COLLPLANT BIOTECHNOLOGIES REPORTS 2025 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
Rhea-AI Summary
CollPlant (Nasdaq: CLGN) reported 2025 results: GAAP revenue $2.37M vs $0.52M in 2024, driven by a $2.0M AbbVie milestone. GAAP net loss narrowed to $11.5M ($0.94/sh) from $16.6M. Cash was $5.6M at year-end amid a 25% workforce reduction and cost‑cutting.
Operational highlights include new patents in the U.S., South Korea and Japan, BioFlex launch for DLP bioprinting, expanded North American distribution, and encouraging preclinical data for regenerative breast implants.
Positive
- Revenue increased to $2.37M in 2025 from $0.52M in 2024
- $2.0M AbbVie milestone payment recognized in 2025
- Operating expenses reduced ~$3.1M year-over-year after cost plan
- Granted patents in U.S., Japan and allowed patent in South Korea through 2038–2039
Negative
- Cash and cash equivalents of $5.6M at December 31, 2025
- Cash used in operating activities was $9.4M in 2025
- Total shareholders' equity fell to $6.08M from $13.47M in 2024
Market Reaction – CLGN
Following this news, CLGN has declined 14.66%, reflecting a significant negative market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.64. This price movement has removed approximately $1M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
CLGN is up 5.5% while key biotech peers show mixed-to-negative moves: CASI (-38.97%), LSB (-20.62%), SNTI (-2.13%), DYAI modestly higher at +3.15%, and MRSN near flat at +0.62%. Only one peer appears in momentum scanners, pointing to a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 26 | Q3 2025 results | Positive | -0.5% | Q3 2025 update with higher revenue, narrowed loss, cost-cutting measures. |
| Aug 20 | Q2 2025 results | Neutral | -20.2% | Q2 2025 results, AbbVie milestone, capital raise and distribution expansion. |
| May 28 | Q1 2025 results | Positive | +76.2% | Q1 2025 results with $2M AbbVie milestone and improved cash runway. |
| Mar 26 | 2024 annual results | Neutral | -3.4% | Full-year 2024 results showing lower revenue but strong program progress. |
| Nov 27 | Q3 2024 results | Neutral | -0.4% | Q3 2024 results highlighting breast implant progress and limited revenue. |
Earnings-related updates have produced mixed but often moderate price reactions, with one outlier upside move on a prior 2025 update.
Over the past five earnings-related announcements, CollPlant has focused on advancing its rhCollagen platform, regenerative breast implants, and photocurable dermal fillers while tightening costs. Prior updates highlighted AbbVie milestone payments, expanding distribution, workforce reductions of about 20–25%, and cash balances ranging from $8.5M to $15.4M. Price reactions have usually been modest, except for a strong +76.17% move on May 28, 2025. Today’s full-year 2025 results fit into this ongoing narrative of pipeline progress and cost discipline alongside continued losses.
Historical Comparison
In the last five earnings updates, CLGN’s average move was 10.35%, including a +76.17% spike in May 2025. Today’s +5.5% reaction is smaller and fits within its usual earnings volatility range.
Earnings releases since late 2024 trace a shift from revenue lumpiness and heavy losses toward milestone-driven revenue, tighter cost controls, and continued investment in rhCollagen-based breast implants, dermal fillers, and BioInks.
Market Pulse Summary
The stock is dropping -14.7% following this news. A negative reaction despite operational progress would fit a history where earnings updates sometimes coincided with selling, even on constructive news. Prior results showed dependence on milestone revenue, continuing net losses like $11.5M in 2025, and a modest cash balance of $5.6M. With the stock still 84.94% below its 52-week high and facing a Nasdaq minimum bid notice, sentiment could remain fragile around dilution or financing concerns, even without new capital measures disclosed.
Key Terms
rhcollagen medical
3d bioprinting medical
bioink medical
digital light processing (dlp) technical
cGMP regulatory
operating lease right-of-use assets financial
AI-generated analysis. Not financial advice.
