CollPlant Biotechnologies (CLGN) 6-K 24 Aug 23 CollPlant Biotechnologies Announces Second Quarter Financial Results For 2023 with Revenues of $10.2 Million Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	CollPlant Biotechnologies Ltd.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001631487
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-38370

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 22,283	$ 29,653
Restricted cash	83
Restricted deposit	22	23
Trade receivables	10,160	9
Inventories	1,552	1,430
Other accounts receivable and prepaid expenses	758	543
Total current assets	34,858	31,658
Non-current assets:
Restricted deposit	237	188
Operating lease right-of-use assets	3,327	2,711
Property and equipment, net	2,931	2,966
Intangible assets, net	216	245
Total non-current assets	6,711	6,110
Total assets	41,569	37,768
Current liabilities:
Trade payables	763	1,133
Operating lease liabilities	598	529
Accrued liabilities and other	1,421	1,443
Total current liabilities	2,782	3,105
Non-current liabilities:
Operating lease liabilities	2,748	2,382
Total non-current liabilities	2,748	2,382
Total liabilities	5,530	5,487
Commitments and contingencies
Shareholders’ Equity:
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of June 30, 2023 (unaudited) and December 31, 2022; issued and outstanding: 11,405,394 and 11,186,481 ordinary shares as of June 30, 2023 (unaudited) and December 31, 2022, respectively	4,963	4,873
Additional paid in capital	119,720	118,099
Currency translation differences	(969)	(969)
Accumulated deficit	(87,675)	(89,722)
Total shareholders’ equity	36,039	32,281
Total liabilities and shareholders’ equity	$ 41,569	$ 37,768

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - ₪ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary shares par value (in New Shekels per share)	₪ 1.5	₪ 1.5
Ordinary shares, shares authorized	30,000,000	30,000,000
Ordinary shares, shares issued	11,405,394	11,186,481
Ordinary shares, shares outstanding	11,405,394	11,186,481

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 10,184	$ 66	$ 10,617	$ 132
Cost of revenues	615	43	940	74
Gross Profit	9,569	23	9,677	58
Operating expenses:
Research and development	2,574	2,599	4,676	4,841
General, administrative and marketing	1,318	1,609	2,843	3,170
Operating income (loss)	5,677	(4,185)	2,158	(7,953)
Financial income (expenses), net	85	(100)	(111)	(192)
Net income (loss) for the period	$ 5,762	$ (4,285)	$ 2,047	$ (8,145)
Basic net income (loss) per ordinary share (in Dollars per share)	$ 0.51	$ (0.39)	$ 0.18	$ (0.74)
Diluted net income (loss) per ordinary share (in Dollars per share)	$ 0.49	$ (0.39)	$ 0.17	$ (0.74)
Weighted average ordinary shares outstanding used in computation of basic net income (loss) per share (in Shares)	11,369,031	11,086,481	11,329,516	10,935,611
Weighted average ordinary shares outstanding used in computation of diluted net income (loss) per share (in Shares)	11,777,139	11,086,481	11,738,884	10,935,611

