ABEONA THERAPEUTICS INC.
ABEO · Pharmaceutical Preparations · 57.0M shares · +129%/yr ↑ shares · EDGAR filings ↗
Reference price $5.71 · est. market cap ~$325M — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Newly commercial gene-therapy company whose flattering FY2025 returns are an artifact of a one-time $152M priority-review-voucher sale, masking deep operating losses.
Strengths
- ZEVASKYN FDA approval (Apr 2025) is a genuine de-risking event — first/only RDEB cell-gene therapy with orphan/rare-pediatric designations
- Strong liquidity: current ratio 6.9 (69th pct), cash $191M (66th pct), low debt/equity 0.05, ~9 quarters runway
Risks
- Headline ROE 44.7% (87th), ROA 32% (98th) and net margin 99.6th pct are entirely driven by the one-off PRV gain; underlying operating margin is -15% (25th) and FCF -$84M
- Early commercial ramp (only $2.4M product revenue, 4 treatment centers), SG&A up 118%, ongoing need to raise capital
Notable findings
- No interest coverageInterest coverage -23.92 (cannot cover interest)
- Cash burnNegative free cash flow (-84.3M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~100% of revenue from one customer/distributor — RESULTS OF OPERATIONS Comparison of Years Ended December 31, 2025 and December 31, 2024 For the year ended December 31, Change ($ in thousands) 2025 2024 $ % Revenues: Product
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $191M cash & investments, ~9 quarters of runway
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 25 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.7%
Operating margin
-1536.9%
Net margin
1223.1%
Return on equity
44.7%
Return on assets
32.4%
ROIC
-42.3%
Revenue growth (QoQ)
60.9%
Debt / equity
0.0×
Interest coverage
-23.9×
Current ratio
6.9×
Free cash flow
-$84M
EBITDA
-$87M
Tangible book value
$159M
Cash & investments
$191M
Cash runway
9q
Stock comp / revenue
185.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Vasanthavada Madhav | Other | 222 | $5.67 |
| 2026-06-15 | Silverstein Christine Berni | Sell | 18K | $5.71 |
| 2026-06-09 | Vazzano Joseph Walter | Sell | 13K | $5.30 |
| 2026-06-09 | Vazzano Joseph Walter | Sell | 26K | $5.39 |
| 2026-06-09 | Vasanthavada Madhav | Sell | 5.5K | $5.30 |
| 2026-06-09 | O'Malley Brendan M. | Sell | 6.3K | $5.30 |
| 2026-06-09 | Seshadri Vishwas | Sell | 32K | $5.30 |
| 2026-06-08 | O'Malley Brendan M. | Sell | 4.8K | $5.43 |
| 2026-06-08 | Vazzano Joseph Walter | Sell | 10K | $5.43 |
| 2026-06-08 | Vasanthavada Madhav | Sell | 4.2K | $5.43 |
| 2026-06-08 | Seshadri Vishwas | Sell | 24K | $5.43 |
| 2026-05-26 | Alvino Mark | Gift | 500 | — |
| 2026-05-22 | Alvino Mark | Sell | 6.5K | $5.46 |
| 2026-05-15 | Crombez Eric | Sell | 26K | $5.53 |
| 2026-05-11 | Vasanthavada Madhav | Sell | 5.5K | $5.96 |
| 2026-04-01 | Goldan Keith A. | Grant | 33K | — |
| 2026-03-31 | Seshadri Vishwas | Sell | 30K | $4.38 |
| 2026-03-16 | Vazzano Joseph Walter | Sell | 785 | $4.76 |
| 2026-02-02 | Crombez Eric | Sell | 16K | $5.09 |
