Repligen Corporation (RGEN)

Cash ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Cash and cash equivalents	US$ in thousands	757,355	783,964	809,146	780,617	751,323	630,779	603,656	516,609	523,458	573,363	596,512	584,640	603,814	621,098	734,327	711,318	717,292	553,302	560,364	529,525
Short-term investments	US$ in thousands	—	—	809,146	1,502,650	0	0	0	101,409	100,299	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	US$ in thousands	126,787	108,366	174,307	178,315	158,162	363,364	373,583	405,321	404,196	410,696	423,522	424,333	375,262	349,439	332,342	313,328	318,956	50,984	44,401	41,853
Cash ratio		5.97	7.23	9.28	12.80	4.75	1.74	1.62	1.52	1.54	1.40	1.41	1.38	1.61	1.78	2.21	2.27	2.25	10.85	12.62	12.65

December 31, 2024 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($757,355K + $—K) ÷ $126,787K
= 5.97

The cash ratio of Repligen Corporation has shown fluctuations over the period under consideration. Starting at a relatively high level of 12.65 as of March 31, 2020, the ratio remained above 10 for the next few quarters. However, there was a notable decline in the cash ratio by December 31, 2020, dropping to 2.25, indicating a significant decrease in the company's ability to cover its short-term liabilities with cash.

The trend of decreasing cash ratio continued until March 31, 2021, where it stood at 2.27. From June 30, 2021, to December 31, 2021, there was a further decline, reaching 1.61 by the end of the year. This could imply a potential liquidity issue or a shift in the company's cash management strategy.

Subsequently, there was a slight improvement in the cash ratio for the next few quarters, with the ratio ranging between 1.38 to 1.74. However, a significant increase was observed by December 31, 2023, where the cash ratio rose to 4.75, suggesting a better liquidity position for the company.

The cash ratio experienced a substantial surge by March 31, 2024, reaching 12.80, which is similar to the level observed at the beginning of the analysis period. However, there was a decline in the ratio by June and September 2024, standing at 9.28 and 7.23, respectively.

Overall, the cash ratio of Repligen Corporation has shown volatility, with periods of both high and low levels. It is crucial for the company to carefully manage its cash position to ensure it can meet its short-term obligations effectively.