Condensed Consolidated Statem_2

Condensed Consolidated Statements Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Currency translation differences	Accumulated deficit	Total
Balance at Dec. 31, 2021	$ 4,664	$ 114,223	$ (969)	$ (72,797)	$ 45,121
Balance (in Shares) at Dec. 31, 2021	10,722,024
Exercise of options	$ 18	156			174
Exercise of options (in Shares)	39,457
Exercise of warrants	$ 149	1,151			1,300
Exercise of warrants (in Shares)	325,000
Share-based compensation		1,055			1,055
Net income (loss)				(8,145)	(8,145)
Balance at Jun. 30, 2022	$ 4,831	116,585	(969)	(80,942)	39,505
Balance (in Shares) at Jun. 30, 2022	11,086,481
Balance at Mar. 31, 2022	$ 4,831	115,991	(969)	(76,657)	43,196
Balance (in Shares) at Mar. 31, 2022	11,086,481
Share-based compensation		594			594
Share-based compensation (in Shares)
Net income (loss)				(4,285)	(4,285)
Balance at Jun. 30, 2022	$ 4,831	116,585	(969)	(80,942)	39,505
Balance (in Shares) at Jun. 30, 2022	11,086,481
Balance at Dec. 31, 2022	$ 4,873	118,099	(969)	(89,722)	32,281
Balance (in Shares) at Dec. 31, 2022	11,186,481
Exercise of options	$ 14	134			148
Exercise of options (in Shares)	32,913
Exercise of warrants	$ 76	668			744
Exercise of warrants (in Shares)	186,000
Share-based compensation		819			819
Net income (loss)				2,047	2,047
Balance at Jun. 30, 2023	$ 4,963	119,720	(969)	(87,675)	36,039
Balance (in Shares) at Jun. 30, 2023	11,405,394
Balance at Mar. 31, 2023	$ 4,955	119,341	(969)	(93,437)	29,890
Balance (in Shares) at Mar. 31, 2023	11,385,041
Exercise of options	$ 8	81			89
Exercise of options (in Shares)	20,353
Share-based compensation		298			298
Net income (loss)				5,762	5,762
Balance at Jun. 30, 2023	$ 4,963	$ 119,720	$ (969)	$ (87,675)	$ 36,039
Balance (in Shares) at Jun. 30, 2023	11,405,394

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Income (loss)	$ 2,047	$ (8,145)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	546	501
Interest from Short term deposits		(87)
Interest from restricted deposits	11
Share-based compensation to employees and consultants	852	1,055
Exchange differences on cash and cash equivalents	444	727
Changes in operating asset and liability items:
Decrease (increase) in trade receivables	(10,151)	261
Increase in inventories	(155)	(275)
Increase in other accounts receivable and prepaid expenses	(215)	(170)
Decrease in operating right of use assets	254	220
Decrease in trade payables	(370)	(274)
Decrease in lease liabilities	(435)	(643)
Decrease in accrued liabilities and other payables	(22)	(305)
Decrease in deferred revenues		(32)
Net cash used in operating activities	(7,194)	(7,167)
Cash flows from investing activities:
Capitalization of intangible assets		(12)
Purchase of property and equipment	(482)	(678)
Repayment of a short-term cash deposits		50,238
Investment in short term cash deposits and restricted deposits	(59)	(20,000)
Net cash provided by (used in) investing activities	(541)	29,548
Cash flows from financing activities:
Exercise of options and warrants into shares	892	1,474
Net cash provided by financing activities	892	1,474
Exchange differences on cash and cash equivalents, restricted cash and restricted deposits	(444)	(727)
Net increase (decrease) in cash and cash equivalents, restricted cash and restricted deposits	(7,287)	23,128
Cash and cash equivalents, restricted cash and restricted deposits at the beginning of the period	29,653	13,374
Cash and cash equivalents, restricted cash and restricted deposits at the end of the period	22,366	36,502
A. Supplementary information on investing and financing activities not involving cash flows:
Right of use assets recognized with corresponding lease liabilities	870	59
Capitalization of Share-based compensation to inventory	33
B. Reconciliation of Cash, cash equivalents and restricted cash at the end of the period
Cash and cash equivalents	22,283	36,290
Restricted cash	83
Restricted deposits (including long term)		212
Total cash and cash equivalents, restricted cash and restricted deposits	$ 22,366	$ 36,502

