Adverum Biotechnologies(US:ADVM)2024-11-04 21:42Financial Performance - Cash, cash equivalents, and short-term investments were $153.2 million as of September 30, 2024, up from $96.5 million as of December 31, 2023, expected to fund operations into late 2025[3] - Net loss for Q3 2024 was $27.1 million, or $1.30 per share, compared to a net loss of $32.9 million, or $3.26 per share, in Q3 2023[6] - Total assets as of September 30, 2024, were $234.4 million, compared to $173.0 million as of December 31, 2023[12] - Total stockholders' equity increased to $144.1 million as of September 30, 2024, from $83.5 million as of December 31, 2023[12] Expenses - Research and development expenses for Q3 2024 were $20.4 million, slightly down from $20.7 million in Q3 2023, attributed to lower facility-related expenses[4] - General and administrative expenses decreased to $9.8 million in Q3 2024 from $13.8 million in Q3 2023, due to lower facility-related and compensation expenses[5] Clinical Development - The company plans to present LUNA 52-week data and OPTIC 4-year data updates in Q4 2024, alongside a Phase 3 trial design update[3] - The planned initiation of the Phase 3 trial for Ixo-vec is set for the first half of 2025[3] - Ixo-vec is designed as a one-time intravitreal injection for the treatment of wet AMD, aiming to reduce the need for frequent injections[8] Leadership Changes - Jason Mitchell was appointed as Chief Commercial Officer in October 2024, bringing over 20 years of experience in commercial strategy for retinal diseases[2]