Harvard Apparatus Regenerative Technology, Inc.

Previous wording

We have incurred substantial operating losses since our inception, and as of March 31, 2026, had an accumulated deficit of approximately $108.2 million and will require additional financing to fund future operations. We expect that our operating cash on-hand as of March 31, 2026 of approximately $0.4 million and debt financing of $0.5 million in gross proceeds received subsequent to March 31, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the second quarter of 2026. We expect to continue to incur operating losses and negative cash flows from operations for 2026 and in future years. Therefore, as disclosed in Note 1 to our Condensed Consolidated Financial Statements appearing elsewhere in this Quarterly Report on Form 10-Q, these conditions raise substantial doubt about our ability to continue as a going concern.

Current wording

We have incurred substantial operating losses since our inception, and as of June 30, 2026, had an accumulated deficit of approximately $109.9 million and will require additional financing to fund future operations. We expect that our operating cash on-hand as of June 30, 2026 of approximately $0.4 million together with gross proceeds of approximately $0.2 million from debt financing and cash advances of approximately $0.4 million received in July and August 2026 in connection with a private placement expected to close in the third quarter of 2026, will be sufficient to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2026. The cash advances were received from a group of new and existing investors and remain the property of the respective investors; such funds are being held in escrow by the Company pending the execution of a common stock purchase agreement, which is expected to occur in the third quarter of 2026. We expect to continue to incur operating losses and negative cash flows from operations for 2026 and in future years. Therefore, as disclosed in Note 1 to our Condensed Consolidated Financial Statements appearing elsewhere in this Quarterly Report on Form 10-Q, these conditions raise substantial doubt about our ability to continue as a going concern.

Previous wording

We will need to raise additional capital to fund our current operations. In the event we do not raise additional capital from outside sources during the second quarter of 2026, we may be forced to curtail or cease our operations.

Current wording

We will need to raise additional capital to fund our current operations. In the event we do not raise additional capital from outside sources during the third quarter of 2026, we may be forced to curtail or cease our operations.

Previous wording

The following table summarizes the results of our operations for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The following table summarizes the results of our operations for the three and six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

Product revenue was $226,000 and $45,000 for the three months ended March 31, 2026 and 2025, respectively. The $181,000 increase, representing a 402% growth, was driven by expanded distribution and new product launches within our Consumer Health segment, including CoQ-10 and sleep aid gummies, alongside continued strong performance from our existing offerings such as Liver Guard.

Current wording

Product revenue was $414,000 and $317,000 for the three months ended June 30, 2026 and 2025, respectively. The $97,000 increase, representing a 31% growth, was driven by expanded distribution and new product launches within our Consumer Health segment, including CoQ-10 and sleep aid gummies, alongside continued strong performance from our existing offerings such as Liver Guard.

Previous wording

Cost of sales was $206,000 and $33,000 for the three months ended March 31, 2026 and 2025, respectively. The increase reflects scaling of operations to match higher sales.

Current wording

Cost of sales was $391,000 and $302,000 for the three months ended June 30, 2026 and 2025, respectively. The increase reflects scaling of operations to match higher sales.

Previous wording

Research and development expense decreased approximately 6%, to approximately $0.56 million for the three months ended March 31, 2026 as compared to approximately $0.60 million for the three months ended March 31, 2025. This decrease was primarily reflecting lower preclinical spend.

Current wording

General and administrative expense decreased approximately 35%, to approximately $0.8 million for the three months ended June 30, 2026 as compared to approximately $1.2 million for the three months ended June 30, 2025. This decrease was primarily attributable to lower share-based compensation expense following the full vesting of certain awards in the prior period.

Previous wording

During the three months ended March 31, 2026 and 2025 we recorded interest expense of approximately $2,000 on insurance installment payments.

Current wording

During the three months ended June 30, 2026 and 2025, we recorded interest expense of approximately $8,000 and $3,000, respectively, consisting of finance charges on insurance installment payments and, in the 2026 period, interest accrued on the related-party bridge notes.

