Abeona Therapeutics posts Q2 loss, misses revenue and earnings estimates

Abeona Therapeutics Inc. on Monday reported a second-quarter net loss of $28.7 million, or $0.51 per share, compared with a loss of $22.1 million, or $0.40 per share, in the same period last year.

Analysts polled by Refinitiv had expected a loss of $0.38 per share. Revenue totaled $1.2 million, down from $1.9 million a year earlier and below the $1.5 million estimate.

Shares of Abeona fell about 5% in extended trading following the results. The company, which develops gene and cell therapies for rare diseases, cited lower-than-expected sales of its lead product candidate EB-101 as a key factor in the revenue shortfall.

Abeona also reiterated its full-year guidance, projecting cash burn of $100 million to $120 million and total revenue of $5 million to $7 million for 2024. The company has not yet provided an update on its ongoing strategic review, which includes potential partnerships or asset sales to strengthen its financial position.

The biotech sector has faced increased scrutiny amid rising interest rates and tightening liquidity conditions, with many firms struggling to secure funding for late-stage clinical programs. Abeona’s results underscore ongoing challenges in commercializing treatments for rare diseases amid a competitive funding environment.