CollPlant Biotechnologies (CLGN) Q2 2024 earnings summary

Executive summary

• Achieved progress in the regenerative breast implant program, producing commercial-size 200cc implants and advancing preclinical studies using proprietary rhCollagen-based Bioinks and 3D bioprinting technology, targeting a $3 billion market opportunity.

• Dermal and soft tissue filler program with AbbVie remains in clinical phase, with potential for additional milestone payments and royalties upon commercialization.

• Collaboration with Stratasys focuses on bioprinting and scaling up implant fabrication.

• Released first ESG and Sustainability report, outlining clear targets in climate action, energy efficiency, and sustainable sourcing.

Financial highlights

• Q2 2024 GAAP revenues were $249,000, down from $10.2 million in Q2 2023, primarily due to a $10 million milestone payment from AbbVie in the prior year.

• Q2 2024 GAAP net loss was $4.2 million ($0.37 per share), versus net income of $5.8 million ($0.51 per share) in Q2 2023; non-GAAP net loss was $3.8 million.

• Six-month 2024 GAAP revenue was $347,000, down from $10.6 million in 2023; net loss was $8.4 million versus net income of $2.0 million in 2023.

• Cash and cash equivalents as of June 30, 2024, were $18.9 million, expected to fund operations through at least the end of 2025.

• Cash used in operating activities for the first half of 2024 was $7.2 million.

Outlook and guidance

• Results from ongoing animal studies for the breast implant program expected in Q4 2024 and Q1 2025.

• Focus remains on advancing the dermal filler program with AbbVie and generating additional safety and efficacy data for the breast implant candidate.

• Cash position expected to support operations through at least end of 2025 based on current plans.