Detailed financial statements for Abeona Therapeutics Inc. (ABEO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Abeona Therapeutics Inc. is a biopharmaceutical company in the clinical development stage, focused on creating innovative gene and cell therapies to address severe and uncommon genetic diseases. Its leading program, EB-101, an autologous gene-corrected cell therapy, is presently in a Phase III clinical trial for treating recessive dystrophic epidermolysis bullosa.
Analysis Summary
Abeona Therapeutics Inc. reported revenue of $5.8M in the most recent fiscal year, growing at a 5-year CAGR of -10.3%.
Trailing-twelve-month margins: gross margin 56.6%, operating margin -327.6%, net margin -246.4%.
At the current price of $5.37, ABEO has negative trailing earnings (P/E not meaningful) and an ROE of -41.69%. Market capitalisation stands at $306M.
Balance sheet quality for ABEO: current ratio of 6.9, net cash position of $166.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$84.3M represents -118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $889000 | $837000 | $3.0M | 0 | $10.0M | $3.0M | $1.4M | $3.5M | 0 | $5.8M |
| Cost of Revenue | $10.7M | $17.0M | $38.7M | $48.6M | 0 | 0 | $450000 | $1.6M | $2.9M | $1.5M |
| Gross Profit | -$9.8M | -$16.2M | -$35.7M | -$48.6M | $10.0M | $3.0M | $964000 | $1.9M | -$2.9M | $4.3M |
| Research & Development | $10.7M | $17.0M | $38.7M | $53.8M | $30.1M | $38.7M | $29.0M | $31.1M | $34.4M | $26.8M |
| Selling, General & Admin | $13.3M | $10.9M | $20.1M | $20.7M | $23.8M | $21.6M | $17.3M | $19.0M | $29.9M | $65.0M |
| Operating Expenses | $24.8M | $28.7M | $61.2M | $28.5M | $91.4M | $92.8M | $51.9M | $49.0M | $61.3M | $93.7M |
| Operating Income | -$23.9M | -$27.8M | -$58.2M | -$77.1M | -$81.4M | -$89.8M | -$50.9M | -$47.1M | -$64.2M | -$89.4M |
| EBITDA | -$21.0M | -$26.6M | -$54.3M | -$69.3M | -$74.5M | -$76.8M | -$34.4M | -$50.6M | -$56.6M | $78.6M |
| Interest Expense | $6000 | $8000 | $11000 | $400000 | $4.1M | $3.7M | $736000 | $418000 | $4.2M | $3.7M |
| Pre-tax Income | -$21.9M | -$27.3M | -$56.7M | -$76.3M | -$84.2M | -$84.9M | -$39.7M | -$54.2M | -$63.7M | $71.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $100000 |
| Net Income | -$21.9M | -$27.3M | -$56.7M | -$76.3M | -$84.2M | -$84.9M | -$39.7M | -$54.2M | -$63.7M | $71.2M |
| EPS | $-16.00 | $-16.40 | $-29.81 | $-38.07 | $-22.75 | $-21.50 | $-5.53 | $-2.53 | $-1.55 | $1.34 |
| EPS (Diluted) | $-16.00 | $-16.40 | $-29.81 | $-38.07 | $-22.75 | $-21.50 | $-5.53 | $-2.53 | $-1.55 | $1.01 |
| Shares Outstanding (Diluted) | $1.4M | $1.7M | $1.9M | $2.0M | $3.7M | $3.9M | $7.9M | $21.4M | $41.0M | $66.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | $5.4M | $8.7M | $11.4M |
| Gross Profit | -$488000 | $2.6M | $5.2M | $7.2M |
| Operating Income | -$24.0M | -$22.9M | -$23.0M | -$13.7M |
| EBITDA | -$18.6M | -$18.7M | -$15.4M | -$18.8M |
| Net Income | -$5.2M | -$20.5M | -$17.1M | -$20.2M |
| EPS | $-0.10 | $-0.39 | $-0.30 | $-0.35 |
