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.

• Secured broad commercial insurance coverage for ZEVASKYN, now reaching 95% of commercially insured U.S. lives, with no patient attrition or payer denials to date.

• Advanced pipeline with in-licensing of PSMA-targeted CAR-T/T-cell therapy (ABO-701/PSMA SIR-T™) for advanced prostate cancer, including a $7 million upfront payment and IND filing targeted for H2 2027.

• Deprioritized in-house ophthalmology programs to focus on cell and gene therapy and oncology assets.

• Published and presented long-term safety and efficacy data for ZEVASKYN, including 5-year and 12-year follow-up.

Financial highlights

• Q1 2026 net product revenue was $8.7 million, up from $2.4 million in Q4 2025 and $0 in Q1 2025.

• Cost of sales rose to $2.7 million from $1 million sequentially, reflecting increased ZEVASKYN treatments.

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

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

• Net loss 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

• Guidance maintained for potential monthly profitability starting June 2026, depending on biopsy and treatment cadence.

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

• IND filing and first-in-human studies for ABO-701/PSMA SIR-T™ expected in H2 2027.

• Targeting seven QTCs onboarded by year-end, with plans to expand to 9–10 centers as capacity ramps.

• Continued focus on commercializing ZEVASKYN and expanding its market reach.