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COLLPLANT BIOTECHNOLOGIES REPORTS 2024 THIRD QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

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-Promising results obtained from the pre-clinical study with CollPlant’s commercial sized rhCollagen-based regenerative breast implants, demonstrating significant implant vascularization and rapid ingrowth of native tissue

-Innovative breast implant technology designed to address a $3.0 billion market opportunity

-Cash and cash equivalents balance as of September 30, 2024 was $15.4 million

-Conference call to be held today at 10:00 a.m. U.S. EDT –

REHOVOT, Israel, Nov. 27, 2024 /PRNewswire/ — CollPlant Biotechnologies (Nasdaq: CLGN), a regenerative and aesthetics medicine company developing innovative technologies and products based on its non-animal-derived collagen for tissue regeneration and medical aesthetics, today announced financial results for the third quarter ending September 30, 2024, and provided a corporate update.

“We are now one step closer to advancing our breast implant program into human studies, after developing a biocompatible commercial-sized, 3D-printed implant with a natural feel that has shown promising results in preclinical trials,” commented Yehiel Tal, Chief Executive Officer of CollPlant Biotechnologies. “So far, the study is showing encouraging outcomes three months post implantation, with evidence of significant implant vascularization and rapid ingrowth of native tissue, both of which are critical factors in enabling effective integration of the implant with the physiological system and supporting long-lasting regenerative processes. We are looking forward to reporting additional results from this program in the first quarter of 2025. “

Mr. Tal, continued, “We have recently adjusted our development and operation plans so that the Company is capitalized for a period of at least one year from today. In addition, we are prioritizing raising non-dilutive cash through the creation of additional collaborations and to that end we are engaging in dialog with companies in the medical and aesthetics fields that have interest in our rhCollagen technology. “

Dr. Sachin M. Shridharani, board-certified Plastic Surgeon, founder of LUXURGERY© New York and Associate Clinical Professor of Plastic Surgery at Washington University School of Medicine added, “CollPlant’s novel, 3D-printed, biocompatible and regenerative breast implant technology is an incredibly exciting development with multiple applications. There is an unmet need in aesthetic and reconstructive plastic surgery for highly biocompatible materials to be employed for breast augmentation and reconstruction. Eliminating immune responses to materials implanted in the breast or any portion of the body serves as a holy grail in plastic surgery.”

Q3 and Recent Program Highlights

In August, CollPlant announced the launch of a pre-clinical study with 200cc commercial-sized breast implants printed using CollPlant’s bioinks and Stratasys’ (Nasdaq: SSYS) Origin 3D printer. The collaboration between CollPlant and Stratasys has been focused on the development of a bioprinting solution for CollPlant’s regenerative breast implants.  In addition, the companies aim to develop solutions for scaling-up the implant bioprinting process. If successfully developed, the novel implants could provide a revolutionary alternative to the implants that are currently on the market.

To date, the study has shown promising results three months post implantation, demonstrating significant implant vascularization and rapid ingrowth of native tissue, both of which are critical factors in enabling effective integration of the implant with the physiological system and supporting long-lasting regenerative processes.

Collaboration Updates

The collaboration with AbbVie continues to develop a dermal and soft tissue filler product for the medical aesthetics market.  According to the agreement between the parties, CollPlant granted AbbVie worldwide exclusive rights to use its rhCollagen for the production and commercialization of a final dermal filler product. In return, CollPlant is entitled to receive, among other terms, up to $50 million and a fixed-fee royalty payment for each product commercialized. As of today, $24 million has been paid to CollPlant. AbbVie is responsible for all the costs of the dermal and soft tissue filler product candidate development, including the costs of clinical trials.On November 11, 2024, CollPlant presented at the ISBF (International Society for Biofabrication) 2024 conference.  ISBF is a professional society promoting biofabrication research and development for medical applications. During the conference, CollPlant demonstrated its technology platform for mass production of human collagen and biofabrication of its innovative regenerative breast implants.

