Exhibit 99.2

COLLPLANT BIOTECHNOLOGIES LTD.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

AS OF JUNE 30, 2025

TABLE OF CONTENTS

	Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
Condensed Consolidated Balance Sheets	F-2 - F-3
Condensed Consolidated Statements of Operations	F-4
Condensed Consolidated Statements of Shareholder’s Equity	F-5 - F-6
Condensed Consolidated Statements of Cash Flows	F-7 - F-8
Notes to Condensed Consolidated Financial Statements	F-9 - F-18

F-1

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

	June 30,		December 31,
	2025		2024
	Unaudited
Assets
Current assets:
Cash and cash equivalents	$	11,434	$	11,909
Restricted deposit		273		248
Trade receivables, net		-		150
Inventories		553		440
Other accounts receivable and prepaid expenses		364		433
Total current assets		12,624		13,180
Non-current assets:
Restricted deposit		130		118
Operating lease right-of-use assets		2,724		2,991
Property and equipment, net		1,857		2,290
Intangible assets, net		102		131
Total non-current assets		4,813		5,530
Total assets	$	17,437	$	18,710

F-2

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share data)

	June 30,			December 31,
	2025			2024
	Unaudited
Liabilities and shareholders’ equity
Current liabilities:
Trade payables	$	571		$	870
Operating lease liabilities		837			806
Accrued liabilities and other payables		1,334			1,294
Total current liabilities		2,742			2,970
Non-current liabilities:
Operating lease liabilities		2,190			2,275
Total non-current liabilities		2,190			2,275
Total liabilities		4,932			5,245

Commitments and contingencies

Shareholders’ Equity:
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of June 30, 2025 (unaudited) and December 31, 2024; issued and outstanding: 12,716,014 and 11,454,512 ordinary shares as of June 30, 2025 (unaudited) and December 31, 2024, respectively		5,492			4,983
Additional paid in capital		126,131			122,801
Accumulated other comprehensive loss		(969	)		(969	)
Accumulated deficit		(118,149	)		(113,350	)
Total shareholders’ equity		12,505			13,465
Total liabilities and shareholders’ equity	$	17,437		$	18,710

The accompanying notes are an integral partof these condensed consolidated financial statements.

F-3

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)
(Unaudited)

	Six months ended June 30					Three months ended June 30
	2025		2024			2025			2024
Revenues	$	2,234	$	347		$	179		$	249
Cost of revenues		374		1,081			186			536
Gross profit (loss)		1,860		(734	)		(7	)		(287	)

Operating expenses:
Research and development		4,118		5,103			2,013			2,697
General, administrative and marketing		2,568		2,898			1,158			1,422
Total operating loss		4,826		8,735			3,178			4,406
Financial income (expenses), net		27		330			(169	)		196
Net loss for the period	$	4,799	$	8,405		$	3,347		$	4,210
Basic and diluted net loss per ordinary share	$	0.41	$	0.73		$	0.28		$	0.37
Weighted average ordinary shares outstanding used in computation of basic and diluted net loss per share		11,646,603		11,453,845			11,840,829			11,454,512

The accompanying notes are an integral partof these condensed consolidated financial statements.

F-4

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(U.S. dollars in thousands, except share data)
(Unaudited)

					Additional		Accumulated other
	Ordinary shares				paid-in		comprehensive			Accumulated
	Number		Amounts		capital		loss			deficit			Total

BALANCE AT DECEMBER 31, 2023		11,452,672	$	4,982	$	121,068	$	(969	)	$	(96,741	)	$	28,340

Exercise of options		1,840		1		8		-			-			9
Share-based compensation		-		-		785		-			-			785
Net loss		-		-		-		-			(8,405	)		(8,405	)
BALANCE AT JUNE 30, 2024		11,454,512	$	4,983	$	121,861	$	(969	)	$	(105,146	)	$	20,729

BALANCE AT DECEMBER 31, 2024		11,454,512	$	4,983	$	122,801	$	(969	)	$	(113,350	)	$	13,465

Issuance of ordinary shares and warrants, net of issuance costs of $498		1,200,002		509		2,593		-			-			3,102
Issuance of ordinary shares in connection with equity incentive plans		61,500		-		-		-			-			-
Share-based compensation		-		-		737		-			-			737
Net loss		-		-		-		-			(4,799	)		(4,799	)
BALANCE AT JUNE 30, 2025		12,716,014	$	5,492	$	126,131	$	(969	)	$	(118,149	)	$	12,505

F-5

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(U.S. dollars in thousands, except share data)
(Unaudited)

					Additional		Accumulated other
	Ordinary shares				paid-in		comprehensive			Accumulated
	Number		Amounts		capital		loss			deficit			Total
BALANCE AT MARCH 31, 2024		11,454,512	$	4,983	$	121,369	$	(969	)	$	(100,936	)	$	24,447

Share-based compensation		-		-		492		-			-			492
Net loss		-		-		-		-			(4,210	)		(4,210	)
BALANCE AT JUNE 30, 2024		11,454,512	$	4,983	$	121,861	$	(969	)	$	(105,146	)	$	20,729

BALANCE AT MARCH 31, 2025		11,454,512	$	4,983	$	123,185	$	(969	)	$	(114,802	)	$	12,397

Issuance of ordinary shares and warrants, net of issuance costs of $498		1,200,002		509		2,593		-			-			3,102
Issuance of ordinary shares in connection with equity incentive plans		61,500		-		-		-			-			-
Share-based compensation		-		-		353		-			-			353
Net loss		-		-				-			(3,347	)		(3,347	)
BALANCE AT JUNE 30, 2025		12,716,014	$	5,492	$	126,131	$	(969	)	$	(118,149	)	$	12,505

The accompanying notes are an integral partof these condensed consolidated financial statements.

