Persistent cash burn is evident, with free cash flow reaching a deficit of $20.7 million in 2026Q1, further exacerbated by the reliance on $3.0 million in stock-based compensation to manage operational costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -77.73M | -76.33M | -56.02M | -37.01M | -43.48M | -65.67M | -35.02M | -62.82M | -39.11M | -22.93M | -13.01M | -10.42M | -1.61M | 1K | -3.96M | -7.61M | -6.86M | -2.25M | -6.56M | 4.84M | -1.96M | -7.3M | -9.08M | -6.36M | -8.6M | -5.27M | -4.33M | -3.25M | -3.2M | -3.63M | -2.67M |
| Operating CF Margin % | - | -1311.44% | - | -1057.4% | -3075.18% | -2188.83% | -350.19% | - | -1304.57% | -2740.14% | -1463.89% | -1002.21% | -174.16% | 0.05% | -89.8% | -411.74% | -1426.2% | -638.64% | -2254.3% | 8496.49% | - | - | -1653.37% | -491.35% | -749.35% | -2169.55% | -4047.66% | -21633.33% | -3200% | -834.02% | -1597.6% |
| Operating CF Growth % | -137.31% | -36.26% | -51.36% | 14.89% | 33.78% | -87.51% | 44.26% | -60.62% | -70.53% | -76.23% | -24.86% | -546.99% | -161200% | 100.03% | 48.02% | -10.92% | -205.16% | 65.73% | -235.45% | 347.34% | 73.18% | 19.57% | -42.65% | 25.97% | -63.03% | -21.73% | -33.47% | -1.41% | 11.8% | -35.98% | -505.47% |
| Net Income | 66.14M | 71.18M | -63.73M | -54.19M | -39.7M | -84.94M | -84.23M | -76.28M | -56.67M | -27.32M | -21.87M | -14.53M | -26.78M | 4.45M | -10.53M | -2.53M | -7.54M | -17.34M | -17.21M | -21.74M | -12.87M | -1.7M | -10.24M | -6.93M | -9.38M | -6.03M | -5.43M | -3.31M | -3.4M | -4.44M | -11.46M |
| Depreciation & Amortization | 3.62M | 3.56M | 2.91M | 3.2M | 4.58M | 4.46M | 5.6M | 8.68M | 2.36M | 741K | 825K | 551K | 11K | 3K | 419K | 233K | 238K | 259K | 253K | 2.6M | 7.06M | 1.57M | 1.08M | 898K | 686K | 627K | 476K | 285K | 200K | 162K | 123K |
| Stock-Based Compensation | 8.33M | 10.78M | 6.63M | 4.77M | 3.05M | 8.92M | 8.19M | 8.24M | 8.87M | 5.92M | 4.83M | 4.37M | 1.3M | 439K | 390K | 1.07M | 1.01M | 811K | 0 | 77M | 0 | 42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 32.92M | 0 | -1.31M | -1.4M | 0 | 0 | 23.11M | -8.28M | 5.85M | -6.31M | 710K | 0 | 0 | -77M | 0 | -42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -152.4M | -156.46M | 2.57M | 11M | -5.52M | 24.15M | 877K | 101K | 688K | 1.27M | 3.43M | 5.25M | 349K | 278K | 141K | 602K | 925K | 10.35M | 9.67M | 22.45M | 882K | -10.15M | 112K | 57K | 771K | -2K | 360K | 26K | -1.22M | 758K | 8.66M |
| Working Capital Changes | -3.42M | -5.39M | -4.38M | -1.79M | -5.89M | -18.26M | 1.63M | -3.55M | 6.96M | -2.15M | -227K | -6.07M | 392K | 3.11M | -223K | -664K | -2.21M | 3.67M | 731K | 1.54M | 2.98M | 2.98M | -27K | -383K | -668K | 130K | 261K | -248K | 1.22M | -107K | 13K |
| Change in Receivables | -5.09M | -5.06M | 792K | 0 | 2.81M | -3M | 0 | 81K | 26K | 17K | -9K | -79K | 39K | 766K | -507K | 685M | -982M | 111M | -747M | 4.13B | 0 | 622M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.37M | -5.49M | 0 | 0 | 0 | 0 | 0 | -81K | -1.03M | -2.58M | 156K | -316K | 669K | 194K | -43K | -151K | 1.58B | -479.02M | 570.37M | -2.48B | 0 | 104K | 60K | 353K | -461K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.6M | 6.54M | -3.49M | 2.04M | -9.11M | -15.59M | -2.18M | -1.71M | 7.67M | -1.3M | 2.82M | -1.17M | 33K | -1.18M | 567K | 53M | -601M | 369M | 176M | -1.66B | 0 | 490M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 105.78M | 105.03M | -39.24M | 208K | -23.96M | 66.06M | -83.71M | 59.98M | -85.09M | -860K | -519K | 3.39M | 0 | -2K | -13K | -40K | -7K | -1K | -93K | -3.57M | -2.52M | 9.72M | 1.15M | 6.04M | 2.69M | 3.67M | -17.47M | -107K | -100K | -184K | -38K |
