How did Adverum's cost-cutting measures impact Q3 2024 profits?

Adverum's cost-cutting measures had a significant impact on the company's Q3 2024 profits, as evidenced by the substantial net income loss and negative diluted EPS.

1. **Significant Net Income Loss**: Adverum reported a net income loss of $27.13 million for Q3 2024. This represents a substantial decline from the previous quarter's net income, indicating that the cost-cutting measures had a severe impact on the company's financial performance.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|ADVM|ADVM.O|Adverum|2023 Q4||-2.8665E7||186|
|ADVM|ADVM.O|Adverum|2024 Q1|0|-2.4787E7|-1.5|186|
|ADVM|ADVM.O|Adverum|2024 Q2||-1.8476E7|-0.89|186|
|ADVM|ADVM.O|Adverum|2024 Q3|1000000|-2.7134E7|-1.3|186|

2. **Negative Diluted EPS**: The company's diluted EPS was -$1.3 for Q3 2024, further illustrating the negative impact of the cost-cutting measures on the company's profitability. A negative EPS indicates that the company's expenses exceeded its revenues during the quarter.
3. **Revenue Contribution**: It's important to note that Adverum's total revenue for Q3 2024 was only $1 million. This relatively low revenue figure, combined with the significant net income loss, suggests that the cost-cutting measures may have been necessary to manage the company's finances in the face of limited revenue generation.

In conclusion, Adverum's cost-cutting measures had a profound impact on the company's Q3 2024 profits, leading to a substantial net income loss and a negative diluted EPS. These measures were likely implemented to mitigate the financial effects of the company's strategic decisions and ongoing research and development efforts.