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Mar 31, 2025
Adverum Q1 2025 Earnings Report
Reported first quarter 2025 financial results and provided pipeline highlights
Key Takeaways
Adverum Biotechnologies reported a net loss of $47.0 million for the first quarter of 2025, an increase from the $27.1 million loss in the same period last year. Research and development expenses significantly increased to $28.7 million due to activities related to the Phase 3 clinical trial, while general and administrative expenses also rose to $19.5 million.
Net loss for Q1 2025 was $47.0 million, compared to $27.1 million for Q1 2024.
Research and development expenses increased to $28.7 million in Q1 2025 from $15.4 million in Q1 2024, driven by Phase 3 clinical trial activities.
General and administrative expenses rose to $19.5 million in Q1 2025 from $13.8 million in Q1 2024.
Cash, cash equivalents, and short-term investments were $83.1 million as of March 31, 2025, down from $125.7 million at the end of 2024, expected to fund operations into the second half of 2025.
Forward Guidance
Adverum expects its current cash, cash equivalents, and short-term investments to fund operations into the second half of 2025. The company plans to initiate a second Phase 3 trial (AQUARIUS) in the second half of 2025 and present two-year follow-up data from the LUNA Phase 2 trial in the fourth quarter of 2025.
Positive Outlook
- Initiation of ARTEMIS, the first registrational intravitreal gene therapy trial for wet AMD.
- ARTEMIS trial is enrolling both treatment-experienced and treatment-naïve patients.
- Planned initiation of the second global AQUARIUS Phase 3 trial in 2H 2025.
- Anticipated presentation of LUNA Phase 2 two-year long-term follow-up data in 4Q 2025.
- Positive long-term data from OPTIC and LUNA studies supporting Ixo-vec's potential.
Challenges Ahead
- Cash runway expected to last only into the second half of 2025.
- Significant increase in operating expenses compared to the prior year.
- Continued net loss.
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