Abeona Therapeutics (ABEO) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 30, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ABEONA THERAPEUTICS INC.
Entity Central Index Key	318,306
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 74,700,000
Entity Common Stock, Shares Outstanding		32,743,013
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 40,138,000	$ 11,520,000
Receivables	115,000	35,000
Prepaid expenses and other current assets	315,000	0
Total current assets	40,568,000	11,555,000
Property and equipment, net	350,000	4,000
Licensed technology, net	6,609,000	4,991,000
Goodwill	32,466,000	0
Other assets	62,000	32,000
Total assets	80,055,000	16,582,000
Current liabilities
Accounts payable	875,000	1,896,000
Short-terms note payable	0	400,000
Current portion of deferred revenue	602,000	602,000
Total current liabilities	1,477,000	2,898,000
Contingent consideration liability	2,591,000	0
Payable due Licensor	4,000,000	4,000,000
Long-term deferred revenue	4,266,000	4,868,000
Total liabilities	$ 12,334,000	$ 11,766,000
Commitments and contingencies
Stockholders' equity
Common stock - $.01 par value; authorized 200,000,000 shares; issued 32,743,013 at December 31, 2015; issued 19,960,801 at December 31, 2014	$ 328,000	$ 200,000
Additional paid-in capital	377,993,000	300,690,000
Accumulated deficit	(310,600,000)	(296,074,000)
Total stockholders' equity	67,721,000	4,816,000
Total liabilities and stockholders' equity	$ 80,055,000	$ 16,582,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	32,743,013	19,960,801

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues
License revenues	$ 602,000	$ 598,000
Royalties	438,000	327,000
Total revenues	1,040,000	925,000
Expenses
Research and development	4,715,000	333,000
General and administrative	14,320,000	3,712,000
Depreciation and amortization	551,000	11,000
Total expenses	19,586,000	4,056,000
Loss from operations	(18,546,000)	(3,131,000)
Interest and miscellaneous income	4,026,000	45,000
Interest and other expense	(6,000)	(582,000)
Loss on change in fair value of derivative-preferred stock	0	(23,110,000)
Total non operating income (expense)	4,020,000	(23,647,000)
Net loss	(14,526,000)	(26,778,000)
Less preferred stock dividends	0	(2,875,000)
Net loss allocable to common stockholders	$ (14,526,000)	$ (29,653,000)
Basic and diluted loss per common share (in dollars per share)	$ (0.53)	$ (15.26)
Weighted average number of common shares outstanding (in shares)	27,597,434	1,942,905

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Preferred Stock - A [Member]	Preferred Stock - B [Member]	Additional paid-in capital [Member]	Treasury stock [Member]	Accumulated (deficit) [Member]	Total
Balance at Dec. 31, 2013	$ 6,000	$ 0	$ 0	$ 251,640,000	$ (4,000)	$ (266,421,000)	$ (14,779,000)
Balance (in shares) at Dec. 31, 2013	514,589	2,903.3617	1,000
Common stock issued for services	$ 0	$ 0	$ 0	349,000	0	0	349,000
Common stock issued for services (in shares)	22,000	0	0
Preferred stock converted into common stock	$ 0	$ 0	$ 0	0	0	0	0
Preferred stock converted into common stock (in shares)	4,000	(10)	0
Additional adjustments for reverse stock split	$ 0	$ 0	$ 0	0	0	0	0
Additional adjustments for reverse stock split (in shares)	6,609	0	0
Cancel treasury stock	$ 0	$ 0	$ 0	(4,000)	4,000	0	0
Cancel treasury stock (in shares)	(3)	0	0
Common stock issued, net of costs	$ 35,000	$ 0	$ 0	12,272,000	0	0	12,307,000
Common stock issued, net of costs (in shares)	3,500,000	0	0
Common stock issued for Series A preferred stock	$ 72,000	$ 0	$ 0	(72,000)	0	0	0
Common stock issued for Series A preferred stock (in shares)	7,233,404	(2,893.3617)	0
Common stock issued for Series A preferred stock unpaid dividends and interest	$ 17,000			7,066,000	0	0	7,083,000
Common stock issued for Series A preferred stock unpaid dividends and interest (in shares)	1,728,365
Elimination of derivative liability - preferred stock	$ 0	$ 0	$ 0	24,300,000	0	0	24,300,000
Series B preferred stock issued for unpaid Series B dividends and interest	0	0	$ 0	3,047,000	0	0	3,047,000
Series B preferred stock issued for unpaid Series B dividends and interest (in shares)			304
Series B preferred stock issued for unpaid liquidated damages	0	0	$ 0	857,000	0	0	857,000
Series B preferred stock issued for unpaid liquidated damages (in shares)			86
Common stock issued for Series B preferred stock, unpaid dividends and interest and liquidated damages	$ 70,000		$ 0	(70,000)	0	0	0
Common stock issued for Series B preferred stock, unpaid dividends and interest and liquidated damages (in shares)	6,951,837		(1,390)
Stock option compensation expense	$ 0	0	$ 0	1,305,000	0	0	1,305,000
Preferred dividends	0	0	0	0	0	(2,875,000)	(2,875,000)
Net loss	0	0	0	0	0	(26,778,000)	(26,778,000)
Balance at Dec. 31, 2014	$ 200,000	$ 0	$ 0	300,690,000	0	(296,074,000)	4,816,000
Balance (in shares) at Dec. 31, 2014	19,960,801	0	0
Common stock issued for services	$ 1,000	$ 0	$ 0	400,000	0	0	401,000
Common stock issued for services (in shares)	105,177	0
Common stock issued to employees	$ 0	$ 0	$ 0	32,000	0	0	32,000
Common stock issued to employees (in shares)	10,000	0	0
Restricted common stock issued to employees	$ 13,000	$ 0	$ 0	4,807,000	0	0	4,820,000
Restricted common stock issued to employees (in shares)	1,350,000	0	0
Exercise of $5.00 warrants	$ 9,000	$ 0	$ 0	4,626,000	0	0	4,635,000
Exercise of $5.00 warrants (in shares)	927,119	0	0
Common stock issued, net of costs	$ 24,000	$ 0	$ 0	6,977,000	0	0	7,001,000
Common stock issued, net of costs (in shares)	2,333,334	0	0
Common stock issued for $8.00 share net of costs	$ 13,000	$ 0	$ 0	8,992,000	0	0	9,005,000
Common stock issued for $8.00 share net of costs (in shares)	1,250,000	0	0
Common stock issued for $5.50 share net of costs	$ 28,000	$ 0	$ 0	15,383,000	0	0	15,411,000
Common stock issued for $5.50 share net of costs (in shares)	2,829,091	0	0
Common stock issued to Abeona Ohio holders	$ 40,000	$ 0	$ 0	31,718,000	0	0	31,758,000
Common stock issued to Abeona Ohio holders (in shares)	3,979,761	0	0
Transfer agent correction 2014 reverse stock split	$ 0	$ 0	$ 0	0	0	0	0
Transfer agent correction 2014 reverse stock split (in shares)	(2,270)	0	0
Stock option compensation expense	$ 0	$ 0	$ 0	4,368,000	0	0	4,368,000
Preferred dividends							0
Net loss	0	0	0	0	0	(14,526,000)	(14,526,000)
Balance at Dec. 31, 2015	$ 328,000	$ 0	$ 0	$ 377,993,000	$ 0	$ (310,600,000)	$ 67,721,000
Balance (in shares) at Dec. 31, 2015	32,743,013	0	0

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 24, 2014
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract]
Exercise price of warrants (in dollars per share)	$ 5		$ 5
Common stock issued, net of costs (in dollars per share)	3	$ 5.50		$ 4	$ 4
Common stock , net of costs (in dollars per share)	8
Common stock issued, net of costs (in dollars per share)	$ 5.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (14,526,000)	$ (26,778,000)
Adjustments to reconcile net loss to cash used in operating activities:
Loss on change in fair value of derivative-preferred stock	0	23,110,000
Depreciation and amortization	551,000	11,000
Stock option compensation expense	4,368,000	1,305,000
Stock issued to directors, employees and consultants	4,852,000	0
Stock issued for services	401,000	349,000
Change in operating assets and liabilities:
Receivables	(79,000)	39,000
Prepaid expenses and other current assets	(287,000)	77,000
Other assets	(29,000)	0
Accounts payable and accrued expenses	(1,174,000)	33,000
Interest on dividends payable	0	592,000
Contingent consideration milestone	(3,898,000)	0
Deferred revenue	(602,000)	(349,000)
Net cash used in operating activities	(10,423,000)	(1,611,000)
Cash flows from investing activities:
Capital expenditures	(308,000)	0
Cash from Abeona Ohio acquisition	3,697,000	0
Net cash provided by investing activities	3,389,000	0
Cash flows from financing activities:
Proceeds from $3.00 common stock issuances net of costs	7,001,000	0
Proceeds from $8.00 common stock issuances net of costs	9,005,000	0
Proceeds from $5.50 common stock issuances net of costs	15,411,000	0
Proceeds from exercise of $5.00 warrants	4,635,000	0
Proceeds from $4.00 common stock net of costs	0	12,307,000
Proceeds/payment of short-term debt	(400,000)	400,000
Net cash provided by financing activities	35,652,000	12,707,000
Net increase in cash and cash equivalents	28,618,000	11,096,000
Cash and cash equivalents at beginning of year	11,520,000	424,000
Cash and cash equivalents at end of year	40,138,000	11,520,000
Supplemental cash flow information:
Cash paid for interest	7,000	7,000
Supplemental disclosure of noncash transactions
Shares issued to holders of Abeona Ohio for acquisition	31,758,000	0
Contingent milestones to Abeona Ohio members	2,591,000	0
Licensed technology from Abeona Ohio	2,156,000	0
Cancel treasury stock	0	4,000
Payable in cash or future issuance of common shares for licensed technology	0	5,000,000
Preferred stock dividends in dividends payable	0	2,875,000
Conversion of Series A Preferred Stock Unpaid Dividends and Interest and Liquidation Damages into Shares of Common Stock [Member]
Conversion of Stock [Line Items]
Conversion of Stock, Amount Converted	0	7,081,000
Conversion of Series B Preferred Stock Unpaid Dividends and Interest and Liquidation Damages into Shares of Common Stock [Member]
Conversion of Stock [Line Items]
Conversion of Stock, Amount Converted	$ 0	$ 3,094,000

