Abeona Therapeutics (ABEO) 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 30, 2017	Jun. 30, 2016
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			$ 41,676,000
Entity Common Stock, Shares Outstanding		40,255,082
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 69,142,000	$ 40,138,000
Receivables	124,000	115,000
Prepaid expenses and other current assets	155,000	315,000
Total current assets	69,421,000	40,568,000
Property and equipment, net	721,000	350,000
Licensed technology, net	8,384,000	6,609,000
Goodwill	32,466,000	32,466,000
Other assets	66,000	62,000
Total assets	111,058,000	80,055,000
Current liabilities
Accounts payable	3,694,000	875,000
Payable due Plasma Technologies, LLC	4,000,000	0
Current portion of deferred revenue	602,000	602,000
Total current liabilities	8,296,000	1,477,000
Contingent consideration liability	0	2,591,000
Payable due Plasma Technologies, LLC	0	4,000,000
Deferred revenue, net of current portions	3,664,000	4,266,000
Total liabilities	11,960,000	12,334,000
Commitments and contingencies
Stockholders' equity
Common stock - $.01 par value; authorized 200,000,000 shares; issued 40,254,457 at December 31, 2016; issued 32,743,013 at December 31, 2015	403,000	328,000
Additional paid-in capital	431,168,000	377,993,000
Accumulated deficit	(332,473,000)	(310,600,000)
Total stockholders' equity	99,098,000	67,721,000
Total liabilities and stockholders' equity	$ 111,058,000	$ 80,055,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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)	40,254,457	32,743,013

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenues
License revenues	$ 602,000	$ 602,000
Royalties	287,000	438,000
Total revenues	889,000	1,040,000
Expenses
Research and development	10,655,000	4,715,000
General and administrative	13,290,000	14,320,000
Depreciation and amortization	825,000	551,000
Total expenses	24,770,000	19,586,000
Loss from operations	(23,881,000)	(18,546,000)
Interest and miscellaneous income	2,014,000	4,026,000
Interest and other expense	(6,000)	(6,000)
Total non operating income (expense)	2,008,000	4,020,000
Net loss	$ (21,873,000)	$ (14,526,000)
Basic and diluted loss per common share (in dollars per share)	$ (0.64)	$ (0.53)
Weighted average number of common shares outstanding (in shares)	34,180,253	27,597,434

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Common Stock [Member]$6.44 Common Stock Issuance [Member]	Common Stock [Member]$7.00 Common Stock Issuance [Member]	Common Stock [Member]$3.00 Common Stock Issuance [Member]	Common Stock [Member]$8.00 Common Stock Issuance [Member]	Common Stock [Member]$5.50 Common Stock Issuance [Member]	Common Stock [Member]Employees and Directors [Member]	Additional paid-in capital [Member]	Additional paid-in capital [Member]$6.44 Common Stock Issuance [Member]	Additional paid-in capital [Member]$7.00 Common Stock Issuance [Member]	Additional paid-in capital [Member]$3.00 Common Stock Issuance [Member]	Additional paid-in capital [Member]$8.00 Common Stock Issuance [Member]	Additional paid-in capital [Member]$5.50 Common Stock Issuance [Member]	Additional paid-in capital [Member]Employees and Directors [Member]	Accumulated deficit [Member]	Accumulated deficit [Member]$6.44 Common Stock Issuance [Member]	Accumulated deficit [Member]$7.00 Common Stock Issuance [Member]	Accumulated deficit [Member]$3.00 Common Stock Issuance [Member]	Accumulated deficit [Member]$8.00 Common Stock Issuance [Member]	Accumulated deficit [Member]$5.50 Common Stock Issuance [Member]	Accumulated deficit [Member]Employees and Directors [Member]	Total	$6.44 Common Stock Issuance [Member]	$7.00 Common Stock Issuance [Member]	$3.00 Common Stock Issuance [Member]	$8.00 Common Stock Issuance [Member]	$5.50 Common Stock Issuance [Member]	Employees and Directors [Member]
Balance at Dec. 31, 2014	$ 200,000							$ 300,690,000							$ (296,074,000)							$ 4,816,000
Balance (in shares) at Dec. 31, 2014	19,960,801
Common stock issued for services	$ 1,000							400,000							0							401,000
Common stock issued for services (in shares)	105,177
Common stock issued to employees	$ 0							32,000							0							32,000
Common stock issued to employees (in shares)	10,000
Restricted common stock issued							$ 13,000							$ 4,807,000							$ 0							$ 4,820,000
Restricted common stock issued (in shares)							1,350,000
Exercise of $5.00 warrants	$ 9,000							4,626,000							0							4,635,000
Exercise of $5.00 warrants (in shares)	927,119
Common stock issued, net of costs				$ 24,000	$ 13,000	$ 28,000					$ 6,977,000	$ 8,992,000	$ 15,383,000					$ 0	$ 0	$ 0			$ 0	$ 0	$ 7,001,000	$ 9,005,000	$ 15,411,000
Common stock issued, net of costs (in shares)				2,333,334	1,250,000	2,829,091
Common stock issued to Abeona Ohio holders	$ 40,000							31,718,000							0							31,758,000
Common stock issued to Abeona Ohio holders (in shares)	3,979,761
Transfer agent correction 2014 reverse stock split	$ 0							0							0							0
Transfer agent correction 2014 reverse stock split (in shares)	(2,270)
Stock option compensation expense	$ 0							4,368,000							0							4,368,000
Net loss	0							0							(14,526,000)							(14,526,000)
Balance at Dec. 31, 2015	$ 328,000							377,993,000							(310,600,000)							67,721,000
Balance (in shares) at Dec. 31, 2015	32,743,013
Common stock issued for services	$ 8,000							2,444,000							0							2,452,000
Common stock issued for services (in shares)	750,000
Restricted common stock issued	$ 0						$ 1,000	150,000						$ 3,431,000	0						$ 0	150,000						$ 3,432,000
Restricted common stock issued (in shares)	52,690						100,000
Exercise of $5.00 warrants	$ 0							0							0							0
Exercise of $5.00 warrants (in shares)	5,836
Common stock issued, net of costs		$ 2,000	$ 63,000						$ 967,000	$ 41,005,000						$ 0	$ 0						$ 969,000	$ 41,068,000	$ 0	$ 0	$ 0
Common stock issued, net of costs (in shares)		158,029	6,293,889
Common stock issued for cash exercise of options	$ 1,000							349,000							0							350,000
Common stock issued for cash exercise of options (in shares)	151,000
Stock option compensation expense	$ 0							4,829,000							0							4,829,000
Net loss	0							0							(21,873,000)							(21,873,000)
Balance at Dec. 31, 2016	$ 403,000							$ 431,168,000							$ (332,473,000)							$ 99,098,000
Balance (in shares) at Dec. 31, 2016	40,254,457

