MENLO PARK, Calif., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a gene therapy company committed to discovering and developing novel medicines for patients suffering from diseases with few or burdensome treatment options, today reported financial results for the third quarter ended September 30, 2016. "Our new leadership team is focused on executing our plans to advance our three lead gene therapy programs into the clinic to address alpha 1 antitrypsin deficiency, wet AMD and hereditary angioedema," said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. "At recent scientific conferences, we have presented promising preclinical efficacy data on our two new anti-VEGF candidates for wet AMD, ADVM-022 and ADVM-032. These intravitreally administered therapies have the potential to minimize the treatment burden of frequent injections and maximize visual outcomes in patients living with this disease. For ADVM-043, our gene therapy for alpha 1 antitrypsin deficiency, we are upgrading to a robust, commercial-ready manufacturing process. We expect to initiate patient enrollment in a Phase 1/2 clinical trial in the fourth quarter of 2017. We have a strong AAV vector platform, AAV manufacturing technology expertise, an advancing pipeline of novel gene therapies, and a solid cash position, which we believe will enable us to develop important new treatment options for patients." Financial Results for the Three Months Ended September 30, 2016
- Cash, cash equivalents and marketable securities were $231.3 million as of September 30, 2016, compared to $241.3 million as of June 30, 2016 and $259.1 million as of December 31, 2015.
- Revenues, consisting of revenue from collaborative research, were $0.4 million for the three months ended September 30, 2016, compared to $1.0 million for the same period in 2015. Revenues for the three months ended September 30, 2015 included the recognition of a one-time milestone under a collaboration agreement.
- Research and development expenses were $8.4 million for the three months ended September 30, 2016, compared to $7.5 million for the same period in 2015. This increase was primarily attributable to material production, preclinical study, and toxicology study expenses for the Company's wet AMD, A1AT deficiency and HAE programs, partially offset by a decrease in stock-based compensation expense.
- General and administrative expenses were $6.1 million for the three months ended September 30, 2016, compared to $7.6 million for the same period in 2015. This reduction was primarily due to a decrease in stock-based compensation expense, partially offset by an increase in severance-related and professional services expenses.
- Goodwill impairment charge was $0.4 million for the three months ended September 30, 2016 and relates to an additional non-cash goodwill impairment charge recorded in connection with the Annapurna transaction that closed in May 2016. This non-cash charge is the result of the Company's goodwill assessment that is based on its market capitalization relative to the carrying value of its net assets.
- Net loss attributable to common stockholders was $14.3 million or $0.35 per basic and diluted share, for the three months ended September 30, 2016, compared to $14.1 million, or $0.55 per basic and diluted share, for the same period in 2015.
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||231,271||$||259,080|
|Prepaid expenses and other current assets||4,625||1,912|
|Total current assets||235,896||260,992|
|Property and equipment, net||4,335||3,187|
|Deposits and other long-term assets||140||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||8,844||$||4,612|
|Current portion of deferred rent||89||66|
|Current portion of deferred revenue||1,691||883|
|Total current liabilities||10,649||6,574|
|Deferred rent, less current portion||378||447|
|Deferred revenue, less current portion||6,834||4,706|
|Deferred tax liability||2,025||-|
|Total liabilities and stockholders' equity||$||256,571||$||264,319|
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Collaboration and license revenue||$||395||$||953||$||967||$||1,359|
|Research and development||8,362||7,523||23,772||18,270|
|General and administrative||6,146||7,631||19,578||16,733|
|Goodwill impairment charge||394||-||49,514||-|
|Total operating expenses||14,902||15,154||92,864||35,003|
|Other income (expense), net||206||117||544||285|
|Net loss attributable to|
|Net loss per share attributable to common|
|stockholders, basic and diluted||$||(0.35||)||$||(0.55||)||$||(2.66||)||$||(1.31||)|
|Weighted-average common shares|
|outstanding, basic and diluted||41,416||25,685||34,382||25,378|
Contacts for Adverum:Leone PattersonChief Financial OfficerAdverum Biotechnologies, Inc.firstname.lastname@example.orgJill SteierSenior Vice PresidentThe Trout Group LLC646email@example.com