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	Dec. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 24, 2014
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Common stock issued, net of costs (in dollars per share)	$ 3	$ 5.50		$ 4	$ 4
Common stock , net of costs (in dollars per share)	8
Common stock , net of costs (in dollars per share)	5.50
Exercise price of warrants (in dollars per share)	$ 5		$ 5

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Abeona Therapeutics Inc. (together with our subsidiaries, “we”, “our”, “Abeona” or the “Company”) is a Delaware corporation. We are focused on developing and delivering gene therapy and plasma-based products for severe and life-threatening rare diseases. Abeona's lead programs are ABO-101 (AAV NAGLU) and ABO-102 (AAV SGSH), adeno-associated virus (AAV)-based gene therapies for Sanfilippo syndrome (MPS IIIB and IIIA, respectively). We are also developing ABO-201 (AAV CLN3) gene therapy for Juvenile Neuronal Ceroid Lipofuscinoses (JNCL) also known as juvenile Batten disease; and ABO-301 (AAV FANCC) for Fanconi anemia (FA) disorder using a novel CRISPR/Cas9-based gene editing approach to gene therapy program for rare blood diseases. In addition, we are also developing rare plasma protein therapies including PTB-101 SDF Alpha™ (alpha-1 protease inhibitor) for inherited COPD using our proprietary SDF™ (Salt Diafiltration) ethanol-free process. Certain amounts have been reclassified to conform with current period classification. A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The consolidated financial statements include the financial statements of Abeona Therapeutics Inc. and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions. Segments The Company operates in a single segment. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At December 31, 2015 and 2014, we had no such investments. We maintain deposits primarily in two financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (FDIC). We have not experienced any losses related to amounts in excess of FDIC limits. Receivables Receivables are reported in the balance sheets at the outstanding amount net of an allowance for doubtful accounts. We continually evaluate the creditworthiness of our customers and their financial condition and generally do not require collateral. The allowance for doubtful accounts is based upon reviews of specific customer balances, historic losses, and general economic conditions. As of December 31, 2015 and 2014, no allowance was recorded as all accounts are considered collectible. Property and Equipment Property and equipment are recorded at cost. Depreciation is provided using the straight-line method over estimated useful lives ranging from three to five years. Expenditures for major renewals and betterments that extend the useful lives are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. The cost of assets sold or abandoned and the related accumulated depreciation are eliminated from the accounts and any gains or losses are recognized in the accompanying consolidated statements of operations of the respective period. Licensed Technology We maintain licensed technology on our consolidated balance sheet until either the licensed technology agreement underlying it is completed or the asset becomes impaired. When we determine that an asset has become impaired or we abandon a project, we write down the carrying value of the related intangible asset to its fair value and take an impairment charge in the period in which the impairment occurs. Generally licensed technology is amortized over the life of the patent or the agreement. We test our intangible assets for impairment on an annual basis, or more frequently if indicators are present or changes in circumstance suggest that impairment may exist. Events that could result in an impairment, or trigger an interim impairment assessment, include the receipt of additional clinical or nonclinical data regarding our drug candidate or a potentially competitive drug candidate, changes in the clinical development program for a drug candidate or new information regarding potential sales for the drug. In connection with each annual impairment assessment and any interim impairment assessment, we compare the fair value of the asset as of the date of the assessment with the carrying value of the asset on our consolidated balance sheet. In 2015, we did not impair any licensed technology. Gene therapy license agreements On May 15, 2015, we acquired Abeona Therapeutics LLC which had a an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. This portfolio comprises 1 patent family: “Products and methods for delivery of polynuleotides by adeno-associated virus for lysosomal storage disorders”. Additionally, Abeona has secured FDA Orphan drug designation for both Sanfilippo A and B, which will provide 7 years of post-launch market exclusivity for both ABX-A and ABX-B in the U.S. Abeona will be seeking Orphan Drug Status within the EMA, which will grant 10 years of post-market exclusivity in the European Union. The license is amortized over the life of the license of 20 years. Plasma-based therapeutics license agreements On September 22, 2014, we entered into an exclusive, worldwide licensing agreement with Plasma Technologies LLC (“Licensor”) to obtain rights to utilize and to sub-license to other pharmaceuticals firms, its patented methods for the extraction of therapeutic biologics from human plasma. Under the terms of the licensing agreement, as amended on January 23, 2015, we paid a license fee of $1 million in cash, will pay $4,000,000 in cash or 1,096,151 shares of our common stock in 2017, a regulatory approval milestone payment of 513,375 shares of our common stock upon the first FDA regulatory approval of a drug derived from the Licensor’s proprietary SDF process, and a tiered royalty on annual net sales of plasma fractions produced with Licensor’s proprietary SDF process. The license is amortized over the life of the patent of 11 years. License Revenues and Royalties Our revenues are generated from licensing, research and development agreements, royalties and product sales. We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104 (SAB 104), Revenue Recognition Goodwill As of December 31, 2015, goodwill of $32.5 million was recorded on the Company's consolidated balance sheet. The implied fair value of goodwill represented the excess of the Abeona Ohio’s value over and above the fair value of its tangible assets and identifiable intangible assets. In accordance with Accounting Standards Codification (“ASC”) No. 350 — Intangibles — Goodwill and Other, Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses include, but are not limited to, payroll and personnel expense, lab supplies, preclinical, development cost, clinical trial expense, outside manufacturing and consulting. The cost of materials and equipment or facilities that are acquired for research and development activities and that have alternative future uses are capitalized when acquired. General and administrative expense General and administrative expenses primarily consist of personnel, contract personnel, personnel expenses to support our administrative and operating activities, facility costs and professional expenses (i.e., legal expenses), and investor relations fees. Other Income In 2015 and 2014, we recognized miscellaneous income of $4,026,000 and $45,000, respectively, due to the termination of the milestone recorded on the contingent consideration liability in 2015 and sales of platinum and monomers in 2014 and write-offs and settlements of other accounts payable for both years. In some of our license agreements we are responsible as agent for arranging the manufacture of MuGard (mucoadhesive oral wound rinse) and have entered into supply agreements with our license partners. Terms vary with each agreement but generally we arrange for the manufacture of MuGard with a third-party and receive a fee to cover our administration, handling and overhead costs. The income is recorded in other income. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets to the extent their realization is in doubt. We account for uncertain income tax positions in accordance with FASB ASC 740, Income Taxes Interest costs and penalties related to income taxes are classified as interest expense and general and administrative costs, respectively, in our consolidated financial statements. For the years ended December 31, 2015 and 2014, we did not recognize any uncertain tax positions or interest or penalty expense related to income taxes. It is determined not to be reasonably likely for the amounts of unrecognized tax benefits to significantly increase or decrease within the next 12 months. We are currently subject to a three year statute of limitations by major tax jurisdictions for the years ended 2012, 2013 and 2014. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction. Income (Loss) Per Share We have presented basic income (loss) per share, computed on the basis of the weighted average number of common shares outstanding during the year, and diluted income (loss) per share, computed on the basis of the weighted average number of common shares and all dilutive potential common shares outstanding during the year. Potential common shares result from stock options, preferred stock and warrants. Common equivalent shares have not been included in the net loss per share calculations for years ended December 31, 2015 and 2014 because the effect of including them would have been anti-dilutive. Basic and diluted net loss per share were determined as follows: (in thousands, except share and per share amounts) For the year ended December 31, 2015 2014 Net loss allocable to common stockholders $ (14,526 ) $ (29,653 ) Weighted average shares outstanding 27,597,434 1,942,905 Basic and diluted net loss per common share $ (0.53 ) $ (15.26 ) Net loss allocable to common stockholders $ (14,526 ) $ (29,653 ) We did not include the following securities in the table below in the computation of diluted net loss per common share because the securities were anti-dilutive during the periods presented: For the year ended December 2015 2014 Warrants 3,799,024 4,164,756 Stock options 2,324,084 210,134 Total 6,123,108 4,374,890 Stock-Based Compensation We account for stock based compensation expense in accordance with FASB ASC 718, Stock Based Compensation The following table summarizes stock-based compensation for the years ended December 31, 2015 and 2014 which was allocated as follows (in thousands): Year ended December 31, 2015 Year ended December 31, 2014 Research and development $ 773 $ 104 General and administrative 3,595 1,201 Stock-based compensation expense included in operating expense 4,368 1,305 Total stock-based compensation expense 4,368 1,305 Tax benefit - - Stock-based compensation expense, net of tax $ 4,368 $ 1,305 Recent Accounting Pronouncements In May 2014, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards (“IFRS”), the FASB issued ASU 2014-09 related to revenue recognition. The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption as of the original effective date. We are currently continuing to evaluate the impact that this standard will have on our consolidated financial statements as well as the appropriate method of adoption.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 2 - RELATED PARTY TRANSACTIONS On September 10, 2014, we entered into an Unsecured Grid Note, for up to $250,000 with SCO Capital Partners LLC (SCO). As of December 31, 2014 we had drawn a total of $250,000. The interest rate was 8% per annum and the maturity date was August 31, 2015 unless a financing of at least $5,000,000 occurred. The financing occurred December 24, 2014 and the Grid Note was paid in full on January 5, 2015. On September 10, 2014 we entered into a Share Exchange Agreement for Series B Preferred Stock between us and SCO and Beach Capital LLC whereby we agreed in connection with the consummation of the an offering for the Series B Preferred Stock to be converted into Common Stock. All Series B Preferred Stock dividends payable, interest on Series B Preferred Stock dividends payable and liquidated damages will be converted into Series B Preferred Stock just prior to an offering of at least $10 million. The Series B Preferred Stock, including the shares of Series B Preferred Stock issued upon conversion of all accrued dividends payable, interest on dividends payable and liquidated damages thereon, subject to a liquidation preference, will be exchanged for shares of Common Stock upon consummation of an offering at the offering price pursuant to a Share Exchange Agreement dated September 10, 2014. The conversion into Common Stock occurred on December 24, 2014. On December 1, 2014, we entered into a second Unsecured Grid Note, for up to $250,000 with SCO. As of December 31, 2014 we had drawn a total of $150,000. The interest rate was 8% per annum and the maturity date was November 30, 2015 unless a financing of at least $5,000,000 occurred. The financing occurred December 24, 2014 and the Grid Note was paid in full on January 5, 2015.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 - PROPERTY AND EQUIPMENT Property and equipment consists of the following: December 31, 2015 2014 Equipment laboratory $ 139,000 $ - Furniture and office equipment 209,000 14,000 Leasehold improvement 33,000 - 381,000 14,000 Less accumulated depreciation and amortization 31,000 10,000 Property and equipment, net $ 350,000 $ 4,000 Depreciation and amortization on property and equipment was $13,000 and $2,000 for the years ended December 31, 2015 and 2014, respectively.

