Adverum Biotechnologies, Inc. (ADVM) saw its loss widen to $22.39 million, or $0.54 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.09 million, or $0.55 a share.
Revenue during the quarter plunged 49.17 percent to $0.49 million from $0.96 million in the previous year period.
Operating loss for the quarter was $23.39 million, compared with an operating loss of $14.18 million in the previous year period.
"We are laser-focused on advancing our three lead gene therapy programs, with a goal of becoming a clinical-stage company by the end of this year," said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. "Adverum has a robust pipeline of gene therapies, a platform of industry-leading technology and capabilities, and an experienced leadership team with expertise in developing gene therapies. We are excited to be doing this important work to develop potential new therapies for patients living with wet AMD and rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema. Looking ahead this year, we are executing our plans to initiate patient enrollment during the fourth quarter in a Phase 1/2 clinical trial for ADVM-043 in patients with A1AT deficiency. Importantly, we believe our cash is sufficient to fund the development of our three lead programs through the end of 2019."
Working capital declines
Adverum Biotechnologies, Inc. has witnessed a decline in the working capital over the last year. It stood at $215.38 million as at Dec. 31, 2016, down 15.34 percent or $39.04 million from $254.42 million on Dec. 31, 2015. Current ratio was at 22.76 as on Dec. 31, 2016, down from 39.70 on Dec. 31, 2015.
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