Aug. 13 at 3:52 PM
$ADVM Holy cow. Adverum had
$125.7 million on its balance sheet on December 31, 2024. On June 30, 2025 there were a mere
$44.4 million cash left. This reflects a significant cash burn of over
$81 million in the first half of 2025, largely driven by increased R&D spending for the ARTEMIS Phase 3 trial.
Now they got
$10 million by selling 4.46 million shares or equivalents. This will increase their shares outstanding from 21 million to 25.5 million, assuming all of the warrants are exercised.
If they don't get their monthly cash burn rate of about
$13.5 million down, they will need a lot of cash at the end of 2025. With their current market cap of
$55 million, the dilution will be really bad, if they do more public or private placements like the one just announced.
