Form 4: Adverum Biotechnologies CMO Amends Stock Options Post-Reverse Split, Lowering Exercise Price

Adverum Biotechnologies' Chief Medical Officer, Rabia Gurses Ozden, amended two sets of stock options, resulting in a lower exercise price of $10.14 per share following the company's 1-for-10 reverse stock split.

Summary

• Rabia Gurses Ozden, Chief Medical Officer of Adverum Biotechnologies, Inc. (ADVM), reported changes in her beneficial ownership of stock options.
• The company effected a 1-for-10 reverse stock split on March 21, 2024, which automatically combined ten shares into one and multiplied option exercise prices by ten.
• Two sets of outstanding stock options were amended on June 17, 2025, involving the deemed cancellation of 'old' options and the grant of 'replacement' options.
• For the option originally granted on March 17, 2022, covering 8,000 shares, the exercise price was reduced from $13.50 to $10.14 per share.
• For the option originally granted on June 9, 2023, covering 4,000 shares, the exercise price was reduced from $15.60 to $10.14 per share.
• Both amended options are fully vested.
• The total number of shares underlying the options held by the CMO remains unchanged at 12,000 shares (8,000 + 4,000) after the amendment, but at a more favorable exercise price.

Sentiment

Score: 7

Explanation: The amendment of stock options to a lower exercise price is a positive development for the insider, increasing the potential value of their equity compensation. While the reverse stock split itself can sometimes be viewed negatively, this filing reports the beneficial adjustment to options as a result.

Positives

• The exercise price for both sets of amended stock options was reduced to $10.14 per share, which is favorable for the option holder, Rabia Gurses Ozden.
• Both amended options are fully vested, providing immediate exercisability.

Future Outlook

The document does not contain any forward-looking statements or guidance.

Industry Context

This Form 4 filing details an insider's equity compensation adjustments following a corporate action (reverse stock split). It does not provide broader industry trends or competitive analysis, focusing solely on the specific transaction.

Stakeholder Impact

• Shareholders: The reverse stock split, while not the primary focus of this Form 4, impacts the number of outstanding shares and per-share metrics. The option amendment itself directly benefits the Chief Medical Officer.
• Employees: The Chief Medical Officer's compensation structure is adjusted, potentially impacting morale or retention for key executives.

Key Dates

Keywords

Adverum Biotechnologies, ADVM, Stock Options, Reverse Stock Split, Insider Trading, Form 4, Chief Medical Officer, Equity Compensation