| 2026-02-02 | Silverstein Christine Berni | Sell | 20K | $5.09 |
| 2026-02-02 | Wuchterl Donald A. | Sell | 15K | $5.09 |
| 2026-02-02 | Alland Leila | Sell | 18K | $5.09 |
| 2026-02-02 | Alvino Mark | Sell | 2.0K | $5.09 |
| 2026-01-26 | Zeiher Bernhardt G | Grant | 37K | — |
| 2026-01-26 | Crombez Eric | Grant | 37K | — |
| 2026-01-26 | Silverstein Christine Berni | Grant | 37K | — |
| 2026-01-26 | Wuchterl Donald A. | Grant | 37K | — |
| 2026-01-26 | Amoroso Michael | Grant | 37K | — |
| 2026-01-26 | Charles Faith L. | Grant | 37K | — |
| 2026-01-26 | Alvino Mark | Grant | 37K | — |
| 2026-01-26 | Alland Leila | Grant | 37K | — |
| 2026-01-22 | O'Malley Brendan M. | Sell | 14K | $5.33 |
| 2026-01-22 | Vasanthavada Madhav | Sell | 13K | $5.29 |
| 2026-01-22 | Vazzano Joseph Walter | Sell | 19K | $5.33 |
| 2026-01-22 | Seshadri Vishwas | Sell | 70K | $5.33 |
| 2026-01-21 | Alvino Mark | Sell | 14K | $5.23 |
| 2026-01-20 | O'Malley Brendan M. | Grant | 114K | — |
| 2026-01-20 | Vasanthavada Madhav | Grant | 77K | — |
| 2026-01-20 | Vazzano Joseph Walter | Grant | 134K | — |
| 2026-01-20 | Seshadri Vishwas | Grant | 365K | — |
| 2025-12-29 | Seshadri Vishwas | Sell | 25K | $5.31 |
| 2025-11-13 | Alvino Mark | Sell | 15K | $4.74 |
| 2025-10-16 | Seshadri Vishwas | Sell | 249 | $5.49 |
| 2025-09-30 | Seshadri Vishwas | Sell | 25K | $5.24 |
| 2025-09-29 | Seshadri Vishwas | Sell | 19K | $5.39 |
| 2025-09-29 | O'Malley Brendan M. | Sell | 9.4K | $5.39 |
| 2025-09-29 | Vazzano Joseph Walter | Sell | 9.0K | $5.39 |
| 2025-09-22 | O'Malley Brendan M. | Sell | 688 | $5.43 |
| 2025-08-15 | Vazzano Joseph Walter | Sell | 15K | $7.36 |
| 2025-08-14 | Crombez Eric | Sell | 4.7K | $6.93 |
| 2025-07-22 | Vazzano Joseph Walter | Sell | 1.5K | $6.64 |
| 2025-07-09 | Silverstein Christine Berni | Sell | 13K | $5.86 |
| 2025-07-09 | Vazzano Joseph Walter | Sell | 25K | $5.86 |
| 2025-07-09 | Charles Faith L. | Sell | 11K | $5.86 |
| 2025-07-09 | O'Malley Brendan M. | Sell | 17K | $5.86 |
| 2025-07-09 | Alvino Mark | Sell | 13K | $5.86 |
| 2025-07-09 | Seshadri Vishwas | Sell | 69K | $5.86 |
| 2025-07-08 | Wuchterl Donald A. | Sell | 5.2K | $5.82 |
| 2025-06-06 | O'Malley Brendan M. | Sell | 10K | $6.76 |
| 2025-06-06 | Vazzano Joseph Walter | Sell | 18K | $6.76 |
| 2025-06-06 | Seshadri Vishwas | Sell | 51K | $6.76 |
| 2025-06-05 | Vazzano Joseph Walter | Grant | 13K | — |
| 2025-06-01 | Seshadri Vishwas | Tax withheld | 885 | $6.24 |
| 2025-05-27 | Alvino Mark | Sell | 2.0K | $6.38 |
| 2025-05-16 | Alvino Mark | Sell | 8.0K | $5.68 |
| 2025-03-31 | Seshadri Vishwas | Sell | 25K | $4.78 |
| 2025-03-14 | Vazzano Joseph Walter | Tax withheld | 685 | $5.29 |
| 2025-03-03 | O'Malley Brendan M. | Tax withheld | 181 | $5.24 |
| 2025-01-31 | Zeiher Bernhardt G | Grant | 36K | — |
| 2025-01-31 | Wuchterl Donald A. | Grant | 36K | — |
| 2025-01-31 | Crombez Eric | Grant | 36K | — |
| 2025-01-31 | Silverstein Christine Berni | Grant | 36K | — |
| 2025-01-31 | Charles Faith L. | Grant | 36K | — |
| 2025-01-31 | Amoroso Michael | Grant | 36K | — |
