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CollPlant Biotechnologies Ltd

CLGN
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Business Summary

CollPlant Biotechnologies Ltd. is a regenerative and aesthetic medicine company focused on medical aesthetics and 3D bioprinting of tissues and organs . The company's products are based on its recombinant human collagen (rhCollagen) produced in genetically engineered tobacco plants using proprietary technology . CollPlant operates in the regenerative and aesthetic medicine fields, which are characterized by rapidly evolving technology and intense competition . The estimated market size for human collagen-based tissue repair, including bioinks and aesthetic medicine product lines, was approximately $19.5 billion in 2025 and is projected to reach approximately $44.2 billion in 2033 . The global dermal fillers market was valued at approximately $6.21 billion in 2025 and is projected to reach $14.19 billion by 2033 , representing a compound annual growth rate (CAGR) of 10.9% from 2026 to 2033 . The global breast implant market is estimated at $3.1 billion and is expected to reach $4.3 billion by 2034 . The global 3D bioprinting market size was valued at $2.7 billion in 2024 and is projected to reach approximately $5.3 billion in revenue by 2030 , representing a CAGR of 12.5% from 2024 to 2030 . The global orthobiologics market size was valued at $8.36 billion in 2022 and is projected to grow to $12.78 billion by 2030 , exhibiting a CAGR of 5.5% during 2023-2030 .

The company's core business model involves in-house development of aesthetic products and biofabricated scaffolds and tissues, in-licensing of its rhCollagen technology and/or sales of rhCollagen and rhCollagen-based bioinks, and co-development of complex tissues and organs with partners . Revenue generation also includes milestone payments and royalties from strategic partners .

CollPlant's product and service lines include regenerative dermal and soft tissue fillers, 3D-bioprinted regenerative breast implants, and rhCollagen-based commercial bioinks for regenerative medicine applications . The company is collaborating with AbbVie on dermal and soft tissue filler products for the medical aesthetics market, utilizing CollPlant's rhCollagen technology . In February 2025, a development milestone for this product triggered a $2 million payment from AbbVie , following a $10 million payment in June 2023 for another milestone . CollPlant is also developing a photocurable regenerative dermal filler, which completed a 12-month preclinical study in early 2023 demonstrating superior tissue regeneration, lifting capacity, and volume retention . For 3D-bioprinted regenerative breast implants, preclinical studies are ongoing, with a two-arm study launched in August 2024 . MRI and ultrasound analyses in 2025 and 2024 confirmed tissue integration and vascularization . The rhCollagen-based bioink platform, Collink.3D, includes Collink.3D 50L in powder form launched in January 2023 , Collink.3D 90 launched in November 2022 , and Collink.3D 50 launched in November 2021 . The company also offers Collage, a solution of recombinant human Collagen type I at a concentration of 3 mg/ml , and launched BioFlex, a ready-to-print rhCollagen-based kit for DLP 3D bioprinting applications, in February 2026 . Commercially available products include VergenixSTR, a soft tissue repair matrix for tendinopathy, distributed in Benelux and Poland . VergenixFG, an advanced wound care product, was marketed and sold for a period but is currently not being marketed .

For the fiscal year ended December 31, 2025, CollPlant reported revenues of $2.371 million , an increase from $0.515 million in 2024 . Cost of revenues was $0.835 million in 2025 , down from $1.625 million in 2024 . This resulted in a gross profit of $1.536 million in 2025 , compared to a gross loss of $1.110 million in 2024 . Research and development expenses decreased to $8.187 million in 2025 from $10.515 million in 2024 . General, administrative, and marketing expenses were $4.832 million in 2025 , down from $5.626 million in 2024 . The total operating loss for 2025 was $11.483 million , an improvement from $17.251 million in 2024 . Net financial expenses were $0.006 million in 2025 , compared to net financial income of $0.642 million in 2024 . The net loss for 2025 was $11.489 million , compared to $16.609 million in 2024 . As of December 31, 2025, cash and cash equivalents totaled $5.6 million , and the company had an accumulated deficit of $124.8 million . Net cash used in operating activities was $9.419 million in 2025 .

