REHOVOT, Israel, March 26, 2021 /PRNewswire/ -- CollPlant
(NASDAQ: CLGN), a regenerative and aesthetic medicine company,
today announced financial results for the full year ended
December 31, 2020 and provided an
update on the Company's business developments. Certain metrics,
including those expressed on an adjusted basis, are non-GAAP
measures. See "Use of Non-GAAP Measures" below.
"2020 and the beginning of 2021 were transformational for
CollPlant as we continued to grow and strengthen our position in
the global market with our regenerative rhCollagen-based
technologies in both 3D printing and medical aesthetics," stated
Yehiel Tal, Chief Executive Officer
of CollPlant.
"We entered into a new development and commercialization
agreement with Allergan Aesthetics, an AbbVie company, which came
with substantial upfront and future milestone payments. Through
this high-value collaboration, we are creating a paradigm shift in
the medical aesthetics field by providing next-generation
regenerative products with long lasting results."
"Our rhCollagen and BioInks are used today in the development of
a broad range of 3D bioprinting applications conducted at
CollPlant. We are particularly excited about the potential of our
program for 3D bioprinted breast implants, which harness the
potential to transform the field of breast reconstruction and
augmentation."
"We recently established a platform for collaboration with 3D
Systems in the field of 3D bioprinting to jointly address the
need for a comprehensive solution to produce tissues and scaffolds
for regenerative medicine applications," Mr. Tal
concluded.
Full Year 2020 and Recent Highlights
rhCollagen Platform Technology Highlights
- Entered strategic agreement potentially worth $103 million plus royalties and transfer pricing
with Allergan Aesthetics, an AbbVie company, for rhCollagen in the
use of dermal and soft tissue filler products. Received
$14 million upfront.
- Development of proprietary rhCollagen-based regenerative breast
implants designed to gradually degrade and be replaced by newly
grown natural breast tissue, and conducting preclinical study.
- Developing photocurable dermal/soft tissue filler formulation
based on rhCollagen for the medical aesthetics market.
- Entered product manufacturing and supply agreement with
STEMCELL Technologies, Canada's
largest privately owned biotechnology company, for rhCollagen to be
included in cell culture kits sold to scientists worldwide working
in the stem cell, immunology, cancer, regenerative medicine, and
cellular therapy research fields.
- Joined forces with 3D Systems to facilitate the development of
3D bioprinted tissues and scaffolds for regenerative medicine
applications.
- Signed distribution agreements for Vergenix™ Flowable Gel
product in Commonwealth of Independent States (CIS) countries:
Belarus, Kazakhstan, Georgia, Azerbaijan, Armenia, Uzbekistan, and secured first substantial
orders totaling hundreds of thousands of U.S. dollars.
- Licensing agreement terminated between CollPlant and United
Therapeutics for bioprinting of scaffolds for lung
transplants.
Corporate Highlights
- Raised $39.45 million through a
combination of $4.45 million in a
private placement in February 2020
and a registered direct offering of $35
million in February 2021.
- Appointed Roger Pomerantz, M.D.,
F.A.C.P., a well-respected life science industry expert and leader
as Chairman of CollPlant's Board of Directors.
- $49 million cash reserves
including $14 million received from
AbbVie as of March 2021.
Financial Highlights for the Full Year Ended December 31, 2020:
- CollPlant reported revenues of $6.1
million for the full year 2020, a 165% increase or
$3.8 million compared to $2.3 million in the year 2019. The increase was
primarily related to revenue recognized with respect to the kidney
option exercised under the United license agreement.
- Revenues from BioInk and sales of goods increased by 9% to
$2.5 million in 2020, from
$2.3 million in 2019.
- Operating loss for the year 2020 was $5.6 million, a decrease of 36% compared to
$7.6 million in the year 2019.
- Comprehensive loss for the year 2020 was $5.8 million, or $0.84 per share on a GAAP basis, or adjusted
comprehensive loss of $3.9 million or
$0.57 per share, on a non-GAAP basis.
