Abeona Therapeutics Inc.
ABEOHealthcare|Biotechnology|US
$4.17
+0.26 (+6.65%)
DCF Value
$1.00
Tangible Book / Share
$2.24
Cash / Share
$2.57
Financials
Financial Snapshot
Market Cap
$238.5M
Enterprise Value
$202.1M
Revenue (TTM)
$25.5M
Net Income (TTM)
-$62.9M
Cash & Investments
$146.8M
Net Cash
$127.0M
Free Cash Flow (TTM)
-$81.5M
Operating CF (TTM)
-$76.4M
Debt/Equity
0.16
Cash Runway & Burn Rate
Cash on Hand
$146.8M
Quarterly Burn
$19.1M
Monthly Burn
$6.4M
Est. Runway
~7.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $69.1M | $137.8M | $85.0M | $129.3M | $95.0M | $45.0M | $52.1M | $52.2M | $97.7M | $191.4M | $146.8M | |
| Operating Cash Flow | -$13.0M | -$22.9M | -$39.1M | -$62.8M | -$35.0M | -$65.7M | -$43.5M | -$37.0M | -$56.0M | -$76.3M | -$76.4M | |
| Free Cash Flow | -$13.5M | -$23.8M | -$58.6M | -$69.3M | -$36.4M | -$69.8M | -$43.6M | -$37.3M | -$58.5M | -$84.3M | -$81.5M | |
| Capital Expenditure | -$519.0K | -$860.0K | -$19.5M | -$6.5M | -$1.3M | -$4.2M | -$130.0K | -$331.0K | -$2.4M | -$8.0M | -$5.1M | |
| Financing Cash Flow | $42.5M | $92.4M | $5.5M | $113.9M | $1.9M | $24.9M | $43.2M | $37.1M | $104.1M | $26.0M | $3.2M |
R&D Spending
R&D (TTM)
$25.5M
R&D Intensity
99.9%
R&D Growth vs Prior
-4.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $889.0K | $837.0K | $3.0M | $0.00 | $10.0M | $3.0M | $1.4M | $3.5M | $0.00 | $5.8M | $25.5M | |
| R&D Expense | $10.7M | $17.0M | $38.7M | $53.8M | $30.1M | $38.7M | $29.0M | $31.1M | $34.4M | $26.8M | $25.5M | |
| R&D % of Revenue | 1198.5% | 2029.7% | 1290.8% | — | 301.4% | 1290.9% | 2048.4% | 888.3% | — | 460.7% | 99.9% | |
| SG&A | $13.3M | $10.9M | $20.1M | $20.7M | $23.8M | $21.6M | $17.3M | $19.0M | $29.9M | $65.0M | $72.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $889.0K | $837.0K | $3.0M | $0.00 | $10.0M | $3.0M | $1.4M | $3.5M | $0.00 | $5.8M | $25.5M | |
| Cost of Revenue | $10.7M | $17.0M | $38.7M | $48.6M | $0.00 | $0.00 | $450.0K | $1.6M | $2.9M | $1.5M | $11.1M | |
| Gross Profit | -$9.8M | -$16.2M | -$35.7M | -$48.6M | $10.0M | $3.0M | $964.0K | $1.9M | -$2.9M | $4.3M | $14.5M | |
| R&D | $10.7M | $17.0M | $38.7M | $53.8M | $30.1M | $38.7M | $29.0M | $31.1M | $34.4M | $26.8M | $25.5M | |
| SG&A | $13.3M | $10.9M | $20.1M | $20.7M | $23.8M | $21.6M | $17.3M | $19.0M | $29.9M | $65.0M | $72.6M | |
| Operating Income | -$23.9M | -$27.8M | -$58.2M | -$77.1M | -$81.4M | -$89.8M | -$50.9M | -$47.1M | -$64.2M | -$89.4M | -$83.6M | |
| Interest Expense | $6.0K | $8.0K | $11.0K | $400.0K | $4.1M | $3.7M | $736.0K | $418.0K | $4.2M | $3.7M | $3.3M | |
