Abeona Therapeutics Inc. reported its financial results for the full year ended December 31, 2024, on March 20, 2025. The company announced a net loss of $63.7 million, or $1.55 loss per common share, for the full year 2024. This compares to a net loss of $54.2 million, or $2.53 loss per common share, for the full year 2023.
Research and development expenses for 2024 were $34.4 million, an increase from $31.1 million in 2023, primarily due to increased headcount for manufacturing capacity expansion in preparation for the potential launch of pz-cel. General and administrative expenses also rose to $29.9 million in 2024 from $19.0 million in 2023, driven by commercial launch preparation costs. These expenditures highlight the company's investment in transitioning to a commercial-stage entity.
As of December 31, 2024, Abeona's cash, cash equivalents, short-term investments, and restricted cash totaled $98.1 million. The company reiterated its estimate that current financial resources, including its credit facility, are sufficient to fund operations into 2026, prior to any potential revenue from pz-cel sales or proceeds from a Priority Review Voucher. The FDA's priority review of the pz-cel BLA is progressing with a PDUFA target action date of April 29, 2025, and launch preparations are on track to treat the first patient in Q3 2025, if approved.
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