The year 2020 was negatively impacted by an accretion of a
$1.9 million non-cash charges
relating to the change in value of financial instruments, share
based compensation and in operating lease accounts.
- The Company ended the year 2020 with $3.3 million in cash and cash equivalents. In
addition, in February 2021, the
Company raised $35 million against
issuance of shares at $17.50 price
per share and received $14 million
upfront from AbbVie.
Year ended December 31, 2020
Financial Results on US GAAP basis ("GAAP")
Revenues for the year ended December 31,
2020 increased by 165% to $6.1
million, compared to $2.3
million in the year ended December
31, 2019. Revenue in 2020 included $3.6 million revenue from the kidney option
exercised under the licensing agreement with United Therapeutics
Corporation. Excluding the licensing option payment, revenue from
sale of BioInk and goods and services increased in 2020 by
$200,000, in comparison with
2019.
Total operating costs and expenses for the year ended
December 31, 2020 increased by 7% to
$8.7 million, compared to
$8.1 million in the year ended
December 31, 2019. Operating loss for
the year 2020 was $5.6 million, a
decrease of 26% compared to an operating loss of $7.6 million in 2019. The decrease is mainly
derived from revenues from licensing in the amount of $3.6 million received in 2020 offset by an
increase in operating costs and expenses including
$600,000 in share-based compensation expenses and
$360,000 in salaries and insurance
policy costs.
Financial expense, net for the year 2020 was $175,000 compared to financial expense, net of
$3.5 million in the year 2019. The
decrease of approximately $3.3
million is mainly due to a decrease in non-cash
re-evaluation expenses of $3.3
million of CollPlant's warrants and the anti-dilution
derivatives.
Comprehensive loss for the year ended December 31, 2020 was $5.8
million, or $0.84 per share,
compared to a comprehensive loss of $11.2
million, or $2.23 per share,
for the year ended December 31, 2019.
The decrease is mainly due to (1) $3.8
million increase in revenues and non-cash re-evaluation
expenses of $3.3 million, of
CollPlant's warrants and the anti-dilution derivatives offset by a
$700,000 increase in operating
expenses .
Cash used in operating activities during the year ended
December 31, 2020, was $4.4 million compared to $5.7 million in the year ended December 31, 2019. The decrease is mainly
attributed to a decrease in net loss including the $3.8 million increase in revenues.
Cash used in investing activities during the year ended
December 31, 2020, was $519,000 compared to $1.5
million in the year ended December
31, 2019. The decrease is mainly attributed to the
establishment in 2019 of CollPlant's new R&D center and
headquarters and investment in its production facility.
Cash provided by financing activities during the year 2020, was
$4.5 million compared to $5.4 million in the year ended December 31, 2019. In both years, 2020 and 2019,
the Company raised funds from investors via private placements in
return for issuance of its securities.
Year ended 2020 Financial Results on Non-GAAP Basis
On a non-GAAP basis, the operating costs and expenses for the
year 2020 increased by 6% from $6.8
million, compared to $6.6
million for the year 2019. The comprehensive loss for the
year ended December 31, 2020 was
$3.9 million, or $0.57 per share, compared to $6.4 million, or $1.29 per share, for the year ended December 31, 2019. Non-GAAP measures exclude
certain non-cash expenses.
The table on page 13 includes a reconciliation of the
Company's GAAP results to non-GAAP results. The reconciliation
reflects non-cash net expense in the amount of $1.9 million, mainly with respect to share-based
compensation expenses.
Use of Non-GAAP Measures
This press release contains certain non-GAAP financial measures
for operating costs and expenses, operating loss, comprehensive
loss and basic and diluted comprehensive loss per share that
exclude the effects of non-cash expense for fair market value
attributed to services received through the share purchase
agreement, change in fair value of financial instruments,
share-based compensation to employees, directors and consultants,
and change in operating lease accounts. Management believes that
these non-GAAP financial measures provide meaningful supplemental
information regarding the Company's performance that enhances
management's and investors' ability to evaluate the Company's
operating costs, comprehensive loss and loss per share, and to
compare them to historical Company results.