| Pretax Income | -$21.9M | -$27.3M | -$56.7M | -$76.3M | -$84.2M | -$84.9M | -$39.7M | -$54.2M | -$63.7M | $71.3M | -$78.3M | |
| Net Income | -$21.9M | -$27.3M | -$56.7M | -$76.3M | -$84.2M | -$84.9M | -$39.7M | -$54.2M | -$63.7M | $71.2M | -$62.9M | |
| EPS (Diluted) | -16.00 | -16.40 | -29.81 | -38.07 | -22.75 | -21.50 | -5.53 | -2.53 | -1.55 | 1.01 | -1.11 | |
| EBITDA | -$21.0M | -$26.6M | -$54.3M | -$68.4M | -$74.5M | -$76.8M | -$34.4M | -$50.6M | -$56.6M | $78.6M | -$71.3M | |
| Shares Out. (M) | 1.37 | 1.67 | 1.90 | 2.01 | 3.71 | 3.94 | 7.86 | 21.38 | 41.05 | 66.14 | 57.05 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $69.1M | $137.8M | $18.8M | $129.3M | $12.6M | $32.9M | $14.2M | $14.5M | $23.4M | $78.4M | $56.2M | |
| Short-Term Investments | $0.00 | $0.00 | $66.2M | $0.00 | $82.4M | $12.1M | $37.9M | $37.8M | $74.4M | $113.0M | $90.6M | |
| Total Current Assets | $69.4M | $140.6M | $88.9M | $132.4M | $97.7M | $56.3M | $53.1M | $55.7M | $100.9M | $204.9M | $164.6M | |
| Total Assets | $111.1M | $178.8M | $174.4M | $223.4M | $151.2M | $79.6M | $64.2M | $64.0M | $108.9M | $219.6M | $179.5M | |
| Total Current Liabilities | $8.3M | $5.6M | $20.4M | $38.7M | $42.0M | $16.6M | $7.8M | $13.4M | $16.6M | $29.6M | $24.8M | |
| Long-Term Debt | $0.00 | $0.00 | $20.0M | $0.00 | $1.4M | $0.00 | $0.00 | $0.00 | $13.0M | $7.8M | $1.7M | |
| Total Liabilities | $12.0M | $8.7M | $40.4M | $45.0M | $48.6M | $37.2M | $37.5M | $49.2M | $64.9M | $60.4M | $51.4M | |
| Stockholders' Equity | $99.1M | $170.1M | $134.0M | $178.4M | $102.6M | $42.4M | $26.8M | $14.8M | $44.0M | $159.2M | $128.1M | |
| Retained Earnings | -$332.5M | -$359.8M | -$410.2M | -$486.5M | -$570.7M | -$655.6M | -$695.3M | -$749.5M | -$813.3M | -$742.1M | -$779.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M | -$22.9M | -$39.1M | -$62.8M | -$35.0M | -$65.7M | -$43.5M | -$37.0M | -$56.0M | -$76.3M | -$76.4M | |
| Capital Expenditure | -$519.0K | -$860.0K | -$19.5M | -$6.5M | -$1.3M | -$4.2M | -$130.0K | -$331.0K | -$2.4M | -$8.0M | -$5.1M | |
| Free Cash Flow | -$13.5M | -$23.8M | -$58.6M | -$69.3M | -$36.4M | -$69.8M | -$43.6M | -$37.3M | -$58.5M | -$84.3M | -$81.5M | |
| Investing Cash Flow | -$519.0K | -$860.0K | -$85.1M | $60.0M | -$83.7M | $66.1M | -$24.0M | $208.0K | -$39.2M | $105.0M | -$34.4M | |
| Financing Cash Flow | $42.5M | $92.4M | $5.5M | $113.9M | $1.9M | $24.9M | $43.2M | $37.1M | $104.1M | $26.0M | $3.2M | |