| EPS (Diluted) | $-0.10 | $-0.36 | $-0.30 | $-0.35 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $69.1M | $137.8M | $18.8M | $129.3M | $12.6M | $32.9M | $14.2M | $14.5M | $23.4M | $78.4M |
| Short-term Investments | 0 | 0 | $66.2M | 0 | $82.4M | $12.1M | $37.9M | $37.8M | $74.4M | $113.0M |
| Receivables | $124000 | $107000 | $81000 | 0 | 0 | $3.0M | $188000 | $2.4M | $1.7M | $6.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.5M |
| Total Current Assets | $69.4M | $140.6M | $88.9M | $132.4M | $97.7M | $56.3M | $53.1M | $55.7M | $100.9M | $204.9M |
| Property, Plant & Equipment | $721000 | $1.4M | $9.4M | $21.2M | $18.4M | $21.7M | $11.1M | $8.0M | $8.0M | $13.9M |
| Goodwill | $32.5M | $32.5M | $32.5M | $32.5M | $32.5M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $8.4M | $4.0M | $43.0M | $36.2M | $1.5M | $1.4M | 0 | 0 | 0 | 0 |
| Total Assets | $111.1M | $178.8M | $174.4M | $223.4M | $151.2M | $79.6M | $64.2M | $64.0M | $108.9M | $219.6M |
| Accounts Payable | $3.7M | $1.9M | $6.1M | $3.8M | $4.7M | $4.3M | $1.8M | $1.9M | $3.4M | $7.9M |
| Short-term Debt | 0 | 0 | $10.0M | 0 | $330000 | 0 | 0 | 0 | $5.9M | $12.2M |
| Total Current Liabilities | $8.3M | $5.6M | $20.4M | $38.7M | $42.0M | $16.6M | $7.8M | $13.4M | $16.6M | $29.6M |
| Long-term Debt | 0 | 0 | $20.0M | 0 | $1.4M | 0 | 0 | 0 | $13.0M | $7.8M |
| Total Liabilities | $12.0M | $8.7M | $40.4M | $45.0M | $48.6M | $37.2M | $37.5M | $49.2M | $64.9M | $60.4M |
| Retained Earnings | -$332.5M | -$359.8M | -$410.2M | -$486.5M | -$570.7M | -$655.6M | -$695.3M | -$749.5M | -$813.3M | -$742.1M |
| Total Equity | $99.1M | $170.1M | $134.0M | $178.4M | $102.6M | $42.4M | $26.8M | $14.8M | $44.0M | $159.2M |
| Total Debt | 0 | 0 | $30.0M | $8.0M | $8.7M | $9.4M | $7.6M | $5.4M | $23.0M | $25.0M |
| Net Debt | -$69.1M | -$137.8M | -$55.0M | -$121.3M | -$86.3M | -$35.6M | -$44.5M | -$46.8M | -$74.7M | -$166.4M |
| Working Capital | $61.1M | $135.0M | $68.5M | $93.7M | $55.8M | $39.7M | $45.3M | $42.3M | $84.3M | $175.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $83.2M | $78.4M | $61.4M | $56.2M |
| Total Assets | $231.1M | $219.6M | $198.5M | $179.5M |
| Total Liabilities | $59.9M | $60.4M | $53.6M | $51.4M |
| Total Equity | $171.2M | $159.2M | $144.9M | $128.1M |
| Total Debt | $24.1M | $25.0M | $23.2M | $19.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$21.9M | -$27.3M | -$56.7M | -$76.3M | -$84.2M | -$84.9M | -$39.7M | -$54.2M | -$63.7M | $71.2M |
| Depreciation & Amortization | $825000 | $741000 | $2.4M | $8.7M | $5.6M | $4.5M | $4.6M | $3.2M | $2.9M | $3.6M |
| Stock-based Compensation | $4.8M | $5.9M | $8.9M | $8.2M | $8.2M | $8.9M | $3.1M | $4.8M | $6.6M | $10.8M |
| Change in Working Capital | -$227000 | -$2.1M | $7.0M | -$3.6M | $1.6M | -$18.3M | -$5.9M | -$1.8M | -$4.4M | -$5.4M |
| Operating Cash Flow | -$13.0M | -$22.9M | -$39.1M | -$62.8M | -$35.0M | -$65.7M | -$43.5M | -$37.0M | -$56.0M | -$76.3M |