LICENSED TECHNOLOGY

LICENSED TECHNOLOGY	12 Months Ended
	Dec. 31, 2015
LICENSED TECHNOLOGY [Abstract]
LICENSED TECHNOLOGY	NOTE 4 – LICENSED TECHNOLOGY On September 22, 2014, we entered into an exclusive, worldwide, licensing agreement with Licensor to obtain rights to utilize and to sub-license to other pharmaceuticals firms, its patented methods for the extraction of therapeutic biologics from human plasma. On May 15, 2015, we acquired Abeona Therapeutics LLC which had a an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. Licensed technology consists of the following: December 31, 2015 2014 Licensed technology $ 7,156,000 $ 5,000,000 Less accumulated amortization 547,000 9,000 Licensed technology, net $ 6,609,000 $ 4,991,000 Amortization on licensed technology was $538,000 and $9,000 for the years ended December 31, 2015 and 2014, respectively. The aggregate estimated amortization expense for intangible assets remaining as of December 31, 2015 is as follows: 2016 $ 582 2017 582 2018 582 2019 582 2020 582 Thereafter 3,699 Total $ 6,609

401(k) PLAN

401(k) PLAN	12 Months Ended
	Dec. 31, 2015
401(k) PLAN [Abstract]
401(k) PLAN	NOTE 5 – 401(k) PLAN We have a tax-qualified employee savings and retirement plan (the 401(k) Plan) covering all our employees. Pursuant to the 401(k) Plan, employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit ($18,000 in 2015 and $17,500 in 2014) and to have the amount of such reduction contributed to the 401(k) Plan. The 401(k) Plan is intended to qualify under Section 401 of the Internal Revenue Code so that contributions by employees or by us to the 401(k) Plan, and income earned on 401(k) Plan contributions, are not taxable to employees until withdrawn from the 401(k) Plan, and so that contributions by us, if any, will be deductible by us when made. At the direction of each participant, we invest the assets of the 401(k) Plan in any of 60 investment options. Company contributions under the 401(k) Plan were $0 in 2015 and 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES Operating Leases At December 31, 2015, we had a commitment under a non-cancelable operating lease for our New York office until December 31, 2016 totaling $171,000. We also had a non-cancelable operating lease for our Dallas office and lab until August 31, 2016 totaling $7,000. We had an operating lease for our Cleveland office and lab until December 31, 2025 totaling $2,520,000. We have the option to extend the lease for an additional five years. We can also terminate the lease early at December 31, 2020, at the end of year five, and pay for unamortized tenant improvements. Our total lease costs and unamortized tenant improvements would total $1,744,000 with the termination provision. The five year lease payment schedule is (in thousands): 2016 $ 349 2017 241 2018 246 2019 250 2020 836 Total $ 1,922 Rent expense for the years ended December 31, 2015 and 2014 was $219,000 and $178,000, respectively. Legal We are not currently subject to any material pending legal proceedings.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 7 - FAIR VALUE MEASUREMENTS We calculate the fair value of our assets and liabilities which qualify as financial instruments and include additional information in the notes to the consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of receivables, accounts payable, short-term notes payable and payable to licensor approximate their carrying amounts due to the relatively short maturity of these instruments. U.S. GAAP define’s fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 are summarized below: (in thousands) Description As of Level 1 Level 2 Level 3 Total Gains Liabilities: Contingent consideration $ 2,591 $ - $ - $ 2,591 $ 3,898 (in thousands) Description As of Level 1 Level 2 Level 3 Total Gains Liabilities: Derivative liability- preferred stock $ - $ - $ - $ - $ (23,110 ) In order to calculate the Level 3 Derivative liability - preferred stock, we used the Monte Carlo simulation to estimate future stock prices. The use of valuation techniques requires the Company to make various key assumptions for inputs into the model, including assumptions about the expected future volatility of the price of the Company’s stock. The preferred stock liability was converted into common stock on December 24, 2014.

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Dec. 31, 2015
PREFERRED STOCK [Abstract]
PREFERRED STOCK	NOTE 8 – PREFERRED STOCK Series A Cumulative Convertible Preferred Stock All Series A Preferred Stock, Series A dividends payable and interest on Series A Preferred Stock dividends payable were converted into 8,961,769 shares of common stock just prior to the closing of the financing on December 24, 2014. Derivative Liability Effective January 1, 2009, we adopted the provisions of FASB ASC 815, “Derivatives and Hedging” “Determining Whether an Instrument (or an Embeded Feature) is Indexed to an Entity’s Own Stock” We determined that the anti-dilution provision built into the Series A Preferred Stock and warrants issued should be considered for derivative accounting. FASB ASC 815 requires freestanding contracts that are settled in a company’s own stock to be designated as an equity instrument, assets or liability. Under the provisions of FASB ASC 815, a contract designated as an asset or liability must be initially recorded and carried at fair value until the contract meets the requirements for classification as equity, until the contract is exercised or until the contract expires. We determined that the anti-dilution provision associated with the November 2007 and February 2008 preferred shares and warrants no longer met the criteria for equity accounting through the revised criteria in FASB ASC 815. Accordingly, at January 1, 2009, we determined that the warrants and the Series A Preferred Stock conversion feature should be accounted for as derivative liabilities. The preferred stock conversion feature was determined to have no fair market value at both issuance dates as well as each reporting period until the third quarter of 2010 since management asserted that the likelihood of issuing any new equity at a price that would trigger the anti-dilution effect to be nil. During the third quarter of 2010 we were actively raising capital. With our stock price below $150.00 a share it was possible that we would sell shares below $150.00 per share. Since this would require an adjustment to our convertible preferred stock we recorded a derivative liability and expense at September 30, 2010. The derivative liability and expense was revalued at December 31, 2013 was $1,190,000; and at December 24, 2014 was $24,300,000. The change in the fair value of the derivative was a loss of $23,110,000 in 2014. The Series A Preferred Stock was converted into common stock at December 24, 2014 and the amount of the derivative liability was reclassified to stockholders equity. The warrants were valued at issuance and each reporting period since using the Black-Scholes model. On January 1, 2009 we reclassified the fair value of the warrants from equity to liability as if these warrants were treated as a derivative liability since their issue date. We recorded derivative gain of $271,000 for the year ended December 31, 2013. Warrants to purchase 72,998 shares of our common stock expired November 10, 2013. The remaining 9,992 warrants expired February 4, 2014. Series B Cumulative Convertible Preferred Stock All Series B Preferred Stock, Series B dividends payable, interest on Series B Preferred Stock dividends payable and liquidated damages were converted into 6,951,837 shares of common stock just prior to the closing of the financing on December 24, 2014. Liquidated Damages Pursuant to the terms of an Investor Rights Agreement with the Purchasers of Series A Preferred Stock, we were required to maintain an effective registration statement. The Securities and Exchange Commission declared the registration statement effective November 13, 2008 relating to a portion of such securities, and as a result, we accrued $857,000 in potential liquidated damages as of December 31, 2013 and December 31, 2012. Potential liquidated damages were capped at 10% of each holder’s investment. The accrued liquidated damages of $857,000 were converted into common stock at December 24, 2014. Preferred Stock Dividends – Series A Unpaid preferred stock dividends and interest of $6,913,416 accrued at December 24, 2014 was converted into common stock at December 24, 2014. Preferred Stock Dividends – Series B Unpaid preferred stock dividends and interest of $3,046,553 accrued at December 31, 2014 was converted into common stock at December 24, 2014.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY 2015 Financing On July 31, 2015 we closed an upsized $15.5 million direct placement of registered common stock with institutional investors, including Soros Fund Management and Perceptive Life Science Fund, and two members of our Board of Directors. The financing was comprised of 2.83 million shares of our common stock at a price of $5.50 per share. During the second quarter we received additional financing of $4.6 million through Warrant exercises of our $5.00 warrants. On May 11, 2015 we closed a $10 million private placement of common stock consisting of 1,250,000 shares of our common stock, at a price of $8.00 per share, and warrants to purchase 625,000 shares of our common stock with an exercise price of $10 per share. Also in connection with the financing, the placement agent received warrants to purchase 50,000 shares of common stock at $11.00 per share and which are exercisable for five years from the closing date. On April 23, 2015 we closed an upsized $7 million private placement of common stock consisting of 2,333,333 shares of our common stock, at a price of $3.00 per share. On December 24, 2014, we closed an underwritten public offering of 3,500,000 shares of common stock, and warrants to purchase up to an aggregate 3,500,000 shares of common stock, at an offering price of $4.00 per share and $.01 per warrant. The warrants have a per share exercise price of $5.00, are exercisable immediately, and expire 5 years from the date of issuance. The gross proceeds to the Company from this offering were $14,035,000, before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares and warrants in the offering were sold by the Company. In addition the underwriter received warrants to purchase 87,500 shares of common stock at $5.00 per share. The warrants are exercisable on December 18, 2015 and expire on December 18, 2019. Just before the financing closed on December 24, 2014, the Series A and Series B preferred stock and unpaid dividends and interest and liquidated damages were converted into common stock. Warrants There were warrants to purchase a total of 3,799,024 shares of common stock outstanding at December 31, 2015. All warrants were exercisable at December 31, 2015. The warrants had various exercise prices and terms as follows: Warrants Exercise Expiration Summary of Warrants Outstanding Price Date 2015 Financing 7/31/15 (a) 20,000 $ 6.05 07/31/20 2015 Financing 5/11/15 (b) 625,000 10.00 11/11/17 2015 Financing 5/11/15 agent warrants (b) 50,000 11.00 5/11/20 2014 Financing 12/24/14 (c) 2,572,881 5.00 12/24/19 2014 Financing 12/24/14 agent warrants (c) 87,500 5.00 12/18/19 2012 Series B private placement (d) 400,001 25.00 10/24/18 2011 November private placement (e) 42,898 100.00 11/10&30/16 2011 November placement agent warrants (e) 744 83.50&100.00 11/10&30/16 Total 3,799,024 a) In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 share of common stock at $6.05 per share. The warrants are exercisable and expire on July 31. 2020. b) In connection with the offering on May 11, 2015, warrants to purchase 625,000 shares of common stock at $10.00 per share were issued. All of the warrants exercisable and expire November 11, 2017. Also in connection with the offering on May 11, 2015, the placement agent received warrants to purchase 50,000 share of common stock at $11.00 per share. The warrants are exercisable and expire on May 11. 2020. c) In connection with an offering on December 24, 2014, warrants to purchase 3,500,000 shares of common stock at $5.00 per share were purchased and issued for $0.01 per warrant. All of the warrants are exercisable immediately and expire on December 24, 2019. At December 31, 2015, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 87,500 shares of common stock at $5.00 per share. The warrants were exercisable on December 18, 2015 and expire on December 18, 2019. d) In connection with a private placement offering on October 25, 2012, warrants to purchase 400,001 shares of common stock at $25.00 per share were issued. All of the warrants are exercisable immediately and expire on October 24, 2018. e) In connection with a private placement offering on November 10 and 30, 2011, warrants to purchase 42,898 shares of common stock at $100.00 per share were issued. All of the warrants are exercisable immediately and 37,148 warrants expire November 10, 2016 and 5,750 warrants expire November 30, 2016. Also in connection with a private placement offering on November 10 and 30, 2011, placement agent warrants to purchase 372 shares of common stock at $83.50 per share were issued. Also in connection with a private placement offering on November 10 and 30, 2011, placement agent warrants to purchase 372 shares of common stock at $100.00 per share were issued. All the placement agent warrants are exercisable immediately and 372 warrants expire November 10, 2016 and 372 warrants expire November 30, 2016.

