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 Q2 '26.
- Cash & investments
- $810M
- Q2 '26 · Jun 29, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$5.0M
- Q2 '26 · net income
- R&D expense
- $14.4M
- 8% of opex
- Raised, last 4 qtrs
- −$11.8M
- 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 $810M at Q2 '26.
Cash position up $26.5M since Q3 '24
Net financing outflows of $11.8M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 8% of operating expenses
$14.4M of R&D against $190M of total operating expenses in Q2 '26, with G&A at $76.6M. 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.
$19.6M 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.
$551M 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 $470M
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 loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 29, 24 | $784M | $49.3M | −$654K | $9.7M | $75.6M | — | $23.1M | −$69.6M |
| Q4 '24 · Dec 30, 24 | $757M | $39.2M | −$33.9M | $11.7M | $60.5M | — | $6.4M | $1.4M |
| Q1 '25 · Mar 30, 25 | $697M | $15.0M | $5.8M | $12.1M | $70.7M | — | $7.3M | −$5.0M |
| Q2 '25 · Jun 29, 25 | $709M | $28.6M | $14.9M | $14.0M | $70.9M | — | $8.4M | −$10.1M |
| Q3 '25 · Sep 29, 25 | $749M | $48.1M | $14.9M | $14.2M | $73.7M | — | $9.0M | −$239K |
| Q4 '25 · Dec 30, 25 | $768M | $25.7M | $13.3M | $13.1M | $74.4M | — | $8.0M | $195K |
| Q1 '26 · Mar 30, 26 | $785M | $28.3M | $8.3M | $14.5M | $76.5M | — | $8.3M | −$5.5M |
| Q2 '26 · Jun 29, 26 | $810M | $32.8M | $5.0M | $14.4M | $76.6M | — | $8.0M | −$6.2M |
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.