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Dec 31, 2022
Adverum Q4 2022 Earnings Report
Adverum Biotechnologies reported financial results for the fourth quarter and full year ended December 31, 2022 and provided an update on its ongoing Phase 2 LUNA trial.
Key Takeaways
Adverum Biotechnologies reported a net loss of $32.7 million for the fourth quarter of 2022, with cash, cash equivalents, and short-term investments totaling $185.6 million as of December 31, 2022. The company expects its cash runway to fund operations into 2025 and anticipates full enrollment of the LUNA trial in the second half of 2023, with preliminary efficacy and safety data expected in the fourth quarter of 2023.
Phase 2 LUNA trial continues to enroll, with enthusiasm from investigators and progress in participant screening.
Full enrollment of the LUNA trial is anticipated in the second half of 2023.
LUNA 14-week data including initial aflibercept levels anticipated in the third quarter 2023.
LUNA preliminary efficacy and safety data anticipated in the fourth quarter of 2023.
Forward Guidance
Adverum anticipates full enrollment of the Phase 2 LUNA trial in the second half of 2023 and expects cash, cash equivalents and short-term investments to fund operations into 2025.
Positive Outlook
- Full enrollment of the LUNA trial anticipated in the second half of 2023
- LUNA 14-week data including aflibercept levels anticipated in the third quarter 2023
- LUNA preliminary efficacy and safety data anticipated in the fourth quarter of 2023
- Cash runway into 2025
- Engaging with European health authorities in anticipation of enrolling LUNA subjects in Europe, in addition to the U.S. clinical trial sites
Challenges Ahead
- Uncertainties regarding 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.
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