# EDGAR Filing Document

**Accession Number:** 0001501756
**File Stem:** 0001193125-25-303117
**Filing Date:** 2025-12
**Character Count:** 45623
**Document Hash:** ce6841c0fd296dd82954b24771f47c2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-303117.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001193125-25-303117

**CONFORMED SUBMISSION TYPE**: SC 14D9/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** SC 14D9/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88266
- **FILM NUMBER:** 251537135

**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:** 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:** SC 14D9/A

**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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**(Amendment No. 1)** 

**Solicitation/Recommendation Statement** 

**Under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## Adverum Biotechnologies, Inc.
**(Name of Subject Company)** 

**(Name of Persons Filing Statement)** 

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

**(Title of Class of Securities)** 

**00773U207** 

**(CUSIP Number of Class of Securities)** 

**Laurent Fischer, President** 

**Chief Executive Officer** 

**Adverum Biotechnologies, Inc.** 

**100 Cardinal Way** 

**Redwood City, California 94063** 

**(650) 656-9323** 

**(Name, address, and telephone number of person authorized to receive notices and communications** 

**on behalf of the persons filing statement)** 

***With copies to:***

---

| | |
|:---|:---|
| **Aneta Ferguson**<br> **General Counsel**<br> **Adverum Biotechnologies, Inc.**<br> **100 Cardinal Way**<br> **Redwood City, California 94063**<br> **(650) 656-9323** | **Jason L. Kent**<br> **William Roegge**<br> **Cooley LLP**<br> **55 Hudson Yards**<br> **New York, New York, 10001**<br> **(212) 479-6000** |

---

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

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**EXPLANATORY NOTE** 

This Amendment No. 1 (this "Amendment") amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 previously filed with the U.S. Securities and Exchange Commission (the "SEC") on November 7, 2025 (together with the exhibits thereto, the "Schedule 14D-9") by Adverum Biotechnologies, Inc., a Delaware corporation ("Adverum"). The Schedule 14D-9 relates to the tender offer by Flying Tigers Acquisition Corporation, a Delaware corporation ("Purchaser") and direct wholly-owned subsidiary of Eli Lilly and Company, an Indiana corporation ("Parent"), to purchase all of the issued and outstanding shares (the "Shares") of Adverum's common stock, par value $0.0001 per share, in exchange for (i) $3.56 per Share, net to the stockholder in cash, without interest and less any applicable tax withholding, plus (ii) one non-tradable contingent value right (each, a "CVR" and collectively, the "CVRs") per Share, which represents the contractual right to receive up to two contingent cash payments of up to an aggregate of $8.91 per CVR, net to the stockholder in cash, without interest and less any applicable tax withholding, upon the achievement of both specified milestones in accordance with the terms and subject to the conditions of a contingent value rights agreement to be entered into by and among Parent, Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated as of November 7, 2025 (the "Offer to Purchase"), and in the related Letter of Transmittal (which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, collectively constitute the "Offer"). The Offer is described in a Tender Offer Statement (the "Schedule TO") filed jointly by Parent and Purchaser with the SEC on November 7, 2025.

Since the initial filing of the Schedule 14D-9, two complaints were filed (captioned *Weiss v. Adverum Biotechnologies, Inc. et al.*, Case No. 659825/2025 (N.Y. Sup. Ct. filed November 18, 2025), and *Miller v. Adverum Biotechnologies, Inc. et al.*, Case No. 659834/2025 (N.Y. Sup. Ct. filed November 18, 2025), in each case, by purported stockholders of the Company challenging certain disclosures in the Schedule 14D-9 (collectively, the "Complaints"). In addition, Adverum has received fourteen demand letters, and a demand letter seeking books and records pursuant to Section 220 of the Delaware General Corporation Law, from purported stockholders of the Company ("Demand Letters"), challenging certain disclosures in the Schedule 14D-9. Adverum believes that the disclosures originally set forth in the Schedule 14D-9 comply fully with all applicable laws and denies the allegations in the Complaints and Demand Letters. However, solely to avoid the risk of delay to the Transactions, to minimize any associated costs, risks, and uncertainties, and to provide additional information to its stockholders, Adverum is voluntarily supplementing certain disclosures in the Schedule 14D-9 with the information set forth below under the sections titled "Item 4. The Solicitation or Recommendation" and "Item 8. Additional Information" (collectively, the "Supplemental Disclosures"). Nothing in the Supplemental Disclosures shall be deemed an admission of the legal merit, necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, Adverum specifically denies all allegations in the Complaints and Demand Letters, including that any additional disclosure was or is required or material.

