Executive Summary

ADVM reported a wider Q1 2025 net loss driven by Phase 3 start-up and clinical costs; EPS of -$2.25 missed S&P Global consensus of -$1.94 as OpEx stepped up with ARTEMIS initiation and higher G&A tied to NC facilities lien and professional services ; EPS estimate from S&P Global: -$1.94*.
Cash, cash equivalents and short-term investments fell to $83.1M from $125.7M in Q4, with runway guided “into the second half of 2025,” unchanged vs prior quarter’s guidance .
Operationally, management highlighted strong execution: ARTEMIS (first registrational intravitreal gene therapy trial in wet AMD) initiated; AQUARIUS Phase 3 still planned for 2H 2025; LUNA two‑year follow‑up data expected 4Q 2025—key 2025 catalysts .
No earnings call transcript was posted for Q1 2025; investor communications centered on the May 14 press release and an updated corporate presentation on May 15 .

What Went Well and What Went Wrong

What Went Well

First pivotal trial initiated: “We’ve kicked off 2025 with strong execution by initiating ARTEMIS… and are thrilled with the enthusiasm of retina specialists and patient interest.” – Laurent Fischer, M.D., CEO .
Differentiation reinforced by new data: Presented first human cell-level mapping of Ixo-vec transduction and aflibercept mRNA expression 3.5 years post-administration, supporting potential for life‑long vision preservation .
Clear 2025 catalyst path: AQUARIUS (global Phase 3) initiation targeted for 2H 2025 and two‑year LUNA data in 4Q 2025, giving multiple upcoming data/clinical milestones .

What Went Wrong

EPS miss versus consensus: Q1 2025 EPS -$2.25 vs S&P Global consensus -$1.94, reflecting higher OpEx from Phase 3 material production, bioanalytics, clinical trial costs and elevated G&A (facilities lien discharge, professional services) ; estimate -$1.94*.
Cash draw with Phase 3 ramp: Cash and securities declined to $83.1M from $125.7M sequentially as the company invests into pivotal development .
No revenue contribution to offset spend: Q4 2024 and Q1 2025 featured no license revenue line item, leaving results fully dependent on OpEx and other income .

Financial Results

Headline P&L and Liquidity (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
License Revenue ($USD Millions)	$1.0	$0.0	— (no revenue line reported)
R&D Expense ($USD Millions)	$20.4	$24.1	$28.7
G&A Expense ($USD Millions)	$9.8	$18.5	$19.5
Total OpEx ($USD Millions)	$30.2	$42.6	$48.2
Net Loss ($USD Millions)	$(27.1)	$(40.9)	$(47.0)
Diluted EPS	$(1.30)	$(1.96)	$(2.25)
Cash & ST Investments ($USD Millions)	$153.2	$125.7	$83.1

Notes: Q1 2025 Statement of Operations presented without a revenue line; company historically records occasional license revenue .

YoY and QoQ context

YoY (Q1 2025 vs Q1 2024): R&D $28.7M vs $15.4M; G&A $19.5M vs $13.8M; Net loss $47.0M vs $27.1M; EPS -$2.25 vs -$1.65—all driven by Phase 3 manufacturing, bioanalytics, trial and higher facilities/pro services costs .
QoQ (Q1 2025 vs Q4 2024): R&D +$4.6M, G&A +$1.0M, Net loss -$47.0M vs -$40.9M; cash declined ~$42.6M, reflecting pivotal program ramp .

Estimates vs Actuals (S&P Global)

Metric	Q3 2024 Estimate	Q3 2024 Actual	Q4 2024 Estimate	Q4 2024 Actual	Q1 2025 Estimate	Q1 2025 Actual
EPS	-$1.31*	-$1.30	-$1.36*	-$1.96	-$1.94*	-$2.25
Revenue ($USD Millions)	$0.06*	$1.00	$0.00*	$0.00	$0.00*	— (no revenue line)

Values retrieved from S&P Global.*

KPIs and Margins: As a clinical-stage biotech with negligible revenue, gross/operating/net margin percentages are not meaningful; focus remains on OpEx cadence, cash runway, and clinical milestones .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	2025	“Fund operations into late 2025” (Q3 2024)	“Fund operations into the second half of 2025” (Q4 2024 & Q1 2025)	Maintained vs Q4; wording consistent with 2H 2025
Phase 3 – ARTEMIS	1H 2025	Initiation planned H1 2025	Initiated; enrolling (Q1 2025)	Achieved
Phase 3 – AQUARIUS	2H 2025	Similar timing discussed (Q4 update)	Initiation planned 2H 2025	Maintained
LUNA 2‑yr follow‑up	4Q 2025	Planned 4Q 2025	Planned 4Q 2025	Maintained

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript found; themes derived from Q3/Q4 2024 and Q1 2025 official releases.

