CollPlant(US:CLGN)2023-11-29 19:21Financial Data and Key Metrics Changes - GAAP revenues for Q3 2023 were $43,000, a decrease of $66,000 compared to $109,000 in Q3 2022 [16] - GAAP revenues for the nine months ended September 30, 2023, were $10.7 million, an increase of $10.5 million compared to $241,000 in the same period last year [16] - GAAP net loss for Q3 2023 was $4.4 million or $0.38 basic loss per share, compared to a net loss of $4.4 million or $0.40 basic loss per share for Q3 2022 [20] - Cash, cash equivalents, and restricted cash as of September 30, 2023, were $29 million, representing a cash runway of at least two years [22] Business Line Data and Key Metrics Changes - The dermal filler product candidate partnered with AbbVie is in clinical phase and has the potential to shift the fillers market, with a $10 million payment received in Q3 2023 [8] - The regenerative breast implants program is preparing for a large animal study set to begin in December 2023, following a successful initial study [10][11] - The Gut-on-a-Chip program aims to develop a 3D bioprinted gut tissue model for drug discovery and personalized medicine [12][14] Market Data and Key Metrics Changes - The company is focusing on advancing its key programs despite the ongoing war in Israel, with minimal impact on production and development [5][6] - The company has established a crisis team to monitor operations and maintain communication with stakeholders during the war [6] Company Strategy and Development Direction - The company aims to create products that enable tissue and organ regeneration using proprietary recombinant human collagen technology [7] - The focus remains on core programs and partnerships, with a commitment to sustainability and ESG initiatives [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for a return to normalcy in Israel and emphasized the importance of maintaining operations and employee safety during the war [5][6] - The company plans to continue advancing its regenerative medicine programs and is optimistic about future milestones with AbbVie [43] Other Important Information - The company has joined the United Nations Global Compact, reaffirming its commitment to sustainable practices [15] - A U.S. patent was granted for the photocurable dermal filler product candidate, strengthening the company's position in the aesthetic market [9] Q&A Session Summary Question: What is the next milestone for the dermal filler product with AbbVie? - The next milestone will be related to development, clinical trials, regulatory, and commercial sales, but specific timelines cannot be disclosed [27] Question: What is the development strategy for the breast implant after the upcoming large animal study? - The study will evaluate commercial-sized implants and help finalize the implant design, with discussions with the FDA planned for 2025 [28][29] Question: What is the rationale behind terminating the agreement with Tel Aviv University for the Gut-on-a-Chip product? - The company decided to take the development in-house after one year of collaboration, restructuring the development team and optimizing the plan [30][31] Question: Does the two-year runway include expected payments from AbbVie? - The two-year runway is based solely on the current cash balance and does not include potential future milestone payments from AbbVie [35]