COLLPLANT BIOTECHNOLOGIES REPORTS 2025 THIRD QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
Rhea-AI Summary
CollPlant Biotechnologies (Nasdaq: CLGN) reported third-quarter 2025 results and a corporate update on Nov 26, 2025. Key commercial moves include a new U.S. logistics center becoming operational this quarter and appointment of a North America commercial head to expand rhCollagen and BioInk distribution.
Financial highlights: Q3 GAAP revenue $77k (vs $4k year-ago); 9M revenue $2.3M driven by a $2.0M AbbVie milestone; cash $8.5M as of Sept 30, 2025; GAAP 9M net loss narrowed to $8.3M from $12.7M. Company initiated a ~25% workforce reduction and cost-prioritization to extend runway.
Positive
- 9M revenue increased to $2.3M from $351,000
- Received a $2.0M AbbVie milestone payment
- Operating expenses down ≈ $2.3M for 9M from cost cuts
- Completed registered direct offering with net proceeds of $3.1M
- New U.S. logistics center to support North American sales
Negative
- Cash and cash equivalents of $8.5M may constrain runway without additional funding
- GAAP net loss for 9M remains $8.3M (loss persisting)
- Planned workforce reduction of ≈ 25% indicates material cost pressure
- Q3 GAAP revenue still low at $77k despite YoY increase
Insights
Mixed results: commercial traction and milestone cash help, but cuts and modest revenues keep company in restructuring mode.
GAAP figures show third-quarter revenue of
The business depends on a small but growing commercial channel for rhCollagen and BioInk in North America, a newly announced U.S. logistics center expected to become operational this quarter, and the progression of the AbbVie collaboration where interim clinical cohort data are under review. At the same time, management is implementing a ~
Watch near term: (1) AbbVie’s decision following its interim cohort review and any further payments or go/no‑go signals; (2) operational start of the U.S. logistics center this quarter and any resulting sales lift for rhCollagen/BioInk; and (3) the financial impact of the cost reduction plan on quarterly cash burn and runway into
- Expansion of rhCollagen and BioInk raw material sales in North American territories expected through a new partnership with a
U.S. -based logistics center scheduled to become operational this quarter and under new commercial leadership for this region - Recent developments suggest CollPlant's rhCollagen will have a significant contribution towards innovation in the areas of non-animal alternatives for medical and research
- Plan for cost reductions and program prioritization in place to extend cash runway
REHOVOT,
Yehiel Tal, CollPlant's Chief Executive Officer, remarked, "CollPlant continued to advance innovation this quarter beyond its core development programs. Using our rhCollagen, researchers at Mayo Clinic created the first fully humanized bioprinted skin model designed to serve as an alternative to animal testing for 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. 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 continued, "Together, these achievements highlight the expanding role of our rhCollagen platform in enabling non-animal alternatives for medical, pharmaceutical, and consumer research-from drug discovery, regenerative medicine, and tissue modeling to advanced testing for pharmaceuticals and cosmetics."
AbbVie Collaboration
In February 2025, CollPlant received a
Per this agreement, CollPlant has granted AbbVie a worldwide exclusive license to combine its proprietary rhCollagen technology with AbbVie's technologies for the development and commercialization of dermal and soft tissue filler products.
The lead dermal filler candidate is now in the clinical phase and AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled under the trials initiated in 2023. Next steps for the program are to be determined by AbbVie upon concluding their assessment.
Cost Reductions and Program Prioritization
CollPlant recently updated its expense forecast and has initiated a cost cutting and workforce reduction plan. CollPlant updated its allocation of resources which is expected to result in a reduction in CollPlant's workforce by approximately
Mr. Tal added, "In 2026, CollPlant will prioritize its collaboration with AbbVie and continue advancing its own dermal filler product candidate. I look forward to sharing progress updates on these programs in the coming months. In parallel, we plan to actively seek a strategic partner to collaborate with us on the continued development of our novel regenerative breast implant product candidate."
