Adverum Biotechnologies Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Pipeline Highlights and Updates to Anticipated Milestones

Core Viewpoint - Adverum Biotechnologies is advancing its gene therapy candidate Ixo-vec for the treatment of wet age-related macular degeneration (AMD), with promising clinical trial results and a strong pipeline of upcoming studies aimed at redefining treatment standards for patients [2][3][6]. Financial Results - As of December 31, 2024, Adverum reported cash, cash equivalents, and short-term investments of $125.7 million, a decrease from$153.2 million as of September 30, 2024, but an increase from $96.5 million as of December 31, 2023 [8]. - Research and development expenses for Q4 2024 were$24.1 million, up from $15.3 million in Q4 2023, attributed to higher material production and preparation for Phase 3 trials [8]. - General and administrative expenses rose to$18.5 million in Q4 2024 from $11.7 million in Q4 2023, driven by increased consultant fees and a non-cash tenant improvement allowance [8]. - The net loss for Q4 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][11]. Pipeline Highlights - The ARTEMIS trial, the first registrational intravitreal gene therapy trial for wet AMD, has been initiated, evaluating Ixo-vec against aflibercept in approximately 284 patients [3]. - The primary endpoint of ARTEMIS is the mean change from baseline in best corrected visual acuity (BCVA) at one year, with a non-inferiority margin of -4.5 letters [3]. - Long-term data from the LUNA trial support the selected 6E10 dose for the pivotal program, showing potential best-in-class efficacy and favorable long-term safety [3][4]. Upcoming Milestones - The global AQUARIUS Phase 3 trial is expected to be initiated in the second half of 2025, with the presentation of two-year long-term follow-up data from the LUNA trial planned for Q4 2025 [8][9]. Product Overview - Ixo-vec, a gene therapy product candidate, is designed for a one-time intravitreal injection to treat wet AMD, aiming to provide long-term efficacy and reduce the burden of frequent anti-VEGF injections [6][7]. - The therapy has received Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA, as well as PRIME designation from the EMA [6]. Company Overview - Adverum Biotechnologies is focused on establishing gene therapy as a new standard of care for prevalent ocular diseases, with aspirations to develop functional cures to restore vision and prevent blindness [7].