STOCK OPTION PLANS

STOCK OPTION PLANS	12 Months Ended
	Dec. 31, 2015
STOCK OPTION PLANS [Abstract]
STOCK OPTION PLANS	NOTE 10 - STOCK OPTION PLANS Our stock-based employee compensation plans described below: 2015 Equity Incentive Plan We have a stock awards plan, (the 2015 Equity Incentive Plan), under which 5,000,000 shares of our authorized but unissued common stock were reserved for issuance to employees, consultants, or to non-employee members of the Board or to any board of directors (or similar governing authority) of any affiliate of the Company. The 2015 Equity Incentive Plan, approved by our shareholders on May 7, 2015, replaced the previously approved stock option plan (the 2005 Equity Incentive Plan). For the 2015 Equity Incentive Plan, the fair value of options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in fiscal 2015: dividend yield of 0%; volatility of 102%; risk-free interest rate of 0.86%; and expected lives of 5.0 years. The weighted average fair value of options granted was $6.90 per share during 2015. Summarized information for the 2015 Equity Incentive Plan is as follows: Weighted- average exercise Options price Outstanding options at January 1, 2015 - $ - Granted, fair value of $5.18 per share 1,994,000 6.90 Outstanding options at December 31, 2015 1,994,000 6.90 Exercisable at December 31, 2015 35,000 7.34 There was no intrinsic value related to the outstanding or exercisable options under this plan at December 31, 2015. Further information regarding options outstanding under the 2015 Equity Incentive Plan at December 31, 2015 is summarized below: Number of Weighted average Number of Weighted-average options Remaining Exercise options Remaining Exercise Range of exercise prices outstanding life in years price exercisable life in years price $4.38 - 7.34 1,994,000 9.0 $ 6.90 35,000 9.0 $ 7.34 2005 Equity Incentive Plan Under the 2005 Equity Incentive Plan, as amended, shares of our authorized but unissued common stock were reserved for issuance to employees, consultants, or to non-employee members of the Board or to any board of directors (or similar governing authority) of any affiliate of the Company. As of January 20, 2015 no additional shares were available for grant under the 2005 Equity Incentive Plan. A total of 330,084 options were outstanding and exercisable under this plan at December 31, 2015. For the 2005 Equity Incentive Plan, the fair value of options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in fiscal 2015: dividend yield of 0%; volatility of 102%; risk-free interest rate of 1.41%; and expected lives of 4.6 years. The weighted average fair value of the options grants was $4.52 per share in 2015. The assumptions for fiscal 2014 are: dividend yield of 0%; volatility of 102%; risk-free interest rate of 0.79%; and expected lives of 5.5 years. The weighted average fair value of the options granted was $14.50 per share in 2014. Summarized information for the 2005 Equity Incentive Plan is as follows: Weighted- average exercise Options price Outstanding options at January 1, 2014 28,784 $ 59.00 Granted, fair value of $14.50 per share 212,500 18.50 Expired/forfeited (31,200 ) 37.61 Outstanding options at December 31, 2014 210,084 20.19 Granted, fair value of $4.52 120,000 3.25 Outstanding options at December 31, 2015 330,084 13.49 Exercisable at December 31, 2015 319,884 15.02 The intrinsic value related to the outstanding or exercisable options under this plan at December 31, 2015 was $13,000 and $12,000, respectively. At December 31, 2014, the intrinsic value related to the outstanding or exercisable options was none. Further information regarding options outstanding under the 2005 Equity Incentive Plan at December 31, 2015 is summarized below: Number of Weighted average Number of Weighted-average options Remaining Exercise options Remaining Exercise Range of exercise prices outstanding life in years price exercisable life in years price $3.25 120,000 4.0 $ 3.25 110,000 4.0 $ 3.25 $11.50 - 18.50 200,000 7.7 $ 18.33 199,800 7.7 $ 18.32 $30.50 - 42.50 4,000 4.1 $ 32.19 4,000 4.1 $ 32.19 $69.00 1,400 4.0 $ 69.00 1,400 4.0 $ 69.00 $113.50 – 157.50 4,684 5.0 $ 119.99 4,684 5.0 $ 119.99 330,084 319,884

ABEONA THERAPEUTICS LLC ACQUISI

ABEONA THERAPEUTICS LLC ACQUISITION	12 Months Ended
	Dec. 31, 2015
ABEONA THERAPEUTICS LLC ACQUISITION [Abstract]
ABEONA THERAPEUTICS LLC ACQUISITION	Note 11 - Abeona Therapeutics LLC Acquisition On May 15, 2015, we agreed to issue an aggregate of 3,979,761 unregistered shares of our common stock to the members of Abeona Therapeutics LLC (Abeona Ohio). Abeona Ohio’s principal activities were focused on developing and delivering gene therapy products for severe and life-threatening rare diseases. Abeona Ohio's lead program is ABO-101 (AA NAGLU) and ABO-102 (AAV SGSH), adeno-associated virus (AAV)-based gene therapies for Sanfilippo syndrome (MPS IIIA and IIIB, respectively) in collaboration with patient advocate groups, researchers and clinicians, anticipated to commence clinical trials in 2016. The initial consideration of $31,758,000 was calculated using the Company’s stock price on date of the closing, May 15, 2015 of $7.98 times the number of the Company shares (3,979,761) issued to Abeona Ohio members. There is a contingent valuation on three milestones. Per the merger agreement with Abeona Ohio each milestone would consist of either cash, our stock or a combination of both, at the Company’s election, equivalent to a stated dollar amount. The fair value of the probability of achieving all three milestones was estimated at $6,489,000. The following purchase price allocation is as follows: Total purchase price Initial consideration $ 31,758,000 Contingent consideration 6,489,000 Total purchase price $ 38,247,000 Allocation of the purchase price Cash $ 3,697,000 Accounts receivable 1,000 Prepaid expenses 28,000 Property and equipment 51,000 Other assets 1,000 Accounts payable (153,000 ) Total tangible assets 3,625,000 Licensing agreement 2,156,000 Goodwill 32,466,000 Total net asset value $ 38,247,000 In connection with the acquisition $375,000 in merger costs were expensed. The first milestone of receiving IND allowance from the FDA to initiate a Phase 1 clinical study from MPS IIIA or MPSIIIB by November 15, 2015 was not met after the measurement period ended. The Company recognized $3,898,000 in Miscellaneous Income for change in fair value of our contingent consideration liability. Goodwill is not expected to be deductible for tax purposes.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 12 - INCOME TAXES Income tax expense differs from the statutory amounts as follows: 2015 2014 Income taxes at U.S. statutory rate $ (4,939,000 ) $ (9,105,000 ) Current year reserve 6,257,000 1,254,000 Other (1,318,000 ) 7,851,000 Total tax expense $ - $ - Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets were as follows: December 31, 2015 2014 Deferred tax assets Net operating loss carryforwards $ 68,636,000 $ 68,263,000 General business credit carryforwards 2,497,000 2,486,000 State credits 2,055,000 2,061,000 Property, equipment and goodwill (25,000 ) - Stock options 3,678,000 542,000 Derivatives (92,000 ) (92,000 ) Deferred revenue 1,669,000 92,000 Intangible assets 595,000 464,000 Accrued interest 253,000 253,000 Other 231,000 231,000 Gross deferred tax assets 79,497,000 74,300,000 Valuation allowance (79,497,000 ) (74,300,000 ) Net deferred taxes $ - $ - At December 31, 2015, we had approximately $209,666,000 of net operating loss carryforwards and approximately $2,497,000 of general business credit carryforwards. These carryforwards expire as follows: Net operating General business l oss carryforwards credit carryforwards 2016 $ - $ - 2017 - - 2018 3,324,000 112,000 Thereafter 206,342,000 2,385,000 $ 209,666,000 $ 2,497,000 As a result of a merger on January 25, 1996, a change in control occurred for federal income tax purposes, which limits the utilization of pre-merger net operating loss carryforwards of approximately $3,100,000 to approximately $530,000 per year. Additionally, we acquired MacroChem Corporation on February 25, 2009 and Somanta Pharmaceuticals, Inc. on January 4, 2008. Both corporations were loss companies at the time of the acquisition. Therefore, the net operating losses related to those acquisitions may be subject to annual limitations as provided by IRC Sec. 382.