The presentation of this non-GAAP financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. Management uses both GAAP and non-GAAP measures when
operating and evaluating the Company's business internally and
therefore decided to make these non-GAAP adjustments available to
investors. The non-GAAP financial measures used by the Company in
this press release may be different from the measures used by other
companies.
For more information on the non-GAAP financial measures, please
see the "Reconciliation of GAAP to Non-GAAP Financial Measures"
table on page 13 in this press release. This accompanying table on
page 13 has more details on the GAAP financial measures that are
most directly comparable to non-GAAP financial measures and the
related reconciliations between these financial measures.
The Company's consolidated financial results as of, and for the
year ended December 31, 2020 are
presented in accordance with generally accepted accounting
principles in the United States of
America ("U.S. GAAP").
A copy of the Company's annual report on Form 20-F for the year
ended December 31, 2020 has been
filed with the U.S. Securities and Exchange Commission at
www.sec.gov and posted on the Company's investor relations website
at http://ir.collplant.com/. The Company will deliver a hard copy
of its annual report, including its complete audited consolidated
financial statements, free of charge, to its shareholders upon
request to CollPlant Investor Relations at 4 Oppenheimer, Weizmann
Science Park, Rehovot 767104, Israel or by phone at +972-73-232 5600.
About CollPlant
CollPlant is a regenerative and aesthetic medicine company
focused on 3D bioprinting of tissues and organs, and medical
aesthetics. The Company's products are based on its rhCollagen
(recombinant human collagen) produced with CollPlant's proprietary
plant based genetic engineering technology. These products address
indications for the diverse fields of tissue repair, aesthetics,
and organ manufacturing, and are ushering in a new era in
regenerative and aesthetic medicine. CollPlant recently
entered a development and global commercialization agreement for
dermal and soft tissue fillers with Allergan, an AbbVie company,
the global leader in the dermal filler market.
For more information, visit http://www.collplant.com.
Safe Harbor Statements
This press release may include forward-looking statements.
Forward-looking statements may include, but are not limited to,
statements relating to CollPlant's objectives plans and strategies,
as well as statements, other than historical facts, that address
activities, events or developments that CollPlant intends, expects,
projects, believes or anticipates will or may occur in the future.
These statements are often characterized by terminology such as
"believes," "hopes," "may," "anticipates," "should," "intends,"
"plans," "will," "expects," "estimates," "projects," "positioned,"
"strategy" and similar expressions and are based on assumptions and
assessments made in light of management's experience and perception
of historical trends, current conditions, expected future
developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Many factors could cause CollPlant's actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: the Company's history of significant
losses, its ability to continue as a going concern, and its need to
raise additional capital and its inability to obtain additional
capital on acceptable terms, or at all; the impact of the COVID-19
pandemic; the Company's expectations regarding the timing and cost
