Abeona Therapeutics Inc. (NASDAQ: ABEO) stock gained by 14.71% at the last close whereas the ABEO stock price declines by 1.92% in the pre-market trading session. Abeona Therapeutics is a biopharmaceutical firm in the early stages of development that is working on gene and cell therapy for serious diseases.
On May 18, 2021, Abeona Therapeutics announced its first-quarter 2021 financial results. The summary is stated below:
- As of March 31, 2021, cash, cash assets, and short-term deposits calculated as $86.8 million, down from $95.0 million as of December 31, 2020. For the first quarter of 2021, the net capital used in financial operations was $13.6 million.
- In the first quarter of 2021, research and development (R&D) costs were $7.2 million, up from $6.8 million in the same timeframe in 2020. Raised clinical and development work for ABEO’s gene and cell therapy product candidates, as well as increased compensation and associated costs, drove up R&D expenses.
- In the first quarter of 2021, general and administrative (G&A) expenditures were $6.6 million, compared to $6.4 million in the same timeframe of 2020. G&A expenses rose largely as a result of higher professional fees, which were partly offset by lower salaries and related costs, as well as lower net other G&A expenses.
- The first quarter of 2021 saw a net loss of $16.0 million, compared to a net loss of $48.2 million in the same timeframe of 2020. The non-cash impairment fee of $32.9 million relating to the termination of the licensing arrangement with REGENXBIO in the first quarter of 2020 accounted for the majority of the reduction in a net loss.
Michael Amoroso, Chief Executive Officer of Abeona commented:
In 2021, ABEO is off to a flying start, owing to the laser-like emphasis on execution. ABEO is concentrating on finishing participation in the EB-101 Phase 3 pivotal VIITAL trial, determining a regulatory course for ABO-102 in MPS IIIA, delivering the first lot of Abeona-produced therapeutic grade ABO-102, and documenting additional neurocognitive and biomarker results from both the ABO-102 Transpher A and ABO-101 Transpher B trials. ABEO already has a strong preclinical pipeline, and they’re working on evaluating AAV capsids in order to start IND-enabling trials in two to three eye indications.