Collplant Biotechnologies Ltd (CLGN) 2024 Q4 法說會逐字稿

Welcome to the CollPlant Biotechnologies investor conference call to discuss financial results for the full year and fourth quarter of 2024 and corporate updates. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 CollPlant Biotechnologies 投資者電話會議，討論 2024 年全年及第四季度的財務業績和公司最新動態。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the call over to Dory Kurowski of Lifesci Advisors. Thank you. Please go ahead.

現在我將把電話交給 Lifesci Advisors 的 Dory Kurowski。謝謝。請繼續。

I would like to welcome everyone to CollPlant Biotechnologies financial results conference call to discuss the results for the full year and fourth quarter ended December 31, 2024, where management will also provide a corporate business update.

歡迎大家參加 CollPlant Biotechnologies 財務業績電話會議，我們將討論截至 2024 年 12 月 31 日的全年和第四季度業績，管理層還將提供公司業務最新資訊。

With us on the call today from CollPlant are Yehiel Tal, Chief Executive Officer, who will provide a brief overview of the company's programs and associated updates; and Eran Rotem, Deputy CEO and Chief Financial Officer, who will provide a summary of CollPlant's financial results for the full year and fourth quarter ended December 31, 2024. Both will be available to answer questions on today's call.

今天參加電話會議的CollPlant公司代表有：首席執行官Yehiel Tal，他將簡要概述公司的各項計劃及相關最新進展；以及副首席執行官兼首席財務官Eran Rotem，他將總結CollPlant公司截至2024年12月31日的全年及第四季度財務業績。兩人都將在今天的電話會議上回答問題。

Before we get started, I would like to remind everyone that statements made on this conference call may include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties and other factors including those set forth in the Risk Factors section of CollPlant's filings with the Securities and Exchange Commission. These filings can be found at www.sec.gov or on CollPlant's website at www.collplant.com.

在會議開始之前，我想提醒大家，本次電話會議中發表的聲明可能包含前瞻性聲明。由於各種風險、不確定性和其他因素（包括CollPlant向美國證券交易委員會提交的文件中「風險因素」部分列出的因素），實際事件或結果可能與任何前瞻性聲明中明示或暗示的內容有重大差異。這些文件可以在 www.sec.gov 或 CollPlant 的網站 www.collplant.com 上找到。

In addition, any forward-looking statements made on this call represent CollPlant's views only as of today, March 26, 2025, and should not be relied upon as representing the company's views as of any subsequent date. CollPlant management specifically disclaims any obligation to update or revise any of these forward-looking statements.

此外，本次電話會議中所做的任何前瞻性陳述僅代表CollPlant截至2025年3月26日的觀點，不應被視為代表該公司在任何後續日期的觀點。CollPlant 管理階層特此聲明，不承擔更新或修改任何前瞻性聲明的義務。

Finally, CollPlant management will refer to certain financial measures not reported in accordance with GAAP on this call. You can find reconciliations of these non-GAAP financial measures to the GAAP financial measures in the earnings press release that CollPlant published earlier today, and which is available on CollPlant's website at ir.collplant.com.

最後，CollPlant 管理階層將在本次電話會議上提及一些不符合公認會計準則 (GAAP) 的財務指標。您可以在CollPlant今天稍早發布的獲利新聞稿中找到這些非GAAP財務指標與GAAP財務指標的調節表，該新聞稿可在CollPlant的網站ir.collplant.com上找到。

Now let me turn the call over to Yehiel Tal, Chief Executive Officer of CollPlant Biotechnologies. Please go ahead, sir.

現在，我把電話交給CollPlant Biotechnologies的執行長Yehiel Tal。請繼續，先生。

Good morning, everyone, and thank you for joining us today on CollPlant's investor conference call to discuss our fourth quarter and full year 2024 financial results and corporate development as we pursue our mission to be a leader in regenerative medicine.

各位早安，感謝大家今天參加 CollPlant 的投資者電話會議，我們將討論我們 2024 年第四季度和全年的財務業績以及公司發展情況，我們將努力實現成為再生醫學領導者的使命。

You may have seen that the field of regenerative medicine was highlighted at the end of the last year when the first lab-grown blood vessels were approved by FDA for use by surgeons to restore blood flow in patients with traumatic injuries or in patients who need coronary bypass. This approval is a major milestone for the sector, the research and development effort that has finally been able to translate from an exciting bedside idea to an actual FDA approved product.