F-6

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)
(Unaudited)

	Six months ended June 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(4,799	)	$	(8,405	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		473			541
Accrued interest		(7	)		6
Share-based compensation to employees and consultants		735			780
Exchange differences on cash and cash equivalents and restricted cash		(71	)		241
Changes in assets and liabilities:
Decrease (increase) in trade receivables		150			(250	)
Decrease (increase) in inventories		(111	)		280
Decrease (increase) in other accounts receivable and prepaid expenses		69			(97	)
Decrease in operating lease right of use assets		325			295
Increase (decrease) in trade payables		(299	)		158
Decrease in operating lease liabilities		(112	)		(397	)
Increase (decrease) in accrued liabilities and other payables		40			(333	)
Net cash used in operating activities		(3,607	)		(7,181	)
Cash flows from investing activities:
Purchase of property and equipment		(12	)		(284	)
Proceeds from sale of property and equipment		1			-
Investment in restricted deposits		-			(57	)
Net cash used in investing activities		(11	)		(341	)
Cash flows from financing activities:
Proceeds from issuance of shares and warrants less issuance expenses		3,102			-
Exercise of options and warrants into shares		-			9
Net cash provided by financing activities		3,102			9
Effect of exchange rate changes on cash and cash equivalents		41			(241	)
Net decrease in cash and cash equivalents		(475	)		(7,754	)
Cash and cash equivalents at the beginning of the period		11,909			26,674

Cash and cash equivalents at the end of the period	$	11,434		$	18,920

F-7

COLLPLANT BIOTECHNOLOGIES LTD.
APPENDICES TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)
(Unaudited)

	Six months ended June 30,
	2025		2024

Supplemental discloser of non-cash activities:

Right of use assets recognized with corresponding lease liabilities	$	58	$	623
Capitalization of Share-based compensation to inventory	$	2	$	5

The accompanying notes are an integral partof these condensed consolidated financial statements.

F-8

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

Note1 - NATURE OF OPERATIONS:

CollPlantBiotechnologies Ltd. (the “Company”) is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissuesand organs and medical aesthetics. The Company’s products are based on its rhCollagen (recombinant human collagen) producedwith CollPlant’s proprietary plant based technology. These products address indications for the diverse fields of tissue repair,aesthetics, and organ manufacturing.

The Company’s revenues includeincome from business collaborators and from sales of (i) bioInk products for the development of 3D bioprinting of organs and tissues,(ii) rhCollagen for the medical aesthetics market, and (iii) rhCollagen-based products for tendinopathy and wound care.

The Company operates mainly throughits wholly-owned subsidiary, CollPlant Ltd. In November 2021 CollPlant Ltd. established CollPlant Inc., a wholly owned subsidiary in theUnited States. As of June 30, 2025, CollPlant Inc. has not commenced operation.

For the six months ended and as of June 30, 2025, the Company incurred a net loss of $4,799 and has an accumulated deficit in the total amount of $118,149. The Company’s negative cash flows for the six months ended June 30 2025 from operating activities was $3,607. The Company’s cash and cash equivalents as of June 30, 2025 totaled $11,434.

The Company expects to incur futurenet losses and the transition to profitability is dependent upon, among other things, (i) the successful development and commercializationof the Company’s products and product candidates or/and, (ii) the successful development and commercialization of the dermal fillerproduct developed by AbbVie, and (iii) the establishment of contracts for the distribution of new product lines, any of which, or incombination, would contribute to the achievement of a level of revenue adequate to support the cost structure. Until the Company achievesprofitability or generates positive cash flows, it will continue to need to raise additional cash to finance its operations and to fundfuture operations through (i) existing cash on hand, (ii) additional private and/or public offerings of debt or equity securities and(iii) additional milestone payments that may be received under the AbbVie Development Agreement. Notwithstanding, there can be no assurancethat the Company will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operation, andeven if available, whether it will be on terms acceptable to the Company or in amounts required. Accordingly, the Company’s Boardapproved a contingency plan, to be implemented if needed, in whole or in part, at its discretion, to allow the Company to continue itsoperations and meet its cash obligations. The contingency plan consists of cost reduction, which include mainly the following steps:reduction in subcontractors’ expenses, headcount and compensation paid to key management. The Company and the Board believe thatits existing capital resources will be adequate to satisfy its expected liquidity requirements for at least twelve months from the filingdate.

NOTE2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of presentation

The unaudited condensed consolidatedfinancial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United Statesof America (“U.S GAAP”) for interim financial information. Accordingly, they do not contain all information and notes requiredby U.S GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statementsreflect all adjustments, which include normal recurring adjustments, necessary for a fair presentation of the results for the interimperiods presented.

F-9

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE2 - SIGNIFICANT ACCOUNTING POLICIES (continue):

These unaudited condensed consolidatedfinancial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’sannual financial statements for the year ended December 31, 2024, as filed in the 20-F on March 26, 2025.

The Company’s interim period resultsdo not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significantaccounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2024, contained in the Company’sAnnual Report have been applied consistently in these unaudited condensed consolidated financial statements.

Use of estimates in the preparation of financial statements

The preparation of financial statementsin conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expensesduring the reporting period. The Company’s management believes that the estimates, judgment and assumptions used are reasonablebased upon information available at the time they are made. Actual results may differ from those estimates.

Principles of consolidation

The consolidated financial statementsinclude the accounts of CollPlant Biotechnologies Ltd. and its wholly-owned subsidiary, CollPlant Ltd. Intercompany balances and transactionshave been eliminated upon consolidation.

Income (loss) per share

Basic income (loss) per share is computedon the basis of the net income (loss), for the period divided by the weighted average number of ordinary shares outstanding during theperiod. Diluted income (loss) per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalentsoutstanding when dilutive. Ordinary share equivalents include outstanding share options and warrants, which are included under the treasurystock method when dilutive.