On July 29, 2024, CollPlant announced the release of its inaugural Environmental, Social and Corporate Governance (ESG) and Sustainability Report covering the fiscal year 2023. The report reflects CollPlant’s wide commitment to fostering environmental sustainability and enhancing human health, as well as advancing social and corporate governance objectives that contribute to the Company’s impact.

Three- and Nine-Month-Period Ended September 30, 2024 Financial Results

GAAP revenues for the third quarter ended September 30, 2024, were $4,000 compared to $43,000 for the third quarter ended September 30, 2023. The decrease in revenues is mainly related to the decrease in sales of rhCollagen to the Company’s largest customer. The deliveries to this customer are in accordance with the development plan of the customer, and in the third quarter no deliveries were planned or made. In accordance with the plan, CollPlant is prepared to supply rhCollagen to this customer this quarter, during December 2024.

GAAP revenues for the nine months ended September 30, 2024, were $351,000 compared to $10.7 million for the nine months ended September 30, 2023. The decrease of approximately $10.3 million is related to the achievement of a milestone in 2023, which triggered a $10 million payment under the AbbVie Agreement, as well as an approximate $300,000 decrease in sales of rhCollagen and VergenixFG.

GAAP cost of revenues for the third quarter ended September 30, 2024, was $272,000, compared to $278,000 for the third quarter ended September 30, 2023.

GAAP cost of revenues for the nine months ended September 30, 2024, was $1.4 million, compared to $1.2 million for the nine months ended September 30, 2023. The increase in cost of revenues in the amount of approximately $200,000 mainly comprised of (i) a $452,000 increase related to inventory impairment, offset by (ii) a decrease of $308,000 in royalty expenses to the IIA, mainly related to the milestone payment received from AbbVie in 2023.

GAAP gross loss for the third quarter ended September 30, 2024, was $268,000, compared to $235,000 in the third quarter ended September 30, 2023.

GAAP gross loss for the nine months ended September 30, 2024, was $1.0 million, compared to gross profit of $9.4 million for the nine months ended September 30, 2023.

GAAP operating expenses for the third quarter ended September 30, 2024, were $4.3 million, compared to $4.4 million in the third quarter ended September 30, 2023. The decrease of approximately $100,000 is mainly related to (i) a decrease of $213,000 in employees’ salaries expense and related share-based compensation expenses, offset by (ii) an increase of $358,000 in research and development activities mainly related to the breast implants program. On a non-GAAP basis, operating expenses for the third quarter ended September 30, 2024 were $3.8 million, compared to $3.9 million for the third quarter ended September 30, 2023. Non-GAAP measures exclude certain non-cash expenses.

GAAP operating expenses for the nine months ended September 30, 2024, were $12.3 million, compared to $11.9 million for the nine months ended September 30, 2023. The increase of approximately $400,000 is mainly related to an increase in research and development activities mainly related to the breast implants program. On a non-GAAP basis, operating expenses for the nine months ended September 30, 2024, were $11.0 million, compared to $10.6 million for the nine months ended September 30, 2023.

GAAP financial income, net, for the third quarter ended September 30, 2024, totaled $216,000, compared to $225,000 in the third quarter ended September 30, 2023.

GAAP financial income, net, for the nine months ended September 30, 2024, totaled $546,000, compared to $114,000 for the nine months ended September 30, 2023. The increase in financial income is due to interest received from the Company’s short-term cash deposits and exchange rate differences.

GAAP net loss for the third quarter ended September 30, 2024, was $4.3 million, or $0.38 basic loss per share, compared to a net loss of $4.4 million, or $0.38 basic loss per share, for the third quarter ended September 30, 2023. Non-GAAP net loss for the third quarter ended September 30, 2024, was $3.8 million, or $0.33 loss per share, compared to a net loss of $4.0 million, or $0.35 basic loss per share, for the third quarter ended September 30, 2023.

GAAP net loss for the nine months ended September 30, 2024, was $12.7 million, or $1.11 basic loss per share, compared to a net loss of $2.3 million, or $0.2 basic loss per share, for the nine months ended September 30, 2023. Non-GAAP net loss for the nine months ended September 30, 2024, was $11.5 million, or $1.0 loss per share, compared to a net loss of $1.2 million, or $0.11 basic loss per share, for the nine months ended September 30, 2023.