Previous wording

For the three months ended March 31, 2026, we recorded approximately $5,000 in other income from sublease activity. These activities are part of our ongoing efforts to optimize the use of our facilities and engage with stakeholders.

Current wording

For the three months ended June 30, 2026 and 2025, we recorded approximately $5,000 and $6,000, respectively, in other income from sublease activity. These activities are part of our ongoing efforts to optimize the use of our facilities and engage with stakeholders.

Previous wording

Selling and marketing expense increased approximately 80%, to approximately $18,000 for the three months ended March 31, 2026 as compared to approximately $10,000 the three months ended March 31, 2025 This increase included advertising and promotional costs.

Current wording

Selling and marketing expense increased approximately 240%, to approximately $34,000 for the six months ended June 30, 2026 as compared to approximately $10,000 the six months ended June 30, 2025 . This increase included advertising and promotional costs.

Previous wording

General and administrative expense decreased approximately 2%, to approximately $1.0 million for the three months ended March 31, 2026 as compared to approximately $1.1 million for the three months ended March 31, 2025. This decrease is mainly due to one-time employee related costs in the prior period.

Current wording

General and administrative expense decreased approximately 19%, to approximately $1.8 million for the six months ended June 30, 2026 as compared to approximately $2.2 million for the six months ended June 30, 2025. This decrease is mainly due to one-time employee related costs in the prior period.

Previous wording

During the three months ended March 31, 2026 and 2025, we recorded interest income of approximately $2,000 and $13,000, respectively, earned from our money market account.

Current wording

During the six months ended June 30, 2026 and 2025, we recorded interest income of approximately $2,000 and $20,000, respectively, earned from our money market account.

Previous wording

Sources of liquidity. We have incurred operating losses since inception, and as of March 31, 2026, we had an accumulated deficit of approximately $108.2 million. We are currently investing significant resources in the development and commercialization of our product candidates for use by clinicians and researchers in the fields of regenerative medicine and bioengineering. As a result, we expect to incur operating losses and negative operating cash flows for the foreseeable future. Therefore, as disclosed in Note 1 to our Condensed Consolidated Financial Statements, these conditions raise substantial doubt about our ability to continue as a going concern.

Current wording

Sources of liquidity. We have incurred operating losses since inception, and as of June 30, 2026, we had an accumulated deficit of approximately $109.9 million. We are currently investing significant resources in the development and commercialization of our product candidates for use by clinicians and researchers in the fields of regenerative medicine and bioengineering. As a result, we expect to incur operating losses and negative operating cash flows for the foreseeable future. Therefore, as disclosed in Note 1 to our Condensed Consolidated Financial Statements, these conditions raise substantial doubt about our ability to continue as a going concern.

Previous wording

The following table sets forth the primary uses of cash for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The following table sets forth the primary uses of cash for the six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

Operating activities. Net cash used in operating activities of approximately $0.9 million for the three months ended March 31, 2026 was due primarily to our net loss of approximately $1.6 million offset by adjustments for non-cash items of approximately $0.7 million due to non-cash expenses for share-based compensation, depreciation and amortization, and a negligible change to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, long-term prepaid contracts, accounts payable, deferred revenue and accrued expenses.

Current wording

Operating activities. Net cash used in operating activities of approximately $1.5 million for the six months ended June 30, 2026 was due primarily to our net loss of approximately $3.3 million offset by adjustments for non-cash items of approximately $0.9 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $0.9 million increase to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, long-term prepaid contracts, accounts payable, deferred revenue and accrued expenses.

Previous wording

Net cash used in operating activities of approximately $0.8 million for the three months ended March 31, 2025 was due primarily to our net loss of approximately $1.7 million offset by adjustments for non-cash items of approximately $0.5 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $0.4 million increase to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, deferred financing costs, long-term prepaid contracts, accounts payable and accrued expenses.

Current wording

Net cash used in operating activities of approximately $1.7 million for the six months ended June 30, 2025 was due primarily to our net loss of approximately $3.5 million offset by adjustments for non-cash items of approximately $1.1 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $0.7 million increase to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, deferred financing costs, long-term prepaid contracts, accounts payable and accrued expenses.