| Issuance of Stock | $42.2M | $86.2M | $5.5M | $112.9M | $1.0K | $24.0M | $47.0M | $37.2M | $85.6M | $26.1M | $8.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $1.8M | $0.00 | $0.00 | $0.00 | $20.0M | $0.00 | -$5.6M | |
| Stock Based Comp. | $4.8M | $5.9M | $8.9M | $8.2M | $8.2M | $8.9M | $3.1M | $4.8M | $6.6M | $10.8M | $8.9M | |
| Net Change in Cash | $29.0M | $68.6M | -$118.7M | $111.1M | -$116.8M | $25.3M | -$24.3M | $256.0K | $8.9M | $54.7M | -$107.6M |
Dilution Tracker
Shares outstanding grew 1684.1% over 5 years — significant dilution
Shares Outstanding
57M
5-Year Share Growth
+1684.1%
Stock Issuance (TTM)
$8.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.37 | 1.67 | 1.90 | 2.01 | 3.71 | 3.94 | 7.86 | 21.38 | 41.05 | 66.14 | 57.05 | |
| Change vs Prior % | — | 21.8% | 14.2% | 5.9% | 84.1% | 6.2% | 99.6% | 171.9% | 92.0% | 61.1% | -13.7% | |
| Stock Issuance | $42.2M | $86.2M | $5.5M | $112.9M | $1.0K | $24.0M | $47.0M | $37.2M | $85.6M | $26.1M | $8.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.8M | $5.9M | $8.9M | $8.2M | $8.2M | $8.9M | $3.1M | $4.8M | $6.6M | $10.8M | $8.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -1098.5% | -1929.7% | -1190.8% | — | 100.0% | 100.0% | 68.2% | 54.1% | — | 73.7% | 56.6% | |
| Operating Margin % | -2686.3% | -3325.7% | -1940.2% | — | -814.2% | -2994.5% | -3600.8% | -1346.7% | — | -1536.9% | -327.6% | |
| Net Margin % | -2460.4% | -3263.9% | -1890.3% | — | -842.3% | -2831.2% | -2807.4% | -1548.2% | — | 1223.1% | -246.4% | |
| EBITDA Margin % | -2367.6% | -3175.4% | -1811.6% | — | -745.2% | -2560.5% | -2431.6% | -1444.9% | — | 1350.3% | -279.4% | |
| FCF Margin % | -1522.3% | -2842.9% | -1954.8% | — | -363.6% | -2327.2% | -3084.4% | -1066.9% | — | -1448.5% | -319.5% | |
| ROE % | -22.1% | -16.1% | -42.3% | -42.8% | -82.1% | -200.5% | -148.3% | -365.5% | -144.7% | 44.7% | -41.7% | |
| ROA % | -19.7% | -15.3% | -32.5% | -34.1% | -55.7% | -106.7% | -61.8% | -84.7% | -58.5% | 32.4% | -35.0% | |
| ROIC % | -23.2% | -16.1% | -35.5% | -41.4% | -73.2% | -138.7% | -87.5% | -91.4% | -64.8% | -44.0% | -39.7% | |
| R&D / Revenue % | 1198.5% | 2029.7% | 1290.8% | — | 301.4% | 1290.9% | 2048.4% | 888.3% | — | 460.7% | 99.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -14.5% | -5.8% | 258.2% | -100.0% | 0.0% | -70.0% | -52.9% | 147.5% | -100.0% | 0.0% | |
| Gross Profit | -1039.0% | -65.4% | -121.0% | -36.0% | 120.6% | -70.0% | -67.9% | 96.6% | -253.4% | 247.5% | |
| Operating Income | -28.8% | -16.6% | -109.0% | -32.5% | -5.6% | -10.3% | 43.3% | 7.4% | -36.2% | -39.3% | |