Balance Sheet and Cash Flow

Cash and cash equivalents as of September 30, 2024 were $15.4 million. The cash balance represents a company cash runway that will satisfy the Company’s operations requirements at least until the end of 2025, based on currently contemplated operations and plans. If the Company does not obtain additional funding sources when necessary to support its cost structure, it will implement cost reduction measures. These plans may include organizational adjustments and additional cost reductions if needed.

Cash used in operating activities during the nine months ended September 30, 2024, was $10.6 million compared to $418,000 during the nine months ended September 30, 2023.

Cash used in investing activities during the nine months ended September 30, 2024, was $481,000 compared to $784,000 during the nine months ended September 30, 2023 and related primarily to the purchases of property and equipment.

Cash provided by financing activities during the nine months ended September 30, 2024 was $9,000 compared to $1.1 million during the nine months ended September 30, 2023.

Conference call information

To participate in the conference call, please use the dial-in information below:
U.S. investors:  1-877-407-9716
Investors outside of the U.S.:  1-201-493-6779
Israel investors: 1-809-406-247
Conference ID:  13749096

Note, you can avoid long wait times for the operator by using the Call me™ feature and clicking the link below 15 minutes prior to the scheduled call start time:

https://callme.viavid.com/viavid/?callme=true&passcode=13728588&h=true&info=company-email&r=true&B=6

Webcast information

A live webcast will also be available in listen-only mode and can be accessed here or via the link to be posted on the News & Events section of the CollPlant Investor relations website. A replay of the webcast will be available following the conclusion of the live broadcast and will be accessible on the Company’s website for a limited time.

Submit questions to management in advance of the call

To ask management a question ahead of the call, please email Dan Ferry at LifeSci Advisors LLC up until 24 hours before the event at daniel@lifesciadvisors.com.

 

 

 

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) 

September 30,

December 31,

2024

2023

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

15,371

$

26,674

Restricted deposit

241

241

Trade receivables, net

5

–

Inventories

454

714

Other accounts receivable and prepaid expenses

426

393

Total current assets

16,497

28,022

Non-current assets:

Restricted deposit

115

57

Operating lease right-of-use assets

3,225

3,070

Property and equipment, net

2,460

2,789

Intangible assets, net

145

188

Total non-current assets

5,945

6,104

Total assets

$

22,442

$

34,126

 

 

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)

September 30,

December 31,

2024

2023

(Unaudited)

Liabilities and shareholders’ equity

Current liabilities:

     Trade payables

$

1,009

$

980

     Operating lease liabilities

798

624

     Accrued liabilities and other

1,262

1,647

Total current liabilities

3,069

3,251

Non-current liabilities:

     Operating lease liabilities

2,455

2,535

Total non-current liabilities

2,455

2,535

Total liabilities

5,524

5,786

Commitments and contingencies

Shareholders’ Equity:

    Ordinary shares, NIS 1.5 par value – authorized: 30,000,000 ordinary shares as of
     September 30, 2024 (unaudited) and December 31, 2023; issued and outstanding:
     11,454,512 and 11,452,672 ordinary shares as of September 30, 2024 (unaudited)
     and December 31, 2023, respectively

4,983

4,982

          Additional paid in capital

122,376

121,068

          Accumulated other comprehensive loss

(969)

(969)

          Accumulated deficit

(109,472)

(96,741)

Total shareholders’ equity

16,918

28,340

Total liabilities and shareholders’ equity

$

22,442

$

34,126

 

 

 

COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)

Nine months ended
September 30

Three months ended
September 30

2024

2023

2024

2023

Revenues

$

351

$

10,660

$

4

$

43

Cost of revenues

1,353

1,218

272

278

Gross profit (loss)

(1,002)

9,442

(268)

(235)

Operating expenses:

     Research and development

7,972

7,371

2,869

2,695

     General, administrative and marketing

4,303

4,515

1,405

1,672

Total operating loss

(13,277)

