Adverum Biotechnologies(ADVM) - 2023 Q4 - Annual Results

Financial Performance - Adverum Biotechnologies reported a net loss of $23.7 million, or $0.23 per share, for Q4 2023, compared to a net loss of $32.7 million, or $0.33 per share, for the same period in 2022[6] - Net loss for 2023 is $(23,714) million, compared to $(32,736) million in 2022, reflecting a 28% improvement[15] - Net loss before income taxes decreased to $(24,847) million in 2023 from $(32,717) million in 2022[15] - Operating loss improved to $(26,158) million in 2023 from $(33,940) million in 2022[15] - Net loss per share improved to $(0.23) in 2023 from $(0.33) in 2022[15] Cash and Investments - Cash, cash equivalents, and short-term investments were $96.5 million as of December 31, 2023, down from $117.1 million as of September 30, 2023, and $185.6 million as of December 31, 2022[6] - The company completed a $127.5 million private placement financing, which is expected to extend its cash runway into late 2025[1] Research and Development - Research and development expenses decreased to $15.3 million for Q4 2023 from $22.2 million for the same period in 2022[6] - Research and development expenses decreased to $15,278 million in 2023 from $22,199 million in 2022[15] - The company plans to initiate a Phase 3 trial of Ixo-vec in the first half of 2025[5] - The anticipated 26-week interim analysis of the LUNA trial is expected in mid-2024[5] Clinical Trial Results - In the LUNA Phase 2 trial, patients receiving the 2E11 and 6E10 doses of Ixo-vec experienced mean reductions of 90% and 94% in annualized anti-VEGF injections, respectively[2] - 85% of patients at the 2E11 dose and 68% at the 6E10 dose received no supplemental injections through 26 weeks[2] Operating Expenses - Total operating expenses decreased to $26,158 million in 2023 from $33,940 million in 2022, a reduction of approximately 23%[15] - General and administrative expenses decreased to $10.9 million for Q4 2023 from $11.7 million for the same period in 2022[6] - General and administrative expenses decreased to $10,880 million in 2023 from $11,741 million in 2022[15] Stock Information - A 1-for-10 reverse stock split will be effective on March 21, 2024, resulting in approximately 20.8 million shares outstanding[4] Revenue - License revenue for 2023 is $3,600 million, compared to $0 in 2022[15] - Other income, net, increased to $1,311 million in 2023 from $1,223 million in 2022[15]