SCHEDULE: Adverum Biotechnologies: BML Investment Partners Exits Position

BML Investment Partners and Braden M. Leonard have fully divested their beneficial ownership in Adverum Biotechnologies, Inc. common stock.

Summary

• BML Investment Partners, L.P. and Braden M. Leonard (Reporting Persons) have ceased to beneficially own any shares of Adverum Biotechnologies, Inc. common stock.
• The Reporting Persons previously held shares for investment purposes, but no longer hold any shares in the Issuer.
• Dispositions occurred through open market sales and a tender offer in early December 2025.
• On December 1, 2025, BML Investment Partners sold 300,000 shares at $4.20 per share.
• On December 2, 2025, BML Investment Partners sold 51,961 shares at $4.20 per share.
• On December 3, 2025, BML Investment Partners sold 222,925 shares at $4.17 per share.
• On December 4, 2025, BML Investment Partners sold 524,560 shares at $4.1947 per share.
• On December 9, 2025, BML Investment Partners disposed of 1,958,080 shares in a tender offer.
• On December 9, 2025, Braden M. Leonard disposed of 191,800 shares in a tender offer.
• The percentage of class represented by the aggregate amount beneficially owned by each reporting person is 0%.
• The calculation of percentage is based on 22,077,467 shares of Common Stock outstanding on November 7, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on November 12, 2025.

Sentiment

Score: 3

Explanation: The complete divestment by a significant beneficial owner is generally viewed negatively by the market, as it suggests a lack of confidence or a belief that the investment no longer meets their criteria. While not directly about the company's operations, it can impact investor sentiment and share price.

Negatives

• A significant beneficial owner, BML Investment Partners, L.P., and its managing member, Braden M. Leonard, have completely exited their investment in Adverum Biotechnologies, Inc.
• The divestment included substantial sales in early December 2025, culminating in a tender disposition on December 9, 2025, indicating a full liquidation of their position.

Risks

• The complete divestment by a significant investor could signal a lack of confidence in the Issuer's future prospects or current valuation.
• The market may react negatively to the news of a large shareholder exiting, potentially impacting Adverum Biotechnologies' share price due to perceived diminished investor interest or underlying concerns.

Future Outlook

The reporting persons no longer hold any shares in Adverum Biotechnologies, Inc. and therefore have no present plans or proposals related to the Issuer. Their previous general statement about evaluating the investment and potentially acquiring or disposing of common stock is now superseded by their complete divestment.

Industry Context

This Schedule 13D amendment primarily details a change in beneficial ownership by specific investors rather than providing direct insights into Adverum Biotechnologies' operational performance or broader industry trends. However, the complete divestment by a significant investor in the biotechnology sector could be interpreted by the market as a negative signal, potentially influencing investor sentiment towards Adverum Biotechnologies relative to its peers.

Legal Proceedings

• The reporting persons (BML Investment Partners, L.P., BML Capital Management, LLC, or Braden M. Leonard) have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where they were subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the past five years.

Stakeholder Impact

• **Shareholders:** May react negatively to the news of a significant investor completely divesting their shares, potentially leading to downward pressure on the stock price due to concerns about the company's outlook.
• **Management:** May face increased scrutiny or questions regarding the reasons for the divestment and its potential impact on investor confidence and the company's valuation.

Key Dates

Recommendation

While the complete divestment by a significant beneficial owner is a negative signal, this Schedule 13D filing primarily details a change in ownership rather than providing comprehensive insights into Adverum Biotechnologies' operational performance or financial health. A seasoned investor would likely 'hold' their position and await further fundamental updates from the company (e.g., quarterly or annual reports) to fully assess the implications of this divestment and the company's overall trajectory before making a definitive 'buy' or 'sell' decision. The exit of a large holder might create short-term volatility, but the long-term outlook depends on the company's core business and future prospects.

Keywords

Adverum Biotechnologies, AVRU, Schedule 13D, Beneficial Ownership, BML Investment Partners, Braden M. Leonard, Stock Sales, Tender Offer, Divestment, Biotechnology