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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adverum Biotechnologies Inc | NASDAQ:ADVM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.72 | 9.55 | 11.16 | 0 | 01:00:00 |
“Our management team and Board are focused on conducting a thorough review of patient safety data from the ADVM-022 program to inform our next steps,” said Laurent Fischer, M.D., chief executive officer at Adverum Biotechnologies. “At ARVO last weekend, long-term data from the OPTIC trial were presented, demonstrating ADVM-022’s durability in patients with treatment-experienced neovascular or wet age-related macular degeneration. As part of our broader mission to advance the field of gene therapy, we are committed to the work our team is doing on behalf of patients who need new treatment options for ocular diseases.”
Recent Developments
Financial Results for the Three Months Ended March 31, 2021
COVID-19To date, Adverum has experienced limited impact from COVID-19 on its operations and ongoing clinical programs, including the OPTIC and INFINITY clinical trials. The company is continuing to monitor and attempt to address or limit the potential impacts of COVID-19 on its employees and operations, patient safety, continued participation of patients enrolled in the company’s clinical studies, protocol compliance, data quality, and overall study integrity.
About Adverum BiotechnologiesAdverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is advancing the clinical development of its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with wet age-related macular degeneration and diabetic macular edema. For more information, please visit www.adverum.com.
Forward-looking Statements Statements contained in this press release regarding the events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding the potential efficacy and safety of ADVM-022 in wet AMD and diabetic macular edema (DME). Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include risks inherent to, without limitation: Adverum’s novel technology, which makes it difficult to predict the time and cost of product candidate development and obtaining regulatory approval; the results of early clinical trials not always being predictive of future results; and the potential for Adverum’s recent announcement of a SUSAR of hypotony with panuveitis and loss of vision in the treated eye, in its INFINITY clinical trial evaluating ADVM-022 gene therapy for the treatment of DME and any future complications or side effects in connection with use of ADVM-022 to delay or prevent regulatory advancement or approval for ADVM-022. Risks and uncertainties facing Adverum are described more fully in Adverum’s Annual Report on Form 10-K for the year ended December 31, 2020, Adverum’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and any subsequent filings with the SEC, especially under the heading “Risk Factors.” All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Adverum Biotechnologies, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(In thousands) | |||||||||
March 31 | December 31, | ||||||||
2021 | 2020 | ||||||||
(Unaudited) | (1) | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 45,422 | $ | 62,424 | |||||
Short-term investments | 358,596 | 367,305 | |||||||
Prepaid expenses and other current assets | 5,837 | 4,709 | |||||||
Total current assets | 409,855 | 434,438 | |||||||
Property and equipment, net | 28,379 | 27,725 | |||||||
Operating lease right-of-use asset | 19,044 | 19,376 | |||||||
Restricted cash | 3,780 | 999 | |||||||
Deposit and other long-term assets | 493 | 29 | |||||||
Total assets | $ | 461,551 | $ | 482,567 | |||||
Liabilities and stockholders' equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | 2,056 | 2,810 | |||||||
Lease liability, current portion | 4,512 | 4,473 | |||||||
Accrued expenses and other current liabilities | 13,355 | 13,588 | |||||||
Total current liabilities | 19,923 | 20,871 | |||||||
Lease liability, net of current portion | 25,694 | 26,235 | |||||||
Other noncurrent liabilities | 1,114 | 1,114 | |||||||
Total liabilities | 46,731 | 48,220 | |||||||
Stockholders' equity: | |||||||||
Common stock | 10 | 10 | |||||||
Additional paid-in capital | 946,098 | 937,134 | |||||||
Accumulated other comprehensive loss | (316 | ) | (261 | ) | |||||
Accumulated deficit | (530,972 | ) | (502,536 | ) | |||||
Total stockholders' equity | 414,820 | 434,347 | |||||||
Total liabilities and stockholders' equity | $ | 461,551 | $ | 482,567 | |||||
(1) Derived from Adverum’s annual audited consolidated financial statements.
Adverum Biotechnologies, Inc. | |||||||||
Consolidated Statements of Operations | |||||||||
(In thousands except per share data) | |||||||||
(Unaudited) | |||||||||
Three months ended March 31, | |||||||||
2021 | 2020 | ||||||||
License revenue | $ | 7,500 | $ | - | |||||
Operating expenses: | |||||||||
Research and development | 19,980 | 14,751 | |||||||
General and administrative | 16,163 | 9,040 | |||||||
Total operating expenses | 36,143 | 23,791 | |||||||
Operating loss | (28,643 | ) | (23,791 | ) | |||||
Other income, net | 207 | 885 | |||||||
Net loss | (28,436 | ) | (22,906 | ) | |||||
Net loss per share — basic and diluted | $ | (0.29 | ) | $ | (0.31 | ) | |||
Weighted-average common shares outstanding - basic and diluted | 97,750 | 73,797 | |||||||
Investor Relations Contacts Myesha Lacy Adverum Biotechnologies, Inc. T: 650-649-1257 E: mlacy@adverum.com Amy Figueroa Adverum Biotechnologies, Inc. T: 650-823-2704 E: afigueroa@adverum.com Media Contact Andrea Cohen Sam Brown Inc. T: 917-209-7163 E: andreacohen@sambrown.com
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