Abeona Therapeutics
ABEO on Nasdaq. Abeona sells gene-modified skin cell sheets to patients with a rare skin disease. Market value $292m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-28.46 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.01 a share, 25% above its 1-year low
Over the past year the price has ranged from $4.00 to $7.65.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3m | $1m | $4m | n/a | $6m |
| Operating margin | |||||
| Operating margin | -2994.5% | -3600.8% | -1346.7% | n/a | -1536.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.43 | 0.13 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.04bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.13× equity
- Revenue growth, five yearsShrinking, 10.3% a year
- Buying back its own sharesNo, 233% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $11 million last quarter, up 2745% on a year ago.
- A loss of $20 million, after a profit of $109 million a year ago.
- Over the past 12 months it spent $82 million more cash than it brought in, compared with $71 million a year earlier.
- 14% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $41 million more cash than debt, down from $144 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | Not reported |
| December 2024 | Not reported |
| March 2025 | Not reported |
| June 2025 | $400,000 |
| September 2025 | $0 |
| December 2025 | $5m |
| March 2026 | $9m |
| June 2026 | $11m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$30m |
| December 2024 | -$9m |
| March 2025 | -$12m |
| June 2025 | $109m |
| September 2025 | -$5m |
| December 2025 | -$20m |
| March 2026 | -$17m |
| June 2026 | -$20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 127 funds in all.
Largest holders overall
- Nantahala Capital Management$63mAdded
- BlackRock$21mAdded
- Cable Car Capital, LP$19m
- AIGH Capital Management$18mCut
- Vanguard Capital Management$14mAdded
- OneDigital Investment Advisors$10mNew
- AWM Investment Company$9mAdded
- Geode Capital Management$8mAdded
- Kennedy Capital Management$8m
- Goldman Sachs Group$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Nantahala Capital Management, LLCPassive investorat least 10.0%0.0 pts(filed with 2 related holders)Since 31 March 2026
- NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIPPassive investor5.8%+0.7 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor5.8%Since 30 June 2025
- Orin HirschmanPassive investorat least 5.4%(filed with 1 related holder)Since 31 March 2026
- Funicular Funds, LPPassive investorat least 5.3%(filed with 2 related holders)Since 27 March 2026
- James Russell Revocable TrustPassive investor5.3%Since 16 September 2025
- Daniel KaufmanPassive investor5.2%Since 26 March 2026
- Millennium Management LLCPassive investorat least 1.7%(filed with 3 related holders)Since 31 March 2025
- Averill Master Fund, Ltd.Passive investorSold down below 5%Since 30 June 2025
- Montanova Capital, LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Adage Capital Management, L.P.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Nantahala Capital Management, LLC Passive investor | at least 10.0%0.0 pts (filed with 2 related holders) | 31 March 2026 | |
NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP Passive investor | 5.8%+0.7 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.8% | 30 June 2025 | |
Orin Hirschman Passive investor | at least 5.4% (filed with 1 related holder) | 31 March 2026 | |
Funicular Funds, LP Passive investor | at least 5.3% (filed with 2 related holders) | 27 March 2026 | |
James Russell Revocable Trust Passive investor | 5.3% | 16 September 2025 | |
Daniel Kaufman Passive investor | 5.2% | 26 March 2026 | |
Millennium Management LLC Passive investor | at least 1.7% (filed with 3 related holders) | 31 March 2025 | |
Averill Master Fund, Ltd. Passive investor | Sold down below 5% | 30 June 2025 | |
Montanova Capital, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Adage Capital Management, L.P. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $4m, $673,790 of it under preset trading plans.
- Seshadri VishwasChief Executive Officer, DirectorSold
- Date
- 29 September 2026
- Shares
- 19,608
- Price
- $5.16
- Value
- $101,091
- Vazzano Joseph WalterChief Financial OfficerSold
- Date
- 29 September 2026
- Shares
- 9,191
- Price
- $5.16
- Value
- $47,385
- O'Malley Brendan M.SVP, Chief Legal OfficerSold
- Date
- 29 September 2026
- Shares
- 6,727
- Price
- $5.16
- Value
- $34,682
- Vasanthavada MadhavChief Commercial OfficerSold
- Date
- 29 September 2026
- Shares
- 4,902
- Price
- $5.16
- Value
- $25,273
- Alvino MarkDirectorSold
- Date
- 1 September 2026
- Shares
- 15,000
- Price
- $5.86
- Value
- $87,966
- Vazzano Joseph WalterChief Financial OfficerSold
- Date
- 21 July 2026
- Shares
- 1,478
- Price
- $6.53
- Value
- $9,651
- Vazzano Joseph WalterChief Financial OfficerSold
- Date
- 9 July 2026
- Shares
- 24,880
- Price
- $6.96
- Value
- $173,257
- Seshadri VishwasChief Executive Officer, DirectorSold
- Date
- 9 July 2026
- Shares
- 67,971
- Price
- $6.96
- Value
- $473,330
- O'Malley Brendan M.SVP, Chief Legal OfficerSold
- Date
- 9 July 2026
- Shares
- 12,050
- Price
- $6.96
- Value
- $83,913
- Vasanthavada MadhavChief Commercial OfficerSold
- Date
- 9 July 2026
- Shares
- 12,606
- Price
- $6.96
- Value
- $87,784
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 September 2026 | Seshadri Vishwas Chief Executive Officer, Director | Sold | 19,608 | $5.16 | $101,091 |
| 29 September 2026 | Vazzano Joseph Walter Chief Financial Officer | Sold | 9,191 | $5.16 | $47,385 |
| 29 September 2026 | O'Malley Brendan M. SVP, Chief Legal Officer | Sold | 6,727 | $5.16 | $34,682 |
| 29 September 2026 | Vasanthavada Madhav Chief Commercial Officer | Sold | 4,902 | $5.16 | $25,273 |
| 1 September 2026 | Alvino Mark Director | Sold | 15,000 | $5.86 | $87,966 |
| 21 July 2026 | Vazzano Joseph Walter Chief Financial Officer | Sold | 1,478 | $6.53 | $9,651 |
| 9 July 2026 | Vazzano Joseph Walter Chief Financial Officer | Sold | 24,880 | $6.96 | $173,257 |
| 9 July 2026 | Seshadri Vishwas Chief Executive Officer, Director | Sold | 67,971 | $6.96 | $473,330 |
| 9 July 2026 | O'Malley Brendan M. SVP, Chief Legal Officer | Sold | 12,050 | $6.96 | $83,913 |
| 9 July 2026 | Vasanthavada Madhav Chief Commercial Officer | Sold | 12,606 | $6.96 | $87,784 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 10.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.