Business Description
Abeona Therapeutics Inc. is a commercial-stage biopharmaceutical company focused on developing cell and gene therapies for life-threatening rare diseases. Headquartered in Cleveland, Ohio, the company's lead product is ZEVASKYN, an autologous cell-based gene therapy for the treatment of recessive dystrophic epidermolysis bullosa (RDEB). Abeona also develops adeno-associated virus (AAV)-based gene therapies for various ophthalmic conditions.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 5,820 | — | 3,500 | 1,414 |
| Cost of Sales | 3,425 | — | 1,605 | 450 |
| Gross Profit | 2,395 | — | 1,895 | 964 |
| Selling, General & Administrative Expenses | 65,031 | 29,851 | 19,004 | 17,256 |
| Research & Development Expenses | 26,812 | 34,360 | 31,091 | 28,965 |
| Other Operating Expenses | — | — | (1,065) | 5,658 |
| Operating Profit | (89,448) | (64,211) | (47,135) | (50,915) |
| Interest and Investment Income | 5,556 | 4,246 | 2,117 | 431 |
| Interest Expense | (3,740) | (4,208) | (418) | (736) |
| Non-Operating Income | 158,915 | 439 | (8,752) | 11,524 |
| Total Non-Operating Income | 160,731 | 477 | (7,053) | 11,219 |
| Income Before Provision for Income Taxes | 71,283 | (63,734) | (54,188) | (39,696) |
| Provision for Income Taxes | 100 | — | — | — |
| Consolidated Net Income | 71,183 | (63,734) | (54,188) | (39,696) |
| Net Income Attributable to Preferred Dividends | — | — | — | 3,782 |
| Net Income Attributable to Common Shareholders | 71,183 | (63,734) | (54,188) | (43,478) |
| Basic EPS | 1.34 | -1.55 | -2.53 | -5.53 |
| Diluted EPS | 1.01 | -1.55 | -2.53 | -5.53 |
| Basic Weighted Average Shares Outstanding | 52,953 | 41,048 | 21,380 | 7,862 |
| Diluted Weighted Average Shares Outstanding | 66,136 | 41,048 | 21,380 | 7,862 |
| Shares Outstanding | 55,043 | 45,644 | 26,524 | 17,720 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 78,437 | 23,357 | 14,473 | 14,217 |
| Short-Term Investments | 112,967 | 74,363 | 37,753 | 37,932 |
| Total Cash and Cash Equivalents | 191,404 | 97,720 | 52,226 | 52,149 |
| Accounts Receivable | 6,147 | — | — | — |
| Other Receivables | 568 | 1,652 | 2,444 | 188 |
| Total Trade Receivables | 6,715 | 1,652 | 2,444 | 188 |
| Inventories | 5,493 | — | — | — |
| Other Current Assets | 1,294 | 1,481 | 1,067 | 762 |
| Total Current Assets | 204,906 | 100,853 | 55,737 | 53,099 |
| Net Property, Plant & Equipment | 13,883 | 7,982 | 7,988 | 11,072 |
| Other Long-Term Assets | 781 | 96 | 277 | 43 |
| Total Assets | 219,570 | 108,931 | 64,002 | 64,214 |
| Accounts Payable | 7,889 | 3,441 | 1,858 | 1,811 |
| Accrued Expenses | 8,593 | 6,333 | 5,985 | 3,991 |
| Current Portion of Long-Term Debt | 12,222 | 5,926 | — | — |
| Current Portion of Leases | 864 | 823 | 998 | 1,773 |
| Other Current Liabilities | 2 | 64 | 4,581 | 204 |
| Total Current Liabilities | 29,570 | 16,587 | 13,422 | 7,779 |
| Long-Term Debt | 7,813 | 13,037 | — | — |
| Leases | 4,069 | 3,262 | 4,402 | 5,854 |
| Other Long-Term Liabilities | 18,902 | 32,014 | 31,352 | 23,820 |
| Total Long-Term Liabilities | 30,784 | 48,313 | 35,754 | 29,674 |