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
Nature of Operations [Abstract]
NATURE OF OPERATIONS	Note 1 - NATURE OF OPERATIONS: CollPlant Biotechnologies Ltd. (the “Company”) is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs and medical aesthetics. The Company’s products are based on its recombinant human collagen (rhCollagen) produced with its proprietary plant based technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing. The Company’s revenues include income 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 healing. The Company operates through its wholly-owned subsidiary, CollPlant Ltd. (“CollPlant”). In November 2021 CollPlant established CollPlant Inc., a wholly owned subsidiary in the United States. As of June 30, 2023, CollPlant Inc. has not commenced operation.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: a. Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2022, as filed in the 20-F on March 29, 2023. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, contained in the Company’s Annual Report have been applied consistently in these unaudited condensed consolidated financial statements. b. Use of estimates in the preparation of financial statements The preparation of financial statements in 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 expenses during the reporting period. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. Actual results may differ from those estimates. c. Principles of consolidation The consolidated financial statements include the accounts of CollPlant Biotechnologies Ltd. and its wholly-owned subsidiary, CollPlant Ltd. Intercompany balances and transactions have been eliminated upon consolidation. d. Fair value measurement The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. e. Income (loss) per share Basic income (loss) per share is computed on the basis of the net income (loss), for the period divided by the weighted average number of ordinary shares outstanding during the period. Diluted income (loss) per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding share options and warrants, which are included under the treasury stock method when dilutive. Six months ended Three months ended 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,047 $ (8,145 ) $ 5,762 $ (4,285 ) Denominator: Basic weighted-average ordinary shares outstanding 11,329,516 10,935,611 11,369,031 11,086,481 Effect of share-based compensation 409,368 — 408,108 — Diluted weighted average ordinary shares outstanding 11,738,884 10,935,611 11,777,139 11,086,481 Basic net income (loss) per share $ 0.18 $ (0.74 ) $ 0.51 $ (0.39 ) Diluted net income (loss) per share $ 0.17 $ (0.74 ) $ 0.49 $ (0.39 ) 1,201,811 options were excluded from the calculation of diluted net income per share due to their anti-dilutive effect for the six and the three months ended June 30, 2023.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
INVENTORY	NOTE 3 - INVENTORY: a. Inventories at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, 2023 2022 (Unaudited) (Audited) Work in progress $ 682 $ 881 Finished goods’ 870 549 Total inventory $ 1,552 $ 1,430 b. During the six and three months period ended June 30, 2023, the Company recorded approximately $261 and $215 for write-down of inventory under cost of revenues, respectively. During the six and three months period ended June 30, 2022, the Company recorded approximately $23 and $6 for write-down of inventory under cost of revenues, respectively.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2023
Share Capital [Abstract]
SHARE CAPITAL	NOTE 4 - SHARE CAPITAL: a. Changes in share capital ● In 2022, three U.S investors exercised 425,000 warrants into 425,000 ordinary shares in return for $1,700. ● On February 23, 2023, Ami Sagi exercised 186,000 warrants into 186,000 ordinary shares in return for $744. b. Share- based compensation 1) Option plan Under the Company’s Share Ownership and Option Plan (2010), or the 2010 Plan, employees, directors and consultants of the Company may be granted options, each exercisable into one ordinary share of the Company of NIS 1.50 par value. Options grants Options granted under the 2010 Plan: In the six months ended June 30, 2023 and 2022, the Company granted options as follows: Six months ended June 30, 2023 Number of options granted Exercise Vesting Expiration Employees 104,500 $ 7.5 4 years 10 years Six months ended June 30, 2022 Number of options granted Exercise Vesting Expiration Employees 398,000 $ 9.22 4 years 10 years Directors 217,000 $ 9.22 4 years 10 years The fair value of options granted during the six months ended June 30, 2023, and 2022 was $505 and $3,511, respectively. The fair value of options granted on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows: Six months ended 2023 2022 Value of ordinary share $ 7.5 $ 9.07-9.22 Dividend yield 0 % 0 % Expected volatility 74.1 % 67.28%-67.95 % Risk-free interest rate 0.36 % 1.72%-3.03 % Expected term 6.11 years 6.11 years The following table summarizes the number of options granted to employees and directors under the 2010 Plan for the six months period ended June 30, 2023: Number of Weighted Options outstanding at the beginning of the period 1,868,749 $ 7.85 Granted 104,500 7.5 Exercised (29,163 ) 4.43 Forfeited or expired (95,559 ) 9.43 Options outstanding at the end of the period 1,848,527 $ 7.8 Options exercisable at the end of the period 1,105,189 $ 7.35 The following table summarizes the number of options granted to consultants under the Option Plan for the six months period ended June 30, 2023: Number of Weighted Options outstanding at the beginning of the period 15,416 $ 16.04 Granted - - Exercised (3,750 ) 5.07 Forfeited or expired - - Options outstanding at the end of the period 11,666 $ 16.45 Options exercisable at the end of the period 6,329 $ 9.81 3) The following table illustrates the effect of share-based compensation on the statements of operations: Six months ended Three months ended 2023 2022 2023 2022 Cost of revenue $ 19 $ 2 $ 11 $ 2 Research and development 307 374 121 173 General, administrative and marketing 526 647 206 400 $ 852 $ 1,023 $ 338 $ 575