The calculation of diluted loss pershare does not include options, restricted share units and warrants exercisable into 3,308,333 and 2,041,671 shares for the six monthsended June 30, 2025 and 2024, respectively, because the effect would be anti-dilutive.

The calculation of diluted lossper share does not include options, restricted share units and warrants exercisable into 3,308,333 and 2,041,671 shares for the threemonths ended June 30, 2025 and 2024, respectively, because the effect would be anti-dilutive.

Segments

The Company operates as one operatingsegment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluatedby the CODM, which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’sCODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidatedbasis. There is no expense or asset information, that are supplemental to those disclosed in these consolidated financial statements,that are regularly provided to the CODM. The allocation of resources and assessment of performance of the operating segment is based onconsolidated net loss as shown in the Company’s consolidated statements of operations. The CODM considers net loss in the annualforecasting process and reviews actual results when making decisions about allocating resources. Since the Company operates as one operatingsegment, financial segment information, including profit or loss and asset information, can be found in the consolidated financial statements.

F-10

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE2 - SIGNIFICANT ACCOUNTING POLICIES (continue):

Warrants classification:

The Company accounts for warrants aseither equity-classified or liability-classified instruments based on an assessment of the warrants’ specific terms and applicableauthoritative guidance. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of aliability under ASC 480, are indexed to the Company’s own share and whether the warrants are eligible for equity classificationunder ASC 815-40. This assessment is conducted at the time of warrant issuance and as of each subsequent reporting period end date whilethe warrants are outstanding.

Warrants that meet all the criteriafor equity classification, are required to be recorded as a component of additional paid-in capital.

Newly issued and recently adopted accounting pronouncements:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income TaxDisclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation,as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income, ExpenseDisaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that public business entities disclose more detailed information abouttypes of expenses in commonly presented expense captions. This guidance is effective for annual reporting periods beginning after December31, 2026, and for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adoptingASU 2024-03.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurementof Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of thecurrent expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective forfiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption ispermitted. The Company is currently evaluating the timing of adoption and impact of this amendment on its Consolidated Financial Statementsand related disclosures.

NOTE3 – INVENTORIES, NET:

Inventories as of June 30, 2025 and December 31, 2024 consisted of the following:

	June 30,		December 31,
	2025		2024
	Unaudited
Work in progress	$	59	$	286
Finished goods		494		154
Total inventories	$	553	$	440

During the six months period ended June 30, 2025, the Company recorded approximately $21 for write-down of inventories under cost of revenues. During the three months period ended June 30, 2025, the Company did not record write-down of inventories.

During the six months period ended June 30, 2024, the Company recorded approximately $268 for write-down of inventories under cost of revenues. During the three months period ended June 30, 2024, the Company did not record write-down of inventories.

F-11

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE 4 – COMMITMENTS AND CONTINGENCIES

Commitment to pay royalties to the government of Israel

The Company received grants from theIsraeli Innovation Authority (IIA) for research and development funding until the year 2019, and therefore is subject to the provisionsof the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations andguidelines thereunder (the “Innovation Law”), the regulations promulgated thereunder, the IIA’s rules and guidelinesand the terms of the approved program funded by the IIA. Under the Innovation Law royalties of 3% on the income deriving from productsand from related knowhow and services developed in whole or in part, directly or indirectly, under IIA programs are payable to the IIA.Such commitment is up to the amount of grants received (dollar linked), plus interest at annual rate based on SOFR. In addition to payingany royalty due, the Company must abide by other restrictions associated with receiving such grants under the Innovation Law that continueto apply following repayment to the IIA. These restrictions may impair the Company’s ability to outsource manufacturing or otherwisetransfer its know-how outside of Israel and may require it to obtain the approval of the IIA for certain actions and transactions andpay additional royalties and other amounts to the IIA.

The Company did not apply for grantsfrom the IIA since 2019. For the six months period ended June 30, 2025 and 2024, the Company recorded royalties expenses of $67 and $10,respectively.

The royalty expenses which are relatedto the funded project are recognized in the statements of operations as a component of cost of revenue.

As of June 30, 2025, the maximum totalroyalty amount payable by the Company under IIA funding arrangement is approximately $6,961 (without interest).

Contingent liability

As of June 30, 2025, the Company hasa contingent liability related to annual cash incentives, accumulating to a potential liability of approximately $453.

F-12

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE 5 - Development,Exclusivity and Option Products Agreement

On February 5, 2021, CollPlant enteredinto a Development, Exclusivity and Option Products Agreement (the “AbbVie Development Agreement”) with AbbVie, pursuant towhich CollPlant and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for themedical aesthetics market, using CollPlant rhCollagen technology and AbbVie’s technology.

Pursuant to the AbbVie DevelopmentAgreement, CollPlant granted to AbbVie and certain of its affiliates, worldwide exclusive rights to use its rhCollagen in combinationwith AbbVie proprietary technologies, for the production and commercialization of dermal and soft tissue filler products, or the ExclusiveProducts.

The AbbVie Development Agreement providesthat with respect to the Exclusive Products CollPlant shall be entitled to receive up to $50,000, comprised of an upfront cash paymentof $14,000, which was received in February 2021, and up to $36,000 in proceeds upon the achievement of certain development, clinical trial,regulatory and commercial sale milestones. In addition, CollPlant shall be entitled to a fixed-fee royalty payment (subject to certainadjustments) for each product commercially sold during the applicable royalty term as well as a fee for the supply of rhCollagen to AbbVie.

In June 2023, the Company announcedthe achievement of a milestone with respect to the clinical phase dermal filler product. According to the AbbVie Development Agreement,the milestone achievement triggered a $10,000 payment from AbbVie to CollPlant, which was received in July 2023.

