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Sep 30, 2021
Adverum Q3 2021 Earnings Report
Reported financial results for the third quarter ending September 30, 2021 and provided a business update.
Key Takeaways
Adverum Biotechnologies reported their Q3 2021 financial results, highlighting the continued development of ADVM-022 in wet age-related macular degeneration (wet AMD) and the focus on lower doses with improved steroid prophylaxis. They also announced further steps to ensure cash runway into 2024 by subleasing their commercial manufacturing facility and terminating a lease.
Presented new data from OPTIC and INFINITY studies reinforcing plans to focus on ADVM-022 development in wet AMD at lower doses.
OPTIC trial data demonstrated sustained durability, a promising safety profile, and stable aflibercept expression levels with a significant reduction in anti-VEGF injections.
Data and learnings from the INFINITY trial indicated that dose and disease state impact the therapeutic window, leading to the decision to no longer develop ADVM-022 in DME.
Took steps to ensure current cash would fund operations into 2024 by subleasing the company’s commercial manufacturing facility and terminating a lease.
Forward Guidance
Adverum anticipates several milestones for ADVM-022, including data presentations and a planned Phase 2 clinical trial in wet AMD.
Positive Outlook
- An encore presentation of data sets featured recently at the Retina Society and ASRS meetings have been accepted for presentation at the American Academy of Ophthalmology Annual Meeting, November 12-15, 2021.
- The presentations will be posted on the Publications page in the Pipeline section of the company’s website.
- Plan to complete data analysis by year end 2021 to develop a protocol
- Seek investigator and regulatory feedback on a Phase 2 clinical trial in wet AMD to evaluate low doses (2 x 10^11 vg/eye and lower) of ADVM-022 and alternative prophylactic regimens.
- Plan to present additional long-term data from the OPTIC and OPTIC Extension studies in wet AMD.
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