MeritValue

ABEONA THERAPEUTICS INC.

ABEOdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

ABEONA THERAPEUTICS INC. earns about -163% on equity, but has diluted owners by 1580% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3M1$1.41M2$3.5M3—$5.82M4
Net income−$84.9M5−$39.7M6−$54.2M7−$63.7M8$71.2M8
Operating cash flow−$65.7M9−$43.5M10−$37M11−$56M12−$76.3M12
Capital expenditure$4.15M13$130,00014$331,00015$2.45M16$7.98M16
Free cash flow (derived)−$69.8M9−$43.6M10−$37.3M11−$58.5M12−$84.3M12
Total debt———$37.9M17$40.1M17
Cash & equivalents$32.9M18$14.2M19$14.5M20$23.4M21$78.4M21
Diluted shares3.9M7.9M21.4M41.0M66.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$24.07
your share of equity
Profit it earned you last year
$10.76
Free cash flow it threw off
−$12.75
Debt you’d be carrying
$6.06

10 shares is a claim on $24.07 of net worth that earned you $10.76 and generated −$12.75 of cash last year, against $6.06 of debt.

iii. Is this a good business?
Moat signal · return on equity
-163% avg · 5y
FY21 -200%FY22 -148%FY23 -365%FY24 -145%FY25 45%

It earned an average -163% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1580% shares · 5y

Share count is up 1580% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$8.11
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009381 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010190 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010978 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-010413 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009381 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-010190 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010978 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010413 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009381 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010190 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010978 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010413 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009381 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-010190 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-010978 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-010413 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-010413 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-009381 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-010190 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001493152-25-010978 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-010413 (CashAndCashEquivalentsAtCarryingValue)