$ADVM
Adverum Biotechnologies, Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023017564 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $3.600M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.47M $12.78M
YoY Change -9.4% -15.75%
% of Gross Profit
Research & Development $20.60M $21.06M
YoY Change -31.94% -8.3%
% of Gross Profit
Depreciation & Amortization $1.534M $1.592M
YoY Change -4.3% 11.72%
% of Gross Profit
Operating Expenses $33.07M $33.84M
YoY Change -24.89% -11.26%
Operating Profit -$33.07M -$30.24M
YoY Change -24.89% -20.7%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.576M $1.200M
YoY Change 456.89% 391.8%
Pretax Income -$31.49M -$29.04M
YoY Change -28.01% -23.36%
Income Tax $21.00K $17.00K
% Of Pretax Income
Net Earnings -$31.51M -$29.06M
YoY Change -28.0% -23.35%
Net Earnings / Revenue -807.11%
Basic Earnings Per Share -$0.31 -$0.29
Diluted Earnings Per Share -$0.31 -$0.29
COMMON SHARES
Basic Shares Outstanding 100.6M shares 100.6M shares
Diluted Shares Outstanding 100.8M shares 100.3M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.5M $164.3M
YoY Change -40.02% -39.39%
Cash & Equivalents $111.2M $67.55M
Short-Term Investments $30.27M $96.73M
Other Short-Term Assets $5.690M $4.588M
YoY Change -44.16% -49.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $147.1M $168.9M
YoY Change -40.19% -39.71%
LONG-TERM ASSETS
Property, Plant & Equipment $32.04M $33.35M
YoY Change -16.2% -10.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.308M $1.351M
YoY Change 372.2% 514.09%
Total Long-Term Assets $94.29M $106.7M
YoY Change -26.87% -16.16%
TOTAL ASSETS
Total Short-Term Assets $147.1M $168.9M
Total Long-Term Assets $94.29M $106.7M
Total Assets $241.4M $275.6M
YoY Change -35.61% -32.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.418M $2.863M
YoY Change -69.82% -11.77%
Accrued Expenses $43.03M $43.35M
YoY Change 67.14% 133.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.52M $46.47M
YoY Change 45.39% 99.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.52M $46.47M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $110.3M $117.8M
YoY Change -15.71% -5.32%
SHAREHOLDERS EQUITY
Retained Earnings -$863.2M -$831.7M
YoY Change 18.3% 21.24%
Common Stock $994.9M $990.2M
YoY Change 1.98% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.2M $157.8M
YoY Change
Total Liabilities & Shareholders Equity $241.4M $275.6M
YoY Change -35.61% -32.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$31.51M -$29.06M
YoY Change -28.0% -23.35%
Depreciation, Depletion And Amortization $1.534M $1.592M
YoY Change -4.3% 11.72%
Cash From Operating Activities -$23.25M -$22.41M
YoY Change -19.5% -22.53%
INVESTING ACTIVITIES
Capital Expenditures $36.00K $85.00K
YoY Change -100.56% -98.06%
Acquisitions
YoY Change
Other Investing Activities $67.06M $21.62M
YoY Change 80.42% -75.64%
Cash From Investing Activities $67.02M $21.53M
YoY Change 118.07% -74.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.000K $0.00
YoY Change -97.79% -100.0%
NET CHANGE
Cash From Operating Activities -23.25M -$22.41M
Cash From Investing Activities 67.02M $21.53M
Cash From Financing Activities 8.000K $0.00
Net Change In Cash 43.78M -$879.0K
YoY Change 1873.94% -101.59%
FREE CASH FLOW
Cash From Operating Activities -$23.25M -$22.41M
Capital Expenditures $36.00K $85.00K
Free Cash Flow -$23.29M -$22.50M
YoY Change 3.74% -32.45%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, impairment of long-lived assets, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</span></div>
CY2023Q1 advm Cash And Cash Equivalent Amortized Cost
CashAndCashEquivalentAmortizedCost
60485000 usd
CY2023Q1 advm Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
6000 usd
CY2023Q1 advm Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
4000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
60487000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
97101000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
369000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
96733000 usd
CY2022Q4 advm Cash And Cash Equivalent Amortized Cost
CashAndCashEquivalentAmortizedCost
56256000 usd
CY2022Q4 advm Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
0 usd
CY2022Q4 advm Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
16000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
56240000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
118247000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1089000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
117158000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
105900000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
155500000 usd
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-8300000 usd
CY2023Q1 advm Operating Lease Non Cash Consideration Leasehold Improvements Value
OperatingLeaseNonCashConsiderationLeaseholdImprovementsValue
14900000 usd
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
1400000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
1700000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
24118000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
3747000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10840000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
5002000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11194000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5152000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11560000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
5306000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11938000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
5466000 usd
CY2023Q1 advm Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
91538000 usd
CY2023Q1 advm Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
63300000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
161188000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
87973000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
51933000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
51921000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18586000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16994000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33347000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34927000 usd
CY2023Q1 advm Accrued Nonclinical Clinical And Development Process Costs
AccruedNonclinicalClinicalAndDevelopmentProcessCosts
8475000 usd
CY2022Q4 advm Accrued Nonclinical Clinical And Development Process Costs
AccruedNonclinicalClinicalAndDevelopmentProcessCosts
6854000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5946000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
8710000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
764000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
532000 usd
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
264000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
254000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1895000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
417000 usd
CY2023Q1 advm Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
17344000 usd
CY2022Q4 advm Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
16767000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19320000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.79
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4216000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.74
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
229000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.16
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23307000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.87
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7812000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.43
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4563000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5381000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26198000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19580000 shares

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