Abeona Therapeutics Inc. reported financial results for the third quarter ended September 30, 2024, on November 14, 2024. The company announced a net loss of $30.3 million for the quarter, which included a $15.2 million loss from the remeasurement of warrant and derivative liabilities. This compares to a net loss of $11.8 million in the third quarter of 2023.
Research and development expenses increased to $8.9 million for the three months ended September 30, 2024, up from $7.1 million in the same period of 2023. General and administrative expenses also rose to $6.4 million, compared to $4.2 million in the prior year, primarily due to commercial and launch preparation costs for pz-cel. These increases reflect the company's strategic investments ahead of potential market approval.
As of September 30, 2024, Abeona held $110.0 million in cash, cash equivalents, short-term investments, and restricted cash. The company estimates these resources, combined with its credit facility, are sufficient to fund operations into 2026, before accounting for any potential revenue from pz-cel sales or proceeds from a Priority Review Voucher, if awarded.
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