Development, Exclusivity and Op

Development, Exclusivity and Option Products Agreement	6 Months Ended
	Jun. 30, 2023
Development , Exclusivity and Option Products Agreements [Abstract]
DEVELOPMENT, EXCLUSIVITY AND OPTION PRODUCTS AGREEMENT	NOTE 5 - Development, Exclusivity and Option Products Agreement On February 5, 2021, CollPlant entered into a Development, Exclusivity and Option Products Agreement (the “Development Agreement”) with AbbVie, pursuant to which CollPlant and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for the medical aesthetics market, using CollPlant rhCollagen technology and AbbVie’s technology. Pursuant to the Development Agreement, CollPlant agreed to undertake projects for the development of an aseptic process for sterile rhCollagen that meets or exceeds certain specifications as set forth in the Development Agreement. CollPlant has successfully completed the development of the aseptic process and is producing and supplying sterile rhCollagen. Pursuant to the Development Agreement, CollPlant granted to AbbVie and certain of its affiliates, worldwide exclusive rights to use its rhCollagen in combination with AbbVie proprietary technologies, for the production and commercialization of dermal and soft tissue filler products, or the Exclusive Products. The Development Agreement provides that with respect to the Exclusive Products CollPlant shall be entitled to receive up to $50,000 comprised of an upfront cash payment of $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 certain adjustments) 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 announced the achievement of a milestone with respect to the clinical phase dermal filler product. According to the Development Agreement, the milestone achievement triggered a $10,000 payment from AbbVie to CollPlant, which was received in July 2023.

