Recent developments suggest CollPlant's rhCollagen will have a significant contribution towards innovation in the areas of non-animal alternatives for medical and research
Plan for cost reductions and program prioritization in place to extend cash runway
REHOVOT, Israel, Nov. 26, 2025 /PRNewswire/ -- CollPlant Biotechnologies (NASDAQ:CLGN), a regenerative and aesthetics medicine company developing innovative technologies and products based on its non-animal-derived, rhCollagen for tissue regeneration and medical aesthetics, today announced financial results for the third quarter of 2025 and provided a corporate update.
Yehiel Tal, CollPlant's Chief Executive Officer, remarked, "CollPlant continued to advance innovation this quarter beyond its core development programs. Using our rhCollagen, researchers at Mayo Clinic created the first fully humanized bioprinted skin model designed to serve as an alternative to animal testing for preclinical research. In parallel, we reported results from a comparative study demonstrating that CollPlant's rhCollagen-based bioink, Collink.3D™, outperformed Matrigel®, a leading extracellular matrix, in supporting structured tissue formation. These findings reinforce the potential of Collink.3D™ as a consistent, tunable, and animal-free alternative for advanced tissue engineering and research applications-an opportunity representing an approximately $100 million-dollar market that is estimated to grow over 10% annually."
Mr. Tal continued, "Together, these achievements highlight the expanding role of our rhCollagen platform in enabling non-animal alternatives for medical, pharmaceutical, and consumer research-from drug discovery, regenerative medicine, and tissue modeling to advanced testing for pharmaceuticals and cosmetics."
AbbVie Collaboration
In February 2025, CollPlant received a $2 million milestone payment from its partner, AbbVie, upon achieving a key development milestone under the companies' existing development and commercialization agreement.
Per this agreement, CollPlant has granted AbbVie a worldwide exclusive license to combine its proprietary rhCollagen technology with AbbVie's technologies for the development and commercialization of dermal and soft tissue filler products.
The lead dermal filler candidate is now in the clinical phase and AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled under the trials initiated in 2023. Next steps for the program are to be determined by AbbVie upon concluding their assessment.
Cost Reductions and Program Prioritization
CollPlant recently updated its expense forecast and has initiated a cost cutting and workforce reduction plan. CollPlant updated its allocation of resources which is expected to result in a reduction in CollPlant's workforce by approximately 25%.
Mr. Tal added, "In 2026, CollPlant will prioritize its collaboration with AbbVie and continue advancing its own dermal filler product candidate. I look forward to sharing progress updates on these programs in the coming months. In parallel, we plan to actively seek a strategic partner to collaborate with us on the continued development of our novel regenerative breast implant product candidate."
Third Quarter and Recent Highlights
Today, CollPlant announced that its Board Chairman, Roger Pomerantz, M.D., has informed the Company that he has elected not to re-nominate himself at the upcoming Annual General Meeting of Shareholders. In his place, the Board of Directors has nominated Mr. Yehiel Tal, the Company's CEO, as interim Chairman of the Board of Directors, subject to the approval of the Company's shareholders. The Company sincerely thanks Dr Pomerantz for his five years of dedicated service.
On October 27, 2025, the Company announced the expansion of its distribution footprint in North America through a partnership with a U.S.-based logistics center. Expected to become operational this quarter, the facility will provide full cGMP-compliant storage and distribution services and function as a clinical supply depot. This expansion is expected to strengthen support for CollPlant's growing customer base across the U.S. and Canada for its rhCollagen and BioInk product portfolios.
On October 20, 2025, the Company announced positive results from a head-to-head comparative study of its rhCollagen-based bioink, Collink.3D™, and Matrigel®, conducted by the Levenberg Lab at Technion - Israel Institute of Technology. In this study, the Technion found that CollPlant's rhCollagen-based bioink, Collink.3D™, outperformed Matrigel®, a leading extracellular matrix, in supporting structured tissue formation. The findings suggest Collink.3D™ could offer a consistent, tunable, and animal-free alternative for advanced tissue engineering and research applications. This is an important finding since extracellular matrices are key tools in drug discovery, regenerative medicine, and tissue modeling. The study confirmed that CollPlant's plant-based technology provides a sustainable and ethical approach without compromising performance.The global market for Matrigel and other membrane matrices was valued at $96 million in 2024 and is projected to reach a revised size of $201 million by 2031, growing at a compounded annual growth rate (CAGR) of over 11.2%. Global key players of Matrigel include Corning, Thermo Fisher Scientific, and R&D Systems. These top three players hold a market share of over 69%.