Topic	Previous Mentions (Q3 2024 and Q4 2024)	Current Period (Q1 2025)	Trend
Phase 3 execution	On track to initiate pivotal in H1 2025	ARTEMIS initiated; enrolling; AQUARIUS planned for 2H 2025	Improving
Data differentiation	LUNA 52‑wk and OPTIC 4‑yr updates anticipated	First human cell-level mapping; durable aflibercept expression 3.5 yrs	Improving
Patient preference/compliance	LUNA survey favored Ixo‑vec	Continued emphasis on injection‑free preference and compliance	Stable/Positive
Cash runway	Into late 2025 (Q3)	Into 2H 2025 (Q4 & Q1)	Stable
OpEx cadence	Rising ahead of Phase 3	Higher R&D and G&A with Phase 3 and facilities items	Increasing spend as planned
Regulatory momentum	RMAT/PRIME/Innovation Passport reiterated	Designations reiterated; pivotal underway	Stable

Management Commentary

“We’ve kicked off 2025 with strong execution by initiating ARTEMIS, our first pivotal trial for Ixo‑vec… We look forward to starting our second registrational study, AQUARIUS, later this year.” – Laurent Fischer, M.D., CEO .
“New data… showcase the first human cell-level mapping of Ixo‑vec transduction and aflibercept mRNA expression, supporting its differentiated clinical profile.” .
“Ixo‑vec has demonstrated robust retinal transduction and sustained therapeutic levels… overwhelmingly preferred by LUNA patients over their previous frequent anti‑VEGF injections.” – Laurent Fischer, M.D. .
ARTEMIS design aims to enhance clinical, regulatory and commercial success by including both treatment‑naïve and previously treated patients and using NI BCVA primary endpoint with a -4.5 letter margin .

Q&A Highlights

No Q1 2025 earnings call transcript was available on the company’s site or in our documents corpus; investor communications centered on the May 14 press release and a corporate presentation posted May 15, 2025 .

Estimates Context

EPS missed S&P Global consensus: Q1 2025 actual -$2.25 vs -$1.94*, driven by higher Phase 3‑related OpEx and G&A facilities/pro services . Values retrieved from S&P Global.*
Revenue estimates were de minimis: Q4 2024 $0.00* matched reported $0.00; Q1 2025 $0.00* consistent with no revenue line in the Q1 press release financials . Values retrieved from S&P Global.*

Where estimates may adjust: Street models likely to incorporate higher R&D and G&A run‑rate during pivotal execution and the updated cash trajectory through 2H 2025 .

Key Takeaways for Investors

Near‑term catalysts intact: ARTEMIS underway; AQUARIUS initiation targeted for 2H 2025; LUNA two‑year follow‑up in 4Q 2025—visible news flow into year‑end .
Q1 print was investment phase: EPS miss vs S&P Global consensus tied to deliberate spend ramp for Phase 3 materials, bioanalytics, and clinical trial execution; G&A elevated by specific facilities/pro services items . EPS estimate from S&P Global: -$1.94*.
Cash runway to 2H 2025: Focus on spend cadence and potential financing/partnering optionality as pivotal program advances .
Differentiation narrative strengthened: First human cell‑level mapping and sustained aflibercept expression support the “one‑and‑done” profile and patient preference emphasized by LUNA .
Pivotal design aimed at real‑world relevance: Inclusion of treatment‑naïve and experienced patients and NI BCVA endpoint designed to support clinical, regulatory, and commercial acceptance if successful .
Trading setup: Stock likely to trade on execution signals (ARTEMIS enrollment pacing), financing visibility/runway, and 4Q LUNA durability/safety update; watch for AQUARIUS start timing confirmation .

References:

Q1 2025 8‑K and press release financials and commentary
Q4 2024 8‑K and press release
Q3 2024 8‑K and press release
ARTEMIS initiation press release (Mar 3, 2025)
Company press release hub and events page for Q1 materials and absence of transcript