NATURE OF OPERATIONS AND SUMM21

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Nature of Operations	Nature of Operations Abeona Therapeutics Inc. (together with our subsidiaries, “we”, “our”, “Abeona” or the “Company”) is a Delaware corporation. We are focused on developing and delivering gene therapy and plasma-based products for severe and life-threatening rare diseases. Abeona's lead programs are ABO-101 (AAV NAGLU) and ABO-102 (AAV SGSH), adeno-associated virus (AAV)-based gene therapies for Sanfilippo syndrome (MPS IIIB and IIIA, respectively). We are also developing ABO-201 (AAV CLN3) gene therapy for Juvenile Neuronal Ceroid Lipofuscinoses (JNCL) also known as juvenile Batten disease; and ABO-301 (AAV FANCC) for Fanconi anemia (FA) disorder using a novel CRISPR/Cas9-based gene editing approach to gene therapy program for rare blood diseases. In addition, we are also developing rare plasma protein therapies including PTB-101 SDF Alpha™ (alpha-1 protease inhibitor) for inherited COPD using our proprietary SDF™ (Salt Diafiltration) ethanol-free process. Certain amounts have been reclassified to conform with current period classification. A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows:
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the financial statements of Abeona Therapeutics Inc. and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions.
Segments	Segments The Company operates in a single segment.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At December 31, 2015 and 2014, we had no such investments. We maintain deposits primarily in two financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (FDIC). We have not experienced any losses related to amounts in excess of FDIC limits.
Receivables	Receivables Receivables are reported in the balance sheets at the outstanding amount net of an allowance for doubtful accounts. We continually evaluate the creditworthiness of our customers and their financial condition and generally do not require collateral. The allowance for doubtful accounts is based upon reviews of specific customer balances, historic losses, and general economic conditions. As of December 31, 2015 and 2014, no allowance was recorded as all accounts are considered collectible.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is provided using the straight-line method over estimated useful lives ranging from three to five years. Expenditures for major renewals and betterments that extend the useful lives are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. The cost of assets sold or abandoned and the related accumulated depreciation are eliminated from the accounts and any gains or losses are recognized in the accompanying consolidated statements of operations of the respective period.
Licensed Technology	Licensed Technology We maintain licensed technology on our consolidated balance sheet until either the licensed technology agreement underlying it is completed or the asset becomes impaired. When we determine that an asset has become impaired or we abandon a project, we write down the carrying value of the related intangible asset to its fair value and take an impairment charge in the period in which the impairment occurs. Generally licensed technology is amortized over the life of the patent or the agreement. We test our intangible assets for impairment on an annual basis, or more frequently if indicators are present or changes in circumstance suggest that impairment may exist. Events that could result in an impairment, or trigger an interim impairment assessment, include the receipt of additional clinical or nonclinical data regarding our drug candidate or a potentially competitive drug candidate, changes in the clinical development program for a drug candidate or new information regarding potential sales for the drug. In connection with each annual impairment assessment and any interim impairment assessment, we compare the fair value of the asset as of the date of the assessment with the carrying value of the asset on our consolidated balance sheet. In 2015, we did not impair any licensed technology. Gene therapy license agreements On May 15, 2015, we acquired Abeona Therapeutics LLC which had a an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. This portfolio comprises 1 patent family: “Products and methods for delivery of polynuleotides by adeno-associated virus for lysosomal storage disorders”. Additionally, Abeona has secured FDA Orphan drug designation for both Sanfilippo A and B, which will provide 7 years of post-launch market exclusivity for both ABX-A and ABX-B in the U.S. Abeona will be seeking Orphan Drug Status within the EMA, which will grant 10 years of post-market exclusivity in the European Union. The license is amortized over the life of the license of 20 years. Plasma-based therapeutics license agreements On September 22, 2014, we entered into an exclusive, worldwide licensing agreement with Plasma Technologies LLC (“Licensor”) to obtain rights to utilize and to sub-license to other pharmaceuticals firms, its patented methods for the extraction of therapeutic biologics from human plasma. Under the terms of the licensing agreement, as amended on January 23, 2015, we paid a license fee of $1 million in cash, will pay $4,000,000 in cash or 1,096,151 shares of our common stock in 2017, a regulatory approval milestone payment of 513,375 shares of our common stock upon the first FDA regulatory approval of a drug derived from the Licensor’s proprietary SDF process, and a tiered royalty on annual net sales of plasma fractions produced with Licensor’s proprietary SDF process. The license is amortized over the life of the patent of 11 years.
License Revenues and Royalties	License Revenues and Royalties Our revenues are generated from licensing, research and development agreements, royalties and product sales. We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104 (SAB 104), Revenue Recognition
Goodwill	Goodwill As of December 31, 2015, goodwill of $32.5 million was recorded on the Company's consolidated balance sheet. The implied fair value of goodwill represented the excess of the Abeona Ohio’s value over and above the fair value of its tangible assets and identifiable intangible assets. In accordance with Accounting Standards Codification (“ASC”) No. 350 — Intangibles — Goodwill and Other,
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses include, but are not limited to, payroll and personnel expense, lab supplies, preclinical, development cost, clinical trial expense, outside manufacturing and consulting. The cost of materials and equipment or facilities that are acquired for research and development activities and that have alternative future uses are capitalized when acquired.
General and administrative expense	General and administrative expense General and administrative expenses primarily consist of personnel, contract personnel, personnel expenses to support our administrative and operating activities, facility costs and professional expenses (i.e., legal expenses), and investor relations fees.
Other Income	Other Income In 2015 and 2014, we recognized miscellaneous income of $4,026,000 and $45,000, respectively, due to the termination of the milestone recorded on the contingent consideration liability in 2015 and sales of platinum and monomers in 2014 and write-offs and settlements of other accounts payable for both years. In some of our license agreements we are responsible as agent for arranging the manufacture of MuGard (mucoadhesive oral wound rinse) and have entered into supply agreements with our license partners. Terms vary with each agreement but generally we arrange for the manufacture of MuGard with a third-party and receive a fee to cover our administration, handling and overhead costs. The income is recorded in other income.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets to the extent their realization is in doubt. We account for uncertain income tax positions in accordance with FASB ASC 740, Income Taxes Interest costs and penalties related to income taxes are classified as interest expense and general and administrative costs, respectively, in our consolidated financial statements. For the years ended December 31, 2015 and 2014, we did not recognize any uncertain tax positions or interest or penalty expense related to income taxes. It is determined not to be reasonably likely for the amounts of unrecognized tax benefits to significantly increase or decrease within the next 12 months. We are currently subject to a three year statute of limitations by major tax jurisdictions for the years ended 2012, 2013 and 2014. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction.
Income (Loss) Per Share	Income (Loss) Per Share We have presented basic income (loss) per share, computed on the basis of the weighted average number of common shares outstanding during the year, and diluted income (loss) per share, computed on the basis of the weighted average number of common shares and all dilutive potential common shares outstanding during the year. Potential common shares result from stock options, preferred stock and warrants. Common equivalent shares have not been included in the net loss per share calculations for years ended December 31, 2015 and 2014 because the effect of including them would have been anti-dilutive. Basic and diluted net loss per share were determined as follows: (in thousands, except share and per share amounts) For the year ended December 31, 2015 2014 Net loss allocable to common stockholders $ (14,526 ) $ (29,653 ) Weighted average shares outstanding 27,597,434 1,942,905 Basic and diluted net loss per common share $ (0.53 ) $ (15.26 ) Net loss allocable to common stockholders $ (14,526 ) $ (29,653 ) We did not include the following securities in the table below in the computation of diluted net loss per common share because the securities were anti-dilutive during the periods presented: For the year ended December 2015 2014 Warrants 3,799,024 4,164,756 Stock options 2,324,084 210,134 Total 6,123,108 4,374,890
Stock-Based Compensation	Stock-Based Compensation We account for stock based compensation expense in accordance with FASB ASC 718, Stock Based Compensation The following table summarizes stock-based compensation for the years ended December 31, 2015 and 2014 which was allocated as follows (in thousands): Year ended December 31, 2015 Year ended December 31, 2014 Research and development $ 773 $ 104 General and administrative 3,595 1,201 Stock-based compensation expense included in operating expense 4,368 1,305 Total stock-based compensation expense 4,368 1,305 Tax benefit - - Stock-based compensation expense, net of tax $ 4,368 $ 1,305
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards (“IFRS”), the FASB issued ASU 2014-09 related to revenue recognition. The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption as of the original effective date. We are currently continuing to evaluate the impact that this standard will have on our consolidated financial statements as well as the appropriate method of adoption.

