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Abeona Therapeutics Inc (ABEO-1.06%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total expenses of $15,345,000, up from $11,334,000 in the same quarter the previous year. The increase is attributed to higher research and development as well as general and administrative expenses.
The company reported a net loss of $30,269,000 for the quarter, compared to $11,836,000 in the previous year, with the decline attributed to increased operating expenses and changes in fair value of warrant and derivative liabilities.
Interest income for the quarter was $1,189,000, up from $593,000 in the previous year, due to higher interest rates and increased short-term investment balances.
Interest expense increased to $1,102,000 from $105,000, primarily due to a new credit facility entered into by the company in January 2024.
Cash used in operating activities was $39,456,000, while cash used in investing activities was $58,116,000, and cash provided by financing activities was $98,825,000.
Abeona had cash, cash equivalents, and restricted cash of $16,064,000 as of September 30, 2024. The company expects its existing cash resources to be sufficient to fund operations for at least the next 12 months.
The filing also details the company's ongoing development of its lead clinical program, pz-cel, and the resubmission of its Biologics License Application to the FDA, with an assigned PDUFA target action date of April 29, 2025.
Abeona continues to focus on advancing its product candidates towards regulatory approval and potential commercialization, with ongoing discussions with stakeholders across the healthcare system.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Abeona Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.