Adverum Biotechnologies Inc · Q1 2023 earnings

Briefing

Reported financial results for the first quarter ended March 31, 2023 and provided an update on its ongoing Phase 2 LUNA trial.

Adverum Biotechnologies reported its first quarter 2023 financial results. The company's cash, cash equivalents and short-term investments were $164.3 million as of March 31, 2023, and expects this to fund operations into 2025. The company anticipates full enrollment of the Phase 2 LUNA trial in the second half of 2023.

• Cash, cash equivalents and short-term investments were $164.3 million as of March 31, 2023.
• Adverum expects the March 31, 2023 cash position to fund operations into 2025.
• Enrollment in the Phase 2 LUNA trial evaluating Ixo-vec in subjects with wet AMD is expected to be completed during the second half of 2023.
• The United Kingdom’s Medicines and Healthcare Products Regulatory Agency granted Ixo-vec an Innovation Passport under the Innovative Licensing and Access Pathway (ILAP.)

Headline financials

Revenue & EPS history

Adverum anticipates full enrollment of the Phase 2 LUNA trial in the second half of 2023 and expects to provide interim datasets for a percentage of participants at 14 weeks, including aflibercept protein levels, in the third quarter of 2023, as well as preliminary efficacy and safety data in the fourth quarter of 2023.