COLLPLANT BIOTECHNOLOGIES REPORTS 2024 THIRD QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
Rhea-AI Summary
CollPlant Biotechnologies (NASDAQ: CLGN) reported Q3 2024 financial results, highlighting promising developments in its regenerative breast implant program. The company achieved significant implant vascularization and rapid native tissue ingrowth in pre-clinical trials with 200cc commercial-sized implants. Q3 revenues were $4,000 compared to $43,000 in Q3 2023. Net loss was $4.3 million ($0.38 per share). Cash position stood at $15.4 million as of September 30, 2024, providing runway until end of 2025. The company is prioritizing non-dilutive funding through new collaborations while maintaining its ongoing partnership with AbbVie for dermal filler development.
Positive
- Promising pre-clinical results for regenerative breast implants showing significant vascularization
- Strong cash position of $15.4 million providing runway until end of 2025
- Ongoing collaboration with AbbVie with potential for up to $50 million in payments
Negative
- Q3 2024 revenues declined to $4,000 from $43,000 in Q3 2023
- Nine-month revenues decreased to $351,000 from $10.7 million year-over-year
- Net loss increased to $12.7 million for nine months 2024 vs $2.3 million in 2023
- Operating expenses increased to $12.3 million from $11.9 million year-over-year
News Market Reaction 1 Alert
On the day this news was published, CLGN declined 0.39%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
-Promising results obtained from the pre-clinical study with CollPlant's commercial sized rhCollagen-based regenerative breast implants, demonstrating significant implant vascularization and rapid ingrowth of native tissue
-Innovative breast implant technology designed to address a
-Cash and cash equivalents balance as of September 30, 2024 was
-Conference call to be held today at 10:00 a.m.
REHOVOT,
"We are now one step closer to advancing our breast implant program into human studies, after developing a biocompatible commercial-sized, 3D-printed implant with a natural feel that has shown promising results in preclinical trials," commented Yehiel Tal, Chief Executive Officer of CollPlant Biotechnologies. "So far, the study is showing encouraging outcomes three months post implantation, with evidence of significant implant vascularization and rapid ingrowth of native tissue, both of which are critical factors in enabling effective integration of the implant with the physiological system and supporting long-lasting regenerative processes. We are looking forward to reporting additional results from this program in the first quarter of 2025. "
Mr. Tal, continued, "We have recently adjusted our development and operation plans so that the Company is capitalized for a period of at least one year from today. In addition, we are prioritizing raising non-dilutive cash through the creation of additional collaborations and to that end we are engaging in dialog with companies in the medical and aesthetics fields that have interest in our rhCollagen technology. "
Dr. Sachin M. Shridharani, board-certified Plastic Surgeon, founder of LUXURGERY©
Q3 and Recent Program Highlights
- In August, CollPlant announced the launch of a pre-clinical study with 200cc commercial-sized breast implants printed using CollPlant's bioinks and Stratasys' (Nasdaq: SSYS) Origin 3D printer. The collaboration between CollPlant and Stratasys has been focused on the development of a bioprinting solution for CollPlant's regenerative breast implants. In addition, the companies aim to develop solutions for scaling-up the implant bioprinting process. If successfully developed, the novel implants could provide a revolutionary alternative to the implants that are currently on the market.
- To date, the study has shown promising results three months post implantation, demonstrating significant implant vascularization and rapid ingrowth of native tissue, both of which are critical factors in enabling effective integration of the implant with the physiological system and supporting long-lasting regenerative processes.
Collaboration Updates
- The collaboration with AbbVie continues to develop a dermal and soft tissue filler product for the medical aesthetics market. According to the agreement between the parties, CollPlant granted AbbVie worldwide exclusive rights to use its rhCollagen for the production and commercialization of a final dermal filler product. In return, CollPlant is entitled to receive, among other terms, up to
$50 million $24 million
- On November 11, 2024, CollPlant presented at the ISBF (International Society for Biofabrication) 2024 conference. ISBF is a professional society promoting biofabrication research and development for medical applications. During the conference, CollPlant demonstrated its technology platform for mass production of human collagen and biofabrication of its innovative regenerative breast implants.
