Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.2
Distress distance
Clean
Earnings quality
6
Forensic signals
6.2
P / E (ttm)
44.7%
ROE
$422M
Market cap
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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -1.2, placing it in the Distress zone. 6 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +124% on the year. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 210% of net operating assets.
-$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.
386d DSO
FY2021→FY2025
Receivables vs revenue.Days sales outstanding moved from 365 to 386 days FY2021→FY2025 (receivables +105% vs revenue +94%). Receivables are creeping up relative to sales. FY2021 and FY2025 aren't consecutive filed years here, so FY2025's opening balance can't be taken from FY2021 — both figures are measured on period-end balances rather than the beginning-plus-ending average, which keeps the two endpoints comparable to each other.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +741% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +103.4%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$5.8M
Revenue CAGR (3yr)+60.2%
Net Margin1223.1%
Free Cash Flow-$84.3M
Return on Equity44.7%
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?
Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.
185% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 185% of revenue in FY2025 — about $0.16 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 61.1% a year, small enough that totals and per-share results tell the same story.
$32M
FY2021–FY2021
Goodwill impairments.Took $32M of goodwill writedowns across 1 year (FY2021 ($32M)). Writedowns mean past acquisitions underperformed what was paid for them.
Abeona Therapeutics Inc. (ABEO) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy