Abeona Therapeutics, Inc. (ABEO) is a leading clinical-stage innovative biopharmaceutical company focused on the development of gene and cell therapies for various rare genetic diseases which are life-threatening in nature. One of the lead product candidates of the company in Phase 3 clinical trials is EB-101, a gene-corrected cell therapeutics for recessive dystrophic epidermolysis bullosa. Also, ABO-102 and ABO-101 in Phase 1/2 trials are innovative AAV-based gene therapeutics for Sanfilippo syndrome.
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The price of ABEO stock during the regular trading session of December 21, 2020, was $0.33 with a considerable increase of 6.43%. At last check in the aftermarket, the stock was slightly down by 0.24%.
Events and Happenings
On December 17, 2021, ABEO reported the pricing of its definite public offering of 44,700,000 shares of its common stock and warrants for the acquisition of 44,700,000 shares of its common stock at a price of $0.39 per share. The warrants are exercisable with imminent effect. The total gross profit from the offering is estimated to be $17.5 million.
On November 18, 2021, ABEO reported its sponsorship of the second Venture into Cures, a virtual event that supported the epidermolysis bullosa (EB) Research collaboration task to find a treatment for the disease. The event took place on November 18, 2021.
On November 17, 2021, ABEO informed that the company’s research data about ABO-102 pivotal Transpher A research for type A Sanfilippo syndrome was represented at the 14th Virtual International Congress of Inborn Errors of Metabolism. The event took place on November 21-23, 2021. On November 16, 2021, ABEO informed that the top management of the company participated in the Virtual Jefferies London Healthcare Conference held on November 16-19, 2021.
Key Financials
On November 15, 2021, ABEO reported its financial results for the third quarter of 2021 ended September 30, 2021. Some of the financial highlights are as follows
Net Loss per Share
Net loss per basic and diluted share was $7.0 million for Q3 2021 or $0.07 per share as opposed to the same period in 2020 when it was $7.2 million, or $0.08 per share.
Revenue
The revenue for the third quarter of 2020 was $7 million while the revenue for Q3 2021 was nil as reported by the company.
On October 21, 2021, ABEO reported that the top management of the company represented the company at the Jefferies Gene Therapy/Editing Summit held on October 27, 2021. On October 13, 2021, ABEO reported the presentation of clinical data at two scientific congresses held in October 2021.
Conclusion
The stock of ABEO declined 57% from the past month. The stock is gradually gaining pace in the regular trading session but still needs to improve. The uncertain market conditions are the sole reason behind its decline in the aftermarket. The analysts are positive that the company has the potential to attract potential investors.