Supplementary Financial Stateme

Supplementary Financial Statement Information	6 Months Ended
	Jun. 30, 2023
Supplementary Financial Statement Information [Abstract]
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	NOTE 6 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION a. Disaggregated revenues: Six months ended Three months ended 2023 2022 2023 2022 Revenues from milestones (See note 5) $ 10,000 $ - $ 10,000 $ - Revenues from the sales of goods 617 132 184 66 Total revenues $ 10,617 $ 132 $ 10,184 $ 66 b. Revenues by geographic area were as follows: Six months ended Three months ended 2023 2022 2023 2022 United states and Canada $ 10,592 $ 74 $ 10,161 $ 41 Europe and others 25 58 $ 23 25 Total revenues $ 10,617 $ 132 $ 10,184 $ 66 c. Revenue recognized in the reporting period that was included in the deferred revenues balance at the beginning of the period is $32 for the six months period ended June 30, 2022. d. Major customers Set forth below is a breakdown of the Company’s revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenues in a certain period): Six months ended Three months ended 2023 2022 2023 2022 Customer A $ 10,527 * ) $ 10,151 $ 9 Customer B $ * ) $ 64 $ * ) $ 32 Customer C $ * ) $ 37 $ * ) $ * ) *) Less than 10%.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 - SUBSEQUENT EVENTS a. On August 23, 2023, the board of directors approved the grant of an aggregate of 33,500 options exercisable into 33,500 ordinary shares to the Company’s employees, at an exercise price of $6.5 per share. The options will vest over four years with one quarter vesting one year after the grant date and the remaining balance will vest in equal parts at the end of each subsequent quarter. b. On August 23, 2023, the board of directors approved repricing of outstanding options to purchase an aggregate of 999,648 ordinary shares held by the Company’s employees and directors to an exercise price of $6.39 per share, subject to obtaining regulatory approvals, and with regard to options granted to members of the board (including the Company’s Chief Executive Officer), subject to shareholders’ approval.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Basis of presentation	a. Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2022, as filed in the 20-F on March 29, 2023. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, contained in the Company’s Annual Report have been applied consistently in these unaudited condensed consolidated financial statements.
Use of estimates in the preparation of financial statements	b. Use of estimates in the preparation of financial statements The preparation of financial statements in 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 expenses during the reporting period. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. Actual results may differ from those estimates.
Principles of consolidation	c. Principles of consolidation The consolidated financial statements include the accounts of CollPlant Biotechnologies Ltd. and its wholly-owned subsidiary, CollPlant Ltd. Intercompany balances and transactions have been eliminated upon consolidation.
Fair value measurement	d. Fair value measurement The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value.
Income (loss) per share	e. Income (loss) per share Basic income (loss) per share is computed on the basis of the net income (loss), for the period divided by the weighted average number of ordinary shares outstanding during the period. Diluted income (loss) per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding share options and warrants, which are included under the treasury stock method when dilutive. Six months ended Three months ended 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,047 $ (8,145 ) $ 5,762 $ (4,285 ) Denominator: Basic weighted-average ordinary shares outstanding 11,329,516 10,935,611 11,369,031 11,086,481 Effect of share-based compensation 409,368 — 408,108 — Diluted weighted average ordinary shares outstanding 11,738,884 10,935,611 11,777,139 11,086,481 Basic net income (loss) per share $ 0.18 $ (0.74 ) $ 0.51 $ (0.39 ) Diluted net income (loss) per share $ 0.17 $ (0.74 ) $ 0.49 $ (0.39 ) 1,201,811 options were excluded from the calculation of diluted net income per share due to their anti-dilutive effect for the six and the three months ended June 30, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Schedule of Earnings Per Share Basic and Diluted	Ordinary share equivalents include outstanding share options and warrants, which are included under the treasury stock method when dilutive. Six months ended Three months ended 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,047 $ (8,145 ) $ 5,762 $ (4,285 ) Denominator: Basic weighted-average ordinary shares outstanding 11,329,516 10,935,611 11,369,031 11,086,481 Effect of share-based compensation 409,368 — 408,108 — Diluted weighted average ordinary shares outstanding 11,738,884 10,935,611 11,777,139 11,086,481 Basic net income (loss) per share $ 0.18 $ (0.74 ) $ 0.51 $ (0.39 ) Diluted net income (loss) per share $ 0.17 $ (0.74 ) $ 0.49 $ (0.39 )

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
Schedule of Inventories	Inventories at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, 2023 2022 (Unaudited) (Audited) Work in progress $ 682 $ 881 Finished goods’ 870 549 Total inventory $ 1,552 $ 1,430