REHOVOT,
"Over the past year, we have made meaningful progress across all fronts-from advancing our collaborative programs to building momentum in our proprietary pipeline and commercial product portfolio. In aesthetic medicine, we achieved a development milestone that triggered a
We further strengthened our pipeline by leveraging new preclinical data to refine the commercial design of our regenerative breast implants. In addition, we expanded our intellectual property portfolio with newly granted patents in
CollPlant also continued to drive innovation beyond its core development programs. Using our rhCollagen, researchers at Mayo Clinic created the first fully humanized 3D bioprinted skin model designed to serve as an alternative to animal testing in preclinical research. In parallel, we reported results from a comparative study demonstrating that CollPlant's rhCollagen-based bioink, Collink.3D™, outperformed Matrigel®, a leading extracellular matrix, in supporting structured tissue formation. We believe these findings reinforce the potential of Collink.3D™ as a consistent, tunable, and animal-free alternative for advanced tissue engineering and research applications-an opportunity representing an approximately
Mr. Tal added, "These achievements collectively highlight how our rhCollagen platform enables animal-free solutions across healthcare and industry. Its applications range from drug discovery and regenerative medicine to advanced tissue modeling and safety testing for cosmetics and pharmaceutical products."
2025 and Recent Corporate Updates
rhCollagen 3D Bioprinting Portfolio
In February 2026, CollPlant announced the launch of BioFlex, a ready-to-print rhCollagen-based kit designed for Digital Light Processing (DLP) 3D bioprinting applications. BioFlex is engineered to support the biofabrication of advanced tissue models for drug discovery, as well as the development of engineered tissues and potentially transplantable organs. The ready-to-use system includes Collink.3D™ 50, a biodegradable polymer component, together with proprietary photoactive agents optimized for high-resolution DLP printing.
Designed for both academic laboratories and industrial R&D environments, BioFlex enables advanced applications in 3D bioprinting, tissue engineering, and regenerative medicine, helping accelerate the translation of research concepts into functional tissue constructs.
In October 2025, CollPlant announced that a scientific article published in Archives of Dermatological Research reported that researchers at the Mayo Clinic developed the first fully humanized 3D bioprinted skin model using CollPlant's plant-derived rhCollagen. By combining rhCollagen with key human skin cell types, the model provides an innovative, sustainable, and ethical alternative to animal testing in preclinical research, with potential applications in cosmetic and pharmaceutical testing, disease modeling, and drug development.
Also in October 2025, CollPlant announced the expansion of its distribution footprint into
AbbVie Collaboration
Under CollPlant's existing development and commercialization agreement with development partner, AbbVie, CollPlant has granted AbbVie a worldwide exclusive license to use CollPlant's rhCollagen technology in combination with AbbVie's proprietary technologies for the development and commercialization of dermal and soft tissue fillers. AbbVie is conducting a review of interim results from the first cohort of patients enrolled under the clinical trials initiated in 2023. Next steps for the program are to be determined by AbbVie upon concluding their assessment.
In February 2025, following a development achievement, CollPlant received a
Regenerative Breast Implants
In August 2024, CollPlant initiated a preclinical study evaluating its 200cc clinical-sized regenerative breast implants, which were manufactured with enhanced durability. The surgical protocol was refined to enable implantation through a small incision while minimizing the risk of implant displacement or inversion. Analysis of MRI and ultrasound imaging conducted in 2025 confirmed tissue integration and vascularization, providing valuable diagnostic insights for future clinical applications. At six months post-implantation, one study arm demonstrated promising outcomes, with the implant showing vascularization and rapid tissue ingrowth throughout the clinical-sized implant. No complications, including capsule formation, calcifications, or local tissue reactions, were observed. In addition, implant volume retention and mechanical properties were maintained in the successful study arm.
Following completion of this study phase, CollPlant plans to further optimize the regenerative breast implants to support long-term durability and remodeling of the newly vascularized tissue.
Mr. Tal added, "CollPlant's breast implants currently under development represent a paradigm-shifting approach, designed not only to regenerate breast tissue but also to offer inherent safety advantages. Following upgrades to our bioprinting process and related manufacturing capabilities, we have been able to produce and test commercial-sized implants. We are encouraged by the results observed to date. This program represents one of our lead development initiatives and has the potential to position CollPlant at the forefront of regenerative medicine."
In
Intellectual Property
Photocurable Dermal Filler Product Candidate
In February 2025, CollPlant announced that it had been granted
More recently, CollPlant announced that the Korean Patent Office has allowed a patent application covering key aspects of the Company's photocurable dermal filler technology currently under development for the aesthetic medicine market.
rhCollagen Curable BioInk Product Portfolio
In November 2025, CollPlant announced that the Japan Patent Office (JPO) granted a second patent under Patent Application No. 2023-101072, securing intellectual property protection in
The newly granted patent relates to CollPlant's innovative curable Collink.3D® BioInk product pipeline, which represents the first and only line of human collagen BioInk products based on chemically modified plant-derived rhCollagen that can be mass produced with high purity and consistency. Collink.3D enables scalable and reproducible biofabrication of tissue models, tissues, and potentially organ transplants, while closely mimicking the native properties of biological tissues. In addition, these BioInks are animal-free, exhibit optimal rheological properties at room temperature, support high cell viability across multiple cell types, and are biocompatible and non-immunogenic.
