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ADVM Nasdaq· Adverum Biotechnologies Inc.
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ADVM Nasdaq· Adverum Biotechnologies Inc.
Earnings report Q3 2023

Adverum Biotechnologies Reports No License Revenue in Latest Quarter

Segments of revenue

Adverum Biotechnologies, Inc. reported no license revenue in the latest quarter. This is in comparison to $3.6 million in license revenue reported in the same quarter of the previous year.

Strengths

Adverum Biotechnologies demonstrated stability in its operating expenses, with research and development expenses decreasing from $23.8 million to $20.7 million, and general and administrative expenses decreasing from $17.2 million to $13.8 million, compared to the same quarter last year. This reduction in expenses indicates effective cost management by the company.

Challenges

The lack of license revenue in the latest quarter poses a challenge for Adverum Biotechnologies. The absence of revenue from licensing agreements may impact the company's overall financial performance and ability to invest in research and development activities.

Noteworthy

Adverum Biotechnologies reported a net loss of $32.9 million in the latest quarter, compared to a net loss of $40.1 million in the same quarter of the previous year. The decrease in net loss can be attributed to the reduction in operating expenses.

Summary

Adverum Biotechnologies faced a challenging quarter with no license revenue reported. However, the company demonstrated effective cost management by reducing operating expenses, resulting in a decrease in net loss compared to the same quarter last year. Adverum Biotechnologies will need to focus on generating revenue through licensing agreements to improve its financial performance in future quarters.

Source documents

Form 10-Q  filed on Nov 09, 2023
40 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by -26.40%
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