0000730272--12-31Q3false483http://fasb.org/srt/2025#ChiefExecutiveOfficerMember00007302722024-06-132024-09-0100007302722025-07-012025-09-300000730272us-gaap:OperatingSegmentsMember2024-07-012024-09-300000730272us-gaap:OperatingSegmentsMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2024-12-310000730272rgen:StockOptionAndIncentivePlanMember2018-12-310000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2025-07-012025-09-300000730272us-gaap:PrincipalOwnerMember2025-01-012025-09-300000730272rgen:TanttiLaboratoryIncMember2024-12-0200007302722024-09-300000730272rgen:AcceleratedDepreciationMember2024-01-012024-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel1Member2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:BusinessCombinationContingentConsiderationLiabilityNoncurrentMember2024-12-310000730272rgen:TwoZeroOneNineNotesMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:TwoZeroTwoThreeNotesMember2025-01-012025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMembersrt:ExecutiveOfficerMember2025-09-300000730272us-gaap:CostOfSalesMember2024-01-012024-09-300000730272rgen:EarnoutThreeMemberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMember2025-09-3000007302722025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Member2025-09-300000730272us-gaap:CashMember2025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-300000730272us-gaap:RoyaltyMember2025-07-012025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ManufacturingLineExpansionsMemberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberrgen:MeasurementInputEarnoutDiscountRateMember2025-09-300000730272us-gaap:CommonStockMember2024-01-012024-09-3000007302722024-01-012024-09-300000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272rgen:FacilityAndOtherExitCostsMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel1Member2024-12-310000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMembersrt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-01-012025-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2025-07-012025-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-09-300000730272us-gaap:CommonStockMember2025-07-012025-09-300000730272rgen:ContingentConsiderationMember2024-12-310000730272rgen:AcceleratedDepreciationMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2023-12-310000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMemberrgen:EarnoutOneMember2025-09-300000730272us-gaap:FairValueInputsLevel3Member2024-12-310000730272us-gaap:SalesRevenueNetMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2024-07-012024-09-300000730272us-gaap:DevelopedTechnologyRightsMemberrgen:TanttiLaboratoryIncMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutOneMember2025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:SubscriptionTransactionsMember2023-12-140000730272rgen:AcceleratedDepreciationMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-06-300000730272rgen:TanttiLaboratoryIncMember2024-12-022024-12-020000730272us-gaap:ProductMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberrgen:MeasurementInputProbabilityOfSuccessMemberrgen:EarnoutOneMember2025-09-300000730272rgen:USDollarMember2025-09-300000730272rgen:MonteCarloSimulationMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutTwoMember2025-09-300000730272rgen:NoOneCustomerMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310000730272us-gaap:CommonStockMember2025-09-300000730272us-gaap:PrincipalOwnerMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2024-07-012024-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2025-01-012025-09-300000730272country:DErgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-09-300000730272rgen:ModifiedTwoZeroOneNineNotesMember2023-12-142023-12-140000730272us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272us-gaap:RetainedEarningsMember2025-01-012025-09-300000730272rgen:TwoThousandTwentyFourGrantsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272us-gaap:OperatingSegmentsMember2025-07-012025-09-300000730272us-gaap:PrincipalOwnerMember2025-07-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2024-12-310000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-300000730272rgen:FacilityAndOtherExitCostsMember2024-07-012024-09-300000730272rgen:AvitideLlcMember2024-04-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2025-09-300000730272us-gaap:DevelopedTechnologyRightsMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMembersrt:MaximumMember2025-01-012025-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMemberus-gaap:TradeNamesMembersrt:MaximumMember2025-01-012025-09-3000007302722024-06-300000730272us-gaap:SalesRevenueNetMembersrt:EuropeMemberus-gaap:GeographicConcentrationRiskMember2024-07-012024-09-300000730272us-gaap:RoyaltyMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMemberus-gaap:AdditionalPaidInCapitalMember2023-12-142023-12-140000730272us-gaap:CustomerRelationshipsMember2024-12-310000730272us-gaap:CostOfSalesMember2025-07-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangeAndSubscriptionAgreementsMember2023-12-140000730272us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300000730272us-gaap:CustomerRelationshipsMember2025-09-300000730272us-gaap:PrincipalOwnerMember2024-07-012024-09-300000730272us-gaap:ProductMember2024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2025-07-012025-09-300000730272us-gaap:CashMember2024-12-310000730272us-gaap:MoneyMarketFundsMember2025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMembercountry:US2025-09-300000730272us-gaap:OtherIntangibleAssetsMember2025-09-300000730272us-gaap:CommonStockMember2024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000730272rgen:TanttiLaboratoryIncMember2025-01-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:SubscriptionTransactionsMember2023-12-142023-12-140000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300000730272rgen:BusinessCombinationContingentConsiderationLiabilityNoncurrentMember2024-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000730272us-gaap:EmployeeSeveranceMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2025-01-012025-09-300000730272us-gaap:RetainedEarningsMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutTwoMember2025-09-300000730272us-gaap:AdditionalPaidInCapitalMember2025-06-300000730272rgen:FacilityExitAndOtherExitCostsMember2024-12-310000730272rgen:BusinessCombinationContingentConsiderationLiabilityCurrentMember2025-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:BusinessCombinationContingentConsiderationLiabilityCurrentMember2025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:MonteCarloSimulationMemberrgen:MeasurementInputRevenueVolumeDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutTwoMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberrgen:MonteCarloSimulationMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutTwoMember2025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-03-040000730272us-gaap:TrademarksAndTradeNamesMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-09-300000730272rgen:FlexbiosysIncMember2025-04-300000730272us-gaap:DevelopedTechnologyRightsMember2024-12-310000730272rgen:TwoThousandTwentyFourGrantsMember2025-01-012025-09-300000730272rgen:USDollarMember2024-12-310000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272rgen:TanttiMember2025-01-012025-09-300000730272rgen:AvitideLlcMember2025-04-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-09-300000730272rgen:SwedishKronaMemberrgen:September2025Member2024-12-310000730272us-gaap:ProductMember2025-07-012025-09-300000730272us-gaap:OperatingSegmentsMember2025-01-012025-09-300000730272us-gaap:DevelopedTechnologyRightsMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-09-300000730272rgen:SwedishKronaMemberrgen:May2025Member2024-12-310000730272srt:MinimumMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMemberus-gaap:CustomerRelationshipsMember2025-01-012025-09-300000730272rgen:TanttiMember2025-07-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMemberrgen:EarnoutOneMember2025-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:MonteCarloSimulationMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutTwoMember2025-09-3000007302722023-12-310000730272rgen:TanttiLaboratoryIncMember2025-07-012025-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMember2024-01-012024-09-300000730272rgen:NoOneCustomerMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300000730272us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-03-042025-03-040000730272rgen:OlivierLoeillotMember2025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:TwoZeroTwoThreeNotesMember2025-09-300000730272us-gaap:RoyaltyMember2025-01-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:FairValueOfEmbeddedConversionOptionMemberrgen:ModifiedTwoZeroOneNineNotesMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutOneMember2025-09-300000730272us-gaap:EmployeeStockOptionMemberrgen:NonExecutiveMember2025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMemberus-gaap:CustomerRelationshipsMember2025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2023-12-142023-12-140000730272us-gaap:EmployeeSeveranceMember2025-09-300000730272us-gaap:AdditionalPaidInCapitalMember2025-09-300000730272rgen:FacilityAndOtherExitCostsMember2024-01-012024-09-300000730272us-gaap:MoneyMarketFundsMember2024-12-310000730272us-gaap:EmployeeSeveranceMember2024-01-012024-09-300000730272us-gaap:SalesRevenueNetMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300000730272us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-07-012025-09-300000730272us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2025-09-300000730272us-gaap:TrademarksMember2025-09-300000730272us-gaap:DevelopedTechnologyRightsMember2025-09-300000730272us-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ProbabilityWeightedPresentValueMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMember2025-09-300000730272us-gaap:SalesRevenueNetMembersrt:EuropeMemberus-gaap:GeographicConcentrationRiskMember2025-07-012025-09-3000007302722024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2023-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2023-12-3100007302722024-06-120000730272rgen:StockOptionAndIncentivePlanMember2025-09-300000730272us-gaap:RoyaltyMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2025-01-012025-09-300000730272us-gaap:CommonStockMember2025-01-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:FairValueOfEmbeddedConversionOptionMemberrgen:ModifiedTwoZeroOneNineNotesMember2024-01-012024-12-310000730272us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-07-012025-09-300000730272rgen:SwedishKronaMember2024-12-310000730272rgen:NineHundredAndEightDevicesPATPortfolioMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:BusinessCombinationContingentConsiderationLiabilityNoncurrentMember2025-09-300000730272rgen:ContingentConsiderationMember2025-01-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:MonteCarloSimulationMemberrgen:MeasurementInputRevenueVolumeDiscountRateMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutTwoMember2025-09-300000730272rgen:September2025Memberrgen:USDollarMember2024-12-310000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-01-012023-12-310000730272rgen:BusinessCombinationContingentConsiderationLiabilityCurrentMember2024-12-310000730272rgen:TanttiLaboratoryIncMember2025-09-300000730272us-gaap:CommonStockMember2024-12-310000730272rgen:SwedishKronaMember2025-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272us-gaap:ForeignExchangeForwardMember2024-12-310000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2024-12-310000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:ForeignExchangeForwardMember2025-01-012025-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2024-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:NorthAmericaMember2025-01-012025-09-300000730272us-gaap:CommonStockMember2024-07-012024-09-300000730272rgen:USDollarMemberrgen:May2025Member2024-12-3100007302722025-10-310000730272rgen:TwoThousandTwentyFourGrantsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2024-12-310000730272us-gaap:CommonStockMember2024-06-3000007302722025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-3000007302722024-12-310000730272rgen:FacilityExitAndOtherExitCostsMember2025-09-300000730272us-gaap:CommonStockMember2023-12-310000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2025-01-012025-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000730272rgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutOneMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ManufacturingLineExpansionsMemberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMember2025-09-300000730272rgen:ContingentConsiderationMember2025-09-300000730272us-gaap:OtherIntangibleAssetsMember2024-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberus-gaap:CommonStockMember2025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2024-07-012024-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMember2025-01-012025-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-12-3100007302722025-06-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:EuropeMember2025-01-012025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel2Member2024-12-310000730272us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-09-300000730272us-gaap:CommonStockMember2025-06-300000730272us-gaap:FairValueInputsLevel2Memberrgen:BusinessCombinationContingentConsiderationLiabilityCurrentMember2024-12-310000730272rgen:TwoZeroOneNineNotesMember2024-07-012024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000730272rgen:BusinessCombinationContingentConsiderationLiabilityNoncurrentMember2025-09-300000730272us-gaap:TrademarksMember2024-12-310000730272srt:MinimumMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMemberus-gaap:TradeNamesMember2025-01-012025-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272us-gaap:CostOfSalesMember2024-07-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberrgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:EarnoutTwoMember2025-09-300000730272us-gaap:RetainedEarningsMember2024-12-310000730272us-gaap:RetainedEarningsMember2025-06-300000730272srt:MinimumMemberus-gaap:DevelopedTechnologyRightsMemberrgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-01-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2023-12-142023-12-140000730272us-gaap:ProductMember2024-01-012024-09-300000730272us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-09-300000730272us-gaap:EmployeeSeveranceMember2024-12-310000730272us-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMember2025-01-012025-09-300000730272us-gaap:EmployeeStockOptionMembersrt:ExecutiveOfficerMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ProbabilityWeightedPresentValueMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMember2025-09-300000730272us-gaap:SalesRevenueNetMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2025-07-012025-09-300000730272us-gaap:RetainedEarningsMember2024-06-300000730272rgen:FlexbiosysIncMember2024-03-310000730272rgen:OlivierLoeillotMember2025-07-012025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutOneMember2025-09-300000730272rgen:FacilityExitAndOtherExitCostsMember2025-01-012025-09-300000730272us-gaap:EmployeeSeveranceMember2025-01-012025-09-300000730272us-gaap:CostOfSalesMember2025-01-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-140000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2025-07-012025-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:RetainedEarningsMember2025-09-300000730272us-gaap:ResearchAndDevelopmentExpenseMember2025-07-012025-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-142023-12-140000730272us-gaap:RetainedEarningsMember2024-07-012024-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:EuropeMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-310000730272us-gaap:ForeignExchangeForwardMember2025-07-012025-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000730272rgen:DevicesIncBioprocessingAnalyticsPortfolioMemberus-gaap:TradeNamesMember2025-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2024-12-310000730272rgen:RestrictedStockAndPerformanceStockUnitsMemberrgen:NonExecutiveMember2025-09-300000730272us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:MonteCarloSimulationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberrgen:MeasurementInputEarnoutDiscountRateMemberrgen:EarnoutTwoMember2025-09-300000730272us-gaap:FairValueInputsLevel3Memberrgen:EarnoutThreeMemberrgen:ProbabilityWeightedPresentValueMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMembersrt:MaximumMember2025-09-30iso4217:USDxbrli:sharesxbrli:pureiso4217:SEKxbrli:sharesrgen:Segmentrgen:Daysiso4217:USDrgen:ReportingUnit