您可能已經注意到，去年年底再生醫學領域取得了重大進展，當時美國食品藥物管理局 (FDA) 批准了首批實驗室培育的血管，供外科醫生用於恢復遭受創傷的患者或需要冠狀動脈搭橋手術的患者的血液流動。此次獲準是該產業的一個重要里程碑，標誌著研發工作終於能夠將令人興奮的臨床理念轉化為獲得 FDA 批准的實際產品。

As such, we want to emphasize our own proprietary programs in regenerative medicine, and regenerative aesthetics and that we are advancing these programs ourselves through preclinical, clinical studies and ultimately potential collaborative agreements.

因此，我們希望強調我們在再生醫學和再生美容方面的專有項目，並且我們正在透過臨床前研究、臨床研究以及最終的潛在合作協議來推進這些項目。

The advancement of our wholly owned programs represents an additional opportunity for long-term value creation for our stakeholders at CollPlant. Therefore, I would like to start with highlighting our photocurable dermal filler candidate, which is in the preclinical phase. The photocurable dermal filler is our own, and the market it is intended for is valued approximately $6.3 billion, and with compound annual growth rate of 10%.

我們全資擁有的專案的推進，為CollPlant的利害關係人創造了更多長期價值創造的機會。因此，我想先重點介紹一下我們目前處於臨床前階段的光固化皮膚填充劑候選產品。這種光固化皮膚填充劑是我們自主研發的，其目標市場價值約為 63 億美元，年複合成長率為 10%。

We have received very positive feedback from thought leaders in the field of aesthetic medicine related to the experimental use of the photocurable dermal filer. Highlights from these testimonials mention that it could be a game changer for plastic -- facial plastic surgery and the soft tissue filler as well as huge advance in the dermal and soft tissue markets and for facial plastic surgery and that nothing like this is observed with available fillers with the potential to change the overall approach of long-lasting facial sculpting. Full video testimonials from each physician can be found within our corporate presentation on our website.

我們從美容醫學領域的思想領袖那裡收到了關於光固化皮膚填充劑實驗性使用的非常積極的回饋。這些證詞的亮點在於，它可能徹底改變整形外科——臉部整形手術和軟組織填充劑，以及皮膚和軟組織市場和臉部整形手術的巨大進步，而且目前市面上的填充劑都沒有出現過類似的效果，有可能改變持久面部塑形的整體方法。每位醫生的完整視訊證詞都可以在我們網站的公司介紹中找到。

In addition to our proprietary photocurable dermal filler in development, our collaboration with AbbVie is focused on the development of another dermal and soft tissue filler products for the medical aesthetics market. In February 2025, CollPlant announced that AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled in the dermal and soft tissue filler clinical trials initiated in 2023. Next steps for the program are to be determined upon complete assessment. In addition, following a development achievement, CollPlant received a $2 million payment from AbbVie.

除了我們正在研發的專有光固化皮膚填充劑外，我們與艾伯維的合作重點是為醫療美容市場開發另一種皮膚和軟組織填充劑產品。2025 年 2 月，CollPlant 宣布，艾伯維正在收集數據，並對 2023 年啟動的皮膚和軟組織填充劑臨床試驗的第一批入組患者的中期結果進行審查。該項目的下一步措施將在全面評估後確定。此外，在取得一項研發成果後，CollPlant 從艾伯維公司獲得了 200 萬美元的付款。

Now on to our second proprietary program in regenerative medicine, our regenerative breast implants. This quarter, we continue to advance the preclinical testing of our commercial size breast implants, now 200cc in volume. This study now, using this commercial size prototypes, is critical to advancing our technology towards the marketed product and creating significant shareholder value.

接下來介紹我們的第二個再生醫學專利項目—再生乳房植入物。本季度，我們將繼續推進我們商業尺寸乳房植入物的臨床前測試，目前容量為 200cc。這項研究現在利用商業規模的原型進行，對於推進我們的技術向市場化產品發展並創造顯著的股東價值至關重要。

In August 2024, CollPlant launched this preclinical study with two arms where the surgical protocol was refined to include implantation through small incision, while preventing implant displacement or inversion. We were able to accomplish this with enhanced, more durable form of the implant that we were able to produce. Analysis of MRI and ultrasound data conducted early this year confirmed tissue integration and vascularization, offering valuable diagnostic tools for future clinical applications.