(2,444)

(4,542)

(4,602)

Financial income, net

546

114

216

225

Net loss for the period

$

(12,731)

$

(2,330)

$

(4,326)

$

(4,377)

Basic and diluted net loss per ordinary share

$

(1.11)

$

(0.20)

$

(0.38)

$

(0.38)

Weighted average ordinary shares 
     outstanding used in computation of
     basic and diluted net loss per share

11,454,069

11,367,767

11,454,512

11,443,023

 

 

 

COLLPLANT BIOTECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands) 

(Unaudited)

Nine months ended
September 30

2024

2023

Cash flows from operating activities:

     Net loss

$

(12,731)

$

(2,330)

     Adjustments to reconcile net income (loss) to net cash used in operating activities:

     Depreciation and amortization

796

818

     Share-based compensation to employees and consultants

1,295

1,373

     Net loss from financing expenses

201

568

     Changes in operating asset and liability items:

     Decrease (increase) in trade receivables

(5)

5

     Decrease (increase) in inventories

265

(107)

     Decrease (increase) in other accounts receivable and prepaid expenses

(33)

50

     Decrease in operating right of use assets

468

387

     Increase (decrease) in trade payables

29

(389)

     Decrease in lease liabilities

(529)

(669)

     Decrease in accrued liabilities and other payables

(385)

(124)

     Net cash used in operating activities

(10,629)

(418)

Cash flows from investing activities:

     Purchase of property and equipment

(424)

(725)

     Investment in restricted deposits

(57)

(59)

     Net cash used in investing activities

(481)

(784)

Cash flows from financing activities:

     Exercise of options and warrants into shares

9

1,108

     Net cash provided by financing activities

9

1,108

Exchange differences on cash and cash equivalents and restricted cash

(202)

(578)

Net decrease in cash and cash equivalents and restricted cash

(11,303)

(672)

Cash and cash equivalents and restricted cash and at the beginning of the period

26,674

29,653

Cash and cash equivalents and restricted cash at the end of the period

$

15,371

$

28,981

 

 

 

COLLPLANT BIOTECHNOLOGIES LTD.
APPENDICES TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
(Unaudited)

Nine months ended
September 30

2024

2023

Appendix to the statement of cash flows

A. Supplementary information on investing and financing activities not involving
     cash flows:

          Right of use assets recognized with corresponding lease liabilities

$

623

$

855

          Capitalization of Share-based compensation to inventory

$

5

$

34

B. Reconciliation of Cash and cash equivalents at the end of the period

          Cash and cash equivalents

$

15,371

$

28,981

          Total cash and cash equivalents

$

15,371

$

28,981

 

 

COLLPLANT BIOTECHNOLOGIES LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

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

(Unaudited)

Nine months ended
September 30

Three months ended
September 30

2024

2023

2024

2023

GAAP operating expenses:

$

12,275

$

11,886

$

4,274

$

4,367

     Change of operating lease accounts

(8)

47

6

14

     Share-based compensation to employees, directors
          and consultants

(1,295)

(1,373)

(515)

(521)

Non-GAAP operating expenses:

10,972

10,560

3,765

3,860

GAAP operating loss

(13,277)

(2,444)

(4,542)

(4,602)

     Change of operating lease accounts

8

(47)

(6)

(14)

     Share-based compensation to employees, directors
          and consultants

1,295

1,373

515

521

Non-GAAP operating loss

(11,974)

(1,118)

(4,033)

(4,095)

GAAP Net loss

(12,731)

(2,330)

(4,326)

(4,377)

     Change of operating lease accounts

(61)

(282)

41

(101)

     Share-based compensation to employees, directors
          and consultants

1,295

1,373

515

521

Non-GAAP Net loss

$

(11,497)

$

(1,239)

$

(3,770)

$

(3,957)

GAAP basic and diluted loss per ordinary share

$

(1.11)

$

(0.20)

$

(0.38)

$

(0.38)

NON- GAAP basic and diluted loss per ordinary share

$

(1.0)

$

(0.11)

$

(0.33)

$

(0.35)

 

About CollPlant

CollPlant 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 rhCollagen (recombinant human collagen) produced with CollPlant’s proprietary plant-based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.

