Adverum Biotechnologies is a clinical-stage gene therapy company focused on ocular diseases. Its sole near-term asset is ixoberogene soroparvovec (Ixo-vec), a one-time intravitreal (IVT) injection designed to treat wet age-related macular degeneration (wet AMD). The core concept is that a single injection turns the patient's retinal cells into a continuous producer of aflibercept — the active ingredient in Regeneron's Eylea — eliminating the need for the frequent repeat injections that current standard-of-care requires. Adverum has no approved products and no product revenue; the company funds operations through equity and debt financing. Adverum initiated its ARTEMIS Phase 3 trial in March 2025, with a second Phase 3 trial (AQUARIUS) planned for the second half of 2025. If approved, Adverum would sell Ixo-vec as a one-time treatment at a premium price, targeting the roughly 2,500 retina specialists in the U.S. who treat wet AMD patients. Adverum also licenses its AAV.7m8 vector platform to a small number of partners, including GenSight Biologics and LEXEO Therapeutics, generating modest milestone and royalty payments. Manufacturing is fully outsourced to contract manufacturers, using a baculovirus production system that Adverum argues is more scalable than mammalian cell-based alternatives. Adverum has early-stage programs in geographic atrophy and optogenetics, but the company's outlook is almost entirely dependent on Ixo-vec's Phase 3 execution and regulatory outcome.