Adverum Biotech Slashes CEO's Option Prices Amid Strategic Compensation Review

Rhea-AI Filing Summary

Laurent Fischer, CEO, President and Director of Adverum Biotechnologies (NASDAQ: ADVM), reported significant modifications to stock options on June 17, 2025. The transactions involved the repricing of multiple stock option grants to a new exercise price of $10.14 per share.

Key details of the option modifications:

• Total of 564,418 options were repriced across 8 different grants
• Original exercise prices ranged from $10.90 to $237.00
• All options were converted to the new strike price of $10.14
• Various vesting schedules remain unchanged, with dates ranging from 2030 to 2034

This filing follows a 1-for-10 reverse stock split effective March 21, 2024, where all share counts and exercise prices were adjusted accordingly. The repricing appears aimed at maintaining executive incentives following stock price changes, with no change to the number of underlying shares or vesting terms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fischer Laurent

(Last) (First) (Middle)

C/O ADVERUM BIOTECHNOLOGIES, INC.

100 CARDINAL WAY

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Adverum Biotechnologies, Inc. [ ADVM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO, PRESIDENT AND DIRECTOR

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$237(1)	06/17/2025		D(2)			120,000(1)	(2)	06/14/2030	Common Stock	120,000(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(2)		120,000(1)		(2)	06/14/2030	Common Stock	120,000(1)	$0	120,000(1)	D
Stock Option (Right to Buy)	$134.4(1)	06/17/2025		D(3)			68,000(1)	(3)	02/15/2031	Common Stock	68,000(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(3)		68,000(1)		(3)	02/15/2031	Common Stock	68,000(1)	$0	68,000(1)	D
Stock Option (Right to Buy)	$24.8(1)	06/17/2025		D(4)			45,499(1)	(4)	08/05/2031	Common Stock	45,499(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(4)		45,499(1)		(4)	08/05/2031	Common Stock	45,499(1)	$0	45,499(1)	D
Stock Option (Right to Buy)	$12.9(1)	06/17/2025		D(5)			63,000(1)	(6)	03/07/2032	Common Stock	63,000(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(5)		63,000(1)		(6)	03/07/2032	Common Stock	63,000(1)	$0	63,000(1)	D
Stock Option (Right to Buy)	$12.9(1)	06/17/2025		D(5)			31,500(1)	(7)	03/07/2032	Common Stock	31,500(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(5)		31,500(1)		(7)	03/07/2032	Common Stock	31,500(1)	$0	31,500(1)	D
Stock Option (Right to Buy)	$10.9(1)	06/17/2025		D(8)			58,497(1)	(8)	09/13/2032	Common Stock	58,497(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(8)		58,497(1)		(8)	09/13/2032	Common Stock	58,497(1)	$0	58,497(1)	D
Stock Option (Right to Buy)	$10.9(1)	06/17/2025		D(9)			67,502(1)	(10)	09/13/2032	Common Stock	67,502(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(9)		67,502(1)		(10)	09/13/2032	Common Stock	67,502(1)	$0	67,502(1)	D
Stock Option (Right to Buy)	$19.9(1)	06/17/2025		D(11)			110,420(1)	(12)	02/11/2034	Common Stock	110,420(1)	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A(11)		110,420(1)		(12)	02/11/2034	Common Stock	110,420(1)	$0	110,420(1)	D

Explanation of Responses:

1. Effective March 21, 2024, the Issuer effected a reverse stock split (the "Reverse Split") whereby every ten shares of its issued and outstanding Common Stock were automatically combined into one share of Common Stock. In connection with the Reverse Split, each stock option to purchase ten shares of Common Stock was automatically combined into a stock option to purchase one share of Common Stock and the exercise prices of such options were multiplied by ten.

2. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on June 15, 2020 and is fully vested.

3. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on February 16, 2021 and is fully vested.

4. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on August 6, 2021 and is fully vested.

5. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on March 8, 2022.

6. Twenty-five percent (25%) of the total number of shares subject to the option vested and became exercisable on the first anniversary of February 18, 2022, and 1/48 of the total number of shares subject to the option vest and become exercisable each month thereafter, such that all of the shares subject to the option shall become vested and exercisable as of February 18, 2026, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.

7. The options vest in equal monthly installments over two years from August 16, 2023, such that all of the shares subject to the option shall become vested and exercisable as of August 16, 2025, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.

8. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on September 14, 2022 and is fully vested.

9. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on September 14, 2022.

10. The options vest in equal monthly installments over three years from September 14, 2022, such that all of the shares subject to the option shall become vested and exercisable as of September 14, 2025, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.

11. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on February 12, 2024.

12. Twenty-five percent (25%) of the total number of shares subject to the option vested and became exercisable on the first anniversary of February 12, 2024, and 1/48 of the total number of shares subject to the option vest and become exercisable each month thereafter, such that all of the shares subject to the option shall become vested and exercisable as of February 12, 2028, provided the Reporting Person continues to provide Continuous Service (as defined in the Issuer's 2014 Equity Incentive Plan) on each such vesting date.

	/s/ Aneta Fergson, Attorney-in-Fact	06/20/2025
	** Signature of Reporting Person	Date
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FAQ

What changes were made to ADVM CEO Laurent Fischer's stock options in June 2025?

On June 17, 2025, ADVM CEO Laurent Fischer's existing stock options were repriced to $10.14 per share. This involved canceling several existing options with higher exercise prices (ranging from $12.90 to $237.00) and replacing them with new options at the $10.14 exercise price. The total number of shares underlying the options remained the same, covering approximately 564,418 shares in total.

How many stock options does ADVM CEO Laurent Fischer currently hold after the June 2025 repricing?

After the June 2025 repricing, Laurent Fischer holds stock options for 564,418 shares of ADVM common stock, all with an exercise price of $10.14. This includes several grants with different vesting schedules and expiration dates ranging from 2030 to 2034.

What was the impact of ADVM's March 2024 reverse stock split on Laurent Fischer's options?

Due to ADVM's reverse stock split on March 21, 2024, every ten shares of common stock were combined into one share. Consequently, each stock option to purchase ten shares was converted into an option to purchase one share, and the exercise prices were multiplied by ten. This affected all of Fischer's outstanding options.

What are the vesting terms for ADVM CEO Laurent Fischer's most recent stock option grant from February 2024?

Fischer's February 2024 grant of 110,420 options (now priced at $10.14) vests over four years, with 25% vesting on February 12, 2025, and the remaining 75% vesting monthly over the following 36 months. Full vesting will occur on February 12, 2028, subject to continued service with the company.