ABEO Nasdaq Earnings call

Abeona Therapeutics Inc. (ABEO) · Q2 2026 results

Share price: $2.30 · 2026-11-11

Abeona Therapeutics Inc. is a biopharmaceutical company that develops cell and gene therapies for life-threatening genetic diseases. The company produces a gene-modified cellular product for treating skin wounds in patients with recessive dystrophic epidermolysis bullosa and is developing additional gene therapies for ophthalmic diseases. Source: 10-K annual report (2026-03-17)

Results Q2 2026 vs Q1 2026 · previous quarter · published 13 Aug 2026 and 13 May 2026

Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

1 · Numbers

Loss widened

Net income vs Q1 2026

Net income -20.2M vs -17.1M

Revenue +30.5%

Why Against the same quarter last year (turned to a loss), net income decreased because the first quarter of 2026 included a one-time upfront cost of $7 million for in-licensing ABO-701, while research and development expenses were lower in the second quarter.

2 · How management spoke

Restrained

Less upbeat than 69% of company calls

Answers to analysts: cautious, in line with the script.

Similar to last call.

3 · What stood out

Abeona Therapeutics expanded its QTC network so that 40% of its addressable market now has in-state access to a QTC based on claims analysis.

Valuation

Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

Valuation unavailable: inputs look inconsistent (market value only 1.8x the net income: another reporting currency or a one-off gain).

Current price

$2.30

close of 2026-11-11

Revenue growth, 3 years

+24.7% a year

compound annual rate (CAGR)

Free cash flow 2023

−$0.0B

Free cash flow 2024

−$0.1B

Free cash flow 2025

−$0.1B

Read between the lines

Figure

Net ZEVASKYN revenue increased 31% to $11.4 million in the quarter ended June 30, 2026, compared to $8.7 million in the first quarter of 2026.

Source quote
“For the quarter ended June 30, 2026, Abeona reported net ZEVASKYN revenue of $11.4 million, representing a quarter-over-quarter increase of 31% or $2.7 million compared to $8.7 million in the first quarter of 2026.”
Figure

Abeona Therapeutics has treated 12 patients since launch, including 5 in the second quarter of 2026 and 3 additional patients in the third quarter to date.
Key theme

Joe will outline specific reporting updates to eliminate uncertainty and align with standard practices of commercial stage companies.

Source quote
“Later on the call, Joe will outline the specific reporting updates we're making to eliminate this uncertainty and to align with standard practices of commercial stage companies.”
Figure

Despite these complexities, Abeona Therapeutics has maintained a steady quarterly growth and 12 patients have now been treated with ZEVASKYN since launch.
Figure

As of June 30, 2026, ABEO maintained a strong balance sheet with cash, cash equivalents, and short-term investments totaling $146.8 million.

Source quote
“As of June 30, 2026, we maintained a strong balance sheet with cash, cash equivalents and short-term investments totaling $146.8 million.”

4 more

Key theme

The company expects to achieve a steady state once all centers reach their operational milestones.

Source quote
“And this is something that we will have once all of these centers are reaching a steady state.”
Key theme

For example, all of the topics Abeona Therapeutics mentioned, if there is a movement of a biopsy date that needs to happen, if you have multiple patients across multiple centers that are aiming to have a biopsy, then that will help…

Source quote
“So, for example, all of the topics we mentioned, if there is a movement of a biopsy date that needs to happen, if you have multiple patients across multiple centers that are aiming to have a biopsy, then that will help to offset and have more patients come through.”
Figure

Revenue will not be recognized for those 2 particular treatments in Q2 2026.

Source quote
“But revenue has not been recognized and will not be recognized for those 2 particular treatments.”
Figure

With the recent addition of Cincinnati Children's, which is one of the largest epidermolysis bullosa treatment centers in the country, Abeona Therapeutics now has 7 activated QTCs nationwide.

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was cautious)

Answers to analysts Cautious (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Our approach is to achieve this by building robust access, expanding our QTC networks and further improving patient and QTC treatment experiences, which is exactly what we are doing.”

“A key component of that strategy is continued expansion of our qualified treatment center network, continued engagement with the EB community and improving patient access.”