In February 2025, the Company announcedthe receipt of a contingent payment with respect to CollPlant’s rhCollagen, which triggered a $2,000 payment from AbbVie to CollPlant.

NOTE6 - SHARE CAPITAL:

Ordinary shares

Rights of the Company’s ordinary shares

Each ordinary share is entitled toone vote. The holder of the ordinary shares is also entitled to receive dividends whenever funds are legally available, when and if declaredby the Board of Directors. Since its inception, the Company has not declared any dividends.

Changes in share capital

On June 2, 2025, the Company completeda registered direct offering pursuant to which it issued and sold an aggregate of 1,200,002 ordinary shares to certain industrial investors,at a purchase price of $3.00 per share, for aggregate gross proceeds of $3,600. The total issuance costs accumulated to $498. In connectionwith the offering, the Company also issued in a concurrent private placement (i) 1,200,002 warrants to the investors, exercisable for1,200,002 of the Company’s ordinary shares at an exercise price of $3.00 per share, and (ii) 72,000 warrants to the placement agent,exercisable for 72,000 of the Company’s ordinary shares, at an exercise price of $3.75 per share. The warrants will be exercisablefor a period of three and one-half years. The Company accounted for the aforementioned warrants as freestanding instrument classifiedas part of the Company’s equity in accordance with ASC-480 and ASC-815-40.

F-13

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE6 - SHARE CAPITAL (continue):

Share- based compensation

Option plan

Under the Company’s new shareaward plan (the “2024 Plan”), the Company may grant its employees, directors and consultants with several equity-based awards,including options, shares, restricted shares, restricted share units, stock appreciation rights, performance units, performance sharesand other stock or cash awards. The 2024 Plan is in effect for a term of ten (10) years from the date of adoption, i.e., until April 2034,unless earlier terminated by its administrator.

The Company still has options outstandingunder its former Share Ownership and Option Plan (2010), or the 2010 Plan. These options were granted to employees, directors and consultantsof the Company. Each option is exercisable into one ordinary share of the Company of NIS 1.50 par value.

Options grants

In the six months ended June 30, 2025,no options were granted.

In the six months ended June 30, 2024,the Company granted options as follows:

Six months ended June 30, 2024

Number of
options granted

Exercise
price
range

Vesting
period

Expiration

Employees

41,500

5.26-5.76

4 years

10 years

Consultant

5,000

5.26

4 years

10 years

The fair value of options granted on thedate of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are asfollows:

	Six months ended June 30
	2024
Value of ordinary share	$	5.13-5.46
Dividend yield		0	%
Expected volatility		70.91-70.97	%
Risk-free interest rate		4.35-4.46	%
Expected term		6.11 years

F-14

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE6 - SHARE CAPITAL (continue):

The fair value of options granted duringthe six months ended June 30, 2024 was $169.

The aggregate intrinsic value of theoptions exercised during the six months ended June 30, 2024 was less than 1. During the six months ended June 30, 2025, no options wereexercised.

The fair value of options vested duringthe six months ended June 30, 2025, and 2024 was $555 and $1,176, respectively.

The following table summarizes the activityin options granted to employees and directors for the six months period ended June 30, 2025:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at the beginning of the period		1,727,755		$	5.75		4.99	$	-
Expired		(50,704	)		5.80		-		-
Forfeited		(30,220	)		6.34		-		-
Options outstanding at the end of the period		1,646,831		$	5.74		4.96	$	-
Options exercisable at the end of the period		1,430,074		$	5.68		4.61	$	-

F-15

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE6 - SHARE CAPITAL (continue):

The following table summarizes theactivity in options granted to consultants for the six months period ended June 30, 2025:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at the beginning of the period		36,666		$	8.35		6.78	$	-
Expired		(11,666	)		17.04		-		-
Options outstanding at the end of the period		25,000		$	4.46		9.28	$	-
Options exercisable at the end of the period		1,250		$	5.26		8.76	$	-

Modification of share-based compensation

On April 3, 2024, the board of directors (followingthe approval of the compensation committee with respect to the Company’s directors and officers) approved to extend the expiry dateof 337,464 options exercisable into 337,464 ordinary shares that were previously granted to some of the Company’s employees anddirectors, from an expiry date ranging between December 2024 and July 2025, by an additional three years, such that the expiry dates willrange between December 2027 and July 2028. Out of the said options, 126,800 options exercisable into 126,800 ordinary shares are heldby some of the Company’s directors and its CEO (who also serves as a director on the board of directors), and as such, the extensionof the expiry dates of these options is subject to the approval of the general meeting of the shareholders, which approval was obtainedon September 25, 2024.

The total incremental fair value of options grantedto the Company’s employees and directors amounted to $314 and was determined based on the Black-Scholes pricing options model usingthe following assumptions: risk free interest rate of 3.53%-4.68%, expected volatility of 53.4% - 71.62%, expected term of 1.65-2.16 yearsand dividend yield of 0%.

For thesix months ended June 30, 2024, the Company recorded expenses from these extended options in the amount of $197.

F-16

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE6 - SHARE CAPITAL (continue):

RSUs grants

In the six months ended June 30, 2024,the Company granted restricted share units, or RSUs, as follows:

	Six months ended June 30, 2024
	Number of RSUs granted		Weighted Average Grant Date Fair Value
Employees		261,000	$	5.13

In the six months ended June 30, 2025,no RSUs were granted.

