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Dec 31, 2021
Adverum Q4 2021 Earnings Report
Adverum Biotechnologies reported financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update.
Key Takeaways
Adverum Biotechnologies reported a net loss of $34.4 million for the fourth quarter ended December 31, 2021, with research and development expenses at $22.5 million and general and administrative expenses at $11.9 million. The company's cash, cash equivalents, and short-term investments totaled $305.2 million as of December 31, 2021, expected to fund operations into 2024.
Adverum is on track to initiate a Phase 2 trial evaluating two doses of ADVM-022 in patients with wet age-related macular degeneration.
The Phase 2 trial is expected to evaluate two dose levels of ADVM-022 and new enhanced prophylactic steroid regimens.
Adverum anticipates dosing the first patient in the Phase 2 trial in the third quarter of 2022.
Key executive leadership hires include Rupert D’Souza, Star Seyedkazemi, and Richard Beckman, and two additions were made to the Board of Directors with the appointments of Rabia Gurses Ozden and Soo J. Hong.
Forward Guidance
Adverum anticipates several milestones in 2022, including presentations at scientific meetings, completion of the IND amendment process, and initiation of a Phase 2 trial of ADVM-022 in wet AMD.
Positive Outlook
- 2Q 2022 – Presentation of “Phase 1 Study of Intravitreal (IVT) Gene Therapy with ADVM-022 for neovascular AMD (OPTIC Trial): the role of neutralizing antibodies (NAbs)” at The Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting on May 1, 2022, in Denver, CO
- 2Q 2022 – Intend to present non-human primate protein expression data supporting a human equivalent dose of ADVM-022 6 X 10^10 vg/eye (6E10)
- Mid-2022 – Complete IND amendment process to enable initiation of Phase 2 trial of ADVM-022 in wet AMD
- 3Q 2022 – Plan to dose first patient in an ADVM-022 Phase 2 trial in wet AMD
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