2024 年 8 月，CollPlant 啟動了這項臨床前研究，該研究分為兩組，對手術方案進行了改進，包括透過小切口進行植入，同時防止植入物移位或翻轉。我們透過生產出性能更優、更耐用的植入體，實現了這一目標。今年年初進行的 MRI 和超音波數據分析證實了組織整合和血管化，為未來的臨床應用提供了有價值的診斷工具。

At six months post implementation, one study arm has shown promising outcomes, with the implant demonstrating vascularization and rapid tissue ingrowth within the clinical-sized implant. No complications such as capsule formation, calcifications and local tissue reactions were observed. Additionally, volume retention and mechanical properties were maintained in the successful study arm.

在實施六個月後，一項研究顯示，植入物已取得令人鼓舞的結果，植入物在臨床尺寸的植入物內表現出血管化和組織快速長入。未觀察到包膜形成、鈣化和局部組織反應等併發症。此外，在成功的研究組中，體積維持率和機械性質都得以維持。

Following this study, CollPlant will continue to optimize the regenerative breast implants to ensure longevity and remodeling of the neo tissue with the goal of readying the implants to enter the clinic. Our regenerative breast implant product candidates could be revolutionary for both women undergoing aesthetic enhancements as well as cancer patients undergoing breast reconstruction, since it has the potential to overcome the challenges of existing breast implants made of silicone, saline or autologous fat issue.

這項研究之後，CollPlant 將繼續優化再生乳房植入物，以確保新生組織的持久性和重塑能力，目標是讓植入物做好進入臨床應用的準備。我們的再生乳房植入產品候選產品對於接受美容手術的女性以及接受乳房重建的癌症患者來說都可能具有革命性意義，因為它有可能克服現有矽膠、鹽水或自體脂肪乳房植入物所面臨的挑戰。

Our recombinant human collagen technology, which is the backbone of our product candidate pipeline and commercial products is the most characterized collagen on the market today, including its molecular, biological and physical properties. There is continuous demand for our bioinks and other applications for our recombinant human collagen. Along these lines, we have had additional interest from a wide range of companies that want to gain access to our rhCollagen and are engaged in discussions.

我們的重組人類膠原蛋白技術是我們產品候選管線和商業產品的支柱，是目前市場上特性最明確的膠原蛋白，包括其分子、生物學和物理特性。我們的生物墨水以及重組人類膠原蛋白的其他應用領域一直都有持續的需求。在這方面，我們已經收到了來自眾多公司的額外興趣，他們希望獲得我們的 rhCollagen，並且目前正在進行討論。

That concludes my initial remarks. Now I will turn the call over to our Deputy CEO and Chief Financial Officer, Eran Rotem, to provide a recap of the financial results. Eran?

我的初步發言到此結束。現在我將把電話交給我們的副執行長兼財務長埃蘭‧羅特姆，讓他總結一下財務表現。埃蘭？

Thank you, Yehiel. Good morning, everyone. I will now review our financial results for the 3- and 12-month period ending December 31, 2024.

謝謝你，葉希爾。各位早安。現在我將回顧截至 2024 年 12 月 31 日的 3 個月和 12 個月期間的財務表現。

The GAAP revenues for the fourth quarter ended December 31, 2024, were $164,000 compared to $299,000 for the fourth quarter ended December 31, 2023. The decrease we see is mainly related to sales of our rhCollagen products. GAAP revenue for the year ended December 31, 2024, were $515,000 compared to $11 million for the year ended December 31, 2023. In 2023, we achieved a milestone with respect to the AbbVie agreement, which triggered a $10 million payment in 2023. This is the main reason for the decrease we see in revenues between these periods.

截至 2024 年 12 月 31 日的第四季度，GAAP 營收為 164,000 美元，而截至 2023 年 12 月 31 日的第四季為 299,000 美元。我們看到的下降主要與我們的rh膠原蛋白產品的銷售額有關。截至 2024 年 12 月 31 日止年度的 GAAP 收入為 51.5 萬美元，而截至 2023 年 12 月 31 日止年度的收入為 1,100 萬美元。2023 年，我們在與艾伯維的協議方面取得了里程碑式的進展，該協議觸發了 2023 年的 1000 萬美元付款。這就是我們看到這些時期收入下降的主要原因。

GAAP cost of revenues for Q4 2024 was $272,000 compared to $773,000 in Q4 2023. GAAP cost of revenue for the year ended December 31, 2024, was $1.6 million, compared to $2 million for the year ended December 31, 2023. The decrease in cost of revenues is in the amount of approximately $400,000, mainly comprised of $312,000 in royalty expenses to the IIA, mainly related to the milestone payment received from AbbVie in 2023 and a decrease of $324,000 related to bioink and rhCollagen sales, offset by $247,000 related to inventory impairments.

