Abeona Therapeutics(ABEO) - 2024 Q2 - Quarterly Results

Financial Performance and Cash Position - The company reported cash, cash equivalents, short-term investments, and restricted cash totaling $123.0 million as of June 30, 2024, up from$62.7 million as of March 31, 2024[5] - Net cash used in operating activities was $12.7 million for the three months ended June 30, 2024[5] - Net income for Q2 2024 was$7.4 million, including a $24.9 million gain from the remeasurement of warrant liabilities, compared to a net loss of$16.7 million in Q2 2023[6] - Cash and cash equivalents increased to $34.426 million from$14.473 million, a 138% increase[14] - Short-term investments rose to $88.282 million from$37.753 million, a 134% increase[14] - Total current assets grew to $125.904 million from$55.737 million, a 126% increase[14] - Total assets increased to $134.003 million from$64.002 million, a 109% increase[14] - Total stockholders' equity rose to $73.241 million from$14.826 million, a 394% increase[14] - Additional paid-in capital grew to $846.654 million from$764.151 million, an 11% increase[14] - Accumulated deficit increased to $(773.696) million from$(749.524) million, a 3% increase[14] Expenses and Investments - Research and development expenses increased to $9.2 million in Q2 2024, compared to$8.5 million in the same period of 2023[6] - General and administrative expenses rose to $8.6 million in Q2 2024, primarily due to commercial and launch preparation costs, up from$5.0 million in Q2 2023[6] - Abeona closed a $75 million underwritten securities offering in May 2024, with participation from new and existing investors[4] - The company estimates its current cash resources, including a$50 million credit facility, are sufficient to fund operations into 2026[5] Product Development and Regulatory Updates - Abeona Therapeutics expects to resubmit the Biologics License Application (BLA) for pz-cel in the second half of 2024, with FDA alignment on CMC items[1][2] - Long-term safety data for pz-cel with up to 11 years of follow-up were presented at the Society for Investigative Dermatology Annual Meeting in May 2024[3] - Abeona entered a non-exclusive agreement with Beacon Therapeutics in July 2024 to evaluate its AAV204 capsid for ophthalmology gene therapies[4] Debt and Liabilities - Long-term debt was reported at $16.133 million, up from$0 in the previous period[14] - Warrant liabilities decreased to $24.100 million from$31.352 million, a 23% decrease[14] Shareholder Equity and Stock Issuance - Common stock shares issued and outstanding increased to 41,661,993 from 26,523,878, a 57% increase[14]