The Business of Biofabrication

Overview and Key Highlights
REHOVOT, Israel – CollPlant Biotechnologies, a developer of non–animal-derived collagen technologies for tissue regeneration and medical aesthetics, released its third quarter 2024 financial results and provided a corporate update on November 27, 2024.

Preclinical Study Success
A key highlight of the update was the promising outcome from a preclinical study evaluating CollPlant’s commercial-scale, 3D-printed regenerative breast implants. The implants, manufactured using the company’s rhCollagen-based bioinks and Stratasys’ Origin 3D printer, showed significant vascularization and rapid native tissue ingrowth three months after implantation—critical factors for successful integration and long-term regeneration. Company CEO Yehiel Tal noted that these encouraging preclinical results mark an important milestone toward initiating human studies, with further data expected in the first quarter of 2025.

Strategic Collaborations
In addition to the breast implant program, CollPlant provided an update on its collaboration with AbbVie. Under the agreement, AbbVie holds exclusive worldwide rights to use CollPlant’s rhCollagen for a dermal and soft tissue filler product, with the potential to pay up to $50 million. To date, CollPlant has received $24 million as part of this deal.

Financial Performance
Financially, the company reported a GAAP revenue of $4,000 for Q3 2024—down from $43,000 in the prior year’s quarter—mainly due to a temporary reduction in sales to its largest customer. For the three-month period, GAAP net loss stood at $4.3 million, while the nine-month period ended September 30, 2024, saw a GAAP net loss of $12.7 million compared to a net profit in the corresponding period last year. Despite these losses, CollPlant maintained a cash and cash equivalents balance of $15.4 million as of September 30, 2024, which the company estimates will fund operations through at least the end of 2025.

Operational Adjustments and Future Outlook
The update also referenced increased research and development investments—primarily tied to the breast implant program—and noted operational adjustments aimed at extending the company’s financial runway. CollPlant is actively pursuing additional non-dilutive funding through further collaborations in the medical and aesthetics sectors.

Conference Call Details
A conference call was scheduled for later in the day to discuss these developments in more detail.

Original article here.