"These patent allowances and grants represent important milestones in executing our strategy to expand the clinical and commercial applications of our rhCollagen platform into high-value aesthetic and regenerative medicine markets," said Yehiel Tal, Chief Executive Officer of CollPlant. "
Cost Reductions and Program Prioritization
In November 2025, CollPlant updated its expense forecast and implemented a cost-reduction and workforce optimization plan. As part of this initiative, the Company adjusted its resource allocation and reduced its workforce by approximately
Redesigned Corporate Website
In March 2026 CollPlant announced the launch of its redesigned corporate website at www.collplant.com.
The new website provides expanded information regarding the Company's technology platform, product pipeline, strategic collaborations and corporate governance, and is intended to enhance transparency and accessibility for investors, partners, and other stakeholders.
Year-Ended December 31, 2025 Financial Results
GAAP revenues for the year ended December 31, 2025, were
GAAP cost of revenues for the year ended December 31, 2025, was
GAAP gross profit for the year ended December 31, 2025, was
GAAP operating expenses for the year ended December 31, 2025, were
GAAP financial expenses, net, for the year ended December 31, 2025, totaled
GAAP net loss for the year ended December 31, 2025, was
Balance Sheet and Cash Flow
The Company's cash and cash equivalents balance as of December 31, 2025 was
Cash used in operating activities during the year ended December 31, 2025 was
Cash used in investing activities during the year ended December 31, 2025, was
Cash provided by financing activities during the year ended December 31, 2025 was
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
December 31, | ||||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,591 | $ | 11,909 | ||||
Restricted deposit | 359 | 248 | ||||||
Trade receivables, net | 1 | 150 | ||||||
Inventories | 573 | 440 | ||||||
Other accounts receivable and prepaid expenses | 223 | 433 | ||||||
Total current assets | 6,747 | 13,180 | ||||||
Non-current assets: | ||||||||
Restricted deposit | 76 | 118 | ||||||
Operating lease right-of-use assets | 2,426 | 2,991 | ||||||
Property and equipment, net | 1,463 | 2,290 | ||||||
Intangible assets, net | 73 | 131 | ||||||
Total non-current assets | 4,038 | 5,530 | ||||||
Total assets | $ | 10,785 | $ | 18,710 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
December 31, | ||||||||
2025 | 2024 | |||||||
Liabilities and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Trade payables | $ | 610 | $ | 870 | ||||
Operating lease liabilities | 814 | 806 | ||||||
Accrued liabilities and other payables | 1,248 | 1,294 | ||||||
Total current liabilities | 2,672 | 2,970 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities | 2,032 | 2,275 | ||||||
Total non-current liabilities | 2,032 | 2,275 | ||||||
Total liabilities | 4,704 | 5,245 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity: | ||||||||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of December 31, 2025 and 2024; issued | 5,492 | 4,983 | ||||||
Additional paid in capital | 126,397 | 122,801 | ||||||
Accumulated other comprehensive loss | (969) | (969) | ||||||
Accumulated deficit | (124,839) | (113,350) | ||||||
Total shareholders' equity | 6,081 | 13,465 | ||||||
Total liabilities and shareholders' equity | $ | 10,785 | $ | 18,710 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||
Year ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Revenues | $ | 2,371 | $ | 515 | $ | 10,959 | ||||||
Cost of revenues | 835 | 1,625 | 1,991 | |||||||||
Gross profit (loss) | 1,536 | (1,110) | 8,968 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 8,187 | 10,515 | 10,484 | |||||||||
General, administrative and marketing | 4,832 | 5,626 | 5,996 | |||||||||
Total operating loss | (11,483) | (17,251) | (7,512) | |||||||||
Financial income (expenses), net | (6) | 642 | 493 | |||||||||
Net loss | $ | (11,489) | $ | (16,609) | $ | (7,019) | ||||||
Basic and diluted net loss per ordinary share | $ | (0.94) | $ | (1.45) | $ | (0.62) | ||||||
Weighted average number of ordinary shares used in computation | 12,203,269 | 11,454,180 | 11,389,168 | |||||||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||
Year ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (11,489) | $ | (16,609) | $ | (7,019) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Loss on sale of property and equipment | - | - | 18 | |||||||||
