COLLPLANT BIOTECHNOLOGIES REPORTS 2025 FIRST QUARTER FINANCIAL RESULTS AND PROVIDES A CORPORATE UPDATE
- Received $2 million milestone payment from AbbVie partnership
- Successful 3D bioprinting of 200cc commercial-size breast implants achieved
- Positive preclinical results for regenerative breast implants showing vascularization and tissue integration
- Cost-cutting measures extended cash runway through Q2 2026
- Significant revenue increase to $2.1M in Q1 2025 from $98K in Q1 2024
- Expanded international distribution network for Vergenix STR
- Strengthened IP portfolio with new patents in Japan
- Net loss of $1.5 million in Q1 2025
- 20% workforce reduction implemented
- Cash position decreased to $10.7M from $11.9M in previous quarter
Insights
CollPlant reports $2M milestone payment from AbbVie driving Q1 revenue growth while advancing regenerative breast implants and dermal filler programs.
CollPlant's Q1 financials show meaningful improvement with revenue jumping to
The company's cost-cutting initiatives, including a
What's particularly noteworthy is CollPlant's dual focus on both near-term financial discipline and long-term growth drivers. Their regenerative breast implant program represents a potentially transformative approach in a market plagued by complications from traditional implants. The successful 3D bioprinting of commercial-size 200cc implants with enhanced structural durability marks a significant technical achievement. Meanwhile, their photocurable dermal filler program is advancing toward clinical studies, expanding their footprint in the aesthetic medicine market.
The company's partnership with AbbVie continues to bear fruit through milestone payments, while expanded distribution networks for VergenixSTR across European and Asian markets should provide incremental revenue. The question remains whether these initiatives will translate into sustainable revenue growth beyond milestone payments, but the narrowed net loss of
CollPlant's regenerative breast implants show promising tissue integration and vascularization without adverse reactions, advancing toward a breakthrough alternative.
The preclinical results from CollPlant's regenerative breast implant program represent a potentially significant advancement in tissue engineering. Their 3D bioprinted implants, leveraging the company's proprietary plant-derived recombinant human collagen (rhCollagen), have demonstrated several critical characteristics that address longstanding challenges in breast reconstruction and augmentation.
The six-month post-implantation data revealing vascularization, tissue ingrowth, and early-stage biodegradation while maintaining structural integrity is particularly encouraging. This suggests the implants are facilitating the body's natural regenerative processes rather than simply existing as foreign objects. The absence of adverse tissue reactions further reinforces the biocompatibility of their rhCollagen platform.
What makes this approach revolutionary is its potential to address serious complications associated with traditional breast implants. The mention of autoimmune reactions and breast implant-associated anaplastic large cell lymphoma (BIA-ALCL) highlights the significant unmet medical need. A regenerative solution that integrates with the patient's own tissue could dramatically reduce these risks.
The refinement of surgical protocols to allow implantation through smaller incisions while minimizing displacement represents important progress toward clinical application. Additionally, the confirmation of tissue integration and vascularization through MRI and ultrasound imaging provides valuable non-invasive assessment methods that will be crucial for future clinical evaluation.
While still in preclinical stages, the successful production of commercial-size 200cc implants with enhanced structural durability represents an important scalability milestone. The company's statement that "no commercial solution exists that enables soft tissue regeneration in the breast" accurately reflects the potential for CollPlant to pioneer a new approach in this field.
- In Q1 following a development achievement, CollPlant received a
- Advancement of regenerative breast implant program continues; encouraging findings continue to be observed -
REHOVOT,
Yehiel Tal, CollPlant's Chief Executive Officer commented, "While advancing our core programs, we've remained disciplined in optimizing costs and prioritizing initiatives that are designed to support a well-capitalized path forward in the best interest of our shareholders. In line with this strategy, we are investing efforts in pursuing a non-dilutive transaction."
Mr. Tal continued, "We are highly encouraged by the promising results from our preclinical studies using commercial-size regenerative implants, and we are continuing follow-up evaluations to build on these findings. This program has the potential to position CollPlant as a leader in the regenerative medicine space.
In parallel, we are making steady progress with our photocurable dermal filler candidate, as well as with the dermal filler program currently under development by our partner, AbbVie."
