Executive Summary

Q2 2025 EPS of $(2.34) missed S&P Global consensus of $(2.25)* by $0.09; revenue remained $0 as the company is pre‑commercial . Consensus revenue was $0.00*, in-line. Cash and investments fell to $44.397M, with runway guided “into the fourth quarter of 2025” .
Execution on Ixo‑vec remained the bright spot: ARTEMIS Phase 3 enrollment is “exceeding expectations,” enrollment completion now targeted for 1Q26 and topline in 1H27 .
Capital remained tight: Adverum announced a $10M PIPE with Frazier Life Sciences at $2.24/share as AQUARIUS initiation moved to 4Q25 and is “pending funding” .
Operating loss widened on higher R&D tied to ARTEMIS; net loss increased to $49.191M vs $47.019M in Q1 and $30.498M in Q2’24; G&A declined y/y on lower facilities and stock‑based comp .

What Went Well and What Went Wrong

What Went Well
- ARTEMIS enrollment is ahead of plan, driven by strong physician/patient interest; management: “We are well ahead of schedule… screened and randomized patients surpassing our projections” .
- Clear Phase 3 path with milestones: ARTEMIS enrollment completion 1Q26 and topline 1H27; LUNA 2‑year data in 4Q25; AQUARIUS targeted for 4Q25 (pending funding) .
- Strategic and investor validation: $10M PIPE from Frazier Life Sciences, “one of our largest investors,” signaling continued support .
What Went Wrong
- Cash burn accelerated: cash fell to $44.397M at 6/30/25 from $83.083M at 3/31/25 and $125.691M at 12/31/24; runway only into 4Q25, underscoring financing risk .
- Losses widened with R&D scale-up: Q2 R&D rose to $37.125M vs $28.747M (Q1) and $17.097M (Q2’24); net loss increased to $49.191M vs $47.019M (Q1) and $30.498M (Q2’24) .
- AQUARIUS now explicitly “pending funding,” introducing execution dependency on near‑term capital raises/partnerships .

Financial Results

P&L snapshot (USD Millions except per-share)

Metric	Q4 2024	Q1 2025	Q2 2025
R&D ($M)	$24.095	$28.747	$37.125
G&A ($M)	$18.523	$19.474	$12.730
Total Operating Expenses ($M)	$42.618	$48.221	$49.855
Other Income, net ($M)	$1.687	$1.202	$0.664
Net Loss ($M)	$40.931	$47.019	$49.191
Diluted EPS ($)	$(1.96)	$(2.25)	$(2.34)

Balance sheet and liquidity

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash, cash equivalents & marketable securities ($M)	$125.691	$83.083	$44.397
Total Assets ($M)	$179.841	$137.654	$96.179
Total Current Liabilities ($M)	$22.898	$25.094	$31.356
Total Stockholders’ Equity ($M)	$70.714	$26.422	$(20.219)

Consensus vs. actual (Q2 2025)

Metric	Consensus	Actual
EPS ($)	$(2.2467)*	$(2.34)
Revenue ($M)	$0.00*	$0.00 (no revenue line item reported)

Notes: EPS consensus miss of ~$0.09 versus actual $(2.34) . Values with asterisk are retrieved from S&P Global.*

KPIs and other data (quarterly)

KPI	Q4 2024	Q1 2025	Q2 2025
Weighted‑avg shares (M)	20.898	20.938	21.010
Cash runway guidance	2H 2025	2H 2025	Into 4Q 2025

Segment breakdown: Not applicable; the company is pre‑commercial and reports no product revenue .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	2025	“Into the second half of 2025” (Q4’24, Q1’25)	“Into the fourth quarter of 2025”	Narrowed/tightened to 4Q25
ARTEMIS enrollment completion	Program timeline	Not previously specified in Q1/Q4 materials	1Q 2026	New timeline communicated
ARTEMIS topline	Program timeline	Not previously specified	1H 2027	New timeline communicated
AQUARIUS Phase 3 initiation	2H 2025	“2H 2025”	“4Q 2025, pending funding availability”	Later in window; funding‑dependent
LUNA 2‑year follow‑up data	4Q 2025	4Q 2025	4Q 2025	Maintained

No quantitative guidance was provided for revenue, margins, OpEx, OI&E, tax rate, or dividends .

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in our document set; themes reflect management commentary in the Q2 press release and prior quarter materials.

