Adverum Biotechnologies Inc (NASDAQ: ADVM) stock fell over 6.7% on 29th May, 2020 (as of 10:10 am GMT-4; Source: Google finance) after the company posted lower than expected results for the first quarter of FY 20. The company has reported net loss of $22.9 million, for the three months ended March 31, 2020, compared to $14.5 million for the same period in 2019. Cash, cash equivalents and short-term investments were $297.1 million at the end of March, 2020, compared to $166.0 million as of December 31, 2019. In February 2020, the company had raised about $140.9 million in net proceeds from an underwritten public offering. The company projects this quarter-end cash position to fund operations into 2022. On the other hand, the company has appointed Scott Whitcup, M.D. was to Adverum’s Board of Directors.
ADVM in the first quarter of FY 20 has reported the adjusted loss per share of 31 cents, missing the analysts’ estimates for the adjusted loss per share of 27 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $0 in the first quarter of FY 20, beating the analysts’ estimates for revenue by 100%.
Meanwhile, the company has today initiated INFINITY, which is a Phase 2, multi-center, randomized, double-masked, active comparator-controlled trial to assess a single intravitreal (IVT) injection of ADVM-022 (AAV.7m8-aflibercept) in patients with diabetic macular edema (DME). The INFINITY trial has planned to enroll about 33 patients and is designed to demonstrate superior control of disease activity after a single IVT injection of ADVM-022 compared to a single aflibercept injection, as measured by time to worsening of DME disease activity. The company is also planning to present data from all four cohorts of the OPTIC Phase 1 trial for ADVM-022 in wet AMD by the end of this year.
Furthermore, in the OPTIC Phase 1 trial, the patients with wet AMD are in high-risk categories for COVID-19 complications based on age, comorbidities, or both. The company is currently working closely with clinical trial sites for monitoring and attempting to minimize the potential negative impacts of the evolving COVID-19 outbreak on patient safety, patient enrollment, continued participation of patients already enrolled in the company’s clinical studies, protocol compliance, data quality, and overall study integrity. Despite these efforts, the company is assessing whether the COVID-19 pandemic will significantly affect the trial enrollment or completion of the current or planned clinical studies.