Here are 1-3 brief analogies to describe Adverum Biotechnologies (ADVM):

• A clinical-stage biotechnology company focused on becoming a leader in gene therapy for eye diseases, often compared to an early-stage Regeneron in the ocular space.
• A clinical-stage company using cutting-edge gene therapy technology to develop a potential one-time treatment for chronic eye diseases, similar to how Moderna uses mRNA technology for vaccines, but focused on vision rather than infectious diseases.

• ADVM-062: An investigational gene therapy candidate designed to treat severe retinal diseases, including inherited retinal degenerations (IRDs) such as retinitis pigmentosa.
• ADVM-098: An investigational gene therapy candidate being developed for Leber Congenital Amaurosis (LCA), a rare genetic eye disease causing severe vision impairment in infancy.
• ADVM-072: An investigational gene therapy candidate aimed at treating X-linked retinoschisis (XLRS), a genetic disorder that impairs vision due to abnormal development of the retina.

Adverum Biotechnologies (symbol: ADVM) is a clinical-stage gene therapy company focused on developing treatments for serious ocular diseases. As such, the company does not currently have any commercial products approved for sale and therefore does not have traditional "major customers" in the sense of companies or individuals purchasing its products.

The company's revenue streams, when present, primarily consist of collaboration agreements and grant funding, rather than product sales. Historically, a significant source of collaboration revenue came from:

• Novartis Pharma AG (symbol: NVS on NYSE, or NOVN.SW on SIX Swiss Exchange): Adverum previously had a collaboration agreement with Novartis for the development and commercialization of ADVM-022 (now known as Ixo-vec). This agreement was terminated in 2021, and Adverum reacquired full global rights to Ixo-vec. While not a current customer, Novartis represented a major collaboration partner and revenue source during the term of the agreement.

Currently, the company's limited revenue is primarily derived from grant funding, such as from the National Eye Institute (part of the U.S. National Institutes of Health), which is a government agency and not a commercial customer company.

Laurent Fischer, M.D. President and Chief Executive Officer

Dr. Laurent Fischer has over 20 years of experience in drug development and commercialization in the biopharmaceutical industry. He previously served as Senior Vice President and Head of the Liver Therapeutic Area at Allergan, PLC. Dr. Fischer was Chairman and CEO of Tobira Therapeutics until its acquisition by Allergan in November 2016. He also served as Chairman and CEO of Jennerex, Inc. until its acquisition by SillaJen Biotherapeutics, Inc. Dr. Fischer co-founded, and was president and CEO of, Ocera Therapeutics and was president and CEO of Auxeris Therapeutics, Inc. His career also includes roles at RXCentric, Inc., MedVantx Inc., Dupont Pharmaceuticals, Dupont-Merck, and F. Hoffmann-La Roche. He was Chairman of the board of CTI Biopharma until its sale to SOBI in July 2017. Dr. Fischer has co-founded and managed four healthcare companies. He also served as a senior advisor on the Life Sciences Team at Frazier Healthcare Partners.

Linda Rubinstein Chief Financial Officer

Ms. Linda Rubinstein has 35 years of experience in investment banking and chief financial officer roles within the life science, SaaS, and other industries. She is a partner at FLG Partners, where she provides consulting CFO and financial advisory services to numerous biotech companies, assisting with strategic planning, financing transactions, and business development. She has served as permanent or interim CFO for many public and private companies. As CFO of Solexa, she negotiated its sale to Illumina, Inc. in a $600 million stock-for-stock transaction in 2006. She was also the CFO at Transcept Pharmaceuticals Inc. until its acquisition in a reverse merger with Paratek Pharmaceuticals in 2014. Her career experience includes generating over $1 billion in realized value from M&A transactions. Ms. Rubinstein previously served as Senior Vice President at Lehman Brothers' Global Healthcare Investment Banking Group. She currently serves on the board of directors of Biocept, Inc.

Kishor Peter Soparkar Chief Operating Officer

Mr. Peter Soparkar has over 20 years of experience in corporate development, corporate governance, legal, regulatory, commercial, and public compliance activities for biotechnology companies and at a leading international law firm. Before becoming COO, he served as Adverum's chief legal officer. Previously, he was chief legal officer and head of human resources at Counsyl, Inc. prior to its acquisition by Myriad Genetics. Mr. Soparkar spent ten years at Jazz Pharmaceuticals, where he led the legal team in supporting company operations, including numerous debt and equity financings and landmark transactions. He began his legal career at Latham & Watkins.

Romuald Corbau, Ph.D. Chief Scientific Officer

Dr. Romuald Corbau brings over 25 years of industry experience from startups to global pharmaceutical companies in the United States and Europe. Before joining Adverum, he was Chief Scientific Officer at GenEdit and, prior to that, served as Vice President of Research and then Chief Scientific Officer at Freeline. Dr. Corbau was the Translational Lead at Spark Therapeutics, where he led translational R&D for Luxturna®, a gene therapy product. He also held various research positions at Pfizer, CISTIM in Belgium, and Children's Hospital of Philadelphia.