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 2023
Share Capital [Abstract]
Schedule of Shares Issued Granted Options	In the six months ended June 30, 2023 and 2022, the Company granted options as follows: Six months ended June 30, 2023 Number of options granted Exercise Vesting Expiration Employees 104,500 $ 7.5 4 years 10 years Six months ended June 30, 2022 Number of options granted Exercise Vesting Expiration Employees 398,000 $ 9.22 4 years 10 years Directors 217,000 $ 9.22 4 years 10 years
Schedule of Fair Value of Options Granted to Employees on the Date of Grant Was Computed Using athe Black-Scholes Model	The fair value of options granted on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows: Six months ended 2023 2022 Value of ordinary share $ 7.5 $ 9.07-9.22 Dividend yield 0 % 0 % Expected volatility 74.1 % 67.28%-67.95 % Risk-free interest rate 0.36 % 1.72%-3.03 % Expected term 6.11 years 6.11 years
Schedule of Summarizes the Number of Options Granted to Employees Under the Option Plan	The following table summarizes the number of options granted to employees and directors under the 2010 Plan for the six months period ended June 30, 2023: Number of Weighted Options outstanding at the beginning of the period 1,868,749 $ 7.85 Granted 104,500 7.5 Exercised (29,163 ) 4.43 Forfeited or expired (95,559 ) 9.43 Options outstanding at the end of the period 1,848,527 $ 7.8 Options exercisable at the end of the period 1,105,189 $ 7.35 Number of Weighted Options outstanding at the beginning of the period 15,416 $ 16.04 Granted - - Exercised (3,750 ) 5.07 Forfeited or expired - - Options outstanding at the end of the period 11,666 $ 16.45 Options exercisable at the end of the period 6,329 $ 9.81
Schedule of Share-Based Compensation	The following table illustrates the effect of share-based compensation on the statements of operations: Six months ended Three months ended 2023 2022 2023 2022 Cost of revenue $ 19 $ 2 $ 11 $ 2 Research and development 307 374 121 173 General, administrative and marketing 526 647 206 400 $ 852 $ 1,023 $ 338 $ 575

Supplementary Financial State_2

Supplementary Financial Statement Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplementary Financial Statement Information [Abstract]
Schedule of Disaggregated Revenues	Disaggregated revenues: Six months ended Three months ended 2023 2022 2023 2022 Revenues from milestones (See note 5) $ 10,000 $ - $ 10,000 $ - Revenues from the sales of goods 617 132 184 66 Total revenues $ 10,617 $ 132 $ 10,184 $ 66
Schedule of Revenues by Geographical Area	Revenues by geographic area were as follows: Six months ended Three months ended 2023 2022 2023 2022 United states and Canada $ 10,592 $ 74 $ 10,161 $ 41 Europe and others 25 58 $ 23 25 Total revenues $ 10,617 $ 132 $ 10,184 $ 66
Schedule of Revenue by Major Customers	Set forth below is a breakdown of the Company’s revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenues in a certain period): Six months ended Three months ended 2023 2022 2023 2022 Customer A $ 10,527 * ) $ 10,151 $ 9 Customer B $ * ) $ 64 $ * ) $ 32 Customer C $ * ) $ 37 $ * ) $ * ) *) Less than 10%.

Significant Accounting Polici_3

Significant Accounting Policies (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Anti-dilutive shares	1,201,811	1,201,811

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of Earnings Per Share Basic and Diluted - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) (in Dollars)	$ 5,762	$ (4,285)	$ 2,047	$ (8,145)
Denominator:
Basic weighted-average ordinary shares outstanding	11,369,031	11,086,481	11,329,516	10,935,611
Effect of share-based compensation	408,108		409,368
Diluted weighted average ordinary shares outstanding	11,777,139	11,086,481	11,738,884	10,935,611
Basic net income (loss) per share (in Dollars per share)	$ 0.51	$ (0.39)	$ 0.18	$ (0.74)
Diluted net income (loss) per share (in Dollars per share)	$ 0.49	$ (0.39)	$ 0.17	$ (0.74)

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Inventories [Abstract]
Write-down of inventory	$ 215	$ 6	$ 261	$ 23

Inventory (Details) - Schedule

Inventory (Details) - Schedule of Inventories - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Work in progress	$ 682	$ 881
Finished goods’	870	549
Total inventory	$ 1,552	$ 1,430

Share Capital (Details)

Share Capital (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 23, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Jun. 30, 2023 ₪ / shares
Share Capital (Details) [Line Items]
Exercised shares	186,000
Shares return value | $	$ 744			$ 1,700
Ordinary share price | ₪ / shares					₪ 1.5
Fair value of options granted | $		$ 505	$ 3,511
Warrant [Member]
Share Capital (Details) [Line Items]
Exercised shares	186,000			425,000
Ordinary Shares [Member]
Share Capital (Details) [Line Items]
Exercised shares				425,000

