Abeona Therapeutics reported Q4 2024 revenue of $4.782 million, representing a 69.3% year-over-year increase from the prior-year Q4. The gross profit of $2.391 million yielded a gross margin of 50.0%, but the company posted an operating loss of $16.672 million and a net loss of $9.293 million for the quarter, with negative EBITDA of $7.435 million. Earnings per share were negative at $0.23 on 41.05 million weighted-average shares. The narrative highlights a classic biotech burn profile in a period of top-line growth, driven by ongoing R&D activity and pipeline development, rather than near-term commercialization visibility. Operating cash flow was negative at $16.559 million for the quarter, with free cash flow negative at $17.165 million, underscoring a continued cash burn despite a favorable gross margin on the modest revenue base.
On the balance sheet, Abeona holds substantial liquidity: cash and short-term investments totaled approximately $97.72 million, with cash at period end around $23.70 million. Total liabilities stood at about $64.9 million, and net debt was modestly negative at approximately $0.31 million, reflecting net cash on hand after debt. Retained earnings are deeply negative, driven by cumulative losses prior to this quarter, while total stockholders’ equity was about $44.0 million, signaling a fragile, early-stage profitability profile but a cushion from liquidity assets that may support ongoing development or financing activity. The current ratio is robust at 6.08, implying strong near-term liquidity, though cash burn and dependence on external funding remain key investment risks.
Looking forward, no formal quarterly or annual guidance is provided in the available data. Given Abeona’s lead EB101 program in recessive dystrophic epidermolysis bullosa (RDEB) in Phase III and several ABO programs in earlier stages, catalysts will likely hinge on trial progression, readouts, and potential strategic partnerships or financings to support operations and pipeline advancement. The investment thesis rests on successful clinical outcomes and the ability to secure additional funding to bridge to potential value inflection points.