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Jun 30
Adverum Q2 2025 Earnings Report
Reported a wider Q2 2025 net loss as ARTEMIS Phase 3 trial expenses accelerated and cash reserves decreased significantly.
Key Takeaways
Adverum posted a Q2 2025 net loss of $49.2M driven by a sharp increase in R&D expenses related to its ARTEMIS Phase 3 trial. Cash reserves fell to $44.4M, with a $10M private placement announced to extend runway into Q4 2025.
Q2 net loss widened to $49.2M from $30.5M in Q2 2024.
R&D expenses more than doubled year-over-year to $37.1M.
Cash and investments fell to $44.4M, projected to fund operations into Q4 2025.
Announced $10M private placement with Frazier Life Sciences.
Adverum
Adverum
Forward Guidance
Adverum expects to complete ARTEMIS enrollment in Q1 2026, announce Phase 2 LUNA 2-year data in Q4 2025, and initiate the AQUARIUS trial subject to funding.
Positive Outlook
- ARTEMIS Phase 3 enrollment ahead of schedule
- Completion of ARTEMIS enrollment expected in Q1 2026
- Topline ARTEMIS data anticipated in H1 2027
- LUNA 2-year follow-up data expected Q4 2025
- $10M PIPE funding secured from Frazier Life Sciences
Challenges Ahead
- Net loss increased 61% year-over-year
- Cash burn reduced reserves to $44.4M, funding runway limited to Q4 2025
- Increased R&D driven by ARTEMIS may continue to strain cash
- AQUARIUS Phase 3 trial start dependent on securing further funding
- Stockholders' equity turned negative, signaling balance sheet pressure