CollPlant Biotechnologies Ltd 6-K, filed Aug 20, 2024

CollPlant Biotechnologies Ltd (CLGN)

6-K 2024-08-20 For: 2024-06-30

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Added on April 08, 2026

About this 6-K

CollPlant Biotechnologies Ltd filed this 6-K on August 20, 2024.

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99.1	Press Release, dated August 20, 2024.

99.2	Condensed Consolidated Interim Financial Statements (unaudited) as of June 30, 2024.

99.3	Operating and Financial Review and Prospects as of June 30, 2024.

101.INS	XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	COLLPLANT BIOTECHNOLOGIES LTD.

Date: August 20, 2024	By:	/s/ Eran Rotem
		Name:	Eran Rotem
		Title:	Deputy CEO and Chief Financial Officer

	June 30,		December 31,
	2024		2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	18,920	$	26,674
Restricted deposit		236		241
Trade receivables, net		250		-
Inventories		439		714
Other accounts receivable and prepaid expenses		490		393
Total current assets		20,335		28,022
Non-current assets:
Restricted deposit		113		57
Operating lease right-of-use assets		3,398		3,070
Property and equipment, net		2,561		2,789
Intangible assets, net		159		188
Total non-current assets		6,231		6,104
Total assets	$	26,566	$	34,126

	June 30,			December 31,
	2024			2023
	(Unaudited)
Liabilities and shareholders’ equity
Current liabilities:
Trade payables	$	1,138		$	980
Operating lease liabilities		789			624
Accrued liabilities and other		1,314			1,647
Total current liabilities		3,241			3,251
Non-current liabilities:
Operating lease liabilities		2,596			2,535
Total non-current liabilities		2,596			2,535
Total liabilities		5,837			5,786

Commitments and contingencies

Shareholders’ Equity:
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of June 30, 2024 (unaudited) and December 31, 2023; issued and outstanding: 11,454,512 and 11,452,672 ordinary shares as of June 30, 2024 (unaudited) and December 31, 2023, respectively		4,983			4,982
Additional paid in capital		121,861			121,068
Accumulated other comprehensive loss		(969	)		(969	)
Accumulated deficit		(105,146	)		(96,741	)
Total shareholders’ equity		20,729			28,340
Total liabilities and shareholders’ equity	$	26,566		$	34,126

	Six months ended June 30						Three months ended June 30
	2024			2023			2024			2023
Revenues	$	347		$	10,617		$	249		$	10,184
Cost of revenues		1,081			940			536			615
Gross profit (loss)		(734	)		9,677			(287	)		9,569

Operating expenses:
Research and development		5,103			4,676			2,697			2,574
General, administrative and marketing		2,898			2,843			1,422			1,318
Total operating income (loss)		(8,735	)		2,158			(4,406	)		5,677
Financial income (expenses), net		330			(111	)		196			85
Net income (loss) for the period	$	(8,405	)	$	2,047		$	(4,210	)	$	5,762
Basic net income (loss) per ordinary share	$	(0.73	)	$	0.18		$	(0.37	)	$	0.51
Diluted net income (loss) per ordinary share	$	(0.73	)	$	0.17		$	(0.37	)	$	0.49
Weighted average ordinary shares outstanding used in computation of basic net income (loss) per share		11,453,845			11,329,516			11,454,512			11,369,031
Weighted average ordinary shares outstanding used in computation of diluted net income (loss) per share		11,453,845			11,738,884			11,454,512			11,777,139

