Abeona Therapeutics reported a net loss of $5.2 million for the third quarter of 2025, a sharp improvement from the $30.3 million loss recorded in the same period last year. Earnings per share were –$0.10, beating the consensus estimate of –$0.27 by $0.17, a 63% improvement that underscores the company’s disciplined cost management as it transitions toward commercialization.
Operating expenses shifted markedly: research and development spending fell to $4.2 million from $8.9 million, reflecting a move from development‑stage activities to capitalizing inventory and other commercialization‑related costs. Selling, general and administrative expenses rose to $19.3 million from $6.4 million, driven by expanded headcount, marketing initiatives, and professional services required to launch ZEVASKYN.
Cash, cash equivalents, restricted cash and short‑term investments totaled $207.5 million as of September 30, 2025. This balance provides more than two years of runway, eliminating the need for immediate dilutive financing and supporting the company’s planned launch of ZEVASKYN.
The first patient treatment with ZEVASKYN has been moved to the fourth quarter of 2025 after the company optimized a sterility release assay. FDA approval was granted on April 29, 2025, and a permanent HCPCS J‑code (J3389) will become effective on January 1, 2026. CEO Dr. Vishwas Seshadri noted that patient demand has doubled, and the company remains confident that profitability will be achieved in the first half of 2026.
Revenue was not reported for the quarter, but management indicated that revenue from ZEVASKYN is expected to begin in Q4 2025. The company projects profitability in the first half of 2026, driven by the anticipated revenue stream from the newly approved therapy and continued pipeline development.
Investors responded positively to the results, citing the EPS beat and the robust cash position as key factors. Headwinds include the delayed start of patient treatment and the absence of revenue in the quarter, while tailwinds comprise FDA approval, the upcoming J‑code, and strong patient demand, all of which support the company’s path to profitability.
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