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2016$ / shares
Exercise price of warrants (in dollars per share)	$ 5
Common stock issued for licenses (in dollars per share)	3.27
Restricted Common Stock [Member]
Share price (in dollars per share)	2.85
$7.00 Common Stock Issuance [Member]
Share price (in dollars per share)	7
$6.44 Common Stock Issuance [Member]
Share price (in dollars per share)	$ 6.44

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (21,873,000)	$ (14,526,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	825,000	551,000
Stock option compensation expense	4,829,000	4,368,000
Stock issued to directors, employees and consultants	3,432,000	4,852,000
Stock issued for services	0	401,000
Change in operating assets and liabilities:
Receivables	(9,000)	(79,000)
Prepaid expenses and other current assets	160,000	(287,000)
Other assets	(4,000)	(29,000)
Accounts payable and accrued expenses	2,819,000	(1,174,000)
Contingent consideration milestone	(2,591,000)	(3,898,000)
Deferred revenue	(602,000)	(602,000)
Net cash used in operating activities	(13,014,000)	(10,423,000)
Cash flows from investing activities:
Capital expenditures	(519,000)	(308,000)
Cash from Abeona Ohio acquisition	0	3,697,000
Net cash provided by (used in) investing activities	(519,000)	3,389,000
Cash flows from financing activities:
Proceeds from $2.85 restricted common stock issuance	150,000	0
Proceeds from exercise of stock options	350,000	0
Proceeds from exercise of $5.00 warrants	0	4,635,000
Payment of short-term debt	0	(400,000)
Net cash provided by financing activities	42,537,000	35,652,000
Net increase in cash and cash equivalents	29,004,000	28,618,000
Cash and cash equivalents at beginning of year	40,138,000	11,520,000
Cash and cash equivalents at end of year	69,142,000	40,138,000
Supplemental cash flow information:
Cash paid for interest	6,000	7,000
Supplemental disclosure of noncash transactions:
Shares issued to holders of Abeona Ohio for acquisition	0	31,758,000
Contingent milestones to Abeona Ohio members	0	6,489,000
Licensed technology from Abeona Ohio	0	2,156,000
Shares issued to EB Research Partnership and Epidermolysis Bullosa Medical Research Foundation for licenses	2,452,000	0
$7.00 Common Stock Issuance [Member]
Cash flows from financing activities:
Proceeds from common stock issuances net of costs	41,068,000	0
$6.44 Common Stock Issuance [Member]
Cash flows from financing activities:
Proceeds from common stock issuances net of costs	969,000	0
$3.00 Common Stock Issuance [Member]
Cash flows from financing activities:
Proceeds from common stock issuances net of costs	0	7,001,000
$8.00 Common Stock Issuance [Member]
Cash flows from financing activities:
Proceeds from common stock issuances net of costs	0	9,005,000
$5.50 Common Stock Issuance [Member]
Cash flows from financing activities:
Proceeds from common stock issuances net of costs	$ 0	$ 15,411,000

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2015
Exercise price of warrants (in dollars per share)	$ 5	$ 5	$ 5
Restricted Common Stock [Member]
Common stock, net of costs (in dollars per share)	2.85
$7.00 Common Stock Issuance [Member]
Common stock, net of costs (in dollars per share)	7
$6.44 Common Stock Issuance [Member]
Common stock, net of costs (in dollars per share)	$ 6.44
$3.00 Common Stock Issuance [Member]
Common stock, net of costs (in dollars per share)		3
$8.00 Common Stock Issuance [Member]
Common stock, net of costs (in dollars per share)		8
$5.50 Common Stock Issuance [Member]
Common stock, net of costs (in dollars per share)		$ 5.50