NATURE OF OPERATIONS AND SUMM22

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basic and diluted net loss per share	Basic and diluted net loss per share were determined as follows: (in thousands, except share and per share amounts) For the year ended December 31, 2015 2014 Net loss allocable to common stockholders $ (14,526 ) $ (29,653 ) Weighted average shares outstanding 27,597,434 1,942,905 Basic and diluted net loss per common share $ (0.53 ) $ (15.26 ) Net loss allocable to common stockholders $ (14,526 ) $ (29,653 )
Antidilutive securities excluded from computation of earnings per share	We did not include the following securities in the table below in the computation of diluted net loss per common share because the securities were anti-dilutive during the periods presented: For the year ended December 2015 2014 Warrants 3,799,024 4,164,756 Stock options 2,324,084 210,134 Total 6,123,108 4,374,890
Stock-based compensation allocation	The following table summarizes stock-based compensation for the years ended December 31, 2015 and 2014 which was allocated as follows (in thousands): Year ended December 31, 2015 Year ended December 31, 2014 Research and development $ 773 $ 104 General and administrative 3,595 1,201 Stock-based compensation expense included in operating expense 4,368 1,305 Total stock-based compensation expense 4,368 1,305 Tax benefit - - Stock-based compensation expense, net of tax $ 4,368 $ 1,305

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment	Property and equipment consists of the following: December 31, 2015 2014 Equipment laboratory $ 139,000 $ - Furniture and office equipment 209,000 14,000 Leasehold improvement 33,000 - 381,000 14,000 Less accumulated depreciation and amortization 31,000 10,000 Property and equipment, net $ 350,000 $ 4,000

LICENSED TECHNOLOGY (Tables)

LICENSED TECHNOLOGY (Tables)	12 Months Ended
	Dec. 31, 2015
LICENSED TECHNOLOGY [Abstract]
Schedule of licensed technology	Licensed technology consists of the following: December 31, 2015 2014 Licensed technology $ 7,156,000 $ 5,000,000 Less accumulated amortization 547,000 9,000 Licensed technology, net $ 6,609,000 $ 4,991,000
Amortization expense for intangible assets	The aggregate estimated amortization expense for intangible assets remaining as of December 31, 2015 is as follows: 2016 $ 582 2017 582 2018 582 2019 582 2020 582 Thereafter 3,699 Total $ 6,609

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of future minimum payments for operating leases	The five year lease payment schedule is (in thousands): 2016 $ 349 2017 241 2018 246 2019 250 2020 836 Total $ 1,922

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Financial assets and liabilities measured at fair value on recurring basis	Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 are summarized below: (in thousands) Description As of Level 1 Level 2 Level 3 Total Gains Liabilities: Contingent consideration $ 2,591 $ - $ - $ 2,591 $ 3,898 (in thousands) Description As of Level 1 Level 2 Level 3 Total Gains Liabilities: Derivative liability- preferred stock $ - $ - $ - $ - $ (23,110 )

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
STOCKHOLDERS' EQUITY [Abstract]
Schedule of warrants outstanding at various exercise prices	The warrants had various exercise prices and terms as follows: Warrants Exercise Expiration Summary of Warrants Outstanding Price Date 2015 Financing 7/31/15 (a) 20,000 $ 6.05 07/31/20 2015 Financing 5/11/15 (b) 625,000 10.00 11/11/17 2015 Financing 5/11/15 agent warrants (b) 50,000 11.00 5/11/20 2014 Financing 12/24/14 (c) 2,572,881 5.00 12/24/19 2014 Financing 12/24/14 agent warrants (c) 87,500 5.00 12/18/19 2012 Series B private placement (d) 400,001 25.00 10/24/18 2011 November private placement (e) 42,898 100.00 11/10&30/16 2011 November placement agent warrants (e) 744 83.50&100.00 11/10&30/16 Total 3,799,024 a) In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 share of common stock at $6.05 per share. The warrants are exercisable and expire on July 31. 2020. b) In connection with the offering on May 11, 2015, warrants to purchase 625,000 shares of common stock at $10.00 per share were issued. All of the warrants exercisable and expire November 11, 2017. Also in connection with the offering on May 11, 2015, the placement agent received warrants to purchase 50,000 share of common stock at $11.00 per share. The warrants are exercisable and expire on May 11. 2020. c) In connection with an offering on December 24, 2014, warrants to purchase 3,500,000 shares of common stock at $5.00 per share were purchased and issued for $0.01 per warrant. All of the warrants are exercisable immediately and expire on December 24, 2019. At December 31, 2015, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 87,500 shares of common stock at $5.00 per share. The warrants were exercisable on December 18, 2015 and expire on December 18, 2019. d) In connection with a private placement offering on October 25, 2012, warrants to purchase 400,001 shares of common stock at $25.00 per share were issued. All of the warrants are exercisable immediately and expire on October 24, 2018. e) In connection with a private placement offering on November 10 and 30, 2011, warrants to purchase 42,898 shares of common stock at $100.00 per share were issued. All of the warrants are exercisable immediately and 37,148 warrants expire November 10, 2016 and 5,750 warrants expire November 30, 2016.

STOCK OPTION PLANS (Tables)

STOCK OPTION PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summarized information of stock options	Summarized information for the 2015 Equity Incentive Plan is as follows: Weighted- average exercise Options price Outstanding options at January 1, 2015 - $ - Granted, fair value of $5.18 per share 1,994,000 6.90 Outstanding options at December 31, 2015 1,994,000 6.90 Exercisable at December 31, 2015 35,000 7.34
Information regarding options outstanding by range of exercise prices	Further information regarding options outstanding under the 2015 Equity Incentive Plan at December 31, 2015 is summarized below: Number of Weighted average Number of Weighted-average options Remaining Exercise options Remaining Exercise Range of exercise prices outstanding life in years price exercisable life in years price $4.38 - 7.34 1,994,000 9.0 $ 6.90 35,000 9.0 $ 7.34
2005 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summarized information of stock options	Summarized information for the 2005 Equity Incentive Plan is as follows: Weighted- average exercise Options price Outstanding options at January 1, 2014 28,784 $ 59.00 Granted, fair value of $14.50 per share 212,500 18.50 Expired/forfeited (31,200 ) 37.61 Outstanding options at December 31, 2014 210,084 20.19 Granted, fair value of $4.52 120,000 3.25 Outstanding options at December 31, 2015 330,084 13.49 Exercisable at December 31, 2015 319,884 15.02
Information regarding options outstanding by range of exercise prices	Further information regarding options outstanding under the 2005 Equity Incentive Plan at December 31, 2015 is summarized below: Number of Weighted average Number of Weighted-average options Remaining Exercise options Remaining Exercise Range of exercise prices outstanding life in years price exercisable life in years price $3.25 120,000 4.0 $ 3.25 110,000 4.0 $ 3.25 $11.50 - 18.50 200,000 7.7 $ 18.33 199,800 7.7 $ 18.32 $30.50 - 42.50 4,000 4.1 $ 32.19 4,000 4.1 $ 32.19 $69.00 1,400 4.0 $ 69.00 1,400 4.0 $ 69.00 $113.50 – 157.50 4,684 5.0 $ 119.99 4,684 5.0 $ 119.99 330,084 319,884

ABEONA THERAPEUTICS LLC ACQUI29

ABEONA THERAPEUTICS LLC ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2015
ABEONA THERAPEUTICS LLC ACQUISITION [Abstract]
Schedule of purchase price allocation	The following purchase price allocation is as follows: Total purchase price Initial consideration $ 31,758,000 Contingent consideration 6,489,000 Total purchase price $ 38,247,000 Allocation of the purchase price Cash $ 3,697,000 Accounts receivable 1,000 Prepaid expenses 28,000 Property and equipment 51,000 Other assets 1,000 Accounts payable (153,000 ) Total tangible assets 3,625,000 Licensing agreement 2,156,000 Goodwill 32,466,000 Total net asset value $ 38,247,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
Income tax expense differs from statutory amounts	Income tax expense differs from the statutory amounts as follows: 2015 2014 Income taxes at U.S. statutory rate $ (4,939,000 ) $ (9,105,000 ) Current year reserve 6,257,000 1,254,000 Other (1,318,000 ) 7,851,000 Total tax expense $ - $ -
Temporary differences that give rise to deferred tax assets	Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets were as follows: December 31, 2015 2014 Deferred tax assets Net operating loss carryforwards $ 68,636,000 $ 68,263,000 General business credit carryforwards 2,497,000 2,486,000 State credits 2,055,000 2,061,000 Property, equipment and goodwill (25,000 ) - Stock options 3,678,000 542,000 Derivatives (92,000 ) (92,000 ) Deferred revenue 1,669,000 92,000 Intangible assets 595,000 464,000 Accrued interest 253,000 253,000 Other 231,000 231,000 Gross deferred tax assets 79,497,000 74,300,000 Valuation allowance (79,497,000 ) (74,300,000 ) Net deferred taxes $ - $ -
Net operating loss carryforwards and general business credits expiration dates	These carryforwards expire as follows: Net operating General business l oss carryforwards credit carryforwards 2016 $ - $ - 2017 - - 2018 3,324,000 112,000 Thereafter 206,342,000 2,385,000 $ 209,666,000 $ 2,497,000