The following table summarizes the activityin RSUs granted to employees under the 2024 Plan for the six months period ended June 30, 2025:

	Number of options			Weighted Average Grant Date Fair Value
Unvested at the beginning of the period		441,000		$	4.99
Exercised into ordinary shares		(61,500	)		5.13
Forfeited		(15,000	)		5.13
Unvested at the end of the period		364,500		$	4.95

Thefollowing table illustrates the effect of share-based compensation on the statements of operations:

	Six months ended June 30				Three months ended June 30
	2025		2024		2025		2024
Cost of revenue	$	-	$	-	$	-	$	-
Research and development		251		410		128		278
General, administrative and marketing		487		370		228		212
	$	738	$	780	$	356	$	490

As of June 30, 2025, there was $1,267 ofunrecognized compensation expense related to unvested RSUs and options. This amount is expected to be recognized over a weighted-averageperiod of 1.71 years.

F-17

COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)

NOTE 7 - SUPPLEMENTARY FINANCIAL STATEMENTINFORMATION

Disaggregated revenues:

	Six months ended June 30,				Three months ended June 30,
	2025		2024		2025		2024
Revenues from milestones (See note 5)	$	2,000	$	-	$	-	$	-
Revenues from the sales of goods		234		347		179		249
Total revenues	$	2,234	$	347	$	179	$	249

Revenues by geographic area were as follows:

	Six months ended June 30,				Three months ended June 30,
	2025		2024		2025		2024
North America	$	2,197	$	339	$	159	$	244

Europe and others		37		8		20		5

Total revenues	$	2,234	$	347	$	179	$	249

Major customers

Set forth below is a breakdown of theCompany’s revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenuesin a certain period):

	Six months ended June 30,				Three months ended June 30,
	2025		2024		2025		2024
Customer A	$	2,159	$	331	$	159	$	244

F-18

The following discussionand analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Form6-K and our Annual Report on Form 20-F for the year ended December 31, 2024 (the “Annual Report”).

Unlessthe context requires otherwise, the terms “CollPlant,” “we,” “us,” “our,” “the Company,”and similar designations refer to CollPlant Biotechnologies Ltd. and its wholly owned subsidiary CollPlant Ltd. References to“ordinary shares”, “warrants” and “share capital” refer to the ordinary shares, warrants and sharecapital, respectively, of CollPlant Biotechnologies Ltd.

Referencesto “U.S. dollars” and “$” are to currency of the United States of America. References to “ordinary shares”are to our ordinary shares, par value NIS 1.50 per share. Our financial statements are prepared and presented in accordance with U.S.GAAP. Our historical results do not necessarily indicate our expected results for any future periods.

Certain information includedin this discussion may be deemed to be “forward-looking statements” within the meaning of the Private Securities LitigationReform Act of 1995 and other securities laws. Forward-looking statements are often characterized by the use of forward-looking terminologysuch as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,”“believe,” “should,” “intend,” “project” or other similar words, but are not the onlyway these statements are identified.

These forward-looking statementsmay include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projectionsof results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,completion and use of our products, and all statements (other than statements of historical facts) that address activities, events ordevelopments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statementsare not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements onassumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,expected future developments, and other factors they believe to be appropriate.

Importantfactors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-lookingstatements include, among other things:

Readersare urged to carefully review and consider the various disclosures made throughout the following discussion which are designed to adviseinterested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

Youshould not put undue reliance on any forward-looking statements. Any forward-looking statements in the following discussion are made asof the date hereof and are expressly qualified in their entirety by the cautionary statements included in the following discussion. Weundertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future eventsor otherwise, except as required by law.

We are a regenerative andaesthetic medicine company focused on medical aesthetics and 3D bioprinting of tissues and organs. Our products are based on our recombinanthuman collagen (rhCollagen) that is produced with our proprietary plant based genetic engineering technology. These products address indicationsfor the diverse fields of tissue repair, aesthetics and organ manufacturing, and are ushering in a new era in regenerative and aestheticmedicine.

In February 2021, we enteredinto a development and global commercialization agreement with Allergan, an AbbVie company, or the AbbVie Development Agreement, pursuantto which we and AbbVie are collaborating in the development and commercialization of dermal and soft tissue filler product for the medicalaesthetics market, using our rhCollagen technology in combination with AbbVie’s technology. In February 2025, we announced the achievementof a development milestone with respect to this product candidate, which, according to the AbbVie Development Agreement, triggered a $2million payment from AbbVie to us. This milestone achievement follows our announcement in June 2023 regarding another achievement of anothermajor milestone, which triggered a $10 million payment from AbbVie to us. The dermal filler product candidate is currently in the clinicalphase. AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled under the trialsinitiated in 2023 and next steps for the program are to be determined by AbbVie upon concluding their assessment.

Our rhCollagen bioink productline is ideal for 3D bioprinting of tissues and organs. In the field of medical aesthetics, we are developing regenerative 3D-bioprintedbreast implants for regeneration of breast tissue to address an unmet need derived from estimated $3 billion global breast implant market.The implants in development are printed using bioink comprised of our rhCollagen in combination with other proprietary biomaterials. Theseimplants are designed to regenerate breast tissue without eliciting immune response, and thus may provide a revolutionary alternativefor aesthetic and reconstructive procedures. Pre-clinical studies continue to yield encouraging results. In August 2024, we launched atwo-arm study utilizing a refined surgical protocol that enables implantation through a small incision while minimizing the risk of displacementor inversion. MRI and ultrasound analyses conducted in 2025 and 2024 confirmed tissue integration and vascularization, with one arm demonstratingrapid tissue ingrowth, preserved implant volume and mechanical integrity, and no observed complications. These outcomes support furtheroptimization of the implants to promote long-term neo-tissue remodeling.

In addition, we are developinga photocurable regenerative dermal filler comprised of our tissue regenerating rhCollagen and other biomaterials. In addition to skinlifting, this state-of-the-art filler is designed to enable skin rejuvenation as well as facial contouring, thus addressing the need formore innovative aesthetic products.

