CollPlant(US:CLGN)2024-08-20 11:11Financial Performance - Total revenues for the six months ended June 30, 2024, were $347 million, compared to $249 million for the same period in 2023, representing a 39.5% increase[36]. - Total revenues for the six months ended June 2024 were $347,000, compared to $10,617,000 for the same period in 2023, indicating a significant decrease[89]. - Revenues from the sales of goods for the three months ended June 2024 were $249,000, down from $184,000 in the same period of 2023[89]. - Revenues from milestones for the six months ended June 2024 were $30,000, consistent with the previous year[89]. - Total revenues for the three months ended June 2024 were $249,000, compared to $10,184,000 for the same period in 2023, showing a substantial decline[89]. Net Loss and Earnings - The net loss for the period was $8,405 million, compared to a net income of $2,047 million for the same period in 2023[36]. - Basic net loss per ordinary share for the six months ended June 30, 2024, was $(0.73), compared to a profit of $0.18 per share for the same period in 2023[36]. - As of June 30, 2024, the company reported a net loss of $8,405,000, with an accumulated deficit of $105,146,000[69]. - The basic net loss per share for the six months ended June 30, 2024, was $(0.73), compared to a net income per share of $0.18 for the same period in 2023[73]. Assets and Liabilities - Current assets decreased to $20,335,000 as of June 30, 2024, from $28,022,000 as of December 31, 2023, reflecting a decline of approximately 27.6%[33]. - Total assets decreased to $26,566,000 as of June 30, 2024, from $34,126,000 as of December 31, 2023, indicating a reduction of approximately 22.2%[33]. - Total liabilities as of June 30, 2024, were $5,837 million, slightly up from $5,786 million as of December 31, 2023[35]. - Total shareholders' equity decreased to $20,729 million as of June 30, 2024, from $28,340 million as of December 31, 2023, indicating a decline of 26.8%[35]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $18,920 million, down from $22,366 million at the end of the same period in 2023, a decrease of 15.8%[47]. - The company's cash and cash equivalents as of June 30, 2024, totaled $18,920,000, providing sufficient funds to support operations for more than 12 months[69]. - The company incurred negative cash flows from operating activities amounting to $7,181,000 for the six months ended June 30, 2024[69]. - The company anticipates future net losses and will need to raise additional cash to support its operations until profitability is achieved[51]. Research and Development - Research and development expenses increased to $5,103 million for the six months ended June 30, 2024, from $4,676 million in the same period of 2023, reflecting an increase of 9.1%[36]. - Research and development expenses for the six months ended June 30, 2024, were $410,000, compared to $307,000 for the same period in 2023[86]. Stock Options and Compensation - During the six months ended June 30, 2024, the company granted options totaling 41,500, with a weighted average exercise price of $5.34[19]. - The fair value of options granted during the six months ended June 30, 2024, was $169,000, compared to $505,000 for the same period in 2023[19]. - As of June 30, 2024, the company had 1,764,005 options outstanding, with a weighted average exercise price of $5.78[19]. - The total incremental fair value of options granted to employees was $197,000, based on the Black-Scholes pricing model[76]. - As of June 30, 2024, there was $2,213,000 of unrecognized compensation expense related to unvested RSUs and options, expected to be recognized over a weighted-average period of 1.9 years[86]. - The company granted 261,000 restricted share units (RSUs) with a weighted average grant date fair value of $5.13 during the six months ended June 30, 2024[77]. Inventory Management - As of June 30, 2024, total inventories decreased to $439,000 from $714,000 as of December 31, 2023, representing a decline of approximately 38.5%[2]. - The company recorded approximately $268,000 for write-down of inventories under cost of revenues during the six months ended June 30, 2024[28]. Business Development - The company achieved a milestone in June 2023 related to the clinical phase dermal filler product, resulting in a $10,000 payment from AbbVie, received in July 2023[9]. - The company is focused on the development and commercialization of its products, including BioInk for 3D bioprinting and rhCollagen for medical aesthetics[50]. - The company has not commenced operations for its wholly-owned subsidiary, CollPlant Inc., established in November 2021[68].