Adverum Biotech Adjusts Executive Stock Options Amid Corporate Restructuring

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Linda M. Rubinstein, Chief Financial Officer of Adverum Biotechnologies (ADVM), reported modifications to stock options following the company's reverse stock split effective March 21, 2024. The reverse split combined every ten shares into one share, with corresponding adjustments to stock options.

Key transactions on June 17, 2025:

Cancellation and replacement of 85,000 stock options originally granted on August 3, 2023, with exercise price adjusted from $21 to $10.14
Cancellation and replacement of 35,000 stock options originally granted on February 12, 2024, with exercise price adjusted from $19.90 to $10.14

The vesting schedules remain unchanged: the first grant vests 25% after six months with monthly vesting thereafter until August 3, 2026, while the second grant vests 25% after one year with monthly vesting until February 12, 2028, subject to continued service.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Rubinstein Linda M

Role CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Disposition	Stock Option (Right to Buy)	85,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	85,000	$0.00	--
Disposition	Stock Option (Right to Buy)	35,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	35,000	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct)

Footnotes (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. 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 3, 2023. Twenty-five percent (25%) of the total number of shares subject to the option vested and became exercisable on the six month anniversary of August 3, 2023, and 1/36 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 August 3, 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

06/20/2025 - 04:28 PM

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^*

Rubinstein Linda M

(Last)

(First)

(Middle)

C/O ADVERUM BIOTECHNOLOGIES, INC.

100 CARDINAL WAY

(Street)

REDWOOD CITY

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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF FINANCIAL OFFICER

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$21⁽¹⁾	06/17/2025		D⁽²⁾			85,000⁽¹⁾	⁽³⁾	08/02/2033	Common Stock	85,000⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽²⁾		85,000⁽¹⁾		⁽³⁾	08/02/2033	Common Stock	85,000⁽¹⁾	$0	85,000⁽¹⁾	D
Stock Option (Right to Buy)	$19.9⁽¹⁾	06/17/2025		D⁽⁴⁾			35,000⁽¹⁾	⁽⁵⁾	02/11/2034	Common Stock	35,000⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁴⁾		35,000⁽¹⁾		⁽⁵⁾	02/11/2034	Common Stock	35,000⁽¹⁾	$0	35,000⁽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 August 3, 2023.

3. Twenty-five percent (25%) of the total number of shares subject to the option vested and became exercisable on the six month anniversary of August 3, 2023, and 1/36 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 August 3, 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.

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 February 12, 2024.

5. 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
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Source: View Original Filing on SEC EDGAR

FAQ

What changes were made to Linda Rubinstein's stock options at ADVM on June 17, 2025?

On June 17, 2025, Linda Rubinstein, ADVM's CFO, had her stock options repriced. Two sets of options were modified: 85,000 shares were repriced from $21 to $10.14 (originally granted August 3, 2023), and 35,000 shares were repriced from $19.90 to $10.14 (originally granted February 12, 2024). The expiration dates remained unchanged at August 2, 2033 and February 11, 2034 respectively.

How many ADVM stock options does Linda Rubinstein own after the June 2025 repricing?

After the June 2025 repricing, Linda Rubinstein owns a total of 120,000 stock options of ADVM, consisting of 85,000 options at $10.14 expiring August 2, 2033, and 35,000 options at $10.14 expiring February 11, 2034. All options are held directly (not indirectly through other entities).

What is the vesting schedule for ADVM CFO Linda Rubinstein's repriced stock options?

The 85,000 options granted in August 2023 vest 25% after six months (February 2024) with 1/36 monthly thereafter until fully vested on August 3, 2026. The 35,000 options granted in February 2024 vest 25% after one year (February 2025) with 1/48 monthly thereafter until fully vested on February 12, 2028. Both require continuous service with ADVM.

How did ADVM's March 2024 reverse stock split affect Linda Rubinstein's options?

On March 21, 2024, ADVM executed a 1-for-10 reverse stock split where every 10 shares were combined into 1 share. Each stock option was similarly adjusted - options to purchase 10 shares became options to purchase 1 share, and the exercise prices were multiplied by 10 to maintain equivalent value.