CollPlant(CLGN) - 2024 Q3 - Quarterly Report

Financial Performance - GAAP revenues for Q3 2024 were $4,000, a decrease from$43,000 in Q3 2023, primarily due to no deliveries planned for the largest customer[8]. - GAAP revenues for the nine months ended September 30, 2024, were $351,000, down approximately$10.3 million from $10.7 million in the same period in 2023, largely due to a milestone payment of$10 million received in 2023[9]. - GAAP net loss for Q3 2024 was $4.3 million, or$0.38 basic loss per share, compared to a net loss of $4.4 million, or$0.38 basic loss per share, in Q3 2023[17]. - GAAP net loss for the nine months ended September 30, 2024, was $12.7 million, or$1.11 basic loss per share, compared to a net loss of $2.3 million, or$0.20 basic loss per share, for the same period in 2023[18]. - Total revenues for the nine months ended September 30, 2024, were $351 million, a decrease from$10,660 million in the same period of 2023[32]. - The net loss for the nine months ended September 30, 2024, was $12,731 million, compared to a net loss of$2,330 million for the same period in 2023[32]. - Non-GAAP net loss for the nine months ended September 30, 2024, was $11,497 million, compared to a non-GAAP net loss of$1,239 million in 2023[38]. - Basic and diluted net loss per ordinary share for the nine months ended September 30, 2024, was $1.11, compared to$0.20 in 2023[38]. - The company reported a total operating loss of $13,277 million for the nine months ended September 30, 2024, compared to a loss of$2,444 million in 2023[32]. - The company experienced a net cash used in operating activities of $10,629 million for the nine months ended September 30, 2024, compared to$418 million in 2023[34]. Cash Position - Cash and cash equivalents as of September 30, 2024, were $15.4 million, providing a runway for operations until at least the end of 2025[20]. - Cash and cash equivalents at the end of the period were$15,371 million, down from $28,981 million at the end of the same period in 2023[34]. Research and Development - Research and development expenses for the nine months ended September 30, 2024, were$7,972 million, up from $7,371 million in 2023, reflecting a 8.2$4.3 million, a slight decrease from 4.4 million in Q3 2023, with increased R&D costs related to breast implants[13]. - Significant progress in preclinical studies for the 3D-printed rhCollagen-based breast implants, showing promising results in vascularization and tissue ingrowth[3]. - The company is focused on 3D bioprinting of tissues and organs, utilizing its proprietary rhCollagen technology for regenerative and aesthetic medicine[39]. Collaborations and Partnerships - The collaboration with AbbVie has resulted in 24 million received to date, with potential total payments of up to $50 million for the development of a dermal filler product[6]. - The company entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, indicating a strategic partnership in the market[40]. - The company is prioritizing raising non-dilutive cash through collaborations in the medical and aesthetics fields[3]. Assets - Total assets as of September 30, 2024, were$22.4 million, down from $34.1 million as of December 31, 2023[28].