In 2021, CollPlant entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market.

For more information about CollPlant, visit http://www.collplant.com

Use of Non-US GAAP (“non-GAAP”) 

Financial results for 2024 and 2023 are presented on both a GAAP and a non-GAAP basis. GAAP results were prepared in accordance with U.S. GAAP and include all revenue and expenses recognized during the period. The release contains certain non-GAAP financial measures for operating costs and expenses, operating income (or loss), net income (or loss) and basic and diluted net income (or loss) per share that exclude the effects of non-cash expense for share-based compensation to employees, directors and consultants, and change in operating lease accounts. CollPlant’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance that enhances management’s and investors’ ability to evaluate the Company’s operating costs, net income (or loss) and income (or loss) per share, and to compare them to historical Company results.  

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when operating and evaluating the Company’s business internally and therefore decided to make these non-GAAP adjustments available to investors. The non-GAAP financial measures used by the Company in this press release may be different from the measures used by other companies.

For more information on the non-GAAP financial measures, please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” in this release. This accompanying table has more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

The Company’s consolidated financial statements for the third quarter ended September 30, 2024, are presented in accordance with generally accepted accounting principles in the U.S.

Forward-Looking Statements

This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant’s objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that CollPlant intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s history of significant losses, its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all, including uncertainties surrounding the methods of fundraising and the Company’s preferences regarding such methods; the Company’s expectations regarding the costs and timing of commencing and/or concluding pre-clinical and clinical trials with respect to breast implants, tissues and organs which are based on its rhCollagen based BioInk and other products for medical aesthetics, and specifically the Company’s ability to initiate its next large-animal study for its breast implants in a timely manner, or at all; the Company’s or Company’s strategic partners’ ability to obtain favorable pre-clinical and clinical trial results; regulatory action with respect to rhCollagen-based bioink and medical aesthetics products or product candidates 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 the Company’s rhCollagen based products, in 3D Bioprinting and medical aesthetics; the Company’s ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company’s ability to establish and maintain strategic partnerships and other corporate collaborations, including its partnership with AbbVie and its ability to continue to receive milestone and royalties payments under the AbbVie agreement; the Company’s reliance on third parties to conduct some or all aspects of its product development and manufacturing; the scope of protection the Company is able to establish and maintain for intellectual property rights and the Company’s ability to operate its 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; general market, political, and economic conditions in the countries in which the Company operates, including, with respect to the ongoing war in Israel, projected capital expenditures and liquidity, changes in the Company’s strategy and development plans and projects,, and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting CollPlant are contained under the heading “Risk Factors” included in CollPlant’s most recent annual report on Form 20-F filed with the SEC, and in other filings that CollPlant has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect CollPlant’s current views with respect to future events, and CollPlant does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

CollPlant:

Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com  

Investors:

LifeSci Advisors
Dan Ferry
daniel@lifesciadvisors.com

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SOURCE CollPlant

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China’s Long March: The Journey Goes On

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MACAO, Oct. 21, 2026 /PRNewswire/ — This is a report from Xinhua News Agency:

There is a chapter of history every Chinese child learns in school.

There is a poem that generations of Chinese people have learned by heart.

There is a song millions can sing from its very first notes.

In stories, in verses, in melodies, they all point to the same chapter of history: the Long March.

View original content to download multimedia:https://www.prnewswire.com/news-releases/chinas-long-march-the-journey-goes-on-302915306.html

SOURCE Xinhua News Agency

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Target Makes it Easier for Guests to Discover Stylish Holiday Gifts They Can’t Wait to Give

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Target is offering more than 8,000 new gifts, with more than half exclusive to the retailerMost new holiday items at Target are $20 or less, including thousands $5 and underNew AI-powered shopping experiences, daily deals and early Black Friday savings simplify gifting

MINNEAPOLIS, Oct 21, 2026 /PRNewswire/ — Target Corporation (NYSE: TGT) is putting gifting at the heart of the holidays, bringing guests more than 8,000 new stylish gifts they can’t wait to give. More than half of the new assortment is available only at Target, with thousands of gifts priced at $5 and under. New AI-powered shopping experiences, fresh ways to discover gifts and deals throughout the season will make it easier for guests to find something special for everyone on the list.

