Cambridge biotech tracker · Waltham
Repligen
Listed on Nasdaq as RGEN, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $863M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- $38.4M
- Q3 '26
- R&D expense
- $14.4M
- 6% of opex
- Raised, last 4 qtrs
- +$3.1M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $863M at Q3 '26.
Cash position up $106M since Q4 '24
Net financing inflows of $3.1M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $81.5M above cash burn
The Q3 '26 net loss of $38.4M includes non-cash charges, including $9.4M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 6% of operating expenses
$14.4M of R&D against $239M of total operating expenses in Q3 '26, with G&A at $83.6M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$15.8M of deferred revenue on the balance sheet
Usually an upfront collaboration or license payment that is recognized as obligations are satisfied. It is cash already received, so it supports runway without showing up as revenue yet.
$556M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Retained earnings of $431M
Cumulative profits exceed cumulative losses, which puts this company in a different accounting conversation from most of the neighborhood.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $757M | $39.2M | −$33.9M | $11.7M | $60.5M | — | $6.4M | $1.4M |
| Q1 '25 · Mar 31, 25 | $697M | $15.0M | $5.8M | $12.1M | $70.7M | — | $7.3M | −$5.0M |
| Q2 '25 · Jun 30, 25 | $709M | $28.6M | $14.9M | $14.0M | $70.9M | — | $8.4M | −$10.1M |
| Q3 '25 · Sep 30, 25 | $749M | $48.1M | $14.9M | $14.2M | $73.7M | — | $9.0M | −$239K |
| Q4 '25 · Dec 31, 25 | $768M | $25.7M | $13.3M | $13.9M | $75.2M | — | $8.0M | $195K |
| Q1 '26 · Mar 31, 26 | $785M | $28.3M | $8.3M | $14.5M | $76.5M | — | $8.3M | −$5.5M |
| Q2 '26 · Jun 30, 26 | $810M | $32.8M | $5.0M | $14.4M | $76.6M | — | $8.0M | −$6.2M |
| Q3 '26 · Sep 30, 26 | $863M | $43.1M | −$38.4M | $14.4M | $83.6M | — | $9.4M | $14.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.