CollPlant Biotechnologies reported GAAP revenues of $4,000 for the third quarter ended September 30, 2024, a decrease from $43,000 in the same period of 2023. For the nine months ended September 30, 2024, GAAP revenues were $351,000, down significantly from $10.7 million in the prior year, primarily due to the absence of a $10 million milestone payment from AbbVie received in 2023.
The company's GAAP net loss for the third quarter was $4.3 million, or $0.38 basic loss per share, compared to a net loss of $4.4 million, or $0.38 basic loss per share, in Q3 2023. For the nine months, the GAAP net loss widened to $12.7 million, or $1.11 basic loss per share, from $2.3 million, or $0.20 basic loss per share, in the corresponding period of 2023.
Despite the financial decline, CollPlant announced promising preclinical results for its commercial-sized rhCollagen-based regenerative breast implants, demonstrating significant implant vascularization and rapid ingrowth of native tissue three months post-implantation. Cash and cash equivalents stood at $15.4 million as of September 30, 2024, with management projecting this balance to satisfy operational requirements until at least the end of 2025, supported by adjusted development and operation plans.
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