Abeona Therapeutics(US:ABEO)2025-11-12 12:35Financial Performance - Net loss for the three months ended September 30, 2025, was $5.16 million, a decrease from a loss of $30.27 million in the same period of 2024[16] - For the nine months ended September 30, 2025, the net income was $91,643 thousand, compared to a net loss of $54,441 thousand for the same period in 2024[23] - As of September 30, 2025, the Company reported a net loss of $5.161 million for the three months ended, compared to a net loss of $30.269 million for the same period in 2024[39] - The basic net loss per share for the three months ended September 30, 2025, was $(0.10), while for the nine months ended, it was $1.76, compared to $(1.41) in 2024[39] - The Company has not generated any product revenue to date and continues to incur significant expenses and operating losses[114] Assets and Liabilities - Total current assets increased to $216.13 million as of September 30, 2025, compared to $100.85 million as of December 31, 2024, representing a 114% increase[14] - Total liabilities decreased to $59.86 million as of September 30, 2025, from $64.90 million as of December 31, 2024, reflecting an 8% decline[14] - Cash and cash equivalents rose significantly to $82.88 million as of September 30, 2025, compared to $23.36 million as of December 31, 2024, marking a 255% increase[14] - The total stockholders' equity increased to $171.23 million as of September 30, 2025, from $44.03 million as of December 31, 2024, representing a 288% increase[14] - Cash and cash equivalents at the end of the period were $82,884 thousand, up from $15,726 thousand at the end of the same period in 2024[23] Revenue and Income - The company reported license and other revenues of $400,000 for the nine months ended September 30, 2025, compared to no revenues in the same period of 2024[16] - The company recognized $0.4 million in revenue from a licensing agreement during the nine months ended September 30, 2025, with no revenue recognized in the same period of 2024[103] - The Company has not recognized any sales-based or royalty revenue from its licensing arrangements[109][111] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $20.10 million, down from $25.37 million in the same period of 2024, indicating a 21% reduction[16] - Total research and development costs for the three months ended September 30, 2025 were $4.2 million, a decrease from $8.9 million in the same period of 2024[115] Cash Flow and Financing - The company reported a net cash used in operating activities of $58,373 thousand for the nine months ended September 30, 2025[23] - The company generated $152,366 thousand from the sale of a priority review voucher, significantly impacting cash flows[23] - The company reported a net cash provided by financing activities of $22,426 thousand for the nine months ended September 30, 2025[23] Stock and Equity - The weighted average number of common shares outstanding increased to 54,242,507 for the three months ended September 30, 2025, compared to 48,081,758 for the same period in 2024, indicating a 13% increase[16] - The company has a total of 13,792,969 potential dilutive securities that could affect future earnings per share calculations[40] - The company had 3,280,169 shares available to be granted under the 2023 Equity Incentive Plan as of September 30, 2025[10] - The total fair value of restricted stock awards that vested during the nine months ended September 30, 2025, was $6.5 million, compared to $4.5 million in 2024[94] Expenses - Total selling, general and administrative costs for the three months ended September 30, 2025 were $19.3 million, compared to $6.4 million in the same period of 2024[115] - Total stock-based compensation expense for the nine months ended September 30, 2025, was $8,220 thousand, an increase from $4,673 thousand in 2024[23] - The company recorded total operating lease costs of $520,000 for the three months ended September 30, 2025, compared to $416,000 for the same period in 2024[63] Future Outlook - The company expects its capital resources to be sufficient to fund ongoing operations for the next 12 months[27] - The Company is currently assessing potential limitations on the utilization of its net operating loss carryforwards due to multiple ownership changes[119] Regulatory and Compliance - The company capitalized inventory costs related to ZEVASKYN following FDA approval in April 2025, marking a shift in accounting treatment[32] - The Company entered into a sublicense agreement with Taysha for a gene therapy for Rett syndrome, with a transaction price including $3.0 million fixed consideration and up to $56.5 million in variable consideration[109] - Under the exclusive license agreement with Ultragenyx for ABO-102, the Company is eligible to receive tiered royalties from mid-single-digit up to 10% on net sales and up to $30.0 million in commercial milestone payments[111]