Year-over-year, revenues increased significantly from $0.515 million in 2024 to $2.371 million in 2025 , primarily due to a $2 million development milestone payment from AbbVie . Cost of revenues decreased by approximately $0.8 million in 2025 compared to 2024 , driven by a $0.5 million reduction in inventory impairments , a $0.2 million reduction related to bioinks and rhCollagen sales , and $0.1 million in insurance reimbursement . Research and development expenses decreased by approximately $2.3 million in 2025 , mainly due to a $1.1 million decrease in workforce and share-based compensation expenses and a $1.1 million decrease in research and development materials and subcontractor expenses related to the breast implants program . General, administrative, and marketing expenses decreased by approximately $0.8 million in 2025 , attributed to a $0.4 million decrease in employee salaries and share-based compensation , a $0.1 million decrease in patent expenses , and $0.1 million in insurance reimbursements . Financial results shifted from a net income of $0.6 million in 2024 to a net expense of $0.01 million in 2025 , primarily due to a $0.4 million decrease in interest income and a $0.3 million increase in exchange rate differences .

During 2025, CollPlant announced the achievement of a development milestone with AbbVie, triggering a $2 million payment . The company also announced positive results from its non-clinical program evaluating its photocurable dermal filler in September 2025 , with plans to advance it into clinical trials . In February 2026, the photocurable dermal filler platform was strategically positioned to address facial volume loss associated with rapid weight reduction . In August 2024, a two-arm preclinical study for 3D-bioprinted breast implants was launched, refining the surgical protocol . In October 2025, CollPlant announced positive results from a comparative study of its rhCollagen-based bioink, Collink.3D, and Matrigel®, conducted by the Levenberg Lab at Technion - Israel Institute of Technology . In January 2024, the agreement with STEMCELL Technologies was extended to include global distribution of STEMCELL kits for clinical purposes , and in June 2025, the agreement was expanded to broaden the use of rhCollagen beyond research to include clinical development and commercial-scale manufacturing . In October 2025, the company expanded its distribution footprint into North America through a new partnership with a U.S.-based logistics center . In February 2026, CollPlant launched BioFlex, a ready-to-print rhCollagen-based kit for DLP 3D bioprinting applications . The company implemented a cost-cutting and workforce reduction plan in the first quarter of 2025, reducing its workforce by approximately 20% , and further reduced its workforce by an additional approximately 27% in the fourth quarter of 2025 .

Business Outlook

CollPlant's ability to generate significant revenues in the future depends on the successful commercialization of its rhCollagen-based and bioink products, the successful commercialization of the dermal filler product by its strategic partners, and the establishment and maintenance of business collaborations for 3D bioprinting of organs and tissues and medical aesthetics . The company plans to fund future operations through continued sales of proprietary products, commercialization and/or out-licensing of rhCollagen and bioink products or technology, and raising additional capital through equity or debt issuance . CollPlant's current cash flow and resources are not sufficient to fund its operations for the next 12 months , and obtaining additional financing, including private and/or public offerings of debt or equity securities and/or additional milestone payments from the AbbVie Development Agreement, will be required to continue as a going concern .

A major growth area for CollPlant is the development of regenerative dermal and soft tissue fillers. The company is collaborating with AbbVie on a dermal and soft tissue filler product for the medical aesthetics market, which is currently in the clinical phase . AbbVie is reviewing interim results from the first cohort of patients enrolled in trials initiated in 2023, and next steps for the program will be determined by AbbVie . CollPlant is also developing a photocurable regenerative dermal filler, which completed a 12-month preclinical study in early 2023 demonstrating superior tissue regeneration, lifting capacity, and volume retention . In September 2025, positive results from its non-clinical program were announced, with plans to advance this product candidate into clinical trials . In February 2026, the photocurable dermal filler platform was strategically positioned to address facial volume loss associated with rapid weight reduction, including patients treated with GLP-1 therapies .

Another significant growth area is 3D-bioprinted regenerative breast implants. These implants are designed to gradually degrade and be replaced by newly grown natural breast tissue . Pre-clinical studies on large animals are showing encouraging outcomes, with evidence of significant implant vascularization and rapid ingrowth of native tissue . In August 2024, a two-arm study was launched utilizing a refined surgical protocol . MRI and ultrasound analyses in 2025 and 2024 confirmed tissue integration and vascularization . At six months post-implantation, one study arm showed promising outcomes, with the implant demonstrating vascularization and rapid tissue ingrowth within the clinical-sized implant, with no complications observed . The company plans to continue optimizing the regenerative breast implants to ensure longevity and remodeling of the neo-tissue .

CollPlant expects to continue incurring losses and negative cash flows from operations until its products reach commercial profitability . The company implemented a cost-cutting and workforce reduction plan in the first quarter of 2025, reducing its workforce by approximately 20% , and further reduced its workforce by an additional approximately 27% in the fourth quarter of 2025 . This plan contributed to a $2.3 million decrease in research and development expenses in 2025 and a $0.8 million decrease in general, administrative, and marketing expenses in 2025 . The company continuously invests in further yield improvement and scalability to reduce costs in rhCollagen production, planning to increase biomass per growing area using new genetic derivatives, optimizing growing techniques, and introducing online controls .

