COLLPLANT BIOTECHNOLOGIES REPORTS 2024 FINANCIAL RESULTS AND PROVIDES A CORPORATE UPDATE

Core Insights - CollPlant Biotechnologies has announced six-month study data from its regenerative breast implant program, which targets a $3 billion market opportunity and aims to provide a revolutionary alternative for women [1][12] - The company received a$2 million development payment from AbbVie, indicating progress in its collaboration efforts [1][5] Financial Performance - For the year ended December 31, 2024, CollPlant reported GAAP revenues of $515,000, a significant decrease from$11.0 million in 2023, primarily due to a milestone payment of $10 million received in 2023 [21] - The GAAP net loss for 2024 was$16.6 million, or $1.45 basic loss per share, compared to a net loss of$7.0 million, or $0.62 basic loss per share in 2023 [26] - Cash and cash equivalents as of December 31, 2024, were$11.9 million, down from $26.7 million in 2023 [27] Product Development and Collaborations - CollPlant's regenerative breast implants, printed using proprietary rhCollagen-based bioinks, have shown promising results in six-month studies, including vascularization and tissue integration [9][11] - The company has initiated a preclinical study with Stratasys for the development of bioprinting solutions for its breast implants [6] - Under the collaboration with AbbVie, a worldwide exclusive license has been granted for the use of CollPlant's rhCollagen technology in dermal and soft tissue fillers, which are currently in clinical trials [4] Market Strategy and Distribution - CollPlant has expanded its distribution channels for its Vergenix™ STR product in Europe and Asia, signing agreements with distributors in the Netherlands, Turkey, and India [13] - The company is focused on optimizing costs and has implemented a workforce reduction plan of approximately 20% to support its primary research and development programs [14] Intellectual Property - CollPlant has secured a second patent in Japan for its rhCollagen curable BioInks, extending protection until 2038 [15] - A U.S. patent related to its photocurable dermal filler product candidate has also been granted, which will expire in 2039 [18]