| Net Income | -50.6% | -24.9% | -107.4% | -34.6% | -10.4% | -0.8% | 53.3% | -36.5% | -17.6% | 211.7% | |
| EPS (Diluted) | -21.6% | -2.5% | -81.8% | -27.7% | 40.2% | 5.5% | 74.3% | 54.2% | 38.7% | 165.2% | |
| Operating Cash Flow | -24.9% | -76.2% | -70.5% | -60.6% | 44.3% | -87.5% | 33.8% | 14.9% | -51.4% | -36.3% | |
| Free Cash Flow | -26.1% | -75.8% | -146.3% | -18.3% | 47.6% | -92.0% | 37.5% | 14.4% | -56.6% | -44.2% | |
| R&D Expense | 126.0% | 59.4% | 127.8% | 38.9% | -43.9% | 28.5% | -25.2% | 7.3% | 10.5% | -22.0% | |
| SG&A Expense | -7.2% | -17.7% | 83.7% | 3.0% | 14.8% | -9.0% | -20.3% | 10.1% | 57.1% | 117.9% | |
| Total Assets | 38.7% | 61.0% | -2.4% | 28.1% | -32.3% | -47.4% | -19.3% | -0.3% | 70.2% | 101.6% | |
| Book Value / Share | 18.2% | 40.9% | -31.0% | 25.6% | -68.8% | -61.1% | -68.4% | -79.6% | 54.7% | 180.3% | |
| Debt | -100.0% | 0.0% | 0.0% | -73.5% | 9.8% | 7.4% | -18.7% | -29.2% | 326.8% | 8.3% | |
| Diluted Shares | 23.8% | 21.8% | 14.2% | 5.9% | 84.1% | 6.2% | 99.6% | 171.9% | 92.0% | 61.1% |
Valuation
P/E (TTM)At Loss
P/S9.34
10Y Low / Med / High11.16 / 47.95 / 788.24
P/B1.86
10Y Low / Med / High0.79 / 1.75 / 7.22
EV/EBITDAAt Loss
EV/Revenue7.92
10Y Low / Med / High3.30 / 38.76 / 623.66
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.00
Tangible Book / Share
$2.24
Net Current Assets / Share
$1.98
Graham Net-Net
$1.85
Cash / Share
$2.57
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -7.58 | -24.16 | -5.99 | -2.15 | -1.73 | -0.40 | -0.56 | -1.98 | -3.59 | 3.93 | -3.67 | |
| P/S Ratio | 186.44 | 788.24 | 113.18 | 0.00 | 14.55 | 11.16 | 17.13 | 30.60 | 0.00 | 47.95 | 9.34 | |
| P/B Ratio | 1.67 | 3.88 | 2.53 | 0.92 | 1.42 | 0.79 | 0.90 | 7.22 | 5.19 | 1.75 | 1.86 | |
| EV/EBITDA | -4.59 | -19.64 | -6.46 | -0.63 | -1.90 | -0.13 | -0.51 | -1.94 | -4.03 | 2.87 | -2.83 | |
| EV/Revenue | 108.67 | 623.66 | 116.94 | 0.00 | 14.16 | 3.30 | 12.46 | 28.01 | 0.00 | 38.76 | 7.92 |
Analyst Estimates & Quality
Altman Z-Score
-3.60
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $52.6M | $115.6M | $188.6M |
| Net Income | -$54.2M | -$11.9M | $28.5M |
| EPS | $-0.97 | $-0.18 | $0.39 |
| # Analysts (EPS) | 6 | 5 | 4 |
Dividends
Frequency
Irregular
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Mar 31, 2000 | $0.59 | Irregular |
Revenue Segments
By Product
| Segment | 2018 | 2020 | 2021 | 2025 |
|---|---|---|---|---|
| Foundation | $5.7M | — | — | — |
| License | $602.0K | — | — | $3.4M |
| License and Other Revenues | — | $10.0M | $3.0M | — |
| Product | — | — | — | $2.4M |