CollPlant Biotechnologies Ltd 6-K, filed Aug 24, 2023

CollPlant Biotechnologies Ltd (CLGN)

6-K 2023-08-24 For: 2023-06-30

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Added on April 08, 2026

About this 6-K

CollPlant Biotechnologies Ltd filed this 6-K on August 24, 2023.

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99.1		Press Release, dated August 24, 2023.

99.2		Condensed Consolidated Interim Financial Statements (unaudited) as of June 30, 2023.

99.3		Operating and Financial Review and Prospects as of June 30, 2023.

	COLLPLANT BIOTECHNOLOGIES LTD.

Date: August 24, 2023	By:	/s/ Eran Rotem
		Name:	Eran Rotem
		Title:	Deputy CEO and Chief Financial Officer

	June 30,		December 31,
	2023		2022
Assets	(Unaudited)		(Audited)
Current assets:
Cash and cash equivalents	$	22,283	$	29,653
Restricted cash		83		-
Restricted deposit		22		23
Trade receivables		10,160		9
Inventories		1,552		1,430
Other accounts receivable and prepaid expenses		758		543
Total current assets		34,858		31,658
Non-current assets:
Restricted (deposit		237		188
Operating lease right-of-use assets		3,327		2,711
Property and equipment, net		2,931		2,966
Intangible assets, net		216		245
Total non-current assets		6,711		6,110
Total assets	$	41,569	$	37,768

	June 30,			December 31,
	2023			2022
Liabilities and shareholders’ equity	(Unaudited)			(Audited)
Current liabilities:
Trade payables	$	763		$	1,133
Operating lease liabilities		598			529
Accrued liabilities and other		1,421			1,443
Total current liabilities		2,782			3,105
Non-current liabilities:
Operating lease liabilities		2,748			2,382
Total non-current liabilities		2,748			2,382
Total liabilities		5,530			5,487

Commitments and contingencies

Shareholders’ Equity:
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of June 30, 2023 (unaudited) and December 31, 2022; issued and outstanding: 11,405,394 and 11,186,481 ordinary shares as of June 30, 2023 (unaudited) and December 31, 2022, respectively		4,963			4,873
Additional paid in capital		119,720			118,099
Currency translation differences		(969	)		(969	)
Accumulated deficit		(87,675	)		(89,722	)
Total shareholders’ equity		36,039			32,281
Total liabilities and shareholders’ equity	$	41,569		$	37,768

	Six months ended June 30						Three months ended June 30
	2023			2022			2023		2022
Revenues	$	10,617		$	132		$	10,184	$	66
Cost of revenues		940			74			615		43
Gross Profit		9,677			58			9,569		23

Operating expenses:
Research and development		4,676			4,841			2,574		2,599
General, administrative and marketing		2,843			3,170			1,318		1,609
Operating income (loss)		2,158			(7,953	)		5,677		(4,185	)
Financial income (expenses), net		(111	)		(192	)		85		(100	)
Net income (loss) for the period	$	2,047		$	(8,145	)	$	5,762	$	(4,285	)
Basic net income (loss) per ordinary share	$	0.18		$	(0.74	)	$	0.51	$	(0.39	)
Diluted net income (loss) per ordinary share	$	0.17		$	(0.74	)	$	0.49	$	(0.39	)
Weighted average ordinary shares outstanding used in computation of basic net income (loss) per share		11,329,516			10,935,611			11,369,031		11,086,481
Weighted average ordinary shares outstanding used in computation of diluted net income (loss) per share		11,738,884			10,935,611			11,777,139		11,086,481

	Six months ended June 30,
	2023			2022
Cash flows from operating activities:
Income (loss)	$	2,047		$	(8,145	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization		546			501
Interest from Short term deposits		-			(87	)
Interest from restricted deposits		11			-
Share-based compensation to employees and consultants		852			1,055
Exchange differences on cash and cash equivalents		444			727
Changes in operating asset and liability items:
Decrease (increase) in trade receivables		(10,151	)		261
Increase in inventories		(155	)		(275	)
Increase in other accounts receivable and prepaid expenses		(215	)		(170	)
Decrease in operating right of use assets		254			220
Decrease in trade payables		(370	)		(274	)
Decrease in lease liabilities		(435	)		(643	)
Decrease in accrued liabilities and other payables		(22	)		(305	)
Decrease in deferred revenues		-			(32	)
Net cash used in operating activities		(7,194	)		(7,167	)
Cash flows from investing activities:
Capitalization of intangible assets		-			(12	)
Purchase of property and equipment		(482	)		(678	)
Repayment of a short term deposits		-			50,238
Investment in short term deposits and restricted deposits		(59	)		(20,000	)
Net cash provided by (used in) investing activities		(541	)		29,548
Cash flows from financing activities:
Exercise of options and warrants into shares		892			1,474
Net cash provided by financing activities		892			1,474
Exchange differences on cash and cash equivalents, restricted cash and restricted deposits		(444	)		(727	)
Net increase (decrease) in cash and cash equivalents, restricted cash and restricted deposits		(7,287	)		23,128
Cash and cash equivalents, restricted cash and restricted deposits at the beginning of the period		29,653			13,374

Cash and cash equivalents, restricted cash and restricted deposits at the end of the period	$	22,366		$	36,502

	Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
Condensed Consolidated Balance Sheets	F-2 - F-3
Condensed Statements of Operations	F-4
Condensed Consolidated Statements of Shareholder’s Equity	F-5 - F-6
Condensed Consolidated Statements of Cash Flows	F-7 - F-8
Notes to Condensed Consolidated Financial Statements	F-9 - F-16

	Ordinary shares				Additional		Currency
	Number of shares		Amounts		paid-in capital		translation differences			Accumulated deficit			Total
BALANCE AT DECEMBER 31, 2021		10,722,024	$	4,664	$	114,223	$	(969	)	$	(72,797	)	$	45,121

Exercise of options		39,457		18		156		-			-			174
Exercise of warrants		325,000		149		1,151		-			-			1,300
Share-based compensation		-		-		1,055		-			-			1,055
Net loss		-		-		-		-			(8,145	)		(8,145	)
BALANCE AT JUNE 30, 2022		11,086,481	$	4,831	$	116,585	$	(969	)	$	(80,942	)	$	39,505

BALANCE AT DECEMBER 31, 2022		11,186,481	$	4,873	$	118,099	$	(969	)	$	(89,722	)	$	32,281

Exercise of options		32,913		14		134		-			-			148
Exercise of warrants		186,000		76		668		-			-			744
Share-based compensation		-		-		819		-			-			819
Net income		-		-		-		-			2,047			2,047
BALANCE AT JUNE 30, 2023		11,405,394	$	4,963	$	119,720	$	(969	)	$	(87,675	)	$	36,039

	Six months ended June 30,					Three months ended June 30,
	2023		2022			2023		2022
Numerator:
Net income (loss)	$	2,047	$	(8,145	)	$	5,762	$	(4,285	)

Denominator:
Basic weighted-average ordinary shares outstanding		11,329,516		10,935,611			11,369,031		11,086,481
Effect of share-based compensation		409,368		—			408,108		—
Diluted weighted average ordinary shares outstanding		11,738,884		10,935,611			11,777,139		11,086,481

Basic net income (loss) per share	$	0.18	$	(0.74	)	$	0.51	$	(0.39	)
Diluted net income (loss) per share	$	0.17	$	(0.74	)	$	0.49	$	(0.39	)

	Number of options			Weighted average exercise price
Options outstanding at the beginning of the period		1,868,749		$	7.85
Granted		104,500			7.5
Exercised		(29,163	)		4.43
Forfeited or expired		(95,559	)		9.43
Options outstanding at the end of the period		1,848,527		$	7.8
Options exercisable at the end of the period		1,105,189		$	7.35

	●	our history of significant losses, and our need to raise additional capital and our inability to obtain additional capital on acceptable terms, or at all;

	●	our expectations regarding the timing and cost of commencing pre-clinical and clinical trials with respect to our breast implants, tissues and organs which are based on our rhCollagen based BioInk and other products for medical aesthetics;

	●	our ability to obtain favorable pre-clinical and clinical trial results;

	●	regulatory action with respect to rhCollagen based BioInk and medical aesthetics products, including but not limited to acceptance of an application for marketing authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling;

	●	commercial success and market acceptance of rhCollagen based products, in 3D Bioprinting and medical aesthetics;

	●	our ability to establish sales and marketing capabilities or enter into agreements with third parties and our reliance on third party distributors and resellers;

	●	our ability to establish and maintain strategic partnerships and other corporate collaborations;

	●	our reliance on third parties to conduct some or all aspects of our product manufacturing;

	●	the scope of protection we are able to establish and maintain for intellectual property rights and our ability to operate our business without infringing the intellectual property rights of others;

	●	current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk;

	●	the impact of competition and new technologies;

	●	general market, political, and economic conditions in the countries in which we operate;

	●	projected capital expenditures and liquidity;

	●	changes in our strategy;

	●	litigation and regulatory proceedings; and

	●	those factors referred to under the headings “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report, as well as in our Annual Report generally.

	●	employee-related expenses, including salaries and share-based compensation expenses for employees in research and development functions;

	●	expenses incurred in operating our laboratories;

	●	expenses incurred under agreements with CROs and investigative sites that conduct our clinical trials;

	●	expenses relating to outsourced and contracted services, such as external laboratories, consulting, and advisory services;

	●	supply, development, and manufacturing costs relating to clinical trial materials;

	●	maintenance of facilities, depreciation, and other expenses, which include direct and allocated expenses for rent and insurance, net of expenses capitalized to inventory; and

	●	costs associated with preclinical and clinical activities.

	●	employee-related expenses, including salaries, benefits, and related expenses, including equity-based compensation expenses;

	●	legal and professional fees for auditors and other consulting expenses not related to research and development activities;

	●	cost of offices, communication, and office expenses;

	●	information technology expenses;

	●	business development and marketing activities;

	●	the number of potential new products we identify and decide to develop;

	●	the progress, timing, and completion of preclinical testing and clinical trials in the U.S. for tissues and organs which are based on our BioInk, medical aesthetics, and any future pipeline product;

	●	selling and marketing activities undertaken in connection with the commercialization of our products;

	●	the costs of upscaling our manufacturing capabilities;

	●	costs involved in the development of distribution channels, and for an effective sales and marketing organization, for the commercialization of our products in Europe;

	●	the time and costs involved in obtaining regulatory approvals and any delays we may encounter as a result of evolving regulatory requirements or adverse results with respect to any of these products; and

	●	the costs involved in filing patent applications and maintaining and enforcing patents or defending against claims or infringements raised by third parties.