Adverum Biotechnologies, Inc.: auditor change — Adverum restates 2022-2024 financials on lease accounting errors; subtenant in default

Adverum Biotechnologies, Inc.

Non-cash errors in accounting for tenant improvement allowances on NC lease/sublease; restating 2022 and 2023 annual and 2023/2024 quarterly statements.
Expects at least one material weakness in internal control over financial reporting.
Subtenant Advanced Medical Partners (and Jaguar Gene Therapy) in default under sublease; company remains obligated under operating lease.
Cash, equivalents, and short-term investments expected to fund operations into second half 2025.

item 4.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Adverum Biotechnologies, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

On March 28, 2025, the Audit Committee of the Board of Directors (the “Audit Committee”) of Adverum Biotechnologies, Inc. (the “Company”), following consultation with the Company’s management and independent registered public accounting firm, Ernst & Young LLP, concluded that certain of the Company’s previously issued financial statements should no longer be relied upon due to non-cash errors identified in the accounting for tenant improvement allowances

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Source: SEC EDGAR

accession 0001193125-25-068759

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