Adverum Biotechnologies(ADVM) - 2025 Q1 - Quarterly Results

Financial Performance - Cash, cash equivalents, and short-term investments were $125.7 million as of December 31, 2024, down from$153.2 million as of September 30, 2024, and up from $96.5 million as of December 31, 2023[4] - Net loss for the three months ended December 31, 2024, was$40.9 million, or $1.96 per share, compared to a net loss of$24.5 million, or $2.42 per share, for the same period in 2023[8] - Total stockholders' equity increased to$70.7 million as of December 31, 2024, compared to $67.2 million as of December 31, 2023[12] Expenses - Research and development expenses increased to$24.1 million for the three months ended December 31, 2024, compared to $15.3 million for the same period in 2023[8] - General and administrative expenses rose to$18.5 million for the three months ended December 31, 2024, compared to $11.7 million for the same period in 2023[8] Clinical Trials - The ARTEMIS trial, the first registrational intravitreal gene therapy trial for wet AMD, will evaluate Ixo-vec in approximately 284 patients[3] - The primary endpoint of the ARTEMIS trial is the mean change from baseline of best corrected visual acuity (BCVA) at one year with a non-inferiority margin of -4.5 letters[3] - The company plans to initiate the global AQUARIUS Phase 3 trial in the second half of 2025[5] - Results from the Phase 2 LUNA trial support the selection of the 6E10 dose, demonstrating potential best-in-class efficacy and favorable long-term safety[5] Regulatory Designations - Ixo-vec has received Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations from the FDA for the treatment of wet AMD[6]