CollPlant Biotechnologies reported GAAP revenues of $2.1 million for the first quarter ended March 31, 2025, a substantial increase from $98,000 in the first quarter of 2024. This significant revenue growth was primarily driven by a $2 million payment received from AbbVie in February 2025, following a development achievement in their dermal filler program.
The company also reported a GAAP gross profit of $1.9 million for Q1 2025, a notable improvement from a gross loss of $447,000 in Q1 2024. The GAAP net loss for the quarter decreased to $1.5 million, or $0.13 basic loss per share, compared to a net loss of $4.2 million, or $0.37 basic loss per share, in the prior year's first quarter.
This improvement in net loss was supported by a decrease in GAAP operating expenses, which fell by approximately $400,000 to $3.5 million, largely due to the company's cost reduction plan. As of March 31, 2025, cash and cash equivalents stood at $10.7 million, with net cash used in operating activities decreasing to $1.2 million from $3.3 million year-over-year, reflecting the impact of the AbbVie milestone.
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