Abeona posts $71.2M net income from $152.4M voucher sale, treats first Zivasskin patient
Abeona Therapeutics reported 2025 net income of $71.2 million, driven by a $152.4 million rare pediatric disease voucher sale, despite a $20.5 million fourth-quarter loss on $5.4 million revenue. The first commercial patient received Zivasskin, which secured permanent HCPCS J code and payer coverage ahead of a 2026 launch ramp-up.
1. Financial Performance
Abeona reported 2025 net income of $71.2 million, driven by a $152.4 million gain from the sale of its rare pediatric disease priority review voucher. In the fourth quarter, the company posted a $20.5 million loss on $5.4 million in revenue, topping analyst projections and reflecting early commercial investment costs.
2. Zivasskin Launch and Payer Coverage
The first commercial patient has been treated with Zivasskin, the only autologous cell-based gene therapy for RDE, and all major payers including UnitedHealthcare, Cigna, Aetna, Anthem and most Blue Cross Blue Shield plans have published coverage policies for the therapy.
3. Reimbursement and Commercial Execution
Zivasskin received a permanent HCPCS J code effective January 1, 2026, streamlining billing and reimbursement. The company is working with five qualified treatment centers and aims to expand to seven active centers by year-end to support its 2026 launch ramp-up.
4. Operational Challenges
The therapy launch was delayed to the fourth quarter of 2025 due to sterility test optimization, and onboarding of treatment centers remains lengthy. This has led to variability in patient treatment speed and a $35.1 million year-over-year increase in SG&A expenses.