AxoGen, Inc. (AXGN) Balance Sheet
AXGN balance sheet, 2025
December 31, 2025 · U.S. dollars$221.7M assets = $92.8M liabilities + $128.8M equity
Both columns are drawn to the same scale: what AXGN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AXGN financial health
Descriptive bands, not a rating. Fiscal 2025.
AXGN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $46.4M2016 | $221.7M2025 | +19.0%/yr | |
| Total liabilities | $31.4M2016 | $92.8M2025 | +12.8%/yr | |
| Shareholders’ equity | $14.9M2016 | $128.8M2025 | +27.1%/yr | |
| Cash & short-term investments | $30.0M2016 | $35.5M2025 | +1.9%/yr | |
| Total debt | $24.3M2016 | $67.6M2025 | +12.0%/yr | |
| Net cash (debt) | $5.7M2016 | −$32.1M2025 | −$37.8M | |
| Working capital | $33.0M2016 | $96.9M2025 | +$63.9M | |
| Book value per share | $0.492016 | $2.802025 | +21.5%/yr | |
| Current ratio | 3.972016 | 5.112025 | +1.14 | |
| Debt / equity | 1.632016 | 0.522025 | −1.10 | |
| Shares outstanding | 30.7M2016 | 46.1M2025 | +4.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXGN assets
AXGN liabilities and equity
AXGN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AXGN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $35.5M | $33.5M | $31.0M | $48.8M | $84.1M | $104.0M | $96.5M | $116.6M | $36.5M | $30.0M |
| Cash & equivalents | $35.5M | $27.6M | $31.0M | $15.3M | $32.8M | $48.8M | $35.7M | $24.3M | $36.5M | $30.0M |
| Short-term investments | $6.0M | $5.9M | −$6.0M | $33.5M | $51.3M | $55.2M | $60.8M | $92.3M | $0 | $0 |
| Receivables | $26.2M | $24.1M | $25.1M | $22.2M | $18.2M | $17.6M | $16.9M | $15.3M | $11.1M | $8.1M |
| Inventory | $42.4M | $33.2M | $23.0M | $18.9M | $16.7M | $12.5M | $13.9M | $12.0M | $7.3M | $5.5M |
| Other current assets | $16.3M | $8.4M | $8.8M | $8.2M | $8.1M | $11.1M | $7.7M | $7.0M | $853,381 | $511,804 |
| Total current assets | $120.4M | $99.2M | $88.0M | $98.1M | $127.0M | $145.3M | $135.0M | $151.0M | $55.7M | $44.0M |
| Property, plant & equipment (net) | $94.5M | $98.9M | $104.3M | $93.7M | $78.1M | $54.1M | $18.1M | $8.0M | $2.2M | $1.5M |
| Goodwill & intangible assets | $6.8M | $5.6M | $4.5M | $3.6M | $2.9M | $2.1M | $1.5M | $1.2M | $936,992 | $828,979 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $221.7M | $203.7M | $196.8M | $195.4M | $208.0M | $201.4M | $154.6M | $160.2M | $58.9M | $46.4M |
| Liabilities | ||||||||||
| Accounts payable | $2.9M | $8.0M | $11.8M | $9.0M | $5.9M | $4.6M | $8.3M | $4.5M | $3.2M | $3.6M |
| Short-term debt | $2.4M | $2.0M | $1.5M | $1.3M | $1.8M | $863,000 | $1.7M | $28,000 | $6.9M | $4.0M |
| Deferred revenue | — | — | — | — | — | — | $14,000 | $18,000 | $31,668 | $33,282 |
| Total current liabilities | $23.6M | $30.6M | $30.4M | $23.8M | $24.3M | $22.8M | $20.9M | $13.0M | $13.7M | $11.1M |
| Long-term debt | $48.4M | $47.5M | $46.6M | $66.1M | $65.6M | $52.9M | $30,000 | $35,000 | $19.9M | $20.3M |
| Lease obligations | $19.2M | $21.2M | $22.7M | $21.7M | $22.6M | $20.9M | — | — | — | — |
| Other long-term liabilities | $20.9M | $21.7M | $24.1M | $4.5M | $5.6M | $2.5M | $1.6M | $112,000 | $68,631 | $92,215 |
| Total liabilities | $92.8M | $99.8M | $101.2M | $94.4M | $95.5M | $78.2M | $22.5M | $13.2M | $33.7M | $31.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $472,000 | $441,000 | $431,000 | $424,000 | $417,000 | $406,000 | $396,000 | $389,000 | $343,503 | $330,088 |
