# EDGAR Filing Document

**Accession Number:** 0000805928
**File Stem:** 0000805928-26-000053
**Filing Date:** 2026-4
**Character Count:** 179188
**Document Hash:** 10d4313823e5c529efccfc4575ac24c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000805928-26-000053.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000805928-26-000053

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axogen, Inc.
- **CENTRAL INDEX KEY:** 0000805928
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 411301878
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36046
- **FILM NUMBER:** 26907531

**BUSINESS ADDRESS:**
- **STREET 1:** 13631 PROGRESS BLVD.
- **STREET 2:** SUITE 400
- **CITY:** ALACHUA
- **STATE:** FL
- **ZIP:** 32615
- **BUSINESS PHONE:** (386) 462-6817

**MAIL ADDRESS:**
- **STREET 1:** 13631 PROGRESS BLVD.
- **STREET 2:** SUITE 400
- **CITY:** ALACHUA
- **STATE:** FL
- **ZIP:** 32615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AxoGen, Inc.
- **DATE OF NAME CHANGE:** 20111004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LECTEC CORP /MN/
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? axgn-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

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

For the quarterly period ended March 31, 2026

**OR**

☐ 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: 001-36046**

![AXGN Logo.jpg](axgn-20260331_g1.jpg)

**Axogen, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

**Minnesota**

(State or other jurisdiction of

incorporation or organization)

**13631 Progress Blvd., Suite 400 Alachua, FL**

(Address of principal executive offices)

**41-1301878**

(I.R.S. Employer

Identification No.)

**32615**

(Zip Code)

**<u>386-462-6800</u>**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $0.01 par value | AXGN | The Nasdaq Stock 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 ☒

As of April 24, 2026, the registrant had 53,177,824 shares of common stock outstanding.

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **Table of Contents** |
| | | **Page** |
| **[Part I - Financial Information](#id06bf6e541674a4098a770bb4b6f60a5_13)** | **[Part I - Financial Information](#id06bf6e541674a4098a770bb4b6f60a5_13)** | **[Part I - Financial Information](#id06bf6e541674a4098a770bb4b6f60a5_13)** |
| <u>[Item 1.](#id06bf6e541674a4098a770bb4b6f60a5_16)</u> | <u>[Financial Statements](#id06bf6e541674a4098a770bb4b6f60a5_16)</u> | <u>[2](#id06bf6e541674a4098a770bb4b6f60a5_16)</u> |
| | <u>[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)](#id06bf6e541674a4098a770bb4b6f60a5_19)</u> | <u>[2](#id06bf6e541674a4098a770bb4b6f60a5_19)</u> |
| | <u>[Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)](#id06bf6e541674a4098a770bb4b6f60a5_22)</u> | <u>[3](#id06bf6e541674a4098a770bb4b6f60a5_22)</u> |
| | <u>[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)](#id06bf6e541674a4098a770bb4b6f60a5_25)</u> | <u>[4](#id06bf6e541674a4098a770bb4b6f60a5_25)</u> |
| | <u>[Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025 (Unaudited)](#id06bf6e541674a4098a770bb4b6f60a5_28)</u> | <u>[5](#id06bf6e541674a4098a770bb4b6f60a5_28)</u> |
| | <u>[Notes to Unaudited Condensed Consolidated Financial Statements](#id06bf6e541674a4098a770bb4b6f60a5_34)</u> | <u>[6](#id06bf6e541674a4098a770bb4b6f60a5_34)</u> |
| <u>[Item 2.](#id06bf6e541674a4098a770bb4b6f60a5_79)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id06bf6e541674a4098a770bb4b6f60a5_79)</u> | <u>[16](#id06bf6e541674a4098a770bb4b6f60a5_79)</u> |
| <u>[Item 3.](#id06bf6e541674a4098a770bb4b6f60a5_151)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id06bf6e541674a4098a770bb4b6f60a5_151)</u> | <u>[22](#id06bf6e541674a4098a770bb4b6f60a5_151)</u> |
| <u>[Item 4.](#id06bf6e541674a4098a770bb4b6f60a5_154)</u> | <u>[Controls and Procedures](#id06bf6e541674a4098a770bb4b6f60a5_154)</u> | <u>[22](#id06bf6e541674a4098a770bb4b6f60a5_154)</u> |
| **[Part II - Other Information](#id06bf6e541674a4098a770bb4b6f60a5_157)** | **[Part II - Other Information](#id06bf6e541674a4098a770bb4b6f60a5_157)** | **[Part II - Other Information](#id06bf6e541674a4098a770bb4b6f60a5_157)** |
| <u>[Item 1.](#id06bf6e541674a4098a770bb4b6f60a5_160)</u> | <u>[Legal Proceedings](#id06bf6e541674a4098a770bb4b6f60a5_160)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_160)</u> |
| <u>[Item 1A.](#id06bf6e541674a4098a770bb4b6f60a5_163)</u> | <u>[Risk Factors](#id06bf6e541674a4098a770bb4b6f60a5_163)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_163)</u> |
| <u>[Item 2.](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> |
| <u>[Item 3.](#id06bf6e541674a4098a770bb4b6f60a5_169)</u> | <u>[Defaults Upon Senior Securities](#id06bf6e541674a4098a770bb4b6f60a5_169)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> |
| <u>[Item 4.](#id06bf6e541674a4098a770bb4b6f60a5_172)</u> | <u>[Mine Safety Disclosures](#id06bf6e541674a4098a770bb4b6f60a5_172)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> |
| <u>[Item 5.](#id06bf6e541674a4098a770bb4b6f60a5_175)</u> | <u>[Other Information](#id06bf6e541674a4098a770bb4b6f60a5_175)</u> | <u>[23](#id06bf6e541674a4098a770bb4b6f60a5_166)</u> |
| <u>[Item 6.](#id06bf6e541674a4098a770bb4b6f60a5_187)</u> | <u>[Exhibits](#id06bf6e541674a4098a770bb4b6f60a5_187)</u> | <u>[24](#id06bf6e541674a4098a770bb4b6f60a5_187)</u> |
| | <u>[Signatures](#id06bf6e541674a4098a770bb4b6f60a5_190)</u> | <u>[25](#id06bf6e541674a4098a770bb4b6f60a5_190)</u> |

---

i

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Forward-Looking Statements**

From time to time, in reports filed with the United States Securities and Exchange Commission (the "SEC") (including this Quarterly Report on Form 10-Q), in press releases, and in other communications to shareholders or the investment community, Axogen, Inc. (including Axogen, Inc.'s wholly owned subsidiaries, Axogen Corporation, Axogen Processing Corporation, Axogen Germany GmbH and Axogen Europe GmbH, the "Company," "Axogen," "we," "our," or "us") may provide forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, concerning possible or anticipated future results of operations or business developments. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which the Company is active, as well as its business plans. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "continue," "may," "should," "will," "goals," and variations of such words and similar expressions are intended to identify such forward-looking statements.

The forward-looking statements in this Form 10-Q include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our belief that we will continue to drive growth in the nerve protection category;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our expectations around our targeted strategy relating to the expansion of nerve repair indications with a focus on deepening our presence in high-potential accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our expectations of satisfying certain job creation milestones by the end of December 31, 2026 pursuant to our cash grants related to certain economic development grants for our Axogen Processing Center in Vandalia, Ohio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our belief that our existing cash and cash equivalents and investments, as well as cash provided by sales of our products will allow us to fund our operations through at least the next twelve months.

The forward-looking statements are and will be subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q should be evaluated together with the many risks and uncertainties that affect the Company's business and its market, particularly those discussed in the risk factors and cautionary statements set forth in the Company's filings with the SEC, including as described in "Risk Factors" included in Item 1A and "Risk Factor Summary" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made and, except as required by applicable law, the Company assumes no responsibility to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**PART I — FINANCIAL INFORMATION**

**ITEM 1 — FINANCIAL STATEMENTS**

**Axogen, Inc.**

**Condensed Consolidated Balance Sheets**

**(unaudited)**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $82654 | $35548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 18947 | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $822 and $948, respectively | 28313 | 26169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 46074 | 42373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 6720 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 184708 | 120422 |
| Property and equipment, net | 83038 | 81783 |
| Operating lease right-of-use assets | 14280 | 12732 |
| Intangible assets, net | 7270 | 6750 |
| Other assets | 192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $289488 | $221687 |
| **Liabilities and shareholders' equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $23898 | $21184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term lease obligations | 2115 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 26013 | 23556 |
| Long-term debt, net of debt discount and financing fees |  | 48387 |
| Long-term lease obligations | 18527 | 16870 |
| Debt derivative liabilities |  | 3886 |
| Other long-term liabilities | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 44680 | 92840 |
| **Commitments and contingencies - see Note 14** |  |  |
| **Shareholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,153,471 and 47,199,797 shares issued and outstanding, respectively | 532 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 570823 | 435338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (326547) | (306963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 244808 | 128847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $289488 | $221687 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Condensed Consolidated Statements of Operations**

**(unaudited)**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| **Revenues** | $61457 | $48560 |
| **Cost of goods sold** | 15268 | 13627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 46189 | 34933 |
| **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 28633 | 21045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 7517 | 6091 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12871 | 9458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | 49021 | 36594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | (2832) | (1661) |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | 768 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (694) | (2250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (16849) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of debt derivative liabilities |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 23 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (16752) | (2173) |
| **Net loss** | $(19584) | $(3834) |
| Weighted average common shares outstanding - basic | 51591504 | 45204076 |
| Weighted average common shares outstanding - diluted | 51591504 | 45204076 |
| Net loss per common share - basic | $(0.38) | $(0.08) |
| Net loss per common share - diluted | $(0.38) | $(0.08) |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(19584) | $(3834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 1604 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 420 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 101 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and deferred financing fees | 68 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recovery of) provision for bad debts | (120) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of debt derivative liabilities |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment losses (gains), net | 33 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 16849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 6843 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2024) | (2377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (3701) | (2321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (368) | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (192) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2198 | (9079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | (559) | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest portion of financing lease obligations | (2) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (1) | 63 |
| **Net cash provided by (used in) operating activities** | 1565 | (13179) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (2789) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (19000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments | 6000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments for intangible assets | (175) | (405) |
| **Net cash (used in) provided by investing activities** | (15964) | 1339 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 134044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of stock issuance costs | (792) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | (48585) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid to lender related to debt extinguishment | (20498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid to third parties related to debt extinguishment | (107) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of employee tax withholding on vested stock awards | (8776) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for debt portion of financing lease obligations | (7) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 4226 | 2383 |
| **Net cash provided by financing activities** | 59505 | 2382 |
| **Net increase (decrease) in cash and cash equivalents, and restricted cash** | 45106 | (9458) |
| **Cash and cash equivalents, and restricted cash, beginning of period** | 39548 | 33554 |
| **Cash and cash equivalents, and restricted cash, end of period** | $84654 | $24096 |
| **Supplemental disclosures of cash flow activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $625 | $1513 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment change in accounts payable and accrued expenses | $70 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of right-of-use asset in exchange for a lease liability | $1967 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets change in accounts payable and accrued expenses | $446 | $(36) |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Condensed Consolidated Statements of Changes in Shareholders' Equity**

