Abeona Therapeutics Inc. reported its financial results for the first quarter of 2026, revealing a product revenue of $8.7 million, attributed to the sale of its FDA-approved gene therapy, ZEVASKYN®. This marks a significant milestone for the company, as it had no product revenue during the same period in 2025, prior to ZEVASKYN®'s approval in April 2025. However, the company also reported a net loss of $17.1 million for the quarter, an increase of 42% compared to the net loss of $12.0 million in the first quarter of 2025.
Total costs and expenses for the quarter reached $31.8 million, a 61% increase from $19.7 million in the prior year. This rise was primarily driven by a substantial increase in selling, general, and administrative expenses, which rose to $19.5 million from $9.8 million, largely due to higher salaries and stock-based compensation related to new hires and commercialization efforts. Research and development expenses slightly decreased to $9.6 million from $9.9 million, reflecting a reduction in costs associated with pre-commercial activities following ZEVASKYN®'s approval.
In terms of operational developments, Abeona activated two new qualified treatment centers for ZEVASKYN® in New York City and Philadelphia, bringing the total to six centers. The company is also focusing on advancing its pipeline, particularly ABO-701, a novel engineered T-cell therapy targeting prostate cancer, with plans to file an Investigational New Drug application in the second half of 2027. The company has deprioritized its in-house ophthalmology programs to concentrate resources on this promising therapy.
As of March 31, 2026, Abeona's cash resources totaled $168.3 million, which the company believes will be sufficient to fund operations for at least the next 12 months. However, the company anticipates that it may need to secure additional funding to support its ongoing research and development activities and potential commercialization efforts. The company has historically relied on equity sales and strategic collaborations for financing, and it may need to raise additional capital to continue its operations effectively.
Looking ahead, Abeona remains focused on the commercialization of ZEVASKYN® and the development of its product pipeline. The company acknowledges the risks associated with its financial outlook, including the potential need for additional funding and the uncertainties surrounding the successful commercialization of its therapies.
About ABEONA THERAPEUTICS INC.
Abeona Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing innovative cell and gene therapies for life-threatening genetic diseases. Its lead product, pz-cel, targets recessive dystrophic epidermolysis bullosa (RDEB) and has shown promising clinical results. With a strong emphasis on advanced manufacturing capabilities and strategic partnerships, Abeona aims to address significant unmet medical needs in rare diseases, leveraging its proprietary AIM™ capsid technology for future therapies.
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