On October 16, 2025, the Company announced that a scientific article published in Archives of Dermatological Research reported that researchers at Mayo Clinic have developed the first fully humanized 3D bioprinted skin model using CollPlant's plant-derived rhCollagen. By combining rhCollagen with key human skin cell types, the model offers an innovative, sustainable, and ethical alternative to animal testing for preclinical research, with broad potential applications in cosmetic and pharmaceutical testing, disease modeling, and drug development.
In July 2025, CollPlant announced the appointment of Bowman Bagley as Vice President, Commercial North America. In this newly established role, Mr. Bagley is responsible for leading CollPlant's commercial strategy and execution across the region, including sales and marketing, logistics, and the expansion of market presence for the Company's rhCollagen-based products and technology platforms.
Photocurable Dermal Filler Program Advancing Toward Clinical Stage
CollPlant continues to advance its photocurable dermal filler program through preclinical development to address the growing demand for innovative aesthetic solutions. On September 30, 2025, the Company announced positive results from its non-clinical program evaluating the photocurable dermal filler and outlined plans to progress this product candidate into clinical trials. This next-generation filler represents a meaningful innovation in aesthetic medicine by combining precise facial contouring, superior lifting and structural support, and regenerative potential in a single treatment.
The program has now entered the final stages of preclinical testing, and production scale-up is underway as CollPlant prepares for the initiation of clinical studies.
Commercial Programs
CollPlant is expanding the distribution of its rhCollagen material and BioInk product lines across North America, supported by the appointment of Bowman Bagley as Vice President, Commercial North America, and the launch of a new U.S.-based logistics center. This center will enhance distribution capacity and improve logistical efficiency for rhCollagen and BioInk products.
In parallel, CollPlant is broadening its international distribution network for Vergenix™ STR, its tendon-repair product that combines the Company's proprietary rhCollagen with platelet-rich plasma (PRP). This year, the Company expanded into seven new markets: the Netherlands, Belgium, Luxembourg (Benelux), Spain, India, Poland, and Turkey. In 2026, CollPlant plans to further extend the product's reach across key markets in Europe and Asia.
Mr. Tal concluded, "We remain highly encouraged by the additional results emerging from the preclinical studies of our commercial-size regenerative breast implants, as well as from the ongoing evaluations of our photocurable dermal filler program. While advancing these core product candidates, we have also continued to expand distribution for our rhCollagen and bioink product lines in key markets, supported by the appointment of our U.S.-based Head of Commercial Operations for North America. Strengthening our presence in this priority territory positions us to identify new commercial opportunities and drive incremental revenue. The launch of our new North American logistics center will further enhance distribution capacity for our rhCollagen and BioInk portfolios while improving operational efficiency."
Three and Nine Month-Period Ended September 30, 2025 Financial Results
GAAP revenues for the third quarter ended September 30, 2025, were $77,000 compared to $4,000 for the third quarter ended September 30, 2024. The increase is mainly related to increase in sales of the rhCollagen-based products.
GAAP revenues for the nine months ended September 30, 2025, were $2.3 million compared to $351,000 for the nine months ended September 30, 2024. The increase in revenue is mainly related to a development milestone achievement relating to the dermal filler product candidate, which triggered a $2 million payment from AbbVie to CollPlant according to the AbbVie agreement.
GAAP cost of revenues for the third quarter ended September 30, 2025, was $269,000, compared to $272,000 in the third quarter ended September 30, 2024.
GAAP cost of revenues for the nine months ended September 30, 2025, was $643,000, compared to $1.4 million in the nine months ended September 30, 2024. The decrease in cost of revenues in the amount of $710,000 is mainly comprised of (i) a $535,000 decrease in inventory impairments, (ii) a $142,000 decrease in sales of rhCollagen-based products, and (iii) insurance reimbursements received in 2025, of which $90,000 are related to cost of revenues, and offset by a $57,000 increase in royalty expenses to the Israel Innovation Authority, mainly related to the milestone payment received from AbbVie in 2025.
