Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 10, 2026
Abeona Therapeutics Inc. (ABEO)
A forensic read on Abeona Therapeutics Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.8
Distress distance
4
Forensic signals
70.0%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Abeona Therapeutics Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -5.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+87.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +87.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +124% on the year. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 210% of net operating assets, against an accruals ratio of 87.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
+75.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +209% over the last 2 years to FY2025 (+75.9%/yr). The count is growing — 21.4M shares in FY2023, 66.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~75.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~68%.
-$169.3M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $46.7M against operating cash flow of -$169.3M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
185% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 185% of revenue in FY2025 — about $0.16 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 75.9% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$5.8M
Revenue CAGR (2yr)+29.0%
Net Margin1223.1%
Free Cash Flow-$84.3M
Return on Equity70.0%
Debt / Equity0.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Abeona Therapeutics Inc.'s actual 10-K/10-Q/8-K filings?