Rabia Gurses Ozden, M.D. Chief Medical Officer

Dr. Rabia Gurses Ozden has over 20 years of experience in ophthalmology drug development, including extensive experience with AAV-based ophthalmic gene therapies. She previously served as Chief Medical Officer for Ocular Therapeutix, where she led clinical development. Before Ocular Therapeutix, Dr. Ozden was chief development officer at Akouos, a precision genetic medicine company that was acquired by Eli Lilly in 2022. She also served as Chief Medical Officer of Nightstar Therapeutics plc, a gene therapy company that was acquired by Biogen in 2019. Her experience includes leadership positions at Applied Genetic Technologies and GlaxoSmithKline.

The emerging threat to Adverum Biotechnologies is the advanced clinical development of REGENXBIO's RGX-314. RGX-314 is an investigational gene therapy for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), the same key indications targeted by Adverum's lead candidate, Ixo-vec (ADVM-022). RGX-314 is currently in multiple Phase 3 clinical trials, making it a direct competitor in late-stage development. If RGX-314 gains regulatory approval ahead of or demonstrates superior efficacy or safety compared to Ixo-vec, it could significantly diminish Adverum's market opportunity and potential for commercial success.

Adverum Biotechnologies (ADVM) is focused on advancing its gene therapy candidate, ixoberogene soroparvovec (Ixo-vec), for the treatment of wet Age-related Macular Degeneration (wet AMD). The expected drivers of future revenue growth for Adverum Biotechnologies over the next 2-3 years are primarily tied to the clinical development and potential commercialization of this lead product:

1. Advancement and Potential Regulatory Approval of Ixo-vec for Wet AMD: The successful progression and eventual regulatory approval of ixoberogene soroparvovec (Ixo-vec) are paramount for future revenue. The ARTEMIS Phase 3 trial, evaluating Ixo-vec in both treatment-experienced and treatment-naïve wet AMD patients, is critical, with enrollment anticipated to complete in the first quarter of 2026 and topline data expected in the first half of 2027. Furthermore, the company plans to initiate AQUARIUS, a second Phase 3 study, in the fourth quarter of 2025.

2. Commercialization and Market Adoption of Ixo-vec as a "One And Done™" Therapy: Ixo-vec is being developed as a potential "One And Done™" gene therapy, offering a durable, single-administration treatment option for wet AMD. This approach aims to significantly reduce the lifelong burden of frequent anti-vascular endothelial growth factor (anti-VEGF) injections currently required for wet AMD patients, driving strong interest from retina specialists and patients alike.

3. Strategic Partnerships and Commercial Infrastructure Development: Adverum Biotechnologies is actively developing its commercial capabilities, highlighted by the appointment of a Chief Commercial Officer in Q3 2024. The company is also engaged in ongoing partnering discussions related to Ixo-vec, suggesting potential collaborations to accelerate market penetration and expand commercial reach upon approval.

4. Differentiation and Competitive Advantage through Ixo-vec's Clinical Profile: Data from the LUNA Phase 2 trial has demonstrated significant benefits, including an 88% reduction in treatment burden and 54% injection freedom for the 6E10 dosing regimen, with 75% of patients requiring one or fewer injections within a year. This compelling clinical profile positions Ixo-vec as a potentially best-in-class product candidate that could drive rapid adoption and market share.

Share Issuance

• In February 2020, Adverum completed an underwritten public offering, generating $140.8 million in net proceeds from the sale of 10,925,000 shares of common stock.
• In August 2020, the company raised an additional $203.5 million in net proceeds from the sale of 16,675,000 shares of common stock.
• Adverum completed a $127.5 million private placement financing in February 2024, issuing common stock and pre-funded warrants to new and existing investors.

Inbound Investments

• Adverum secured a $127.5 million private placement financing in February 2024 from institutional investors, including TCGX, 5AM Ventures, and Frazier Life Sciences.
• In August 2025, Frazier Life Sciences made a $10 million private investment in public equity (PIPE) financing in Adverum.
• Eli Lilly and Company agreed to acquire Adverum Biotechnologies in October 2025 for an upfront payment of $3.56 per share plus a contingent value right (CVR) up to $8.91 per share, and provided a secured loan of up to $65 million to support ongoing operations prior to closing.

Capital Expenditures

• Research and development expenses were $22.2 million for the three months ended December 31, 2022, and $21.1 million for the three months ended March 31, 2023.
• Research and development expenses significantly increased to $37.1 million for the three months ended June 30, 2025, from $17.1 million for the same period in 2024, primarily driven by higher clinical trial expenses and personnel costs for the ARTEMIS Phase 3 clinical trial.
• The primary focus of capital expenditures is on advancing its gene therapy pipeline, specifically the Phase 3 ARTEMIS trial for ixo-vec (ADVM-022) in wet age-related macular degeneration (wAMD).