“This holiday season, guests will see and feel the changes we’ve been making across Target, bringing together the style, design and value they expect from us with an experience that makes shopping easier and more inspiring,” said Michael Fiddelke, chief executive officer, Target. “We know guests turn to Target for gifting, gathering and everything in between, and our team is ready to help busy families discover more joy in those moments throughout the season.”

Stylish gifts at an incredible value
As consumers continue to look for affordable ways to give gifts that feel special, Target is leaning into one of the season’s biggest trends: luxe-for-less gifting. This year’s assortment includes 100% cashmere (excluding functional trim) starting at $25, pajamas for all from $10, festive decor from $5, faux fur throws at $30, top toys from LEGO, Barbie and Nintendo, new and exclusive gifts from prestige, emerging and global beauty brands at Target Beauty Studio, nostalgic sweet treats and host gifts from Favorite Day and exclusive finds for sports and wellness fans, making it easy for guests to find gifts that feel elevated at every price point.

“Guests tell us they want to give gifts that are thoughtful and personal, while feeling good about what they’re spending,” said Cara Sylvester, executive vice president and chief merchandising officer, Target. “That’s why we’ve brought together the brands they love, exciting trends and unexpected finds they won’t see anywhere else — all at prices that make it easier to get that ‘I can’t wait to give this’ gift.”

More ways to discover the perfect gift
New this season, Ask Target, an AI-powered shopping assistant available in beta on Target.com and the Target app, helps guests find inspiration, narrow their choices and shop with confidence and ease. Additional AI-powered features and a digital holiday kids catalog offer more ways to discover gifts for everyone on the list.

Target’s new Academy of Giftology holiday marketing campaign, launching in November, will tackle familiar gifting dilemmas with playful inspiration to help guests gift it their all and find gifts they’ll be excited to give.

More ways to save, from the first gift to the last
Beginning Nov. 1, guests can shop a new Deal of the Day every day through Dec. 24, with a first-ever one-day preview of upcoming offers to help them plan ahead. Early Black Friday deals run Nov. 5–7, followed by new limited-time offers every weekend throughout the holiday season.

The joy of gift giving
Through Target’s partnership with St. Jude Children’s Research Hospital, guests can give a gift that helps give back with the Gigglescape St. Jude bear, with a donation tied to each purchase while supplies last.

About Target
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illumend CEO: Building a COI Tracker with AI Is Easy. Verifying Insurance Compliance Is Not.

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Kristen Nunery warns that homegrown Certificate of Insurance tracking tools can create a false sense of security when businesses mistake collecting insurance documents for verifying coverage and compliance

INDIANAPOLIS, Oct. 21, 2026 /PRNewswire/ — As general-purpose artificial intelligence (AI) makes it easier for businesses to build their own software, Kristen Nunery, founder and CEO of illumend, is warning construction and property management companies against a costly misconception: that building a Certificate of Insurance (COI) tracking system is the same as verifying that contractors and other third parties have the insurance coverage their contracts require.

In her new article, “You Can Build a COI Tracker with AI. That Doesn’t Mean You Should,” Nunery explains that general-purpose AI tools such as ChatGPT can help businesses create applications that collect certificates, track expiration dates, and automate reminders. But those capabilities address only part of the insurance compliance process. Determining whether coverage satisfies contractual requirements involves interpreting insurance documents, reviewing endorsements, identifying exclusions and resolving discrepancies that basic tracking software may overlook.

“AI has democratized the ability to build software. It hasn’t democratized the expertise to make the right insurance decision,” said Nunery, who has spent 16 years in insurance compliance. “If you don’t have a compliance process today, you’re not automating a process. You’re automating your best guess.”