2024 年第四季 GAAP 收入成本為 272,000 美元，而 2023 年第四季為 773,000 美元。截至 2024 年 12 月 31 日止年度的 GAAP 收入成本為 160 萬美元，截至 2023 年 12 月 31 日止年度的收入成本為 200 萬美元。收入成本減少約 40 萬美元，主要包括向 IIA 支付的 31.2 萬美元特許權使用費支出（主要與 2023 年從 AbbVie 收到的里程碑付款有關）以及與生物墨水和 rhCollagen 銷售相關的 32.4 萬美元減少，但被與存貨減值相關的 24.7 萬美元抵消。

GAAP gross loss for Q4 2024 was $108,000 compared to $474,000 in Q4 2023. GAAP gross loss for the year ended December 31, 2024, was $1.1 million compared to a gross profit of $9 million in 2023.

2024 年第四季 GAAP 毛虧損為 108,000 美元，而 2023 年第四季毛虧損為 474,000 美元。截至 2024 年 12 月 31 日止年度，GAAP 毛虧損為 110 萬美元，而 2023 年毛利為 900 萬美元。

GAAP operating expenses for Q4 2024 were $3.9 million compared to $4.6 million in Q4 2023. The decrease in operating expenses of approximately $700,000 is mainly related to a decrease of $303,000 in employees, salaries and share-based compensation expenses, and a decrease of $386,000 in research and development activities.

2024 年第四季 GAAP 營運費用為 390 萬美元，而 2023 年第四季為 460 萬美元。營運費用減少約 70 萬美元，主要與員工、薪資和股份支付費用減少 30.3 萬美元以及研發活動費用減少 38.6 萬美元有關。

GAAP operating expenses for the year ended December 31, 2024, were $16.1 million, compared to $16.5 million for the year 2023. The decrease of approximately $400,000 is mainly related to a decrease in general and administrative and marketing expenses, mainly comprised of $287,000 in share-based compensation expenses and $152,000 in insurance policy costs.

截至 2024 年 12 月 31 日止年度的 GAAP 營運費用為 1,610 萬美元，而 2023 年為 1,650 萬美元。約 40 萬美元的減少主要與一般及行政和行銷費用的減少有關，其中主要包括 28.7 萬美元的股份支付費用和 15.2 萬美元的保險單費用。

Financial income net for Q4 2024, totaled $96,000, compared to $379,000 in Q4 2023. Financial income net for the year ended December 31, 2024, totaled $642,000, compared to $493,000 in the year ended December 31, 2023. The increase in financial income is due to exchange rate differences.

2024 年第四季財務淨收入總計 96,000 美元，而 2023 年第四季為 379,000 美元。截至 2024 年 12 月 31 日止年度的財務淨收入總計 642,000 美元，而截至 2023 年 12 月 31 日止年度的財務淨收入為 493,000 美元。金融收入的增加是由於匯率差異所造成的。

GAAP net loss for Q4 2024 was $3.9 million or $0.34 basic loss per share, compared to a net loss of $4.7 million or $0.41 basic loss per share for Q4 2023. GAAP net loss for the year ended December 31, 2024, was $16.6 million or $1.45 basic loss per share, compared to a net loss of $7 million or $0.62 basic loss per share for the year 2023. The main difference in performance between the periods arises from CollPlant's achievement in 2023 upon reaching a milestone in the dermal filler development plan. Achieving the milestone, as you already know, led to a payment of $10 million from AbbVie to CollPlant in 2023.

