Abeona Therapeutics(US:ABEO)2023-08-07 16:00Financial Performance - License and other revenues for the three months ended June 30, 2023, were $3,500 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 $16,654 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), 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 $25.76 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 $26,141,000 after adjustments, compared to a net loss of $29,086,000 as reported[35] Assets and Liabilities - Total current assets decreased from $53,099 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 $37,453 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 $14,217 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 $26,761 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, 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 $22.03 million, slightly improved from $22.70 million in the prior year[18] - The company reported net cash provided by investing activities of $7.42 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 $37.1 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] - 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 $35.0 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 $16,564 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, 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, 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 $1.697 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), reflecting ongoing operational losses[13] - The company reported an interest income of $417 thousand for the three months ended June 30, 2023, compared to $38 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 $30.0 million to REGENXBIO Inc., with $4.4 million due in November 2024[58][59]