Planned capital allocation includes continued investment in research and development activities related to product development . Capital expenditures for December 31, 2025, 2024, and 2023 amounted to $28,000 , $0.5 million , and $1 million , respectively, primarily for laboratory equipment and the Rehovot production site . In May 2025, CollPlant completed a registered direct offering resulting in gross proceeds of $3.6 million , and in February 2026, another registered direct offering resulted in gross proceeds of $2 million . The company does not intend to pay dividends in the foreseeable future .

Management has concluded that there is substantial doubt about the company's ability to continue as a going concern, given its cash position of $5.6 million as of December 31, 2025 and projected continued negative cash flows from operating activities . The company will need to raise additional funding, which may not be available on acceptable terms or at all . Failure to obtain additional capital could force delays, limitations, or termination of product development efforts or other operations . The dermal and soft tissue filler product candidate is in the clinical phase, and AbbVie is conducting a review of interim results, with next steps to be determined by AbbVie . AbbVie may terminate the AbbVie Development Agreement upon 60 days' written notice for any or no reason . The company's development and production of rhCollagen relies on the continued availability of tobacco plants, and any interruption in supply could delay production . During 2024, a mechanical failure at the Yessod Hama’ala facility caused a temporary shutdown , and the facility was closed for an extended period due to the war and its proximity to the border with Lebanon . Permits for certain structures at the Yessod Hama’ala production site are missing, which could lead to a halt or closure of the site .

Risk Factors

CollPlant faces several material risks, including its history of significant losses, with a total comprehensive loss of $11.5 million for the year ended December 31, 2025 , and an accumulated deficit of $124.8 million as of December 31, 2025 . Management has concluded that there is substantial doubt about the company's ability to continue as a going concern, and its cash and cash equivalents of $5.6 million as of December 31, 2025 are not sufficient to fund operations for the next 12 months . The commercial success of any product depends on market acceptance by physicians, patients, and third-party payors, and the company has only limited clinical data to support sales . Manufacturing rhCollagen in high commercial quantities successfully and consistently presents significant challenges due to low-scale experience . The company relies on strategic partnerships, such as the AbbVie Development Agreement, which AbbVie may terminate upon 60 days' written notice for any or no reason . The security situation in Israel, where the majority of senior management and R&D facilities are located, may adversely impact operations, as evidenced by the temporary closure of the Yessod Hama’ala facility in 2024 due to war and its proximity to the Lebanese border . The company's commercial insurance does not cover losses from war and terrorism . Permits for certain structures at the Yessod Hama’ala production site are missing, which could lead to a halt or closure of the site . The company is subject to foreign currency exchange risk, with fluctuations between the U.S. dollar and the NIS, Euro, and other non-U.S. currencies potentially affecting earnings . The global economic environment, including inflation and interest rate increases, could adversely affect business . Regulatory risks include the novel technology of rhCollagen making product development and approval difficult to predict , and potential classification of products as combination products, leading to longer and more expensive regulatory processes . The company's patents are subject to challenges, and maintaining worldwide patent protection is costly .

Management Priorities

Management's message to shareholders emphasizes the company's position as a regenerative and aesthetic medicine company focused on medical aesthetics and 3D bioprinting of tissues and organs, leveraging its proprietary recombinant human collagen (rhCollagen) technology . They highlight the achievement of a development milestone with AbbVie in February 2025, triggering a $2 million payment , and another $10 million payment in June 2023 , underscoring the value of strategic partnerships. Management explicitly states that the company's current cash flow and resources are not sufficient to fund its operations for the next 12 months , and that obtaining additional financing, including private and/or public offerings of debt or equity securities and/or additional milestone payments from the AbbVie Development Agreement, will be required to continue as a going concern . Strategic priorities include the continued development and commercialization of rhCollagen-based and bioink products, advancing the photocurable dermal filler into clinical trials following positive non-clinical results , and optimizing 3D-bioprinted regenerative breast implants for longevity and neo-tissue remodeling . Management also emphasizes ongoing efforts in yield improvement, scalability, and cost reduction for rhCollagen production , and expanding distribution, as demonstrated by the North American logistics partnership .