| Total Liabilities | 60,354 | 64,900 | 49,176 | 37,453 |
| Common Stock | 550 | 457 | 265 | 177 |
| Additional Paid-in Capital | 900,603 | 856,824 | 764,151 | 722,049 |
| Accumulated Other Comprehensive Income | 138 | 8 | (66) | (129) |
| Retained Earnings | (742,075) | (813,258) | (749,524) | (695,336) |
| Total Common Shareholders' Equity | 159,216 | 44,031 | 14,826 | 26,761 |
| Total Shareholders' Equity | 159,216 | 44,031 | 14,826 | 26,761 |
| Total Liabilities and Shareholders' Equity | 219,570 | 108,931 | 64,002 | 64,214 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 71,183 | (63,734) | (54,188) | (39,696) |
| Depreciation & Amortization | 2,549 | 2,004 | 2,288 | 3,093 |
| Share-Based Compensation Expense | 10,779 | 6,628 | 4,768 | 3,051 |
| Other Adjustments | (155,450) | 3,470 | 11,911 | (4,039) |
| Changes in Trade Receivables | (5,063) | 792 | (2,041) | 2,812 |
| Changes in Inventories | (5,493) | — | — | — |
| Changes in Accounts Payable | 6,540 | 1,507 | 2,041 | (4,108) |
| Changes in Income Taxes Payable | 126 | — | — | — |
| Changes in Other Operating Activities | (1,497) | (6,682) | (1,788) | (4,596) |
| Cash from Operating Activities | (76,326) | (56,015) | (37,009) | (43,483) |
| Capital Expenditure | (7,975) | (2,446) | (331) | (130) |
| Proceeds from Sale of Property, Plant & Equipment | — | 18 | 204 | 1,734 |
| Purchases of Investments | (206,634) | (157,010) | (51,636) | (78,212) |
| Proceeds from Sale of Investments | 167,271 | 120,198 | 51,971 | 52,644 |
| Other Investing Activities | 152,366 | — | — | — |
| Cash from Investing Activities | 105,028 | (39,240) | 208 | (23,964) |
| Issuance of Long-Term Debt | — | 20,000 | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | — | 20,000 | — | — |
| Issuance of Common Shares | 26,077 | 85,628 | 37,389 | 46,960 |
| Repurchases of Common Shares | (37) | (526) | (182) | (5) |
| Net Issuance / (Repurchases) of Common Shares | 26,040 | 85,102 | 37,207 | 46,955 |
| Issuance of Preferred Shares | — | — | — | 22,468 |
| Repurchases of Preferred Shares | — | — | — | (26,250) |
| Net Issuance / (Repurchases) of Preferred Shares | — | — | — | (3,782) |
| Other Financing Activities | — | (963) | (150) | — |
| Cash from Financing Activities | 26,040 | 104,139 | 37,057 | 43,173 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 54,742 | 8,884 | 256 | (24,274) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $290M |
| P/E | 5.22x |
| P/S | 49.84x |
| EV/EBITDA | -1.42x |
| Return on Equity | 70.0% |
| Return on Invested Capital | -419.6% |
| Current Ratio | 6.93x |
| Free Cash Flow Margin | -1448.5% |
Margins
Gross margin
41.2%
Operating margin
-1536.9%
Net margin
1223.1%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $9M | — | -264.1% | $-23M |
| Q4 2025 | $3M | — | -844.4% | $-25M |
| Q3 2025 | — | — | — | $-24M |
| Q2 2025 | $0M | — | -5698.0% | $-23M |
| Q1 2025 | — | — | — | $-20M |
| Q4 2024 | — | — | — | $-17M |
| Q3 2024 | — | — | — | $-15M |
| Q2 2024 | — | — | — | $-18M |
More on Abeona Therapeutics Inc.
Figures compiled from public company filings.
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