First Quarter and Recent Highlights
Collaboration Updates
AbbVie Collaboration
In February 2025, following a key development milestone, CollPlant received a
Q1 and Recent Corporate Updates
CollPlant's Regenerative Breast Implants: A Potential Paradigm Shift in Aesthetic and Reconstructive Medicine
CollPlant is developing next-generation regenerative breast implants composed of its proprietary plant-derived recombinant human collagen (rhCollagen) and other biocompatible biomaterials. These implants are designed to regenerate natural breast tissue without triggering an immune response, potentially offering a transformative alternative for both aesthetic and reconstructive procedures, including postmastectomy reconstruction for cancer patients.
In June 2024, CollPlant announced a development milestone, which was the successful 3D bioprinting of 200cc breast implants – which are commercial size - featuring enhanced structural durability. These implants were produced using the Company's proprietary rhCollagen-based bioinks. To date, no commercial solution exists that enables soft tissue regeneration in the breast, positioning CollPlant's platform as a potential breakthrough in this field.
As part of the ongoing preclinical studies, the surgical protocol has been refined to allow implantation through a small incision, while minimizing the risk of implant displacement or inversion.
Previously, in March 2024, CollPlant reported encouraging results from one study arm following six-months post-implantation. The implants exhibited vascularization, rapid tissue ingrowth, and early-stage biodegradation, while maintaining their original structure and mechanical properties. Notably, no adverse tissue reactions were observed, reinforcing the implant's favorable safety profile.
Further analysis of MRI and ultrasound imaging conducted in early 2025 confirmed tissue integration and vascularization, underscoring the importance of this type of imaging tools to support future clinical evaluation. Based on these results, CollPlant plans to continue to optimize the implants for long-term tissue remodeling and durability.
The unmet need for safer, regenerative solutions is indisputable; in the
CollPlant's regenerative approach represents a bold step toward a potentially safer, more natural, and durable alternative.
Photocurable Dermal Filler Program Advancing Toward Clinical Stage
CollPlant has made significant progress developing its photocurable dermal filler, which not only supports skin lifting and tissue rejuvenation, but also offers facial contouring capabilities. CollPlant is now completing the preclinical testing phase of the photocurable dermal filler, and, alongside production scale-up activities, is preparing for the initiation of clinical studies.
In addition, Jason Bloom, MD, a leading expert in facial plastic and reconstructive surgery, will be speaking about CollPlant's photocurable dermal filler at The Vegas Cosmetic Surgery Conference 2025 in a presentation titled, "Innovative Regenerative Injectable Implant Based on Photocurable rhCollagen". The presentation will take place on Friday, May 30, 2025 from 12:45-12:55 p.m. PDT. Dr. Bloom brings a wealth of clinical expertise and innovation to the aesthetics field, and is chairing on panels for multiple sessions at the conference with the goal to offer a compelling glimpse into the future of injectable treatments.
In February 2025, CollPlant announced the issuance of
Non-Core Commercial Programs
In February 2025, CollPlant announced the expansion of its international distribution network for Vergenix™ STR, a product based on CollPlant's proprietary rhCollagen technology combined with platelet-rich plasma (PRP).
VergenixSTR is designed to treat tendinopathy by promoting the healing and repair of tendon injuries in multiple anatomical sites, including the elbow tendon (for "tennis elbow"), rotator cuff, patellar tendon, Achilles tendon, and cases of plantar fasciitis.
As part of this expansion, CollPlant has entered into new distribution agreements with partners for commercial sales in
Intellectual Property: rhCollagen Curable BioInks Portfolio of Products
CollPlant announced in March that the Japan Patent Office (JPO) has granted a second patent on Patent Application no. 2023-101072 securing patent protection on CollPlant's portfolio of rhCollagen curable BioInks in
Additionally, CollPlant's BioInk products provide the advantage of being animal-free, have optimal rheology properties (pertaining to deformation and flow of matter- both liquids and solids) at room temperature, support high viability of different cell types and are biocompatible and non-immunogenic.
In April 2025, CollPlant issued commentary in response to the United States Food and Drug Administration (FDA)'s groundbreaking step announced to advance public health by replacing animal testing in the development of monoclonal antibody therapies and other drug candidates with more effective, human-relevant methods. Importantly, CollPlant's Collink.3D® portfolio of rhCollagen-based BioInk products can be utilized for the biofabrication of tissue or organ-on-a-chip systems, which serve as alternatives to animal testing. These systems can expedite the gap between benchtop studies and clinical trials, as well as be more economical and enable a reduced time to market.