2024 年第四季 GAAP 淨虧損為 390 萬美元，即每股基本虧損 0.34 美元，而 2023 年第四季淨虧損為 470 萬美元，即每股基本虧損 0.41 美元。截至 2024 年 12 月 31 日止年度，GAAP 淨虧損為 1,660 萬美元，即每股基本虧損 1.45 美元，而 2023 年淨虧損為 700 萬美元，即每股基本虧損 0.62 美元。這兩個時期業績的主要差異源於 CollPlant 在 2023 年實現了皮膚填充劑開發計劃中的一個里程碑。如您所知，實現這一里程碑使得艾伯維公司在 2023 年向 CollPlant 支付了 1000 萬美元。

Now I will review some of the balance sheet and cash flow data. Cash and cash equivalents as of December 31, 2024, were $11.9 million. In addition, following a development achievement under the AbbVie agreement, CollPlant received a $2 million payment from AbbVie during Q1 2025, and the cash balance represent as of today, the company cash runway that is expected to satisfy the company's operations requirements through the second quarter of 2026 based on currently contemplated operations and plans.

現在我將查看一些資產負債表和現金流量資料。截至 2024 年 12 月 31 日，現金及現金等價物為 1,190 萬美元。此外，根據與艾伯維達成的協議，CollPlant 在 2025 年第一季從艾伯維獲得了 200 萬美元的付款，截至目前，現金餘額代表了公司目前的現金儲備，預計可以滿足公司截至 2026 年第二季度的營運需求，這是基於目前設想的營運和計劃。

Cash used in operating activities during the year ended December 31, 2024, was $14.1 million, compared to $2.8 million for the year ended December 31, 2023. Cash used in investing activities during the year ended December 31, 2024, was $539,000, compared to $1.2 million that was provided by investing activities for the year ended December 31, 2023, and related primarily to the purchase of property and equipment.

截至 2024 年 12 月 31 日止年度，經營活動所用現金為 1,410 萬美元，截至 2023 年 12 月 31 日止年度為 280 萬美元。截至 2024 年 12 月 31 日止年度，投資活動所用的現金為 539,000 美元，而截至 2023 年 12 月 31 日止年度，投資活動所獲得的現金為 120 萬美元，主要用於購買物業和設備。

Cash provided by financing activities during the year ended December 31, 2024, was $9,000 compared to $1.1 million for the year ended December 31, 2023. The period last year included proceeds from the exercise of the last warrants that the company granted to investors in previous years.

截至 2024 年 12 月 31 日止年度，融資活動提供的現金為 9,000 美元，截至 2023 年 12 月 31 日止年度則為 110 萬美元。去年同期包括公司前幾年授予投資者的最後一批認股權證的行使所得款項。

This now concludes the financial summary. Operator, I believe that we can now open the call for questions.

財務概要到此結束。接線員，我認為我們現在可以開始接受提問了。

(Operator Instructions) Sway Ramakanth, H.C. Wainwright.

（操作說明）Sway Ramakanth，H.C. Wainwright。

This is RK from H.C. Wainwright. A couple of quick questions. So just trying to understand, when would we potentially get an update from AbbVie on the studies that they are doing. And in 2025, should we expect any milestone payments?

這是來自 H.C. Wainwright 的 RK。幾個簡單的問題。所以我想了解一下，我們什麼時候才能從艾伯維公司獲得他們正在進行的研究的最新進展。那麼，我們是否可以期待在 2025 年收到任何里程碑付款？

RK, this is Eran. Thank you for joining us and thank you for the question. So just to remind everyone, under the agreement between CollPlant and AbbVie, AbbVie is developing a dermal filler product. And as we updated about a month ago, the dermal filler product candidate is currently in the clinical phase. And AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled under the trial initiated in 2023. The next steps for the program are to be determined by AbbVie upon conducting their assessments. We are not a part of the timelines here, and we are following AbbVie. So whenever they will update us, of course, we will update the market.

RK，我是Eran。感謝您的參與，也感謝您的提問。所以再次提醒大家，根據 CollPlant 和 AbbVie 之間的協議，AbbVie 正在開發一種皮膚填充劑產品。正如我們大約一個月前更新的那樣，該皮膚填充劑候選產品目前正處於臨床階段。艾伯維正在收集數據，並對 2023 年啟動的試驗中招募的第一批患者的中期結果進行審查。該計畫的下一步措施將由艾伯維公司在進行評估後決定。我們並不參與這裡的時間線安排，我們關注的是艾伯維公司。所以，一旦他們向我們更新訊息，我們當然也會更新市場資訊。

And I will mention maybe in this relation that the last month following a development achievement, we received $2 million payment from AbbVie in February, which is according to the agreement. And also, you remember probably that in 2023, we received another $10 million from another milestone. And the product development process is under the complete control of AbbVie. And we cannot estimate -- therefore, we cannot estimate when will be another milestone.