View Source Annual Report on SEC.gov ↗

References

  1. [1] INTRODUCTION
  2. [2] INTRODUCTION
  3. [3] Item 3.D. Risk Factors — Risks Related to Commercialization of Our Products
  4. [4] Item 4.B. Business Overview — Collagen and Collagen-Based Products
  5. [5] Item 4.B. Business Overview — Collagen and Collagen-Based Products
  6. [6] Item 4.B. Business Overview — Regenerative Medicine and Aesthetic Markets
  7. [7] Item 4.B. Business Overview — Regenerative Medicine and Aesthetic Markets
  8. [8] Item 4.B. Business Overview — Regenerative Medicine and Aesthetic Markets
  9. [9] Item 4.B. Business Overview — Regenerative Medicine and Aesthetic Markets
  10. [10] Item 4.B. Business Overview — Regenerative Medicine and Aesthetic Markets
  11. [11] Item 4.B. Business Overview — BioInk for 3D printing of tissues & organs
  12. [12] Item 4.B. Business Overview — BioInk for 3D printing of tissues & organs
  13. [13] Item 4.B. Business Overview — BioInk for 3D printing of tissues & organs
  14. [14] Item 4.B. Business Overview — Orthobiologics Market
  15. [15] Item 4.B. Business Overview — Orthobiologics Market
  16. [16] Item 4.B. Business Overview — Orthobiologics Market
  17. [17] Item 4.B. Business Overview — Our Strategy
  18. [18] Item 4.B. Business Overview — Our Strategy
  19. [19] Item 4.B. Business Overview — Our Products and Product Candidates
  20. [20] Item 4.B. Business Overview — Overview
  21. [21] Item 4.B. Business Overview — Overview
  22. [22] Item 4.B. Business Overview — Overview
  23. [23] Item 4.B. Business Overview — Overview
  24. [24] Item 4.B. Business Overview — Overview
  25. [25] Item 4.B. Business Overview — Overview
  26. [26] Item 4.B. Business Overview — Overview
  27. [27] Item 4.B. Business Overview — Overview
  28. [28] Item 4.B. Business Overview — Overview
  29. [29] Item 4.B. Business Overview — Collage
  30. [30] Item 4.B. Business Overview — BioFlex
  31. [31] Item 4.B. Business Overview — VergenixSTR-Tendinopathy Treatment
  32. [32] Item 4.B. Business Overview — VergenixFG-Wound Filler
  33. [33] Item 5.A. Operating Results — Statement of operations data
  34. [34] Item 5.A. Operating Results — Statement of operations data
  35. [35] Item 5.A. Operating Results — Statement of operations data
  36. [36] Item 5.A. Operating Results — Statement of operations data
  37. [37] Item 5.A. Operating Results — Statement of operations data
  38. [38] Item 5.A. Operating Results — Statement of operations data
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  41. [41] Item 5.A. Operating Results — Statement of operations data
  42. [42] Item 5.A. Operating Results — Statement of operations data
  43. [43] Item 5.A. Operating Results — Statement of operations data
  44. [44] Item 5.A. Operating Results — Statement of operations data
  45. [45] Item 5.A. Operating Results — Statement of operations data
  46. [46] Item 5.A. Operating Results — Statement of operations data
  47. [47] Item 5.A. Operating Results — Statement of operations data
  48. [48] Item 5.A. Operating Results — Statement of operations data
  49. [49] Item 5.B. Liquidity and Capital Resources
  50. [50] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  51. [51] Item 5.B. Liquidity and Capital Resources — Cash Flows
  52. [52] Item 5.A. Operating Results — Revenues
  53. [53] Item 5.A. Operating Results — Revenues
  54. [54] Item 5.A. Operating Results — Cost of revenues
  55. [55] Item 5.A. Operating Results — Cost of revenues
  56. [56] Item 5.A. Operating Results — Cost of revenues
  57. [57] Item 5.A. Operating Results — Cost of revenues
  58. [58] Item 5.A. Operating Results — Research and Development Expenses
  59. [59] Item 5.A. Operating Results — Research and Development Expenses
  60. [60] Item 5.A. Operating Results — Research and Development Expenses
  61. [61] Item 5.A. Operating Results — General, Administrative, and Marketing Expenses
  62. [62] Item 5.A. Operating Results — General, Administrative, and Marketing Expenses
  63. [63] Item 5.A. Operating Results — General, Administrative, and Marketing Expenses
  64. [64] Item 5.A. Operating Results — General, Administrative, and Marketing Expenses
  65. [65] Item 5.A. Operating Results — Financial Income (Expenses), Net
  66. [66] Item 5.A. Operating Results — Financial Income (Expenses), Net
  67. [67] Item 4.B. Business Overview — Overview
  68. [68] Item 4.B. Business Overview — Overview
  69. [69] Item 4.B. Business Overview — Overview
  70. [70] Item 4.B. Business Overview — Overview
  71. [71] Item 4.B. Business Overview — Overview
  72. [72] Item 4.B. Business Overview — BioInk for 3D printing of tissues & organs
  73. [73] Item 4.B. Business Overview — Overview
  74. [74] Item 4.B. Business Overview — Overview