NATURE OF OPERATIONS AND SUMM31

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2015USD ($)InstitutionLicensePlan$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Cash and Cash Equivalents [Abstract]
Highly liquid investments	$ 0	$ 0
Number of financial institutions deposits are primarily maintained | Institution	2
Allowance for doubtful accounts receivable	$ 0	0
Goodwill [Abstract]
Goodwill	32,466,000	0
Other Income [Abstract]
Miscellaneous income	$ 4,026,000	45,000
Number of years subject to statute of limitations by major tax jurisdiction	3 years
Basic and diluted net loss per share [Abstract]
Net loss allocable to common stockholders	$ (14,526,000)	$ (29,653,000)
Weighted average shares outstanding (in shares) | shares	27,597,434	1,942,905
Basic and diluted net loss per common share (in dollars per share) | $ / shares	$ (0.53)	$ (15.26)
Net loss allocable to common stockholders	$ (14,526,000)	$ (29,653,000)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in computation of diluted net income (loss) per common share (in shares) | shares	6,123,108	4,374,890
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock based compensation plans | Plan	2
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,368,000	$ 1,305,000
Tax benefit	0	0
Stock-based compensation expense, net of tax	$ 4,368,000	1,305,000
Gene Therapy [Member]
Licensed Technology [Abstract]
Number of patent family | License	1
Period of amortization of license	20 years
Plasma-based Therapeutics [Member]
Licensed Technology [Abstract]
License fee	$ 1,000,000
License fee payable	$ 4,000,000
Common stock shares in lieu of cash (in shares) | shares	1,096,151
Period of amortization of license	11 years
Regulatory approval milestone payment (in shares) | shares	513,375
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 773,000	104,000
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,595,000	1,201,000
Operating Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,368,000	$ 1,305,000
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in computation of diluted net income (loss) per common share (in shares) | shares	3,799,024	4,164,756
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in computation of diluted net income (loss) per common share (in shares) | shares	2,324,084	210,134

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - SCO Capital Partners LLC (SCO) [Member] - USD ($)	Sep. 10, 2014	Dec. 31, 2014	Dec. 01, 2014
Series B Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Preferred stock dividends	$ 10,000,000
Unsecured Grid Note [Member]
Related Party Transaction [Line Items]
Unsecured grid note amount	$ 250,000
Total amount drawn		$ 250,000
Interest rate		8.00%
Maturity date		Aug. 31, 2015
Total amount required		$ 5,000,000
Second Unsecured Grid Note [Member]
Related Party Transaction [Line Items]
Unsecured grid note amount			$ 250,000
Total amount drawn		$ 150,000
Interest rate		8.00%
Maturity date		Nov. 30, 2015
Total amount required		$ 5,000,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Components of property and equipment [Abstract]
Property and equipment, gross	$ 381,000	$ 14,000
Less accumulated depreciation and amortization	31,000	10,000
Property and equipment, net	350,000	4,000
Depreciation and amortization on property and equipment	13,000	2,000
Equipment Laboratory [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	139,000	0
Furniture and Office Equipment [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	209,000	14,000
Leasehold Improvement [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	$ 33,000	$ 0

LICENSED TECHNOLOGY (Details)

LICENSED TECHNOLOGY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Licensed Technology [Abstract]
Licensed technology	$ 7,156,000	$ 5,000,000
Less accumulated amortization	547,000	9,000
Licensed technology, net	6,609,000	4,991,000
Amortization on licensed technology	538,000	9,000
Amortization expense for intangible assets [Abstract]
2,016	582,000
2,017	582,000
2,018	582,000
2,019	582,000
2,020	582,000
Thereafter	3,699,000
Licensed technology, net	$ 6,609,000	$ 4,991,000

401(k) PLAN (Details)

401(k) PLAN (Details)	12 Months Ended
	Dec. 31, 2015USD ($)InvestmentOptions	Dec. 31, 2014USD ($)
401(k) PLAN [Abstract]
Maximum annual contribution per employee under 401(k) plan	$ 18,000	$ 17,500
Number of investment options | InvestmentOptions	60
Company contributions under 401 (k) Plan	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES36

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Leases [Abstract]
Non-cancelable operating leases	$ 349,000
Operating leases	$ 2,520,000
Lease extension period	P5Y
Total lease costs and unamortized tenant improvements	$ 1,744,000
Operating Leases, Lease Payment [Abstract]
2,016	349,000
2,017	241,000
2,018	246,000
2,019	250,000
2,020	836,000
Total	1,922,000
Rent expense	219,000	$ 178,000
New York Office [Member]
Operating Leases [Abstract]
Non-cancelable operating leases	171,000
Operating Leases, Lease Payment [Abstract]
2,016	171,000
Dallas Office [Member]
Operating Leases [Abstract]
Non-cancelable operating leases	7,000
Operating Leases, Lease Payment [Abstract]
2,016	$ 7,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 24, 2014	Dec. 31, 2013
Liabilities [Abstract]
Contingent consideration	$ 2,591,000	$ 0
Derivative liability - preferred stock			$ 24,300,000	$ 1,190,000
Total gains (losses)	0	(23,110,000)
Recurring [Member]
Liabilities [Abstract]
Contingent consideration	2,591,000
Total gains (losses)	3,898,000
Recurring [Member] | Level 1 [Member]
Liabilities [Abstract]
Contingent consideration	0
Recurring [Member] | Level 2 [Member]
Liabilities [Abstract]
Contingent consideration	0
Recurring [Member] | Level 3 [Member]
Liabilities [Abstract]
Contingent consideration	$ 2,591,000
Recurring [Member] | Preferred Stock [Member]
Liabilities [Abstract]
Derivative liability - preferred stock		0
Total gains (losses)		(23,110,000)
Recurring [Member] | Preferred Stock [Member] | Level 1 [Member]
Liabilities [Abstract]
Derivative liability - preferred stock		0
Recurring [Member] | Preferred Stock [Member] | Level 2 [Member]
Liabilities [Abstract]
Derivative liability - preferred stock		0
Recurring [Member] | Preferred Stock [Member] | Level 3 [Member]
Liabilities [Abstract]
Derivative liability - preferred stock		$ 0

PREFERRED STOCK (Details)

PREFERRED STOCK (Details) - USD ($)	Feb. 04, 2014	Nov. 10, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015	Dec. 24, 2014	Dec. 31, 2012
Class of Stock [Line Items]
Warrants exercise price (in dollars per share)			$ 5			$ 5
Warrants granted to acquire shares of common stock (in shares)			77,091
Derivative liability - preferred stock					$ 1,190,000		$ 24,300,000
Gain (loss) on derivative			$ 0	$ (23,110,000)
Gain on derivative					271,000
Accrued potential liquidated damages					$ 857,000			$ 857,000
Potential liquidated damages			10.00%
Series A Cumulative Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Warrants exercise price (in dollars per share)			$ 175
Initial conversion price (in dollars per share)			$ 150
Conversion of outstanding shares at dividends payable on preferred stock (in shares)				8,961,769
Preferred stock dividends accrued							6,913,416
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of outstanding shares at dividends payable on preferred stock (in shares)				6,951,837
Preferred stock dividends accrued							$ 3,046,533
Preferred Stock Offering 2008 [Member] | Warrants [Member]
Class of Stock [Line Items]
Warrants expired (in shares)	9,992	72,998

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)		Jul. 31, 2015USD ($)Director$ / sharesshares	May. 11, 2015USD ($)$ / sharesshares	Apr. 23, 2015USD ($)$ / sharesshares	Dec. 24, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Dec. 31, 2015$ / sharesshares	Dec. 31, 2014$ / shares
Class of Warrant or Right [Line Items]
Proceed from sale of stock from private placement | $		$ 15,500,000				$ 4,600,000
Number of board of directors | Director		2
Common stock price per share (in dollars per share) | $ / shares		$ 5.50			$ 4		$ 3	$ 4
Underwritten public offering (in shares)		2,830,000			3,500,000
Warrant issued (in shares)							77,091
Warrants issued price (in dollars per share) | $ / shares					$ 0.01
Warrants exercisable date							Dec. 18, 2015
Exercisable period of warrants					5 years
Gross proceeds from offering | $					$ 14,035,000
Warrants Outstanding (in shares)							3,799,024
Exercise Price (in dollars per share) | $ / shares						$ 5	$ 5
Private Placement [Member]
Class of Warrant or Right [Line Items]
Proceed from sale of stock from private placement | $			$ 10,000,000	$ 7,000,000
Common stock price per share (in dollars per share) | $ / shares			$ 8	$ 3
Underwritten public offering (in shares)			1,250,000	2,333,333
Warrant issued (in shares)			625,000
Exercise Price (in dollars per share) | $ / shares			$ 10
Placement Agent [Member]
Class of Warrant or Right [Line Items]
Warrant issued (in shares)			50,000
Term of warrant			5 years
Exercise Price (in dollars per share) | $ / shares			$ 11
2015 July Financing [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[1]						20,000
Exercise Price (in dollars per share) | $ / shares	[1]						$ 6.05
Expiration Date	[1]						Jul. 31, 2020
2015 May Financing [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[2]						625,000
Exercise Price (in dollars per share) | $ / shares	[2]						$ 10
Expiration Date	[2]						Nov. 11, 2017
2015 May Financing Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[2]						50,000
Exercise Price (in dollars per share) | $ / shares	[2]						$ 11
Expiration Date	[2]						May 11, 2020
2014 December Financing [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[3]						2,572,881
Exercise Price (in dollars per share) | $ / shares	[3]						$ 5
Expiration Date	[3]						Dec. 24, 2019
2014 December Financing Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[3]						87,500
Exercise Price (in dollars per share) | $ / shares	[3]						$ 5
Expiration Date	[3]						Dec. 18, 2019
2012 Series B Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[4]						400,001
Exercise Price (in dollars per share) | $ / shares	[4]						$ 25
Expiration Date	[4]						Oct. 24, 2018
2011 November Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[5]						42,898
Exercise Price (in dollars per share) | $ / shares	[5]						$ 100
Expiration Date	[5]						11/10 & 30/16
2011 November Private Placement [Member] | Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)							37,148
Expiration Date							Nov. 10, 2016
2011 November Private Placement [Member] | Warrant2 [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)							5,750
Expiration Date							Nov. 30, 2016
2011 November Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	[5]						744
Expiration Date	[5]						11/10 & 30/16
2011 November Placement Agent Warrants [Member] | Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)							372
Exercise Price (in dollars per share) | $ / shares	[5]						$ 83.50
2011 November Placement Agent Warrants [Member] | Warrant2 [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)							372
Exercise Price (in dollars per share) | $ / shares	[5]						$ 100
[1]	In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 share of common stock at $6.05 per share. The warrants are exercisable and expire on July 31. 2020.
[2]	In connection with the offering on May 11, 2015, warrants to purchase 625,000 shares of common stock at $10.00 per share were issued. All of the warrants exercisable and expire November 11, 2017. Also in connection with the offering on May 11, 2015, the placement agent received warrants to purchase 50,000 share of common stock at $11.00 per share. The warrants are exercisable and expire on May 11. 2020.
[3]	In connection with an offering on December 24, 2014, warrants to purchase 3,500,000 shares of common stock at $5.00 per share were purchased and issued for $0.01 per warrant. All of the warrants are exercisable immediately and expire on December 24, 2019. At December 31, 2015, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 87,500 shares of common stock at $5.00 per share. The warrants were exercisable on December 18, 2015 and expire on December 18, 2019.
[4]	In connection with a private placement offering on October 25, 2012, warrants to purchase 400,001 shares of common stock at $25.00 per share were issued. All of the warrants are exercisable immediately and expire on October 24, 2018.
[5]	In connection with a private placement offering on November 10 and 30, 2011, warrants to purchase 42,898 shares of common stock at $100.00 per share were issued. All of the warrants are exercisable immediately and 37,148 warrants expire November 10, 2016 and 5,750 warrants expire November 30, 2016. Also in connection with a private placement offering on November 10 and 30, 2011, placement agent warrants to purchase 372 shares of common stock at $83.50 per share were issued. Also in connection with a private placement offering on November 10 and 30, 2011, placement agent warrants to purchase 372 shares of common stock at $100.00 per share were issued. All the placement agent warrants are exercisable immediately and 372 warrants expire November 10, 2016 and 372 warrants expire November 30, 2016.