Capitalized terms used but not otherwise defined in this Amendment have the meanings given to them in the Schedule 14D-9. The information in the Schedule 14D-9 is incorporated into this Amendment by reference to all applicable items in the Schedule 14D-9, except that such information is hereby amended and supplemented to the extent specifically provided herein.

**Item 4. The Solicitation or Recommendation.** 

Item 4 "The Solicitation or Recommendation" of the Schedule 14D-9 is hereby amended and supplemented as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *By adding the bold, underlined text in the below paragraph under the section titled "Background of the Offer" on page 32 as follows:* 

"On September 15, 2025, Lilly sent to Adverum a non-binding proposal providing for an acquisition of all outstanding shares of Company Common Stock for an aggregate of $91 million in cash at closing, as well as CVRs contemplating potential payment of an aggregate of $25 million upon FDA approval of Ixo-vec for the treatment of wet age-related macular degeneration ("wet AMD"). The proposal stated that Lilly did not have sufficient information to provide terms on a per share basis and that Adverum would be responsible for funding its business through closing of the proposed transaction. **<u>The proposal did not include any terms relating to employee, officer or director retention, or to any compensation or similar arrangements with any employee, officer or director.</u>**"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *By adding the bold, underlined text in the below paragraph under the section titled "Background of the Offer" on page 33 as follows:* 

"On October 2, 2025, Lilly sent Adverum a revised non-binding acquisition proposal, the terms of which included an aggregate of $100 million in cash at closing, as well as up to an aggregate of $250 million in value in the form of CVRs, with: (i) up to $50 million payable upon achievement of FDA approval of Ixo-vec for the treatment of wet AMD; and (ii) up to $200 million upon the achievement of worldwide net sales for Ixo-vec of greater than $1 billion. The proposal stated that Lilly believed an acquisition of Adverum, rather than a licensing arrangement, was in the best interests of both parties. The proposal also stated that Lilly expected that Adverum would be responsible for funding its business through closing of the transaction. The proposal noted that Lilly did not anticipate sending any further proposals. **<u>The revised proposal also did not include any terms relating to employee, officer or director retention, or to any compensation or similar arrangements with any employee, officer or director</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *By adding the bold, underlined text in the below paragraph under the section titled "Background of the Offer" on page 36 as follows:* 

"On October 23, 2025, Lilly sent a revised proposal which retained the existing economics of Lilly's October 2 proposal but specified the per share consideration for the transaction as follows: (i) $3.56 per share in cash payable at closing plus (ii) one non-tradable CVR that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for a total potential per share consideration of up to $12.47. The CVR provides payments if and when the following are achieved: (1) up to $1.78 per CVR in cash payable upon U.S. approval of Ixo-vec prior to the seventh anniversary of closing and (2) up to $7.13 per CVR in cash payable upon the first achievement of annual worldwide net sales of Ixo-vec by Lilly, its affiliates or licensees exceeding $1.0 billion dollars prior to the tenth anniversary of closing. **<u>The revised proposal also did not include any terms relating to employee, officer or director retention, or to any compensation or similar arrangements with any employee, officer or director.</u>**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *By removing the strikethrough text and adding the bold, underlined text in the below paragraph under the section titled "Summary of Financial Analyses—Offer Price Analysis" on page 46 as follows:* 