**(unaudited)**

**(in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Total Shareholders'**<br>**Equity** |
| | **Shares** | **Amount** | **Additional Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Total Shareholders'**<br>**Equity** |
| **Three Months Ended March 31, 2026** | | | | | |
| **Balance at December 31, 2025** | 47199797 | $472 | $435338 | $(306963) | $128847 |
| Net loss |  |  |  | (19584) | (19584) |
| Issuance of common shares | 4600000 | 46 | 133206 |  | 133252 |
| Stock-based compensation |  |  | 6843 |  | 6843 |
| Issuance of restricted and performance stock units, net of shares withheld for withholding taxes | 985796 | 10 | (8786) |  | (8776) |
| Exercise of stock options | 367878 | 4 | 4222 |  | 4226 |
| **Balance at March 31, 2026** | 53153471 | $532 | $570823 | $(326547) | $244808 |
| **Three Months Ended March 31, 2025** |  |  |  |  |  |
| **Balance at December 31, 2024** | 44148836 | $441 | $394726 | $(291260) | $103907 |
| Net loss |  |  |  | (3834) | (3834) |
| Stock-based compensation |  |  | 2909 |  | 2909 |
| Issuance of restricted and performance stock units | 1105214 | 11 | (11) |  |  |
| Exercise of stock options | 258573 | 3 | 2380 |  | 2383 |
| **Balance at March 31, 2025** | 45512623 | $455 | $400004 | $(295094) | $105365 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements**

**(unaudited)**

**(in thousands, except share and per share amounts)**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Business**

Axogen, Inc. (together with its wholly-owned subsidiaries, the "Company") was incorporated in Minnesota. The Company's business is focused on the science, development and commercialization of the technologies used for peripheral nerve regeneration and repair. The Company's products include Avance<sup>®</sup> (acellular nerve allograft-arwx), Avance<sup>®</sup> Nerve Graft, Axoguard Nerve Connector<sup>®</sup>, Axoguard Nerve Protector<sup>®</sup>, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap<sup>®</sup> and Avive+ Soft Tissue Matrix™. The Company is headquartered in Florida. The Company has processing, warehousing and distribution facilities in Ohio and Texas.

The Company manages its operations as a single operating segment. Substantially all of the Company's assets are maintained in the United States ("U.S."). The Company derives substantially all of its revenues from sales to customers in the U.S.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies**

Please see Note 2 - *Summary of Significant Accounting Policies* to the Company's consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report on Form 10-K"), filed with the SEC on February 24, 2026, for a description of all significant accounting policies.

**<u>Basis of Presentation</u>**

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025. The Company's condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and therefore do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2025, which are included in the 2025 Annual Report on Form 10-K.

The interim condensed consolidated financial statements are unaudited, and in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of results for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year due primarily to the impact of the continued uncertainty of general economic conditions that may impact the Company's markets for the remainder of fiscal year 2026. All intercompany accounts and transactions have been eliminated in consolidation.

**<u>Cash and Cash Equivalents and Concentration</u>**

Cash and cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less from the date of acquisition. Certain of the Company's cash and cash equivalents balances exceed Federal Deposit Insurance Corporation ("FDIC") insured limits or are invested in money market accounts with investment banks that are not FDIC-insured. The Company places its cash and cash equivalents in what it believes to be credit-worthy financial institutions. As of March 31, 2026, $82,154 of the cash and cash equivalents balance were not FDIC-insured or were in excess of FDIC limits.

**<u>Restricted Cash</u>**

The following table provides a reconciliation of Cash and cash equivalents, and Restricted cash reported on the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown on the Condensed Consolidated Statements of Cash Flows as of the periods presented:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Cash and cash equivalents | $82654 | $35548 |
| Restricted cash | 2000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash and cash equivalents, and Restricted cash shown on the Condensed Consolidated Statements of Cash Flows | $84654 | $39548 |

---

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

Amounts included in restricted cash represent collateral for an irrevocable standby letter of credit required to meet contractual terms of a lease agreement held by the Company. See Note 8 - *Long-Term Debt, Net of Debt Discount and Financing Fees* - *Other Credit Facilities*.

**<u>Shares Withheld to Satisfy Employee Tax Obligations</u>**

Upon vesting or settlement of certain share-based awards, the Company may withhold a portion of the shares otherwise issuable to employees in order to satisfy statutory income and payroll tax withholding requirements. The shares withheld are not issued and therefore are not considered shares repurchased by the Company or reported as treasury stock. The Company records a liability for the amount of taxes to be remitted to tax authorities, and such cash payments are classified as financing activities within the Condensed Consolidated Statements of Cash Flows.

**<u>Recent Accounting Pronouncements</u>**

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03 — *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)* — *Disaggregation of Income Statement Expenses* ("ASU 2024-03"), and in January 2025, the FASB issued ASU 2025-01 — *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date* ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the statement of operations as well as disclosures about specific types of expenses included in the expense captions presented in the statement of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. Upon adoption, the Company expects to enhance expense disclosures based on the new requirements.

In September 2025, the FASB issued ASU 2025-06 — *Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software* ("ASU 2025-06"). ASU 2025-06 was issued to modernize the accounting for software costs that are accounted for under Subtopic 350-40, including removing reference to "project stages" and adding the "probable-to-complete recognition threshold." ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating these new requirements.

In December 2025, the FASB issued ASU 2025-11 — *Interim Reporting (Topic 270): Narrow-Scope Improvements* ("ASU 2025-11"). ASU 2025-11 clarifies the interim reporting guidance in the Accounting Standards Codification ("ASC"), adding a comprehensive list of required interim disclosures and a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating these new disclosure requirements.

All other ASUs issued and not yet effective as of March 31, 2026 and through the date of this report, were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's current or future financial position or results of operations.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Inventory**

Inventory consists of the following as of the periods presented:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Finished goods | $41813 | $37538 |
| Work in process | 1003 | 1215 |
| Raw materials | 5414 | 5822 |
| Less: inventory reserve | (2156) | (2202) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Inventory** | $46074 | $42373 |

---

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

**4.&nbsp;&nbsp;&nbsp;&nbsp;Property and Equipment, Net**

Property and equipment, net consists of the following as of the periods presented:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Land | $1090 | $731 |
| Building | 62085 | 60679 |
| Leasehold improvements | 18405 | 18060 |
| Processing equipment | 17098 | 16572 |
| Furniture and equipment | 10889 | 10850 |
| Projects in process | 1425 | 1241 |
| Finance lease right-of-use assets | 80 | 80 |
| Property and equipment, at cost | 111072 | 108213 |
| Less: accumulated depreciation | (28034) | (26430) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Property and equipment, net** | $83038 | $81783 |

---

Depreciation expense is as follows for the periods presented:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| Depreciation expense | $1604 | $1728 |

---

**5.&nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets** **, Net**

Intangible assets, net consist of the following as of the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **(in thousands)** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| **Amortizable intangible assets:** | | | | | | |
| Patents | $8069 | $(1519) | $6550 | $7498 | $(1418) | $6080 |
| **Unamortized intangible assets:** |  |  |  |  |  |  |
| Trademarks | 720 |  | 720 | 670 |  | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total intangible assets** | $8789 | $(1519) | $7270 | $8168 | $(1418) | $6750 |

---

Amortization expense is as follows for the periods presented:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| Amortization expense | $101 | $67 |

---

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

As of March 31, 2026, future amortization of patents is as follows:

---

| | |
|:---|:---|
| **(in thousands)** | |
| 2026 (excluding the three months ended March 31, 2026) | $319 |
| 2027 | 426 |
| 2028 | 426 |
| 2029 | 426 |
| 2030 | 426 |
| Thereafter | 4527 |
| Total | $6550 |

---

**6. &nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements**

The following tables present the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balance Sheet Classification** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **(in thousands)** | **Balance Sheet Classification** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total** |
| **Assets:** | | | | | |
| &nbsp;&nbsp;Money market funds | Cash and cash equivalents | $76719 | $— | $— | $76719 |
| &nbsp;&nbsp;U.S. Treasuries | Investments | 10789 |  |  | 10789 |
| &nbsp;&nbsp;Corporate bonds | Investments |  | 8000 |  | 8000 |
| &nbsp;&nbsp;Money market funds | Investments | 158 |  |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | $87666 | $8000 | $— | $95666 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balance Sheet Classification** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **(in thousands)** | **Balance Sheet Classification** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total** |
| **Assets:** | | | | | |
| &nbsp;&nbsp;Money market funds | Cash and cash equivalents | $28255 | $— | $— | $28255 |
| &nbsp;&nbsp;U.S. Treasuries | Investments | 5980 |  |  | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | $34235 | $— | $— | $34235 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Debt derivative liabilities |  | $— | $— | $3886 | $3886 |

---

The changes in Level 3 liabilities measured at fair value on a recurring basis for the periods indicated were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| **Balance at December 31, 2025 and 2024** | $3886 | $2400 |
| &nbsp;&nbsp;Change in fair value included in net loss |  | 158 |
| &nbsp;&nbsp;Extinguishment of debt derivative | (3886) |  |
| **Balance at March 31, 2026 and 2025** | $— | $2558 |

---

There were no changes in the levels or methodology of the measurement of financial assets or liabilities during the three months ended March 31, 2026 and 2025.

The fair values of cash, restricted cash, accounts receivable, accounts payable and accrued expenses approximate the carrying values because of the short-term nature of these instruments.

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

**7.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.

The components of total operating lease expense and sublease income are as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| Operating lease costs | $942 | $911 |
| Short-term lease costs | 31 | 127 |
| Variable lease costs | 345 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating lease expense** | $1318 | $1097 |
| Sublease income | $270 | $269 |

---

Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands, except lease term and discount rate)** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Operating Leases** | | | | |
| &nbsp;&nbsp;Right-of-use operating assets | $| 14280 | $| 12732 |
| &nbsp;&nbsp;Current maturities of long-term lease obligations | $| 2096 | $| 2354 |
| &nbsp;&nbsp;Long-term lease obligations | $| 18500 | $| 16838 |
| **Financing Leases** |  |  |  |  |
| &nbsp;&nbsp;Right-of-use financing assets, net of accumulated amortization <sup>(1)</sup>  | $| 40 | $| 44 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term lease obligations | $| 19 | $| 18 |
| &nbsp;&nbsp;&nbsp;Long-term lease obligations | $| 27 | $| 32 |
| &nbsp;&nbsp;Weighted average operating lease term: | 7.8 years | 7.8 years | 8.1 years | 8.1 years |
| &nbsp;&nbsp;Weighted average financing lease term: | 2.5 years | 2.5 years | 1.8 years | 1.8 years |
| &nbsp;&nbsp;Weighted average discount rate - operating leases | 10.29% | 10.29% | 10.87% | 10.87% |
| &nbsp;&nbsp;Weighted average discount rate - financing leases | 13.59% | 13.59% | 8.01% | 8.01% |

---

__________

(1)Financing leases are included in Property and equipment, net on the Condensed Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

Future minimum lease payments under operating and financing leases as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **(in thousands)** | |
| 2026 (excluding the three months ended March 31, 2026) | $3203 |
| 2027 | 3569 |
| 2028 | 3587 |
| 2029 | 3665 |
| 2030 | 3593 |
| Thereafter | 12793 |
| &nbsp;&nbsp;Total | 30410 |
| Less: Imputed interest | (9768) |
| &nbsp;&nbsp;Total lease obligations | 20642 |
| Less: Current maturities of long-term lease obligations | (2115) |
| &nbsp;&nbsp;Long-term lease obligations | $18527 |

---

***Lease Modifications***

The Company accounts for lease revisions as a lease modification in accordance with FASB ASC 842, *Leases*, when the modification effectively terminates the existing lease and creates a new lease.

