[Form 4] Adverum Biotechnologies, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: Adverum Biotechnologies (ADVM) disclosed that non-employee director C. David Nicholson was granted a stock option for 10,450 common shares on 17 Jun 2025 at an exercise price of $2.32 per share. The option vests on the earlier of 17 Jun 2026 or the 2026 annual shareholder meeting, with accelerated vesting upon a change-of-control, conditioned on the director’s continued service.

Key details

• Derivative security: non-qualified stock option (right to buy).
• Expiration: 16 Jun 2035 (10-year term).
• Post-grant holdings: Nicholson now beneficially owns 10,450 options; no change in outright share ownership reported.
• Ownership form: Direct.

The filing records no open-market purchase or sale of common shares—only the incentive grant. Given ADVM’s ~101 million basic shares outstanding (FY24 10-K), the grant represents <0.01 % potential dilution and is therefore immaterial to equity float but signals ongoing board incentive alignment.

Positive

• Alignment of interests: Equity grant incentivizes director performance alongside shareholders.

Negative

• Potential (though immaterial) dilution: New option issuance marginally increases fully diluted share count.

Insights

Equity Compensation Analyst

TL;DR: Routine director option grant; minimal dilution, neutral valuation impact.

This Form 4 shows a standard annual equity award to director C. David Nicholson—10,450 options at $2.32, vesting after one year or next AGM. The $2.32 strike is roughly at-market (check prevailing price), so value accrues only if ADVM’s share price appreciates. Size is de-minimis versus ADVM’s share count, implying negligible dilution. Such grants are common in biotech governance to retain talent amid long development cycles. Investors should view the filing as administratively informative rather than a catalyst for the stock.

Corporate Governance Specialist

TL;DR: Aligns board incentives; change-of-control vesting clause notable.

The option includes accelerated vesting on change of control, mirroring provisions in ADVM’s broader governance documents. While customary, it underscores potential M&A orientation. The single-tranche, one-year vest schedule aligns with director service terms. No red flags emerge regarding timing or 10b5-1 reliance. Overall governance impact is neutral; transparency is adequate.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Nicholson, C. David

(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
	Officer (give title below)		Other (specify below)

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)	$2.32	06/17/2025		A		10,450		(1)	06/16/2035	Common Stock	10,450	$0	10,450	D

Explanation of Responses:

1. The shares subject to the option will vest and become exercisable on the earlier of June 17, 2026 or the 2026 annual meeting of stockholders, subject to (1) accelerated vesting upon a change of control and (2) the Reporting Person's continued service with the Issuer on the vesting date.

	/s/ Aneta Fergson, Attorney-in-Fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did ADVM disclose in the 20 Jun 2025 Form 4 filing?

Director C. David Nicholson received an option for 10,450 shares at a $2.32 strike price.

When do the newly granted ADVM options vest?

They vest on the earlier of 17 Jun 2026 or the 2026 annual shareholder meeting, with accelerated vesting on a change of control.

What is the expiration date of Nicholson’s ADVM options?

The options expire on 16 Jun 2035, giving a 10-year exercise window.

How many ADVM shares could be issued if the options are exercised?

Up to 10,450 common shares could be issued, representing less than 0.01 % of current shares outstanding.

Did the Form 4 report any open-market buys or sales by Nicholson?

No. The filing only reports the option grant; no purchases or sales of common stock were disclosed.