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Sep 30, 2024
Adverum Q3 2024 Earnings Report
Adverum reported financial results for the third quarter of 2024 and provided updates to anticipated milestones.
Key Takeaways
Adverum Biotechnologies reported a net loss of $27.1 million for the third quarter of 2024. The company's cash, cash equivalents, and short-term investments totaled $153.2 million as of September 30, 2024, which is expected to fund operations into late 2025.
Appointed Jason Mitchell as chief commercial officer.
On-track to initiate pivotal program in 1H 2025.
LUNA 52-week and OPTIC 4-year data, along with Phase 3 trial design updates, anticipated in Q4 2024.
Cash, cash equivalents and short-term investments totaled $153.2 million as of September 30, 2024.
Forward Guidance
Adverum anticipates several milestones in the near future, including clinical data updates and the initiation of a Phase 3 trial. The company expects its cash reserves to fund operations into late 2025.
Positive Outlook
- LUNA 52-week data update, including all-available safety follow-up, in Q4 2024
- OPTIC 4-year clinical data update in Q4 2024
- Phase 3 pivotal trial design update in Q4 2024
- Planned initiation of Phase 3 trial in H1 2025
- Cash, cash equivalents and short-term investments expected to fund operations into late 2025
Challenges Ahead
- Risks inherent to Adverum’s novel technology.
- Regulatory uncertainties.
- Enrollment uncertainties.
- The potential for future complications or side effects in connection with use of Ixo-vec.
Historical Earnings Impact
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