Adverum Biotechnologies (NASDAQ:ADVM), a company based in Redwood City, California, today reported its financial results for the fourth quarter and full year ended December 31, 2024, revealing a significant increase in its annual loss.
The company announced a net loss of $40.9 million for the fourth quarter, translating to a loss of $1.96 per share.
This contributed to a widened full-year loss of $130.9 million, or $6.62 per share, compared to the previous year.
The company reported annual revenue of $1 million.
A key factor in the increased loss was a rise in research and development expenses, which totalled $24.1 million for the three months ending December 31, 2024, up from $15.3 million in the same period of 2023.
Adverum attributed this increase to higher costs associated with material production, bioanalytics, and increased compensation expenses as the company prepares for Phase 3 clinical trials.
Despite the losses, Adverum reported a solid cash position with $125.7 million in cash, cash equivalents, and short-term investments as of December 31, 2024.
This represents a decrease from the $153.2 million reported at the end of the previous quarter (September 30, 2024) but an increase compared to the $96.5 million held at the end of 2023.
The company anticipates that its current cash reserves will be sufficient to fund its operations into the second half of 2025.