Abeona Therapeutics Reports Significant Financial Growth and Advancements in Lead Gene Therapy Program

Abeona Therapeutics Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing cell and gene therapies for life-threatening diseases, experienced a notable increase in total current assets, which rose to $112.7 million from $55.7 million at the end of 2023. This growth was primarily driven by a substantial increase in short-term investments, which surged to $94.0 million from $37.8 million. Total assets also increased to $120.6 million, up from $64.0 million, while total liabilities rose to $74.8 million from $49.2 million, resulting in stockholders’ equity climbing to $45.8 million from $14.8 million.

In terms of revenue, Abeona reported no license and other revenues for the three months ended September 30, 2024, a decline from $3.5 million in the same period of 2023. The company’s total expenses for the quarter increased to $15.3 million, compared to $11.3 million in the prior year, reflecting a 35% rise. This increase was attributed to higher research and development expenses, which grew to $8.9 million from $7.1 million, and general and administrative expenses, which rose to $6.4 million from $4.2 million. Consequently, the net loss for the quarter widened to $30.3 million, compared to $11.8 million in the previous year, marking a 156% increase in losses.

For the nine months ended September 30, 2024, the net loss was $54.4 million, up from $37.6 million in the same period of 2023. Total expenses for this period reached $47.5 million, compared to $37.4 million in the prior year. The company reported a significant increase in cash provided by financing activities, totaling $98.8 million, compared to $29.6 million in the previous year, primarily due to stock sales and a new loan agreement.

Strategically, Abeona is advancing its lead program, pz-cel, an autologous gene therapy for recessive dystrophic epidermolysis bullosa (RDEB). The company resubmitted its Biologics License Application (BLA) to the FDA on October 28, 2024, following a Complete Response Letter received in April 2024. The FDA accepted the resubmission on November 8, 2024, with a target action date set for April 29, 2025. Additionally, the company signed a lease for new office space to expand its manufacturing capacity for pz-cel, indicating ongoing investment in its operational capabilities.