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Mar 31, 2024
Adverum Q1 2024 Earnings Report
Adverum reported financial results for the first quarter of 2024 and provided pipeline highlights.
Key Takeaways
Adverum Biotechnologies reported a net loss of $24.8 million for Q1 2024. The company's cash, cash equivalents, and short-term investments were $193.3 million as of March 31, 2024, expected to fund operations into late 2025. The company is advancing its Ixo-vec program with upcoming data presentations and regulatory interactions.
LUNA Phase 2 interim analysis to be presented at ASRS Annual Scientific Meeting on July 17th, 2024.
Preliminary Ixo-vec LUNA Trial Data at Macula Society 2024 showed positive efficacy and safety data.
Cash, cash equivalents and short-term investments were $193.3 million as of March 31, 2024, expected to fund operations into late 2025.
Net loss was $24.8 million, or $1.50 per basic and diluted share, for the three months ended March 31, 2024.
Forward Guidance
Adverum anticipates several milestones including continued regulatory interactions, presentation of LUNA 26-week interim analysis, Ixo-vec Phase 3 program and regulatory update, presentation of LUNA 52-week analysis, and initiation of Phase 3 trial.
Positive Outlook
- Continued FDA and EMA formal and informal regulatory interactions
- Presentation of landmark LUNA 26-week interim analysis at ASRS Annual Scientific Meeting
- Ixo-vec Phase 3 program and regulatory update
- Presentation of landmark LUNA 52-week analysis
- Initiation of Phase 3 trial
Historical Earnings Impact
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Avg. Return Before/After Earnings
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