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Dec 31, 2023
Adverum Q4 2023 Earnings Report
Adverum reported financial results for the fourth quarter and full year 2023 and provided pipeline highlights and corporate updates.
Key Takeaways
Adverum Biotechnologies reported its Q4 and full-year 2023 financial results, highlighting progress in the development of Ixo-vec and the completion of a $127.5 million private placement financing.
Presented preliminary Ixo-vec LUNA trial data at Macula Society, showing potential best-in-class clinical activity and encouraging safety profile in wet AMD patients.
Completed a $127.5 million private placement financing to extend cash runway into late 2025.
Approved a 1-for-10 reverse stock split, effective March 21, 2024.
Appointed Romuald Corbau, Ph.D. as Chief Scientific Officer.
Forward Guidance
Adverum anticipates continued regulatory interactions, the presentation of LUNA 26-week interim analysis in mid-2024, and initiation of a Phase 3 trial in H1 2025.
Positive Outlook
- Continued FDA and EMA formal and informal regulatory interactions
- LUNA 26-week interim analysis
- Initiation of Phase 3 trial in H1 2025
- Positive preliminary efficacy and safety data from the ongoing LUNA Phase 2 trial of Ixo-vec
- Financing is expected to extend Adverum’s cash runway into late 2025
Challenges Ahead
- Risks associated with market conditions
- Risks inherent to clinical trials
- Uncertainties facing Adverum are set forth under the caption “Risk Factors” and elsewhere in Adverum’s Securities and Exchange Commission (SEC) filings and reports
- The current standard of care requires frequent life-long repeated bolus injections of anti-VEGF in the eye.
Historical Earnings Impact
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