- Co-development of rhCollagen-based dermal and soft tissue
fillers with AbbVie is progressing
- Company's 3D bioprinted regenerative breast implant program
remains on track to conclude large animal study in Q4
- Development of aseptic process for the production of sterile
rhCollagen anticipated to be completed in Q4
- Strong balance sheet with cash and cash equivalents of
$36M as of June 30, 2022
REHOVOT, Israel, Aug. 25,
2022 /PRNewswire/ -- CollPlant Biotechnologies
(NASDAQ: CLGN), a regenerative and aesthetic medicine company
developing innovative human collagen-based technologies and
products for tissue regeneration and organ manufacturing, today
announced financial results for the second quarter ended
June 30, 2022 and provided an update
on the Company's business developments.
"I am very pleased with the company's execution and significant
advances across our diverse and expanding product portfolio. We are
targeting large commercial opportunities where we believe our
recombinant human collagen (rhCollagen) has the ability to deliver
performance and safety advantages," said Yehiel Tal,
CollPlant's Chief Executive Officer. "Our agreement with
AbbVie to co-develop dermal and soft tissue fillers with
rejuvenative properties for the medical aesthetic market is a
perfect example of our strategy. We are excited by the
direction of this program and continue as well to
develop on our own the agreement's option products, including a
photocurable dermal filler and an injectable breast
implant."
"We also continue to make important progress with our 3D
bioprinted regenerative breast implant program, and anticipate our
first large animal study to conclude as planned by the end of 2022.
Our collagen-based implants have the potential to meet an enormous
unmet need by overcoming the safety challenges of existing breast
procedures while promoting natural tissue regeneration. The results
of this study, which will evaluate formulation, surgical technique,
implant degradation rate and vascularization, will provide the
basis for the design of a large pivotal study planned to begin in
Q1 2023. We anticipate these studies to support advancement to
human clinical trials".
Recent Corporate Highlights
Strategic Collaboration Agreement with AbbVie: CollPlant's
exclusive worldwide development and commercialization agreement
with AbbVie for dermal and soft tissue fillers continues to
advance. Within the framework of this collaboration, CollPlant's
proprietary rhCollagen and AbbVie's technology are combined to
develop products for the medical aesthetic market. In February 2021, CollPlant received an upfront
payment of $14 million and has the
potential to receive an additional $89
million in milestone and option payments for additional
products, which include an injectable breast implant and
photocurable dermal filler. According to the agreement, CollPlant
will also receive royalties on product sales and will manufacture
and sell rhCollagen to AbbVie.
3D Bioprinted Regenerative Breast Implant Program:
CollPlant's implants are comprised of the Company's plant-derived
rhCollagen in combination with other biomaterials, and intended to
degrade over time while promoting natural tissue regeneration. The
3D bioprinting technology used for the implant fabrication, enables
scalable production of highly precise and repeatable constructs,
which can be customized to the individual anatomy of a patient.
CollPlant initiated a large animal study in June 2022 which is expected to conclude by the
end of 2022. The global market for breast implants is estimated to
be $2.5B.
Aseptic Production Process for rhCollagen: CollPlant is
developing and implementing a fully controlled, closed-loop
production process to mass produce sterile rhCollagen. The sterile
plant-based collagen is expected to provide better bifunctionality
and homogeneity relative to collagen derived from animals or
cadavers, with improved safety and reduced risk of
contamination.
rhCollagen-based Bioinks: In November
2021, CollPlant launched Collink.3D, a collagen-based Bioink
platform, designed to support a wide variety of 3D bioprinting
applications. Collink.3D is the first of a portfolio of Bioink
products and CollPlant intends to release two additional Bioinks in
Q4 2022.
Second Quarter 2022 Financial Results
Cash, cash equivalents and short-term deposits as of June
30, 2022, were $36.3 million.
GAAP revenues for the second quarter of 2022 were $66,000 and included mainly income from sales of
the Company' BioInk and rhCollagen. Revenues decreased by
$625,000 compared to $691,000 in the second quarter of 2021 which
mainly related to a decrease in sales of BioInk and Vergenix
products.
GAAP cost of revenue for the second quarter of 2022, was
$43,000, a decrease of 90% compared
to $429,000 in the second quarter of
2021. Cost of revenue includes mainly the cost of the Company'
rhCollagen based products, and royalties to the IIA for our sales.