"Aquilo Partners reviewed and analyzed the present value of the CVRs using two approaches, each based on the probability of success of achieving the First Milestone and the Second Milestone, as described more fully under the section captioned "— Certain Financial Projections". In the first approach, Aquilo Partners **<u>used industry probabilities</u>** applied probability adjustments to account for the probability of clinical and regulatory success **<u>included in Biotechnology Innovation Organization's</u> *<u>Clinical Development Success Rates 2011-2020</u>*<u>, published in 2021, to apply an overall probability of clinical and regulatory success of 48%</u>** and a discount rate of 15% to calculate the probability-adjusted present value of the CVRs. In the first approach, **<u>based on its industry experience and knowledge,</u>** Aquilo Partners also applied an additional 50% probability adjustment to achieving the net sales level needed to trigger the Second Milestone. In the second approach, **<u>based on its industry experience and knowledge,</u>** Aquilo Partners applied a discount rate of 30% and no separate probability adjustment to calculate the present value of the CVRs. The present value of the CVRs was then determined as the average of the two present value determinations, resulting in a probability-adjusted present value for one CVR of $1.72. As such, Aquilo Partners calculated the aggregate implied probability-adjusted Offer Price per share, including both the upfront cash payment and the present value of a CVR, as approximately $5.28."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *By removing the strikethrough text and adding the bold, underlined text in the below paragraphs under the section titled "Summary of Financial Analyses—Liquidation Analysis" on page 46 as follows:* 

"Prior to the execution of the Merger Agreement, Company Management indicated to Aquilo Partners that the Company had been unable to secure sufficient funding to execute its standalone business plan in its current form and that, absent the Transactions or an alternative sale or exclusive licensing arrangement, the Company intended to begin an orderly wind-down of operations (a "Liquidation"). Company Management provided Aquilo Partners with a liquidation analysis prepared by Company Management and approved for use in Aquilo Partners' analysis by the

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Company Board to estimate the potential cash available for distribution to the holders of Company Common Stock in the case of a Liquidation of the Company. The liquidation analysis, as further described in the section captioned "— *Management Dissolution Analysis*" included Company Management's estimated cash balance **<u>of $0.9</u> <u>million</u>** as of October 31, 2025, assumed that the Company would cease operations on November 1, 2025, and assumed payment of estimated contingent liabilities, excluding transaction-related fees and expenses. In Aquilo Partners' professional judgment, the liquidation analysis was the most relevant analysis for purposes of rendering its opinion.

Based on the foregoing and the estimated number of fully-diluted **<u>assuming 28,012,100</u>** shares outstanding **<u>(</u>**using the treasury stock method**<u>)</u>** as of October 31, 2025, Aquilo Partners calculated the estimated cash available for distribution to the holders of Company Common Stock to be approximately $0.03 per share and zero per share if the liquidation analysis had included transaction-related fees and expenses. This analysis is illustrative only and is not intended to predict the actual proceeds that would have been received in an orderly wind-down of the Company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *By (i) removing the strikethrough text and adding the bold, underlined text in the below paragraph; and (ii) adding the bold text to the existing table, each under the section titled "Summary of Financial Analyses—Other Analyses Performed—Comparable Public Company Trading Analysis" on pages 46 and 47 as follows:* 

"Aquilo Partners reviewed, analyzed and compared the Company to eight publicly-traded ophthalmology companies in which the lead product candidate was in a mid- or late-stage clinical development or awaiting regulatory approval. In selecting these companies, Aquilo Partners identified companies with a lead product candidate in clinical development, targeting retinal or other back-of-eye diseases that Aquilo Partners viewed as generally relevant for purposes of its analysis. The following list sets forth the comparable companies selected by Aquilo Partners and their enterprise value as of October 23, 2025 **<u>for each company, as of October</u> <u>23, 2025, the per share closing price, market capitalization, the amount of net cash (cash less debt) most recently publicly-reported, and enterprise value (market capitalization less net cash)</u>**:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Per Share<br>Closing Price ($)** | **Market<br>Capitalization<br>($ in million)** | **Net Cash<br>($ in million)** | **Enterprise<br>Value<br>($ in million)** |
|  4D Molecular Therapeutics, Inc. | **<u>10.00</u>** | **<u>467</u>** | **<u>270</u>** | 197 |
|  Kalaris Therapeutics, Inc. | **<u>4.89</u>** | **<u>91</u>** | **<u>88</u>** | 3 |
|  Kiora Pharmaceuticals, Inc. | **<u>2.54</u>** | **<u>9</u>** | **<u>20</u>** | (12) |
|  Kodiak Sciences Inc. | **<u>17.11</u>** | **<u>902</u>** | **<u>39</u>** | 863 |
|  Ocugen, Inc. | **<u>1.53</u>** | **<u>478</u>** | **<u>14</u>** | 464 |
|  Opus Genetics, Inc. | **<u>2.00</u>** | **<u>126</u>** | **<u>31</u>** | 95 |
|  Outlook Therapeutics, Inc. | **<u>1.30</u>** | **<u>58</u>** | **<u>(26</u>)** | 84 |
|  REGENXBIO Inc. | **<u>12.58</u>** | **<u>635</u>** | **<u>52</u>** | 584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *By (i) removing the strikethrough text and adding the bold, underlined text in the below paragraph; and (ii) adding the bold text to the existing table, each under the section titled "Summary of Financial Analyses—Other Analyses Performed—Comparable Transaction Analysis" on page 47 as follows:* 

