CollPlant(US:CLGN)2024-11-27 12:17Financial 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% increase[32]. - Operating expenses for Q3 2024 were $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].