| 2025-01-31 | Alvino Mark | Grant | 36K | — |
| 2025-01-31 | Alland Leila | Grant | 36K | — |
| 2025-01-29 | Alvino Mark | Sell | 4.0K | $5.38 |
| 2025-01-21 | O'Malley Brendan M. | Grant | 116K | — |
| 2025-01-21 | Vazzano Joseph Walter | Grant | 145K | — |
| 2025-01-21 | Seshadri Vishwas | Grant | 476K | — |
| 2025-01-21 | Alvino Mark | Sell | 4.0K | $5.10 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05708677 ↗ | A Long-Term Extension Study for Participants Previously Treated With EB-101 for the Treatment of RDEB RDEB | — | Enrolling By Invitation | 2036-02-01 |
| NCT05725018 ↗ | A Phase 3b Study for the Treatment of Dystrophic Epidermolysis Bullosa (DEB) in New and Previously EB-101 Treated Patients Epidermolysis Bullosa, Recessive Dystrophic Epidermolysis Bullosa | PHASE3 | Active Not Recruiting | 2025-09-30 |
| NCT04227106 ↗ | Phase 3, Open-label Clinical Trial of EB-101 for the Treatment of Recessive Dystrophic Epidermolysis Bullosa (RDEB) Epidermolysis Bullosa, Recessive Dystrophic Epidermolysis Bullosa | PHASE3 | Completed | 2022-10-18 |
| NCT03315182 ↗ | Gene Transfer Clinical Trial for Mucopolysaccharidosis (MPS) IIIB Mucopolysaccharidosis Type 3 B | PHASE1/PHASE2 | Terminated | 2022-04-07 |
| NCT04655911 ↗ | A Long-term Follow-up Study of Patients With MPS IIIB Treated With ABO-101 Mucopolysaccharidosis III-B | — | Terminated | 2022-04-07 |
| NCT01263379 ↗ | Gene Transfer for Recessive Dystrophic Epidermolysis Bullosa Epidermolysis Bullosa Dystrophica, Epidermolysis Bullosa | PHASE1/PHASE2 | Completed | 2022-03-09 |
| NCT00385502 ↗ | A Trial of the Safety and Efficacy of EcoNail™ in the Treatment of Fungus Infections of the Great Toenail Onychomycosis | PHASE2 | Completed | 2008-06-01 |
| NCT00563433 ↗ | MSI-78 Topical Cream vs. Oral Ofloxacin in the Treatment of Infected Diabetic Ulcers Diabetic Foot Ulcers | PHASE3 | Completed | 1996-07-01 |
| NCT00563394 ↗ | MSI-78 Topical Cream vs. Oral Ofloxacin in the Treatment of Infected Diabetic Ulcers Diabetic Foot Ulcers | PHASE3 | Completed | 1996-07-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (2)
- Lucile Packard Children's Hospital Stanford
- Taysha
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-12 | 0001493152-26-028458 ↗ |
| 8-K | 2026-06-12 | 2026-06-11 | 0001493152-26-028369 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001493152-26-028106 ↗ |
| 8-K | 2026-06-04 | 2026-06-03 | 0001493152-26-027197 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001493152-26-022614 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001493152-26-022610 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001493152-26-015451 ↗ |
| 8-K | 2026-03-20 | 2026-03-16 | 0001493152-26-011863 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001493152-26-010413 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001493152-26-010408 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001493152-26-009299 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001493152-25-021723 ↗ |