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to___________

Commission File Number 000-14656

REPLIGEN CORPORATION

(Exact Name of Registrant as Specified in its Charter)



Delaware	04-2729386
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

41 Seyon Street, Bldg. 1, Suite 100 Waltham, MA	02453
(Address of Principal Executive Offices)	(Zip Code)

(781) 250-0111

Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock, par value $0.01 per share	RGEN	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to 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 reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:



Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock on October 31, 2025 was 56,290,749.

Table of Contents


		PAGE
PART I.	FINANCIAL INFORMATION	3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)	3

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4

	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	5

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	7

	Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	32

PART II.	OTHER INFORMATION	34

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	35

Signatures		36

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share data)


	September 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	748,747		$	757,355
Accounts receivable, net of reserves of $2,274 and $1,832 at September 30, 2025 and December 31, 2024, respectively		148,970			134,115
Inventories, net		160,320			142,964
Prepaid expenses and other current assets		38,448			31,607
Total current assets		1,096,485			1,066,041
Noncurrent assets:
Property, plant and equipment, net		188,927			197,738
Intangible assets, net		395,442			397,897
Goodwill		1,112,735			1,030,995
Deferred tax assets		856			749
Operating lease right of use assets		124,161			135,378
Other noncurrent assets		5,105			868
Total noncurrent assets		1,827,226			1,763,625
Total assets	$	2,923,711		$	2,829,666
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	29,426		$	32,134
Operating lease liabilities		19,314			15,104
Contingent consideration		5,107			17,126
Accrued liabilities		77,289			62,423
Total current liabilities		131,136			126,787
Noncurrent liabilities:
Convertible Senior Notes due 2028, net		537,927			525,567
Deferred tax liabilities		20,135			22,775
Noncurrent operating lease liabilities		131,626			145,576
Noncurrent contingent consideration		2,478			19,662
Other noncurrent liabilities		17,322			16,581
Total noncurrent liabilities		709,488			730,161
Total liabilities		840,624			856,948
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding		—			—
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,283,321 shares at September 30, 2025 and 56,091,677 shares at December 31, 2024 issued and outstanding		563			561
Additional paid-in capital		1,643,670			1,617,336
Accumulated other comprehensive loss		(4,107	)		(52,533	)
Retained earnings		442,961			407,354
Total stockholders’ equity		2,083,087			1,972,718
Total liabilities and stockholders’ equity	$	2,923,711		$	2,829,666

