Adverum Biotechnologies (ADVM) Misses Q2 EPS by 8c

Adverum Biotechnologies (NASDAQ: ADVM) reported Q2 EPS of ($0.36), $0.08 worse than the analyst estimate of ($0.28).

• Cash, cash equivalents and short-term investments were $280.1 million as of June 30, 2020, compared to $166.0 million as of December 31, 2019. Adverum expects this quarter-end cash position to fund operations into 2022.
• Research and development expenses were $19.2 million for the three months ended June 30, 2020, compared to $9.0 million for the same period in 2019. Research and development expenses increased primarily due to higher material production costs and personnel-associated costs. Stock-based compensation expense included in research and development expenses was $1.7 million for the second quarter of 2020.
• General and administrative expenses were $10.6 million for the three months ended June 30, 2020, compared to $7.1 million for the same period in 2019. General and administrative expenses increased primarily due to higher personnel-associated costs as well as depreciation expense for Adverum’s new headquarters. Stock-based compensation expense included in general and administrative expenses was $3.1 million for the second quarter of 2020.
• Net loss was $29.2 million, or $0.36 per basic and diluted share, for the three months ended June 30, 2020, compared to $15.0 million, or $0.23 per basic and diluted share, for the same period in 2019.

For earnings history and earnings-related data on Adverum Biotechnologies (ADVM) click here.

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