"Aquilo Partners reviewed, analyzed and compared the Transactions to acquisitions of companies with disclosed financial terms and upfront equity values of at least $10 million that had been announced since the beginning of 2019, where the target company had its lead product candidate in clinical development for an ophthalmology indication, and that Aquilo Partners viewed as generally relevant for purposes of its analysis. The following list sets forth the acquirers, the targets, the upfront equity values, and the month and year the transactions were announced**<u>, the upfront equity values (upfront payments), milestones (contingent payments), and total deal value (upfront payments plus contingent payments)</u>**:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquirer** | **Target** | **Upfront Equity<br>Value<br>($ in million)** | **Announced** | **Upfront<br>Equity Value<br>($ in million)** | **Milestones<br>($ in million)** | **Total Deal<br>Value<br>($ in million)** |
|  Merck & Co, Inc. | Eyebiotech Limited | 1300 | May 2024 | **<u>1300</u>** | **<u>1700</u>** | **<u>3000</u>** |
|  NAYA Biosciences, Inc. | Florida Biotechnologies, Inc. | 20 | January 2024 | **<u>20</u>** | **<u>5</u>** | **<u>25</u>** |
|  Syncona Limited | Applied Genetic Technologies Corporation | 24 | October 2022 | **<u>24</u>** | **<u>50</u>** | **<u>74</u>** |

---

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquirer** | **Target** | **Upfront Equity<br>Value<br>($ in million)** | **Announced** | **<u>Upfront</u><br> <u>Equity Value</u>**<br>**<u>($ in million)</u>** | **<u>Milestones</u><br><u>($ in million)</u>** | **<u>Total Deal</u><br> <u>Value</u><br><u>($ in million)</u>** |
|  Novartis AG | Gyroscope Therapeutics Holdings plc | 800 | December 2021 | **<u>800</u>** | **<u>700</u>** | **<u>1500</u>** |
|  Kala Pharmaceuticals, Inc. | Combangio, Inc. | 21 | November 2021 | **<u>21</u>** | **<u>105</u>** | **<u>126</u>** |
|  Biogen Inc. | Nightstar Therapeutics plc | 800 | March 2019 | **<u>800</u>** | **<u>—</u>** | **<u>800</u>** |
|  Aldeyra Therapeutics, Inc. | Helio Vision, Inc. | 13 | January 2019 | **<u>13</u>** | **<u>13</u>** | **<u>25</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *By (i) adding the bold, underlined text in the below paragraph; and (ii) adding the bold text to the existing table, each under the section titled "Summary of Financial Analyses—Other Analyses Performed—Comparable Transaction Analysis" on pages 47 and 48 as follows:* 

"Aquilo Partners also reviewed, analyzed and compared the Company to U.S. publicly-traded biotechnology companies spanning all therapeutic areas and stages of development with upfront equity values between $25 million and $400 million and negative implied enterprise values that were acquired for cash consideration in transactions announced since the beginning of 2023, and that Aquilo Partners viewed as generally relevant for purposes of its analysis. The following list sets forth the acquirers, targets, the month and year the transactions were announced, **<u>the upfront equity values (upfront payments), the amount of net cash (cash less debt) last publicly-reported by each target prior to its acquisition,</u>** and the ratio of each transaction's upfront equity value to the target's net cash balance:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquirer** | **Target** | **Announced** | **<u>Upfront Equity</u><br> <u>Value</u><br><u>($ in million)</u>** | **<u>Net Cash</u><br><u>($ in million)</u>** | **Upfront Equity<br>Value / Net Cash** |
|  XOMA Royalty Corporation | HilleVax, Inc. | August 2025 | **<u>98</u>** | **<u>136</u>** | 0.72x |
|  Concentra Biosciences, LLC | iTeos Therapeutics, Inc. | July 2025 | **<u>334</u>** | **<u>510</u>** | 0.65x |
|  Concentra Biosciences, LLC | IGM Biosciences, Inc. | July 2025 | **<u>76</u>** | **<u>104</u>** | 0.73x |
|  Concentra Biosciences, LLC | Kronos Bio, Inc. | May 2025 | **<u>35</u>** | **<u>76</u>** | 0.46x |
|  Concentra Biosciences, LLC | Allakos Inc. | April 2025 | **<u>31</u>** | **<u>55</u>** | 0.55x |
|  XOMA Royalty Corporation | Kinnate Biopharma Inc. | February 2024 | **<u>122</u>** | **<u>161</u>** | 0.76x |
|  Pathos AI, Inc. | Rain Oncology Inc. | December 2023 | **<u>42</u>** | **<u>77</u>** | 0.55x |
|  Concentra Biosciences, LLC | Theseus Pharmaceuticals, Inc. | November 2023 | **<u>182</u>** | **<u>222</u>** | 0.82x |
|  MediPacific, Inc. | Pardes Biosciences, Inc. | July 2023 | **<u>131</u>** | **<u>153</u>** | 0.86x |
|  Concentra Biosciences, LLC | Jounce Therapeutics, Inc. | March 2023 | **<u>97</u>** | **<u>180</u>** | 0.54x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *By adding the bold, underlined text to the existing table under the section titled "—Certain Financial Projections— Projections (Non-Risk-Adjusted)" on page 52 as follows:* 

**Projections (Non-Risk-Adjusted)** 

(amounts in millions)

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **2042** | **2043** | **2044** | **2045** |
|  Net Sales<sup>(2)</sup> | $— | $— | $— | $— | $274 | $931 | $1704 | $2356 | $2874 | $3250 | $3408 | $3429 | $3051 | $2672 | $2324 | $1997 | $1686 | $1543 | $1541 | $1545 | $1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COGS<sup>(6)</sup>** | **—** | **—** | **—** | **—** | **10** | **37** | **70** | **98** | **120** | **136** | **144** | **147** | **132** | **115** | **98** | **83** | **68** | **61** | **61** | **62** | **62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **License Fees Owed<sup>(7)</sup>** | **0** | **0** | **0** | **0** | **11** | **43** | **51** | **18** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
|  Gross Profit<sup>(3)</sup> | $(0) | $(0) | $(0) | $(0) | $253 | $852 | $1583 | $2240 | $2754 | $3114 | $3264 | $3282 | $2919 | $2558 | $2226 | $1914 | $1618 | $1481 | $1480 | $1484 | $1490 |
|  EBIT<sup>(4)</sup> | $(55) | $(225) | $(219) | $(278) | $(15) | $479 | $1021 | $1559 | $2021 | $2346 | $2474 | $2477 | $2160 | $1854 | $1574 | $1312 | $1093 | $995 | $994 | $998 | $1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Milestone Payments Owed*** | **0** | **—** | **—** | **0** | **1** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Provision for Income Tax*** | **—** | **—** | **—** | **—** | **—** | **—** | **212** | **468** | **606** | **704** | **742** | **743** | **648** | **556** | **472** | **394** | **328** | **299** | **298** | **299** | **301** |
|  **Tax Effected EBIT<sup>(8)</sup>** | $**(55)** | $**(225)** | $**(219)** | $**(278)** | $**(15)** | $**479** | $**808** | $**1091** | $**1415** | $**1643** | $**1732** | $**1734** | $**1512** | $**1298** | $**1102** | $**918** | $**765** | $**697** | $**696** | $**698** | $**702** |
|  **Adjustments for Cash<sup>(9)</sup>** | **0** | **1** | **1** | **(38)** | **(53)** | **(130)** | **(153)** | **(129)** | **(103)** | **(74)** | **(31)** | **(4)** | **76** | **76** | **70** | **65** | **62** | **29** | **0** | **(1)** | **(1)** |
|  Free Cash Flow<sup>(5)</sup> | $(55) | $(224) | $(218) | $(316) | $(68) | $350 | $655 | $962 | $1312 | $1568 | $1701 | $1730 | $1588 | $1374 | $1172 | $984 | $827 | $725 | $696 | $697 | $701 |

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(1) Projected financial information for fiscal year 2025 reflected in this table is only for the calendar months of
November and December.

(2) Represents net sales from Ixo-vec.

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(3) Gross Profit is calculated as net sales less cost of goods sold, which includes license fees owed to third
parties. Gross profit does not include depreciation and amortization expense.

(4) EBIT is a non-GAAP financial measure that is calculated as net earnings
(loss) before interest expense and income tax expense. EBIT does not include depreciation and amortization expense.

(5) Free Cash Flow refers to Unlevered Free Cash Flow and is a non-GAAP financial measure that is calculated as EBIT less (i) milestone payments owed, and (ii) income taxes, plus or minus (iii) cash adjustments, including for changes in working capital and capital expenditures.

**<u>(6)</u>**  **<u>The Company's management assumed cost of goods sold to be $1,000 / unit.</u>** 

**<u>(7)</u>**  **<u>The License Fees Owed by the Company refer to (i)</u> <u>the annual maintenance fees, milestones and royalties due under the Company's license agreement with Regents of the University of California, assumed to expire in 2032; and (ii)</u> <u>the annual maintenance fees and royalties due under the Company's license agreement with Virovek, assumed to expire in 2030.</u>** 

**<u>(8)</u>**  **<u>Tax-Effected EBIT is a non-GAAP financial measure that is calculated as EBIT, less estimated tax expense. The Company's management assumed a 30% income tax rate, accounting for net operating losses.</u>** 

**<u>(9)</u>**  **<u>Adjustments for cash include adjustments for depreciation and amortization costs, changes in working capital and capital expenditures.</u>** 

**Item 8. Additional Information.** 

Item 8 "Additional Information" of the Schedule 14D-9 is hereby amended and supplemented by deleting the sentence under the section titled "*Legal Proceedings*" on page 60 of the Schedule 14D-9 and replacing it with the following paragraphs:

"Since the initial filing of the Schedule 14D-9, two complaints have been filed in state court in New York by purported Adverum stockholders against Adverum and the Company Board in connection with the Transactions: *Weiss v. Adverum Biotechnologies, Inc. et al.*, Case No. 659825/2025 (N.Y. Sup. Ct. filed November 18, 2025), and *Miller v. Adverum Biotechnologies, Inc. et al.*, Case No. 659834/2025 (N.Y. Sup. Ct. filed November 18, 2025). The foregoing complaints are referred to as the "Complaints." The Complaints purport to allege negligence and negligent misrepresentation claims under New York common law relating to the Schedule 14D-9. The Complaints seek, among other things, an injunction enjoining consummation of the Offer, the Merger and the Transactions, rescission of the Offer, the Merger or the Transactions, or an award of actual and punitive damages, if consummated, costs, including attorneys' fees and experts' fees and expenses, and an order directing that certain information allegedly omitted from the Schedule 14D-9 be disclosed.

In addition to the Complaints, as of December 1, 2025, Adverum has received fourteen demand letters, and a demand letter seeking books and records pursuant to Section 220 of the Delaware General Corporation Law (the "Demand Letters"), from purported Adverum stockholders. The Demand Letters generally seek that certain information allegedly omitted from the Schedule 14D-9 be disclosed.

Additional demand letters or lawsuits may be received by or filed against Adverum, the Company Board, Parent and/or Purchaser in connection with the Transactions, the Schedule TO and this Schedule 14D-9. If additional or similar demand letters are sent or complaints are filed, Adverum and Parent will not necessarily announce such additional filings."

**Item 12. Exhibits.** 

Item 12 of the Schedule 14D-9 is hereby amended and supplemented by adding the following exhibit:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(5)(J)\* | [Press Release, dated December 1, 2025, issued by Adverum Biotechnologies, Inc.](d88149dex99a5j.htm) |

---

\* Filed herewith

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**SIGNATURE** 

After due 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.

Dated: December 1, 2025

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| | |
|:---|:---|
| Adverum Biotechnologies, Inc. | Adverum Biotechnologies, Inc. |
| By: | /s/ Laurent Fischer |
|  | Name: Laurent Fischer, M.D. |
|  | Title: Chief Executive Officer |

---

## Ex-99.(A)(5)(J)

**Exhibit (a)(5)(J)** 

**Stockholder Letter Release** 

**Adverum Reminds Stockholders to Tender their Shares into the Offer by Lilly** 

*Mails Letter to Stockholders Highlighting the Certainty of Value the Transaction Delivers to Stockholders* 

*Compared to a Liquidation* 

REDWOOD CITY, Calif., December 1, 2025 — Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of intravitreal gene therapy as a potential One And Done<sup>TM</sup> treatment to preserve sight for life, today announced that it has mailed a letter to its stockholders in connection with its pending transaction to be acquired by Eli Lilly and Company ("Lilly"). In accordance with the merger agreement between Lilly and Adverum, on November 7, 2025 Lilly commenced a tender offer to acquire all of the outstanding shares of Adverum's common stock for a per share price of (1) $3.56 per share in cash payable at closing plus (2) one non-transferable contingent value right ("CVR") that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones, for total potential per share consideration of up to $12.47. The tender offer is scheduled to expire one minute past 11:59 p.m., Eastern time, on December 8, 2025.

The transaction is subject to closing conditions, including the tender of a majority of the outstanding shares of Adverum's common stock and other conditions included in the merger agreement and described in the tender offer documents that have been filed with the SEC.

The letter reiterates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that Adverum has issued a promissory note to Lilly (the "Promissory Note") pursuant to which Lilly
has advanced an aggregate of $40 million of up to $65 million to Adverum and is obligated to fund the additional $25 million on December 5, 2025. However, if the merger agreement with Lilly is terminated, including as a result of
the minimum tender condition not being satisfied, all outstanding amounts under the Promissory Note will immediately become due and payable, and the Promissory Note includes a 5.0% prepayment premium applicable to any prepayment or acceleration of
the obligations. Advances under the Promissory Note bear interest at a rate equal to the Secured Overnight Financing Rate (SOFR) plus 10.0% per annum, compounded bi-weekly, and the maturity date of the
Promissory Note is January 22, 2026. Additionally, upon the termination of the merger agreement with Lilly, Adverum does not anticipate that it will have sufficient available liquidity to fund its ongoing operations or the required repayment of
all outstanding amounts under the Promissory Note. If Adverum fails to repay the Promissory Note when due, Lilly will be entitled to pursue foreclosure remedies as a secured creditor under the Promissory Note, which would likely result in
Adverum's bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the immediate and certain cash value the transaction delivers to Adverum stockholders through the upfront cash
consideration of $3.56 per share, which the Adverum Board of Directors believes to be compelling, especially when viewed against the likelihood of an imminent liquidation and the absence of other available alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the CVRs provide Adverum's stockholders with an opportunity to realize additional value of up
to an aggregate of $8.91 per CVR in cash to the extent that both of the milestones set forth in the CVR agreement are achieved within the time periods and subject to the conditions described therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Adverum Board of Directors' belief, after considering the various alternatives available to Adverum,
including remaining a standalone company, and taking into account the review of strategic alternatives undertaken by the Adverum Board of Directors with the assistance of outside financial and legal advisors over the course of eighteen months, which
did not yield any acquisition proposals other than Lilly's, that the proposed transaction with Lilly represents the best alternative available to Adverum and its stockholders.

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The full text of the letter follows:

December 1, 2025

Dear Fellow Adverum Stockholders,

We are reaching out to encourage you to accept the offer by Flying Tigers Acquisition Corporation ("Purchaser"), a direct wholly-owned subsidiary of Eli Lilly and Company ("Lilly") to purchase your Adverum shares by tendering your Adverum shares pursuant to the offer prior to the offer's expiration time at one minute past 11:59 p.m., Eastern time, on December 8, 2025.

As set out in Adverum's Solicitation/Recommendation Statement on Schedule 14D-9, the transaction is subject to closing conditions, including the tender of a majority of the outstanding shares of Adverum's common stock. In conjunction with the transaction, Adverum entered into a Promissory Note (the "Promissory Note") with Lilly. The Promissory Note is secured by a first-priority lien on substantially all of Adverum's assets, including all of its intellectual property rights, and enables Adverum to receive a loan of up to $65 million from Lilly to support ongoing Ixo-vec clinical trials and registrational development activities prior to the anticipated closing of the transaction. Advances under the Promissory Note bear interest at a rate equal to the Secured Overnight Financing Rate (SOFR) plus 10.0% per annum, compounded bi-weekly, and the maturity date of the Promissory Note is January 22, 2026. In addition, the Promissory Note includes a 5.0% prepayment premium applicable to any prepayment or acceleration of the obligations under the Promissory Note. Lilly has already advanced Adverum $40 million, and is obligated to fund the additional $25 million on December 5, 2025. However, the Promissory Note will immediately become due if the merger agreement with Lilly is terminated, including as a result of the minimum tender condition not being satisfied. Absent funds provided by Lilly under the Promissory Note, Adverum's remaining cash and cash equivalents were expected to finance only its October 2025 operations and wind down activities.

To be clear, if the minimum tender condition is not satisfied and the merger agreement with Lilly is terminated, Adverum will not have sufficient liquidity to fund its ongoing operations or the required repayment of all outstanding amounts under the Promissory Note. If Adverum fails to repay the Promissory Note when due, Lilly will be entitled to pursue foreclosure remedies as a secured creditor under the Promissory Note, which would likely result in Adverum's bankruptcy.

In evaluating the transaction with Lilly, the Adverum Board of Directors considered, among other things, the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the upfront consideration of $3.56 per share is all cash, which will provide Adverum's stockholders with
immediate liquidity and certainty of value for their Adverum shares while effectively eliminating both the near- and long-term risks of operating Adverum on a standalone basis, including the likelihood that Adverum would need to pursue an orderly
liquidation in the near-term given its available liquidity and near-term cash requirements. The Adverum Board of Directors believes this certainty of value is compelling, especially when viewed against the likelihood of an imminent liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the CVRs provide Adverum's stockholders with an opportunity to realize additional value of up to an
aggregate of $8.91 per CVR in cash to the extent that both of the milestones set forth in the CVR agreement are achieved within the time periods and subject to the conditions described therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it had undertaken a review of strategic alternatives, with the assistance of outside financial and legal
advisors, over the course of 18 months, which did not yield any acquisition proposals other than Lilly's, and the proposed transaction with and offer from Lilly represents the best alternative available to Adverum and Adverum's
stockholders.

**YOUR TENDER MATTERS: TAKE ACTION AND TENDER TODAY** 

We strongly encourage you to accept the offer by Lilly to purchase your Adverum shares by tendering your Adverum shares pursuant to the offer prior to the offer's expiration time at one minute past 11:59 p.m., Eastern time, on December 8, 2025.

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**Regardless of how many shares you own, your tender matters.** If you need further information or instructions on how to tender your shares, you may call Georgeson LLC, the information agent for the offer, toll free at (888) 446-9207 or (862) 243-7027 outside the U.S. and Canada, or via email at Adverumoffer@georgeson.com.

Thank you for your continued support.

Sincerely,

The Adverum Board of Directors

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**About Adverum Biotechnologies** 

Adverum Biotechnologies (NASDAQ: ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians' offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe.

**Forward-looking Statements** 

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, and regarding the potential availability of financing under the Promissory Note to Adverum. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

This communication is for informational purposes only, is not an offer to purchase or a solicitation of an offer to sell any securities, and is not a substitute for the Offer to Purchase, dated as of November 7, 2025, and the related Letter of Transmittal that Lilly and Purchaser filed in the Tender Offer Statement on Schedule TO (as amended or supplemented from time to time) with the SEC on November 7, 2025. Adverum filed the Solicitation/Recommendation Statement on Schedule 14D-9 (as amended or supplemented from time to time, the "Solicitation/Recommendation Statement") with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND

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STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, is available to all stockholders of Adverum at no expense to them at Adverum's website at investors.adverum.com and has been mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Adverum's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, is also available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

**Corporate & Investor Inquiries:** 

Adverum Investor Relations

Email: <u>ir@adverum.com</u>

**Media:** 

Jason Awe, Ph.D.

Executive Director, Corporate Communications

Email: <u>jawe@adverum.com</u>