[8-K] Adverum Biotechnologies, Inc. Reports Material Event

Rhea-AI Filing Summary

Adverum Biotechnologies, Inc. reported the early termination of its lease for facilities at 14 TW Alexander Drive in Durham, North Carolina, and the creation of a related financial obligation. The landlord ended the lease effective November 19, 2025, even though the term had originally been set to run through October 2037. As consideration, Adverum agreed to pay $0.1 million in cash within 30 days of receiving the termination notice and to release a previously escrowed $7.4 million promissory note to the landlord, with a maturity date on the earlier of January 31, 2031 or the company reaching $150 million in annual net revenues or royalties from its lead gene therapy candidate, Ixo-vec, and subject to acceleration upon a change of control. Adverum also disclosed that it has completed target enrollment of 284 patients in its pivotal Phase 3 ARTEMIS trial of Ixo-vec as of November 19, 2025, marking an important clinical development milestone.

Insights

Biotech and credit analyst

Adverum adds a lease-related note obligation while hitting a key Phase 3 enrollment milestone.

Adverum Biotechnologies terminated a long-dated lease for its Durham, North Carolina premises that had been scheduled to run until October 2037. In exchange for the early exit, the company agreed to pay $0.1 million in cash within 30 days of receiving the termination notice and to release to the landlord a $7.4 million promissory note that had been held in escrow. The note matures on the earlier of January 31, 2031 or the company achieving at least $150 million in annual net revenues or annual royalties from Ixo-vec, and it will accelerate on a change of control.

This structure links debt repayment timing to Ixo-vec’s commercial success, so cash outlay timing depends on whether the product reaches the stated revenue or royalty level before 2031. The change-of-control acceleration provision makes the obligation more front-loaded if a transaction occurs, which acquirers would need to factor into deal economics. Separately, the company completed target enrollment of 284 patients in its pivotal Phase 3 ARTEMIS trial of Ixo-vec on November 19, 2025, an operational milestone that positions the program for progression toward future data readouts and potential regulatory interactions once trial follow-up and analyses are completed.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

November 19, 2025

Date of Report (Date of earliest event reported)

Adverum Biotechnologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-36579		20-5258327
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

100 Cardinal Way

Redwood City, CA 94063

(Address of principal executive offices, including zip code)

(650) 656-9323

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		ADVM		Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.02 Termination of a Material Definitive Agreement.

On November 20, 2025, ARE-NC Region No. 21 LLC, a Delaware limited liability company (the “Landlord”), delivered to Adverum Biotechnologies, Inc. (the “Company”) and Adverum NC, LLC, a notice of termination (the “Termination Notice”) of that certain Lease Agreement, dated January 8, 2021, as amended (the “Original Lease”), for the Company’s premises located at 14 TW Alexander Drive, Durham, North Carolina. Pursuant to the Notice, the Original Lease was terminated as of November 19, 2025. Prior to the Termination Notice, the term of the Original Lease was set to expire in October 2037. As consideration for the early termination, the Company previously agreed to pay Landlord $0.1 million in cash within 30 days of the receipt of the Termination Notice, and to release to Landlord a promissory note of $7.4 million (the “Promissory Note”) which was previously held in escrow. The maturity date of the Promissory Note is the earlier of January 31, 2031 or the Company’s achievement of at least $150 million in annual net revenues or annual royalties from its lead candidate, Ixo-vec, and will accelerate upon a change of control of the Company.

The foregoing description of the Termination Notice and Promissory Note does not purport to be complete and is qualified in its entirety by reference, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, respectively, and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.02 included in this Current Report is hereby incorporated into this Item 2.03 by reference.

Item 8.01 Other Events.

The Company announced that it completed the target enrollment of 284 patients of its pivotal Phase 3 ARTEMIS trial on November 19, 2025.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Lease Termination Notice, dated November 19, 2025, by and among Adverum Biotechnologies, Inc., Adverum NC, LLC and ARE-NC REGION NO. 21, LLC.
10.2		Promissory Note, dated November 19, 2025, by and between Adverum Biotechnologies, Inc. and ARE-NC REGION NO. 21, LLC.
104		The cover page of this report has been formatted in Inline XBRL.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				ADVERUM BIOTECHNOLOGIES, INC.
Date: November 21, 2025				By:		/s/ Laurent Fischer
						Laurent Fischer, M.D.
						President and Chief Executive Officer

FAQ

What lease agreement did Adverum Biotechnologies (ADVM) terminate?

Adverum terminated its Lease Agreement dated January 8, 2021, as amended, covering premises at 14 TW Alexander Drive, Durham, North Carolina. The lease had previously been set to expire in October 2037 but was ended effective November 19, 2025 following a termination notice from the landlord.

What financial consideration is Adverum providing for the early lease termination?

For the early termination, Adverum agreed to pay the landlord $0.1 million in cash within 30 days of receiving the termination notice and to release a previously escrowed $7.4 million promissory note to the landlord. The promissory note thus represents a direct financial obligation tied to the lease termination.

What are the key terms of Adverums $7.4 million promissory note?

The $7.4 million promissory note matures on the earlier of January 31, 2031 or Adverum achieving at least $150 million in annual net revenues or annual royalties from its lead candidate, Ixo-vec. The note will also accelerate upon a change of control of the company, making the full amount due at that time.

How does the change of control provision affect Adverums promissory note?

The promissory note includes a provision that it will accelerate upon a change of control of Adverum. This means if the company is acquired or undergoes a qualifying control transaction, the $7.4 million obligation becomes due earlier than the stated maturity or the Ixo-vec revenue or royalty milestone being reached.

What clinical trial milestone did Adverum Biotechnologies announce?

Adverum announced that it has completed target enrollment of 284 patients in its pivotal Phase 3 ARTEMIS trial of Ixo-vec as of November 19, 2025. Completing target enrollment is a key step that allows the trial to proceed toward follow-up, data analysis, and potential future regulatory submissions, depending on the results.

Which Adverum candidate is tied to the promissory note revenue milestone and the ARTEMIS trial?

Both the revenue milestone for the promissory note and the pivotal Phase 3 ARTEMIS trial relate to Adverums lead candidate Ixo-vec. The note matures earlier if Ixo-vec generates at least $150 million in annual net revenues or royalties, and the completed enrollment of 284 patients in ARTEMIS reflects ongoing development of this therapy.