Adverum Biotechnologies (ADVM) investor relations material

Executive summary

• Entered into a merger agreement with Eli Lilly, including a tender offer and contingent value rights (CVRs) for shareholders, with the merger expected to close in Q4 2025.

• Lead product candidate Ixo-vec advanced to Phase 3 trials for wet AMD, with full enrollment for ARTEMIS expected in Q4 2025 and top-line data in Q1 2027.

• Substantial doubt exists regarding ability to continue as a going concern, with cash and equivalents insufficient to fund operations for 12 months without additional financing or merger completion.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $26.1 million as of September 30, 2025, down from $125.7 million at December 31, 2024.

• Net loss for Q3 2025 was $47.7 million, compared to $32.4 million in Q3 2024; net loss for the nine months ended September 30, 2025 was $143.9 million, up from $90.0 million in the prior year period.

• Operating expenses increased to $48.0 million in Q3 2025 (from $35.4 million in Q3 2024), primarily due to higher R&D spending on Ixo-vec Phase 3 activities.

• Cash used in operations for the nine months ended September 30, 2025 was $109.7 million.

Outlook and guidance

• Cash, equivalents, and advances under the secured note with Lilly are expected to fund operations through the anticipated merger close.

• If the merger is not completed, additional financing will be required; failure to secure funding may result in bankruptcy or liquidation.

• ARTEMIS Phase 3 trial full enrollment expected in Q4 2025, with top-line data in Q1 2027; AQUARIUS Phase 3 trial initiation planned for Q4 2025.