REDWOOD CITY, Calif. (AP) _ Adverum Biotechnologies Inc. (ADVM) on Thursday reported a loss of $18.9 million in its fourth quarter.
The Redwood City, California-based company said it had a loss of 29 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 31 cents per share.
For the year, the company reported that its loss narrowed to $64.4 million, or $1.01 per share. Revenue was reported as $250,000.
Adverum Biotechnologies shares have dropped 31% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $7.98, an increase of 65% in the last 12 months.