"In the first quarter of 2026, we initiated discussions with several leading strategic players to explore potential collaborations, primarily in the medical aesthetics field," said Yehiel Tal, Chairperson and Chief Executive Officer of CollPlant Biotechnologies. "These discussions are focused on the potential joint development and commercialization of next-generation dermal filler product candidates incorporating CollPlant's rhCollagen technology in combination with hyaluronic acid and additional components. We are actively advancing these discussions and, while no assurance can be provided, remain encouraged by the level of interest and the progress achieved to date."
Mr. Tal continued: "CollPlant is also advancing development of its next-generation photocurable dermal filler platform based on rhCollagen technology, designed to provide immediate structural support together with the potential for long-term tissue regeneration. The product candidate, currently in the final preclinical stage, is intended to address age-related volume loss and facial changes associated with significant weight reduction. During the quarter, the Korean Patent Office granted CollPlant a patent covering key aspects of the photocurable dermal filler technology, further strengthening our intellectual property portfolio in regenerative aesthetics."
"The Company is planning to establish a broader portfolio of regenerative dermal and soft tissue fillers and is targeting initiation of clinical studies within the next two years. In parallel, we are actively engaging with potential strategic partners to support the next phase of development and future commercialization activities."
"With respect to our 3D bioprinting activities, during the first quarter we launched BioFlex, a ready-to-print rhCollagen-based kit optimized for high-resolution DLP bioprinting applications. BioFlex is designed to support advanced tissue modeling, drug discovery, and regenerative medicine research applications."
Mr. Tal concluded: "The medical aesthetics market continues to seek safe and innovative solutions capable of delivering improved clinical outcomes and enhanced patient experience. We believe CollPlant's non-animal rhCollagen technology is uniquely positioned to address this need through regenerative approaches aimed at tissue rejuvenation and restoration. The strong interest we are receiving from potential partners further supports our confidence in the value and differentiation of our platform."
Eran Rotem, Deputy CEO and Chief Financial Officer, added: "In parallel with our ongoing operational and development activities, we have initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value. This process includes assessment of a broad range of opportunities, including potential acquisitions, strategic transactions, and other business combination opportunities".
CollPlant has not established a definitive timetable for this process, nor has it made any decisions regarding a specific strategic transaction at this time. The Company does not intend to provide further updates unless a disclosure is required by law or deemed necessary.
First Quarter 2026 Financial Results
GAAP revenues for the first quarter ended March 31, 2026, were $73,000, compared to $2.1 million for the first quarter ending March 31, 2025. This decrease was primarily due to a $2.0 million development milestone payment from a former business collaborator, which was recognized as revenue in Q1 2025 and did not recur in the current period.
GAAP cost of revenues for the first quarter ended March 31, 2026, was $316,000, compared to $188,000 for the first quarter ended March 31, 2025. This $128,000 increase was primarily driven by approximately $183,000 in fixed production facility costs expensed directly to cost of revenues, rather than capitalized into inventory, due to underutilized capacity during the period. This increase was partially offset by a $59,000 decrease in royalty expenses.
GAAP gross loss for the first quarter ending March 31, 2026, was $243,000, compared to a gross profit of $1.9 million for the first quarter ending March 31, 2025.
GAAP operating expenses for the first quarter ending March 31, 2026, were $2.9 million, compared to $3.5 million, for the first quarter ending March 31, 2025. The decrease of approximately $643,000 is mainly related to the Company's cost reduction plan with: (i) a $217,000 decrease in the workforce expenses, (ii) a $257,000 decrease in research and development subcontractors expenses and materials expenses, and (iii) a $105,000 reduction in general and administrative public company expenses. On a non-GAAP basis, the operating expenses for the first quarter ending March 31, 2026, were $2.7 million, compared to $3.1 million for the first quarter ending March 31, 2025. Non-GAAP measures exclude certain non-cash expenses.
GAAP financial income, net, for the first quarter ending March 31, 2026, totaled $18,000, compared to $196,000 for the first quarter ending March 31, 2025. The decrease in financial income, net, is due to a decrease in interest received and exchange rate differences.
GAAP net loss for the first quarter ending March 31, 2026, was $3.1 million, or $0.23 basic loss per share, compared to a net loss of $1.5 million, or $0.13 basic loss per share, for the first quarter ending March 31, 2025. Non-GAAP net loss for the first quarter ending March 31, 2026, was $2.9 million, or $0.21 basic loss per share, compared to $1.1 million loss, or $0.1 basic loss per share, for the first quarter ending March 31, 2025.
Balance Sheet and Cash Flow
The Company's cash and cash equivalents balance as of March 31, 2026, was $4.3 million.
Net cash used in operating activities was $3.0 million during the first quarter ended March 31, 2026, compared to $1.2 million for the first quarter ended March 31, 2025. Cash used during the first quarter ended March 31, 2026, increased compared to the same quarter last year, primarily due to a development milestone achievement in Q1 2025 that triggered a $2.0 million revenue payment from a former business collaborator. In addition, we have undertaken targeted cost-cutting measures, including a reduction in headcount by approximately 50%, to streamline our operations and enhance financial discipline.
Net cash used in investing activities was $6,000 during the first quarter ending March 31, 2026, compared to $8,000 for the first quarter ending March 31, 2025.
Net cash provided by financing activities was $1.7 million for the first quarter ending March 31, 2026. There was no cash flow from financing activities during the first quarter ending March 31, 2025. The increase is attributed to our registered direct offering in February 2026, which resulted in net proceeds of $1.7 million.
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
March 31,2026
December 31,
2025
Unaudited
Assets
Current assets:
Cash and cash equivalents
$
4,262
$
5,591
Restricted deposit
365
359
Trade receivables, net
8
1
Inventories
679
573
Other accounts receivable and prepaid expenses
225
223
Total current assets
5,539
6,747
Non-current assets:
Restricted deposit
77
76
Operating lease right-of-use assets
2,235
2,426
Property and equipment, net
1,273
1,463
Intangible assets, net
59
73
Total non-current assets
3,644
4,038
Total assets
$
9,183
$
10,785
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
March 31,2026
December 31,
2025
Unaudited
Liabilities and shareholders' equity
Current liabilities:
Trade payables
$
635
$
610
Operating lease liabilities
794
814
Accrued liabilities and other payables
1,013
1,248
Total current liabilities
2,442
2,672
Non-current liabilities:
Operating lease liabilities
1,855
2,032
