CollPlant Biotechnologies Ltd (CLGN) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, CLGN scores 41 out of 100, a letter grade of D-, with the verdict label "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine: 8 / 20 (ROIC -35%; FCF yield 0%). This pillar carries the weakest signal of cash generation: the business is not currently converting revenue into free cash flow, and the ROIC figure indicates capital is being consumed rather than compounded.
• Whale 13F Flow: 9 / 20 (institutional accumulation and options positioning). The score reflects limited institutional support in the rating inputs.
• Insider Conviction: 5 / 20 (SEC Form 4 and Congressional PTR cluster flow). This is the lowest pillar and indicates weak insider-side conviction signals.
• Macro Regime Fit: 8 / 20 (Beta 1.0; sector sensitivity). A beta of 1.0 means the stock is rated as moving in line with the broad market, while the sector sensitivity component pulled the score down.
• Forensic Balance Sheet: 11 / 20 (Altman Z 2.5; Piotroski F 5/9; Debt/Equity 0.5). This is the strongest pillar, though still below midpoint. The Z-score and Piotroski readings sit in a middling range, and the Debt/Equity ratio of 0.5 is not the primary risk.

For a prospective investor evaluating the stock today, the upside drivers are limited to the balance-sheet pillar and the recent cash injection described in the news wire. The valuation tradeoff is severe: with a $12.7M market cap against operating losses of $-11.5M in FY 2025, the equity is priced as a small, loss-making enterprise with negative operating leverage. Any path to a rating improvement would require evidence of cash-flow inflection and sustained institutional or insider accumulation, neither of which the source data currently shows.

CollPlant Biotechnologies Ltd (CLGN) is listed on NASDAQ and classified under the Health Care sector and Industrial Specialties industry, per the profile. The source data does not describe its products, customers, or specific revenue model. Reported revenue was $2.4M in FY 2025, $0.5M in FY 2024, and $11.0M in FY 2023. Gross margin is reported at 64.8%, while operating margin is -60%.

Per the SEC financials, revenue has declined sharply from $11.0M in FY 2023 to $2.4M in FY 2025, and operating losses have remained persistent across all three periods. Net margin is reported at -60%, and ROIC at -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 5/9. Cash declined from $11.9M to $5.6M across FY 2024 to FY 2025, and debt is listed as N/A in the reported periods, with a Debt/Equity ratio of 0.5 per the forensic inputs.

Per the recent news feed, the most material items are:

• Private placement: A PR Newswire release titled "COLLPLANT ANNOUNCES A $3.7 MILLION PRIVATE PLACEMENT," with a MarketScreener item reporting $3.699986 million in funding. This is a near-term liquidity event and relevant to dilution risk.
• Offering capacity exhausted: A Stock Titan item reports that an equity-and-warrant offering has $0 left to sell, signaling that the registered capacity has been fully used.
• Shareholder share sale proposal: A Stock Titan item reports a 10% stockholder proposing to sell 15,550 CLGN shares, a supply-side overhang item.
• Price action: The source records a price of $4.4 with a change of 11.39%, and a kalkine.ca item references a 13.11% move on a volume of 77,558 shares. Volume in the market data is 167,112.
• Other coverage: A Benzinga item titled "LightSolver and Why AI May Outrun the GPU" is linked to CLGN, but the source provides no substantive detail on how it relates to the company's operations.

Risk watch items are the dilution signals (private placement, exhausted offering capacity, and a large shareholder sale proposal). Proprietary signals in the supply-chain graph are not available in source data.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are therefore not available in source data. The only sector-level information is the classification as Health Care / Industrial Specialties. Investors should treat the absence of mapped supply-chain links as a gap in the analysis rather than evidence of independence.

• What are CollPlant's products, customers, and revenue drivers, given that revenue fell from $11.0M in FY 2023 to $2.4M in FY 2025?
• What is the dilution impact of the $3.7M private placement and the exhausted equity-and-warrant offering on the share count and market cap?
• What is the debt position, since debt is reported as N/A in each period while a Debt/Equity ratio of 0.5 is cited?
• What are the FY 2025 EPS and TTM earnings figures, which are reported as N/A or unavailable?
• What are the terms and identity of the 10% stockholder proposing to sell 15,550 shares, and how does that interact with the current volume?