1Q: Caught Up W/ Mgmt -- Zevaskyn Uptake Continues To Accelerate

研报英文原文证据摘录

1Q: Caught Up W/ Mgmt -- Zevaskyn Uptake Continues To Accelerate

USA | Biotechnology

Abeona EquityMayResearch13, 2026

ESTIMATE CHANGE1Q: Caught Up W/ Mgmt -- Zevaskyn Uptake

RATING BUYContinues To Accelerate

PRICE $5.68^

Zevaskyn’s launch is inflecting w/ pt throughput expanding beyond the initial 2

QTCs (w/ 2 add’l QTCs now entering biopsy flow), the funnel broadening (>~100 PRICE TARGET | % TO PT $17.00 | +199%

pts identified), and access remaining clean (no final denials). W/ manufacturing 52W HIGH-LOW $7.54 - $4.00

now reliable, we see 4-5 pts tx'd as achievable in 2Q, supporting a path to a 2H26 FLOAT (%) | ADV MM (USD) 85.4% | 6.03

volume step-up and mgmt’s ~3 pts/mo profitability tgt (pot'ly as early as June); MARKET CAP $321.5M

ramp should continue into 2027 as QTC processes mature. TICKER ABEO ^Prior trading day's closing price unless otherwise

noted.

ABEO has now treated 5 pts since launch (1 in 4Q25; 3 in 1Q26; 1 treated so far in 2Q), w/

manufacturing underway for pt #6 and ~6 add’l biopsies expected in 2Q (3 already scheduled). To

FY (Dec) CHANGE TO JEFe JEF vs CONS

date, all treated+scheduled biopsies have come from the 1st 2 QTCs (Stanford + Lurie), but Colorado

2026 2027 2026 2027

and Galveston have pts identified, and mgmt expects biopsy schedule requests imminently, which

should broaden treatment flow over coming qtrs. REV NA NA NA NA

EPS +30% +23% -479% -65%

Demand / pt funnel expanding -- mgmt now cites >100 pts identified across QTCs & community

(vs ~50 prior) -- mgmt believes on avg each pt could go through two rounds of tx. Early uptake 2026 ($) Q1A Q2 Q3 Q4 FY

has spanned adults and peds (as young as 5 yrs) and commercial and Medicaid, and mgmt said EPS (0.30) (0.18) (0.07) 0.02 (0.53)

geographic proximity hasn’t been a barrier.