- On July 29, 2024, CollPlant announced the release of its inaugural Environmental, Social and Corporate Governance (ESG) and Sustainability Report covering the fiscal year 2023. The report reflects CollPlant's wide commitment to fostering environmental sustainability and enhancing human health, as well as advancing social and corporate governance objectives that contribute to the Company's impact.
Three- and Nine-Month-Period Ended September 30, 2024 Financial Results
GAAP revenues for the third quarter ended September 30, 2024, were
GAAP revenues for the nine months ended September 30, 2024, were
GAAP cost of revenues for the third quarter ended September 30, 2024, was
GAAP cost of revenues for the nine months ended September 30, 2024, was
GAAP gross loss for the third quarter ended September 30, 2024, was
GAAP gross loss for the nine months ended September 30, 2024, was
GAAP operating expenses for the third quarter ended September 30, 2024, were
GAAP operating expenses for the nine months ended September 30, 2024, were
GAAP financial income, net, for the third quarter ended September 30, 2024, totaled
GAAP financial income, net, for the nine months ended September 30, 2024, totaled
GAAP net loss for the third quarter ended September 30, 2024, was
GAAP net loss for the nine months ended September 30, 2024, was
Balance Sheet and Cash Flow
Cash and cash equivalents as of September 30, 2024 were
Cash used in operating activities during the nine months ended September 30, 2024, was
Cash used in investing activities during the nine months ended September 30, 2024, was
Cash provided by financing activities during the nine months ended September 30, 2024 was
Conference call information
To participate in the conference call, please use the dial-in information below:
Investors outside of the U.S.: 1-201-493-6779
Conference ID: 13749096
Note, you can avoid long wait times for the operator by using the Call me™ feature and clicking the link below 15 minutes prior to the scheduled call start time:
https://callme.viavid.com/viavid/?callme=true&passcode=13728588&h=true&info=company-email&r=true&B=6
Webcast information
A live webcast will also be available in listen-only mode and can be accessed here or via the link to be posted on the News & Events section of the CollPlant Investor relations website. A replay of the webcast will be available following the conclusion of the live broadcast and will be accessible on the Company's website for a limited time.
Submit questions to management in advance of the call
To ask management a question ahead of the call, please email Dan Ferry at LifeSci Advisors LLC up until 24 hours before the event at daniel@lifesciadvisors.com.
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 15,371 | $ | 26,674 | ||||
Restricted deposit | 241 | 241 | ||||||
Trade receivables, net | 5 | - | ||||||
Inventories | 454 | 714 | ||||||
Other accounts receivable and prepaid expenses | 426 | 393 | ||||||
Total current assets | 16,497 | 28,022 | ||||||
Non-current assets: | ||||||||
Restricted deposit | 115 | 57 | ||||||
Operating lease right-of-use assets | 3,225 | 3,070 | ||||||
Property and equipment, net | 2,460 | 2,789 | ||||||
Intangible assets, net | 145 | 188 | ||||||
Total non-current assets | 5,945 | 6,104 | ||||||
Total assets | $ | 22,442 | $ | 34,126 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
Liabilities and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Trade payables | $ | 1,009 | $ | 980 | ||||
Operating lease liabilities | 798 | 624 | ||||||
Accrued liabilities and other | 1,262 | 1,647 | ||||||
Total current liabilities | 3,069 | 3,251 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities | 2,455 | 2,535 | ||||||
Total non-current liabilities | 2,455 | 2,535 | ||||||
Total liabilities | 5,524 | 5,786 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity: | ||||||||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of | 4,983 | 4,982 | ||||||
Additional paid in capital | 122,376 | 121,068 | ||||||
Accumulated other comprehensive loss | (969) | (969) | ||||||
Accumulated deficit | (109,472) | (96,741) | ||||||
Total shareholders' equity | 16,918 | 28,340 | ||||||
Total liabilities and shareholders' equity | $ | 22,442 | $ | 34,126 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 351 | $ | 10,660 | $ | 4 | $ | 43 | ||||||||
