Abeona Therapeutics (ABEO) Q1 2026 earnings summary

Executive summary

• Achieved $8.7 million in net product revenue for Q1 2026, driven by ZEVASKYN adoption and expanded access through six Qualified Treatment Centers, with three patients treated in Q1 2026 and over 100 potential candidates identified.

• Commercial coverage for ZEVASKYN reached 95% of commercially insured U.S. lives, with no patient attrition or payer denials to date.

• Early commercial traction is supported by a growing referral base, broad payer acceptance, and positive feedback from patients and physicians.

• The company in-licensed a novel PSMA-targeted CAR-T/T-cell therapy for advanced prostate cancer (ABO-701/PSMA SIR-T™), making a $7 million upfront payment and deprioritizing ophthalmology programs to focus on high-value cell therapies.

• Published long-term safety and efficacy data for ZEVASKYN, including five-year and 12-year follow-up, reinforcing durability and safety.

Financial highlights

• Q1 2026 net product revenue was $8.7 million, up from $2.4 million in Q4 2025 and $0 in Q1 2025, driven by ZEVASKYN's commercial launch.

• Cost of sales rose to $2.7 million from $1.0 million sequentially, reflecting increased patient treatments.

• R&D expenses were $9.6 million, including a $7 million upfront payment for the PSMA CAR-T/ABO-701 asset; excluding this, R&D declined year-over-year.

• SG&A expenses increased to $19.5 million, up $9.7 million year-over-year, mainly due to commercial infrastructure investments.

• Net loss for Q1 2026 was $17.1 million ($0.30/share), compared to $12 million ($0.24/share) in Q1 2025.

• Cash, equivalents, and short-term investments totaled $168.3 million at quarter end.

Outlook and guidance

• IND filing and first-in-human studies for ABO-701/PSMA CAR-T expected in the second half of 2027.

• Anticipates achieving monthly profitability as early as June 2026, depending on biopsy and treatment cadence.

• Plans to onboard a total of seven QTCs in 2026, with potential to expand to 10 as capacity and demand grow.

• Sufficient liquidity to fund operations for at least the next 12 months; may seek additional capital for further development.