STOCK OPTION PLANS (Details)

STOCK OPTION PLANS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized but unissued common stock (in shares)	5,000,000
Dividend yield	0.00%
Volatility	102.00%
Risk-free interest rate	0.86%
Expected lives	5 years
Weighted average fair value of options granted (in dollars per share)	$ 5.18
Options [Roll Forward]
Outstanding options, beginning balance (in shares)	0
Granted (in shares)	1,994,000
Outstanding options, ending balance (in shares)	1,994,000	0
Exercisable, ending balance (in shares)	35,000
Weighted- average exercise price [Roll Forward]
Outstanding options, beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	6.90
Outstanding options, ending balance (in dollars per share)	6.90	$ 0
Exercisable, end on period (in dollars per share)	$ 7.34
Intrinsic value of options outstanding	$ 0
Intrinsic value of options exercisable	$ 0
2015 Equity Incentive Plan [Member] | $4.38 - 7.34 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Lower range limit (in dollars per share)	$ 4.38
Range of exercise prices, Upper range limit (in dollars per share)	$ 7.34
Number of options outstanding (in shares)	1,994,000
Options outstanding, Weighted average, Remaining life in years	9 years
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 6.90
Number of options exercisable (in shares)	35,000
Options exercisable, Weighted average, Remaining life in years	9 years
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 7.34
2005 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	102.00%	102.00%
Risk-free interest rate	1.41%	0.79%
Expected lives	4 years 7 months 6 days	5 years 6 months
Weighted average fair value of options granted (in dollars per share)	$ 4.52	$ 14.50
Options [Roll Forward]
Outstanding options, beginning balance (in shares)	210,084	28,784
Granted (in shares)	120,000	212,500
Expired/forfeited (in shares)		(31,200)
Outstanding options, ending balance (in shares)	330,084	210,084
Exercisable, ending balance (in shares)	319,884
Weighted- average exercise price [Roll Forward]
Outstanding options, beginning of period (in dollars per share)	$ 20.19	$ 59
Granted (in dollars per share)	3.25	18.50
Expired/forfeited (in dollars per share)		37.61
Outstanding options, ending balance (in dollars per share)	13.49	$ 20.19
Exercisable, end on period (in dollars per share)	$ 15.02
Intrinsic value of options outstanding	$ 13,000	$ 0
Intrinsic value of options exercisable	$ 12,000	$ 0
Information regarding options outstanding by range of exercise prices [Abstract]
Number of options outstanding (in shares)	330,084
Number of options exercisable (in shares)	319,884
2005 Equity Incentive Plan [Member] | $3.25 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Upper range limit (in dollars per share)	$ 3.25
Number of options outstanding (in shares)	120,000
Options outstanding, Weighted average, Remaining life in years	4 years
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 3.25
Number of options exercisable (in shares)	110,000
Options exercisable, Weighted average, Remaining life in years	4 years
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 3.25
2005 Equity Incentive Plan [Member] | $11.50 - 18.50 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Lower range limit (in dollars per share)	11.50
Range of exercise prices, Upper range limit (in dollars per share)	$ 18.50
Number of options outstanding (in shares)	200,000
Options outstanding, Weighted average, Remaining life in years	7 years 8 months 12 days
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 18.33
Number of options exercisable (in shares)	199,800
Options exercisable, Weighted average, Remaining life in years	7 years 8 months 12 days
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 18.32
2005 Equity Incentive Plan [Member] | $30.50 - 42.50 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Lower range limit (in dollars per share)	30.50
Range of exercise prices, Upper range limit (in dollars per share)	$ 42.50
Number of options outstanding (in shares)	4,000
Options outstanding, Weighted average, Remaining life in years	4 years 1 month 6 days
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 32.19
Number of options exercisable (in shares)	4,000
Options exercisable, Weighted average, Remaining life in years	4 years 1 month 6 days
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 32.19
2005 Equity Incentive Plan [Member] | $69.00 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Upper range limit (in dollars per share)	$ 69
Number of options outstanding (in shares)	1,400
Options outstanding, Weighted average, Remaining life in years	4 years
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 69
Number of options exercisable (in shares)	1,400
Options exercisable, Weighted average, Remaining life in years	4 years
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 69
2005 Equity Incentive Plan [Member] | $113.50 - 157.50 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, Lower range limit (in dollars per share)	113.50
Range of exercise prices, Upper range limit (in dollars per share)	$ 157.50
Number of options outstanding (in shares)	4,684
Options outstanding, Weighted average, Remaining life in years	5 years
Options outstanding, Weighted average, Exercise price (in dollars per share)	$ 119.99
Number of options exercisable (in shares)	4,684
Options exercisable, Weighted average, Remaining life in years	5 years
Options exercisable, Weighted average, Exercise price (in dollars per share)	$ 119.99

ABEONA THERAPEUTICS LLC ACQUI41

ABEONA THERAPEUTICS LLC ACQUISITION (Details)	May. 15, 2015USD ($)Milestone$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Total purchase price [Abstract]
Initial consideration		$ 31,758,000	$ 0
Allocation of the purchase price [Abstract]
Goodwill		32,466,000	0
Contingent consideration liability		2,591,000	$ 0
Abeona Therapeutics LLC [Member]
Business Acquisition [Line Items]
Stock issued in acquisition (in shares) | shares	3,979,761
Business acquisition, share price (in dollars per shares) | $ / shares	$ 7.98
Number of shares issued to company (in shares) | shares	(3,979,761)
Number of milestones | Milestone	3
Total purchase price [Abstract]
Initial consideration	$ 31,758,000
Contingent consideration	6,489,000
Total purchase price	38,247,000
Allocation of the purchase price [Abstract]
Cash	3,697,000
Accounts receivable	1,000
Prepaid expenses	28,000
Property and equipment	51,000
Other assets	1,000
Accounts payable	(153,000)
Total tangible assets	3,625,000
Licensing agreement	2,156,000
Goodwill	32,466,000
Total net asset value	38,247,000
Acquisition transaction cost	$ 375,000
Contingent consideration liability		$ 3,898,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income tax expense differs from the statutory amounts [Abstract]
Income taxes at U.S. statutory rate	$ (4,939,000)	$ (9,105,000)
Current year reserve	6,257,000	1,254,000
Other	(1,318,000)	7,851,000
Total tax expense	0	0
Deferred tax assets [Abstract]
Net operating loss carryforwards	68,636,000	68,263,000
General business credit carryforwards	2,497,000	2,486,000
State credits	2,055,000	2,061,000
Property, equipment and goodwill	(25,000)	0
Stock options	3,678,000	542,000
Derivatives	(92,000)	(92,000)
Deferred revenue	1,669,000	92,000
Intangible assets	595,000	464,000
Accrued interest	253,000	253,000
Other	231,000	231,000
Gross deferred tax assets	79,497,000	74,300,000
Valuation allowance	(79,497,000)	(74,300,000)
Net deferred taxes	0	$ 0
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	209,666,000
Pre merger [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,100,000
Post merger [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	530,000
2016 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	0
2017 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	0
2018 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,324,000
Thereafter [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	206,342,000
General business credit carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	2,497,000
General business credit carryforward [Member] | 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	0
General business credit carryforward [Member] | 2017 [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	0
General business credit carryforward [Member] | 2018 [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	112,000
General business credit carryforward [Member] | Thereafter [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	$ 2,385,000