CollPlant Biotechnologies Ltd.

Q4 2024 revenue was $164,000 versus $299,000 in Q4 2023. Full-year 2024 GAAP revenue was $515,000 versus $11 million in 2023. Q4 2024 GAAP gross loss was $108,000 versus $474,000 a year ago, and full-year GAAP gross loss was $1.1 million versus gross profit of $9 million in 2023. Q4 2024 GAAP net loss was $3.9 million, or $0.34 basic loss per share, versus $4.7 million, or $0.41, last year; full-year GAAP net loss was $16.6 million, or $1.45 per share, versus $7 million, or $0.62, in 2023. Cash and cash equivalents were $11.9 million at Dec. 31, 2024, and management said the company expects its cash runway to satisfy operational requirements through Q2 2026, excluding any additional potential partnership revenues. In Q1 2025, CollPlant received a $2 million payment from AbbVie after a development achievement.

Yehiel Tal framed the call around CollPlant’s mission in regenerative medicine and said the company is prioritizing its own proprietary programs alongside partnerships. He highlighted positive preclinical feedback on the photocurable dermal filler and said the breast implant program is progressing with commercial-sized prototypes and promising tissue integration results. His tone was constructive and forward-looking, emphasizing long-term value creation, but he also pointed to a gradual path to clinic and continued optimization before trial readiness.

Eran Rotem focused on the revenue decline being driven mainly by the lack of the prior-year AbbVie milestone and weaker RH collagen sales. He walked through the cost structure, noting Q4 cost of revenues of $272,000, full-year cost of revenues of $1.6 million, Q4 operating expenses of $3.9 million, and full-year operating expenses of $16.1 million, with decreases tied to lower salaries, share-based compensation, R&D activity, and insurance costs. He said cash was $11.9 million at year-end, that this does not include the additional $2 million AbbVie payment received in February, and that under conservative assumptions the company expects to operate into Q2 2026.

The main analyst question was about timing of AbbVie updates and whether another milestone payment should be expected in 2025. Management said AbbVie controls the clinical timeline, is currently reviewing interim data from the first cohort, and that CollPlant cannot estimate when another milestone might occur. Another question addressed VerGenix STR distribution in Europe and Asia; management said the product targets tendon-injury indications, regulatory approvals are needed country by country, and sales could begin next year as the distribution network is established. Web questions focused on cash burn, and management reiterated that cost reductions are not materially affecting core development programs and that the runway guidance excludes any additional partnership revenues.