The Company and Progress Park Buildings Alachua, LLC, a Florida limited liability company (as successor in interest to Alachua Copeland Park Investments, LLC, a Florida limited liability company, who was successor in interest to Ology Bioservices Holdings, LLC, a Delaware limited liability company, who was successor in interest to SNH Medical Office Properties Trust), are parties to a lease dated February 6, 2007, as amended (the "Primary Lease"). Pursuant to the Primary Lease, the Company leases an approximately 19,000 square foot corporate headquarters facility in Alachua, Florida. On February 24, 2026, the Company entered into a seventh amendment to the Primary Lease to extend the term of the Primary Lease to December 31, 2031. The Company recorded a right-of-use asset and lease liability of $1,967 related to this extension.

**8.&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Debt, Net of Debt Discount and Financing Fees**

***Credit Facility***

In June 2020, the Company entered into a credit facility (the "Credit Facility") with Oberland Capital and its affiliates, TPC Investments II LP and Argo LLC (collectively, the "Lender"). The Company obtained the first tranche of the Credit Facility of $35,000 at closing on June 30, 2020. On June 30, 2021, the second tranche of the Credit Facility of $15,000 was drawn down by the Company. Each tranche of the Credit Facility had a term of seven years from the date of issuance.

During the three months ended March 31, 2026 and 2025, the Company paid Credit Facility debt interest of $438 and $1,489, respectively, to the Lender.

In connection with the Credit Facility, the Company entered into a revenue participation agreement (the "Revenue Participation Agreement") with the Lender, which provided a quarterly royalty payment as a percentage of the Company's net revenues, up to $70,000 in any given year. The Company recorded $186 and $524 as interest expense for this Revenue Participation Agreement for the three months ended March 31, 2026 and 2025, respectively.

Upon repayment of the Credit Facility, the Company was required to repay the principal balance and provide a make-whole payment calculated to generate an internal rate of return to the Lender equal to 11.5%, less the total of all quarterly interest and royalty payments previously paid to the Lender (the "Make-Whole Payment").

On January 20, 2026, the Company entered into a payoff letter with the Lender (the "Payoff Letter"). Pursuant to the Payoff Letter, the final payoff amount was $69,707 (the "Payoff Amount"). Upon payment of the Payoff Amount on January 28, 2026 and satisfaction of the other conditions specified in the Payoff Letter, all obligations under the Credit Facility, including the Make-Whole Payment, were paid in full, all liens and security interests securing such obligations were released, and the Credit Facility and related loan documents were terminated, subject to certain customary surviving provisions. Payment

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

of the Payoff Amount was funded by proceeds from an underwritten public offering of an aggregate of 4,600,000 shares of the Company's common stock, $0.01 par value per share, at a public offering price of $31.00 per share (the "Offering") completed by the Company on January 23, 2026. See Note 9 - *Stockholders' Equity* for additional details regarding the Offering.

In connection with the repayment of the Credit Facility, the Company recorded a loss on extinguishment of debt of $16,849 during the three months ended March 31, 2026.

***Other Credit Facilities***

The Company had restricted cash of $2,000 and $4,000 at March 31, 2026 and December 31, 2025, respectively which represents collateral for an irrevocable standby letter of credit required to meet contractual terms of a lease agreement held by the Company.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity**

On January 21, 2026, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Wells Fargo Securities, LLC and Mizuho Securities USA LLC, as representatives of the underwriters (the "Underwriters"). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 4,000,000 shares of its common stock, $0.01 par value per share, at a public offering price of $31.00 per share, plus an additional 600,000 shares pursuant to the Underwriters' option to purchase additional shares. The Offering closed on January 23, 2026 with a sale of 4,600,000 shares.

The Company received net proceeds from the Offering of $133,252, after deducting the underwriting discounts and commissions, and expenses in connection with the Offering. Net proceeds from the Offering were used for the early payoff and termination of the Credit Facility for a final repayment amount of $69,707. The remaining net proceeds will be used for working capital, capital expenditures and other general corporate purposes. See Note 8 - *Long-Term Debt, Net of Debt Discount and Financing Fees* for details regarding the termination of the Credit Facility.

**10.&nbsp;&nbsp;&nbsp;&nbsp; Stock-Based Compensation**

The Company's stock-based compensation plans are described in Note 11 - *Stock-Based Compensation* to its consolidated financial statements included in the 2025 Annual Report on Form 10-K.

During the three months ended March 31, 2026, the following stock-based awards were granted to officers and employees. All awards were granted under the 2019 Amended and Restated Long-Term Incentive Plan.

---

| | | |
|:---|:---|:---|
| **Type of Award** | **Target Shares or Units** | **Weighted Average Grant Date Fair Value**  |
| Restricted Stock Units <sup>(1)</sup> | 522980 | $31.64 |
| Performance Stock Units <sup>(2)</sup> | 525474 | $31.65 |

---

__________

(1)Restricted Stock Units ("RSUs") awarded to certain officers and employees during the first quarter of 2026 vest 50% after 24 months and an additional 25% on the third and fourth anniversaries of the grant date.

(2)Performance Stock Units ("PSUs") were awarded to certain executive officers and other employees during the first quarter of 2026 with a target of 381,000 shares and performance metrics tied to the Company's revenue compounded annual growth rate ("CAGR") from 2026 through 2028 and total shareholder return ("TSR") relative to its peers ("2026 CAGR TSR PSUs") with a payout ranging from 0% to 200% upon achievement of specific revenue CAGR and relative TSR goals. The 2026 CAGR TSR PSUs vest at the end of the three-year period upon determination of the results at the end of the performance period. PSUs were awarded to certain employees during the first quarter of 2026 with a target of 46,452 shares and performance metrics tied to the achievement of sales quota goals.

------

<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

Non-cash stock-based compensation expense is included in the following line items on the Condensed Consolidated Statements of Operations as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| Costs of goods sold | $919 | $(10) |
| Sales and marketing | 1558 | 584 |
| Research and development | 1419 | 720 |
| General and administrative | 2947 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-cash stock-based compensation expense** | $6843 | $2909 |

---

**11.&nbsp;&nbsp;&nbsp;&nbsp; Net Loss Per Common Share**

The following reflects the net loss attributable to common shareholders and share data used in the basic and diluted net loss per common share computations using the two-class method for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands, except per share amounts)** | **2026** | **2025** |
| **Numerator:** |  |  |
| Net loss | $(19584) | $(3834) |
| **Denominator:** |  |  |
| Weighted average shares outstanding - basic | 51591504 | 45204076 |
| Weighted average shares outstanding - diluted | 51591504 | 45204076 |
| Net loss per common share - basic | $(0.38) | $(0.08) |
| Net loss per common share - diluted | $(0.38) | $(0.08) |
| **Anti-dilutive shares excluded from the calculation of diluted net loss per common share** <sup>(1)</sup> |  |  |
| Stock options | 1469393 | 1355425 |
| Restricted and performance stock units | 3714324 | 2398560 |

---

__________

(1)These common equivalent shares are not included in the diluted per share calculations as they would be dilutive if the Company was in a net income position.

**12.&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes**

The Company has not recorded material income tax expense or income tax benefit for the three months ended March 31, 2026 and 2025 due to the generation of fiscal year net operating losses, the benefits of which have been fully reserved.

Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities as measured by enacted state and federal tax rates. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that a portion or none of the deferred tax assets will be realized. As of March 31, 2026 and December 31, 2025, management assessed the realizability of deferred tax assets. After consideration of all the evidence, including reversal of deferred tax liabilities, future taxable income and other factors, management determined that a full valuation allowance was necessary as of March 31, 2026 and December 31, 2025. A portion of the net operating loss carryforwards may expire due to limitations imposed by Section 382 of the Internal Revenue Code ("IRC"). In addition, future utilization of the available net operating loss carryforwards may be limited under IRC Section 382 as a result of changes in ownership.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

In the normal course of business, the Company is subject to examination by taxing authorities throughout the U.S. The Company's remaining open tax years subject to examination by federal tax authorities include the years ended December 31, 2022 through 2025. During the three months ended March 31, 2026, the Internal Revenue Service ("IRS") completed examining the Company's 2021 federal income tax return with no material findings. The Company's remaining open tax years subject to examination by state and foreign tax authorities include the years ended December 31, 2020 through 2025. However, for tax years 2004 through 2021, federal and state taxing authorities may examine and adjust loss carryforwards in the years in which those loss carryforwards are ultimately utilized.

**13.&nbsp;&nbsp;&nbsp;&nbsp; Segments**

The Company determines its operating segments in accordance with FASB ASC 280, *Segment Reporting* ("ASC 280"). ASC 280 defines operating segments as components where discrete financial information is regularly reviewed by the chief operating decision maker ("CODM"), which for the Company is the Chief Executive Officer, to determine resource allocation and assess performance. As such, based on the way the CODM monitors and makes decisions affecting operations, the Company has concluded that it has one operating and reportable segment. The CODM is regularly provided with only the consolidated expenses as noted on the face of the Condensed Consolidated Statements of Operations. As the Company has only one operating segment and is managed on a consolidated basis, the measure of profit or loss is consolidated net income or loss. The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances.

***Geographic Areas***

International revenues are defined as revenues generated from sales to customers outside of the U.S. The following table details total revenues by major geographic area for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| U.S. | $60131 | $47843 |
| International | 1326 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $61457 | $48560 |

---

As of March 31, 2026 and December 31, 2025, all of the Company's long-lived assets were held within the U.S.

**14.&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies**

***Service Agreements***

The Company pays a third party a facility fee for the use of cleanrooms, manufacturing, storage, and office space and for services in support of its tissue processing including for routine sterilization of daily supplies, providing disposable supplies and microbial services, and office support pursuant to a License and Services Agreement, as amended (the "License and Services Agreement"). Pursuant to the License and Services Agreement, the Company recorded expenses of $182 and $240 for the three months ended March 31, 2026 and 2025, respectively, within Cost of goods sold in the Company's Condensed Consolidated Statements of Operations. The License and Services Agreement was amended on December 31, 2023 extending the term through December 31, 2026. The License and Services Agreement may be terminated by either party by providing an eighteen-month written notice. The Company utilizes the same third-party vendor for processing and packaging of Avive+ Soft Tissue Matrix™.

