CollPlant Biotechnologies Ltd. (NASDAQ:CLGN) Q2 2023 Earnings Call Transcript

Ben Haynor: Okay. That’s fair enough, I understand. And then just the secondary for me on the cross promotion that you guys have been or Stratasys, any initial returns so far, how has that been going expectations there, just curious on the BioInk side of things, and the relationship with Stratasys.

Yehiel Tal: Ben, can you please repeat the question?

Ben Haynor: Sure. I was just wondering on the cross promotion that you guys are doing with Stratasys if there have been any, I guess maybe not initial successes there, but how are those conversations going, any expectations on what that could lead to down the road with Stratasys?

Yehiel Tal: Okay, I see. So, we have struggled, it’s first of all, we are working with their printers that is called Origin One, which is utilizing a very unique technology for PhotoPolymerization. And we are working together with them in developing the printing process for the breast implant. At this point of time, we are already printing implants of 100 TC with their printer and we are optimizing the process. And of course, the intention is this is the first focus of us in this collaboration is to develop a scalable biofabrication solution for the breast implant, which later on can be extended to other tissues and organs, including an automated process. And regarding the bulk of the sales of the BioInk that you are referring to, this will come in the later stage once they will have the relevant printer in the market, there we will see the kind of the sales that you are asking about.

Ben Haynor: Okay. So, that’s still a little ways off.

Yehiel Tal: Right.

Ben Haynor: Okay. Understood. Excellent. Well, thanks for taking the questions gentlemen and again, congrats on the AbbVie milestone.

Eran Rotem: Thank you.

Yehiel Tal: Thank you, Ben.

Operator: I believe that is the last question from our live audience participants. So, I will turn it back to Mr. Rotem for any questions that came in online.

Eran Rotem: Sure, thank you. So, the first question that came online is regarding the cash balance of the company and it’s the $22 million that we earned, that we had in the bank as of June 30. Does it includes the $10 million from Allergan’s milestone achievement or it doesn’t. So, the $10 million gain in July after the balance sheet – after the date of the balance sheet. So now, the $22 million is not including the $10 million. So, at the end of July, the company had above $30 million in cash, which also apply to the kind of cash that we have. This is relating to another question that came regarding for how long the cash that the company has we lost. And so if we had last month, more than $30 million and as you know from if you are taking a look at the historical financial performance, for example, this year, the company was using for operation about $7 million for six months.

So, you can understand that if the cash that the company has we have money for a more than at least 2 years. So, this was one question. The second one was ASCII addressed by the other questions that were raised. So, it is asking about when will the company have a commercial sale on products and can we give some more details regarding the schedule of the collaboration with Allergan. So, for the second part, I believe we addressed it, we are disclosing whatever we can about the program with Allergan. This program is 4 years now and the milestone achievement is demonstrating the progress of the program. And regarding the commercial sales, the company is selling its BioInk and rhCollagen for the development industry. This is an industry that is in development phase and we cannot – we never gave the forecasts regarding the commercial sales, so we will not do it as well now.