Share Capital (Details) - Sched

Share Capital (Details) - Schedule of Shares Issued Granted Options - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Employees [Member]
Share Capital (Details) - Schedule of Shares Issued Granted Options [Line Items]
Number of options granted (in Shares)	104,500
Exercise price range (in Dollars per share)	$ 7.5
Vesting period	4 years
Expiraion	10 years
Employees [Member]
Share Capital (Details) - Schedule of Shares Issued Granted Options [Line Items]
Number of options granted (in Shares)		398,000
Exercise price range (in Dollars per share)		$ 9.22
Vesting period		4 years
Expiraion		10 years
Directors [Member]
Share Capital (Details) - Schedule of Shares Issued Granted Options [Line Items]
Number of options granted (in Shares)		217,000
Exercise price range (in Dollars per share)		$ 9.22
Vesting period		4 years
Expiraion		10 years

Share Capital (Details) - Sch_2

Share Capital (Details) - Schedule of Fair Value of Options Granted to Employees on the Date of Grant Was Computed Using athe Black-Scholes Model - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Capital (Details) - Schedule of Fair Value of Options Granted to Employees on the Date of Grant Was Computed Using athe Black-Scholes Model [Line Items]
Value of ordinary share (in Dollars per share)	$ 7.5
Dividend yield	0%	0%
Expected volatility	74.10%
Risk-free interest rate	0.36%
Expected term	6 years 1 month 9 days	6 years 1 month 9 days
Minimum [Member]
Share Capital (Details) - Schedule of Fair Value of Options Granted to Employees on the Date of Grant Was Computed Using athe Black-Scholes Model [Line Items]
Value of ordinary share (in Dollars per share)		$ 9.07
Expected volatility		67.28%
Risk-free interest rate		1.72%
Maximum [Member]
Share Capital (Details) - Schedule of Fair Value of Options Granted to Employees on the Date of Grant Was Computed Using athe Black-Scholes Model [Line Items]
Value of ordinary share (in Dollars per share)		$ 9.22
Expected volatility		67.95%
Risk-free interest rate		3.03%

Share Capital (Details) - Sch_3

Share Capital (Details) - Schedule of Summarizes the Number of Options Granted to Employees Under the Option Plan	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Capital (Details) - Schedule of Summarizes the Number of Options Granted to Employees Under the Option Plan [Line Items]
Number of options, Options outstanding at the beginning of the period | shares	1,868,749
Weighted average exercise price, Options outstanding at the beginning of the period | $ / shares	$ 7.85
Number of options, Granted | shares	104,500
Weighted average exercise price, Granted | $ / shares	$ 7.5
Number of options, Number of options, Exercised | shares	(29,163)
Weighted average exercise price, Exercised | $ / shares	$ 4.43
Number of options, Forfeited or expired | shares	(95,559)
Weighted average exercise price, Forfeited or expired | $ / shares	$ 9.43
Number of options, Options outstanding at the end of the period | shares	1,848,527
Weighted average exercise price, Options outstanding at the end of the period | $ / shares	$ 7.8
Number of options, Options exercisable at the end of the period | shares	1,105,189
Weighted average exercise price, Options exercisable at the end of the period | $ / shares	$ 7.35
Non-Employees [Member]
Share Capital (Details) - Schedule of Summarizes the Number of Options Granted to Employees Under the Option Plan [Line Items]
Number of options, Options outstanding at the beginning of the period | shares	15,416
Weighted average exercise price, Options outstanding at the beginning of the period | $ / shares	$ 16.04
Number of options, Granted | shares
Weighted average exercise price, Granted | $ / shares
Number of options, Number of options, Exercised | shares	(3,750)
Weighted average exercise price, Exercised | $ / shares	$ 5.07
Number of options, Forfeited or expired | shares
Weighted average exercise price, Forfeited or expired | $ / shares
Number of options, Options outstanding at the end of the period | shares	11,666
Weighted average exercise price, Options outstanding at the end of the period | $ / shares	$ 16.45
Number of options, Options exercisable at the end of the period | shares	6,329
Weighted average exercise price, Options exercisable at the end of the period | $ / shares	$ 9.81

