SEC Form 4 filed by CHIEF OPERATING OFFICER Soparkar Peter

6/20/25 4:29:48 PM ET

$ADVM

Biotechnology: Biological Products (No Diagnostic Substances)

Health Care

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SEC FORM 4 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

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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^*

Soparkar Peter

(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 OPERATING 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)	$68.8⁽¹⁾	06/17/2025		D⁽²⁾			40,000⁽¹⁾	⁽²⁾	10/29/2029	Common Stock	40,000⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽²⁾		40,000⁽¹⁾		⁽²⁾	10/29/2029	Common Stock	40,000⁽¹⁾	$0	40,000⁽¹⁾	D
Stock Option (Right to Buy)	$157.5⁽¹⁾	06/17/2025		D⁽³⁾			4,074⁽¹⁾	⁽³⁾	02/19/2030	Common Stock	4,074⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽³⁾		4,074⁽¹⁾		⁽³⁾	02/19/2030	Common Stock	4,074⁽¹⁾	$0	4,074⁽¹⁾	D
Stock Option (Right to Buy)	$134.4⁽¹⁾	06/17/2025		D⁽⁴⁾			13,999⁽¹⁾	⁽⁴⁾	02/15/2031	Common Stock	13,999⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁴⁾		13,999⁽¹⁾		⁽⁴⁾	02/15/2031	Common Stock	13,999⁽¹⁾	$0	13,999⁽¹⁾	D
Stock Option (Right to Buy)	$24.8⁽¹⁾	06/17/2025		D⁽⁵⁾			15,999⁽¹⁾	⁽⁵⁾	08/05/2031	Common Stock	15,999⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁵⁾		15,999⁽¹⁾		⁽⁵⁾	08/05/2031	Common Stock	15,999⁽¹⁾	$0	15,999⁽¹⁾	D
Stock Option (Right to Buy)	$12.9⁽¹⁾	06/17/2025		D⁽⁶⁾			25,500⁽¹⁾	⁽⁷⁾	03/07/2032	Common Stock	25,500⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁶⁾		25,500⁽¹⁾		⁽⁷⁾	03/07/2032	Common Stock	25,500⁽¹⁾	$0	25,500⁽¹⁾	D
Stock Option (Right to Buy)	$12.9⁽¹⁾	06/17/2025		D⁽⁶⁾			13,000⁽¹⁾	⁽⁸⁾	03/07/2032	Common Stock	13,000⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁶⁾		13,000⁽¹⁾		⁽⁸⁾	03/07/2032	Common Stock	13,000⁽¹⁾	$0	13,000⁽¹⁾	D
Stock Option (Right to Buy)	$10.9⁽¹⁾	06/17/2025		D⁽⁹⁾			23,092⁽¹⁾	⁽⁹⁾	09/13/2032	Common Stock	23,092⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽⁹⁾		23,092⁽¹⁾		⁽⁹⁾	09/13/2032	Common Stock	23,092⁽¹⁾	$0	23,092⁽¹⁾	D
Stock Option (Right to Buy)	$10.9⁽¹⁾	06/17/2025		D⁽¹⁰⁾			16,384⁽¹⁾	⁽¹¹⁾	09/13/2032	Common Stock	16,384⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽¹⁰⁾		16,384⁽¹⁾		⁽¹¹⁾	09/13/2032	Common Stock	16,384⁽¹⁾	$0	16,384⁽¹⁾	D
Stock Option (Right to Buy)	$19.9⁽¹⁾	06/17/2025		D⁽¹²⁾			45,000⁽¹⁾	⁽¹³⁾	02/11/2034	Common Stock	45,000⁽¹⁾	$0	0	D
Stock Option (Right to Buy)	$10.14	06/17/2025		A⁽¹²⁾		45,000⁽¹⁾		⁽¹³⁾	02/11/2034	Common Stock	45,000⁽¹⁾	$0	45,000⁽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 October 30, 2019 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 20, 2020 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 February 16, 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 August 6, 2021 and is fully vested.

6. 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.

7. 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.

8. 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.

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 and is fully vested.

10. 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.

11. 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.

12. 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.

13. 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.
* 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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Date	Price Target	Rating	Analyst
6/25/2024	$25.00	Outperform	Oppenheimer
4/30/2024	$30.00	Buy	H.C. Wainwright
7/7/2022	$4.00	Hold → Buy	Truist
7/23/2021		Hold → Neutral	Cantor Fitzgerald
7/23/2021	$23.00 → $3.00	Overweight → Neutral	Cantor Fitzgerald
7/23/2021	$5.00 → $2.00	Market Perform	SVB Leerink

SEC Form 4 filed by CHIEF OPERATING OFFICER Soparkar Peter

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