COLLPLANT BIOTECHNOLOGIES REPORTS 2024 THIRD QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Core Insights - CollPlant Biotechnologies has achieved promising results in preclinical studies for its rhCollagen-based regenerative breast implants, indicating significant vascularization and tissue integration [1][4] - The company is targeting a $3.0 billion market opportunity with its innovative breast implant technology [1] - As of September 30, 2024, CollPlant reported cash and cash equivalents of$15.4 million, providing a runway for operations into 2025 [19] Company Developments - The CEO of CollPlant, Yehiel Tal, expressed optimism about advancing the breast implant program into human studies following successful preclinical trials [2] - The company has adjusted its development plans to ensure sufficient capitalization for at least one year and is focusing on raising non-dilutive cash through collaborations [2] - CollPlant is collaborating with Stratasys to develop a bioprinting solution for its breast implants, which could revolutionize the current market offerings [3] Financial Performance - For Q3 2024, CollPlant reported GAAP revenues of $4,000, a decrease from$43,000 in Q3 2023, primarily due to a lack of deliveries to its largest customer [9] - For the nine months ended September 30, 2024, GAAP revenues were $351,000, down from$10.7 million in the same period in 2023, largely due to a milestone payment received in 2023 under the AbbVie agreement [10] - The company reported a GAAP net loss of $4.3 million for Q3 2024, compared to a net loss of$4.4 million in Q3 2023 [17] Collaborations and Partnerships - CollPlant's collaboration with AbbVie is focused on developing a dermal and soft tissue filler product, with the potential for up to $50 million in payments to CollPlant [5] - As of now, CollPlant has received$24 million from AbbVie under this agreement [5] Research and Development - The company is prioritizing research and development activities related to its breast implants, which have shown significant promise in preclinical trials [14] - Operating expenses for R&D increased in Q3 2024, reflecting the company's commitment to advancing its innovative technologies [14][15] Market Context - The breast implant market represents a significant opportunity for CollPlant, with the company positioned to address unmet needs in aesthetic and reconstructive plastic surgery [2][32] - The innovative nature of CollPlant's products, based on non-animal-derived collagen, aligns with current trends towards biocompatibility in medical aesthetics [2][32]