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Jun 30, 2024
Abeona Therapeutics Q2 2024 Earnings Report
Abeona Therapeutics reported financial results for the second quarter of 2024 and concluded a Type A meeting with the FDA to align on the upcoming Pz-cel BLA resubmission.
Key Takeaways
Abeona Therapeutics reported a net income of $7.4 million for the second quarter of 2024, which includes a $24.9 million gain from the remeasurement of warrant liabilities. The company's cash, cash equivalents, short-term investments, and restricted cash totaled $123.0 million as of June 30, 2024. They estimate current resources are sufficient to fund operations into 2026.
Completed data generation for nearly all Chemistry Manufacturing and Controls (CMC) deliverables outlined in the Complete Response Letter.
On track to resubmit the Biologics License Application (BLA) for pz-cel in 2H 2024.
Cash, cash equivalents, short-term investments, and restricted cash totaled $123.0 million as of June 30, 2024.
Net cash used in operating activities was $12.7 million for the three months ended June 30, 2024.
Forward Guidance
Abeona estimates that its current cash and cash equivalents, short-term investments and restricted cash, as well as its $50 million credit facility, are sufficient resources to fund operations into 2026, before accounting for any potential revenue from commercial sales of pz-cel, if approved, or proceeds from the sale of a Priority Review Voucher (PRV), if awarded by the FDA.
Historical Earnings Impact
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