AxoGen Inc 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____________ to______________Commission file number:001-36046 Axogen,Inc. Minnesota(State or other jurisdiction of submit such files).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and Large accelerated filer☐Accelerated filer☒ Emerging growth company☐ Condensed Consolidated Balance Sheets as ofMarch 31, 2025and December 31, 2024(Unaudited)Condensed Consolidated Statements of Operations for the threemonthsendedMarch 31, 2025and 2024 Condensed Consolidated Statements of Cash Flows for thethreemonths endedMarch 31, 2025and 2024 Controls and Procedures Part II - Other InformationLegal ProceedingsRisk Factors Other Information Exhibits Signatures 1 Net decrease in cash and cash equivalents, and restricted cash Supplemental disclosures of cash flow activity: Cash paid for interest$1,513$Supplemental disclosure of noncash investing and financing activities: See Notes to Condensed Consolidated Financial Statements. Condensed Consolidated Statements of Changes in Shareholders’ Equity(unaudited)(In thousands, except share amounts) CapitalDeficitEquitySharesAmountThree Months Ended March 31, 2025 Stock-based compensationIssuance of restricted and performance stock 1,105,21411(11)—Exercise of stock options and employee stockpurchases under the ESPP258,57332,380—Balance at March 31, 202545,512,623$455$400,004$(295,094)$ Issuance of restricted and performance stock539,2335(5)—Exercise of stock options and employee stockpurchases under the ESPP24,0001206—Balance at March 31, 202443,687,729$437$380,650$(287,931)$ 6 (In thousands, except share and per share amounts)1.Nature of BusinessAxogen, Inc. (together with its wholly-owned subsidiaries, the “Company”) was incorporated in Minnesota. The Company’sbusiness is focused on the science, development and commercialization of the technologies used for peripheral nerve regeneration andrepair. The Company’s products include AvanceNerve Graft, Axoguard Nerve Connector,Axoguard Nerve Protector,Axoguard®®® 2.Summary of Significant Accounting PoliciesPlease see Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-Kfor the year ended December31, 2024, filed with the Securities and Exchange Commission on February 26, 2025, for a description of The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of March31,2025 and December31, 2024 and for the three months ended March31, 2025 and 2024. The Company’s condensed consolidated operations and cash flows in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and should be readin conjunction with the audited financial statements of the Company for the year ended December31, 2024, which are included in the Company’s Annual Report on Form 10-K for the year ended December31, 2024. Amounts included in restricted cash represent those required to be set aside to meet contractual terms of a lease agreement held bythe Company.See Note 8 - Long-Term Debt, Net of Debt Discount and Financing Fees,Other Credit Facilities. Projects in processFinance lease right-of-use assets Property and equipment, at cost104,950Less: accumulated depreciation and amortization(21,639) Total intangible assets$7,021$(1,140)$5,881$6,652$(1,073)$Amortization expense is as follows: As of March31, 2025, future amortization of patents is as follows:Year Ending December 31,(in thousands)2025 (excluding the three months ended March 31, 2025)$ Money market funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheet. December 31, 2024(in thousands)(Level 1)(Level 2)(Level 3)Total Remaining term (years)3.25years3.5yearsMaturity dateJune 30, 2028June 30, 2028 Revenue participation paymentsDiscount rate Probability of mandatory prepayment event15.0%(1)15.0%Estimated timing of mandatory prepayment eventMarch 31, 2026(1)March 31, 2026Probability of optional prepayment event5.0%(1)5.0%Estimated timing of optional prepayment eventDecember 31, 2025(1)December 31, 2025 (1)Represents a significant unobservable input.(2)See Maturity date in table. The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leasesinclude fixed payments, including rent and non-lease components such as common area or other maintenance costs.The components of total operating lease expense are as follows: Operating lease costsOperating lease costs$911$Short-