The decrease in cost of revenue in the amount of approximately
$386,000 is mainly comprised of: (i)
approximately $145,000 in royalty
expenses to the IIA, inventory impairment and (ii) approximately
$241,000 relating to BioInk, FG and
rhCollagen sales.
GAAP gross profit for the second quarter of 2022 was
$23,000, compared to gross profit of
$262,000 in the second quarter of
2021.
GAAP operating expenses for the second quarter of 2022 were
$4.2 million compared to $3.3 million in the second quarter of 2021. The
net increase of $900,000 in expenses
is mainly comprised of: (i) $453,000
in research and product development activities including process
development, (ii) $235,000 in
employees' salaries and share base compensation, including
recruitment of new employees for development of new products in 3D
bioprinting and medical aesthetics, and (iii) $520,000 in
employees and director's salaries and insurance policy
expenses, offset by (iv) a decrease of $410,000 in one-time legal expenses
relating to the end of the Company's ADS program, and the
registration of the ordinary shares for listing on Nasdaq Global
Market in 2021. On a non-GAAP basis, the operating expenses for the
second quarter of 2022 were $3.9
million compared to $2.8
million in the second quarter of 2021. Non-GAAP measures
exclude certain non-cash expenses.
GAAP financial expenses, net for the second quarter of 2022
totaled $100,000 compared to
financial income net, of $25,000 in
the second quarter of 2021. The increase in financial expenses is
due to the weakening of the Dollar currency compared to the Shekel
currency during the second quarter, and the corresponding effect on
the Company's lease liabilities.
GAAP net loss for the second quarter of 2022 was $4.3 million or $0.39 basic loss per share, compared to a net
loss of $3 million, or $0.30 basic loss per share, for the second
quarter of 2021. Non-GAAP net loss for the second quarter of 2022
was $4 million or $0.36 loss per share, compared to a net loss of
$2.5 million, or $0.25 basic loss per share, for the second
quarter of 2021.
Six months period ended June 30,
2022, compared to six months period ended June 30, 2021
GAAP revenues for the six months ended June 30, 2022, were $132,000 and included mainly income from sales of
the Company' BioInk and rhCollagen. Revenues decreased by
$15.1 million compared to
$15.2 million in the six months ended
June 30, 2021 which mainly
derived from the $14
million consideration for the license granted to AbbVie and to
decrease in sales of BioInk Vergenix products.
GAAP gross profit for the six months ended June 30, 2022, was $58,000, compared to gross profit of $13.9 million in the six months ended
June 30, 2021.
GAAP operating expenses for the six months ended June 30, 2022, accumulated to $8 million, compared to $6.9 million in the six months ended June 30, 2021. The net increase of $1.1 million in expenses is mainly comprised
of: (i) an increase of $784,000 in
research and product development activities including process
development, (ii) an increase of $538,000 in employees' salaries and share base
compensation, including recruitment of new employees for
development of new products in 3D bioprinting and medical
aesthetics, (iii) an increase of $210,000 in general and administrative employees
and directors salaries and insurance policy expenses, offset by
(iv) a decrease of $410,000 in
one-time legal expenses relating to the end of the Company's
ADS program, and the registration of the ordinary shares for
listing on Nasdaq Global Market in 2021. On a non-GAAP basis, the
operating expenses for the six months ended June 30, 2022 were $3.9
million compared to $2.8
million in the six months ended June
30, 2021. Non-GAAP measures exclude certain non-cash
expenses.
GAAP financial expenses, net for the six months ended
June 30, 2022, totaled $192,000 compared to financial income net, of
$123,000 in the six months ended
June 30, 2021. The increase in
financial expenses is due to the weakening of the Dollar currency
compared to the Shekel currency mainly during the second quarter,
and the corresponding effect on the Company's lease
liabilities.
GAAP net loss for the six months ended June 30, 2022 was $8.1
million, or $0.74 basic loss
per share, compared to a net income of $7.1
million, or $0.76 basic income
per share, for the six months ended June 30,
2021. Non-GAAP net loss for the six months ended
June 30, 2022 was $7.5 million, or $0.69 basic loss per share, compared to
$7.9 million income, or $0.85 basic income per share, for the six months
ended June 30, 2021.
Cash used in operating activities during the six months ended
June 30, 2022, was $7.2 million compared to $7.7 million cash provided from operating
activities in the six months ended June
30, 2021. The change is mainly attributed to the
$14 million consideration for the
license granted to AbbVie in 2021.