Mr. Tal added, "We are pleased to be ahead of the curve related to the direction that medical research is headed, developing alternatives for use in place of traditional animal testing or human-equivalent biomaterials not derived from animal sources which supports the FDA's NAMs as announced this past April. CollPlant's novel rhCollagen and rhCollagen-based Collink.3D portfolio of BioInk products can be used in a wide variety of non-animal testing applications. What we are doing at CollPlant is revolutionary, and, has taken decades of meticulous research. We continue to be a pioneer of technologies in this area and hope to be instrumental to enable the application of both alternatives in animal testing and biomaterials."
Operational Updates
Also in February 2025, CollPlant announced that it had initiated a cost cutting and workforce reduction plan. The allocation of resources resulted in a reduction of workforce by approximately
First Quarter 2025 Financial Results
GAAP revenues for the first quarter ending March 31, 2025, were
GAAP cost of revenues for the first quarter ending March 31, 2025, was
GAAP gross profit for the first quarter ending March 31, 2025, was
GAAP operating expenses for the first quarter ending March 31, 2025, were
GAAP financial income, net, for the first quarter ending March 31, 2025, totaled
GAAP net loss for the first quarter ending March 31, 2025 was
Balance Sheet and Cash Flow
The Company's cash and cash equivalents balance as of March 31, 2025 was
Net cash used in operating activities was
Net cash used in investing activities was
There was no cash flow from financing activities during the first quarter ending March 31, 2025. Net cash provided by financing activities was
COLLPLANT BIOTECHNOLOGIES LTD. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
( | |||||
March 31, 2025 | December 31, 2024 | ||||
Unaudited | Audited | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 10,735 | $ | 11,909 | |
Restricted deposit | 245 | 248 | |||
Trade receivables, net | - | 150 | |||
Inventories | 673 | 440 | |||
Other accounts receivable and prepaid expenses | 440 | 433 | |||
Total current assets | 12,093 | 13,180 | |||
Non-current assets: | |||||
Restricted deposit | 117 | 118 | |||
Operating lease right-of-use assets | 2,813 | 2,991 | |||
Property and equipment, net | 2,069 | 2,290 | |||
Intangible assets, net | 116 | 131 | |||
Total non-current assets | 5,115 | 5,530 | |||
Total assets | $ | 17,208 | $ | 18,710 | |
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
( | ||||||
March 31, 2025 | December 31, 2024 | |||||
Unaudited | Audited | |||||
Liabilities and shareholders' equity | ||||||
Current liabilities: | ||||||
Trade payables | $ | 770 | $ | 870 | ||
Operating lease liabilities | 732 | 806 | ||||
Accrued liabilities and other payables | 1,198 | 1,294 | ||||
Total current liabilities | 2,700 | 2,970 | ||||
Non-current liabilities: | ||||||
Operating lease liabilities | 2,111 | 2,275 | ||||
Total non-current liabilities | 2,111 | 2,275 | ||||
Total liabilities | 4,811 | 5,245 | ||||
Commitments and contingencies | ||||||
Shareholders' Equity: | ||||||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of | 4,983 | 4,983 | ||||
Additional paid in capital | 123,185 | 122,801 | ||||
Accumulated other comprehensive loss | (969) | (969) | ||||
Accumulated deficit | (114,802) | (113,350) | ||||
Total shareholders' equity | 12,397 | 13,465 | ||||
Total liabilities and shareholders' equity | $ | 17,208 | $ | 18,710 | ||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
( | ||||||
(Unaudited) | ||||||
Three months ended | ||||||
2025 | 2024 | |||||
Revenues | $ | 2,055 | $ | 98 | ||
Cost of revenues | 188 | 545 | ||||
Gross profit (loss) | 1,867 | (447) | ||||
Operating expenses: | ||||||
Research and development | 2,105 | 2,406 | ||||
General, administrative and marketing | 1,410 | 1,476 | ||||
Total operating loss | 1,648 | 4,329 | ||||
Financial income, net | 196 | 134 | ||||
Net loss | $ | 1,452 | $ | 4,195 | ||
Basic and diluted net loss per ordinary share | $ | 0.13 | $ | 0.37 | ||
Weighted average number of ordinary shares used in computation of basic and diluted net loss per share | 11,454,512 | 11,453,177 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
( | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
2025 | 2024 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (1,452) | $ | (4,195) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 244 | 280 | |||||
Share-based compensation to employees and consultants | 382 | 290 | |||||
Exchange differences on cash and cash equivalents and restricted cash | 6 | 125 | |||||
Accrued interest | (3) | - | |||||
Changes in assets and liabilities: | |||||||
Decrease (increase) in trade receivables | 150 | (90) | |||||
Decrease (increase) in inventories | (231) | 72 | |||||
Decrease (increase) in other accounts receivables and prepaid expenses | (7) | 114 | |||||
Decrease in operating lease right-of-use assets | 165 | 137 | |||||
Increase (decrease) in trade payables | (100) | 139 | |||||
Decrease in operating lease liabilities | (225) | (186) | |||||
Increase in accrued liabilities and other payables | (96) | 61 | |||||
Net cash used in operating activities | (1,167) | (3,253) | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (9) | (82) | |||||
Proceeds from sale of property and equipment | 1 | - | |||||
Net cash used in investing activities | (8) | (82) | |||||
Cash flows from financing activities: | |||||||
Exercise of options into shares | - | 9 | |||||
Net cash provided by financing activities | - | 9 | |||||
Effect of exchange rate changes on cash and cash equivalents | 1 | (123) | |||||
Net decrease in cash and cash equivalents | (1,174) | (3,449) | |||||
Cash and cash equivalents at the beginning of the period | 11,909 | 26,674 | |||||
Cash and cash equivalents at the end of the period | $ | 10,735 | $ | 23,225 | |||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||
APPENDICES TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
( | ||||||
(Unaudited) | ||||||
Three months ended | ||||||
2025 | 2024 | |||||
Supplemental discloser of non-cash activities: | ||||||
Right-of-use assets recognized with corresponding lease liabilities | $ | (13) | $ | 46 | ||
Capitalization of share-based compensation to inventory | $ | 2 | $ | 3 | ||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||
( | ||||
(Unaudited) | ||||
Three months ended | ||||
2025 | 2024 | |||
GAAP operating expenses: | $ | 3,515 | $ | 3,882 |
Change of operating lease accounts | 4 | 1 | ||
Share-based compensation to employees, directors and consultants | (382) | (290) | ||
Non-GAAP operating expenses: | 3,137 | 3,593 | ||
GAAP operating loss | 1,648 | 4,329 | ||
Change of operating lease accounts | 4 | 1 | ||
Share-based compensation to employees, directors and consultants | (382) | (290) | ||
Non-GAAP operating loss | 1,270 | 4,040 | ||
GAAP Net loss | 1,452 | 4,195 | ||
Change of operating lease accounts | 60 | 49 | ||
Share-based compensation to employees, directors and consultants | (382) | (290) | ||
Non-GAAP Net loss | $ | 1,130 | $ | 3,954 |
GAAP basic and diluted loss per ordinary share | $ | 0.13 | $ | 0.37 |
NON- GAAP basic and diluted loss per ordinary share | $ | 0.10 | $ | 0.35 |
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 first quarter ended March 31, 2025, are presented in accordance with generally accepted accounting principles in the
About CollPlant
CollPlant is a regenerative and aesthetic medicine company ushering in a new era of medical solutions with a focus on 3D bioprinting of tissues and organs, tissue repair 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.
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.
Forward-Looking Statements
This press release includes forward-looking statements. Forward-looking statements 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, and including its ability to conclude a non-dilutive financing transaction; 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
+ 972-73-2325600
Eran@collplant.com
Investors:
LifeSci Advisors
Dan Ferry
daniel@lifesciadvisors.com
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SOURCE CollPlant
FAQ
What were CollPlant's (CLGN) Q1 2025 financial results?
What progress has CollPlant made with its regenerative breast implant program?
How much was the milestone payment CollPlant received from AbbVie in Q1 2025?
What cost-cutting measures did CollPlant implement in 2025?
What new patents did CollPlant receive in early 2025?
