Adverum Biotechnologies reports Q2 EPS ($2.34), consensus ($2.28)

“We are thrilled to report excellent progress in the ARTEMIS Phase 3 trial, with enrollment driven by robust interest from retina specialists and patients. We are well ahead of schedule, and momentum continues to build, with the number of screened and randomized patients surpassing our projections. This progress, along with increasing recognition of Ixo-vec’s potential as a best-in-class therapy, supports our active and ongoing partnering discussions. We are also excited about the recent vote of confidence from Frazier Life Sciences, one of our largest investors. Additionally, a recent survey of nearly 1,000 retina specialists revealed that nearly 50% view gene therapy as the most exciting advancement in the wet AMD field-far surpassing TKIs. Despite this enthusiasm, current market valuations continue to underappreciate gene therapy’s transformative potential, highlighting a real disconnect between clinical excitement and investor sentiment. This remarkable enthusiasm for ocular gene therapy, the only modality potentially addressing the unmet need for longer acting wet AMD treatment, and a potential One And Done therapy, underscores the unique potential for broad adoption and significant value inflection. Later this year, we plan to present two-year follow-up data from LUNA. We expect these long-term results will continue to build our growing dataset supporting the potential for Ixo-vec to offer lifelong, best-in-class therapy for wet AMD with a favorable long-term safety profile. We believe Ixo-vec, if approved, will provide retina specialists and their wet AMD patients with a compelling opportunity for a One And Done wet AMD treatment,” stated Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies (ADVM).