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Mar 31, 2023
Adverum Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023 and provided an update on its ongoing Phase 2 LUNA trial.
Key Takeaways
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.)
Forward Guidance
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.
Positive Outlook
- Full enrollment of the Phase 2 LUNA trial in wet age-related macular degeneration (wet AMD) is anticipated in the second half of 2023
- LUNA 14-week data, including initial aflibercept protein levels anticipated in the third quarter 2023
- Preliminary efficacy and safety data anticipated in the fourth quarter of 2023
- Granted Fast Track Designation by the U.S. FDA
- Received PRIME designation by the European Medicines Agency and the Innovation Passport under the Innovative Licensing and Access Pathway from the United Kingdom’s Medicines and Healthcare Products Regulatory Agency
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