Cash provided by investing activities during the six months
ended June 30, 2022, was $30 million compared to $30.4 cash used in the six months ended
June 30, 2021. The change is mainly
attributed to repayment and investment in short term cash
deposits.
Cash provided by financing activities during the six months
ended June 30, 2022, was $1.5 million compared to cash provided by
financing activities of $36.9 million
in the six months ended June 30,
2021. The decrease is mainly attributed to the Company's
registered direct offering in February
2021, which resulted in net proceeds of $32 million and $4.1 million proceeds in
exercise of options and warrants.
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.
At the beginning of 2021, CollPlant entered into 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. Later in 2021, CollPlant entered a strategic
co-development agreement with 3D Systems for a 3D bioprinted
regenerative soft tissue matrix for use in breast reconstruction
procedures in combination with an implant.
For more information about CollPlant, visit
http://www.collplant.com
Use of Non-US GAAP ("non-GAAP")
Financial results for 2022 and 2021 are presented on both a GAAP
and a non-GAAP basis. GAAP results were prepared in accordance with
U.S. GAAP and include all revenue and expenses recognized during
the period. The release contains certain non-GAAP financial
measures for operating costs and expenses, operating income,
net income and basic and diluted net income per share that
exclude the effects of non-cash expense for fair market value
attributed to change in fair value of financial instruments,
share-based compensation to employees, directors and consultants,
and change in operating lease accounts. CollPlant's 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 income and income 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"
later in this release. This accompanying table 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
six months ended June 30, 2022, are
presented in accordance with generally accepted accounting
principles in the United States of
America ("U.S. GAAP").
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 & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands, except share data)
|
|
|
|
|
|
|
|
|
June
30,
2022
|
|
|
December 31,
2021
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
36,290
|
|
|
$
|
13,148
|
Short term cash
deposits
|
|
|
|
-
|
|
|
|
30,151
|
Restricted
deposit
|
|
|
|
23
|
|
|
|
13
|
Trade
receivables
|
|
|
|
9
|
|
|
|
270
|
Other accounts
receivable and prepaid expenses
|
|
|
|
594
|
|
|
|
424
|
Inventories
|
|
|
|
1,356
|
|
|
|
1,081
|
Total current
assets
|
|
|
|
38,272
|
|
|
|
45,087
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Restricted
deposit
|
|
|
|
189
|
|
|
|
213
|
Operating lease
right-of-use assets
|
|
|
|
2,792
|
|
|
|
2,953
|
Property and
equipment, net
|
|
|
|
2,925
|
|
|
|
2,728
|
Intangible
assets, net
|
|
|
|
235
|
|
|
|
243
|
Total non-current
assets
|
|
|
|
6,141
|
|
|
|
6,137
|
Total
assets
|
|
|
$
|
44,413
|
|
|
$
|
51,224
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2022
|
|
|
December 31,
2021
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
760
|
|
|
$
|
1,034
|
|
|
Operating lease
liabilities
|
|
|
|
477
|
|
|
|
519
|
|
|
Deferred
revenues
|
|
|
|
-
|
|
|
|
32
|
|
|
Accrued
liabilities and other
|
|
|
|
1,124
|
|
|
|
1,429
|
|
|
Total current
liabilities
|
|
|
|
2,361
|
|
|
|
3,014
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
|
|
2,547
|
|
|
|
3,089
|
|
|
Total non-current
liabilities
|
|
|
|
2,547
|
|
|
|
3,089
|
|
|
Total
liabilities
|
|
|
|
4,908
|
|
|
|
6,103
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, NIS
1.5 par value - authorized: 30,000,000 ordinary shares as of June 30, 2022
and December 31, 2021; issued and outstanding: 11,086,481 and
10,772,024 ordinary shares as of
June 30, 2022 and
December 31, 2021, respectively
|
|
|
|
4,831
|
|
|
|
4,664
|
|
|
Additional paid in capital
|
|
|
|
116,585
|
|
|
|
114,223
|
|
|
Currency
translation differences
|
|
|
|
(969)
|
|
|
|
(969)
|
|
|
Accumulated deficit
