Abeona's ZEVASKYN Sales Growth Slowed
Abeona reported $11.4 million in second-quarter ZEVASKYN revenue, a 31% sequential increase, while manufacturing yield kept one treatment from generating recognized sales.
Abeona Therapeutics Inc. (ABEO), a commercial-stage biopharmaceutical company, reported slower sequential ZEVASKYN sales growth in the second quarter despite treating more patients. Its launch continued to expand beyond the initial treatment centers, but a manufacturing shortfall kept one completed treatment from contributing to recognized revenue.
Product revenue had more than tripled to $8.7 million in the first quarter from $2.4 million in the fourth quarter of 2025. The second quarter's 31% sequential increase marked a slower pace after that initial step-up. The earlier quarter's revenue reflected the first commercial patient treatment, completed in December.
Treatment volume followed a steadier progression: five patients received ZEVASKYN in the second quarter, compared with three in the first. Abeona recognized revenue for four second-quarter treatments because one batch produced fewer than the threshold number of sheets required for revenue recognition. The distinction meant that completed patient treatments and revenue-generating treatments remained separate measures of the launch's progress.
Across the launch through the August update, two patients had not generated recognized revenue because of low manufacturing yield or failure to meet lot-release specifications. ZEVASKYN was produced at Abeona's Cleveland manufacturing facility. The therapy treated wounds in adults and children with recessive dystrophic epidermolysis bullosa, or RDEB, using patients' own cells.
The treatment network provided another measure of commercial expansion. Seven qualified treatment centers nationwide were reported in the August update. Cincinnati Children's was the latest addition, activated during the third quarter. Children's Hospital of Philadelphia had treated its first ZEVASKYN patient, and both that hospital and the University of Texas Medical Branch had begun collecting patient biopsies. Those milestones extended activity beyond adding sites to the network.
Three patients had completed treatment in the third quarter through the update, bringing the cumulative launch total to 12. Abeona also presented long-term follow-up data at medical meetings and the debra Care Conference. Those presentations were intended to increase physician awareness, identify patients and support referrals into its treatment-center network.
Commercial spending eased during the quarter. Selling, general and administrative expenses fell to $15.8 million from $19.5 million in the first quarter, primarily because of fewer engineering runs and lower manufacturing training costs. Research and development spending was $5.0 million. The earlier quarter had included a one-time $7.0 million upfront payment to license ABO-701.
That licensing payment accompanied a change in development priorities announced in May. Abeona shifted its development focus to ABO-701, an engineered T-cell therapy targeting prostate-specific membrane antigen, and deprioritized its in-house ophthalmology programs. The second-quarter update continued to identify ABO-701 as the company's development portfolio program, alongside the commercial ZEVASKYN business.
Lower spending did not translate into a smaller net loss. Abeona lost $20.2 million, or $0.35 a share, compared with a $17.1 million loss in the first quarter. The second-quarter result included a $7.2 million loss from changes in the fair value of warrant liabilities. Cash, cash equivalents and short-term investments stood at $146.8 million at June 30.
The next access milestone involved hospital reimbursement. ZEVASKYN's newly secured New Technology Add-On Payment status takes effect October 1 under Medicare's fiscal 2027 inpatient payment rules. The designation provides eligible hospitals with a supplemental payment above the base diagnosis-related payment when treating Medicare beneficiaries with the therapy.
Abeona said the additional reimbursement was expected to support hospital adoption and help facilitate access for Medicare patients, who represented approximately 10% of the RDEB population. The company said the designation would provide eligible hospitals with a pathway to supplemental reimbursement for treating Medicare beneficiaries with ZEVASKYN.
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