Abeona Therapeutics reported QQ2 2024 results with no operating revenue and an ongoing cash burn typical of a clinical-stage biotech, yet net income appeared positive driven by substantial non-operating income. Specifically, revenue was not reported, cost of revenue was modest at $1.67 million producing a small gross loss of $0.22 million. R&D and G&A expenses totaled $17.86 million, yielding a substantial operating loss of $17.86 million. The standout feature of the quarter was total other income of $25.27 million, which lifted income before tax to $7.41 million and net income to $7.41 million, resulting in earnings per share of $0.19 (GAAP). Dilution was pronounced, with weighted average shares outstanding of 40.01 million and diluted shares of 51.23 million, reflecting equity financing activity. Free cash flow remained negative at approximately $13.4 million, and operating cash flow was negative by about $12.68 million, consistent with pre-revenue biotech dynamics. The balance sheet shows strong liquidity metrics aided by financing activity, including cash and cash equivalents of roughly $34.4 million and substantial short-term investments, offset by long-term liabilities. Management commentary in the transcripts is not available in the provided data; accordingly, the forward view must rely on pipeline dynamics, regulatory milestones, and continued access to capital. Investors should monitor (1) progress in EB101 (Phase III) for recessive dystrophic epidermolysis bullosa, (2) development timelines for ABO102/ABO201/ABO401/ABO50X programs, (3) potential licensing or collaboration milestones, and (4) ongoing financing needs given the cash burn profile and dilution risk.