Cost of revenues | 1,353 | 1,218 | 272 | 278 | ||||||||||||
Gross profit (loss) | (1,002) | 9,442 | (268) | (235) | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 7,972 | 7,371 | 2,869 | 2,695 | ||||||||||||
General, administrative and marketing | 4,303 | 4,515 | 1,405 | 1,672 | ||||||||||||
Total operating loss | (13,277) | (2,444) | (4,542) | (4,602) | ||||||||||||
Financial income, net | 546 | 114 | 216 | 225 | ||||||||||||
Net loss for the period | $ | (12,731) | $ | (2,330) | $ | (4,326) | $ | (4,377) | ||||||||
Basic and diluted net loss per ordinary share | $ | (1.11) | $ | (0.20) | $ | (0.38) | $ | (0.38) | ||||||||
Weighted average ordinary shares | 11,454,069 | 11,367,767 | 11,454,512 | 11,443,023 | ||||||||||||
COLLPLANT BIOTECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ( (Unaudited) | ||||||||
Nine months ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (12,731) | $ | (2,330) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Depreciation and amortization | 796 | 818 | ||||||
Share-based compensation to employees and consultants | 1,295 | 1,373 | ||||||
Net loss from financing expenses | 201 | 568 | ||||||
Changes in operating asset and liability items: | ||||||||
Decrease (increase) in trade receivables | (5) | 5 | ||||||
Decrease (increase) in inventories | 265 | (107) | ||||||
Decrease (increase) in other accounts receivable and prepaid expenses | (33) | 50 | ||||||
Decrease in operating right of use assets | 468 | 387 | ||||||
Increase (decrease) in trade payables | 29 | (389) | ||||||
Decrease in lease liabilities | (529) | (669) | ||||||
Decrease in accrued liabilities and other payables | (385) | (124) | ||||||
Net cash used in operating activities | (10,629) | (418) | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (424) | (725) | ||||||
Investment in restricted deposits | (57) | (59) | ||||||
Net cash used in investing activities | (481) | (784) | ||||||
Cash flows from financing activities: | ||||||||
Exercise of options and warrants into shares | 9 | 1,108 | ||||||
Net cash provided by financing activities | 9 | 1,108 | ||||||
Exchange differences on cash and cash equivalents and restricted cash | (202) | (578) | ||||||
Net decrease in cash and cash equivalents and restricted cash | (11,303) | (672) | ||||||
Cash and cash equivalents and restricted cash and at the beginning of the period | 26,674 | 29,653 | ||||||
Cash and cash equivalents and restricted cash at the end of the period | $ | 15,371 | $ | 28,981 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
Nine months ended | ||||||||
2024 | 2023 | |||||||
Appendix to the statement of cash flows | ||||||||
A. Supplementary information on investing and financing activities not involving | ||||||||
Right of use assets recognized with corresponding lease liabilities | $ | 623 | $ | 855 | ||||
Capitalization of Share-based compensation to inventory | $ | 5 | $ | 34 | ||||
B. Reconciliation of Cash and cash equivalents at the end of the period | ||||||||
Cash and cash equivalents | $ | 15,371 | $ | 28,981 | ||||
Total cash and cash equivalents | $ | 15,371 | $ | 28,981 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ( (Unaudited) | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
GAAP operating expenses: | $ | 12,275 | $ | 11,886 | $ | 4,274 | $ | 4,367 | ||||||||
Change of operating lease accounts | (8) | 47 | 6 | 14 | ||||||||||||
Share-based compensation to employees, directors | (1,295) | (1,373) | (515) | (521) | ||||||||||||
Non-GAAP operating expenses: | 10,972 | 10,560 | 3,765 | 3,860 | ||||||||||||
GAAP operating loss | (13,277) | (2,444) | (4,542) | (4,602) | ||||||||||||
Change of operating lease accounts | 8 | (47) | (6) | (14) | ||||||||||||
Share-based compensation to employees, directors | 1,295 | 1,373 | 515 | 521 | ||||||||||||
Non-GAAP operating loss | (11,974) | (1,118) | (4,033) | (4,095) | ||||||||||||
GAAP Net loss | (12,731) | (2,330) | (4,326) | (4,377) | ||||||||||||
Change of operating lease accounts | (61) | (282) | 41 | (101) | ||||||||||||
Share-based compensation to employees, directors | 1,295 | 1,373 | 515 | 521 | ||||||||||||
Non-GAAP Net loss | $ | (11,497) | $ | (1,239) | $ | (3,770) | $ | (3,957) | ||||||||
