Adverum Biotechnologies(ADVM) - 2020 Q1 - Quarterly Report

Financial Performance - As of March 31, 2020, the company had an accumulated deficit of $407.9 million and expects to incur substantial expenses and increasing losses from operations in the foreseeable future[42] - The company reported total operating expenses of $23.791 million for Q1 2020, an increase of $8.084 million compared to $15.707 million in Q1 2019[48] - The net loss for Q1 2020 was $22.906 million, compared to a net loss of $14.489 million in Q1 2019, representing an increase in loss of $8.417 million[48] - The company has not generated any revenue from product sales to date, relying instead on research, collaboration, and license arrangements[43] - Net cash used in operating activities was $13.6 million for the three months ended March 31, 2020, compared to $13.2 million for the same period in 2019[56] - The company has not generated positive cash flow or net income from operations since inception[52] Research and Development - Research and development expenses for Q1 2020 were $14.751 million, up from $10.131 million in Q1 2019, reflecting an increase of $4.620 million[48] - The company expects research and development expenses to increase in future periods as it continues to invest in advancing its gene therapy product candidate ADVM-022[49] - The OPTIC trial for ADVM-022 has shown long-term durability beyond 1 year with zero rescue injections in Cohort 1[34] - The INFINITY Phase 2 trial will enroll approximately 33 patients to evaluate ADVM-022 in patients with diabetic macular edema (DME)[36] Cash and Investments - The company had $297.1 million in cash, cash equivalents, and short-term investments as of March 31, 2020, sufficient to fund operations into 2022[42] - As of March 31, 2020, the company had an accumulated deficit of $407.9 million and $297.1 million in cash, cash equivalents, and short-term investments, up from $166.0 million as of December 31, 2019[52] - Net cash provided by financing activities for the three months ended March 31, 2020, was $148.6 million, primarily from the sale of common stock[58] - The company sold 10,925,000 shares of common stock for $140.9 million in net proceeds in February 2020[53] Administrative Expenses - General and administrative expenses rose to $9.040 million in Q1 2020 from $5.576 million in Q1 2019, an increase of $3.464 million[48] - General and administrative expense rose by $3.5 million to $9.0 million for the three months ended March 31, 2020, from $5.6 million in the same period of 2019[50] - General and administrative expenses are anticipated to rise in future periods to support the advancement of gene therapy programs[50] Future Funding - Future funding will be required for development, commercialization, and internal research programs, with potential reliance on equity or debt financings[53]