of commencing clinical trials with respect to tissues and organs
which are based on its rhCollagen based BioInk and products for
medical aesthetics; the Company's 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 the Company's
rhCollagen based products in 3D Bioprinting and medical aesthetics;
the Company's ability to establish sales and marketing capabilities
or enter into agreements with third parties and its reliance on
third party distributors and resellers; the Company's ability to
establish and maintain strategic partnerships and other corporate
collaborations; the Company's reliance on third parties to conduct
some or all aspects of its product manufacturing; the scope of
protection the Company is able to establish and maintain for
intellectual property rights and the Company's ability to operate
its business without infringing the intellectual property rights of
others; the overall global economic environment; the impact of
competition and new technologies; general market, political, and
economic conditions in the countries in which the Company operates;
projected capital expenditures and liquidity; changes in the
Company's strategy; and litigation and regulatory proceedings. More
detailed information about the risks and uncertainties affecting
CollPlant is contained under the heading "Risk Factors" included in
CollPlant's most recent annual report on Form 20-F filed with the
SEC, and in other filings that CollPlant has made and may make with
the SEC in the future. The forward-looking statements contained in
this press release are made as of the date of this press release
and reflect CollPlant's current views with respect to future
events, and CollPlant does not undertake and specifically disclaims
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact at CollPlant:
Eran
Rotem
Deputy CEO & Chief Financial Officer
Tel: + 972-73-2325600
Email: Eran@collplant.com
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONSOLIDATED
BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
|
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,333
|
|
|
$
|
3,791
|
|
Restricted
deposit
|
|
|
|
12
|
|
|
|
12
|
|
Trade
receivables
|
|
|
|
830
|
|
|
|
79
|
|
Other accounts
receivable and prepaid expenses
|
|
|
|
239
|
|
|
|
270
|
|
Inventory
|
|
|
|
1,262
|
|
|
|
888
|
|
Total current
assets
|
|
|
|
5,676
|
|
|
|
5,040
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Restricted
deposit
|
|
|
|
181
|
|
|
|
168
|
|
Operating lease
right-of-use assets
|
|
|
|
2,796
|
|
|
|
3,215
|
|
Property and
equipment, net
|
|
|
|
2,106
|
|
|
|
2,329
|
|
Intangible
assets
|
|
|
|
82
|
|
|
|
-
|
|
Total non-current
assets
|
|
|
|
5,165
|
|
|
|
5,712
|
|
Total
assets
|
|
|
$
|
10,841
|
|
|
$
|
10,752
|
|
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONSOLIDATED
BALANCE SHEETS
|
(U.S. dollars in
thousands, except share data)
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2020
|
|
|
2019
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current maturity of
loan
|
|
|
|
$
|
-
|
|
|
$
|
24
|
|
Trade
payables
|
|
|
|
|
798
|
|
|
|
833
|
|
Operating lease
liabilities
|
|
|
|
|
440
|
|
|
|
455
|
|
Deferred
revenues
|
|
|
|
|
207
|
|
|
|
942
|
|
Accrued liabilities
and other
|
|
|
|
|
1,943
|
|
|
|
1,203
|
|
Total current
liabilities
|
|
|
|
|
3,388
|
|
|
|
3,457
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Derivatives
liability
|
|
|
|
|
28
|
|
|
|
68
|
|
Operating lease
liabilities
|
|
|
|
|
2,948
|
|
|
|
3,139
|
|
Total non-current
liabilities
|
|
|
|
|
2,976
|
|
|
|
3,207
|
|
Total