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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 a clinical stage biopharmaceutical company developing gene therapies for life-threatening rare genetic diseases. Our lead programs are ABO-102 (AAV-SGSH) and ABO-101 (AAV-NAGLU), adeno-associated virus (AAV) based gene therapies for Sanfilippo syndrome (MPS IIIA and IIIB, respectively). We are also developing EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB), EB-201 for epidermolysis bullosa (EB), ABO-201 (AAV-CLN3) gene therapy for juvenile Batten disease (JNCL), ABO-202 (AAV-CLN1) gene therapy for treatment of infantile Batten disease (INCL), and ABO-301 (AAV-FANCC) for Fanconi anemia (FA) disorder and ABO-302 using a novel CRISPR/Cas9-based gene editing approach to gene therapy for rare blood diseases. In addition, we have a plasma-based protein therapy pipeline, including SDF Alpha™ (alpha-1 protease inhibitor) for inherited COPD, using our proprietary SDFTM (Salt Diafiltration) ethanol-free process. 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, 2016 and 2015, 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 consolidated balance sheets at net realizable value. 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, 2016 and 2015, 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 2016 and 2015, we did not impair any licensed technology. 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, 2016, 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, In 2016 and 2015, we did not impair any goodwill. 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 2016 and 2015, we recognized miscellaneous income of $2,014,000 and $4,026,000, respectively. Miscellaneous income in 2016 was from the termination and settlement of milestones recorded as a contingent liability, a settlement with our directors and officer’s liability insurance company, manufacturing income and write-offs and settlements of other accounts payable. Miscellaneous income in 2015 was from the termination of a milestone recorded as contingent consideration liability, manufacturing income and write-offs and settlements of other accounts payable. 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 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, 2016 and 2015 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, 2016 2015 Net loss allocable to common stockholders $ (21,873 ) $ (14,526 ) Weighted average shares outstanding 34,180,253 27,597,434 Basic and diluted net loss per common share $ (0.64 ) $ (0.53 ) Net loss allocable to common stockholders $ (21,873 ) $ (14,526 ) 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 31, 2016 2015 Warrants 3,736,617 3,799,024 Stock options 4,771,560 2,324,084 Total 8,508,177 6,123,108 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, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 1,219 $ 773 General and administrative 3,610 3,595 Stock-based compensation expense included in operating expense 4,829 4,368 Total stock-based compensation expense 4,829 4,368 Tax benefit - - Stock-based compensation expense, net of tax $ 4,829 $ 4,368 The following table summarizes restricted stock compensation for the years ended December 31, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 200 $ 367 General and administrative 3,232 4,485 Stock-based compensation expense included in operating expense 3,432 4,852 Total stock-based compensation expense 3,432 4,852 Tax benefit - - Stock-based compensation expense, net of tax $ 3,432 $ 4,852 Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. On February 25, 2016, the FASB completed its Leases project by issuing (“ASU 2016-02”), Leases The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company will further study the implications of this statement in order to evaluate the expected impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 781), Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), which amends and simplifies the accounting for share-based payment awards in three areas: (1) income tax consequences, (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company does not believe this will have a material impact on our financial results.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2016
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	NOTE 2 - PROPERTY AND EQUIPMENT Property and equipment consists of the following: December 31, 2016 2015 Equipment laboratory $ 473,000 $ 139,000 Furniture and office equipment 309,000 209,000 Leasehold improvement 118,000 33,000 900,000 381,000 Less accumulated depreciation and amortization 179,000 31,000 Property and equipment, net $ 721,000 $ 350,000 Depreciation and amortization on property and equipment was $148,000 and $13,000 for the years ended December 31, 2016 and 2015, respectively.

LICENSED TECHNOLOGY

LICENSED TECHNOLOGY	12 Months Ended
	Dec. 31, 2016
LICENSED TECHNOLOGY [Abstract]
LICENSED TECHNOLOGY	NOTE 3 – LICENSED TECHNOLOGY On September 22, 2014, we entered into an exclusive, worldwide, licensing agreement with Plasma Technologies LLC 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. The license is amortized over the life of the patent of 11 years. 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 PlasmaTech’s proprietary SDF process, and a tiered royalty on annual net sales of plasma fractions produced with PlasmaTech’s proprietary SDF process. We are currently negotiating the outstanding $4,000,000 payable, in accordance with the dispute resolution terms of the license agreement. 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. The license is amortized over the life of the license of 20 years. On August 3, 2016, we announced, we entered into an agreement (the “EB Agreement”) with EB Research Partnership (“EBRP”) and Epidermolysis Bullosa Medical Research Foundation (“EBMRF”) to collaborate on gene therapy treatments for EB. The EB Agreement became effective August 3, 2016, on the execution of two licensing agreements with The Board of Trustees of Leland Stanford Junior University (“Stanford”) described below. EBRP and EBMRF have the contractual right to license from Stanford EB-101 (LZRSE-Col7A1 Engineered Autologous Epidermal Sheets (LEAES)), and authorized us to exercise such rights and enter into a license with Stanford for such technology, and to perform preclinical development and perform clinical trials of a gene therapy treatment for Epidermolysis Bullosa based upon such in-licensed technology. We also entered into a license with Stanford for the AAV-based gene therapy EB-201 (AAV DJ COL7A1) technology, and we shall perform preclinical development and perform clinical trials of a gene therapy treatment for EB based upon such in-licensed technology. EB-201 (AAV DJ COL7A1) is a pre-clinical candidate targeting a novel, AAV-mediated gene editing and delivery approach (known as homologous recombination) to correct gene mutations in skin cells (keratinocytes) for patients with recessive dystrophic epidermolysis bullosa (RDEB). The licenses are amortized over the life of the license of 20 years. Licensed technology consists of the following: December 31, 2016 2015 Licensed technology $ 9,608,000 $ 7,156,000 Less accumulated amortization 1,224,000 547,000 Licensed technology, net $ 8,384,000 $ 6,609,000 Amortization on licensed technology was $677,000 and $538,000 for the years ended December 31, 2016 and 2015, respectively. The aggregate estimated amortization expense for intangible assets remaining as of December 31, 2016 is as follows: 2017 $ 812 2018 812 2019 812 2020 812 2021 812 Thereafter 4,324 Total $ 8,384

401(k) PLAN

401(k) PLAN	12 Months Ended
	Dec. 31, 2016
401(k) PLAN [Abstract]
401(k) PLAN	NOTE 4 – 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 both 2016 and 2015) 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 over 50 investment options. Company contributions under the 401(k) Plan were $0 in 2016 and 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES Operating Leases At December 31, 2016, we had a commitment under a non-cancelable operating lease for our New York office until June 30, 2017 totaling $113,000. We also had a non-cancelable operating lease for our Dallas office until August 31, 2017 totaling $11,000. We had an operating lease for our Cleveland office and lab until December 31, 2025 totaling $2,348,000. 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 $1,572,000 with the early termination provision. The five year lease payment schedule is (in thousands): 2017 $ 364 2018 246 2019 250 2020 256 2021 261 Thereafter 1,095 Total $ 2,472 Rent expense for the years ended December 31, 2016 and 2015 was $548,000 and $219,000, respectively. Legal We are not currently subject to any material pending legal proceedings as of December 31, 2016.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6 - 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, prepaids and other, accounts payable and payable to licensor approximate their carrying amounts due to the relatively short maturity of these instruments. U.S. GAAP defines 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, 2016 and December 31, 2015 are summarized below: (in thousands) Description As of December 31, 2016 Level 1 Level 2 Level 3 Total Gains (Losses) Non-recurring Assets: Licensed technology (net) $ 8,384 $ - $ - $ 8,384 $ - Goodwill 32,466 - - 32,466 - Recurring Liabilities: Contingent consideration $ - $ - $ - $ - $ 1,391 Description As of December 31, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Non-recurring Assets: Licensed technology (net) $ 6,609 $ - $ - $ 6,609 $ - Goodwill 32,466 Recurring Liabilities: Contingentconsideration $ 2,591 $ - $ - $ 2,591 $ 3,898