Topic	Q4 2024 (Prior‑2)	Q1 2025 (Prior‑1)	Q2 2025 (Current)	Trend
R&D execution / ARTEMIS	ARTEMIS initiated; design highlighted; inclusion of naïve and experienced patients; BCVA NI endpoint	ARTEMIS enrolling; first registrational IVT gene therapy; enthusiasm from specialists	Enrollment “exceeding expectations”; completion 1Q26; topline 1H27	Strengthening execution cadence
Second Phase 3 (AQUARIUS)	“Details forthcoming”	“Global AQUARIUS in 2H 2025”	“Initiate 4Q 2025, pending funding”	Timing refined; funding gate added
Long‑term Ixo‑vec data (OPTIC/LUNA)	LUNA 52‑week and OPTIC 4‑year data supportive; 10x safety margin to 6E10 dose	ARVO data on transduction/expression; bolsters lifelong potential	LUNA 2‑year data confirmed for 4Q25	Continued data building
Regulatory/designations	RMAT/PRIME/Innovation Passport reiterated	Same reiterated	Same reiterated	Stable
Market adoption / sentiment	Vision to redefine SoC with one‑and‑done	Patient preference survey supportive	Surveys: ~50% of ~1,000 specialists most excited about gene therapy; >2x TKIs	Improving external sentiment
Funding & runway	Runway into 2H25	Runway into 2H25	Runway into 4Q25; $10M PIPE from Frazier	Tighter runway; incremental funding

Management Commentary

“We are thrilled to report excellent progress in the ARTEMIS Phase 3 trial… with the number of screened and randomized patients surpassing our projections.” — Laurent Fischer, M.D., President & CEO .
“A recent survey of nearly 1,000 retina specialists revealed that nearly 50% view gene therapy as the most exciting advancement in the wet AMD field—far surpassing TKIs.” .
“We’ve kicked off 2025 with strong execution by initiating ARTEMIS… and are thrilled with the enthusiasm of retina specialists and patient interest.” .
“2025 is off to a strong start with the initiation of our first pivotal trial, ARTEMIS… We look forward to sharing the design of our second pivotal trial, AQUARIUS…” .

Q&A Highlights

No Q2 2025 earnings call transcript was available in our sources; as a result, Q&A highlights and any guidance clarifications from live Q&A are unavailable. We reviewed the full Q2 8‑K press release and prior quarter materials instead .

Estimates Context

EPS: Actual $(2.34) vs S&P Global consensus $(2.2467)*; miss of ~$0.09, largely driven by higher R&D from ARTEMIS ramp (R&D $37.125M vs $17.097M y/y) .
Revenue: Consensus $0.00*, in line with the company’s lack of reported product revenue in Q2 .
Coverage breadth: 6 estimates for EPS and revenue, indicating modest sell‑side coverage for a clinical‑stage biotech*.
Implication: Absent non‑GAAP adjustments and with OpEx skewed to R&D for Phase 3 execution, near‑term EPS estimates may drift lower unless offset by financing structure, partnering economics, or OpEx phasing .
Values with asterisk are retrieved from S&P Global.*

Key Takeaways for Investors

Clinical execution is the primary driver: ARTEMIS enrollment is ahead of plan, with clear timelines to 1Q26 completion and 1H27 topline, which are key stock catalysts over the next 18–24 months .
Funding risk remains front‑and‑center: Cash runway only into 4Q25 despite a $10M PIPE; AQUARIUS initiation is funding‑dependent, making additional capital or partnerships likely near‑term catalysts .
Operating leverage deferred: R&D stepped up to $37.125M in Q2 to support Phase 3; expect elevated burn until major development milestones are passed .
External sentiment is favorable: Multiple specialist surveys favor gene therapy over TKIs in wet AMD, supporting potential adoption if efficacy/safety are confirmed .
Balance sheet watch item: Stockholders’ equity turned negative ($(20.219)M) at 6/30/25, underscoring urgency for non‑dilutive or strategic funding options .
Near‑term catalysts: LUNA 2‑year data (4Q25) and AQUARIUS initiation (4Q25, funding‑dependent) could be stock‑moving events alongside any partnering announcements .

Appendix: Prior Two Quarters Snapshot (for trend)

Q1 2025: Net loss $(47.019)M; R&D $28.747M; G&A $19.474M; cash $83.083M; runway into 2H25 .
Q4 2024: Net loss $(40.931)M; R&D $24.095M; G&A $18.523M; cash $125.691M; reiterated path to pivotal with ARTEMIS initiation .

S&P Global disclaimer: Values marked with an asterisk (*) are retrieved from S&P Global.

Adverum Biotechnologies, Inc. (ADVM)·Q2 2025 Earnings Summary