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REPLIGEN CORPORATION

Condensed CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, amounts in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue:
Product	$	188,766		$	154,834		$	540,232		$	466,784
Royalty and other revenue		39			37			111			108
Total revenue		188,805			154,871			540,343			466,892
Costs and operating expenses:
Cost of goods sold		88,290			77,383			257,929			231,088
Research and development		14,175			9,710			41,057			31,523
Selling, general and administrative		73,663			75,610			216,145			202,894
Change in fair value of contingent consideration		(4,148	)		—			(12,087	)		—
Total costs and operating expenses		171,980			162,703			503,044			465,505
Income (loss) from operations		16,825			(7,832	)		37,299			1,387
Other income (expenses):
Investment income		6,921			9,130			20,820			27,534
Interest expense		(5,414	)		(5,122	)		(16,018	)		(15,269	)
Amortization of debt issuance costs		(416	)		(429	)		(1,243	)		(1,432	)
Other (expenses) income, net		(804	)		3,104			2,412			(647	)
Other income, net		287			6,683			5,971			10,186
Income (loss) before income taxes		17,112			(1,149	)		43,270			11,573
Income tax provision (benefit)		2,201			(495	)		7,663			3,218
Net income (loss)	$	14,911		$	(654	)	$	35,607		$	8,355
Earnings (loss) per share:
Basic	$	0.27		$	(0.01	)	$	0.63		$	0.15
Diluted	$	0.26		$	(0.01	)	$	0.63		$	0.15
Weighted average common shares outstanding:
Basic		56,265			56,012			56,208			55,896
Diluted		56,532			56,012			56,520			56,315

Net income (loss)	$	14,911		$	(654	)	$	35,607		$	8,355
Other comprehensive (loss) income:
Foreign currency translation adjustment		(2,391	)		9,822			48,426			3,185
Comprehensive income	$	12,520		$	9,168		$	84,033		$	11,540

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands, except share data)


	Three Months Ended September 30, 2025
	Common Stock
	Number of Shares			Par Value		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings		Total Stockholders' Equity
Balance at June 30, 2025		56,253,009		$	563	$	1,634,844		$	(1,716	)	$	428,050	$	2,061,741
Net income		—			—		—			—			14,911		14,911
Exercise of stock options and vesting of stock units		37,164			—		677			—			—		677
Tax withholding on vesting of restricted stock units		(6,852	)		—		(824	)		—			—		(824	)
Stock-based compensation expense		—			—		8,973			—			—		8,973
Translation adjustment		—			—		—			(2,391	)		—		(2,391	)
Balance at September 30, 2025		56,283,321		$	563	$	1,643,670		$	(4,107	)	$	442,961	$	2,083,087


	Three Months Ended September 30, 2024
	Common Stock
	Number of Shares			Par Value		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Stockholders' Equity
Balance at June 30, 2024		55,902,860		$	559	$	1,586,447		$	(44,445	)	$	441,877		$	1,984,438
Net loss		—			—		—			—			(654	)		(654	)
Conversion of debt		100,942			1		(8	)		—			—			(7	)
Exercise of stock options and vesting of stock units		26,854			—		577			—			—			577
Tax withholding on vesting of restricted stock units		(3,931	)		—		(545	)		—			—			(545	)
Stock-based compensation expense		—			—		23,055			—			—			23,055
Translation adjustment		—			—		—			9,822			—			9,822
Balance at September 30, 2024		56,026,725		$	560	$	1,609,526		$	(34,623	)	$	441,223		$	2,016,686


	Nine Months Ended September 30, 2025
	Common Stock
	Number of Shares			Par Value		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings		Total Stockholders' Equity
Balance at December 31, 2024		56,091,677		$	561	$	1,617,336		$	(52,533	)	$	407,354	$	1,972,718
Net income		—			—		—			—			35,607		35,607
Exercise of stock options and vesting of stock units		186,437			1		2,140			—			—		2,141
Tax withholding on vesting of restricted stock units		(53,245	)		—		(7,994	)		—			—		(7,994	)
Issuance of common stock pursuant to contingent consideration earnout payments		58,452			1		7,567			—			—		7,568
Stock-based compensation expense		—			—		24,621			—			—		24,621
Translation adjustment		—			—		—			48,426			—		48,426
Balance at September 30, 2025		56,283,321		$	563	$	1,643,670		$	(4,107	)	$	442,961	$	2,083,087

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands, except share data)


	Nine Months Ended September 30, 2024
	Common Stock
	Number of Shares			Par Value			Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings		Total Stockholders' Equity
Balance at December 31, 2023		55,766,078		$	558		$	1,569,227		$	(37,808	)	$	432,868	$	1,964,845
Net income		—			—			—			—			8,355		8,355
Conversion of debt		100,944			1			(115	)		—			—		(114	)
Exercise of stock options and vesting of stock units		179,335			2			2,364			—			—		2,366
Tax withholding on vesting of restricted stock units		(51,040	)		(1	)		(9,403	)		—			—		(9,404	)
Issuance of common stock pursuant to contingent consideration earnout payments		31,408			—			5,742			—			—		5,742
Stock-based compensation expense		—			—			41,711			—			—		41,711
Translation adjustment		—			—			—			3,185			—		3,185
Balance at September 30, 2024		56,026,725		$	560		$	1,609,526		$	(34,623	)	$	441,223	$	2,016,686

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, amounts in thousands)