| Retained earnings (deficit) | −$307.0M | −$291.3M | −$281.3M | −$259.6M | −$230.6M | −$203.6M | −$179.9M | −$150.7M | −$128.3M | −$117.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | — | — | — | −$3.8M | −$2.9M | −$2.3M | −$1.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $128.8M | $103.9M | $95.7M | $101.0M | $112.5M | $123.1M | $132.2M | $147.0M | $25.2M | $14.9M |
| Key figures | ||||||||||
| Total debt | $67.6M | $68.7M | $69.3M | $67.4M | $67.5M | $53.8M | $4.9M | $63,000 | $24.6M | $24.3M |
| Net cash (debt) | −$32.1M | −$35.2M | −$38.3M | −$18.6M | $16.6M | $50.2M | $91.6M | $116.5M | $11.9M | $5.7M |
| Working capital | $96.9M | $68.6M | $57.6M | $74.3M | $102.8M | $122.4M | $114.1M | $137.9M | $42.0M | $33.0M |
| Tangible book value | $122.1M | $98.3M | $91.1M | $97.3M | $109.7M | $121.1M | $130.6M | $145.8M | $24.2M | $14.1M |
| Book value per share | $2.80 | $2.35 | $2.23 | $2.40 | $2.73 | $3.08 | $3.37 | $3.96 | $0.76 | $0.49 |
| Shares outstanding | 46.1M | 44.3M | 42.9M | 42.1M | 41.2M | 40.0M | 39.2M | 37.1M | 33.3M | 30.7M |
| Current ratio | 5.11 | 3.24 | 2.89 | 4.13 | 5.23 | 6.36 | 6.47 | 11.57 | 4.06 | 3.97 |
| Quick ratio | 2.62 | 1.88 | 1.85 | 2.99 | 4.21 | 5.33 | 5.43 | 10.11 | 3.47 | 3.44 |
| Debt / equity | 0.52 | 0.66 | 0.72 | 0.67 | 0.60 | 0.44 | 0.04 | 0.00 | 0.98 | 1.63 |
| Equity / assets | 58.1% | 51.0% | 48.6% | 51.7% | 54.1% | 61.2% | 85.5% | 91.8% | 42.8% | 32.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $94.6M | $82.7M | $35.5M | $35.8M | $35.9M | $22.1M | $33.5M | $24.5M | $21.1M | $17.6M | $31.0M | $38.6M |
| Cash & equivalents | $94.6M | $82.7M | $35.5M | $23.9M | $26.0M | $18.1M | $27.6M | $18.7M | $19.2M | $15.7M | $31.0M | $37.1M |
| Short-term investments | $16.8M | $18.9M | $6.0M | $11.9M | $9.9M | $4.0M | $5.9M | $5.9M | $1.9M | $1.9M | $0 | $1.5M |
| Receivables | $34.1M | $28.3M | $26.2M | $30.8M | $28.0M | $26.3M | $24.1M | $24.6M | $25.2M | $24.2M | $25.1M | $23.3M |
| Inventory | $47.3M | $46.1M | $42.4M | $40.6M | $36.8M | $35.5M | $33.2M | $29.4M | $28.0M | $27.6M | $23.0M | $23.0M |
| Other current assets | $24.4M | $27.7M | $16.3M | $7.3M | $2.7M | $9.2M | $8.4M | $7.7M | $8.0M | $9.2M | $8.8M | $2.6M |
| Total current assets | $200.4M | $184.7M | $120.4M | $114.5M | $103.4M | $93.1M | $99.2M | $86.3M | $82.3M | $78.7M | $88.0M | $87.4M |
| Property, plant & equipment (net) | $96.2M | $97.3M | $94.5M | $95.5M | $95.9M | $97.2M | $98.9M | $100.5M | $101.7M | $103.1M | $104.3M | $102.9M |
| Goodwill & intangible assets | $7.6M | $7.3M | $6.8M | $6.4M | $6.1M | $5.9M | $5.6M | $5.2M | $5.0M | $4.8M | $4.5M | $4.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $729,000 | $192,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1,000 | $0 | $0 |
| Total assets | $304.9M | $289.5M | $221.7M | $216.4M | $205.5M | $196.2M | $203.7M | $192.0M | $188.9M | $186.5M | $196.8M | $194.6M |
| Liabilities | ||||||||||||
| Accounts payable | $28.4M | $23.9M | $2.9M | $25.7M | $22.8M | $19.7M | $8.0M | $21.2M | $21.7M | $21.3M | $11.8M | $25.6M |
| Short-term debt | $2.0M | $2.1M | $2.4M | $2.3M | $2.2M | $2.1M | $2.0M | $1.9M | $1.8M | $1.6M | $1.5M | $1.1M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$21.7M | −$1.6M | −$18.7M | −$25.6M |
| Total current liabilities | $30.4M | $26.0M | $23.6M | $28.0M | $25.0M | $21.7M | $30.6M | $23.0M | $23.4M | $22.9M | $30.4M | $26.6M |
| Long-term debt | $0 | $0 | $48.4M | $48.2M | $47.9M | $47.7M | $47.5M | $47.3M | $47.0M | $46.8M | $46.6M | $46.4M |
| Lease obligations | $20.1M | $20.6M | $19.2M | $19.8M | $20.2M | $20.7M | $21.2M | $21.6M | $22.0M | $22.3M | $22.7M | $21.0M |
