299.0K | $407.0K |
Former names
- LECTEC CORP /MN/Nov 14, 1995 to Sep 29, 20112
Recent filings
- Oct 2, 2026SCHEDULE 13G
- Oct 1, 20268-K
- Sep 10, 20268-K
- Sep 10, 20268-K/A
- Sep 10, 2026424B5
- Sep 4, 20264
- Sep 2, 2026144
- Aug 14, 2026SCHEDULE 13G/A
- Aug 12, 20264
- Aug 12, 20264
- Aug 11, 20264
- Aug 11, 2026144
- Aug 10, 2026144
- Aug 7, 2026144
- Jul 31, 2026SCHEDULE 13G/A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAxogen, Inc. filings on SEC EDGAR
- 2SEC EDGARAxogen, Inc. filings on SEC EDGAR
- 3SEC EDGARAxogen, Inc. 10-K for fiscal 2025
- 4SEC EDGARAxogen, Inc. 10-K for fiscal 2019
- 5SEC EDGARAxogen, Inc. 10-K for fiscal 2020
- 6SEC EDGARAxogen, Inc. 10-K for fiscal 2021
- 7SEC EDGARAxogen, Inc. 10-K for fiscal 2022
- 8SEC EDGARAxogen, Inc. 10-Q for fiscal 2026
- 9SEC EDGARAxogen, Inc. 10-Q for fiscal 2026
- 10SEC EDGARAxogen, Inc. 10-K for fiscal 2019