	Nine Months Ended September 30,
	2025			2024
Cash flows for operating activities
Net income	$	35,607		$	8,355
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		58,794			51,306
Amortization of debt discount and issuance costs		12,360			11,628
Inventory step-up amortization		1,069			—
Stock-based compensation		24,621			41,711
Deferred income taxes, net		(5,784	)		(4,163	)
Change in fair value of contingent consideration		(12,087	)		—
Net unrealized foreign exchange gain		(12,443	)		—
Operating lease right of use asset amortization		13,570			12,749
Other adjustments and non-cash items		2,532			107
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable		(7,302	)		(4,631	)
Inventories		(5,346	)		20,131
Prepaid expenses and other current assets		(5,494	)		(2,609	)
Other noncurrent assets		(1,727	)		484
Accounts payable		(5,083	)		1,780
Accrued liabilities		9,629			5,360
Operating lease liabilities		(12,096	)		(5,849	)
Noncurrent liabilities		893			(141	)
Total cash provided by operating activities		91,713			136,218
Cash flows from investing activities
Acquisitions, net of cash acquired		(69,954	)		—
Additions to capitalized software costs		(2,055	)		(2,774	)
Purchases of property, plant and equipment		(15,366	)		(20,137	)
Sale of property, plant and equipment		42			1,290
Other investing activities		(2,397	)		—
Total cash used in investing activities		(89,730	)		(21,621	)
Cash flows from financing activities
Proceeds from exercise of stock options		2,142			2,366
Payment of tax withholding obligation on vesting of restricted stock		(7,994	)		(9,403	)
Repayment of Convertible Senior Notes		—			(69,939	)
Payment of earnout consideration		(9,548	)		(7,375	)
Total cash used in financing activities		(15,400	)		(84,351	)
Effect of exchange rate changes on cash and cash equivalents		4,809			2,395
Net (decrease) increase in cash and cash equivalents		(8,608	)		32,641
Cash and cash equivalents, beginning of period		757,355			751,323
Cash and cash equivalents, end of period	$	748,747		$	783,964

Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under operating leases	$	4,044		$	24,087
Fair value of shares of common stock issued for contingent consideration earnouts	$	7,568		$	5,742

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REPLIGEN CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 14, 2025 (“Form 10-K”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The business and economic uncertainty resulting from global geopolitical conflicts, supply chain challenges, foreign currency fluctuations and cost pressures on customers' purchasing patterns has made such estimates more difficult to calculate. Accordingly, actual results could differ from those estimates.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of its financial position as of September 30, 2025, its results of operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

During the three and nine months ended September 30, 2025, the Company made no material changes in the application of its significant accounting policies that were disclosed within Note 2, “Summary of Significant Accounting Policies” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

Business Combinations

Total consideration transferred for acquisitions is allocated to the tangible and intangible assets acquired and liabilities assumed, if any, based on their fair values at the dates of acquisition. This purchase price allocation process requires management to make significant estimates and assumptions with respect to intangible assets and deferred revenue. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of comprehensive income. The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made and the extent of royalties to be earned in excess of the defined minimum royalties. Management updates these estimates and the related fair value of contingent consideration at each reporting period. These changes in the fair value of contingent consideration are recorded to contingent consideration in the Company’s condensed consolidated statements of comprehensive income.

The Company typically uses the income approach to determine the fair value of certain identifiable intangible assets including customer relationships and developed technology. This approach determines fair value by estimating after-tax cash flows attributable to these assets over their respective useful lives and then discounting these after-tax cash flows back to a present

Table of Contents

value. The Company bases its assumptions on estimates of future cash flows, expected growth rates, expected trends in technology, etc. Discount rates used to arrive at a present value as of the date of acquisition are based on the time value of money and certain industry-specific risk factors. The Company believes the estimated purchased customer relationships, developed technologies, trademark/tradename and other intangible assets identified in its acquisitions represent the fair value at the date of acquisition, and do not exceed the amount a third-party would pay for such assets.

Recent Accounting Guidance

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and other recently issued guidance or rule decisions on their condensed consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial position or results of operations.

Recently Issued Accounting Guidance – Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disclosure of specific expense categories in the notes to the financial statements. This includes: (i) amounts of purchased inventory, employee compensation, depreciation, amortization and other related costs and expenses; (ii) an explanation of costs and expenses that are not disaggregated on a quantitative basis; and (iii) the definition and total amount of selling expenses. The amendment is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted, and interim reporting periods beginning after December 15, 2027. The amendment should be applied prospectively to financial reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective for annual reporting periods beginning after December 15, 2024. The Company will apply the amendment on a prospective basis. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements and related disclosures.

Fair Value Measurements

The Company uses various valuation approaches in determining the fair value of its assets and liabilities. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:


Level 1 -	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 -	Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities.

Level 3 -	Valuations based on inputs that are unobservable or significant to the overall fair value measurement.

Table of Contents

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement.

Fair Value Measured on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Cash and cash equivalents:
Cash	$	69,787	$	—	$	—	$	69,787
Money market accounts		678,960		—		—		678,960
Total assets	$	748,747	$	—	$	—	$	748,747
Liabilities:
Contingent consideration	$	—	$	—	$	5,107	$	5,107
Noncurrent contingent consideration		—		—		2,478		2,478
Total liabilities	$	—	$	—	$	7,585	$	7,585

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets:
Cash and cash equivalents:
Cash	$	70,102	$	—	$	—	$	70,102
Money market accounts		687,253		—		—		687,253
Foreign exchange forward contracts		—		287		—		287
Total assets	$	757,355	$	287	$	—	$	757,642
Liabilities:
Contingent consideration	$	—	$	17,126	$	—	$	17,126
Noncurrent contingent consideration		—		—		19,662		19,662
Total liabilities	$	—	$	17,126	$	19,662	$	36,788

Contingent Consideration – Earnouts

As of September 30, 2025, the maximum amount of future contingent consideration (undiscounted) that the Company could be required to pay in connection with each of its completed acquisitions is $54.5 million over a three-year period for Tantti Laboratory Inc. (“Tantti”), which was acquired in December 2024.