我或許可以提一下，在上個月取得一項發展成果之後，我們在 2 月收到了艾伯維支付的 200 萬美元，這是按照協議支付的。而且，您可能還記得，在 2023 年，我們從另一個里程碑中獲得了 1000 萬美元。產品開發過程完全由艾伯維公司掌控。我們無法估算——因此，我們無法估算何時會迎來下一個里程碑。

Okay. And then very recently, you expanded your distribution channels for the Vergenix product in Europe and some parts of Asia. What's the market there for this product? And how should we think about revenue flow from this relationship? And is there anything that you can help us estimate on flow of payments?

好的。最近，你們又拓展了 Vergenix 產品在歐洲和亞洲部分地區的銷售管道。這款產品在當地的市場需求如何？我們該如何看待這種合作關係帶來的利益？您能否幫我們估算一下付款流程方面的資訊？

So first of all, this is Yehiel, let me explain about the product itself. The product is called VergenixSTR, STR stands for soft tissue repair. The product is basically intended for the treatment of tendinopathy, which is tendon inflammations like, for example, tennis elbow, rotator cuff, Achilles tendon, plantar fasciitis and others.

首先，我是葉希爾，讓我來解釋一下產品本身。該產品名為VergenixSTR，STR代表軟組織修復。本產品主要用於治療肌腱疾病，例如網球肘、肩袖損傷、跟腱炎、足底筋膜炎等肌腱發炎。

The product is based on collagen in combination with PRP, which is autologous, it's platelet-rich plasma, which is harvested from the patient. The market for this product is sports medicine, mostly from sport injuries. In terms of the market potential, the market potential is between 1% to 3% of the population. This is the market potential for tendon injuries. So basically, what we are trying to do now is establishing a distribution network in Europe as well as in Asia. This is in the initial stage. Each country should go through a regulatory process. So we are working on that. And hopefully, after establishing this regulatory approval for the Asian countries, we should be able to start selling the product.

本產品以膠原蛋白與自體 PRP（富含血小板的血漿）結合，PRP 是從患者身上收集的。本產品的市場主要面向運動醫學領域，主要用於治療運動傷害。就市場潛力而言，市場潛力佔總人口的 1% 到 3%。這就是肌腱損傷的市場潛力。所以，我們現在基本上是在努力在歐洲和亞洲建立分銷網絡。這還處於初期階段。每個國家都應該經過監管程序。所以我們正在努力解決這個問題。希望在獲得亞洲國家的監管批准後，我們就能開始銷售該產品了。

And again, it will be a market penetration process, but we feel very comfortable about the potential because a competitor product is injection of steroids and repeat injections of steroids is harming the tissue, the treated tissue, and it's not going to basically cure tendinopathy issue. Our product, usually a single injection will take care about the inflammation. This is based on data that we collected from European customers. And for this reason, we feel very comfortable about the potential. And hopefully, we'll start to see sales in the next year.

再次強調，這將是一個市場滲透過程，但我們對它的潛力感到非常有信心，因為競爭對手的產品是注射類固醇，而反覆注射類固醇會損害組織，也就是接受治療的組織，而且它根本無法治愈肌腱病問題。我們的產品通常只需一次注射即可消除發炎。這是基於我們從歐洲客戶收集的數據。正因如此，我們對它的潛力感到非常有信心。希望明年就能開始看到銷售額成長。

At this time, I'd like to turn the floor back over to Mr. Rotem for any web-submitted questions.

現在，我想把發言權交還給羅特姆先生，讓他回答大家透過網路提交的問題。

Thank you. So we had a few questions coming through regarding the company's cash flow. Cash -- the burn rate of the cash, the estimated cash flow. And if I'm summarizing those questions then I can address them as follows: I mean, some of them mentioning that the company has $11.9 million at the end of the year in cash and that we had some reduction plan to cut costs and wondering about for how long it can take us? What is the burn rate?

謝謝。我們收到了一些關於公司現金流的問題。現金－現金消耗速度，預期現金流。如果讓我總結這些問題，我可以這樣回答：我的意思是，其中一些問題提到公司年底有 1190 萬美元的現金，並且我們有一些削減成本的計劃，想知道我們需要多長時間才能實現這個目標？燃燒速率是多少？

So please note that the balance is not including the additional $2 million that CollPlant received -- just received from AbbVie in February. And the cost reduction that we implemented in the company, it is not impacting materially the main development programs, by the way, or the AbbVie collaboration. And the cash runway guidance that we are counting on is not including any additional potential partnership revenues.