  75. [75] Item 4.B. Business Overview — Sales, Marketing, and Distribution
  76. [76] Item 4.B. Business Overview — BioFlex
  77. [77] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  78. [78] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  79. [79] Item 5. Operating and Financial Review and Prospects — Overview
  80. [80] Item 5.B. Liquidity and Capital Resources
  81. [81] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  82. [82] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  83. [83] Item 4.B. Business Overview — Our Products and Product Candidates
  84. [84] Item 4.B. Business Overview — Our Products and Product Candidates
  85. [85] Item 4.B. Business Overview — Our Products and Product Candidates
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  89. [89] Item 4.B. Business Overview — Our Products and Product Candidates
  90. [90] Item 4.B. Business Overview — Our Products and Product Candidates
  91. [91] Item 4.B. Business Overview — Our Products and Product Candidates
  92. [92] Item 4.B. Business Overview — Our Products and Product Candidates
  93. [93] Item 4.B. Business Overview — Our Products and Product Candidates
  94. [94] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  95. [95] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  96. [96] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  97. [97] Item 5.A. Operating Results — Research and Development Expenses
  98. [98] Item 5.A. Operating Results — General, Administrative, and Marketing Expenses
  99. [99] Item 4.B. Business Overview — Manufacturing, Supply, and Production
  100. [100] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  101. [101] Item 4.A. History and Development of the Company
  102. [102] Item 4.A. History and Development of the Company
  103. [103] Item 4.A. History and Development of the Company
  104. [104] Item 4.A. History and Development of the Company
  105. [105] Item 5.B. Liquidity and Capital Resources
  106. [106] Item 5.B. Liquidity and Capital Resources
  107. [107] Item 3.D. Risk Factors — Risks Related to the Ownership of our Ordinary Shares
  108. [108] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  109. [109] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  110. [110] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  111. [111] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  112. [112] Item 4.B. Business Overview — Our Products and Product Candidates
  113. [113] Item 4.B. Business Overview — Our Products and Product Candidates
  114. [114] Item 3.D. Risk Factors — Risks Related to Our Business Operations
  115. [115] Item 3.D. Risk Factors — Risks Related to Our Business Operations
  116. [116] Item 3.D. Risk Factors — Risks Related to Our Business Operations
  117. [117] Item 3.D. Risk Factors — Risks Related to Our Operations in Israel
  118. [118] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  119. [119] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  120. [120] Item 3.D. Risk Factors — Risks Related to Our Financial Position and Capital Requirements
  121. [121] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  122. [122] Item 3.D. Risk Factors — Risks Related to Commercialization of Our Products
  123. [123] Item 3.D. Risk Factors — Risks Related to Commercialization of Our Products
  124. [124] Item 3.D. Risk Factors — Risks Related to Our Reliance on Third Parties
  125. [125] Item 3.D. Risk Factors — Risks Related to Our Operations in Israel
  126. [126] Item 3.D. Risk Factors — Risks Related to Our Operations in Israel
  127. [127] Item 3.D. Risk Factors — Risks Related to Our Operations in Israel
  128. [128] Item 3.D. Risk Factors — Risks Related to Our Business Operations
  129. [129] Item 3.D. Risk Factors — Risks Related to Our Business Operations
  130. [130] Item 3.D. Risk Factors — Risks Related to the Clinical Development and Regulatory Approval of the Products
  131. [131] Item 3.D. Risk Factors — Risks Related to the Clinical Development and Regulatory Approval of the Products
  132. [132] Item 3.D. Risk Factors — Risks Related to Our Intellectual Property
  133. [133] Item 5. Operating and Financial Review and Prospects — Overview
  134. [134] Item 5. Operating and Financial Review and Prospects — Overview
  135. [135] Item 5. Operating and Financial Review and Prospects — Overview
  136. [136] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  137. [137] Item 5.B. Liquidity and Capital Resources — Funding Requirements
  138. [138] Item 4.B. Business Overview — Our Products and Product Candidates
  139. [139] Item 4.B. Business Overview — Our Products and Product Candidates
  140. [140] Item 4.B. Business Overview — Manufacturing, Supply, and Production
  141. [141] Item 4.B. Business Overview — Sales, Marketing, and Distribution

Analysis on 5/22/2026