GAAP basic and diluted loss per ordinary share | $ | (1.11) | $ | (0.20) | $ | (0.38) | $ | (0.38) | ||||||||
NON- GAAP basic and diluted loss per ordinary share | $ | (1.0) | $ | (0.11) | $ | (0.33) | $ | (0.35) | ||||||||
About CollPlant
CollPlant is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs, and medical aesthetics. The Company's products are based on its rhCollagen (recombinant human collagen) produced with CollPlant's proprietary plant-based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.
In 2021, CollPlant entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market.
For more information about CollPlant, visit http://www.collplant.com
Use of Non-US GAAP ("non-GAAP")
Financial results for 2024 and 2023 are presented on both a GAAP and a non-GAAP basis. GAAP results were prepared in accordance with
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when operating and evaluating the Company's business internally and therefore decided to make these non-GAAP adjustments available to investors. The non-GAAP financial measures used by the Company in this press release may be different from the measures used by other companies.
For more information on the non-GAAP financial measures, please see the "Reconciliation of GAAP to Non-GAAP Financial Measures" in this release. This accompanying table has more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
The Company's consolidated financial statements for the third quarter ended September 30, 2024, are presented in accordance with generally accepted accounting principles in the
Forward-Looking Statements
This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that CollPlant intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company's history of significant losses, its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all, including uncertainties surrounding the methods of fundraising and the Company's preferences regarding such methods; the Company's expectations regarding the costs and timing of commencing and/or concluding pre-clinical and clinical trials with respect to breast implants, tissues and organs which are based on its rhCollagen based BioInk and other products for medical aesthetics, and specifically the Company's ability to initiate its next large-animal study for its breast implants in a timely manner, or at all; the Company's or Company's strategic partners' ability to obtain favorable pre-clinical and clinical trial results; regulatory action with respect to rhCollagen-based bioink and medical aesthetics products or product candidates including, but not limited to, acceptance of an application for marketing authorization review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the Company's rhCollagen based products, in 3D Bioprinting and medical aesthetics; the Company's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company's ability to establish and maintain strategic partnerships and other corporate collaborations, including its partnership with AbbVie and its ability to continue to receive milestone and royalties payments under the AbbVie agreement; the Company's reliance on third parties to conduct some or all aspects of its product development and manufacturing; the scope of protection the Company is able to establish and maintain for intellectual property rights and the Company's ability to operate its business without infringing the intellectual property rights of others; current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; the impact of competition and new technologies; general market, political, and economic conditions in the countries in which the Company operates, including, with respect to the ongoing war in
Contacts
CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com
Investors:
LifeSci Advisors
Dan Ferry
daniel@lifesciadvisors.com
Photo - https://mma.prnewswire.com/media/2568075/CollPlant.jpg
Logo - https://mma.prnewswire.com/media/2217353/CollPlant_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/collplant-biotechnologies-reports-2024-third-quarter-financial-results-and-provides-corporate-update-302317380.html
SOURCE CollPlant
FAQ
What were CollPlant's (CLGN) Q3 2024 financial results?
What progress did CollPlant (CLGN) make with its breast implant program in Q3 2024?
How long will CollPlant's (CLGN) current cash position last?
