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Abeona Therapeutics Inc. (ABEO+6.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net loss of $63.7 million for the year, compared to a net loss of $54.2 million in the previous year. The increased loss is attributed to higher research and development expenses and general and administrative costs.
Research and development expenses increased to $34.4 million from $31.1 million, driven by higher salaries and stock-based compensation related to manufacturing capacity expansion for pz-cel.
General and administrative expenses rose to $29.9 million from $19.0 million, due to increased salary costs, pre-commercial preparation expenses, and stock-based compensation.
Abeona's lead clinical program, pz-cel, is in development for recessive dystrophic epidermolysis bullosa (RDEB). The company received a Complete Response Letter from the FDA in April 2024 regarding its Biologics License Application for pz-cel, requiring additional information to satisfy Chemistry Manufacturing and Controls requirements.
The company has continued to prepare its Cleveland, Ohio facility for manufacturing pz-cel, engaging with stakeholders for market access and pricing strategies.
Abeona's pipeline also includes AAV-based gene therapies for ophthalmic diseases, with ongoing preclinical programs for Stargardt disease, X-linked retinoschisis, and autosomal dominant optic atrophy.
The company raised $104.1 million in financing activities during 2024, including proceeds from a public offering and sales under an open market sale agreement.
Abeona's cash, cash equivalents, and short-term investments totaled $98.1 million as of December 31, 2024, which the company believes is sufficient to fund operations through at least the next 12 months.
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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.