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY 2016 Financing On November 1, 2016, we closed an underwritten public offering of 6,000,000 shares of common stock, at a public offering price of $7.00 per share. On November 23, 2016, we closed a follow-on offering of 293,889 shares as permitted by the underwriting agreement at the same offering price of $7.00 per share. The gross proceeds to the Company were $44,057,000, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. 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. Warrants There were warrants to purchase a total of 3,736,617 shares of common stock outstanding at December 31, 2016. All warrants were exercisable at December 31, 2016. The warrants had various exercise prices and terms as follows: Summary of Warrants Warrants Outstanding Exercise Price Expiration 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) 68,735 5.00 12/18/19 2012 Series B private placement (d) 400,001 25.00 10/24/18 Total 3,736,617 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, 2016, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 68,735 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.

STOCK OPTION PLANS

STOCK OPTION PLANS	12 Months Ended
	Dec. 31, 2016
STOCK OPTION PLANS [Abstract]
Stock Based Compensation and Restricted Stock Compensation	NOTE 8 - STOCK OPTION PLANS Our stock-based employee compensation plans described below: 2015 Equity Incentive Plan We have a stock awards plan, as amended, (the 2015 Equity Incentive Plan), under which 8,000,000 shares of our authorized but unissued common stock are 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 2016: dividend yield of 0%; volatility of 109%; risk-free interest rate of 1.10%; and expected lives of 5.0 years. The weighted average fair value of options granted was $2.59 per share during 2016. The assumptions for fiscal 2015 are: 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: Options Weighted- average exercise 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 Granted, fair value of $2.59 per share 2,622,500 3.29 Exercised (151,000 ) 2.32 Expired/forfeited (22,500 ) 3.23 Outstanding options at December 31, 2016 4,443,000 4.94 Exercisable at December 31, 2016 1,327,687 6.60 The intrinsic value related to the outstanding or exercisable options under this plan at December 31, 2016 was $3,806,000 and $417,000, respectively. At December 31, 2015, the intrinsic value related to the outstanding or exercisable options under this plan was $0. The total intrinsic value of the options exercised during 2016 was $450,000. No options were exercised in 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 Range of exercise prices options outstanding Remaining life in years Exercise price options exercisable Remaining life in years Exercise price $ 2.31 – 4.45 2,748,000 9.9 $ 3.47 227,271 9.5 $ 3.01 $ 7.34 1,695,000 9.0 $ 7.34 1,100,416 9.0 $ 7.34 4,443,000 1,327,687 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 328,560 options were outstanding and exercisable under this plan at December 31, 2016. 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 granted was $4.52 per share in 2015. Summarized information for the 2005 Equity Incentive Plan is as follows: Options Weighted- average exercise price Outstanding options at January 1, 2015 210,084 $ 20.19 Granted, fair value of $4.52 per share 120,000 3.25 Outstanding options at December 31, 2015 330,084 13.49 Expired/forfeited (1,524 ) 36.93 Outstanding options at December 31, 2016 328,560 14.57 Exercisable at December 31, 2016 328,560 14.57 The intrinsic value related to the outstanding or exercisable options under this plan at December 31, 2015 was $192,000 and $192,000, respectively. 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 Range of exercise prices options outstanding Remaining life in years Exercise price options exercisable Remaining life in years Exercise price $ 3.25 120,000 4.0 $ 3.25 120,000 4.0 $ 3.25 $ 11.50 - 18.50 200,000 7.6 $ 18.33 200,000 7.6 $ 18.33 $ 30.50 – 150.00 8,560 4.0 $ 85.41 8,560 4.0 $ 85.41 328,560 328,560

ABEONA THERAPEUTICS LLC ACQUISI

ABEONA THERAPEUTICS LLC ACQUISITION	12 Months Ended
	Dec. 31, 2016
ABEONA THERAPEUTICS LLC ACQUISITION [Abstract]
ABEONA THERAPEUTICS LLC ACQUISITION	NOTE 9 - 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 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 was 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 MPS IIIB 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 in 2015. The second milestone upon dosing of First-Patient-In second Phase I clinical study for MPS IIIA or MPS IIIB was not met after the measurement period ended. The third milestone upon earliest of (i) dosing of First-Patient-In Phase II clinical study for MPS IIIA or MPS IIIB or (ii) receipt of international regulatory approval was not met after the measurement period ended. After negotiations with Abeona Ohio’s member’s representative we agreed to pay $1,200,000 for partial achievement of the third milestone, which is accrued in accounts payable. The Company recognized $1,391,000 in Miscellaneous Income for change in fair value of our contingent consideration liability in 2016. Goodwill is not expected to be deductible for tax purposes.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES Income tax expense differs from the statutory amounts as follows: 2016 2015 Income taxes at U.S. statutory rate $ (7,437,000 ) $ (4,939,000 ) Current year reserve 7,423,000 6,257,000 Other 14,000 (1,318,000 ) 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 and liabilities were as follows: December 31, 2016 2015 Deferred tax assets (liabilities) Net operating loss carryforwards $ 73,864,000 $ 68,636,000 General business credit carryforwards 2,557,000 2,497,000 State credits 3,089,000 2,055,000 Property, equipment and goodwill (23,000 ) (25,000 ) Stock options 6,450,000 3,678,000 Derivatives (92,000 ) (92,000 ) Deferred revenue 1,464,000 1,669,000 Intangible assets 228,000 595,000 Accrued interest 253,000 253,000 Other 231,000 231,000 Gross deferred tax assets 88,021,000 79,497,000 Valuation allowance (88,021,000 ) (79,497,000 ) Net deferred taxes $ - $ - At December 31, 2016, we had approximately $217,246,000 of net operating loss carryforwards and approximately $2,557,000 of general business credit carryforwards. These carryforwards expire as follows: Net operating loss carryforwards General business credit carryforwards 2017 $ - $ - 2018 3,324,000 112,000 2019 3,306,000 95,000 Thereafter 210,616,000 2,350,000 $ 217,246,000 $ 2,557,000 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 Internal Revenue Code Sec. 382.