GAAP gross loss for the third quarter ended September 30, 2025, was $192,000, compared to $268,000 in the third quarter ended September 30, 2024.
GAAP gross profit for the nine months ended September 30, 2025, was $1.7 million, compared to gross loss of $1.0 million in the nine months ended September 30, 2024.
GAAP operating expenses for the third quarter ended September 30, 2025, were $3.3 million, compared to $4.3 million in the third quarter ended September 30, 2024. The decrease of approximately $1.0 million is a result of the Company's cost reduction plan and mainly includes: (a) a $513,000 decrease in the workforce expenses and share-based compensation expenses, and (b) a $519,000 decrease in research and development materials and subcontractors' expenses mainly related to the breast implants program. On a non-GAAP basis, operating expenses for the third quarter ended September 30, 2025, were $3.0 million compared to $3.8 million in the third quarter ended September 30, 2024. Non-GAAP measures exclude certain non-cash expenses.
GAAP operating expenses for the nine months ended September 30, 2025, were $10.0 million, compared to $12.3 million in the nine months ended September 30, 2024. The decrease of approximately $2.3 million is mainly as a result of the Company's cost reduction plan, that includes: (a) a $904,000 decrease in the workforce expenses and share-based compensation expenses, (b) a $881,000 decrease in research and development and subcontractors expenses mainly related to the breast implants program, (c) a decrease of $94,000 in patents expenses, and in addition, the decrease is from an insurance reimbursements of $79,000 received in 2025. On a non-GAAP basis, operating expenses for the nine months ended September 30, 2025, were $9.0 million, compared to $11.0 million in the nine months ended September 30, 2024.
GAAP financial income, net, for the third quarter ended September 30, 2025, totaled $24,000, compared to $216,000 in the third quarter ended September 30, 2024. The decrease in financial income, net is due to a decrease in interest received from our short-term cash deposits and an increase in exchange rate differences expenses.
GAAP financial income, net, for the nine months ended September 30, 2025, totaled $51,000, compared to $546,000 in the nine months ended September 30, 2024. The decrease in financial income, net is due to a decrease in interest received from our short-term cash deposits and an increase in exchange rate differences expenses.
GAAP net loss for the third quarter ended September 30, 2025, was $3.5 million, or $0.27 basic loss per share, compared to net loss of $4.3 million, or $0.38 basic loss per share, for the third quarter ended September 30, 2024. Non-GAAP net loss for the third quarter ended September 30, 2025, was $3.2 million, or $0.25 loss per share, compared to a net loss of $3.8 million, or $0.33 basic loss per share, for the third quarter ended September 30, 2024.
GAAP net loss for the nine months ended September 30, 2025, was $8.3 million, or $0.69 basic loss per share, compared to a net loss of $12.7 million, or $1.11 basic loss per share, for the nine months ended September 30, 2024. Non-GAAP net loss for the nine months ended September 30, 2025, was $7.0 million, or $0.58 loss per share, compared to a net loss of $11.5 million, or $1.00 basic loss per share, for the nine months ended September 30, 2024.
Balance Sheet and Cash Flow
Cash and cash equivalents as of September 30, 2025, were $8.5 million.
Cash used in operating activities during the nine months ended September 30, 2025 was $6.5 million compared to $10.6 million during the nine months ended September 30, 2024.
Cash used in investing activities during the nine months ended September 30, 2025, was $12,000 compared to $481,000 during the nine months ended September 30, 2024, and related primarily to a decrease in purchases of property and equipment.
Cash provided by financing activities during the nine months ended September 30, 2025 was $3.1 million compared to $9,000 during the nine months ended September 30, 2024. The increase is mainly attributed to our registered direct offering in June 2025, which resulted in net proceeds of $3.1 million.
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
September 30,
December 31,
2025
2024
Unaudited
Assets
Current assets:
Cash and cash equivalents
$
8,547
$
11,909
Restricted deposit
281
248
Trade receivables, net
11
150
Inventories
540
440
Other accounts receivable and prepaid expenses
243
433
Total current assets
9,622
13,180
Non-current assets:
Restricted deposit
134
118
Operating lease right-of-use assets
2,596
2,991
Property and equipment, net
1,649
2,290
Intangible assets, net
88
131
Total non-current assets
4,467
5,530
Total assets
$
14,089
$
18,710
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
September 30,
December 31,
2025
2024
Unaudited