Third Quarter and Recent Highlights
- Today, CollPlant announced that its Board Chairman, Roger Pomerantz, M.D., has informed the Company that he has elected not to re-nominate himself at the upcoming Annual General Meeting of Shareholders. In his place, the Board of Directors has nominated Mr. Yehiel Tal, the Company's CEO, as interim Chairman of the Board of Directors, subject to the approval of the Company's shareholders. The Company sincerely thanks Dr Pomerantz for his five years of dedicated service.
- On October 27, 2025, the Company announced the expansion of its distribution footprint in
North America through a partnership with aU.S. -based logistics center. Expected to become operational this quarter, the facility will provide full cGMP-compliant storage and distribution services and function as a clinical supply depot. This expansion is expected to strengthen support for CollPlant's growing customer base across theU.S. andCanada for its rhCollagen and BioInk product portfolios.
- On October 20, 2025, the Company announced positive results from a head-to-head comparative study of its rhCollagen-based bioink, Collink.3D™, and Matrigel®, conducted by the Levenberg Lab at Technion - Israel Institute of Technology. In this study, the Technion found that CollPlant's rhCollagen-based bioink, Collink.3D™, outperformed Matrigel®, a leading extracellular matrix, in supporting structured tissue formation. The findings suggest Collink.3D™ could offer a consistent, tunable, and animal-free alternative for advanced tissue engineering and research applications. This is an important finding since extracellular matrices are key tools in drug discovery, regenerative medicine, and tissue modeling. The study confirmed that CollPlant's plant-based technology provides a sustainable and ethical approach without compromising performance.
The global market for Matrigel and other membrane matrices was valued at$96 million $201 million 11.2% . Global key players of Matrigel include Corning, Thermo Fisher Scientific, and R&D Systems. These top three players hold a market share of over69% .
- On October 16, 2025, the Company announced that a scientific article published in Archives of Dermatological Research reported that researchers at Mayo Clinic have 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 offers an innovative, sustainable, and ethical alternative to animal testing for preclinical research, with broad potential applications in cosmetic and pharmaceutical testing, disease modeling, and drug development.
- In July 2025, CollPlant announced the appointment of Bowman Bagley as Vice President, Commercial North America. In this newly established role, Mr. Bagley is responsible for leading CollPlant's commercial strategy and execution across the region, including sales and marketing, logistics, and the expansion of market presence for the Company's rhCollagen-based products and technology platforms.
Photocurable Dermal Filler Program Advancing Toward Clinical Stage
CollPlant continues to advance its photocurable dermal filler program through preclinical development to address the growing demand for innovative aesthetic solutions. On September 30, 2025, the Company announced positive results from its non-clinical program evaluating the photocurable dermal filler and outlined plans to progress this product candidate into clinical trials. This next-generation filler represents a meaningful innovation in aesthetic medicine by combining precise facial contouring, superior lifting and structural support, and regenerative potential in a single treatment.
The program has now entered the final stages of preclinical testing, and production scale-up is underway as CollPlant prepares for the initiation of clinical studies.