Why a COI Tracker Is Not an Insurance Compliance Verification System

According to Nunery, the critical distinction is between tracking the existence and expiration of insurance documents and verifying whether the underlying coverage meets contractual obligations.

A homegrown COI tracker may confirm that a certificate is current, record policy limits, and flag missing documents. But a current certificate does not necessarily mean a contractor is adequately insured or compliant with an agreement’s terms.

For example, a subcontractor may submit a certificate showing sufficient general liability limits and additional insured status. Yet the underlying endorsement may be a CG 20 10 covering ongoing operations only, while the contract also requires completed-operations coverage under a CG 20 37 or equivalent endorsement. A basic tracker could mark the subcontractor as compliant despite the missing coverage.

“The tracker didn’t misread anything,” Nunery said. “It never had the contract requirement, the endorsement language, or the connection between the two.”

Other potential gaps include incorrectly named insured entities, missing endorsements, inadequate completed-operations coverage, and policy provisions that fail to satisfy contractual insurance requirements. Identifying these issues requires evaluating insurance evidence in context, not simply extracting data from a certificate.

Why Insurance Compliance Verification Requires Specialized Technology

Nunery argues that businesses seeking to move beyond basic COI tracking need technology designed specifically for insurance compliance verification, with insurance expertise embedded in how the system evaluates coverage.

Unlike homegrown tracking tools, specialized compliance platforms such as illumend compare insurance documents against established contractual requirements, examine supporting endorsements, identify coverage gaps, and explain findings that require attention.

This approach powers Lumie, illumend’s specialized AI-powered insurance compliance expert. Lumie reviews certificates and endorsements against established requirements, flags potential deficiencies and provides supporting evidence for its determinations, while allowing compliance professionals to review and resolve exceptions.

“AI should do more than flag a problem. It should show you what it found, which requirement it evaluated, and the evidence behind its assessment,” Nunery said. “Lumie applies insurance expertise at scale and creates a clear record of its findings, so teams can act on routine determinations efficiently and focus their attention on exceptions that need a closer look.”

Nunery’s perspective draws on her experience building myCOI, whose technology has reviewed more than 45 million insurance documents and identified more than 2 million coverage gaps before they became claims, according to company figures.

Build a COI Tracker or Buy a Compliance Platform? The Questions Businesses Should Ask

For organizations considering building their own COI software, Nunery recommends first determining whether they need a document-tracking application or a comprehensive insurance compliance verification system.

Basic tracking needs may be addressed with spreadsheets, conventional software, or applications built with general-purpose AI. But verifying compliance requires substantially more: translating contractual insurance requirements into rules, reviewing endorsements and policy evidence, identifying exceptions, documenting decisions, and maintaining an auditable compliance process.

Businesses must also consider who will keep insurance requirements current, validate the system’s determinations, investigate discrepancies, and maintain the records needed to support compliance decisions during claims or audits.

“Building the software happens once,” Nunery said. “Running a compliance system means keeping requirements, evidence, follow-ups, decisions and the audit trail current, every day it’s in use.”

To read Nunery’s full article, visit https://www.illumend.ai/evaluation-buying/build-vs-buy-coi-tracking-software-ai

About illumend
Founded in 2025, illumend™ is the AI-powered platform redefining how businesses manage third-party insurance compliance and risk. Backed by myCOI, the leader in third-party insurance compliance management with more than 16 years of expertise, illumend reimagines compliance by guiding every step of the process—from document review and expiration tracking to risk flagging, communication, and resolution—within one intuitive system. Built on myCOI’s institutional foundation—having processed more than 45 million documents, managed over 1.2 million agreements, cleared more than 750,000 third-party partners, and identified more than two million coverage gaps before claims—illumend brings this depth of compliance intelligence into an AI-native platform. At its core is Lumie, illumend’s conversational AI guide that reads complex insurance documents, flags issues in real time, and explains them in language anyone can act on. To learn more, visit https://www.illumend.ai.

Media contact:
Michael Tebo
Gabriel Marketing Group (for illumend)
Phone: 571-835-8775
Email: michaelt@gabrielmarketing.com

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