Adverum Q1 2022 Earnings Report
Key Takeaways
Adverum Biotechnologies reported its Q1 2022 financial results, with a net loss of $37.9 million, or $0.38 per share. The company's cash, cash equivalents, and short-term investments were $271.1 million as of March 31, 2022, expected to fund operations into 2024. The company remains on track to dose the first patient in their planned Phase 2 trial of ADVM-022 in wet age-related macular degeneration in the third quarter of 2022.
On track to dose the first patient in Phase 2 trial of ADVM-022 in wet AMD in Q3 2022.
FDA granted Orphan Drug Designation to ADVM-062 for blue cone monochromacy (BCM).
Key additions were made to the leadership team, including Star Seyedkazemi as chief development officer and Richard Beckman as chief medical officer.
Adverum presented additional efficacy and safety data from the OPTIC trial of ADVM-022 in wet AMD at ARVO 2022 Annual Meeting.
Adverum
Adverum
Forward Guidance
Adverum anticipates several milestones in 2022, including presentations at ASGCT 2022 Annual Meeting, completion of IND amendment process, and dosing the first patient in Phase 2 trial of ADVM-022 in wet AMD.
Positive Outlook
- Presentation of non-human primate aflibercept protein levels data supporting a human equivalent 6 X 10^10 vg/eye (6E10) dose of ADVM-022 at the American Society of Gene & Cell Therapy (ASGCT) 2022 Annual Meeting.
- Presentation of in vivo non-human primate data from a good laboratory practice toxicology study supporting preclinical proof of concept for ADVM-062 at ASGCT 2022 Annual Meeting.
- Complete IND amendment process to enable initiation of Phase 2 trial of ADVM-022 in wet AMD
- Plan to dose first patient in Phase 2 trial of ADVM-022 in wet AMD in the third quarter of 2022.
- The March 31, 2022 cash position is expected to fund operations into 2024.
Challenges Ahead
- Adverum’s novel technology, which makes it difficult to predict the timing of commencement and completion of clinical trials
- Regulatory uncertainties
- The results of early clinical trials not always being predictive of future clinical trials and results
- The potential for future complications or side effects in connection with use of ADVM-022.
- Risks and uncertainties facing Adverum are set forth under the caption “Risk Factors” and elsewhere in Adverum’s Securities and Exchange Commission (SEC) filings and reports