Abeona Therapeutics Inc. reported net product revenue of $8.7 million for the first quarter of 2026, a $6.3 million increase from $2.4 million in Q4 2025, reflecting a tripling of patient treatment activity as the company’s ZEVASKYN gene therapy for recessive dystrophic epidermolysis bullosa continued to build commercial traction across its growing qualified treatment centre network.
Three patients completed ZEVASKYN treatment during Q1 2026, compared with one treatment in the fourth quarter of 2025, and the company reported one additional treatment in Q2 to date alongside one biopsy currently in the manufacturing process and six further patients expected to undergo biopsies in the current quarter, three of whom already have appointments scheduled.
ZEVASKYN, known generically as prademagene zamikeracel, is a first-in-class autologous cell-based gene therapy for treating wounds in adults and paediatric patients with RDEB, a severe and debilitating inherited connective tissue disorder caused by mutations in the COL7A1 gene, which results in extremely fragile skin and chronic wounds covering large areas of the body.
The qualified treatment centre network expanded to six sites during Q1 with the activation of New York-Presbyterian and Columbia University Irving Medical Center in New York and Children’s Hospital of Philadelphia, adding major academic medical centres on the East Coast to a network that also includes sites in Texas, strengthening the company’s geographic coverage and referral pipeline.
Insurance coverage continued to broaden materially, with published coverage policies now in place for 95% of commercially insured US lives, while Medicaid coverage across all programmes has also been secured, eliminating the payer access barriers that have historically been among the most significant obstacles to gene therapy adoption in the period immediately following launch.
A permanent HCPCS J-code established by the Centers for Medicare and Medicaid Services, J3389, effective January 1, 2026, further streamlines billing and reimbursement administration for treating physicians and healthcare systems, reducing the administrative friction that can delay treatment initiation even when coverage is in place.
Cost of sales for Q1 was $2.7 million, driven primarily by the manufacturing costs for three patient treatments, and GAAP earnings per share were negative $0.30 against a consensus estimate of negative $0.35, a $0.05 beat, while revenue of $8.7 million nearly doubled the $4.57 million analyst consensus, reflecting adoption that has outpaced early commercial expectations.
Cash, cash equivalents and short-term investments totalled $168.3 million at 31 March 2026, providing significant runway to continue scaling commercial operations and advance the company’s pipeline, which now includes a newly in-licensed engineered T-cell technology targeting solid tumours following the strategic decision to deprioritise the company’s ophthalmology programmes.