Depreciation and amortization | 912 | 1,038 | 1,102 | |||||||||
Accrued interest | (15) | (11) | (28) | |||||||||
Share-based compensation to employees and consultants | 999 | 1,719 | 1,937 | |||||||||
Exchange differences on cash and cash equivalents and restricted cash | (80) | 142 | 379 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Decrease (increase) in trade receivables | 149 | (150) | 9 | |||||||||
Decrease (increase) in inventories | (129) | 280 | 749 | |||||||||
Decrease (increase) in other receivables and prepaid expenses | 210 | (40) | 150 | |||||||||
Decrease in operating lease right-of-use assets | 666 | 651 | 527 | |||||||||
Decrease in trade payables | (260) | (110) | (153) | |||||||||
Decrease in operating lease liabilities | (336) | (650) | (638) | |||||||||
Increase in accrued liabilities and other payables | (46) | (353) | 204 | |||||||||
Net cash used in operating activities | (9,419) | (14,093) | (2,763) | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of property and equipment | (28) | (483) | (954) | |||||||||
Investment in restricted deposits | - | (57) | (270 | |||||||||
Proceeds from sale of property and equipment | 1 | 1 | 68 | |||||||||
Net cash used in investing activities | (27) | (539) | (1,156) | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of shares and warrants less issuance expenses | 3,102 | - | - | |||||||||
Exercise of options and warrants into shares | - | 9 | 1,108 | |||||||||
Net cash provided by financing activities | 3,102 | 9 | 1,108 | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 26 | (142) | (379) | |||||||||
Net decrease in cash and cash equivalents | (6,318) | (14,765) | (3,190) | |||||||||
Cash and cash equivalents at the beginning of the year | 11,909 | 26,674 | 29,864 | |||||||||
Cash and cash equivalents at the end of the year | $ | 5,591 | $ | 11,909 | $ | 26,674 | ||||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||
Year ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Supplemental discloser of non-cash activities: | ||||||||||||
Right of use assets recognized with corresponding lease liabilities | $ | 101 | $ | 572 | $ | 886 | ||||||
Capitalization of Share-based compensation to inventory | $ | 4 | $ | 6 | $ | 33 | ||||||
Supplemental discloser of cash activities: | ||||||||||||
Cash paid during the year for taxes | $ | 16 | $ | 62 | $ | 8 | ||||||
COLLPLANT BIOTECHNOLOGIES LTD. | |||||||||
Year ended | |||||||||
2025 | 2024 | ||||||||
GAAP operating expenses: | $ | 13,019 | $ | 16,141 | |||||
Change of operating lease accounts | 50 | (18) | |||||||
Share-based compensation to employees, directors and consultants | (999) | (1,719) | |||||||
Non-GAAP operating expenses: | 12,070 | 14,404 | |||||||
GAAP operating loss | (11,483) | (17,251) | |||||||
Change of operating lease accounts | (50) | 18 | |||||||
Share-based compensation to employees, directors and consultants | 999 | 1,719 | |||||||
Non-GAAP operating loss | (10,534) | (15,514) | |||||||
GAAP Net loss | (11,489) | (16,609) | |||||||
Change of operating lease accounts | 330 | 1 | |||||||
Share-based compensation to employees, directors and consultants | 999 | 1,719 | |||||||
Non-GAAP Net loss | $ | (10,160) | $ | (14,889) | |||||
GAAP basic and diluted loss per ordinary share | $ | (0.94) | $ | (1.45) | |||||
NON- GAAP basic and diluted loss per ordinary share | $ | (0.83) | $ | (1.30) | |||||
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 2025 and 2024 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 year ended December 31, 2025, are presented in accordance with generally accepted accounting principles in the
A copy of the Company's annual report on Form 20-F for the year ended December 31, 2025 has been filed with 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; 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 it 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
Contact
CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com
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SOURCE CollPlant
FAQ
What drove CollPlant (CLGN) revenue growth in 2025?
How did CollPlant's net loss and expenses change in 2025 for CLGN shareholders?
What is CollPlant's cash position and 2025 cash flow situation (CLGN)?
What patent and product milestones did CollPlant (CLGN) report in 2025–2026?
What progress did CollPlant report on its regenerative breast implants program (CLGN)?
