Adverum Biotechnologies ( (ADVM) ) has released its Q4 earnings. Here is a breakdown of the information Adverum Biotechnologies presented to its investors.
Adverum Biotechnologies, Inc., a clinical-stage company, is pioneering gene therapy to treat ocular diseases, focusing on developing a one-time injection therapy for wet age-related macular degeneration (AMD). The company recently reported its financial results for the fourth quarter and full year 2024, alongside updates on its pipeline and anticipated milestones. The highlight of Adverum’s report is the initiation of the ARTEMIS trial, the first registrational intravitreal gene therapy trial for wet AMD, which aims to establish Ixo-vec as a potential best-in-class treatment. The trial includes both treatment-naïve and experienced patients, aiming to provide comprehensive data for regulatory approval. Financially, Adverum reported a net loss of $40.9 million for the fourth quarter of 2024, with increased expenses attributed to preparations for Phase 3 trials. The company holds $125.7 million in cash and investments, expected to fund operations into the second half of 2025. Looking ahead, Adverum plans to initiate the global AQUARIUS Phase 3 trial in the second half of 2025 and present long-term follow-up data from the LUNA trial, reinforcing its commitment to advancing gene therapy solutions for ocular diseases.