|
|
|
|
(80,942)
|
|
|
|
(72,797)
|
|
|
Total shareholders'
equity
|
|
|
|
39,505
|
|
|
|
45,121
|
|
|
Total liabilities
and shareholders' equity
|
|
|
$
|
44,413
|
|
|
$
|
51,224
|
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
Six months ended
June 30
|
|
|
Three months
ended
June 30
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
U.S. dollars in
thousands, except per share data
|
|
Revenues
|
|
$
|
132
|
|
|
$
|
15,191
|
|
|
$
|
66
|
|
|
$
|
691
|
|
Cost of
Revenue
|
|
|
74
|
|
|
|
1,315
|
|
|
|
43
|
|
|
|
429
|
|
Gross
Profit
|
|
|
58
|
|
|
|
13,876
|
|
|
|
23
|
|
|
|
262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
4,841
|
|
|
|
3,534
|
|
|
|
2,599
|
|
|
|
1,901
|
|
General, administrative
and marketing
|
|
|
3,170
|
|
|
|
3,379
|
|
|
|
1,609
|
|
|
|
1,424
|
|
Total Operating
income (loss)
|
|
|
(7,953)
|
|
|
|
6,963
|
|
|
|
(4,185)
|
|
|
|
(3,063)
|
|
Financial income
(expenses), net
|
|
|
(192)
|
|
|
|
123
|
|
|
|
(100)
|
|
|
|
25
|
|
Net income (loss)
for the period
|
|
$
|
(8,145)
|
|
|
$
|
7,086
|
|
|
$
|
(4,285)
|
|
|
$
|
(3,038)
|
|
Basic net income
(loss) per ordinary share
|
|
$
|
(0.74)
|
|
|
$
|
0.76
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.30)
|
|
Diluted net income
(loss) per ordinary share
|
|
$
|
(0.74)
|
|
|
$
|
0.58
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.30)
|
|
Weighted average
ordinary shares outstanding used in computation of basic net income (loss) per
share
|
|
|
10,935,611
|
|
|
|
9,315,817
|
|
|
|
11,086,481
|
|
|
|
10,201,231
|
|
Weighted average
ordinary shares outstanding used in computation of diluted net income (loss) per
share
|
|
|
10,935,611
|
|
|
|
12,173,715
|
|
|
|
11,086,481
|
|
|
|
10,201,231
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
Six months ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Income
(loss)
|
|
$
|
(8,145)
|
|
|
$
|
7,086
|
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
501
|
|
|
|
352
|
|
|
Gains from Short
term cash deposits
|
|
|
(87)
|
|
|
|
(74)
|
|
|
Share-based
compensation to employees and consultants
|
|
|
1,055
|
|
|
|
954
|
|
|
Exchange
differences on cash and cash equivalents
|
|
|
727
|
|
|
|
13
|
|
|
Financial Income
related to financial instruments
|
|
|
-
|
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating asset and liability items:
|
|
|
|
|
|
|
|
|
|
Decrease in
trade receivables
|
|
|
261
|
|
|
|
553
|
|
|
Decrease
(increase) in inventories
|
|
|
(275)
|
|
|
|
322
|
|
|
Increase in
other receivables
|
|
|
(170)
|
|
|
|
(740)
|
|
|
Decrease in
operating right of use assets
|
|
|
220
|
|
|
|
188
|
|
|
Decrease in
trade payables
|
|
|
(274)
|
|
|
|
(100)
|
|
|
Decrease in
lease liabilities
|
|
|
(643)
|
|
|
|
(272)
|
|
|
Decrease in
accrued liabilities and other payables
|
|
|
(305)
|
|
|
|
(309)
|
|
|
Decrease in
deferred revenues
|
|
|
(32)
|
|
|
|
(207)
|
|
|
Net cash
provided by (used in) operating activities
|
|
|
(7,167)
|
|
|
|
7,738
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Capitalization
of intangible assets
|
|
|
(12)
|
|
|
|
(82)
|
|
|
Purchase of
property and equipment
|
|
|
(678)
|
|
|
|
(365)
|
|
|
Repayment of a
short term deposits
|
|
|
50,238
|
|
|
|
-
|
|
|
Investment in
short term deposits
|
|
|
(20,000)
|
|
|
|
(30,000)
|
|
|
Net cash
provided by (used in) investing activities
|
|
|
29,548
|
|
|
|
(30,447)
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of shares and warrants less issuance expenses
|
|
|
-
|
|
|
|
32,743
|
|
|
Exercise of
options and warrants into shares
|
|
|
1,474
|
|
|
|
4,128
|
|
|
Net cash
provided by financing activities
|
|
|
1,474
|
|
|
|
36,871
|
|
|
Exchange differences
on cash and cash equivalents and restricted
deposits
|
|
|
(727)
|
|
|
|
(13)
|
|
|
Net increase in cash
and cash equivalents and restricted deposits
|
|
|
23,128
|
|
|
|
14,149
|
|
|
Cash and cash
equivalents and restricted deposits at the beginning of the
year
|
|
|
13,374
|
|
|
|
3,526
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents and restricted deposits at the end of the
year
|
|
$
|
36,502
|
|
|
$
|
17,675
|
|
|
COLLPLANT
BIOTECHNOLOGIES LTD.