NATURE OF OPERATIONS AND SUMM19

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
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 a clinical stage biopharmaceutical company developing gene therapies for life-threatening rare genetic diseases. Our lead programs are ABO-102 (AAV-SGSH) and ABO-101 (AAV-NAGLU), adeno-associated virus (AAV) based gene therapies for Sanfilippo syndrome (MPS IIIA and IIIB, respectively). We are also developing EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB), EB-201 for epidermolysis bullosa (EB), ABO-201 (AAV-CLN3) gene therapy for juvenile Batten disease (JNCL), ABO-202 (AAV-CLN1) gene therapy for treatment of infantile Batten disease (INCL), and ABO-301 (AAV-FANCC) for Fanconi anemia (FA) disorder and ABO-302 using a novel CRISPR/Cas9-based gene editing approach to gene therapy for rare blood diseases. In addition, we have a plasma-based protein therapy pipeline, including SDF Alpha™ (alpha-1 protease inhibitor) for inherited COPD, using our proprietary SDFTM (Salt Diafiltration) ethanol-free process. 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, 2016 and 2015, 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 consolidated balance sheets at net realizable value. 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, 2016 and 2015, 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 2016 and 2015, we did not impair any licensed technology.
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, 2016, 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, In 2016 and 2015, we did not impair any goodwill.
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 2016 and 2015, we recognized miscellaneous income of $2,014,000 and $4,026,000, respectively. Miscellaneous income in 2016 was from the termination and settlement of milestones recorded as a contingent liability, a settlement with our directors and officer’s liability insurance company, manufacturing income and write-offs and settlements of other accounts payable. Miscellaneous income in 2015 was from the termination of a milestone recorded as contingent consideration liability, manufacturing income and write-offs and settlements of other accounts payable. 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
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, 2016 and 2015 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, 2016 2015 Net loss allocable to common stockholders $ (21,873 ) $ (14,526 ) Weighted average shares outstanding 34,180,253 27,597,434 Basic and diluted net loss per common share $ (0.64 ) $ (0.53 ) Net loss allocable to common stockholders $ (21,873 ) $ (14,526 ) 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 31, 2016 2015 Warrants 3,736,617 3,799,024 Stock options 4,771,560 2,324,084 Total 8,508,177 6,123,108
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, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 1,219 $ 773 General and administrative 3,610 3,595 Stock-based compensation expense included in operating expense 4,829 4,368 Total stock-based compensation expense 4,829 4,368 Tax benefit - - Stock-based compensation expense, net of tax $ 4,829 $ 4,368 The following table summarizes restricted stock compensation for the years ended December 31, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 200 $ 367 General and administrative 3,232 4,485 Stock-based compensation expense included in operating expense 3,432 4,852 Total stock-based compensation expense 3,432 4,852 Tax benefit - - Stock-based compensation expense, net of tax $ 3,432 $ 4,852
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. On February 25, 2016, the FASB completed its Leases project by issuing (“ASU 2016-02”), Leases The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company will further study the implications of this statement in order to evaluate the expected impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 781), Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), which amends and simplifies the accounting for share-based payment awards in three areas: (1) income tax consequences, (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company does not believe this will have a material impact on our financial results.

NATURE OF OPERATIONS AND SUMM20

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 Net loss allocable to common stockholders $ (21,873 ) $ (14,526 ) Weighted average shares outstanding 34,180,253 27,597,434 Basic and diluted net loss per common share $ (0.64 ) $ (0.53 ) Net loss allocable to common stockholders $ (21,873 ) $ (14,526 )
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 31, 2016 2015 Warrants 3,736,617 3,799,024 Stock options 4,771,560 2,324,084 Total 8,508,177 6,123,108
Stock-based compensation allocation	The following table summarizes stock-based compensation for the years ended December 31, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 1,219 $ 773 General and administrative 3,610 3,595 Stock-based compensation expense included in operating expense 4,829 4,368 Total stock-based compensation expense 4,829 4,368 Tax benefit - - Stock-based compensation expense, net of tax $ 4,829 $ 4,368 The following table summarizes restricted stock compensation for the years ended December 31, 2016 and 2015 which was allocated as follows (in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Research and development $ 200 $ 367 General and administrative 3,232 4,485 Stock-based compensation expense included in operating expense 3,432 4,852 Total stock-based compensation expense 3,432 4,852 Tax benefit - - Stock-based compensation expense, net of tax $ 3,432 $ 4,852

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2016
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment	Property and equipment consists of the following: December 31, 2016 2015 Equipment laboratory $ 473,000 $ 139,000 Furniture and office equipment 309,000 209,000 Leasehold improvement 118,000 33,000 900,000 381,000 Less accumulated depreciation and amortization 179,000 31,000 Property and equipment, net $ 721,000 $ 350,000

LICENSED TECHNOLOGY (Tables)

LICENSED TECHNOLOGY (Tables)	12 Months Ended
	Dec. 31, 2016
LICENSED TECHNOLOGY [Abstract]
Schedule of licensed technology	Licensed technology consists of the following: December 31, 2016 2015 Licensed technology $ 9,608,000 $ 7,156,000 Less accumulated amortization 1,224,000 547,000 Licensed technology, net $ 8,384,000 $ 6,609,000
Amortization expense for intangible assets	The aggregate estimated amortization expense for intangible assets remaining as of December 31, 2016 is as follows: 2017 $ 812 2018 812 2019 812 2020 812 2021 812 Thereafter 4,324 Total $ 8,384

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of future minimum payments for operating leases	The five year lease payment schedule is (in thousands): 2017 $ 364 2018 246 2019 250 2020 256 2021 261 Thereafter 1,095 Total $ 2,472

