SCHEDULE: Frazier Life Sciences Amends Adverum Biotech Stake
Beneficial Ownership Report (Amendment)
Frazier Life Sciences entities filed an amended Schedule 13G, detailing their beneficial ownership and warrant holdings in Adverum Biotechnologies, Inc.
Summary
- Frazier Life Sciences Public Fund, L.P. and its related entities reported shared beneficial ownership of 1,129,057 shares of Adverum Biotechnologies, Inc. Common Stock, representing 5.4% of the class.
- Frazier Life Sciences Public Overage Fund, L.P. and its related entities reported shared beneficial ownership of 427,500 shares, representing 2.0% of the class.
- Frazier Life Sciences X, L.P. and its related entities reported shared beneficial ownership of 129,870 shares, representing 0.6% of the class.
- Frazier Life Sciences XI, L.P. and its related entities reported shared beneficial ownership of 272,945 shares, representing 1.3% of the class.
- Frazier Life Sciences XII, L.P. and its related entities reported shared beneficial ownership of 118,059 shares, representing 0.6% of the class.
- The total common stock beneficially owned by the Frazier Life Sciences funds is 2,077,431 shares.
- The filing clarifies that certain individuals (Albert Cha, James Brush, Daniel Estes) are no longer attributed beneficial ownership of shares held by specific funds due to investment committee structures acting by majority vote, correcting previous attributions.
- The reporting persons also hold significant prefunded warrants, including 2,109,948 for FLSPF, 622,444 for FLSPOF, 87,094 for FLS X, 231,904 for FLS XI, and 404,709 for FLS XII, totaling 3,456,099 warrants.
- These warrants are subject to a 9.99% beneficial ownership limitation upon exercise.
- The securities were not acquired for the purpose of changing or influencing control of Adverum Biotechnologies, Inc.
Sentiment
Score: 5
Explanation: The filing is a routine disclosure of beneficial ownership and does not contain information that would significantly alter sentiment. It clarifies ownership structure and warrant holdings without indicating any strategic shifts or performance updates.
Future Outlook
NA
Industry Context
NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Clarification of Beneficial Ownership Attribution | The filing clarifies that certain individuals (Albert Cha, James Brush, Daniel Estes) are no longer attributed beneficial ownership of shares held by specific Frazier Life Sciences funds (FLSPF, FLSPOF, FLS XI, FLS XII) because the investment committees managing these funds act by majority vote, meaning no single member has sole voting or dispositive power. This corrects any previous overstatement of beneficial ownership by such members. | August 14, 2025 | This change in attribution clarifies the ownership structure and aligns with SEC reporting requirements for groups, potentially reducing perceived individual control over these specific fund holdings. |
Stakeholder Impact
- Shareholders: Provides transparency regarding significant institutional ownership and warrant holdings, clarifying the beneficial ownership structure of Frazier Life Sciences entities in Adververum Biotechnologies.
Key Dates
| Date | Description |
|---|---|
| July 31, 2017 | Date of Power of Attorney filing for James N. Topper and Patrick J. Heron. |
| August 16, 2021 | Date of Power of Attorney filing for Albert Cha and James Brush. |
| April 18, 2022 | Date of Power of Attorney filing for Daniel Estes. |
| August 5, 2025 | Date for which 20,984,161 shares of Common Stock were outstanding, as reported in the Issuer's 10-Q. |
| August 12, 2025 | Date of event requiring the filing of this statement; also the filing date of Adverum Biotechnologies' Quarterly Report on Form 10-Q. |
| August 14, 2025 | Date of the Joint Filing Agreement and the signature date for the Schedule 13G. |
Keywords
Adverum Biotechnologies, Frazier Life Sciences, Schedule 13G, Beneficial Ownership, SEC Filing, Biotechnology, Investment Fund, Warrants, ADVM
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