- Adverum Biotechnologies (ADVM, Financial) reported a net loss of $40.9 million in Q4 2024, compared to $24.5 million in Q4 2023.
- Initiated the ARTEMIS Phase 3 trial for their Ixo-vec gene therapy in wet AMD, with 284 patients expected to participate.
- The company's cash position stood at $125.7 million, projected to fund operations through H2 2025.
Adverum Biotechnologies (ADVM) recently announced their financial results for the fourth quarter and full year 2024, with a reported net loss of $40.9 million, or $1.96 per share. This marks an increase from the $24.5 million or $2.42 per share loss recorded in the same quarter of the previous year. Research and development expenditures rose significantly to $24.1 million from $15.3 million year-over-year, indicating a strategic investment in their pivotal trials. General and administrative expenses also saw a hike from $11.7 million to $18.5 million.
In a significant development, Adverum has commenced ARTEMIS, their first Phase 3 trial evaluating Ixo-vec for the treatment of wet age-related macular degeneration (AMD), aiming to enroll approximately 284 patients. This trial will compare a single administration of Ixo-vec to bi-monthly doses of aflibercept, with the primary endpoint focused on visual acuity changes at the one-year mark. The trial's design includes a non-inferiority margin of -4.5 letters.
Financially, the company reported $125.7 million in cash, cash equivalents, and short-term investments as of December 31, 2024, a decline from $153.2 million in the prior quarter. Nevertheless, these funds are expected to sustain operations into the latter half of 2025, despite the current quarterly cash burn rate of approximately $25-28 million.
Looking ahead, Adverum plans to initiate the global AQUARIUS Phase 3 trial in H2 2025 and present two-year follow-up data from the LUNA Phase 2 trial in Q4 2025. The Ixo-vec program has shown promising long-term efficacy and safety profiles, which could potentially redefine the standard of care for patients with wet AMD if regulatory approval is obtained.