Share Capital (Details) - Sch_4

Share Capital (Details) - Schedule of Share-Based Compensation - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Capital (Details) - Schedule of Share-Based Compensation [Line Items]
Share-based compensation	$ 338	$ 575	$ 852	$ 1,023
Cost of Revenues [Member]
Share Capital (Details) - Schedule of Share-Based Compensation [Line Items]
Share-based compensation	11	2	19	2
Research and Development Expenses [Member]
Share Capital (Details) - Schedule of Share-Based Compensation [Line Items]
Share-based compensation	121	173	307	374
General, Administrative and Marketing Expenses [Member]
Share Capital (Details) - Schedule of Share-Based Compensation [Line Items]
Share-based compensation	$ 206	$ 400	$ 526	$ 647

Development, Exclusivity and _2

Development, Exclusivity and Option Products Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2023
Development, Exclusivity and Option Products Agreement (Details) [Line Items]
Received amount	$ 50,000
Cash payment	$ 14,000
Development Agreement [Member]
Development, Exclusivity and Option Products Agreement (Details) [Line Items]
Proceeds of payments		$ 36,000
Collplant [Member]
Development, Exclusivity and Option Products Agreement (Details) [Line Items]
Payment received		$ 10,000

Supplementary Financial State_3

Supplementary Financial Statement Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplementary Financial Statement Information [Abstract]
Revenue recognized (in Dollars)		$ 32
Percentage of total revenues	10%
Less than percentage	10%

Supplementary Financial State_4

Supplementary Financial Statement Information (Details) - Schedule of Disaggregated Revenues - Revenues [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplementary Financial Statement Information (Details) - Schedule of Disaggregated Revenues [Line Items]
Revenues from milestones (See note 5)	$ 10,000		$ 10,000
Revenues from the sales of goods	184	$ 66	617	$ 132
Total revenues	$ 10,184	$ 66	$ 10,617	$ 132

Supplementary Financial State_5

Supplementary Financial Statement Information (Details) - Schedule of Revenues by Geographical Area - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
United states and Canada [Member]
Supplementary Financial Statement Information (Details) - Schedule of Revenues by Geographical Area [Line Items]
Total revenues	$ 10,161	$ 41	$ 10,592	$ 74
Europe and others [Member]
Supplementary Financial Statement Information (Details) - Schedule of Revenues by Geographical Area [Line Items]
Total revenues	23	25	25	58
Total [Member]
Supplementary Financial Statement Information (Details) - Schedule of Revenues by Geographical Area [Line Items]
Total revenues	$ 10,184	$ 66	$ 10,617	$ 132

Supplementary Financial State_6

Supplementary Financial Statement Information (Details) - Schedule of Revenue by Major Customers - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022
Customer A [Member]
Revenue, Major Customer [Line Items]
Total revenues	$ 10,151		$ 9		$ 10,527			[1]
Customer B [Member]
Revenue, Major Customer [Line Items]
Total revenues		[1]	32			[1]	64
Customer C [Member]
Revenue, Major Customer [Line Items]
Total revenues		[1]		[1]		[1]	$ 37
[1]Less than 10%.

Subsequent Events (Details)

Subsequent Events (Details) - Forecast [Member] $ / shares in Units, $ in Thousands	1 Months Ended
	Aug. 23, 2023 USD ($) $ / shares shares
Subsequent Events (Details) [Line Items]
Ordinary shares, issued | shares	33,500
Gross proceeds | $	$ 33,500
Exercise price per share | $ / shares	$ 6.5
Aggregate ordinary shares | shares	999,648
Directors exercise price per share | $ / shares	$ 6.39