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and December 31, 2015 are summarized below: (in thousands) Description As of December 31, 2016 Level 1 Level 2 Level 3 Total Gains (Losses) Non-recurring Assets: Licensed technology (net) $ 8,384 $ - $ - $ 8,384 $ - Goodwill 32,466 - - 32,466 - Recurring Liabilities: Contingent consideration $ - $ - $ - $ - $ 1,391 Description As of December 31, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Non-recurring Assets: Licensed technology (net) $ 6,609 $ - $ - $ 6,609 $ - Goodwill 32,466 Recurring Liabilities: Contingentconsideration $ 2,591 $ - $ - $ 2,591 $ 3,898

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
Schedule of warrants outstanding at various exercise prices	The warrants had various exercise prices and terms as follows: Summary of Warrants Warrants Outstanding Exercise Price Expiration 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) 68,735 5.00 12/18/19 2012 Series B private placement (d) 400,001 25.00 10/24/18 Total 3,736,617 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, 2016, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 68,735 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.

STOCK OPTION PLANS (Tables)

STOCK OPTION PLANS (Tables)	12 Months Ended
	Dec. 31, 2016
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: Options Weighted- average exercise 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 Granted, fair value of $2.59 per share 2,622,500 3.29 Exercised (151,000 ) 2.32 Expired/forfeited (22,500 ) 3.23 Outstanding options at December 31, 2016 4,443,000 4.94 Exercisable at December 31, 2016 1,327,687 6.60
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 Range of exercise prices options outstanding Remaining life in years Exercise price options exercisable Remaining life in years Exercise price $ 2.31 – 4.45 2,748,000 9.9 $ 3.47 227,271 9.5 $ 3.01 $ 7.34 1,695,000 9.0 $ 7.34 1,100,416 9.0 $ 7.34 4,443,000 1,327,687
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: Options Weighted- average exercise price Outstanding options at January 1, 2015 210,084 $ 20.19 Granted, fair value of $4.52 per share 120,000 3.25 Outstanding options at December 31, 2015 330,084 13.49 Expired/forfeited (1,524 ) 36.93 Outstanding options at December 31, 2016 328,560 14.57 Exercisable at December 31, 2016 328,560 14.57
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 Range of exercise prices options outstanding Remaining life in years Exercise price options exercisable Remaining life in years Exercise price $ 3.25 120,000 4.0 $ 3.25 120,000 4.0 $ 3.25 $ 11.50 - 18.50 200,000 7.6 $ 18.33 200,000 7.6 $ 18.33 $ 30.50 – 150.00 8,560 4.0 $ 85.41 8,560 4.0 $ 85.41 328,560 328,560

ABEONA THERAPEUTICS LLC ACQUI27

ABEONA THERAPEUTICS LLC ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016
INCOME TAXES [Abstract]
Income tax expense differs from statutory amounts	Income tax expense differs from the statutory amounts as follows: 2016 2015 Income taxes at U.S. statutory rate $ (7,437,000 ) $ (4,939,000 ) Current year reserve 7,423,000 6,257,000 Other 14,000 (1,318,000 ) Total tax expense $ - $ -
Temporary differences that give rise to deferred tax assets (liabilities)	The temporary differences that give rise to deferred tax assets and liabilities were as follows: December 31, 2016 2015 Deferred tax assets (liabilities) Net operating loss carryforwards $ 73,864,000 $ 68,636,000 General business credit carryforwards 2,557,000 2,497,000 State credits 3,089,000 2,055,000 Property, equipment and goodwill (23,000 ) (25,000 ) Stock options 6,450,000 3,678,000 Derivatives (92,000 ) (92,000 ) Deferred revenue 1,464,000 1,669,000 Intangible assets 228,000 595,000 Accrued interest 253,000 253,000 Other 231,000 231,000 Gross deferred tax assets 88,021,000 79,497,000 Valuation allowance (88,021,000 ) (79,497,000 ) Net deferred taxes $ - $ -
Net operating loss carryforwards and general business credits expiration dates	These carryforwards expire as follows: Net operating loss carryforwards General business credit carryforwards 2017 $ - $ - 2018 3,324,000 112,000 2019 3,306,000 95,000 Thereafter 210,616,000 2,350,000 $ 217,246,000 $ 2,557,000

NATURE OF OPERATIONS AND SUMM29

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2016USD ($)InstitutionPlan$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Cash and Cash Equivalents [Abstract]
Highly liquid investments	$ 0	$ 0
Number of financial institutions deposits are primarily maintained | Institution	2
Receivable [Abstract]
Allowance for doubtful accounts receivable	$ 0	0
Licensed Technology [Abstract]
Impairment of licensed technology	0	0
Goodwill [Abstract]
Goodwill	32,466,000	32,466,000
Goodwill impairment	0	0
Other Income [Abstract]
Miscellaneous income	$ 2,014,000	4,026,000
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	$ (21,873,000)	$ (14,526,000)
Weighted average shares outstanding (in shares) | shares	34,180,253	27,597,434
Basic and diluted net loss per common share (in dollars per share) | $ / shares	$ (0.64)	$ (0.53)
Net loss allocable to common stockholders	$ (21,873,000)	$ (14,526,000)
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	8,508,177	6,123,108
Stock-Based Compensation [Abstract]
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	$ 4,829,000	$ 4,368,000
Income Taxes [Abstract]
Uncertain tax positions recognized	0	0
Interest expense related to income taxes recognized	0	0
Pentalty expense related to income taxes recognized	$ 0	0
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
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,829,000	4,368,000
Tax benefit	0	0
Stock-based compensation expense, net of tax	4,829,000	4,368,000
Stock Options [Member] | Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,219,000	773,000
Stock Options [Member] | General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,610,000	3,595,000
Stock Options [Member] | Operating Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,829,000	4,368,000
Restricted Stock [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,432,000	4,852,000
Tax benefit	0	0
Stock-based compensation expense, net of tax	3,432,000	4,852,000
Restricted Stock [Member] | Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	200,000	367,000
Restricted Stock [Member] | General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,232,000	4,485,000
Restricted Stock [Member] | Operating Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,432,000	$ 4,852,000
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	3,736,617	3,799,024
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	4,771,560	2,324,084