We also market VergenixSTR,a soft tissue matrix, intended for the treatment of tendinopathy, and VergenixFG, a wound healing flowable gel, intended for the treatmentof chronic and acute wounds. In February 2025, we announced the expansion of our distribution channels for Vergenix STR product in Europeand Asia. Specifically, we signed distribution agreements for VergenixSTR with distributor companies located in the Netherlands, Turkeyand India, for sales in the territories of the Netherlands, Belgium, Luxemburg (“Benelux”), Spain, India and Turkey.

In recent years, we have financedour operations primarily with revenues from sales of our products, license of our technology and development milestone achievement paymentsfrom business partner, as well as from net proceeds from private and public offerings on Nasdaq Global Market.

Our ability to generate significantrevenues will depend on the successful commercialization of our rhCollagen-based bioinks and products, our strategic partners successfulcommercialization of the dermal filler product that is in a clinical phase, and on our ability to establish and maintain business collaborationswith leading companies for 3D bioprinting of organs and tissues, and for medical aesthetics. In the six months ended June 30, 2025, wegenerated revenues of $2.2 million, mainly from the achievement of a development milestone with respect to the AbbVie agreement, whichtriggered a $2 million payment from AbbVie to us, and from sales of our BioInk and rhCollagen products.

Our revenues are recordedin the amount of consideration to which we expect to be entitled in exchange for performance obligations upon transfer of control to thecostumer.

Cost of revenues in our proprietaryproducts and services includes expenses for the manufacturing of products such as raw materials, payroll, utilities, laboratory costs,share-based compensation and depreciation. Cost of revenue also includes royalties to the Israeli Innovation Authority (“IIA”)and provisions for the costs associated with manufacturing scraps and inventory write downs.

For more information, see“Item 3.D. Risk Factors—Risks Related to Our Financial Position and Capital Requirements—The IIA grants we have receivedin the past for research and development expenditures may restrict our ability to manufacture products and transfer know-how outside ofIsrael and require us to satisfy specified conditions” in the Annual Report on Form 20-F as of and for the year ended December 31,2024.

Research and development expensesconsist of costs incurred for the development of our rhCollagen-based products. Those expenses include:

Research and development activitiesare the primary focus of our business. Products in later stages of clinical development generally have higher development costs than thosein earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expectthat our research and development expenses will continue to be significant in absolute dollars in future periods as we continue to investin research and development activities related to the development of our products.

Our total research and developmentexpenses, for the six months ended June 30, 2025 were $4.1 million. We did not apply for grants from the IIA since 2019 and to date, wehave charged all research and development expenses to operations as they are incurred.

There are numerous factorsassociated with the successful commercialization of any of our products, including future trial design and various regulatory requirements,many of which cannot be determined with accuracy at this time. Additionally, future commercial and regulatory factors beyond our controlwill affect our clinical development programs and plans.

Financial income includesinterest income regarding short-term deposits and restricted deposits. Financial expense consists of bank and other fees and exchangerate differences from the strengthening of the U.S. dollars compared to the NIS.

We do not generate taxableincome in Israel, as we have historically incurred operating losses resulting in carry forward tax losses. As of December 31, 2024, wehave incurred operating losses of approximately $35.2 million for CollPlant Biotechnologies Ltd. and $46.0 million for CollPlant Ltd.

We anticipate that we willbe able to carry forward these tax losses indefinitely to future tax years assuming that we utilize them at the first opportunity. Accordingly,we do not expect to pay taxes in Israel until we have taxable income after the full utilization of our carry forward tax losses.

The standard corporate taxrate in Israel is 23%. Under the Israeli Law for the Encouragement of Capital Investments, 5719-1959, as amended, or the Investment Lawand other Israeli laws, we may be entitled to certain additional tax benefits, including reduced tax rates, accelerated depreciation,and amortization rates for tax purposes on certain assets and amortization of other intangible property rights for tax purposes.

The following table sets forth a summaryof our operating results (unaudited):

Three months ended June 30, 2025, compared to three months endedJune 30, 2024

In each of the three monthsperiods ended June 30, 2025 and, 2024 we generated revenues of $0.2 million.

We incurred cost of revenuesin the amount of $0.2 million in the three months ended June 30, 2025, compared to $0.5 million in the three months ended June 30, 2024.The decrease in cost of revenues in the amount of $0.3 million is mainly attributable to (i) a reduction in inventory impairments whichdecreased by $0.2 million, and (ii) a $0.1 million decrease in sales of rhCollagen-based products.

We incurred research and developmentexpenses amounting to $2.0 million in the three months ended June 30, 2025 and $2.7 million in the three months ended June 30, 2024. Thedecrease in research and development expenses of approximately $0.7 million is mainly related to the Company’s cost reduction planwith: (i) a $0.3 million decrease in research and development materials and subcontractor expenses mainly related to the breast implantsprogram, (ii) a $0.2 million decrease in workforce and share-based compensation expenses, and (iii) a $0.1 million decrease in rent andadministrative expenses.

We incurred general, administrative,and marketing expenses of $1.2 million in the three months ended June 30, 2025, compared to $1.4 million in the three months ended June30, 2024. The decrease of approximately $0.2 million is mainly comprised of (i) a decrease of $0.1 million in patents expenses as partof the company’s cost reduction plan, and (ii) a decrease of $0.1 million in employees salaries expense.

Financial expenses, net totaled$0.2 million in the three months ended June 30, 2025, compared to financial income, net of $0.2 million in the three months ended June30, 2024. The increase of $0.4 million in financial expenses, net is due to (i) a $0.2 million increase in USD/NIS exchange rate differencesexpenses, and (ii) a $0.1 million decrease in interest received from our short-term cash deposits.

