Abeona Therapeutics Posts Q1 Net Loss Of $20.79 Mln

Abeona Therapeutics Inc. (ABEO), a biotech firm focused on cell and gene therapies, on Friday posted a wider net loss for the first quarter, amidst increased research and development or R&D and administrative expenses, and non-cash impairment charges. However, per share loss narrowed on higher share count at the end of the latest quarter.

For the quarter ended in March, the Dallas-headquartered company reported a net loss of $20.791 million or $0.14 per share, compared with $16.00 million or $0.17 per share loss reported for the same period a year ago.

The net loss includes a $6.2 million in non-cash impairment charges resulting from the disposition of the ABO-102 and ABO-101 development programs as Abeona targets resources on its EB-101 pivotal program and preclinical eye gene therapy initiatives, the company said in a statement.

Operating loss was at $20.591 million, higher than $14.597 million of previous year.

R&D, general and administrative expenses were reported at $10.545 million and $ 4.224 million, respectively, compared with $8.317 million and $6.280 million, reported for the first quarter of 2021.

License and other revenues in the quarter were $0.3 million with no such revenues comparable with last year.

Vish Seshadri, CEO of Abeona, said: "During the quarter, we took significant steps to preserve our capital with the goal to fund operations over the next 12 months with existing cash resources... Furthermore, we have initiated steps toward regaining compliance with Nasdaq listing requirements."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Retail giant Walmart is set to expand its drone delivery network to 34 sites across six states in the U.S. by the end the year through its partnership with drone delivery company DroneUp. The deliveries will reach about 4 million U.S. households in Arizona, Arkansas, Florida, Texas, Utah and Virginia. Blue Moose of Boulder LLC recalled one lot of 7 oz units of its "Spinach Artichoke Parmesan Dip" for potentially containing undeclared tree nut (Cashew) and soy allergens, the U.S. Food and Drug Administration or FDA said in a statement. The recall was initiated due to mislabeling issue where a small run Spinach Artichoke Cashew Dip was labeled as Spinach Artichoke Parmesan Dip. Samsung Electronics announced that Google Assistant will be available for Galaxy Watch4 starting Tuesday. The South Korean electronics major has entered into partnership with Google to build a unified Wear OS platform for a seamless connection across Android devices. Starting Tuesday, Google Assistant will be available in 10 markets.
Follow RTT