Abeona Therapeutics Reports Q2 Financial Results

Abeona Therapeutics (NASDAQ:ABEO) shared their financial results for the second quarter of 2017 and provided a business update to shareholders.
As quoted in the press release:

“We made a lot of progress during the second quarter, and the feedback received from the FDA to accelerate our EB-101 program to a pivotal Phase 3 trial supports the potential of this gene therapy program.  The strengths of our clinical programs were also underscored by the achievement of additional regulatory designations for our gene therapy programs and the recent appointment of key executives within the Company,” stated Timothy J. Miller, Ph.D., President and CEO.

2^nd Quarter Summary Financial Results:

Cash position: Cash, cash equivalents and marketable securities as of June 30, 2017 were $58.3 million, compared to $63.2 million as of March 31, 2017. Net cash used in operating activities in the six months ended June 30, 2017 was $10.8 million as compared to $5.6 million in the same period in 2016.

Revenues: Revenues were $217 thousand for the second quarter of 2017, compared to $214 thousand in the second quarter of 2016. Revenues consisted of a combination of royalties from marketed products, primarily MuGard®, and recognition of deferred revenues related to upfront payments from early license agreements.

Loss per share: Loss per share was $0.21 for the second quarter of 2017, compared to a loss per share of $0.20 in the comparable period in 2016.

Click here to read the full press release.

Source: globenewswire.com