liabilities
|
|
|
|
|
6,364
|
|
|
|
6,664
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares,
NIS 1.5 par value - authorized: 30,000,000 ordinary shares as
of December
31, 2020 and December 31, 2019; issued and outstanding: 6,963,838
and 5,670,829 ordinary
shares as of December 31, 2020 and December 31, 2019,
respectively
|
|
|
|
|
2,933
|
|
|
|
2,368
|
|
Additional paid in
capital and warrants
|
|
|
|
|
75,547
|
|
|
|
69,949
|
|
Currency translation
differences
|
|
|
|
|
(969)
|
|
|
|
(969)
|
|
Accumulated
deficit
|
|
|
|
|
(73,034)
|
|
|
|
(67,260)
|
|
Total
shareholders' equity
|
|
|
|
|
4,477
|
|
|
|
4,088
|
|
Total liabilities
and shareholders' equity
|
|
|
|
$
|
10,841
|
|
|
$
|
10,752
|
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
Year ended
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
Revenues
|
|
|
$
|
6,137
|
|
|
$
|
2,318
|
|
|
$
|
5,014
|
|
Cost of
revenues
|
|
|
|
3,002
|
|
|
|
1,879
|
|
|
|
1,659
|
|
Gross
Profit
|
|
|
|
3,135
|
|
|
|
439
|
|
|
|
3,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
|
|
4,065
|
|
|
|
4,414
|
|
|
|
3,877
|
|
General,
administrative and marketing
|
|
|
|
4,669
|
|
|
|
3,656
|
|
|
|
3,723
|
|
Total operating
loss
|
|
|
|
5,599
|
|
|
|
7,631
|
|
|
|
4,245
|
|
Financial
expenses
|
|
|
|
34
|
|
|
|
3,303
|
|
|
|
2,180
|
|
Financial
income
|
|
|
|
40
|
|
|
|
-
|
|
|
|
-
|
|
Exchange
differences
|
|
|
|
181
|
|
|
|
230
|
|
|
|
(176)
|
|
Financial
expenses, net
|
|
|
|
175
|
|
|
|
3,533
|
|
|
|
2,004
|
|
Loss for the
period
|
|
|
$
|
5,774
|
|
|
$
|
11,164
|
|
|
$
|
6,249
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
translation differences
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(557)
|
|
Total
comprehensive loss for the period
|
|
|
|
5,774
|
|
|
|
11,164
|
|
|
|
6,806
|
|
Basic and diluted
loss per ordinary share
|
|
|
|
0.84
|
|
|
|
2.23
|
|
|
|
1.43
|
|
Weighted average
number of shares outstanding used in
computation of
basic and diluted loss per
share
|
|
|
|
6,886,955
|
|
|
|
4,986,381
|
|
|
|
4,384,585
|
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net cash used in
operations (see Appendix A)
|
|
$
|
(4,451)
|
|
$
|
(5,703)
|
|
$
|
(1,217)
|
Net cash used in
operating activities
|
|
|
(4,451)
|
|
|
(5,703)
|
|
|
(1,217)
|
Cash flows
from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of
intangible assets
|
|
|
(82)
|
|
|
-
|
|
|
-
|
Purchase of property
and equipment
|
|
|
(437)
|
|
|
(1,491)
|
|
|
(832)
|
Proceeds from sale of
property and equipment
|
|
|
-
|
|
|
30
|
|
|
-
|
Net cash used in
investing activities
|
|
|
(519)
|
|
|
(1,461)
|
|
|
(832)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of shares, warrants and debentures, less issuance
expenses
|
|
|
4,400
|
|
|
5,440
|
|
|
2,777
|
Exercise of options
into shares
|
|
|
89
|
|
|
7
|
|
|
-
|
Loan
received
|
|
|
-
|
|
|
-
|
|
|
58
|
Loan
repaid
|
|
|
(24)
|
|
|
(20)
|
|
|
(12)
|
Payments made for
equipment on financing terms
|
|
|
-
|
|
|
(17)
|
|
|
(70)
|
Net cash provided by
financing activities
|
|
|
4,465
|
|
|
5,410
|
|
|
2,753
|
Increase
(Decrease) in cash and cash equivalents and
restricted deposits
|
|
|
(505)
|
|
|
(1,754)
|
|
|
704
|
Cash and cash
equivalents and restricted deposits at the beginning of the
year
|
|
|
3,971
|
|
|
5,663
|
|
|
5,284
|
Exchange
differences on cash and cash equivalents and restricted
deposits
|
|
|
60
|
|
|
(62)
|
|
|
(325)
|
Cash and cash
equivalents and restricted deposits at the end of the
year
|
|
$
|
3,526
|
|
$
|
3,971
|
|
$
|
5,663
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