In the six months ended June30, 2025 we generated revenues of approximately $2.2 million, compared to $0.3 million for the six months ended June 30, 2024. The increasein revenue is mainly related to a development achievement relating to the dermal filler product candidate, which triggered a $2 million paymentfrom AbbVie to CollPlant according to the AbbVie agreement.

We incurred cost of revenuesin the amount of $0.4 million in the six months ended June 30, 2025 compared to $1.1 million in the six months ended June 30, 2024. Thedecrease in cost of revenues in the amount of $0.7 million is mainly comprised of (i) a $0.5 million decrease in inventory impairments,and (ii) a $0.2 million decrease in sales of rhCollagen-based products.

We incurred research and developmentexpenses amounting to $4.1 million in the six months ended June 30, 2025, compared to $5.1 million in the six months ended June 30, 2024.The decrease in research and development expenses of approximately $1.0 million is mainly related to the Company’s cost reductionplan with: (i) a $0.4 million decrease in research and development materials and subcontractor expenses mainly related to the breast implantsprogram, and (ii) a $0.4 million decrease in workforce and share-based compensation expenses.

We incurred general, administrative,and marketing expenses of $2.6 million in the six months ended June 30, 2025, compared to $2.9 million in the six months ended June 30,2024. The decrease of $0.3 million is mainly comprised of (i) a decrease of $0.1 million in patents expenses as part of the company’scost reduction plan, (ii) a decrease of $0.1 million in employees’ salaries expense, and (iii) insurance reimbursements of $0.1million received in 2025.

Financial income, net forthe six months ended June 30, 2025, totaled $0.03 million, compared to $0.3 million in the six months ended June 30, 2024. The decreasein financial income, net is due to a decrease in interest received from our short-term cash deposits and an increase in exchange ratedifferences expenses.

For information with respectto critical accounting estimates, see the discussion under the heading “Critical Accounting Estimates” in our Annual Report.

For information with respectto recent accounting pronouncements, see the discussion under the heading “Recent Accounting Pronouncements” in our AnnualReport.

Our primary uses of cash areto fund the Company operation, including working capital requirements, research and development expenses and capital expenditures. Historically,we have funded our operations primarily through cash flow from operations (including sales of our proprietary products and distributionproducts), payments received in connection with strategic partnerships (including milestone payments from collaboration agreements), issuancesof ordinary shares and warrants (including public offerings on the Nasdaq, Tel Aviv Stock Exchange and private placements) and governmentgrants from the IIA.

The balance of cash and cashequivalents as of June 30, 2025 and December 31, 2024 totaled $11.4 million and $11.9 million, respectively. In February 2025, we receivedan additional $2 million payment from AbbVie under the AbbVie Development Agreement. In June 2025, we completed a registered direct offeringwhich resulted in net proceeds of $3.1 million. We plan to fund our future operations through continued sales of our proprietary products,commercialization and/or out-licensing of our rhCollagen technology, raising additional capital through the issuance of equity or debt,additional milestone payments that may be received under the AbbVie Development Agreement, adjustment of operating expenses to meet availablecash resources or a combination of the foregoing. If additional capital is not available to us when needed or on acceptable terms, wemay be required to significantly curtail, delay, or discontinue one or more of our research or development programs or the commercializationof any products or product candidates, and we may be unable to expand our operations or otherwise capitalize on our business opportunities,as desired.

Net cash used in operatingactivities resulted primarily from our net losses, adjusted for non-cash charges and measurements and changes in components of workingcapital. Adjustments to net income or loss for non-cash items include depreciation and amortization, share-based compensation, exchangedifferences on cash and cash equivalents, interest from short term deposits and interest from restricted deposit. This cash flow mainlyreflects the cash needed for funding the products and pipeline products development and our management costs during the applicable periods.

Net cash used in operatingactivities in the six months ended June 30, 2025, totaled $3.6 million and consisted primarily of (i) net loss of $4.8 million, adjustedfor non-cash items including depreciation and amortization of $0.5 million, shared-based compensation of $0.7 million and exchange differenceson cash and cash equivalents and restricted cash of $0.1 million, and (ii) a net change in operating assets and liabilities of $0.1 million.

Net cash used in operatingactivities in the six months ended June 30, 2024, totaled $7.2 million and consisted primarily of (i) net loss of $8.4 million, adjustedfor non-cash items including depreciation and amortization of $0.5 million, shared-based compensation of $0.8 million and exchange differenceson cash and cash equivalents and restricted cash of $0.2 million, and (ii) a net change in operating assets and liabilities of $0.3 million.

Net cash used in investingactivities was $0.01 million during the six months ended June 30, 2025 compared to $0.3 million during the six months ended June 30, 2024,and related primarily to a decrease in purchases of property and equipment.

Net cash provided by financingactivities was $3.1 million for the six months ended June 30, 2025 compared to $0.01 million in the six months ended June 30, 2024. Theincrease is mainly attributed to our registered direct offering in June 2025, which resulted in net proceeds of $3.1 million.

Our cash requirementsfrom known contractual obligations within the next twelve months include:

Our long-term cash requirementsunder our various contractual obligations include:

The table below summarizesour sources of funding for the six months ended June 30, 2025:

We believe that our existingcapital resources will be adequate to satisfy our expected liquidity requirements for at least twelve months from the filing date. Wehave based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect.

Our present and future fundingrequirements will depend on many factors, including, among other things:

For more information as tothe risks associated with our future funding needs, see “Item 3.D. Risk Factors” in our Annual Report on Form 20-F. We willneed to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain additional capital whenneeded may force us to delay, limit, or terminate our product development efforts or other operations” in our Annual Report.

