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Sep 30, 2022
Adverum Q3 2022 Earnings Report
Adverum Biotechnologies reported financial results for the third quarter ended September 30, 2022, and dosed the first subject in its Phase 2 LUNA trial with Ixo-vec.
Key Takeaways
Adverum Biotechnologies reported a net loss of $40.1 million for the third quarter of 2022. The company's cash, cash equivalents, and short-term investments were $203.3 million as of September 30, 2022, which is expected to fund operations into 2025. The first subject was dosed in the Phase 2 LUNA trial with Ixo-vec.
Dosed first subject in Phase 2 LUNA trial with Ixo-vec and anticipate preliminary data throughout 2023.
Cash runway into 2025 prioritizing Ixo-vec clinical development in wet AMD.
Presented two-year data from OPTIC trial, indicating a single IVT injection of Ixo-vec was generally well tolerated and can maintain or improve vision.
Data demonstrated that a single intravitreal injection of Ixo-vec can lead to stable and persistent aflibercept protein levels through three years.
Forward Guidance
Adverum expects the September 30, 2022 cash position to fund operations into 2025 and anticipates preliminary data from the LUNA trial throughout 2023.
Positive Outlook
- Cash runway into 2025.
- Advancing Phase 2 LUNA trial of Ixo-vec in wet AMD.
- Ixo-vec has the potential to transform the treatment paradigm for patients with wet age-related macular degeneration.
- Ixo-vec can meaningfully reduce the burden of frequent anti-VEGF injections.
- Data demonstrating that a single intravitreal injection of Ixo-vec can lead to stable and persistent aflibercept protein levels through three years.
Challenges Ahead
- Novel technology makes it difficult to predict the timing of commencement and completion of clinical trials
- Regulatory uncertainties
- Enrollment uncertainties
- The results of early clinical trials not always being predictive of future clinical trials and results
Historical Earnings Impact
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