A reconciliation of the change in the fair value of contingent consideration – earnouts is included in the following table (amounts in thousands):


Balance at December 31, 2024	$	36,788
Decrease in fair value of contingent consideration earnouts		(12,087	)
Earnout payment - equity element		(7,568	)
Earnout payment - cash element		(9,548	)
Balance at September 30, 2025	$	7,585

Table of Contents

The recurring Level 3 fair value measurement of our contingent consideration obligations for Tantti include the following significant unobservable inputs (amounts in thousands, except percent data):


Contingent Consideration Earnout	Fair Value as of September 30, 2025		Valuation Technique	Unobservable Input	Range	Weighted Average(1)
Commercialization-based payments			Probability-weighted present value	Probability of Success	0% - 100%	83%
	$	3,698		Earnout Discount Rate	4.7% - 4.9%	4.8%
Revenue and Volume- based payments			Monte Carlo Simulation	Volatility	34.5%	34.5%
				Revenue & Volume Discount Rate	16.1%	16.1%
	$	1,200		Earnout Discount Rate	4.7% - 5.2%	5.0%
Manufacturing line expansions			Probability-weighted present value	Probability of Success	0% - 100%	100%
	$	2,687		Earnout Discount Rate	4.7% - 4.9%	4.7%

(1)

Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.

The fair value of the contingent consideration liability is valued using the inputs noted in the table above. During the three and nine months ended September 30, 2025, the Company adjusted its revenue targets for Tantti based on revised forecasts. Accordingly, during the three and nine months ended September 30, 2025, the Company recognized a gain of $4.1 million and $12.1 million, respectively, related to the change in fair value of contingent consideration. Changes in the projected performance of the acquired business could result in a higher or lower contingent consideration obligation in the future.

Fair Value of Other Financial Instruments

The fair value of outstanding foreign exchange forward contracts are valued using quoted forward foreign exchange prices at the reporting date. See Note 3, “Derivative Instruments”, for additional information.

Convertible Senior Notes

At September 30, 2025 and December 31, 2024, the fair value of the Company’s 1.00% Convertible Senior Notes due 2028 (the “2023 Notes”) was $598.8 million and $546.1 million, respectively. The fair value of the 2023 Notes is a Level 1 valuation and was determined based on the most recent trade activity of the 2023 Notes as of September 30, 2025 and December 31, 2024. See Note 9, “Convertible Senior Notes”, for additional information.

Fair Value Measured on a Nonrecurring Basis

During the three and nine months ended September 30, 2025, there were no re-measurements to the fair value of financial assets and liabilities that are measured at fair value on a nonrecurring basis.

Derivative Instruments

The primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts are entered into as hedges against unfavorable fluctuations in the United States (“U.S.”) dollar to Swedish krona (SEK) exchange rates. The Company does not apply hedge accounting to these contracts because these derivative instruments are not qualified as accounting hedges; therefore the changes in fair value are recorded in the condensed consolidated statements of comprehensive income. By using derivative instruments to mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty to perform under the terms of the contract. The credit or repayment risk is minimized by entering into transactions with high-quality counterparties.

Table of Contents

There were no outstanding contracts at September 30, 2025. The notional amounts of the outstanding contracts at December 31, 2024 were as follows (amounts in thousands):


Settlement	U.S. Dollar Amount		SEK Amount
May 2025	$	26,481		289,967
September 2025		62,550		679,418
	$	89,031		969,385

The fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:

The effects of derivative instruments on the condensed consolidated statements of comprehensive income were as follows:


		Three Months Ended			Nine Months Ended
		September 30, 2025
Derivatives not designated or not qualifying as hedging instruments	Location of loss recognized on derivatives	(Amounts in thousands)
Foreign exchange forward contracts	Other (expenses) income, net	$	(358	)	$	(9,067	)

Acquisitions

2025 Acquisition

908 Devices Inc. Bioprocessing Analytics Portfolio

On March 4, 2025, the Company completed its acquisition of 908 Devices Inc.’s (“908 Devices”) desktop portfolio of four devices for bioprocessing process analytical technology applications (“PAT Portfolio”). In connection with the transaction, Repligen also acquired facilities, employees, equipment and lease obligations for facilities in North Carolina and Braunschweig, Germany as well as certain working capital balances related to the PAT Portfolio. This transaction is referred to as the 908 Devices PAT Portfolio acquisition.