| Capital Expenditure | -$519000 | -$860000 | -$19.5M | -$6.5M | -$1.3M | -$4.2M | -$130000 | -$331000 | -$2.4M | -$8.0M |
| Acquisitions | 0 | 0 | $19.5M | 0 | $1.3M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.5M | -$23.8M | -$58.6M | -$69.3M | -$36.4M | -$69.8M | -$43.6M | -$37.3M | -$58.5M | -$84.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$21.2M | -$18.0M | -$19.8M | -$17.5M |
| Capital Expenditure | -$2.5M | -$1.2M | -$935000 | -$479000 |
| Free Cash Flow | -$23.7M | -$19.1M | -$20.7M | -$18.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.7M | -$142000 | $3.0M | $3.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -5.8% | +258.2% | -100.0% | -70.0% | -52.9% | +147.5% | -100.0% | |||
| Net Income Growth (YoY) | -24.9% | -107.4% | -34.6% | -10.4% | -0.8% | +53.3% | -36.5% | -17.6% | +211.7% | |
| EPS Growth (YoY) | -2.5% | -81.8% | -27.7% | +40.2% | +5.5% | +74.3% | +54.2% | +38.7% | +186.5% | |
| Shares Change (YoY) | +21.8% | +14.2% | +5.9% | +84.1% | +6.2% | +99.6% | +171.9% | +92.0% | +61.1% | |
| FCF Growth (YoY) | -75.8% | -146.3% | -18.3% | +47.6% | -92.0% | +37.5% | +14.4% | -56.6% | -44.2% | |
| Gross Margin | -1098.5% | -1929.7% | -1190.8% | 100.0% | 100.0% | 68.2% | 54.1% | 73.7% | ||
| Operating Margin | -2686.3% | -3325.7% | -1940.2% | -814.2% | -2994.5% | -3600.8% | -1346.7% | -1536.9% | ||
| EBITDA Margin | -2367.6% | -3175.4% | -1811.6% | -745.2% | -2560.5% | -2431.6% | -1444.9% | 1350.3% | ||
| Net Margin | -2460.4% | -3263.9% | -1890.3% | -842.3% | -2831.2% | -2807.4% | -1548.2% | 1223.1% | ||
| FCF Margin | -1522.3% | -2842.9% | -1954.8% | -363.6% | -2327.2% | -3084.4% | -1066.9% | -1448.5% | ||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-9.90 | $-14.29 | $-30.83 | $-34.42 | $-9.81 | $-17.73 | $-5.55 | $-1.75 | $-1.42 | $-1.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.4M | $1.7M | $1.9M | $2.0M | $3.7M | $3.9M | $7.9M | $21.4M | $41.0M | $53.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -41.69% |
| Return on Invested Capital | -39.66% |
| Return on Assets | -35.03% |
| Gross Margin | 56.63% |
| Operating Margin | -327.64% |
| Net Margin | -246.42% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 6.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -7.58 | -24.16 | -5.99 | -2.15 | -1.73 | -0.40 | -0.56 | -1.98 | -3.59 | 3.93 |
| P/B | 1.67 | 3.88 | 2.53 | 0.92 | 1.42 | 0.79 | 0.90 | 7.22 | 5.19 | 1.75 |
| P/S | 186.44 | 788.24 | 113.18 | 0.00 | 14.55 | 11.16 | 17.13 | 30.60 | 0.00 | 47.95 |
| Gross Margin | -1098.5% | -1929.7% | -1190.8% | 0.0% | 100.0% | 100.0% | 68.2% | 54.1% | 0.0% | 73.7% |
| Operating Margin | -2686.3% | -3325.7% | -1940.2% | 0.0% | -814.2% | -2994.5% | -3600.8% | -1346.7% | 0.0% | -1536.9% |
| Net Margin | -2460.4% | -3263.9% | -1890.3% | 0.0% | -842.3% | -2831.2% | -2807.4% | -1548.2% | 0.0% | 1223.1% |
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Explore sector: Healthcare · Biotechnology
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