***Distribution and Supply Agreements***

In August 2008, the Company entered into an exclusive distribution agreement with a third party (the "Distributor") to distribute the Axoguard Nerve Connector<sup>®</sup> and Axoguard Nerve Protector™ products worldwide and the parties subsequently amended the agreement on August 4, 2023. The distribution agreement expires on December 31, 2030. The distribution agreement establishes a formula for the transfer cost of the Axoguard Nerve Connector<sup>®</sup> and Axoguard Nerve Protector™ products and requires certain minimum purchases by the Company, although, through mutual agreement, the parties have not established such minimums; and, to date, have not enforced such provision. Under the distribution agreement, the Company

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Notes to Condensed Consolidated Financial Statements - Continued**

**(unaudited)**

**(in thousands, except share and per share amounts)**

provides purchase orders to the Distributor, and the Distributor fulfills the purchase orders. The distribution agreement allows for termination provisions for both parties.

In June 2017, the Company entered into the Nerve End Cap Supply Agreement (the "Supply Agreement") with the Distributor whereby the Distributor is the exclusive contract manufacturer of the Axoguard Nerve Cap<sup>®</sup>, and the parties subsequently amended the agreement on August 4, 2023. The Supply Agreement expires on December 31, 2030. The Supply Agreement establishes the terms and conditions in which the Distributor will manufacture the product for the Company. Under the Supply Agreement, the Company provides purchase orders to the Distributor and the Distributor fulfills the purchase orders. The Supply Agreement allows for termination provisions for both parties.

In May 2023, the Company entered into the Supply and Manufacturing Agreement (the "HA+ Supply Agreement") with the Distributor whereby the Distributor is the exclusive contract manufacturer of the Axoguard HA+ Nerve Protector™. The HA+ Supply Agreement expires on July 1, 2030. The HA+ Supply Agreement establishes the terms and conditions in which the Distributor will manufacture, package, label and deliver the product to the Company. Under the HA+ Supply Agreement, the Company provides purchase orders to the Distributor, and the Distributor fulfills the purchase orders. The HA+ Supply Agreement allows for termination provisions for both parties.

The loss of the Company's ability to sell the Axoguard Nerve Connector<sup>®</sup>, Axoguard Nerve Protector™, Axoguard Nerve Cap<sup>®</sup> and Axoguard HA+ Nerve Protector™ products could have a material adverse effect on the Company's business until other replacement products would become available.

***Processing Facilities***

The Company is highly dependent on the continued availability of its processing facilities at its Axogen Processing Center (the "APC Facility") in Vandalia, Ohio and the facility it leases in Dayton, Ohio and could be harmed if the physical infrastructure of these facilities is unavailable for any prolonged period of time.

***Certain Economic Development Grants***

The Company obtained certain economic development grants from state and local authorities totaling up to $2,685, including $1,250 of cash grants, to offset costs to acquire and develop the APC Facility. Certain of these economic development grants were subject to fixed asset investments and job creation milestones by December 31, 2024 and have clawback clauses if the Company does not meet the job creation milestones. In October 2025, the Company received notification from certain grant authorities that the Company is expected to satisfy its job creation milestone, assuming the Company continues to maintain its existing headcount and payroll amount thresholds through December 31, 2026. If the Company is unable to maintain minimum requirements under its grant agreements, the Company could be obligated to pay back up to approximately $950 as of March 31, 2026 related to these grants. As of March 31, 2026, the Company has received $1,250 in cash grants related to these economic development grants.

***Other Commitments***

Certain executive officers of the Company are parties to employment contracts. Such contracts have severance payments for certain conditions including change of control.

***Legal Proceedings***

The Company is and may be subject to various claims, lawsuits and proceedings in the ordinary course of the Company's business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, in the opinion of management, such claims are either adequately covered by insurance or otherwise indemnified, or are not expected individually or in the aggregate, to result in a material, adverse effect on the Company's financial condition, results of operations or cash flows. However, it is possible that the Company's results of operations, financial position and cash flows in a particular period could be materially affected by these contingencies.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

**(in thousands, except share and per share amounts)**

**ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes thereto appearing elsewhere in this report and our consolidated financial statements for the year ended December 31, 2025, included in our 2025 Annual Report on Form 10-K. All dollar amounts in the discussion and analysis, unless noted otherwise, are presented in thousands.***

Unless the context otherwise requires, all references in this report to "Axogen," the "Company," "we," "us" and "our" refer to Axogen, Inc., and its wholly owned subsidiaries Axogen Corporation, Axogen Processing Corporation, Axogen Europe GmbH and Axogen Germany GmbH.

**Overview** 

We are the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

**Product Portfolio**

Our platform for peripheral nerve repair features a comprehensive portfolio of products, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avance<sup>®</sup> (acellular nerve allograft-arwx), an FDA-approved acellular nerve scaffold for the treatment of adult and pediatric patients aged one month or older with sensory, mixed, and motor peripheral nerve discontinuities ("Avance");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avance® Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site ("Avance Nerve Graft");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axoguard Nerve Connector<sup>®</sup>, a porcine (pig) submucosa extracellular matrix ("ECM") coaptation aid for tensionless repair of severed peripheral nerves ("Axoguard Nerve Connector");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axoguard Nerve Protector<sup>®</sup>, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while minimizing soft tissue attachments ("Axoguard Nerve Protector");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide short- and long-term protection for peripheral nerve injuries ("Axoguard HA+ Nerve Protector");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axoguard Nerve Cap<sup>®</sup>, a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma ("Axoguard Nerve Cap"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avive+ Soft Tissue Matrix™, a multi-layer amniotic membrane allograft used to protect and separate tissues in the surgical bed during the critical phase of tissue healing ("Avive+ Soft Tissue Matrix").

On December 3, 2025, the FDA approved the BLA for Avance. Continued approval depends on verification and description of clinical benefits in confirmatory studies.

While we offer nerve repair products in the U.S., Canada, Germany, the United Kingdom, Spain and several other countries, we derive substantially all of our revenues from sales of our nerve repair products to customers in the U.S.

Our strategy remains focused on deepening our presence in high-potential accounts, specifically Level 1 trauma centers and academic-affiliated hospitals with a high number of trained microsurgeons. We will drive growth in these accounts through

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued**

**(in thousands, except share and per share amounts)**

targeted expansion of nerve repair indications and driving deeper adoption of our nerve repair algorithm across multiple surgical specialties.

**Business Outlook**

We are subject to risks and exposures from the evolving macroeconomic environment, including financial market volatility, geopolitical tensions and escalating trade disputes with U.S. trading partners. While our direct exposure to current tariffs is limited, risk lies in the potential for these disputes to cause a broader trade war, resulting in general economic instability and uncertainty that could cause our net revenue to fluctuate. We are actively assessing steps to mitigate potential adverse effects; however, if these measures are not effective in addressing wider economic disruption, our business, financial condition, results of operations and liquidity could be materially adversely affected.

**Summary of Operational and Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues were $61,457 for the quarter ended March 31, 2026, an increase of $12,897 or 26.6% compared to the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit was $46,189 for the quarter ended March 31, 2026, an increase of $11,256 or 32.2% compared to the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received positive coverage decisions from Cigna and Elevance Health, two of the nation's largest commercial insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective January 1, 2026, CMS created a new Level 3 Nerve Procedure Code, increasing Avance facility reimbursement 40% year-over-year to $9 for hospital outpatient and 35% to $6 for ASC-based procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 23, 2026, Axogen closed an upsized public offering with the sale of 4,600,000 shares of common stock, yielding net proceeds of $133,252. From these net proceeds, $69,707 were used to fully repay and terminate our Credit Facility on January 28, 2026. Remaining funds are available for working capital, capital expenditures, and other general corporate purposes.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued**

**(in thousands, except share and per share amounts)**

**Results of Operations**

**Comparison of the Three Months Ended March 31, 2026 and 2025**

The following table sets forth, for the periods indicated, our results of operations expressed as dollar amounts and percentage of total revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| **(dollars in thousands)** | **Amount** | **% of Revenue** | **Amount** | **% of Revenue** |
| **Revenues** | $61457 | 100.0% | $48560 | 100.0% |
| **Cost of goods sold** | 15268 | 24.8 | 13627 | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 46189 | 75.2 | 34933 | 71.9 |
| **Costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 28633 | 46.6 | 21045 | 43.3 |
| &nbsp;&nbsp;&nbsp;Research and development | 7517 | 12.2 | 6091 | 12.5 |
| &nbsp;&nbsp;&nbsp;General and administrative | 12871 | 20.9 | 9458 | 19.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | 49021 | 79.8 | 36594 | 75.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | (2832) | (4.6) | (1661) | (3.4) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment income | 768 | 1.2 | 272 | 0.5 |
| &nbsp;&nbsp;&nbsp;Interest expense | (694) | (1.1) | (2250) | (4.6) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (16849) | (27.4) |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of debt derivative liabilities |  |  | (158) | (0.3) |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | 23 |  | (37) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (16752) | (27.3) | (2173) | (4.5) |
| **Net loss** | $(19584) | (31.9)% | $(3834) | (7.9)% |

---

*Revenues*

Revenues for the three months ended March 31, 2026 increased $12,897, or 26.6%, to $61,457, as compared to $48,560 for the three months ended March 31, 2025. The increase in revenues was primarily driven by an increase in unit volume and the impact of changes in price.

*Gross Profit*

Gross profit for the three months ended March 31, 2026 increased $11,256, or 32.2%, to $46,189, as compared to $34,933 for the three months ended March 31, 2025. Gross margin as a percentage of revenues was 75.2% and 71.9% for the three months ended March 31, 2026 and 2025, respectively. Higher margins on products sold were driven by lower inventory write-offs and lower shipping costs on products sold, partially offset by higher product costs.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued**

**(in thousands, except share and per share amounts)**

*Costs and Expenses*

Following is a summary of the change in costs and expenses for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(dollars in thousands)** | **Total costs and expenses** | **Sales and marketing** | **Research and development** | **General and administrative** |
| For the three months ended March 31, 2025 | $36594 | $21045 | $6091 | $9458 |
| Change from: |  |  |  |  |
| &nbsp;&nbsp;Compensation costs <sup>(1)</sup> | 8076 | 5214 | 622 | 2240 |
| &nbsp;&nbsp;Stock-based compensation <sup>(2)</sup> | 3005 | 974 | 699 | 1332 |
| &nbsp;&nbsp;Research and development project costs <sup>(3)</sup> | 835 |  | 835 |  |
| &nbsp;&nbsp;Marketing program costs | 632 | 632 |  |  |
| &nbsp;&nbsp;Travel costs | 587 | 402 | 165 | 20 |
| &nbsp;&nbsp;Professional services fees and expenses | (1397) | (15) | (892) | (490) |
| &nbsp;&nbsp;Occupancy related costs | (24) | 79 | (56) | (47) |
| &nbsp;&nbsp;Other | 713 | 302 | 53 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change | 12427 | 7588 | 1426 | 3413 |
| For the three months ended March 31, 2026 | $49021 | $28633 | $7517 | $12871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage change | 34.0% | 36.1% | 23.4% | 36.1% |

---

__________

(1)Primarily due to higher salaries, employee benefits, sales commissions, incentive compensation and payroll taxes, due to higher headcount and sales volumes.

(2)Primarily due to anticipated above target achievement for certain PSU awards due to sales growth.