| Capital Expenditures | -7.51M | -7.97M | -2.45M | -331K | -130K | -4.15M | -1.34M | -6.51M | -19.49M | -860K | -519K | -308K | 0 | -2K | -13K | -40K | -7K | -2K | -93K | -18K | -3K | -28K | -221K | -462K | -403K | -419K | -72K | -5K | -100K | -16K | -38K |
| CapEx % of Revenue | 51.64% | 137.03% | - | 9.46% | 9.19% | 138.37% | 13.36% | - | 650.23% | 102.75% | 58.38% | 29.62% | - | 0.1% | 0.3% | 2.16% | 1.46% | 0.57% | 31.96% | 31.58% | - | - | 40.26% | 35.68% | 35.14% | 172.43% | 67.29% | 33.33% | 100% | 3.68% | 22.75% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 0 | 19.49M | 0 | 0 | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | -65M | 0 | 0 | 0 | 0 | 0 | -1.31M | 0 | 0 | -102K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 152.37M | 152.37M | 18K | 204K | 1.73M | 0 | -1.34M | 0 | -19.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 65M | 13K | 550K | 9.38M | 0 | 28K | 36K | 4.09M | 0 | 0 | 0 | -168K | 0 |
| Cash from Financing | 17.05M | 26.04M | 104.14M | 37.06M | 43.17M | 24.86M | 1.94M | 113.9M | 5.48M | 92.4M | 42.54M | 35.65M | 12.71M | 29K | 1.9M | 3.08M | 13.29M | 179K | 2.4M | 7.38M | 5.33M | -3.85M | 8.99M | -392K | -75K | 608K | 29.34M | 2.73M | 4.4M | -178K | 7.1M |
| Debt Issued (Net) | -2.22M | 0 | 20M | 0 | 0 | 0 | 1.76M | 0 | 0 | 0 | 0 | 0 | 400K | 0 | -2.75M | -2.75M | 0 | 0 | -64K | -1.33M | 5.33M | -4.42M | -310K | -784K | -107K | 575K | 11.54M | -97K | -200K | -178K | -9K |
| Equity Issued (Net) | 19.28M | 26.08M | 85.63M | 37.39M | 43.18M | 24.03M | 1K | 112.93M | 5.48M | 86.17M | 42.19M | 36.05M | 12.31M | 29K | 4.65M | 11.65M | 13.1M | 179K | 2.44M | 8.71M | 0 | 577K | 9.3M | 266K | 32K | 33K | 17.8M | 2.83M | 4.6M | 0 | 5.53M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.58B | 0 | -319M | -271M | -168M | -82M | -19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.33B | 0 | 0 | 0 | -2.42B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -754K | 0 | 0 | 0 | 0 |
| Other Financing | -6K | -37K | -1.49M | -332K | -5K | 831K | 177K | 969K | 0 | 6.23M | 350K | -400K | 11.58B | 0 | 319M | -5.83M | 168.19M | 82M | 18.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.59M |
| Net Change in Cash | 45.1M | 54.74M | 8.88M | 256K | -24.27M | 25.26M | -116.8M | 111.06M | -118.72M | 68.61M | 29M | 28.62M | 11.1M | 28K | -2.06M | -4.57M | 6.43M | -2.07M | -4.26M | 8.65M | 845K | -1.43M | 1.05M | -717K | -5.98M | -989K | 7.55M | -618K | 1.1M | -3.99M | 4.4M |
| Free Cash Flow | -85.24M | -84.3M | -58.46M | -37.34M | -43.61M | -69.82M | -36.35M | -69.33M | -58.6M | -23.8M | -13.53M | -10.73M | -1.61M | -1K | -3.97M | -7.65M | -6.87M | -2.25M | -6.65M | 4.83M | -1.96M | -7.33M | -9.3M | -6.83M | -9M | -5.69M | -4.4M | -3.25M | -3.3M | -3.64M | -2.71M |
| FCF Margin % | -586.22% | -1448.47% | - | -1066.86% | -3084.37% | -2327.2% | -363.55% | - | -1954.8% | -2842.89% | -1522.27% | -1031.83% | -174.16% | -0.05% | -90.1% | -413.91% | -1427.65% | -639.2% | -2286.25% | 8464.91% | - | - | -1693.62% | -527.03% | -784.48% | -2341.98% | -4114.95% | -21666.67% | -3300% | -837.7% | -1620.36% |
| FCF Growth % | -35.29% | -44.2% | -56.56% | 14.38% | 37.53% | -92.04% | 47.56% | -18.3% | -146.29% | -75.83% | -26.11% | -566.11% | -161000% | 99.97% | 48.12% | -11.39% | -205.2% | 66.18% | -237.89% | 346.05% | 73.24% | 21.18% | -36.23% | 24.15% | -58.11% | -29.25% | -35.48% | 1.52% | 9.44% | -34.66% | -511.25% |