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Components of property and equipment [Abstract]
Property and equipment, gross	$ 900,000	$ 381,000
Less accumulated depreciation and amortization	179,000	31,000
Property and equipment, net	721,000	350,000
Depreciation and amortization on property and equipment	148,000	13,000
Equipment Laboratory [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	473,000	139,000
Furniture and Office Equipment [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	309,000	209,000
Leasehold Improvement [Member]
Components of property and equipment [Abstract]
Property and equipment, gross	$ 118,000	$ 33,000

LICENSED TECHNOLOGY (Details)

LICENSED TECHNOLOGY (Details)	12 Months Ended
	Dec. 31, 2016USD ($)LicensingAgreement	Dec. 31, 2015USD ($)shares
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License fee payable	$ 0	$ 4,000,000
Licensed Technology [Abstract]
Licensed technology	9,608,000	7,156,000
Less accumulated amortization	1,224,000	547,000
Licensed technology, net	8,384,000	6,609,000
Amortization on licensed technology	677,000	538,000
Amortization expense for intangible assets [Abstract]
2,017	812,000
2,018	812,000
2,019	812,000
2,020	812,000
2,021	812,000
Thereafter	4,324,000
Licensed technology, net	$ 8,384,000	6,609,000
Abeona Therapeutics LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Period of amortization of license	20 years
Plasma Technologies LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Period of amortization of license	11 years
License fee paid		1,000,000
License fee payable		$ 4,000,000
License fee payable in common stock (in shares) | shares		1,096,151
Milestone payment in common stock (in shares) | shares		513,375
EB Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of license agreements | LicensingAgreement	2
Gene Therapy EB-201 [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Period of amortization of license	20 years

401(k) PLAN (Details)

401(k) PLAN (Details)	12 Months Ended
	Dec. 31, 2016USD ($)InvestmentOptions	Dec. 31, 2015USD ($)
401(k) PLAN [Abstract]
Maximum annual contribution per employee under 401(k) plan	$ 18,000	$ 18,000
Number of investment options | InvestmentOptions	50
Company contributions under 401 (k) Plan	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES33

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating Leases [Abstract]
Non-cancelable operating leases	$ 364
Operating leases	$ 2,348
Lease extension period	5 years
Total lease costs and unamortized tenant improvements	$ 1,572
Operating Leases, Lease Payment [Abstract]
2,017	364
2,018	246
2,019	250
2,020	256
2,021	261
Thereafter	1,095
Total	2,472
Rent expense	548	$ 219
New York Office [Member]
Operating Leases [Abstract]
Non-cancelable operating leases	113
Operating Leases, Lease Payment [Abstract]
2,017	113
Dallas Office [Member]
Operating Leases [Abstract]
Non-cancelable operating leases	11
Operating Leases, Lease Payment [Abstract]
2,017	$ 11

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Liabilities [Abstract]
Contingent consideration	$ 0	$ 2,591,000
Nonrecurring [Member]
Assets [Abstract]
Licensed technology (net)	8,384,000	6,609,000
Goodwill	32,466,000	32,466,000
Nonrecurring [Member] | Licensed Technology [Member]
Liabilities [Abstract]
Total gains (losses)	0	0
Nonrecurring [Member] | Goodwill [Member]
Liabilities [Abstract]
Total gains (losses)	0	0
Nonrecurring [Member] | Level 1 [Member]
Assets [Abstract]
Licensed technology (net)	0	0
Goodwill	0	0
Nonrecurring [Member] | Level 2 [Member]
Assets [Abstract]
Licensed technology (net)	0	0
Goodwill	0	0
Nonrecurring [Member] | Level 3 [Member]
Assets [Abstract]
Licensed technology (net)	8,384,000	6,609,000
Goodwill	32,466,000	0
Recurring [Member]
Liabilities [Abstract]
Contingent consideration	0	2,591,000
Recurring [Member] | Contingent Consideration [Member]
Liabilities [Abstract]
Total gains (losses)	1,391,000	3,898,000
Recurring [Member] | Level 1 [Member]
Liabilities [Abstract]
Contingent consideration	0	0
Recurring [Member] | Level 2 [Member]
Liabilities [Abstract]
Contingent consideration	0	0
Recurring [Member] | Level 3 [Member]
Liabilities [Abstract]
Contingent consideration	$ 0	$ 2,591,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)		Nov. 23, 2016USD ($)$ / sharesshares	Nov. 01, 2016$ / sharesshares	Jul. 31, 2015USD ($)Director$ / sharesshares	May 11, 2015USD ($)$ / sharesshares	Apr. 23, 2015USD ($)$ / sharesshares	Dec. 24, 2014$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares
Class of Warrant or Right [Line Items]
Proceeds from Warrant Exercises | $								$ 4,635,000	$ 0	$ 4,635,000
Underwritten public offering (in shares) | shares							3,500,000
Warrants issued price (in dollars per share) | $ / shares							$ 0.01
Warrants Outstanding (in shares) | shares									3,736,617
Exercise Price (in dollars per share) | $ / shares								$ 5	$ 5	$ 5
Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock price per share (in dollars per share) | $ / shares		$ 7	$ 7
Underwritten public offering (in shares) | shares		293,889	6,000,000
Gross proceeds from offering | $		$ 44,057,000
Direct Placement [Member]
Class of Warrant or Right [Line Items]
Proceed from sale of stock from private placement | $				$ 15,500,000
Number of board of directors | Director				2
Common stock price per share (in dollars per share) | $ / shares				$ 5.50
Underwritten public offering (in shares) | shares				2,830,000
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) | shares					1,250,000	2,333,333
Warrant issued (in shares) | 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) | 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) | 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) | 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) | 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) | 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) | shares	[3]								68,735
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) | shares	[4]								400,001
Exercise Price (in dollars per share) | $ / shares	[4]								$ 25
Expiration Date	[4]								Oct. 24, 2018
[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, 2016, 2,572,881 warrants are outstanding. Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 68,735 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.

