This is one possible formula you can use. This does assume that your data is sorted and utilizes Col Cumulative Sum to access the first value of Date + reagent groups
Edit: added grouping to col cumulative sum
:"Avg. Concentration (uM)"n / Col Cumulative Sum(
If(Row() == Col Min(Row(), :Date, :Type of reagent),
:"Avg. Concentration (uM)"n,
.
),
:Date, :Type of reagent
)

It can also be modified to look for the row with Time (h) == 0 but it didn't seem to be necessary in this case as it is the first value for each group.
Edit: This should take the value from each group when Time (h) is 0
:"Avg. Concentration (uM)"n / Col Min(
If(:"Time (h)"n == 0,
:"Avg. Concentration (uM)"n,
.
),
:Date,
:Type of reagent
)
-Jarmo