We are in a development stagewith regard to different medical and aesthetics products, and are in early stages of commercialization of our bioinks products for customersthat develop technologies for 3D bio-printing of tissues and organs and the medical aesthetics market. It is not possible for us to predictwith any degree of accuracy the outcome of our research, development, or commercialization efforts. As such, it is not possible for usto predict with any degree of accuracy any known trends, uncertainties, demands, commitments or events that are reasonably likely to havea material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or thatwould cause reported financial information to not necessarily be indicative of future operating results or financial condition. However,to the extent possible, certain trends, uncertainties, demands, commitments and events are included under the heading “Operatingand Financial Review and Prospects” in our Annual Report and in this discussion.

As of June 30, 2025, we donot have any, and during the periods presented we did not have any, off-balance sheet arrangements.

There were no material changesoutside of the ordinary course of business in our contractual obligations as of June 30, 2025, from those as of December 31, 2024as reported in our Annual Report on Form 20-F for the year ended December 31, 2024, as filed with the SEC on March 26, 2025.

Our balance sheet liabilitiesdo not include all of the obligations regarding royalties that we are obligated to pay to the IIA based on future sales of our products.The maximum royalty amount plus interest that would be payable by us is approximately $7.0 million (assuming 100% of the royalties arepayable). This liability is contingent upon sales of our rhCollagen-based products.

99.1	Press Release, dated August 20, 2025.

99.2	Condensed Consolidated Interim Financial Statements (unaudited) as of June 30, 2025.

99.3	Operating and Financial Review and Prospects as of June 30, 2025.

101.INS	XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	COLLPLANT BIOTECHNOLOGIES LTD.

Date: August 20, 2025	By:	/s/ Eran Rotem
		Name:	Eran Rotem
		Title:	Deputy CEO and Chief Financial Officer

	Six months ended June 30						Three months ended June 30
	2025			2024			2025			2024

GAAP operating expenses:	$	6,686		$	8,001		$	3,171		$	4,119

Change of operating lease accounts		9			(14	)		5			(15	)
Share-based compensation to employees, directors and consultants		(735	)		(780	)		(353	)		(490	)
Non-GAAP operating expenses:		5,960			7,207			2,823			3,614

GAAP operating loss		4,826			8,735			3,178			4,406
Change of operating lease accounts		9			(14	)		5			(15	)
Share-based compensation to employees, directors and consultants		(735	)		(780	)		(353	)		(490	)
Non-GAAP operating loss		4,100			7,941			2,830			3,901

GAAP Net loss		4,799			8,405			3,347			4,210
Change of operating lease accounts		(213	)		102			(273	)		53
Share-based compensation to employees, directors and consultants		(735	)		(780	)		(353	)		(490	)
Non-GAAP Net loss	$	3,851		$	7,727		$	2,721		$	3,773
GAAP basic and diluted loss per ordinary share	$	0.41		$	0.73		$	0.28		$	0.37
NON- GAAP basic and diluted loss per ordinary share	$	0.33		$	0.67		$	0.23		$	0.33

	●	our history of significant losses, and our need to raise additional capital and our inability to obtain additional capital on acceptable terms, or at all;

	●	our expectations regarding the timing and cost of commencing pre-clinical and clinical trials with respect to rhCollagen based products in 3D bioprinting and medical aesthetics;

	●	ours or our strategic partners’ ability to obtain favorable pre-clinical and clinical trial results;

	●	regulatory action with respect to rhCollagen based products in 3D bioprinting and medical aesthetics, including but not limited to acceptance of an application for marketing authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling;

	●	commercial success and market acceptance of rhCollagen based products, in 3D Bioprinting and medical aesthetics;

	●	our ability to establish sales and marketing capabilities or enter into agreements with third parties and our reliance on third party distributors and resellers;

	●	our ability to establish and maintain strategic partnerships and other corporate collaborations;

	●	our reliance on third parties to conduct some or all aspects of our product manufacturing;

	●	the scope of protection we are able to establish and maintain for intellectual property rights and our ability to operate our business without infringing the intellectual property rights of others;

	●	current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk;

	●	the impact of competition and new technologies;

	●	statements as to the impact of the political and security situation in Israel on our business, including due to the ongoing war in Israel;
	●	projected capital expenditures and liquidity;

	●	changes in our strategy;

	●	litigation and regulatory proceedings; and

	●	those factors referred to under the headings “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report, as well as in our Annual Report generally.

	●	employee-related expenses, including salaries and share-based compensation expenses for employees in research and development functions;

	●	expenses incurred in operating our laboratories;

	●	expenses incurred under agreements with CROs and investigative sites that conduct our pre-clinical trials;

	●	expenses relating to outsourced and contracted services, such as external laboratories, consulting, and advisory services;

	●	supply, development, and manufacturing costs relating to clinical trial materials;

	●	maintenance of facilities, depreciation, and other expenses, which include direct and allocated expenses for rent and insurance, net of expenses capitalized to inventory; and

	●	costs associated with preclinical and clinical activities.

	●	employee-related expenses, including salaries, benefits, and related expenses, including share-based compensation expenses;

	●	legal and professional fees for auditors, investor relations and other consulting expenses not related to research and development activities;

	●	cost of offices, communication, and office expenses;

	●	information technology expenses;

	●	business development and marketing activities;

	●	the number of potential new products we identify and decide to develop;

	●	the progress, timing, and completion of preclinical testing and clinical trials which are based on our bioink, medical aesthetics, and any future pipeline product;

	●	selling and marketing activities undertaken in connection with the commercialization of our products;

	●	the costs of upscaling our manufacturing capabilities;

	●	costs involved in the development of distribution channels, and for an effective sales and marketing organization, for the commercialization of our products;

	●	the time and costs involved in obtaining regulatory approvals and any delays we may encounter as a result of evolving regulatory requirements or adverse results with respect to any of these products; and

	●	the costs involved in filing patent applications and maintaining and enforcing patents or defending against claims or infringements raised by third parties.