	Six months ended June 30,
	2024			2023
Cash flows from operating activities:
Net income (loss)	$	(8,405	)	$	2,047
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		541			546
Share-based compensation to employees and consultants		780			852
Net loss from financing expenses		247			455
Changes in operating asset and liability items:
Increase in trade receivables		(250	)		(10,151	)
Decrease (increase) in inventories		280			(155	)
Increase in other accounts receivable and prepaid expenses		(97	)		(215	)
Decrease in operating right of use assets		295			254
Increase (decrease) in trade payables		158			(370	)
Decrease in lease liabilities		(397	)		(435	)
Decrease in accrued liabilities and other payables		(333	)		(22	)
Net cash used in operating activities		(7,181	)		(7,194	)
Cash flows from investing activities:
Purchase of property and equipment		(284	)		(482	)
Investment in restricted deposits		(57	)		(59	)
Net cash used in investing activities		(341	)		(541	)
Cash flows from financing activities:
Exercise of options and warrants into shares		9			892
Net cash provided by financing activities		9			892
Exchange differences on cash and cash equivalents and restricted cash		(241	)		(444	)
Net decrease in cash and cash equivalents and restricted cash		(7,754	)		(7,287	)
Cash and cash equivalents and restricted cash and at the beginning of the period		26,674			29,653

Cash and cash equivalents and restricted cash at the end of the period	$	18,920		$	22,366

	Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
Condensed Consolidated Balance Sheets	F-2 - F-3
Condensed Consolidated 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-18

					Additional		Accumulated other
	Ordinary shares				paid-in		comprehensive			Accumulated
	Number		Amounts		capital		loss			deficit			Total
BALANCE AT DECEMBER 31, 2022		11,186,481	$	4,873	$	118,099	$	(969	)	$	(89,722	)	$	32,281

Exercise of warrants		186,000		76		668		-			-			744
Exercise of options		32,913		14		134		-			-			148
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

BALANCE AT DECEMBER 31, 2023		11,452,672	$	4,982	$	121,068	$	(969	)	$	(96,741	)	$	28,340

Exercise of options		1,840		1		8		-			-			9
Share-based compensation		-		-		785		-			-			785
Net loss		-		-		-		-			(8,405	)		(8,405	)
BALANCE AT JUNE 30, 2024		11,454,512	$	4,983	$	121,861	$	(969	)	$	(105,146	)	$	20,729

	Six months ended June 30,					Three months ended June 30,
	2024			2023		2024			2023
Numerator:
Net income (loss)	$	(8,405	)	$	2,047	$	(4,210	)	$	5,762

Denominator:
Basic weighted-average ordinary shares outstanding		11,453,845			11,329,516		11,454,512			11,369,031
Effect of dilutive shares		-			409,368		-			408,108
Diluted weighted average ordinary shares outstanding		11,453,845			11,738,884		11,454,512			11,777,139

Basic net income (loss) per share	$	(0.73	)	$	0.18	$	(0.37	)	$	0.51
Diluted net income (loss) per share	$	(0.73	)	$	0.17	$	(0.37	)	$	0.49

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at the beginning of the period		1,745,880		$	5.8		5.91	$	1,165
Granted		41,500			5.34
Exercised		(1,840	)		5.07
Expired		(9,565	)		8.33
Forfeited		(11,970	)		5.77
Options outstanding at the end of the period		1,764,005		$	5.78		5.53	$	335
Options exercisable at the end of the period		1,296,239		$	5.59		4.53	$	335

	Six months ended June 30, 2024
	Number of RSU granted		Weighted Average Grant Date Fair Value
Employees		261,000	$	5.13

	Number of options		Weighted Average Grant Date Fair Value
Unvested at the beginning of the period		0	$	0
Granted		261,000		5.13
Unvested at the end of the period		261,000	$	5.13

	●	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 rhCollagen based products in 3D bioprinting and medical aesthetics;

	●	ours or our strategic partners’ ability to obtain favorable pre-clinical and clinical trial results;

	●	regulatory action with respect to rhCollagen based products in 3D bioprinting and medical aesthetics, 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;

	Six months ended June 30
	2024			2023
Value of ordinary share	$	5.13-5.46		$	7.5
Dividend yield		0	%		0	%
Expected volatility		70.91-70.97	%		74.1	%
Risk-free interest rate		4.35-4.46	%		0.36	%
Expected term		6.11 years			6.11 years

	●	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;

	●	statements as to the impact of the political and security situation in Israel on our business, including due to the ongoing war in Israel;
	●	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 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 share-based compensation expenses;

	●	legal and professional fees for auditors, investor relations 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 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;

	●	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.