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Abeona Therapeutics(ABEO) - 2023 Q2 - Quarterly Report
ABEOAbeona Therapeutics(ABEO)2023-08-07 16:00
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Financial Performance - License and other revenues for the three months ended June 30, 2023, were 3,500thousand,comparedto3,500 thousand, compared to 1,346 thousand for the same period in 2022, indicating a year-over-year increase of approximately 160.5%[11] - Net loss for the three months ended June 30, 2023, was 16,654thousand,comparedtoanetlossof16,654 thousand, compared to a net loss of 26,141 thousand for the same period in 2022, showing an improvement of approximately 36.2%[11] - Basic and diluted loss per common share for the three months ended June 30, 2023, was (0.92),comparedto(0.92), compared to (5.16) for the same period in 2022, indicating a significant reduction in loss per share[11] - For the six months ended June 30, 2023, the net loss was 25.76million,comparedtoanetlossof25.76 million, compared to a net loss of 26.14 million for the same period in 2022, representing a decrease of 1.5%[18] - The net loss for the six months ended June 30, 2022, was 26,141,000afteradjustments,comparedtoanetlossof26,141,000 after adjustments, compared to a net loss of 29,086,000 as reported[35] Assets and Liabilities - Total current assets decreased from 53,099thousandasofDecember31,2022,to53,099 thousand as of December 31, 2022, to 44,038 thousand as of June 30, 2023, representing a decline of approximately 17.1%[9] - Total liabilities increased from 37,453thousandasofDecember31,2022,to37,453 thousand as of December 31, 2022, to 44,205 thousand as of June 30, 2023, reflecting an increase of approximately 18.1%[9] - Cash and cash equivalents decreased from 14,217thousandasofDecember31,2022,to14,217 thousand as of December 31, 2022, to 6,225 thousand as of June 30, 2023, a decline of approximately 56.1%[9] - Total stockholders' equity decreased from 26,761thousandasofDecember31,2022,to26,761 thousand as of December 31, 2022, to 9,345 thousand as of June 30, 2023, representing a decline of approximately 65.1%[9] - As of June 30, 2023, total stockholders' equity was 9,345,000,adecreasefrom9,345,000, a decrease from 26,761,000 as of December 31, 2022[13] Cash Flow and Investments - Cash outflows from operating activities for the six months ended June 30, 2023, were 22.03million,slightlyimprovedfrom22.03 million, slightly improved from 22.70 million in the prior year[18] - The company reported net cash provided by investing activities of 7.42millionforthesixmonthsendedJune30,2023,comparedtoanetcashusedof7.42 million for the six months ended June 30, 2023, compared to a net cash used of 0.32 million in the same period of 2022[18] - As of June 30, 2023, the company had cash, cash equivalents, restricted cash, and short-term investments totaling 37.1million[25]−Thecompanyrecordedanetdecreaseincash,cashequivalents,andrestrictedcashof37.1 million[25] - The company recorded a net decrease in cash, cash equivalents, and restricted cash of 7.99 million for the six months ended June 30, 2023[18] Stock and Equity - The company issued 1,891,761 shares of common stock under an open market sale agreement (ATM) during the same period, raising approximately 6,367,000[13]−Thebalanceofcommonsharesincreasedto21,478,157asofJune30,2023,from17,719,720asofDecember31,2022[13]−Thecompanysold1,990,321sharesundertheATMAgreement,resultinginnetproceedsof6,367,000[13] - The balance of common shares increased to 21,478,157 as of June 30, 2023, from 17,719,720 as of December 31, 2022[13] - The company sold 1,990,321 shares under the ATM Agreement, resulting in net proceeds of 6.6 million during the six months ended June 30, 2023[73] - The company completed a private placement on November 3, 2022, raising 35.0milliongross,withnetproceedsof35.0 million gross, with net proceeds of 32.6 million after related costs[74] Research and Development - Research and development expenses for the six months ended June 30, 2023, totaled 16,564thousand,adecreaseofapproximately3.716,564 thousand, a decrease of approximately 3.7% compared to 17,203 thousand for the same period in 2022[11] - The company is actively seeking a commercialization partner for its product EB-101, which is critical for future revenue generation[6] - The company’s lead clinical program is EB-101, currently in development for recessive dystrophic epidermolysis bullosa (RDEB)[21] - The company’s development portfolio includes AAV-based gene therapies for ophthalmic diseases using the AIM™ capsid platform[21] Compensation and Expenses - Stock-based compensation expense for the six months ended June 30, 2023, was 927,000,downfrom927,000, down from 1,697,000 for the same period in 2022[13] - Total stock-based compensation expense for the three months ended June 30, 2023, was 709,000,comparedto709,000, compared to 540,000 for the same period in 2022, representing a 31.3% increase[78] - For the six months ended June 30, 2023, total stock-based compensation expense was 1.697million,upfrom1.697 million, up from 1.586 million in 2022, reflecting a 7.0% increase[78] Other Financial Metrics - The accumulated deficit as of June 30, 2023, was (721,097,000),reflectingongoingoperationallosses[13]−Thecompanyreportedaninterestincomeof(721,097,000), reflecting ongoing operational losses[13] - The company reported an interest income of 417 thousand for the three months ended June 30, 2023, compared to 38thousandforthesameperiodin2022,indicatingasubstantialincrease[11]−OthercomprehensivelossforthethreemonthsendedJune30,2023,was38 thousand for the same period in 2022, indicating a substantial increase[11] - Other comprehensive loss for the three months ended June 30, 2023, was (30,000)[13] - The company recorded a settlement liability of 30.0milliontoREGENXBIOInc.,with30.0 million to REGENXBIO Inc., with 4.4 million due in November 2024[58][59]