Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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
Altman Z-score
Clean
Earnings quality
6
Forensic signals
4.8
P / E (ttm)
41.4%
ROE
$320M
Market cap
ABEONA THERAPEUTICS INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -5.8, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+87.1%Accruals ratio.Net operating assets grew +87.1% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +210% of net operating assets.
-72%Return on invested capital.Return on invested capital is -72% and rising from -95% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+247.1%/yrShare-count dilution.Diluted share count changed +741% over the last 3 years to FY2025 (+247.1%/yr). The count is GROWING — existing holders are being diluted. That's ~247.1% 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 FY2022 has been diluted ~741%.
386d DSOReceivables 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 — watch the trend.
185% of revStock-based comp load.Stock-based compensation ran 185% of revenue in FY2025 — about $0.16 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$32MGoodwill impairments.Took $32M of goodwill writedowns across 1 year(s) (FY2021 ($32M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin1223.1%
Debt / Equity0.13x
Free Cash Flow$-84.3M
Latest Revenue$5.8M
Return on Equity44.7%
Revenue Growth YoY+66.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ABEONA THERAPEUTICS INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ABEO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown