# EDGAR Filing Document

**Accession Number:** 0001501756
**File Stem:** 0001373604-25-000116
**Filing Date:** 2025-11
**Character Count:** 12715
**Document Hash:** 09b9fd0835ae804960d706b5ad1a3255
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001373604-25-000116.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001373604-25-000116

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adverum Biotechnologies, Inc.
- **CENTRAL INDEX KEY:** 0001501756
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 205258327
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88266
- **FILM NUMBER:** 251465306

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063
- **BUSINESS PHONE:** (650) 649-1004

**MAIL ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Avalanche Biotechnologies, Inc.
- **DATE OF NAME CHANGE:** 20100921
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BML Investment Partners, L.P.
- **CENTRAL INDEX KEY:** 0001373604

**ORGANIZATION NAME:**
- **EIN:** 383708345
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 65 E CEDAR - SUITE 2
- **CITY:** ZIONSVILLE
- **STATE:** IN
- **ZIP:** 46077
- **BUSINESS PHONE:** 317-344-2447

**MAIL ADDRESS:**
- **STREET 1:** 65 E CEDAR - SUITE 2
- **CITY:** ZIONSVILLE
- **STATE:** IN
- **ZIP:** 46077

## Ex-1

### BML Capital Management, LLC

65 E Cedar, Suite 2, Zionsville, IN 46077

November 10, 2025

Board of Directors

Adverum Biotechnologies, Inc.

c/o Patrick Machado, Chair of the Board

100 Cardinal Way<br> Redwood City, California 94063

Dear Directors,

The terms of the merger the Adverum Board has struck with Eli Lilly are underwhelming and highly disappointing. BML believes this is the result of a flawed process that lacked a proper sense of urgency, several strategic errors on behalf of management and the Board, and generally poor decision making that lacked common sense throughout the entire process.

Case in point, it is simply unbelievable that a sale process was not commenced immediately after Party A indicated on June 3, 2025, that it was not moving forward with a partnering transaction. As early as March, Party A had indicated that it would need to conduct "additional market research" before moving forward with a term sheet, a strong indication that something was amiss. With a cash runway of only several months at that point, the Board should have acted with urgency.

Instead, the Board specifically decided AGAINST commencing a sale process at each of June 17, June 25, July 9, and July 16 meetings, apparently fearing the detrimental effect it would have on the Lilly negotiations. Well, the end result of these negotiations are there for all to see, and they are not pretty. The fact that the Board did not immediately enact a full-on sale process the moment it sensed it was down to one bidder (and, incidentally, in the middle of an expensive Phase 3 trial with just months of cash left) seems to us like a complete breach of fiduciary duty.

Almost comically, the Board and Senior Management thought it was important to spend time securing shareholder approval for the repricing of underwater options last spring. To what end, we must ask?

At this point, BML does NOT plan on tendering its 15.5% of total outstanding shares, based on the unfavorable terms of this current deal.

Regards,

Brad Leonard

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Adverum Biotechnologies, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**00773U108**

*(CUSIP Number)*

**Braden M Leonard**<br>65 E Cedar - Suite 2<br>Zionsville IN 46077<br>317-344-2447

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **00773U108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BML Investment Partners, L.P.** | Name of reporting person<br>**BML Investment Partners, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3057526.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3057526.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3057526.00** | Aggregate amount beneficially owned by each reporting person<br>**3057526.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.6%** | Percent of class represented by amount in Row (11)<br>**14.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **00773U108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Leonard Braden Michael** | Name of reporting person<br>**Leonard Braden Michael** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**191800.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3057526.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**191800.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3057526.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3249326.00** | Aggregate amount beneficially owned by each reporting person<br>**3249326.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.6%** | Percent of class represented by amount in Row (11)<br>**15.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b) (1) of the Securities Exchange Act of 1934.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Adverum Biotechnologies, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
100 Cardinal Way, Redwood City, CA, 94063

**Item 4. Purpose of Transaction**

All of the Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business by the reporting persons for investment purposes.  The reporting persons have no present plans or proposals that relate to or would result in any of the actions described in Item 4(a) through (j) of Schedule 13D. The reporting persons may evaluate on a continuing basis the investment in the Issuer and may, from time to time, acquire or dispose of Common Stock of the Issuer.  Any such acquisitions or dispositions will depend upon (i) the price and availability of the Issuer's securities; (ii) subsequent developments concerning the Issuer's business and prospects and the industry in which the Issuer operates; (iii) investment policies of the reporting persons; (iv) other investment opportunities available to the reporting persons; (v) general market and economic conditions; (vi) tax considerations; and (viii) such other factors as the reporting persons may deem relevant.  Any such acquisitions or dispositions may be made, subject to applicable law, in open market transactions.

As with their other investments, the Reporting Persons continuously evaluate the Issuer, including, but not limited to, its businesses, operations and prospects. The Reporting Persons may engage in discussions with the Issuer and its representatives and/or other stockholders, seek to enter into a confidentiality agreement with the Issuer and/or discuss with the Issuer different strategic alternatives or changes to the Issuer's operations. There can be no certainty as to whether discussions with the Issuer will occur, the outcome of any such discussions or whether the Reporting Persons will take any actions relating to the Issuer.

On November 10, 2025, the Reporting Persons sent a letter to the Board of the Issuer detailing the Reporting persons dissapointment with the current deal with Lilly and the lack of a full sale process.

**Item 5. Interest in Securities of the Issuer**

**(a)**
BML Investment Partners, L.P. beneficially owns 3,057,526 shares of the Issuer's Common Stock, or 14.6%.

Braden M Leonard beneficially owns 191,800 shares of the Issuer's Common Stock, or 0.9%.

**(b)**
BML Investment Partners, L.P. 	3,057,526
Braden M Leonard		191,800

**(c)**
None.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

To the best of the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BML Investment Partners, L.P.

**Signature:** Braden M Leonard

**Name/Title:** Braden M Leonard - Managing Member of BML Capital Management, LLC

**Date:** 11/10/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Leonard Braden Michael

**Signature:** Braden M Leonard

**Name/Title:** Leonard Braden Michael

**Date:** 11/10/2025