Here is why Abeona Therapeutics Inc. (ABEO) stock plummeted on Thursday?

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AFRM Stock
AFRM Stock

Abeona Therapeutics Inc. (ABEO) shares plummeted 22.15% in after-hours on Thursday, December 16, 2021, and closed the daily trading at $0.38. Even in the regular trading session, ABEO’s stock lost 6.39%. ABEO shares have fallen 70.06% over the last 12 months, and they have moved down 21.72% in the past week. Over the past three months, the stock has lost 59.33%, while over the past six months, it has declined 71.29%.

Let’s have a brief look at its recent news and developments.


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ABEO Public Offering of Common Stock

On December 16, 2021, Abeona Therapeutics Inc. (ABEO), announced that it intends to offer and sell shares of its common stock and warrants to purchase common stock in an underwritten public offering. All of the securities in the offering are to be sold by Abeona.

The net proceeds from the offer will be used by Abeona for funding for clinical development of pipeline products, as well as for working capital and corporate purposes.

ABEO sponsorship for Venture into Cures

On November 18, 2021, Abeona Therapeutics Inc. (ABEO) announced its sponsorship of the second annual Venture into Cures, a virtual event supporting EB Research Partnership’s mission to find a cure for epidermolysis bullosa (EB). The event took place virtually on November 18, 2021.

ABEO data presentation at ICIEM

On November 17, 2021, Abeona Therapeutics Inc. (ABEO) presented the information about the company’s ABO-102 pivotal Transpher A study in Sanfilippo syndrome type A (MPS IIIA) at the 14th International Congress of Inborn Errors of Metabolism (ICIEM) which was held on November 21-23, 2021.

ABEO recent financial results

On November 15, 2021, Abeona Therapeutics Inc. (ABEO), announced financial results for the third quarter of 2021.

Q3 2021 financial highlights

  • ABEO’s total revenue was nil in Q3 2021 compared to $7.0 million for the third quarter of 2020.
  • Research and development expenses were $8.0 million for the third quarters of 2021 and 2020.
  • General and administrative expenses were was $6.1 million in the third quarter of 2021, compared to $4.4 million spent in the third quarter of 2020.
  • It suffered a net loss of $7.0 million or a $0.07 basic and diluted loss per common share in Q3 2021 compared to a net loss of $7.2 million, or a $0.08 basic and diluted loss per common share, for the same period in 2020.
  • As of September 30, 2021, the company had cash, cash equivalents, and short-term investments totaling $67.0 million.

Conclusion

The Abeona stock plummeted on Thursday after the company announced a public offering of its common stock and warrants. We can expect it to further decline in the coming trading session.

 

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