Adverum Biotechnologies (ADVM) Earnings Call Presentation

Financial Status - Adverum held approximately $174 million in cash, cash equivalents, and short-term investments as of June 2024, which is expected to fund operations into late 2025[8] Ixo-vec Clinical Development (Wet AMD) - Ixo-vec demonstrates a potential best-in-class product profile for wet AMD treatment, aiming for a one-time IVT injection to turn the eye into an anti-VEGF biofactory[10] - In the LUNA trial, 76% of patients at the 6E10 dose remained injection-free at 26 weeks, and 88% preferred Ixo-vec to prior injections[10] - The LUNA Phase 2 study results show a 90% to 95% reduction in anti-VEGF treatment burden across both the 6E10 and 2E11 Ixo-vec doses, aligning with OPTIC study results[70] - In the LUNA trial, 76% to 83% of patients were injection-free across both Ixo-vec doses, consistent with the OPTIC trial[73] - Among patients with ≤ 6 prior injections, 90% were injection-free at Week 26 in the LUNA study[78] - 100% of patients previously receiving Faricimab (Vabysmo) remained injection-free across both Ixo-vec doses in the LUNA study[81] - Both Ixo-vec doses in the LUNA study maintained visual and anatomic outcomes through 26 weeks[84] - Local corticosteroid prophylaxis was effective in minimizing inflammation, with 91% of participants having no or minimal inflammation at any study visit through Week 26[105] Market Opportunity - The global wet AMD market is large and growing, with approximately 1.5 million patients in the U S and 20 million worldwide, and about 200,000 new cases annually[14] - The global sales for wet AMD are projected to be around $9 billion by 2025[17] - A 1% market share for a gene therapy like Ixo-vec could translate to approximately $260 million to $440 million in sales, assuming a 3-5 year benefit[18]