|
APPENDICES TO
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
Six months ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
Appendix to the
statement of cash flows
|
|
|
|
|
|
|
A. Supplementary
information on investing and financing activities not involving cash
flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obtaining right of use
assets in exchange for a lease liability
|
|
|
59
|
|
|
|
184
|
|
Classification of
issuance costs liability to equity
|
|
|
-
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
B. Reconciliation of
Cash, cash equivalents and restricted cash at the end of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
36,290
|
|
|
|
17,485
|
|
Restricted deposits
(including long term)
|
|
|
212
|
|
|
|
190
|
|
Total cash and cash
equivalents and restricted deposits
|
|
$
|
36,502
|
|
|
$
|
17,675
|
|
CollPlant
Biotechnologies Ltd.
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(U.S. dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
Six months ended
June 30
|
|
|
Three months
ended
June 30
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
USD in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
gross profit
|
|
$
|
58
|
|
|
$
|
13,876
|
|
|
$
|
23
|
|
|
$
|
262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses:
|
|
|
8,011
|
|
|
|
6,913
|
|
|
|
4,208
|
|
|
|
3,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change of operating lease accounts
|
|
|
423
|
|
|
|
84
|
|
|
|
329
|
|
|
|
(43)
|
|
Share-based compensation to employees, directors and
consultants
|
|
|
(1,055)
|
|
|
|
(954)
|
|
|
|
(594)
|
|
|
|
(469)
|
|
|
|
|
7,379
|
|
|
|
6,043
|
|
|
|
3,943
|
|
|
|
2,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income (loss)
|
|
|
(7,953)
|
|
|
|
6,963
|
|
|
|
(4,185)
|
|
|
|
(3,063)
|
|
Non-GAAP operating income (loss)
|
|
|
(7,321)
|
|
|
|
7,833
|
|
|
|
(3,920)
|
|
|
|
(2,551)
|
|
GAAP
Net Income (loss)
|
|
|
(8,145)
|
|
|
|
7,086
|
|
|
|
(4,285)
|
|
|
|
(3,038)
|
|
Change in
fair value of financial instruments
|
|
|
-
|
|
|
|
(28)
|
|
|
|
-
|
|
|
|
-
|
|
Change of
operating lease accounts
|
|
|
(423)
|
|
|
|
(84)
|
|
|
|
(329)
|
|
|
|
43
|
|
Share-based compensation to employees, directors and
consultants
|
|
|
1,055
|
|
|
|
954
|
|
|
|
594
|
|
|
|
469
|
|
Non-GAAP Net Income (loss)
|
|
$
|
(7,513)
|
|
|
$
|
7,928
|
|
|
$
|
(4,020)
|
|
|
$
|
(2,526)
|
|
GAAP
Basic income (loss) per ordinary share
|
|
$
|
(0.74)
|
|
|
$
|
0.76
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.3)
|
|
NON-
GAAP Basic income (loss) per ordinary share
|
|
$
|
(0.69)
|
|
|
$
|
0.85
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.25)
|
|
GAAP
Diluted income (loss) per ordinary share
|
|
$
|
(0.74)
|
|
|
$
|
0.58
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.3)
|
|
Non-GAAP Diluted income (loss) per ordinary
share
|
|
$
|
(0.69)
|
|
|
$
|
0.65
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.25)
|
|
Photo -
https://mma.prnewswire.com/media/1884809/CollPlant.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/collplant-biotechnologies-provides-business-updates-and-second-quarter-2022-financial-results-301612386.html
SOURCE CollPlant