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Jun 30, 2022
Adverum Q2 2022 Earnings Report
Announced financial results for the second quarter ended June 30, 2022.
Key Takeaways
Adverum Biotechnologies reported a net loss of $43.8 million for the second quarter of 2022. The company's cash runway is expected to extend into 2025 following a corporate restructuring.
Dosing first Phase 2 LUNA trial participant with ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022) on track for the third quarter of 2022 and preliminary data anticipated throughout 2023
Cash runway extended into 2025 to prioritize the clinical development of Ixo-vec and provide additional resources beyond anticipated one-year topline results of the Phase 2 LUNA trial
Submitted Investigational New Drug (IND) amendment to the FDA to initiate its Phase 2 LUNA trial of Ixo-vec.
The European Medicines Agency (EMA) granted Priority Medicines (PRIME) designation for ADVM-022 in wet AMD.
Adverum
Adverum
Forward Guidance
Adverum plans to dose the first patient in a Phase 2 LUNA trial of Ixo-vec in wet AMD in the third quarter of 2022, with preliminary LUNA data anticipated throughout 2023. The company expects its cash position to fund operations into 2025.
Positive Outlook
- Dosing first Phase 2 LUNA trial participant with ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022) on track for the third quarter of 2022
- Preliminary LUNA data anticipated throughout 2023
- Cash runway extended into 2025
- Prioritizing Ixo-vec’s clinical development
- Focusing its pipeline strategy on certain highly prevalent ocular diseases
Challenges Ahead
- Risks inherent to Adverum’s novel technology
- Difficult to predict the timing of commencement and completion of clinical trials
- Regulatory uncertainties
- Enrollment uncertainties
- Potential for future complications or side effects in connection with use of Ixo-vec