(3)Clinical trial costs and expenses represented approximately 59% and 43% of total research and development costs and expenses for the three months ended March 31, 2026 and 2025, respectively. Product development costs and expenses represented approximately 41% and 57% of total research and development costs and expenses for the three months ended March 31, 2026 and 2025, respectively.

*Other Expense, Net*

Other expense, net for the three months ended March 31, 2026 increased $14,579, or 670.9%, to $16,752, as compared to $2,173 for the three months ended March 31, 2025. The increase in total other expense, net was primarily due to loss on the extinguishment of debt of $16,849, partially offset by a decrease of $1,556 in interest expense and an increase of $496 in investment income.

*Income Taxes*

We had no material income tax expense or benefit during the three months ended March 31, 2026 and 2025 due to the incurrence of net operating losses in both periods, the benefits of which have a full valuation allowance. From time to time, we receive notices of examination of prior tax filings from federal and state authorities. During the three months ended March 31, 2026, the IRS completed examining our 2021 federal income tax return with no material findings. We do not believe that there are any material additional tax expenses or benefits.

***Critical Accounting Estimates***

In preparing our financial statements in accordance with generally accepted accounting principles, there are certain accounting policies, which may require substantial judgment or estimation in their application. We believe our accounting policies for Inventories, Derivative Instruments and Stock-based Compensation, as well as the others set forth in Note 2 - *Summary of Significant Accounting Policies* in the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K, are critical to understanding our results of operations and financial condition. See Critical Accounting Estimates in our 2025 Annual Report on Form 10-K. Actual results could differ from our estimates and assumptions, and any such differences could be material to our results of operations and financial condition. During the quarter covered by this report, there have been no material changes to the accounting estimates and assumptions previously disclosed.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued**

**(in thousands, except share and per share amounts)**

**Liquidity and Capital Resources**

As of March 31, 2026, our principal sources of liquidity were our cash and cash equivalents and investments totaling $101,601. Our cash equivalents are comprised of money market mutual funds and our investments primarily consist of U.S. Treasuries and corporate bonds. Our cash and cash equivalents and investments increased $60,073 to $101,601 from $41,528 at December 31, 2025. The increase was primarily as a result of net proceeds from the Offering of $133,252 and the release of $2,000 of restricted cash under the contractual terms of a lease agreement. These increases were partially offset by cash used for early payoff and termination of the Credit Facility of $69,707 and payment of annual bonuses during the first quarter of 2026.

On March 31, 2026 and December 31, 2025, our current assets exceeded our current liabilities by $158,695 and $96,866, respectively, and we had a current ratios of 7.1x and 5.1x, respectively. Based on current estimates, we believe that our existing cash and cash equivalents and investments, as well as cash provided by sales of our products, will allow us to fund our operations through at least the next twelve months from the date of issuance of the accompanying financial statements.

***Cash Flow Information***

The following table presents a summary of cash flows from operating, investing and financing activities for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in thousands)** | **2026** | **2025** |
| Net cash provided by (used in): |  |  |
| Operating activities | $1565 | $(13179) |
| Investing activities | (15964) | 1339 |
| Financing activities | 59505 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in cash and cash equivalents, and restricted cash** | $45106 | $(9458) |

---

<u>Net Cash Provided by (Used in) Operating Activities</u>

Net cash provided by operating activities was $1,565 during the three months ended March 31, 2026 as compared to net cash used in operating activities of $13,179 during the three months ended March 31, 2025. The increase in net cash provided by operating activities of $14,744, or 111.9%, was primarily due to a net favorable change in non-cash charges and working capital accounts of $20,487 and $10,179, respectively, offset by an increase in net loss of $15,750.

<u>Net Cash (Used in) Provided by Investing Activities</u>

Net cash used in investing activities for the three months ended March 31, 2026 was $15,964 compared to net cash provided by investing activities of $1,339 for the three months ended March 31, 2025. The unfavorable change in net cash used in investing activities of $17,303 was primarily due to the purchase of $19,000 of investments, offset by the sale of $4,000 of investments, during the three months ended March 31, 2026, compared to the sale of $2,000 of investments during the three months ended March 31, 2025, and an increase in purchases of property and equipment of $2,533.

<u>Net Cash Provided by Financing Activities</u>

Net cash provided by financing activities was $59,505 and $2,382 for the three months ended March 31, 2026 and 2025, respectively, an increase of $57,123 primarily as a result of net proceeds from the Offering and proceeds from the exercise of stock options, partially offset by cash used for early payoff and termination of the Credit Facility and payments of employee tax withholding on vested stock awards in exchange for shares withheld.

***Sources of Capital***

Our expected future capital requirements may depend on many factors including expanding our customer base and sales force and timing and extent of spending in obtaining regulatory approval and introduction of new products. Additional sources of liquidity available to us include issuance of additional equity securities through public or private equity offerings, debt financings or from other sources. The sale of additional equity may result in dilution to our shareholders. Should additional capital not become available to us as needed, we may be required to take certain actions, such as slowing sales and marketing expansion, delaying regulatory approvals, or reducing headcount.

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**Axogen, Inc.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued**

**(in thousands, except share and per share amounts)**

**Contractual Obligations and Commitments**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **2026** | **2027-2028** | **2029-2030** | **Thereafter** | **Total** |
| Operating and finance lease obligations <sup>(1)</sup> | $3203 | $7156 | $7258 | $12793 | $30410 |

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__________

(1)See Note 7 - *Leases* in the Notes to the Condensed Consolidated Financial Statements in this Form 10-Q.

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

For a discussion of our market risks, refer to Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," included in our 2025 Annual Report on Form 10-K.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

We maintain "disclosure controls and procedures" as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission (the "SEC")'s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, and Board of Directors, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable assurance of achieving the desired objectives, and we necessarily are required to apply our judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

Our management, including our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026, and concluded that our disclosure controls and procedures were effective.

**Changes in Internal Controls Over Financial Reporting**

There were no changes in our internal control over financial reporting during the three months ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a-15(d) or 15d-15(f) of the Exchange Act).

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**PART II – OTHER INFORMATION**

**ITEM 1 – LEGAL PROCEEDINGS**

As disclosed in Note 14 - *Commitments and Contingencies* in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, we are engaged in certain legal proceedings, and the disclosure set forth in Note 14 - *Commitments and Contingencies* relating to legal proceedings is incorporated herein by reference.

**ITEM 1A - RISK FACTORS** 

There have been no material changes to the risk factors disclosed in our 2025 Annual Report on Form 10-K. Any investment in our business involves a high degree of risk. Before making an investment decision, you should carefully consider the information we include in this Quarterly Report on Form 10-Q, including our unaudited interim condensed consolidated financial statements and accompanying notes, our Annual Report on Form 10-K for the year ended December 31, 2025, including our financial statements and related notes contained therein, and the additional information in the other reports we file with the SEC. These risks may result in material harm to our business and our financial condition and results of operations. In this event, the market price of our common stock may decline, and you could lose part or all of your investment. Additional risks that we currently believe are immaterial may also impair our business operations. Our business, financial condition and future prospects and the trading price of our common stock could be harmed as a result of any of these risks.

**ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3 - DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4 - MINE SAFETY DISCLOSURES**

Not Applicable.

**ITEM 5 - OTHER INFORMATION**

**Rule 10b5-1 Trading Plans**

During the three months ended March 31, 2026, our Section 16 officers and directors adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" as such terms are defined under Item 408 of Regulation S-K as noted below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Title** | **Action** | **Date** | **Trading Arrangement** | **Trading Arrangement** | **Aggregate Number of Securities to be Sold** | **Expiration Date** |
| **Name and Title** | **Action** | **Date** | **Rule 10b5-1 (1)** | **Non-Rule 10b5-1 (2)** | **Aggregate Number of Securities to be Sold** | **Expiration Date** |
| Marc Began, Executive Vice President, General Counsel and Chief Compliance Officer | Adopt | 3/11/2026 | X |  | 67500 | 12/31/2026 |

---

__________

(1)Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2)Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**ITEM 6 - EXHIBITS**

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| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Filings Referenced for Incorporation by Reference** |
| \*†10.1 | <u>[Form of 2026 Performance Stock Unit Award Agreement pursuant to the Axogen, Inc. 2019 Stock Incentive Plan, as amended and restated as of March 26, 2026.](ex101axgn033126fy26q1.htm)</u> | Filed herewith |
| \*10.2 | <u>[Form of 2026 Restricted Stock Unit Award Agreement pursuant to the Axogen, Inc. 2019 Stock Incentive Plan, as amended and restated as of March 26, 2026.](ex102axgn033126fy26q1.htm)</u> | Filed herewith |
| 31.1 | <u>[Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex311axgn033126fy25q1.htm)</u> | Filed herewith |
| 31.2 | <u>[Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex312axgn033126fy25q1.htm)</u> | Filed herewith |
| 32 | <u>[Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32axgn033126fy25q1.htm)</u> | Furnished herewith |
| 101.INS | XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith |
| 101.LAB | Inline XBRL Extension Labels Linkbase. | Filed herewith |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith |
| 104 | Cover Page Interactive Data File – The cover pages do not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith |
| \* Management contract or compensatory plan or arrangement. | \* Management contract or compensatory plan or arrangement. | \* Management contract or compensatory plan or arrangement. |
| † Portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(2)(ii). | † Portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(2)(ii). | † Portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(2)(ii). |

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<u>[**Table of Contents**](#id06bf6e541674a4098a770bb4b6f60a5_7)</u>

**Axogen, Inc.**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
| | **AXOGEN, INC.** |
| Dated: April 28, 2026 | /s/ Michael Dale |
| | Michael Dale<br>Chief Executive Officer and President<br>(Principal Executive Officer) |
| Dated: April 28, 2026 | /s/ Lindsey Hartley |
| | Lindsey Hartley<br>Chief Financial Officer <br>(Principal Accounting Officer) |

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## Exhibit 10.1

**Exhibit 10.1**

CERTAIN INFORMATION INDICATED BY [\*\*\*] HAS BEEN OMITTED AS CONFIDENTIAL

**AXOGEN, INC.**

**PERFORMANCE-BASED RESTRICTED STOCK UNITS NOTICE**<br>**UNDER THE AXOGEN, INC.**<br>**FOURTH AMENDED AND RESTATED 2019 LONG-TERM INCENTIVE PLAN**

**Name of Grantee:**

This Notice evidences the award of performance-based restricted stock units (each, a "***PSU***," and collectively, the "***PSUs***") of Axogen, Inc., a Minnesota corporation (the "***Company***"), that have been granted to you pursuant to the Axogen, Inc. Fourth Amended and Restated 2019 Long-Term Incentive Plan (the "***Plan***") and conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the "***Agreement***"). This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. Each PSU is equivalent in value to one share of the Company's Common Stock and represents the Company's commitment to issue one share of the Company's Common Stock at a future date, subject to the terms of the Agreement and the Plan. The PSUs are credited to a separate account maintained for you on the books and records of the Company (the "***Account***"). All amounts credited to the Account will continue for all purposes to be part of the general assets of the Company.

