AvroBio reports Q2 EPS ($2.98), consensus (47c)
AvroBio said the increase in net loss for the year was due to increased research and development expenses, as well as an increase in general and administrative expenses primarily related to investments in the company's infrastructure in preparation for becoming a publicly traded company. AvroBio ended the quarter with $155M in cash. Based on its current operating plan, the company expects its cash and cash equivalents will enable it to fund its operating expenses and capital expenditure requirements into 2020. It said, "2018 has been a very productive year thus far for AVROBIO. We successfully completed a Series B financing and a successful initial public offering which positions us well to achieve our mission of advancing our pipeline of gene therapies to cure rare diseases in a single dose. Our main focus is on the patients, and I am pleased with the progress we have made with our lead program, AVR-RD-01 in Fabry disease. In June, we completed the enrollment of the first patient in our Phase 2 clinical trial, and even more recently, the third patient was enrolled in our ongoing investigator-sponsored Phase 1 clinical trial."