| Other long-term liabilities | $18.2M | $18.7M | $20.9M | $19.4M | $20.3M | $21.3M | $21.7M | $22.3M | $22.8M | $23.6M | $24.1M | $23.8M |
| Total liabilities | $48.6M | $44.7M | $92.8M | $95.6M | $93.2M | $90.8M | $99.8M | $92.6M | $93.2M | $93.4M | $101.2M | $96.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $537,000 | $532,000 | $472,000 | $461,000 | $457,000 | $455,000 | $441,000 | $440,000 | $438,000 | $437,000 | $431,000 | $430,000 |
| Retained earnings (deficit) | −$328.1M | −$326.5M | −$307.0M | −$293.8M | −$294.5M | −$295.1M | −$291.3M | −$291.7M | −$289.9M | −$287.9M | −$281.3M | −$277.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $256.3M | $244.8M | $128.8M | $120.8M | $112.3M | $105.4M | $103.9M | $99.4M | $95.7M | $93.2M | $95.7M | $97.8M |
| Key figures | ||||||||||||
| Total debt | $20.1M | $20.6M | $67.6M | $67.9M | $68.2M | $68.4M | $68.7M | $68.9M | $71.5M | $69.2M | $69.3M | $67.4M |
| Net cash (debt) | $74.5M | $62.0M | −$32.1M | −$32.1M | −$32.3M | −$46.4M | −$35.2M | −$44.3M | −$50.4M | −$51.5M | −$38.3M | −$28.8M |
| Working capital | $170.0M | $158.7M | $96.9M | $86.4M | $78.4M | $71.3M | $68.6M | $63.2M | $58.8M | $55.7M | $57.6M | $60.8M |
| Tangible book value | $248.7M | $237.5M | $122.1M | $114.4M | $106.2M | $99.5M | $98.3M | $94.2M | $90.7M | $88.4M | $91.1M | $93.5M |
| Book value per share | $4.80 | $4.75 | $2.75 | $2.63 | $2.46 | $2.33 | $2.16 | $2.27 | $2.19 | $2.15 | $2.22 | $2.27 |
| Shares outstanding | 53.3M | 51.6M | 46.9M | 45.9M | 45.6M | 45.2M | 48.1M | 43.9M | 43.7M | 43.2M | 43.0M | 43.0M |
| Current ratio | 6.60 | 7.10 | 5.11 | 4.09 | 4.14 | 4.28 | 3.24 | 3.74 | 3.51 | 3.43 | 2.89 | 3.28 |
| Quick ratio | 4.24 | 4.27 | 2.62 | 2.38 | 2.56 | 2.22 | 1.88 | 2.13 | 1.98 | 1.82 | 1.85 | 2.32 |
| Debt / equity | 0.08 | 0.08 | 0.52 | 0.56 | 0.61 | 0.65 | 0.66 | 0.69 | 0.75 | 0.74 | 0.72 | 0.69 |
| Equity / assets | 84.1% | 84.6% | 58.1% | 55.8% | 54.6% | 53.7% | 51.0% | 51.8% | 50.6% | 49.9% | 48.6% | 50.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
AXGN financial position
At the end of fiscal 2025 (December 31, 2025), AxoGen had total assets of $221.7 million (up 8.8% from a year earlier), total liabilities of $92.8 million and shareholders' equity of $128.8 million. It held $35.5 million in cash and short-term investments against $67.6 million of debt, net debt of $32.1 million. Its current ratio was 5.11. In the latest quarter (ended June 30, 2026) total assets were $304.9 million and equity $256.3 million.
Related: AXGN income statement, AXGN cash flow statement, AXGN key metrics. See the AXGN stock overview for the latest quote and news.
AXGN balance sheet FAQ
What are AxoGen's total assets?
AxoGen reported total assets of $221.7 million at the end of fiscal 2025 (December 31, 2025), compared with $203.7 million a year earlier.
How much debt does AxoGen have?
AxoGen had $67.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.
How much cash does AxoGen have?
AxoGen held $35.5 million in cash and short-term investments at the end of fiscal 2025; with $67.6 million of debt that is net debt of $32.1 million.
What is AxoGen's book value?
AxoGen's shareholders' equity (book value) was $128.8 million at the end of fiscal 2025, or $2.80 per share.
What is AxoGen's current ratio?
AxoGen had current assets of $120.4 million and current liabilities of $23.6 million, a current ratio of 5.11 (it can cover its short-term obligations).
How much goodwill does AxoGen have?
AxoGen carried $6.8 million of goodwill and intangible assets, 3.0% of total assets, at the end of fiscal 2025.