<u>Grant Date</u>:&nbsp;&nbsp;&nbsp;&nbsp;**March __, 2026**

<u>Performance Period</u>:&nbsp;&nbsp;&nbsp;&nbsp;Set forth on <u>Exhibit A</u>

<u>Target Number of PSUs</u>: **##,###**

 <u>Vesting of PSUs</u>: The Target Number of PSUs stated above reflects the target number of PSUs that may vest pursuant to this Notice and the Agreement. The number of PSUs ultimately paid out to you will range from 0% to 200% of the Target Number of PSUs as determined in accordance with the formulas and terms contained on Exhibit <u>A</u> to the Agreement with respect to certain goals defined therein (the "***Performance Goals***").

<u>Forfeiture Risk</u>. All of the PSUs are nonvested and forfeitable as of the Grant Date. Upon the cessation of your Service (as defined in the Agreement) for any reason during the Performance Period, other than a Qualified Retirement that satisfies the requirements of Section 4 of the Agreement, any unvested PSUs shall automatically and immediately terminate and be forfeited for no consideration.

"***Certification Date***" means the date on which the Administrator certifies the extent to which the Performance Goals for the full Performance Period have been achieved. The Certification Date will be no earlier than January 1<sup>st</sup> and no later than March 1<sup>st</sup> of the calendar year following the end of the Performance Period.<br><u>Settlement Timing</u>. Settlement of any PSUs that become vested pursuant to this Notice and the Agreement shall occur as soon as administratively practicable following the applicable vesting date and in all events no later than March 15 of the calendar year following the calendar year in which such PSUs vest, in a manner intended to qualify for the short-term deferral exception under Treasury Regulation §1.409A-1(b)(4).

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<u>Vesting Upon Termination of Service:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Upon the termination of your Service during the Performance Period, for any reason other than due to a Qualified Retirement that satisfies the requirements of Section 4 of the Agreement, none of the PSUs will be eligible to vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon termination of your Service during the Performance Period due to a Qualified Retirement that satisfies the requirements of Section 4 of the Agreement, the PSUs will be subject to the terms of Section 4 of the Agreement.

<u>Vesting Upon a Change in Control</u>: Notwithstanding anything in this Notice, the Agreement or the Plan to the contrary, if you remain in continuous Service at the time of a Change in Control (as defined in the Plan), vesting of the PSUs shall be determined in accordance with the Change in Control provisions set forth in Exhibit A to the Agreement.

<u>Axogen, Inc.</u>  <u>Date</u>

I acknowledge that I have carefully read this Notice, the Agreement and the prospectus for the Plan. I agree to be bound by all of the provisions set forth in those documents. I also consent to electronic delivery of all notices or other information with respect to the PSUs or the Company.

Signature of Grantee Date

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**AXOGEN, INC.**

**PERFORMANCE-BASED RESTRICTED STOCK UNITS AGREEMENT**<br>**UNDER THE**<br>**AXOGEN, INC.**<br>**FOURTH AMENDED AND RESTATED 2019 LONG-TERM INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Terminology</u>. Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting</u>. All of the PSUs are nonvested and forfeitable as of the Grant Date. The PSUs will become vested and nonforfeitable in accordance with the vesting terms and conditions set forth in the Notice. Except for the circumstances, if any, described in the Notice, or as otherwise provided in Section 4 below, none of the PSUs will become vested and nonforfeitable after your Service ceases. Unless forfeited earlier, any PSUs will be forfeited immediately upon the Certification Date to the extent that the Performance Goals have not been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination of Service</u>. Except as otherwise provided in Section 4 below, or as otherwise provided in the Notice, if your Service with the Company ceases for any reason during the Performance Period, all PSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration therefor and you will have no further right, title or interest in or to such PSUs or the underlying shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Qualified Retirement</u>. If your title with the Company as of the Grant Date of the PSUs is Vice President or above, in the event your Service with the Company ceases by reason of a Qualified Retirement during the Performance Period, such Qualified Retirement occurs on a date that is at least six (6) months following the Grant Date, and you execute and do not revoke a separation and general release agreement in the form provided by the Company which becomes effective within sixty (60) days after such Qualified Retirement, (i) if you have at least ten (10) years of continuous Service but less than fifteen (15) years of continuous Service as of the date of your Qualified Retirement, then the Target Number of PSUs will continue to be eligible to become vested and nonforfeitable based on actual performance in accordance with the vesting provision set forth in the Notice; <u>provided</u>, that the Target Number of PSUs that are eligible to vest shall be pro-rated based on the number of days of your Service in the Performance Period, and (ii) if you have at least fifteen (15) years of continuous Service as of the date of your Qualified Retirement, then the full Target Number of PSUs will continue to be eligible to become vested and nonforfeitable based on actual performance in accordance with the vesting provision set forth in the Notice. Notwithstanding the foregoing, all eligibility for PSUs to become vested shall cease and such PSUs will be forfeited to the Company immediately and automatically upon your death or as provided in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Restrictions on Transfer</u>. To the extent permitted under Section 9(b) of the Plan, neither this Agreement nor any of the PSUs may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the PSUs shall not be subject to execution, attachment or similar process. All rights with respect to this Agreement and the PSUs shall be exercisable during your lifetime only by you or your guardian or legal representative. Notwithstanding the foregoing, the PSUs, to the extent outstanding, may be transferred upon your death by last will and testament or under the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Settlement of PSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Manner of Settlement</u>. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a condition to settlement of the PSUs. The Company will issue to you, in settlement of your PSUs and subject to the provisions of Section 7 below, the number of whole shares of Common Stock that equals the number of whole PSUs that become vested, and such

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vested PSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to the Company's designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Timing of Settlement</u>. Any vested PSUs will be settled by the Company, via the issuance of Common Stock as described herein, no later than ten (10) days following the Performance Determination (the "***Issuance Date***"). In no event will you be permitted, directly or indirectly, to designate the taxable year of payment. However, if an Issuance Date falls on a Saturday, Sunday or federal holiday, such Issuance Date shall instead fall on the next following day that the principal executive offices of the Company are open for business. Notwithstanding the foregoing, in the event that (i) you are subject to the Company's policy permitting officers and directors to sell shares only during certain "window" periods, in effect from time to time or you are otherwise prohibited by the Company from selling shares of the Company's Common Stock in the public market and any shares covered by your PSUs would be issued on a day (the "***Original Distribution Date***") that does not occur during an open "window period" applicable to you, as determined by the Company in accordance with such policy, or does not occur on a date when you are otherwise permitted by the Company to sell shares of the Company's Common Stock in the open market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then, solely to the extent permitted by Section 409A (as defined below), such shares shall not be issued and delivered on such Original Distribution Date and shall instead be issued and delivered on the first business day of the next occurring open "window period" applicable to you pursuant to such policy (regardless of whether you are still providing continuous Service at such time) or the next business day when you are not prohibited by the Company from selling shares of the Company's Common Stock in the open market, but in no event later than December 31<sup>st</sup> of the calendar year in which the Performance Determination occurs or if later and to the extent permitted by Section 409A, by the 15<sup>th</sup> day of the third calendar month following the Performance Determination. The "***Performance Determination***" is the earlier of the Certification Date or a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Tax Withholding</u>. On or before the time you receive a distribution of the shares of Common Stock subject to any vested PSUs, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate which arise in connection with your PSUs (the "***Withholding Taxes***"). Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your PSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a "same day sale" commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a "***FINRA Dealer***") whereby you irrevocably elect to sell a portion of the shares to be delivered under the Agreement to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the PSUs with a Fair Market Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 6 of this Agreement) equal to the amount of such Withholding Taxes. Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock. In the event the Company's obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company's withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Non-Guarantee of Employment or Service Relationship</u>. Nothing in the Plan or this Agreement shall alter your at-will or other employment status or other service relationship with the

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Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable PSUs or any other adverse effect on your interests under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Rights as Stockholder</u>. You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be issued in settlement of the PSUs until such shares of Common Stock have been issued to you. No adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 10 of the Plan and Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>The Company's Rights</u>. The existence of the PSUs shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Restrictions on Issuance of Shares</u>. The issuance of shares of Common Stock upon settlement of the PSUs shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares subject to the PSUs shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the PSUs, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Restrictive Covenants</u>. As consideration of the grant of the PSUs, you hereby agree and acknowledge that the grant of the PSUs is conditioned upon your continued compliance with any and all confidentiality, non-compete and/or non-solicitation covenants and restrictions contained in any agreement between you and the Company, and if you breach any of such covenants or restrictions, upon written notice delivered to you: (i) the entirety of the Company's obligations under this Agreement and the Plan shall terminate in their entirety, (ii) all PSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically, and (iii) you shall have no further rights or privileges under this Agreement or the Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Notices</u>. All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of PSUs by electronic means or to request your consent to participate in the Plan or accept this award of PSUs by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate

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in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Entire Agreement</u>. This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the PSUs granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the PSUs granted hereunder shall be void and ineffective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Amendment</u>. This Agreement may be amended from time to time by the Administrator in its discretion; <u>provided</u>, <u>however</u>, that this Agreement may not be modified in a manner that would have a materially adverse effect on the PSUs as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>409A Savings Clause</u>. This Agreement and the PSUs granted hereunder are intended to be exempt from or comply with the requirements of Section 409A of the Code and the regulations and IRS guidance promulgated thereunder ("***Section 409A***"). In administering this Agreement, the Company shall interpret this Agreement in a manner consistent with Section 409A. Notwithstanding anything to the contrary in this Agreement, no payment that constitutes nonqualified deferred compensation within the meaning of Section 409A and that becomes payable to you due to your termination of Service with the Company will be made to you unless and until your termination of Service constitutes a "separation from service" under Section 409A. To the extent necessary to comply with the restriction in Section 409A(a)(2)(B)(i) of the Code concerning payments to "specified employees" (as defined in Section 409A), any payment on account of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), that would otherwise be due on the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you under Section 409A of the Code. Each payment under this Agreement will be treated as a "separate payment" for purposes of Section 409A and Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>No Obligation to Minimize Taxes</u>. The Company has no duty or obligation to minimize the tax consequences to you of this award of PSUs and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Conformity with Plan</u>. This Agreement is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>No Funding</u>. This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Common Stock in the future in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving the grant of PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Effect on Other Employee Benefit Plans</u>. The value of the PSUs subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Governing Law</u>. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Minnesota, without regard to its conflicts of laws principles. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in Hillsborough County, Florida. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Resolution of Disputes</u>. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Headings</u>. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Electronic Delivery of Documents</u>. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the PSUs, and any reports of the Company provided generally to the Company's stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>No Future Entitlement</u>. By your signing the Notice, you acknowledge and agree that: (i) the grant of a restricted stock unit award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units, or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Administrator; (iii) the value of the restricted stock units is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of the restricted stock units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the restricted stock units ceases upon termination of Service with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted stock units decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Personal Data</u>. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a "***Corporate Transaction***"), you consent, by execution of the Notice, to the collection, receipt,

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use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company's Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a restricted stock unit award.