Commercial Programs
CollPlant is expanding the distribution of its rhCollagen material and BioInk product lines across
In parallel, CollPlant is broadening its international distribution network for Vergenix™ STR, its tendon-repair product that combines the Company's proprietary rhCollagen with platelet-rich plasma (PRP). This year, the Company expanded into seven new markets:
Mr. Tal concluded, "We remain highly encouraged by the additional results emerging from the preclinical studies of our commercial-size regenerative breast implants, as well as from the ongoing evaluations of our photocurable dermal filler program. While advancing these core product candidates, we have also continued to expand distribution for our rhCollagen and bioink product lines in key markets, supported by the appointment of our
Three and Nine Month-Period Ended September 30, 2025 Financial Results
GAAP revenues for the third quarter ended September 30, 2025, were
GAAP revenues for the nine months ended September 30, 2025, were
GAAP cost of revenues for the third quarter ended September 30, 2025, was
GAAP cost of revenues for the nine months ended September 30, 2025, was
GAAP gross loss for the third quarter ended September 30, 2025, was
GAAP gross profit for the nine months ended September 30, 2025, was
GAAP operating expenses for the third quarter ended September 30, 2025, were
GAAP operating expenses for the nine months ended September 30, 2025, were
GAAP financial income, net, for the third quarter ended September 30, 2025, totaled
GAAP financial income, net, for the nine months ended September 30, 2025, totaled
GAAP net loss for the third quarter ended September 30, 2025, was
GAAP net loss for the nine months ended September 30, 2025, was
Balance Sheet and Cash Flow
Cash and cash equivalents as of September 30, 2025, were
Cash used in operating activities during the nine months ended September 30, 2025 was
Cash used in investing activities during the nine months ended September 30, 2025, was
Cash provided by financing activities during the nine months ended September 30, 2025 was
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
( | ||||||||
September 30, | December 31, | |||||||
2025 | 2024 | |||||||
Unaudited | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 8,547 | $ | 11,909 | ||||
Restricted deposit | 281 | 248 | ||||||
Trade receivables, net | 11 | 150 | ||||||
Inventories | 540 | 440 | ||||||
Other accounts receivable and prepaid expenses | 243 | 433 | ||||||
Total current assets | 9,622 | 13,180 | ||||||
Non-current assets: | ||||||||
Restricted deposit | 134 | 118 | ||||||
Operating lease right-of-use assets | 2,596 | 2,991 | ||||||
Property and equipment, net | 1,649 | 2,290 | ||||||
Intangible assets, net | 88 | 131 | ||||||
Total non-current assets | 4,467 | 5,530 | ||||||
Total assets | $ | 14,089 | $ | 18,710 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
( | ||||||||
September 30, | December 31, | |||||||
2025 | 2024 | |||||||
Unaudited | ||||||||
Liabilities and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Trade payables | $ | 618 | $ | 870 | ||||
Operating lease liabilities | 788 | 806 | ||||||
Accrued liabilities and other payables | 1,226 | 1,294 | ||||||
Total current liabilities | 2,632 | 2,970 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities | 2,152 | 2,275 | ||||||
Total non-current liabilities | 2,152 | 2,275 | ||||||
Total liabilities | 4,784 | 5,245 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity: | ||||||||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of | 5,492 | 4,983 | ||||||
Additional paid in capital | 126,414 | 122,801 | ||||||
Accumulated other comprehensive loss | (969) | (969) | ||||||
Accumulated deficit | (121,632) | (113,350) | ||||||
Total shareholders' equity | 9,305 | 13,465 | ||||||
Total liabilities and shareholders' equity | $ | 14,089 | $ | 18,710 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
( | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues | $ | 2,311 | $ | 351 | $ | 77 | $ | 4 | ||||||||
Cost of revenues | 643 | 1,353 | 269 | 272 | ||||||||||||
Gross profit (loss) | 1,668 | (1,002) | (192) | (268) | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 6,207 | 7,972 | 2,089 | 2,869 | ||||||||||||
General, administrative | 3,794 | 4,303 | 1,226 | 1,405 | ||||||||||||
Total operating loss | (8,333) | (13,277) | (3,507) | (4,542) | ||||||||||||
Financial income, net | 51 | 546 | 24 | 216 | ||||||||||||