STOCK OPTION PLANS (Details)

STOCK OPTION PLANS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized but unissued common stock (in shares)	8,000,000
Dividend yield	0.00%	0.00%
Volatility	109.00%	102.00%
Risk-free interest rate	1.10%	0.86%
Expected lives	5 years	5 years
Weighted average fair value of options granted (in dollars per share)	$ 2.59	$ 6.90
Options [Roll Forward]
Outstanding options, beginning balance (in shares)	1,994,000	0
Granted (in shares)	2,622,500	1,994,000
Exercised (in shares)	(151,000)
Expired/forfeited (in shares)	(22,500)
Outstanding options, ending balance (in shares)	4,443,000	1,994,000
Exercisable, ending balance (in shares)	1,327,687
Weighted-average exercise price [Roll Forward]
Outstanding options, beginning of period (in dollars per share)	$ 6.90	$ 0
Granted (in dollars per share)	3.29	6.90
Exercised (in dollars per share)	2.32
Expired/forfeited (in dollars per share)	3.23
Outstanding options, ending balance (in dollars per share)	4.94	$ 6.90
Exercisable, end on period (in dollars per share)	$ 6.60
Intrinsic value of options outstanding	$ 3,806	$ 0
Intrinsic value of options exercisable	417	0
Total intrinsic value of options exercised	$ 450	$ 0
Information regarding options outstanding by range of exercise prices [Abstract]
Number of options outstanding (in shares)	4,443,000
Number of options exercisable (in shares)	1,327,687
2015 Equity Incentive Plan [Member] | $2.31 - 4.45 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, lower range limit (in dollars per share)	$ 2.31
Range of exercise prices, upper range limit (in dollars per share)	$ 4.45
Number of options outstanding (in shares)	2,748,000
Options outstanding, weighted average, remaining life in years	9 years 10 months 24 days
Options outstanding, weighted average, exercise price (in dollars per share)	$ 3.47
Number of options exercisable (in shares)	227,271
Options exercisable, weighted-average, remaining life in years	9 years 6 months
Options exercisable, weighted-average, exercise price (in dollars per share)	$ 3.01
2015 Equity Incentive Plan [Member] | 7.34 [Member]
Information regarding options outstanding by range of exercise prices [Abstract]
Range of exercise prices, upper range limit (in dollars per share)	$ 7.34
Number of options outstanding (in shares)	1,695,000
Options outstanding, weighted average, remaining life in years	9 years
Options outstanding, weighted average, exercise price (in dollars per share)	$ 7.34
Number of options exercisable (in shares)	1,100,416
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%
Volatility		102.00%
Risk-free interest rate		1.41%
Expected lives		4 years 7 months 6 days
Weighted average fair value of options granted (in dollars per share)		$ 4.52
Options [Roll Forward]
Outstanding options, beginning balance (in shares)	330,084	210,084
Granted (in shares)		120,000
Expired/forfeited (in shares)	(1,524)
Outstanding options, ending balance (in shares)	328,560	330,084
Exercisable, ending balance (in shares)	328,560
Weighted-average exercise price [Roll Forward]
Outstanding options, beginning of period (in dollars per share)	$ 13.49	$ 20.19
Granted (in dollars per share)		3.25
Expired/forfeited (in dollars per share)	36.93
Outstanding options, ending balance (in dollars per share)	14.57	$ 13.49
Exercisable, end on period (in dollars per share)	$ 14.57
Intrinsic value of options outstanding		$ 192
Intrinsic value of options exercisable		$ 192
Information regarding options outstanding by range of exercise prices [Abstract]
Number of options outstanding (in shares)	328,560
Number of options exercisable (in shares)	328,560
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)	120,000
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 7 months 6 days
Options outstanding, weighted average, exercise price (in dollars per share)	$ 18.33
Number of options exercisable (in shares)	200,000
Options exercisable, weighted-average, remaining life in years	7 years 7 months 6 days
Options exercisable, weighted-average, exercise price (in dollars per share)	$ 18.33
2005 Equity Incentive Plan [Member] | $30.50 - 150.00 [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)	$ 150
Number of options outstanding (in shares)	8,560
Options outstanding, weighted average, remaining life in years	4 years
Options outstanding, weighted average, exercise price (in dollars per share)	$ 85.41
Number of options exercisable (in shares)	8,560
Options exercisable, weighted-average, remaining life in years	4 years
Options exercisable, weighted-average, exercise price (in dollars per share)	$ 85.41

ABEONA THERAPEUTICS LLC ACQUI37

ABEONA THERAPEUTICS LLC ACQUISITION (Details)	May 15, 2015USD ($)Milestone$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Total purchase price [Abstract]
Initial consideration		$ 0	$ 31,758,000
Allocation of the purchase price [Abstract]
Goodwill		32,466,000	32,466,000
Contingent consideration liability		0	2,591,000
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 share) | $ / 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		1,391,000	$ 3,898,000
Milestone payment		$ 1,200,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income tax expense differs from the statutory amounts [Abstract]
Income taxes at U.S. statutory rate	$ (7,437,000)	$ (4,939,000)
Current year reserve	7,423,000	6,257,000
Other	14,000	(1,318,000)
Total tax expense	0	0
Deferred tax assets (liabilities) [Abstract]
Net operating loss carryforwards	73,864,000	68,636,000
General business credit carryforwards	2,557,000	2,497,000
State credits	3,089,000	2,055,000
Property, equipment and goodwill	(23,000)	(25,000)
Stock options	6,450,000	3,678,000
Derivatives	(92,000)	(92,000)
Deferred revenue	1,464,000	1,669,000
Intangible assets	228,000	595,000
Accrued interest	253,000	253,000
Other	231,000	231,000
Gross deferred tax assets	88,021,000	79,497,000
Valuation allowance	(88,021,000)	(79,497,000)
Net deferred taxes	0	$ 0
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	217,246,000
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
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
2019 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,306,000
Thereafter [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	210,616,000
General Business Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	2,557,000
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] | 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	95,000
General Business Credit Carryforward [Member] | Thereafter [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	$ 2,350,000