{*Glossary begins on next page*}

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**GLOSSARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"***Administrator***" means the Compensation Committee of the Board of Directors of Axogen, Inc. or such committee or committees appointed by the Board of Directors of Axogen Inc. to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*"****Affiliate***" means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with Axogen, Inc. (including but not limited to joint ventures, limited liability companies, and partnerships). For this purpose, "control" means ownership of fifty percent (50%) or more of the total combined voting power or value of all classes of stock or interests of the entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"***Agreement***" means this document, as amended from time to time, together with the Notice and the Plan which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"***Cause***" has the meaning ascribed to such term or words of similar import in your written employment or service contract with the Company as in effect at the time at issue and, in the absence of such agreement or definition, means your (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company, any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with your duties or willful failure to perform your responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation of any Company rule, regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company, all as determined by the Administrator, which determination will be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*"****Change in Control****"* has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Code**" means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Common Stock**" means the common stock, US$.01 par value per share, of Axogen, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"***Company***" means Axogen, Inc. and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only Axogen, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"***Fair Market Value***" has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"***Grant Date***" means the effective date of a grant of PSUs made to you as set forth in the relevant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"***Notice***" means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of PSUs made to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"***Plan***" means the Axogen Fourth Amended and Restated 2019 Long-Term Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"***Qualified Retirement***" means the termination of your Service prior to a Change in Control after attainment of age sixty (60) with at least ten (10) years of continuous Service, provided that:

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(i) as a Vice-President or above, if you elect to terminate your Service, you have provided the Company with at least six (6) or twelve (12) months<sup>1</sup> advance notice of your retirement date or such other term of advance notice as is determined by the Chief Human Resources Officer of the Company; (ii) as a Vice-President or above, if the Company elected to terminate your Service, such termination is without Cause and (iii) during the three (3) years prior to the year in which such termination of Service occurs, you have maintained consistent historical performance reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"***PSU***" means the Company's commitment to issue one share of Common Stock at a future date, subject to the terms of the Agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"**Service**" means your employment, service as a non-executive director, or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger, or other corporate transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not Axogen, Inc., or its successor or an Affiliate of Axogen, Inc. or its successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"***you***" or "***your***" means the recipient of the PSUs as reflected on the applicable Notice. Whenever the word "you" or "your" is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the PSUs may be transferred by will or by the laws of descent and distribution, the words "you" and "your" shall be deemed to include such person.

{*End of Agreement*}

<sup>1</sup> Notice period to be 12 months for CEO, CFO and other officer with Chief's in their titles and 6 months for other VPs , eligible for post-retirement vesting.

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**<u>Exhibit A</u>**

**Terms of Performance-Based Restricted Stock Units** 

**Performance Vesting**

**<u>Performance Period and Definitions</u>**

"Performance Period" shall mean the three calendar year period beginning January 1, 2026 and ending December 31, 2028.

"CAGR" shall mean the compound annual growth rate of revenue over the Performance Period.

"Total Shareholder Return" or "TSR" shall mean the total shareholder return, calculated as the percentage change in the Company's stock price over the Performance Period, plus the value of dividends reinvested during the Performance Period, expressed as a percentage of the initial stock price. Specifically, TSR for the Company shall be calculated as follows: [(Ending Stock Price - Beginning Stock Price) + Dividends Per Share Reinvested] / Beginning Stock Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beginning Stock Price" shall mean the 20-trading day average of the closing price of the Common Stock prior to the first day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ending Stock Price" shall mean the 20-trading day average of the closing price of the Common Stock prior to the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Dividends Per Share Reinvested" shall represent the total value of all dividends paid per share of Common Stock during the Performance Period, assuming that all dividends are reinvested into additional shares of Common Stock at the respective ex-dividend dates. Dividend reinvestment shall be calculated using the closing price of the Common Stock on the dividend reinvestment date.

"Relative TSR" shall mean the Company's TSR relative to the TSR of the Index Companies expressed as a percentile rank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Index Companies" shall mean the companies comprising the Russell 2000 Medical Equipment and Services Index on the first day of the Performance Period, as may be modified as described under "Adjustments" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TSR for each of the Index Companies shall be calculated using the same 20-trading day average methodology as the Company TSR, where the value of dividends and other distributions that have an ex-dividend date during such 20-trading day period shall be included by treating them as reinvested in additional shares of the applicable Index Company's common stock on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The percentile rank will be determined, by the discrete percentile rank methodology whereby the TSR for the Company and each of the Index Companies will be ranked from highest to lowest, with the company having the highest TSR being assigned the 100<sup>th</sup> percentile rank.

"Performance Goals" shall mean the CAGR Performance Goals and the TSR Performance Goals defined in the tables below.

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**<u>Calculation of Actual PSU Vesting</u>**

If you remain in continuous Service through the end of the Performance Period or if your Service terminates by reason of a Qualified Retirement, the actual number of PSUs that vest with respect to the Performance Period will be calculated on the Certification Date and will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the Target Number of PSUs; *multiplied by* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) &nbsp;&nbsp;&nbsp;&nbsp;Payout Factor; *multiplied by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;The TSR Modifier

rounded down to the nearest whole PSU. Final payout shall be capped at 200%

**<u>Calculation of the Payout Factor</u>**

The Payout Factor shall be determined based on achievement of the CAGR Performance Goal for the Company's revenue as set forth in the following table:

---

| | | |
|:---|:---|:---|
| **CAGR Performance Goal (Revenue)** | **Payout Factor** |  |
| [\*\*\*] | 200% | Max |
| [\*\*\*] | 150% | Stretch |
| [\*\*\*] | 100% | Target |
| [\*\*\*] | 50% | Threshold |
| [\*\*\*] | 0 |  |

---

For a CAGR between the specified percentages, linear interpolation shall apply to calculate the Payout Factor. The Payout Factor is zero (0) if CAGR is [\*\*\*]

**<u>Calculation of TSR Modifier</u>**

The TSR Modifier shall be determined based on achievement of the Relative TSR Performance Goal as set forth in the following table:

---

| | |
|:---|:---|
| **Relative TSR Performance Goal** | **TSR Modifier**  |
| [\*\*\*] | 1.25 |
| [\*\*\*] | 1.0 |
| [\*\*\*] | 0.75 |

---

For performance between the specified percentiles, linear interpolation shall apply.

**<u>Occurrence of a Change in Control</u>**

In the event of a Change in Control during the Performance Period, the PSUs shall immediately vest and be calculated using the Payout Factor corresponding to a [\*\*\*] CAGR and a TSR Modifier of 1.0.

Notwithstanding the foregoing, the Administrator (as constituted immediately prior to the applicable Change in Control), shall retain the discretionary authority, exercisable at any time on or before the Change in Control, to increase the Payout Factor up to 200%, based on the Administrator's assessment of the Company's performance and the circumstances surrounding the Change in Control. Additionally,

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the Administrator (as constituted immediately prior to the applicable Change in Control), shall retain the discretionary authority, exercisable at any time on or before the Change in Control, to increase the TSR Modifier up to 1.25.

**<u>Adjustments</u>**

In the event of an acquisition, divestiture or other business combination during the Performance Period that materially affects the Company's revenue, the Administrator may adjust the calculation of revenue or the applicable CAGR Performance Goals, including by including or excluding revenue attributable to such transaction, in its sole discretion, as the Administrator determines appropriate to maintain the intended economics of the PSUs.

For purposes of calculating Relative TSR, if, during the Performance Period, one or more Index Companies merge, consolidate, file for bankruptcy, delist, engage in a spinoff, split-up, combination, sale of a substantial portion of its assets, separation, reorganization, change in corporate structure or other similar corporate transaction that in any case results in a substantial change in the business or revenue mix of the Index Company, then the Administrator shall remove such institution as an Index Company and/or make such other equitable adjustments, such as adding an acquirer or a new company to the Index Companies, as the Administrator deems appropriate, with any such changes having effect for purposes of all calculations as the Administrator determines necessary or appropriate to maintain the intended economics of the PSUs.

Adjustments will be made in the sole discretion of the Administrator in a manner to appropriately reflect the impact of such items. Where applicable, adjustments will be applied formulaically consistent with principles historically applied and in a manner that will not trigger a modification or new measurement date with respect to any PSUs under GAAP and shall include adjustment for any recapitalization, split-up, spinoff, reorganization, restructuring or other similar corporate transaction.

The Administrator will have sole, absolute, and exclusive authority and discretion to make all determinations and resolve all ambiguities, questions and disputes relating to calculations and the level of achievement and vesting of the PSUs.

## Exhibit 10.2

**Exhibit 10.2**

**AXOGEN, INC.**

**RESTRICTED STOCK UNITS NOTICE**<br>**UNDER THE**<br>**AXOGEN, INC.**<br>**FOURTH AMENDED AND RESTATED 2019 LONG-TERM INCENTIVE PLAN**

**Name of Grantee:**

This Notice evidences the award of restricted stock units (each, an "***RSU***," and collectively, the "***RSUs***") of Axogen, Inc., a Minnesota corporation (the "***Company***"), that have been granted to you pursuant to the Axogen, Inc. Fourth Amended and Restated 2019 Long-Term Incentive Plan (the "***Plan***") and conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the "***Agreement***"). This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. Each RSU is equivalent in value to one share of the Company's Common Stock and represents the Company's commitment to issue one share of the Company's Common Stock at a future date, subject to the terms of the Agreement and the Plan. The RSUs are credited to a separate account maintained for you on the books and records of the Company (the "***Account***"). All amounts credited to the Account will continue for all purposes to be part of the general assets of the Company.

<u>Grant Date</u>:

<u>Vesting Commencement Date</u>:

<u>Number of RSUs</u>:

<u>Vesting Schedule</u>: All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as (i) your Service (as defined in the Agreement) is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur or (ii) Section 4 of the Agreement applies, the RSUs shall vest as follows:

---

| | |
|:---|:---|
| **On each of the following dates:** | **Percentage of RSUs vested per corresponding date:** |
|  | 50% |
|  | 25% |
|  | 25% |

---

<u>Change in Control</u>: Notwithstanding anything in this Notice, the Agreement or the Plan to the contrary, if (i) a Change in Control (as defined in the Plan) occurs and (ii) on or after the Change of Control and on or before the first anniversary of the Change of Control either (1) your Service is terminated by the Company without Cause (as defined in the Agreement) or (2) you terminate your Service for Good Reason (as defined in the Agreement), then any unvested and unearned RSUs shall become immediately vested and earned as of the date of such termination of Service and shall be settled in accordance with Section 6 of the Agreement.

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<u>Axogen, Inc.</u>  <u>Date</u>

I acknowledge that I have carefully read this Notice, the Agreement and the prospectus for the Plan. I agree to be bound by all of the provisions set forth in those documents. I also consent to electronic delivery of all notices or other information with respect to the RSUs or the Company.