所以請注意，餘額不包括 CollPlant 在 2 月從 AbbVie 收到的額外 200 萬美元。順便說一句，我們在公司實施的成本削減措施並沒有對主要研發項目或與艾伯維的合作產生實質影響。我們所依賴的現金流量預期並未包括任何額外的潛在合作收入。

So all in all, with this current cash position, that we are holding and under conservative assumptions that we are saying that this -- still we will be able to continue operation into the second quarter of 2026, more than a year from now. So relatively, we are in a stable position in these shaky markets, and we are all aware to the market condition and the share price. And we see that all situation is, of course, is a macro event. It's not something that's happened in the company. And we have enough cash for more than a year as of today. So this is regarding a few questions that we received from the audience.

總而言之，憑藉我們目前的現金狀況，並根據保守的假設，我們認為——我們仍然能夠繼續運營到 2026 年第二季度，也就是一年多以後。因此，相對而言，我們在這些動盪的市場中處於穩定地位，我們都清楚市場狀況和股價。我們看到，所有情況當然都是宏觀事件。公司裡從未發生過這樣的事。截至目前，我們的現金儲備足以維持一年以上的時間。這是關於我們收到的觀眾提出的一些問題。

So that concludes the questions from the audience, and I'll now turn the call back to Yehiel Tal, CollPlant's Chief Executive Officer, for any closing remarks. Yehiel?

觀眾提問環節到此結束，現在我將把電話轉回給CollPlant執行長Yehiel Tal，請他作總結發言。耶希爾？

Yes. Thank you, Eran. CollPlant continues to carefully focus on our core programs and our supportive partners to discover, develop and provide collagen technology and regenerative medicine products to improve and prolong lives. As a result, we want to be sure that we are transparent with you, our shareholders, about our upcoming catalyst for the company for the remainder of the year related to our proprietary programs.

是的。謝謝你，埃蘭。CollPlant 將繼續專注於我們的核心計畫和支持我們的合作夥伴，以發現、開發和提供膠原蛋白技術和再生醫學產品，從而改善和延長生命。因此，我們希望確保對各位股東保持透明，告知大家今年剩餘時間內公司將面臨的與我們專有專案相關的催化劑。

For our photocurable dermal and soft tissue filler product candidate, our plan is to potentially launch a clinical trial within two years. For our regenerative breast implant program, we will continue to optimize the characteristics of the implant to ensure optimal regeneration of the neo tissue as well as optimize our clinical protocol with the aim to reach readiness for clinical trial. Related to our VergenixSTR marketed product, we will continue to expand the distribution network of this product in Europe and Asia. For our portfolio of novel bioinks, we plan to broaden our product offerings to support various bioprinting technologies.

對於我們的光固化皮膚和軟組織填充劑候選產品，我們計劃在兩年內啟動臨床試驗。對於我們的再生乳房植入項目，我們將繼續優化植入物的特性，以確保新生組織的最佳再生，並優化我們的臨床方案，以期達到臨床試驗的準備狀態。針對我們已上市的VergenixSTR產品，我們將繼續擴大該產品在歐洲和亞洲的分銷網絡。對於我們的新型生物墨水產品組合，我們計劃擴大產品供應範圍，以支援各種生物列印技術。

And finally, related to the sales of our rhCollagen as a raw product, we plan to expand sales to selected customers that comply with our business model. We will, of course, continue to focus on advancing the development of the dermal filler program with AbbVie, and we will also continue to advance any potential partnership discussions.

最後，關於我們的 rhCollagen 作為原材料的銷售，我們計劃擴大銷售範圍，面向符合我們商業模式的特定客戶。當然，我們將繼續專注於與艾伯維公司共同推進皮膚填充劑計畫的開發，並將繼續推進任何潛在的合作洽談。

Thank you, everyone, for your time this morning and for joining us today for today's conference call. I want to thank our very important and valued CollPlant team members who have contributed to another successful and productive quarter.

感謝各位今天上午抽空參加今天的電話會議。我要感謝我們非常重要且寶貴的CollPlant團隊成員，他們為我們又一個成功且富有成效的季度做出了貢獻。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines and log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開連接並退出網路直播，享受一天剩下的時光。