Consideration Transferred

The Company accounted for the 908 Devices PAT Portfolio acquisition as a purchase of a business under Accounting Standards Codification (“ASC”) 805, “Business Combinations.” Under the securities and asset purchase agreement, the PAT portfolio and associated net assets were acquired for cash consideration of $69.9 million, subject to a working capital adjustment to be finalized in a future period. Under the acquisition method of accounting, the assets acquired and liabilities assumed were recorded as of the acquisition date, at their respective fair values and consolidated with those of the Company. The provisional fair value of the net tangible assets acquired is estimated to be $6.2 million, the provisional fair value of intangible assets acquired is estimated to be $13.6 million and the residual provisional goodwill is estimated to be $50.1 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which such costs are incurred. The Company has incurred $10.5 million of transaction and integration costs associated with the 908 Devices PAT Portfolio acquisition from the date of acquisition to September 30, 2025, of which $2.1 million and $10.5 million were incurred during the three and nine months ended September 30, 2025, respectively. The transaction and integration costs are included in operating expenses in the condensed consolidated statements of comprehensive income.

Fair Value of Net Assets Acquired

The preliminary purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. As of September 30, 2025, the purchase accounting for this acquisition has not been finalized and has been recorded on a provisional basis. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. The Company expects to finalize this determination during or before the quarter ending March 31, 2026. Amounts recorded on a provisional basis include but are not limited to intangible assets, working capital accounts including inventories, deferred tax accounts, deferred revenues, lease assets and goodwill.

Table of Contents

The components and estimated allocation of the purchase price consist of the following (amounts in thousands):


Cash and cash equivalents	$	191
Accounts receivable		1,110
Inventory		6,946
Prepaid expenses and other current assets		535
Property and equipment		1,698
Operating lease right of use assets		2,552
Other assets, long-term		41
Customer relationships		5,040
Developed technology		6,910
Trademark and tradename		1,660
Goodwill		50,057
Accounts payable		(208	)
Accrued liabilities		(542	)
Operating lease liabilities		(2,552	)
Deferred revenue		(2,366	)
Deferred tax liability		(1,161	)
Fair value of net assets acquired	$	69,911

There were no significant changes to the preliminary purchase price allocation during the three and nine months ended September 30, 2025.

Acquired Goodwill

The provisional goodwill of $50.1 million represents future economic benefits expected to arise from anticipated synergies from the integration of the PAT Portfolio into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the 908 Devices PAT Portfolio acquisition. Goodwill is calculated based on the acquired assets in the United States and Germany. Goodwill related to the United States of $39.2 million is deductible for income tax purposes. The goodwill of $10.9 million related to Germany is expected to be nondeductible for income tax purposes.

Intangible Assets

The following table sets forth the components of the identified intangible assets (determined on a provisional basis and thus subject to change during the measurement period) associated with the 908 Devices PAT Portfolio acquisition and their estimated useful lives:


	Useful life	Fair Value
		(Amounts in thousands)
Customer relationships	8 - 9 years	$	5,040
Developed technology	10 - 12 years		6,910
Trademark and tradename	13 - 14 years		1,660
		$	13,610

2024 Acquisition

Tantti Laboratory Inc.

On December 2, 2024, the Company's subsidiary, Repligen Sweden AB, acquired Tantti from the former shareholders of Tantti (“Tantti Seller”) pursuant to a share swap agreement, dated as of July 27, 2024 (such acquisition, the “Tantti Acquisition” and such agreement, the “Share Swap Agreement”), by and among Repligen Sweden AB, the Tantti Seller and the Company, in its capacity as guarantor of the obligations of Repligen Sweden AB under the share purchase agreement (the “Share Purchase Agreement”).

Tantti, headquartered in Taoyuan City, Taiwan, has developed a unique portfolio of macroporous chromatography beads to optimize the purification of new modalities including viral vectors, viruses, nucleic acids and other large molecule biologics. The addition of Tantti further strengthens our portfolio in the new modality space.

Consideration Transferred

The Company accounted for the Tantti Acquisition as a purchase of a business under ASC 805, “Business Combinations.” Under the Share Swap Agreement, all outstanding equity interests of Tantti were acquired for consideration with a value totaling $75.1 million. The Tantti Acquisition was funded through payment of $55.4 million in cash and contingent consideration with an estimated fair value of $19.7 million as of the acquisition date. Under the acquisition method of accounting, the assets acquired and liabilities assumed were recorded as of the acquisition date, at their respective fair values and consolidated with those of the

Table of Contents

Company. The provisional fair value of the net tangible liabilities acquired is estimated to be $0.8 million, the provisional fair value of the intangible assets acquired is estimated to be $28.9 million and the residual provisional goodwill is estimated to be $46.9 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $4.2 million of transaction and integration costs associated with the Tantti Acquisition from the date of acquisition to September 30, 2025, of which $0.8 million and $2.6 million were incurred during the three and nine months ended September 30, 2025, respectively. The transaction costs are included in operating expenses in the condensed consolidated statements of comprehensive income.

Fair Value of Net Assets Acquired

The preliminary purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. As of September 30, 2025, the purchase accounting for this acquisition has not been finalized and has been recorded on a provisional basis. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. The Company expects to finalize this determination during or before the quarter ending December 31, 2025. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):


Cash and cash equivalents	$	85
Accounts receivable		1
Inventory		41
Prepaid expenses and other current assets		321
Property and equipment		731
Operating lease right of use asset		637
Other assets, long-term		81
Developed technology		28,910
Goodwill		46,943
Accounts payable		(18	)
Accrued liabilities		(510	)
Operating lease liabilities		(627	)
Deferred tax liability		(1,515	)
Fair value of net assets acquired	$	75,080

There were no significant changes to the preliminary purchase price allocation during the three and nine months ended September 30, 2025.