APPENDICES TO THE
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
2018
|
Appendix to the
statement of cash flows
|
|
|
|
|
|
|
A. Net cash used
in operations:
|
|
|
|
|
|
|
Loss
|
|
$
|
(5,774)
|
|
$
|
(11,164)
|
|
$
|
(6,249)
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
660
|
|
|
539
|
|
|
342
|
Share-based
compensation to employees and consultants
|
|
|
1,674
|
|
|
1,125
|
|
|
1,434
|
Exchange differences
on cash and cash equivalents
|
|
|
(60)
|
|
|
(62)
|
|
|
(184)
|
Financial expenses
(income) related to financial instruments
|
|
|
(40)
|
|
|
3,230
|
|
|
2,293
|
Net change of
operating lease accounts
|
|
|
213
|
|
|
382
|
|
|
-
|
|
|
|
(3,327)
|
|
|
(5,950)
|
|
|
(2,364)
|
Changes in operating
asset and liability items:
|
|
|
|
|
|
|
|
|
|
Decrease (increase)
in trade receivables
|
|
|
(751)
|
|
|
437
|
|
|
(439)
|
Increase in
inventory
|
|
|
(374)
|
|
|
(74)
|
|
|
(653)
|
Decrease in other
receivables
|
|
|
31
|
|
|
35
|
|
|
220
|
Increase (decrease)
in trade payables
|
|
|
(35)
|
|
|
228
|
|
|
(112)
|
Increase in
accrued liabilities and other payables
|
|
|
740
|
|
|
629
|
|
|
99
|
Increase (decrease) in deferred revenues
(including long term deferred revenues)
|
|
|
(735)
|
|
|
(1,008)
|
|
|
2,032
|
|
|
|
(1,124)
|
|
|
247
|
|
|
(1,147)
|
Net cash used in
operations
|
|
$
|
(4,451)
|
|
$
|
(5,703)
|
|
$
|
(1,217)
|
B. Supplementary
information on investing and financing activities not involving
cash flows:
|
|
|
|
|
|
|
|
|
|
Conversion of
debentures to pre-paid warrants
|
|
|
-
|
|
|
-
|
|
|
3,267
|
Conversion of
pre-paid warrants to ordinary shares
|
|
|
355
|
|
|
22
|
|
|
68
|
Obtaining right of
use assets in exchange for a lease liability
|
|
|
23
|
|
|
97
|
|
|
-
|
Exercise of
anti-dilution derivatives
|
|
|
-
|
|
|
2,024
|
|
|
-
|
Classification of
warrants from liabilities to equity, net
|
|
|
-
|
|
|
1,335
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
C. Reconciliation
of Cash, cash equivalents and restricted cash at the end of
the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
3,333
|
|
|
3,791
|
|
|
5,354
|
Restricted deposits
(including long term)
|
|
|
193
|
|
|
180
|
|
|
154
|
Total cash and cash
equivalents and restricted deposits
|
|
$
|
3,526
|
|
$
|
3,971
|
|
$
|
5,663
|
CollPlant
Biotechnologies Ltd.
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
USD in
thousands
|
|
|
|
|
|
|
|
GAAP
gross profit
|
|
$
|
3,135
|
|
|
$
|
439
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
costs and expenses:
|
|
|
8,734
|
|
|
|
8,070
|
|
|
|
|
|
|
|
|
|
|
Change of operating
lease accounts
|
|
|
(213)
|
|
|
|
(382)
|
|
Share-based
compensation to employees, directors and consultants
|
|
|
(1,674)
|
|
|
|
(1,125)
|
|
Non-GAAP operating
costs and expenses:
|
|
|
6,847
|
|
|
|
6,563
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
|
|
5,599
|
|
|
|
7,631
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
|
|
3,712
|
|
|
|
6,124
|
|
|
|
|
|
|
|
|
|
|
GAAP Comprehensive
loss
|
|
|
5,774
|
|
|
|
11,164
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of financial instruments
|
|
|
40
|
|
|
|
(3,230)
|
|
Change of operating
lease accounts
|
|
|
(213)
|
|
|
|
(382)
|
|
Share-based
compensation to employees, directors and consultants
|
|
|
(1,674)
|
|
|
|
(1,125)
|
|
Non-GAAP
Comprehensive loss
|
|
$
|
3,927
|
|
|
$
|
6,427
|
|
GAAP Basic and
diluted loss per ordinary share
|
|
$
|
0.84
|
|
|
$
|
2.23
|
|
Non-GAAP Basic and diluted loss per ordinary
share
|
|
$
|
0.57
|
|
|
$
|
1.29
|
|
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SOURCE CollPlant