Adverum Biotechnologies Q2: ARTEMIS Phase 3 enrollment exceeds expectations.

• Adverum Biotechnologies reports Q2 2025 financial results • ARTEMIS Phase 3 trial enrollment exceeds expectations • Driven by retina specialist and patient enthusiasm • Enrollment completion expected in 1Q 2026 • Topline data anticipated in 1H 2027 • LUNA 2-year long-term follow-up data planned in 4Q 2025 • $10 million private placement with Frazier Life Sciences

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) reported its financial results for the second quarter of 2025, highlighting strong progress in its ARTEMIS Phase 3 trial for wet age-related macular degeneration (AMD). The company also announced a $10 million private placement with Frazier Life Sciences.

The ARTEMIS Phase 3 trial, which is evaluating the company's gene therapy product candidate ixoberogene soroparvovec (Ixo-vec), has exceeded enrollment expectations. The trial is driven by robust interest from retina specialists and patients, with enrollment surpassing initial projections. The company expects to complete enrollment in the first quarter of 2026 and anticipates topline data in the first half of 2027 [1].

Adverum's president and CEO, Laurent Fischer, M.D., stated, "We are thrilled to report excellent progress in the ARTEMIS Phase 3 trial, with enrollment driven by robust interest from retina specialists and patients." He added, "We are well ahead of schedule, and momentum continues to build."

In addition to the ARTEMIS trial, Adverum plans to present two-year follow-up data from its LUNA Phase 2 study in the fourth quarter of 2025 [1]. The company also expects to initiate its AQUARIUS Phase 3 trial in the fourth quarter of 2025, pending funding availability [1].

Adverum's financial results for the second quarter of 2025 showed a net loss of $49.2 million, or $2.34 per basic and diluted share, compared to $30.5 million, or $1.46 per basic and diluted share for the same period in 2024. The company's cash, cash equivalents, and short-term investments were $44.4 million as of June 30, 2025, compared to $125.7 million as of December 31, 2024 [1].

Adverum also announced a $10 million private placement with Frazier Life Sciences, one of its largest investors. The transaction is expected to close on August 12, 2025, subject to customary closing conditions [1].

References:
[1] https://www.nasdaq.com/press-release/adverum-biotechnologies-reports-second-quarter-2025-financial-results-and-provides