Abeona Therapeutics (ABEO) Q2 2026 earnings summary

Executive summary

• Net ZEVASKYN revenue rose 31% quarter-over-quarter to $11.4 million in Q2 2026, with seven qualified treatment centers activated and 12 patients treated since launch, including major centers like Cincinnati Children's and CHOP.

• CMS New Technology Add-on Payment (NTAP) status for ZEVASKYN, effective October 1, 2026, supports hospital reimbursement and Medicare patient access.

• Net loss for Q2 2026 was $20.2 million ($0.35 per share), compared to $17.1 million ($0.30 per share) in Q1 2026 and net income of $108.8 million in Q2 2025 (which included a one-time $152.4 million gain).

• Cash, cash equivalents, and short-term investments totaled $146.8 million as of June 30, 2026, expected to fund operations for at least 12 months.

Financial highlights

• Q2 2026 net product revenue was $11.4 million, up from $8.7 million in Q1 2026 and $0.4 million in Q2 2025.

• R&D expenses were $5.0 million in Q2 2026, down from $9.6 million in Q1 2026 and $5.9 million in Q2 2025; Q1 included a $7 million one-time licensing cost.

• SG&A expenses were $15.8 million in Q2 2026, down from $19.5 million in Q1 2026 and $17.1 million in Q2 2025.

• Q2 2026 cost of sales was $4.2 million.

• Cash and equivalents declined from $191.4 million at year-end 2025 to $146.8 million at June 30, 2026.

Outlook and guidance

• Future disclosures will focus on patients treated and net revenue recognized per quarter, aligning with commercial-stage reporting standards.

• Management expects continued losses and negative cash flows until ZEVASKYN revenue is sufficient for profitability; current cash expected to fund operations for at least 12 months.

• Gross margins expected to normalize at 85%-90% with higher patient volumes and manufacturing predictability.

• Broader adoption and long-term growth for ZEVASKYN expected as real-world experience matures across activated sites.