13D Filings
Adverum Biotechnologies, Inc.
ADVM
Initial Filing
Ownership

15.60%

Total Shares

3,249,326

Issuer CIK

1501756

CUSIP

00773U108

Event Date

May 18, 2025

Accepted

May 20, 2025, 08:27 AM

Reporting Persons (2)
NameType% of ClassAggregateSole VotingShared Voting
Leonard Braden Michael
Individual
15.60%3,249,326191,8003,057,526
BML Investment Partners, L.P.
Partnership
14.60%3,057,52603,057,526
Disclosure Items (6)

Security Title

Common Stock, par value $0.0001 per share

Issuer Name

Adverum Biotechnologies, Inc.

Issuer Address

100 Cardinal Way, Redwood City, CA, 94063

Filing Persons

Braden M. Leonard Mr. Leonard's business address is 65 E Cedar Suite 2, Zionsville, IN 46077. Mr. Leonard's principal business is to serve as managing member of BML Capital Management, LLC.

Business Address

65 E Cedar - Suite 2, Zionsville IN 46077

Principal Occupation

See above.

Convictions

During the past five years, none of BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where as a result of such proceeding BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Citizenship

Braden M. Leonard is a citizen of the United States of America. BML Investment Partners, L.P. is a Delaware limited partnership.

BML Investment Partners, L.P. holds 3,057,526 shares of Common Stock which were acquired using $28,041,322 of working capital. Braden M Leonard holds 191,800 shares of Common Stock which were acquired using $1,509,466 of working capital.

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.

Percentage of Class

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%.

Number of Shares

BML Investment Partners, L.P. 3,057,526 Braden M Leonard 191,800

Transactions

BML Investment Partners, L.P. Common Stock 3/18/2025 P 18,000 A $4.60 Common Stock 3/18/2025 P 44,341 A $4.73 Common Stock 3/19/2025 P 25,000 A $4.94 Common Stock 3/20/2025 P 30,600 A $5.61 Common Stock 3/31/2025 P 19,566 A $4.38 Common Stock 4/2/2025 P 15,209 A $4.04 Common Stock 4/22/2025 P 300,000 A $3 Braden M Leonard Common Stock 3/26/2025 P 20,407 A $5.04 Common Stock 3/27/2025 P 16,593 A $5.19 Common Stock 4/23/2025 P 50,000 A $2.98

Shareholders

Braden M Leonard is the Managing Member of BML Capital Management, LLC, which is the General Partner to BML Investment Partners, L.P.

Date of 5% Ownership

N/A

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.

Adverum Biotechnologies, Inc. — Schedule 13D | 13D Filings