Adverum Biotechnologies Reports Q1 2025 Net Loss of $2.25 Per Share, Missing EPS Estimate; Revenue Remains at $0.

Adverum Biotechnologies reported a net loss of $2.25 per share in Q1 2025, missing the EPS estimate. The company's financial performance was marked by increased expenses, primarily due to the initiation of pivotal trials. Adverum's ongoing trials and pipeline advancements are crucial for its long-term strategy in the biotechnology sector. The company expects its funds to support operations into the second half of 2025.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) reported a net loss of $2.25 per share for the first quarter of 2025, missing the EPS estimate. The company's financial performance was marked by increased expenses, primarily due to the initiation of pivotal trials. Adverum's ongoing trials and pipeline advancements are crucial for its long-term strategy in the biotechnology sector. The company expects its funds to support operations into the second half of 2025.

The company reported that cash, cash equivalents, and short-term investments stood at $83.1 million as of March 31, 2025, compared to $125.7 million as of December 31, 2024. Research and development expenses for the quarter ended March 31, 2025, were $28.7 million, up from $15.4 million in the same period last year. This increase was driven by higher material production and bioanalytics expenses, higher clinical trial expenses, higher personnel-related costs, and higher consultants and contractor expenses, all related to the Phase 3 clinical trial. General and administrative expenses were $19.5 million for the three months ended March 31, 2025, compared to $13.8 million for the same period in 2024, due to higher facilities expenses, higher professional services expenses, and higher consultant and contractor expenses, partially offset by lower personnel-related costs.

Adverum initiated ARTEMIS, its first pivotal trial for Ixo-vec, in both treatment-experienced and treatment-naive patients with wet AMD. The company also presented the first human data mapping cell-level transduction and aflibercept mRNA expression 3.5 years after Ixo-vec administration, establishing the potential for life-long vision preservation. The company anticipates initiating the global AQUARIUS Phase 3 trial in the second half of 2025 and presenting Phase 2 LUNA two-year long-term follow-up data in the fourth quarter of 2025.

Adverum is developing ixoberogene soroparvovec (Ixo-vec), a gene therapy product candidate for the treatment of wet AMD. Ixo-vec utilizes a proprietary vector capsid, AAV.7m8, carrying an aflibercept coding sequence under the control of a proprietary expression cassette. Unlike other ophthalmic gene therapies, Ixo-vec is designed to be administered as a one-time intravitreal injection in the physician's office, delivering long-term efficacy and reducing the burden of frequent anti-VEGF injections. The company has received Fast Track, Regenerative Medicine Advanced Therapy (RMAT), and PRIME designations for Ixo-vec.

Adverum's long-term strategy is to establish gene therapy as a new standard of care for highly prevalent ocular diseases, aiming to develop functional cures to restore vision and prevent blindness. The company's pipeline includes several promising gene therapy candidates for various ocular diseases.

Adverum's financial results and pipeline highlights underscore the company's commitment to advancing innovative treatments for ocular diseases. The ongoing trials and pipeline advancements are critical for Adverum's long-term success and potential impact on the biotechnology sector.

References:
[1] https://www.biospace.com/press-releases/adverum-biotechnologies-reports-first-quarter-2025-financial-results-and-provides-pipeline-highlights