REDWOOD CITY, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will present at the Oppenheimer 35th Annual Healthcare Life Sciences Conference on Tuesday, February 11, at 4:40 p.m. ET. The webcast of the presentation may be accessed under Events and Presentations in the Investors section of Adverum’s website. A rep ...

Adverum Biotechnologies (ADVM) came out with a quarterly loss of $1.30 per share versus the Zacks Consensus Estimate of a loss of $1.20. This compares to loss of $3.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -8.33%. A quarter ago, it was expected that this gene therapy company would post a loss of $1.27 per share when it actually produced a loss of $0.89, delivering a surprise of 29.92%.Over the last four quarters, the ...

Financial Performance - As of September 30, 2024, the company had an accumulated deficit of $990.2 million and has not generated positive cash flow or net income since inception[52]. - The company reported a net loss of $70.4 million for the nine months ended September 30, 2024, primarily due to ongoing research and development activities[73]. - Net loss before income taxes improved by $5.7 million to $(27.1) million for the three months ended September 30, 2024, compared to $(32.9) million for the same period in 2023[61]. - License revenue for the three months ended September 30, 2024, was $1.0 million, a decrease of $2.6 million compared to $3.6 million for the same period in 2023[62]. - The company has not generated any revenue from product sales to date, relying instead on research, collaboration, and license arrangements[54]. Cash Flow and Financing - As of September 30, 2024, the company had $153.2 million in cash, cash equivalents, and short-term investments, sufficient to fund operations into late 2025[53]. - During the nine months ended September 30, 2024, net cash used in operating activities was $64.2 million, compared to $69.6 million for the same period in 2023[73]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was $119.8 million, mainly from the issuance of common stock and pre-funded warrants[75]. - The company expects that its existing cash and cash equivalents will be sufficient to fund operations into late 2025, but may need to raise additional funds sooner due to various risks and uncertainties[70]. - The company has a sales agreement with Cowen & Company to sell up to $100.0 million of common stock in an "at-the-market" offering, but no sales have been made as of November 4, 2024[70]. Research and Development - The LUNA Phase 2 trial of Ixo-vec was fully enrolled with 60 subjects, and interim analysis indicated maintenance of visual and anatomic outcomes[49]. - The company plans to initiate a Phase 3 clinical trial of Ixo-vec in wet AMD in the first half of 2025[49]. - Ixo-vec has received multiple regulatory designations, including Fast Track designation from the FDA and PRIME designation from the EMA[50]. - Research and development expenses include personnel-related costs, stock-based compensation, and external contract research expenses, with significant spending expected as the company advances into Phase 3 trials[55]. - Research and development expenses decreased by $0.3 million to $20.4 million for the three months ended September 30, 2024, from $20.7 million for the same period in 2023[65]. - Research and development expenses for the nine months ended September 30, 2024, were $52.9 million, a decrease of $9.5 million from $62.4 million for the same period in 2023[65]. General and Administrative Expenses - General and administrative expenses decreased by $4.0 million to $9.8 million for the three months ended September 30, 2024, from $13.8 million for the same period in 2023[66]. - General and administrative expenses for the nine months ended September 30, 2024, were $25.0 million, a decrease of $14.0 million from $39.0 million for the same period in 2023[66]. Other Income and Expenses - Other income, net increased by $0.4 million to $2.1 million for the three months ended September 30, 2024, from $1.7 million for the same period in 2023[67]. - Other income, net increased by $2.1 million to $6.5 million for the nine months ended September 30, 2024, from $4.4 million for the same period in 2023[67]. - Total operating expenses decreased by $4.3 million to $30.2 million for the three months ended September 30, 2024, from $34.5 million for the same period in 2023[61]. - Sublease income was $1.5 million for the three months ended September 30, 2024, compared to $1.3 million for the same period in 2023[61]. - The company reported $14.2 million in non-cash charges during the nine months ended September 30, 2024, primarily related to stock-based compensation[73]. Market and Manufacturing - The company utilizes third-party contract research organizations for clinical development and does not have its own operational clinical or commercial manufacturing facilities[52]. - The company aims to improve manufacturing processes for large-scale production to address the needs of prevalent diseases like wet AMD[51]. - The company incurred $37.4 million in net purchases from marketable securities during the nine months ended September 30, 2024, compared to $107.4 million in net maturities in the same period of 2023[74].

Exhibit 99.1 &DVERUM Adverum Biotechnologies Reports Third Quarter 2024 Financial Results, Provides Corporate Highlights and Updates Anticipated Milestones - 52-week LUNA and 4-year OPTIC data, alongside Phase 3 trial design updates, anticipated in Q4 2024 - Appointed Jason Mitchell as chief commercial officer - On-track to initiate pivotal program in 1H 2025 - $153.2 million in cash, cash equivalents and short-term investments expected to fund operations into late 2025 REDWOOD CITY, Calif., November 4, 202 ...

- 52-week LUNA and 4-year OPTIC data, alongside Phase 3 trial design updates, anticipated in Q4 2024 - Appointed Jason Mitchell as chief commercial officer - On track to initiate pivotal program in 1H 2025 - $153.2 million in cash, cash equivalents and short-term investments expected to fund operations into late 2025 REDWOOD CITY, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for h ...

REDWOOD CITY, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced the appointment of Jason L. Mitchell as chief commercial officer. Mr Mitchell brings to Adverum over 20 years of commercial experience, including in retinal disease, and most recently oversaw the successful launch of SYFOVRE® in geographic atrophy (GA). In his new role, Mr. Mitchell w ...

Adverum Biotechnologies (ADVM) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The po ...

REDWOOD CITY, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will present at the following upcoming investor conferences: H.C. Wainwright 26th Annual Global Investment Conference on Tuesday, September 10th at 3:30 p.m. ET.Chardan’s 8th Annual Genetic Medicines Conference on Tuesday, October 1st at 8:00 a.m. E.T. ...

Shares of Adverum Biotechnologies (ADVM) have gained 3.3% over the past four weeks to close the last trading session at $6.94, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $30 indicates a potential upside of 332.3%.The mean estimate comprises seven short-term price targets with a standard deviation of $11.02. While the lowest estimate of $12 indicates a 72.9% increase from th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ___________________________________________________________________ FORM 10-Q ___________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...