Net loss for the period | $ | (8,282) | $ | (12,731) | $ | (3,483) | $ | (4,326) | ||||||||
Basic and diluted net loss | $ | (0.69) | $ | (1.11) | $ | (0.27) | $ | (0.38) | ||||||||
Weighted average | 12,009,054 | 11,454,069 | 12,722,203 | 11,454,512 | ||||||||||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
( | ||||||||
(Unaudited) | ||||||||
Nine months ended | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (8,282) | $ | (12,731) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 696 | 796 | ||||||
Accrued interest | (10) | - | ||||||
Share-based compensation to employees and consultants | 1,017 | 1,295 | ||||||
Exchange differences on cash and cash equivalents and restricted cash | (71) | 201 | ||||||
Changes in assets and liabilities: | ||||||||
Decrease (increase) in trade receivables | 139 | (5) | ||||||
Decrease (increase) in inventories | (97) | 265 | ||||||
Decrease (increase) in other accounts receivable and prepaid expenses | 190 | (33) | ||||||
Decrease in operating lease right of use assets | 496 | 468 | ||||||
Increase (decrease) in trade payables | (252) | 29 | ||||||
Decrease in operating lease liabilities | (242) | (529) | ||||||
Decrease in accrued liabilities and other payables | (68) | (385) | ||||||
Net cash used in operating activities | (6,484) | (10,629) | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (13) | (424) | ||||||
Proceeds from sale of property and equipment | 1 | - | ||||||
Investment in restricted deposits | - | (57) | ||||||
Net cash used in investing activities | (12) | (481) | ||||||
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 | ||||||
Net cash provided by financing activities | 3,102 | 9 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 32 | (202) | ||||||
Net decrease in cash and cash equivalents | (3,362) | (11,303) | ||||||
Cash and cash equivalents at the beginning of the period | 11,909 | 26,674 | ||||||
Cash and cash equivalents at the end of the period | $ | 8,547 | $ | 15,371 | ||||
Nine months ended | ||||||||
2025 | 2024 | |||||||
Supplemental discloser of non-cash activities: | ||||||||
Right of use assets recognized with corresponding lease liabilities | $ | 101 | $ | 623 | ||||
Capitalization of Share-based compensation to inventory | $ | 3 | $ | 5 | ||||
COLLPLANT BIOTECHNOLOGIES LTD. | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
( | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
GAAP operating expenses: | $ | 10,001 | $ | 12,275 | $ | 3,315 | $ | 4,274 | ||||||||
Change of operating lease accounts | 25 | (8) | 16 | 6 | ||||||||||||
Share-based compensation to employees, directors | (1,017) | (1,295) | (282) | (515) | ||||||||||||
Non-GAAP operating expenses: | 9,009 | 10,972 | 3,049 | 3,765 | ||||||||||||
GAAP operating loss | (8,333) | (13,277) | (3,507) | (4,542) | ||||||||||||
Change of operating lease accounts | (25) | 8 | (16) | (6) | ||||||||||||
Share-based compensation to employees, directors | 1,017 | 1,295 | 282 | 515 | ||||||||||||
Non-GAAP operating loss | (7,341) | (11,974) | (3,241) | (4,033) | ||||||||||||
GAAP Net loss | (8,282) | (12,731) | (3,483) | (4,326) | ||||||||||||
Change of operating lease accounts | 254 | (61) | 41 | 41 | ||||||||||||
Share-based compensation to employees, directors | 1,017 | 1,295 | 282 | 515 | ||||||||||||
Non-GAAP Net loss | $ | (7,011) | $ | (11,497) | $ | (3,160) | $ | (3,770) | ||||||||
GAAP basic and diluted loss per ordinary share | $ | (0.69) | $ | (1.11) | $ | (0.27) | $ | (0.38) | ||||||||
NON- GAAP basic and diluted loss per ordinary share | $ | (0.58) | $ | (1.0) | $ | (0.25) | $ | (0.33) | ||||||||
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 third quarter ended September 30, 2025, 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 include, but are not limited to, statements relating to CollPlant's objectives plans and strategies and cash runway, 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
Contacts
CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com
Investors:
LifeSci Advisors
Dan Ferry
daniel@lifesciadvisors.com
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SOURCE CollPlant
FAQ
What were CollPlant (CLGN) third-quarter 2025 revenues and net loss?
How did CollPlant's nine-month 2025 revenue increase to $2.3M?
What cost actions did CollPlant announce to extend its cash runway (CLGN)?
How much cash did CollPlant report on Sept 30, 2025 and what financing occurred in 2025?
What commercial developments did CollPlant report to expand rhCollagen and BioInk sales in North America?