Acquired Goodwill

The provisional goodwill of $46.9 million represents future economic benefits expected to arise from anticipated synergies from the integration of Tantti into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the Tantti Acquisition. Substantially all of the goodwill recorded is expected to be nondeductible for income tax purposes.

Intangible Assets

The identified intangible asset (determined on a provisional basis and thus subject to change during the measurement period) associated with the Tantti Acquisition is developed technology of $28.9 million with a useful life of nine years.

Restructuring Activities and Other Inventory-Related Charges

In July 2023, the Board of Directors authorized the Company's management team to undertake restructuring activities to simplify and streamline our organization and strengthen the overall effectiveness of our operations. Since the initial streamlining and rebalancing efforts contemplated in July 2023, and with the introduction of new management in the second half of 2024, the Company continued to undertake further restructuring activities (collectively, the “Restructuring Plan”) which has included consolidating a portion of our manufacturing operations between certain U.S. locations, writing-off abandoned equipment with the rationalization of excess production line capacity and discontinuing the sale of certain product SKUs. In addition, the Company evaluated the net realizable value of finished goods and raw materials to meet rapidly changing demand during a challenging supply chain environment in the industry during 2023 and 2024.

The Company recorded pre-tax restructuring charges of $4.1 million for the nine months ended September 30, 2025, and pre-tax charges of $2.9 million and $5.3 million for the three and nine months ended September 30, 2024, respectively, related to the Restructuring Plan. The Restructuring Plan was completed during the second quarter of 2025. The Company does not expect to incur further significant charges related to the Restructuring Plan. As of September 30, 2025, the total pre-tax restructuring

Table of Contents

activity incurred related to the Restructuring Plan and other inventory-related charges is $83.3 million, of which $59.7 million related to other inventory-related charges. For more information, see Note 6, “Restructuring Activities and Other Inventory-Related Charges” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

The following tables summarize the charges related to restructuring activities by type of cost for the periods presented on the Company’s condensed consolidated statements of comprehensive income:


	Nine Months Ended September 30, 2025
	Severance and Employee-Related Costs			Facility and Other Exit Costs		Total
	(Amounts in thousands)
Cost of goods sold	$	217		$	2,250	$	2,467
Research and development		(69	)		867		798
Selling, general and administrative		49			821		870
	$	197		$	3,938	$	4,135


	Three Months Ended September 30, 2024
	Severance and Employee-Related Costs		Facility and Other Exit Costs			Total
	(Amounts in thousands)
Cost of goods sold	$	23	$	1,461		$	1,484
Selling, general and administrative		631		1,037			1,668
Other (expenses) income, net		—		(234	)		(234	)
	$	654	$	2,264		$	2,918


	Nine Months Ended September 30, 2024
	Severance and Employee-Related Costs		Accelerated Depreciation		Facility and Other Exit Costs			Total
	(Amounts in thousands)
Cost of goods sold	$	876	$	19	$	1,661		$	2,556
Research and development		449		—		—			449
Selling, general and administrative		1,486		—		1,054			2,540
Other (expenses) income, net		—		—		(234	)		(234	)
	$	2,811	$	19	$	2,481		$	5,311

Severance and employee-related costs under the Restructuring Plan are primarily associated with actual headcount reductions. Costs incurred include cash severance and non-cash severance, including other termination benefits. Severance and other termination benefit packages are based on established benefit arrangements or local statutory requirements and we recognized the contractual component of these benefits when payment was probable and could be reasonably estimated.

The Company’s manufacturing strategy and footprint were reviewed as a part of our 2024 annual strategic planning and budget session. These exit activities initiated in 2024 were completed in the second quarter of 2025.

As of September 30, 2025, there was no restructuring liability remaining in the condensed consolidated balance sheets. Activity related to the Restructuring Plan for the nine months ended September 30, 2025 was as follows:


	Restructuring Liability December 31, 2024		Restructuring Costs		Amounts Paid in 2025			Non-cash Restructuring Items			Restructuring Liability September 30, 2025
	(Amounts in thousands)
Severance & employee-related costs	$	516	$	197	$	(395	)	$	(318	)	$	—
Facility and other exit costs		—		3,938		(505	)		(3,433	)		—
Total	$	516	$	4,135	$	(900	)	$	(3,751	)	$	—

Table of Contents

Revenue Recognition

Disaggregation of Revenue

Revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Amounts in thousands)
Product revenue	$	188,766	$	154,834	$	540,232	$	466,784
Royalty and other revenue		39		37		111		108
Total revenue	$	188,805	$	154,871	$	540,343	$	466,892

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because its revenues are from bioprocessing customers, there are no differences in the nature, timing and uncertainty of the Company’s revenues and cash flows from any of its product lines. However, given that the Company’s revenues are generated in different geographic regions, factors such as regulatory, economic and geopolitical developments within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows.

Disaggregated revenue from contracts with customers by geographic region and revenue from significant customers can be found in Note 15, “Segment Reporting.” For more information regarding product revenue, see Note 8, “Revenue Recognition” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

Contract Balances from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers as of September 30, 2025 and December 31, 2024:

December 31, 2024

Derivatives not designated or not qualifying as hedging instruments

Balance Sheet Location

(Amounts in thousands)

Foreign exchange forward contracts

Prepaid expenses and other current assets

REPLIGEN CORP 10-Q