Signature of Grantee Date

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**AXOGEN, INC.**

**RESTRICTED STOCK UNITS AGREEMENT**<br>**UNDER THE**<br>**AXOGEN, INC.**<br>**FOURTH AMENDED AND RESTATED 2019 LONG-TERM INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Terminology</u>. Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting</u>. All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your Service is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur, the RSUs will become vested and nonforfeitable in accordance with the vesting schedule set forth in the Notice. Except for the circumstances, if any, described in the Notice, or as otherwise provided in Section 4 below, none of the RSUs will become vested and nonforfeitable after your Service ceases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination of Service</u>. Except as otherwise provided in Section 4 below, or as otherwise provided in the Notice, if your Service with the Company ceases for any reason, all RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration therefor and you will have no further right, title or interest in or to such RSUs or the underlying shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Qualified Retirement</u>. If your title with the Company as of the Grant Date of the RSUs is Vice President or above, in the event your Service with the Company ceases by reason of a Qualified Retirement, such Qualified Retirement occurs on a date that is at least six (6) months following the Grant Date, and you execute and do not revoke a separation and general release agreement in the form provided by the Company which becomes effective within sixty (60) days after such Qualified Retirement, the RSUs will continue to become vested and nonforfeitable in accordance with the vesting schedule set forth in the Notice, provided that all vesting shall cease and any remaining RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon your death or as provided in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Restrictions on Transfer</u>. To the extent permitted under Section 9(b) of the Plan, neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process. All rights with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or legal representative. Notwithstanding the foregoing, the RSUs, to the extent outstanding, may be transferred upon your death by last will and testament or under the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Settlement of RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Manner of Settlement</u>. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a condition to settlement of the RSUs. The Company will issue to you, in settlement of your RSUs and subject to the provisions of Section 7 below, the number of whole shares of Common Stock that equals the number of whole RSUs that become vested, and such vested RSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to the Company's designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Timing of Settlement</u>. Any vested RSUs will be settled by the Company, via the issuance of Common Stock as described herein, on the applicable vesting date set forth in the Notice or the date that the RSUs become vested and nonforfeitable on a termination of Service following a Change in Control as described in the Notice (each, an "***Issuance Date***"). However, if a scheduled Issuance Date falls on a Saturday, Sunday or federal holiday, such Issuance Date shall instead fall on the next following day that the principal executive offices of the Company are open for business. Notwithstanding the foregoing, in the event that (i) you are subject to the Company's policy permitting officers and directors to sell shares only during certain "window" periods, in effect from time to time or you are otherwise prohibited by the Company from selling shares of the Company's Common Stock in the public market and any shares covered by your RSUs are scheduled to be issued on a day (the "***Original Distribution Date***") that does not occur during an open "window period" applicable to you, as determined by the Company in accordance with such policy, or does not occur on a date when you are otherwise permitted by the Company to sell shares of the Company's Common Stock in the open market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then, solely to the extent permitted by Section 409A (as defined below), such shares shall not be issued and delivered on such Original Distribution Date and shall instead be issued and delivered on the first business day of the next occurring open "window period" applicable to you pursuant to such policy (regardless of whether you are still providing continuous Service at such time) or the next business day when you are not prohibited by the Company from selling shares of the Company's Common Stock in the open market, but in no event later than December 31<sup>st</sup> of the calendar year in which the Issuance Date occurs, or if later and to the extent permitted by Section 409A, by the 15<sup>th</sup> day of the third calendar month following the Issuance Date, provided, however, in no event are you permitted, directly or indirectly, to designate the taxable year of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Tax Withholding</u>. On or before the time you receive a distribution of the shares of Common Stock subject to any vested RSUs, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate which arise in connection with your RSUs (the "***Withholding Taxes***"). Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your RSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a "same day sale" commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a "***FINRA Dealer***") whereby you irrevocably elect to sell a portion of the shares to be delivered under the Agreement to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the RSUs with a Fair Market Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 6 of this Agreement) equal to the amount of such Withholding Taxes. Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock. In the event the Company's obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company's withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Non-Guarantee of Employment or Service Relationship</u>. Nothing in the Plan or this Agreement shall alter your at-will or other employment status or other service relationship with the Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable RSUs or any other adverse effect on your interests under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Rights as Stockholder</u>. You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be issued in settlement of the RSUs until such shares of Common Stock have been issued to you. No adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 10 of the Plan and Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>The Company's Rights</u>. The existence of the RSUs shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Restrictions on Issuance of Shares</u>. The issuance of shares of Common Stock upon settlement of the RSUs shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the RSUs, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Restrictive Covenants</u>. As consideration of the grant of the RSUs, you hereby agree and acknowledge that the grant of the RSUs is conditioned upon your continued compliance with any and all confidentiality, non-compete and/or non-solicitation covenants and restrictions contained in any agreement between you and the Company, and if you breach any of such covenants or restrictions, upon written notice delivered to you: (i) the entirety of the Company's obligations under this Agreement and the Plan shall terminate in their entirety, (ii) all RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically, and (iii) you shall have no further rights or privileges under this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Notices</u>. All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of RSUs by electronic means or to request your consent to participate in the Plan or accept this award of RSUs by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Entire Agreement</u>. This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the RSUs granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made

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prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and ineffective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Amendment</u>. This Agreement may be amended from time to time by the Administrator in its discretion; <u>provided</u>, <u>however</u>, that this Agreement may not be modified in a manner that would have a materially adverse effect on the RSUs as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>409A Savings Clause</u>. This Agreement and the RSUs granted hereunder are intended to be exempt from or comply with the requirements of Section 409A of the Code and the regulations and IRS guidance promulgated thereunder ("***Section 409A***"). In administering this Agreement, the Company shall interpret this Agreement in a manner consistent with Section 409A. Notwithstanding anything to the contrary in this Agreement, no payment that constitutes nonqualified deferred compensation within the meaning of Section 409A and that becomes payable to you due to your termination of Service with the Company will be made to you unless and until your termination of Service constitutes a "separation from service" under Section 409A. To the extent necessary to comply with the restriction in Section 409A(a)(2)(B)(i) of the Code concerning payments to "specified employees" (as defined in Section 409A), any payment on account of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), that would otherwise be due on the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you under Section 409A of the Code. Each payment under this Agreement will be treated as a "separate payment" for purposes of Section 409A and Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>No Obligation to Minimize Taxes</u>. The Company has no duty or obligation to minimize the tax consequences to you of this award of RSUs and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Conformity with Plan</u>. This Agreement is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>No Funding</u>. This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Common Stock in the future in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving the grant of RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Effect on Other Employee Benefit Plans</u>. The value of the RSUs subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Governing Law</u>. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Minnesota, without regard to its conflicts of laws principles. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in

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Hillsborough County, Florida. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Resolution of Disputes</u>. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Headings</u>. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Electronic Delivery of Documents</u>. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the RSUs, and any reports of the Company provided generally to the Company's stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>No Future Entitlement</u>. By your signing the Notice, you acknowledge and agree that: (i) the grant of a restricted stock unit award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units, or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Administrator; (iii) the value of the restricted stock units is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of the restricted stock units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the restricted stock units ceases upon termination of Service with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted stock units decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Personal Data</u>. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a "***Corporate Transaction***"), you consent, by execution of the Notice, to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the

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restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company's Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a restricted stock unit award.

{*Glossary begins on next page*}

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**GLOSSARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"***Administrator***" means the Compensation Committee of the Board of Directors of Axogen, Inc. or such committee or committees appointed by the Board of Directors of Axogen, Inc. to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*"****Affiliate***" means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with Axogen, Inc. (including but not limited to joint ventures, limited liability companies, and partnerships). For this purpose, "control" means ownership of fifty percent (50%) or more of the total combined voting power or value of all classes of stock or interests of the entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"***Agreement***" means this document, as amended from time to time, together with the Notice and the Plan which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"***Cause***" has the meaning ascribed to such term or words of similar import in your written employment or service contract with the Company as in effect at the time at issue and, in the absence of such agreement or definition, means your (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company, any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with your duties or willful failure to perform your responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation of any Company rule, regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company, all as determined by the Administrator, which determination will be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*"****Change in Control****"* has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Code**" means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Common Stock**" means the common stock, US$.01 par value per share, of Axogen, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"***Company***" means Axogen, Inc. and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only Axogen, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"***Fair Market Value***" has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"***<u>Good Reason</u>***" has the meaning ascribed to such term or words of similar import in your written employment or service contract with the Company as in effect at the time at issue and, in the absence of such agreement or definition, means the occurrence of any of the following in the absence of your written consent: (i) any material and adverse change in your position or authority with the Company as in effect immediately before a Change in Control, other than an isolated and insubstantial action not taken in bad faith and which is remedied by the Company within thirty (30) days after receipt of notice thereof given by you; (ii) the transfer of your primary work site to a new primary work site that is more than fifty (50) miles from your primary work site in effect immediately before a Change in Control; or (iii) a diminution of your base salary in effect immediately before a Change in Control by more than 10%, unless such diminution applies generally to similarly situated employees. If you do not deliver to the Company a written notice of termination within sixty (60) days after you have knowledge that an event constituting

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Good Reason has occurred, the event will no longer constitute Good Reason. In addition, you must give the Company thirty (30) days to cure the event constituting Good Reason and resign for Good Reason within thirty (30) days after the end of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"***Grant Date***" means the effective date of a grant of RSUs made to you as set forth in the relevant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"***Notice***" means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of RSUs made to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"***Plan***" means the Axogen Fourth Amended and Restated 2019 Long-Term Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"***Qualified Retirement***" means the termination of your Service after attainment of age sixty (60) with at least ten (10) years of continuous Service, provided that: (i) as a Vice-President or above, if you elect to terminate your Service, you have provided the Company with at least six (6) / twelve (12) months<sup>1</sup> advance notice of your retirement date or such other term of advance notice as is determined by the Chief Human Resources Officer of the Company; (ii) as a Vice-President or above, if the Company elected to terminate your Service, such termination is without Cause and (iii) prior to a Change in Control, during the three (3) years prior to the year in which such termination of Service occurs, you have maintained consistent historical performance reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"***RSU***" means the Company's commitment to issue one share of Common Stock at a future date, subject to the terms of the Agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"**Service**" means your employment, service as a non-executive director, or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger, or other corporate transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not Axogen, Inc., or its successor or an Affiliate of Axogen, Inc. or its successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"***you***" or "***your***" means the recipient of the RSUs as reflected on the applicable Notice. Whenever the word "you" or "your" is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred by will or by the laws of descent and distribution, the words "you" and "your" shall be deemed to include such person.

{*End of Agreement*}

<sup>1</sup> Notice period to be 12 months for CEO and CFO and those executives with "chief" in their titles and 6 months for other VPs and above eligible for post-retirement vesting.

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Michael Dale, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Axogen, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: April 28, 2026 | |
| | /s/ Michael Dale |
| | Michael Dale<br>Chief Executive Officer and President |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Lindsey Hartley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Axogen, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 28, 2026 | |
| | /s/ Lindsey Hartley |
| | Lindsey Hartley<br>Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (SUBSECTIONS (A) AND (B) OF SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE)**

In connection with the Quarterly Report on Form 10-Q (the "Report") of Axogen, Inc. (the "Company"), Michael Dale, Chief Executive Officer and President of the Company, and Lindsey Hartley, Chief Financial Officer of the Company, each certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Dated: April 28, 2026 | |
| | /s/ Michael Dale |
| | Michael Dale<br>Chief Executive Officer and President<br>(Principal Executive Officer) |
| | /s/ Lindsey Hartley |
| | Lindsey Hartley<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

<br>