“As an example of exceptional operational efficiency, CHOP completed its first ZEVASKYN treatment in July, shortly after its activation in May.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	11.4M	8.7M	+30.5%	400.0K	+2745.0%
Gross profit	7.2M	6.0M	+19.6%	—
Operating income	-13.7M	-23.0M	Loss narrowed	-22.8M	Loss narrowed
Net income	-20.2M	-17.1M	Loss widened	108.8M	Turned loss
EPS	-0.35	-0.30	Loss widened	1.71	Turned loss
P/E	12-mo loss	4.7	—	8.9	—

Topics

Most discussed now

Steve, the manufacturing yields from Abeona Therapeutics' commercial experience are actually they are very favorable when you compare it to…
Abeona Therapeutics is making progress in executing the launch with clear priorities, advancing identified patients through the treatment…
Consequently, going forward, Abeona Therapeutics will report treatment activity solely within the designated quarter.
Abeona Therapeutics is actually pleased by averaging 9 sheets, which is a pretty substantial body area coverage.
Abeona Therapeutics is around 9 sheets average per lot, which is a pretty healthy rate compared to what its clinical trial...

Faded since Q1 2026

Dropped You don't need additional letters of agreement or a single case agreement for those patients.
Dropped One could be a 50-50 development with Angelas, so Abeona Therapeutics shares the cost and it shares the proceeds later, or...
Fading Angelas has the option to either do the 50-50 co-development or a license agreement with what Vish had mentioned with...
Fading Abeona Therapeutics does know that Colorado and UTMB have patients actively identified and they are working through the administrative…

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-09-15 Regulation FD disclosure · SEC 8-K
Abeona Therapeutics Inc. furnished an updated investor presentation for use at the H.C. Wainwright 28th Annual Global Investment Conference on September 15, 2026.
2026-08-13 Results of operations · SEC 8-K
Abeona Therapeutics reported net ZEVASKYN revenue of $11.4 million for the quarter ended June 30, 2026, which increased 31% quarter-over-quarter from $8.7 million in the first quarter of 2026.
2026-06-12 Shareholder vote results · SEC 8-K · routine
2026-06-12 Director or officer change · SEC 8-K
Michael Amoroso resigned from the Board of Directors and the Nominating and Corporate Governance Committee of Abeona Therapeutics Inc. effective June 11, 2026, for personal reasons.
2026-06-10 Regulation FD disclosure · SEC 8-K
2026-06-04 Other events · SEC 8-K
Abeona Therapeutics held a Pre-IND meeting with the FDA on June 3, 2026, regarding ABO-701 and aims to submit an IND application in 2027.
2026-05-13 Results of operations · SEC 8-K
Abeona Therapeutics reported net product revenue of $8.7 million for the first quarter of 2026, compared to $2.4 million in the fourth quarter of 2025.
2026-04-07 Director or officer change; Regulation FD disclosure · SEC 8-K
The company appointed Keith A. Goldan to the Board of Directors and as Chairman of the Audit Committee, with an annual fee of $50,000 and a one-time equity grant of $150,000.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.

Cash & runway

Cash & equivalents

$56.2M

2026-06-30

Short-term investments

$90.6M

total $146.8M

Implied runway

—

profitable in the last financial year: negative operating cash flow is not burn

Dilution

weighted-average basic shares, per quarter. Change: +8.6% YoY, +0.8% QoQ.

Quarter	Shares
Q3 2024	48.1M
Q1 2025	49.8M
Q2 2025	52.5M
Q3 2025	54.2M
Q1 2026	56.6M
Q2 2026	57.0M

Shares outstanding: 57.2M (2026-08-10)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 48 filings parsed.

Sold by insiders

638.6K shares

$3.6M · 39 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

by the end of this year

activating 7 QTCs

Source quote
“I want to thank everyone involved who helped achieve our stated goal of activating 7 QTCs by the end of this year.”
October 1, 2026, for fiscal year 2027

granting new technology add-on payment or NTAP status for ZEVASKYN

Source quote
“To that end, we achieved a significant milestone from CMS, granting new technology add-on payment or NTAP status for ZEVASKYN effective October 1, 2026, for fiscal year 2027.”