| FCF per Share | -1.51 | -1.27 | -1.42 | -1.75 | -5.55 | -17.73 | -9.81 | -34.42 | -30.83 | -14.29 | -9.90 | -9.72 | -82.92 | -0.05 | -205.14 | -478.48 | -549.10 | -237.99 | -995.51 | 1698.35 | -694.16 | -2830.82 | -3834.23 | -3216.31 | -4292.94 | -2766.65 | -2493.20 | -3336.76 | -6021.90 | -9110.00 | -6765.00 |
| FCF Conversion (FCF/Net Income) | -1.29x | -1.07x | 0.88x | 0.68x | 1.10x | 0.77x | 0.42x | 0.82x | 0.69x | 0.84x | 0.59x | 0.72x | 0.06x | 0.00x | 0.38x | 3.01x | 0.91x | 0.13x | 0.21x | -0.22x | 0.15x | 4.29x | 0.89x | 0.92x | 0.92x | 0.87x | 0.80x | 0.98x | 0.94x | 0.82x | 0.23x |
| Interest Paid | 683K | 0 | 2.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 7K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory delay and liquidity
As reported in financial statements, the company's operating cash flow consistently remains negative, with a 2025Q3 outflow of $21.2 million, demonstrating that net income figures are frequently distorted by non-operating items rather than reflecting the underlying cash-generative capacity of the business.
The persistent gap between net income and operating cash flow suggests that the firm's accounting results are decoupled from its actual liquidity requirements. Investors should monitor this divergence, as it indicates that the company's core operations are not yet self-sustaining.
Based on the provided quarterly data, Abeona has consistently burned cash, with free cash flow reaching a low of -$23.7 million in 2025Q3, highlighting the significant capital intensity required to maintain its clinical-stage pipeline and specialized manufacturing infrastructure.
The negative free cash flow trajectory underscores the company's reliance on external financing to fund its ongoing research and development activities. Without a clear path to commercial revenue, this trend suggests that the firm remains highly sensitive to capital market conditions.
According to recent financial disclosures, working capital changes have been highly erratic, swinging from a $15.7 million inflow in 2025Q2 to a $17.0 million outflow in 2025Q3, which complicates the predictability of the company's short-term cash requirements.
These fluctuations likely reflect the timing of milestone payments and clinical trial expenses rather than operational efficiency. Such volatility warrants further investigation, as it may mask underlying trends in the company's ability to manage its payables and receivables effectively.
As indicated by the cash flow statements, stock-based compensation has consistently added back millions to the cash flow calculation, with $3.0 million recorded in 2026Q1, effectively masking the true economic cost of retaining specialized scientific talent in a competitive biotech labor market.
While these adjustments are standard, they represent a real dilution to shareholders that is not fully captured by the operating cash flow metric. Analysts should consider these non-cash expenses when evaluating the true burn rate and the long-term sustainability of the company's compensation structure.
Quick answers to the most common questions about buying ABEO stock.
Abeona Therapeutics Inc. (ABEO) generated $-76.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Abeona Therapeutics Inc. (ABEO) reported negative free cash flow of $84.3M in 2025, indicating capital requirements exceeded cash from operations.
Abeona Therapeutics Inc. (ABEO) spent $8.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.