<SEC-DOCUMENT>0001373604-25-000116.txt : 20251110
<SEC-HEADER>0001373604-25-000116.hdr.sgml : 20251110
<ACCEPTANCE-DATETIME>20251110123223
ACCESSION NUMBER:		0001373604-25-000116
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251110
DATE AS OF CHANGE:		20251110

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:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88266
		FILM NUMBER:		251465306

	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:			BML Investment Partners, L.P.
		CENTRAL INDEX KEY:			0001373604
		ORGANIZATION NAME:           	
		EIN:				383708345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		65 E CEDAR - SUITE 2
		CITY:			ZIONSVILLE
		STATE:			IN
		ZIP:			46077
		BUSINESS PHONE:		317-344-2447

	MAIL ADDRESS:	
		STREET 1:		65 E CEDAR - SUITE 2
		CITY:			ZIONSVILLE
		STATE:			IN
		ZIP:			46077
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13D/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001373604</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
<dateOfEvent>11/10/2025</dateOfEvent>
<previouslyFiledFlag>true</previouslyFiledFlag>
<issuerInfo>
<issuerCIK>0001501756</issuerCIK>
<issuerCUSIP>00773U108</issuerCUSIP>
<issuerName>Adverum Biotechnologies, Inc.</issuerName>
<address>
<com:street1>100 Cardinal Way</com:street1>
<com:city>Redwood City</com:city>
<com:stateOrCountry>CA</com:stateOrCountry>
<com:zipCode>94063</com:zipCode>
</address>
</issuerInfo>
<authorizedPersons>
<notificationInfo>
<personName>Braden M Leonard</personName>
<personPhoneNum>317-344-2447</personPhoneNum>
<personAddress>
<com:street1>65 E Cedar - Suite 2</com:street1>
<com:city>Zionsville</com:city>
<com:stateOrCountry>IN</com:stateOrCountry>
<com:zipCode>46077</com:zipCode>
</personAddress>
</notificationInfo>
</authorizedPersons>
</coverPageHeader>
<reportingPersons>
<reportingPersonInfo>
<reportingPersonCIK>0001373604</reportingPersonCIK>
<reportingPersonName>BML Investment Partners, L.P.</reportingPersonName>
<memberOfGroup>b</memberOfGroup>
<fundType>WC</fundType>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>3057526</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>3057526</sharedDispositivePower>
<aggregateAmountOwned>3057526</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>14.6</percentOfClass>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</reportingPersonInfo>
<reportingPersonInfo>
<reportingPersonCIK>0001373603</reportingPersonCIK>
<reportingPersonName>Leonard Braden Michael</reportingPersonName>
<memberOfGroup>b</memberOfGroup>
<fundType>PF</fundType>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<soleVotingPower>191800</soleVotingPower>
<sharedVotingPower>3057526</sharedVotingPower>
<soleDispositivePower>191800</soleDispositivePower>
<sharedDispositivePower>3057526</sharedDispositivePower>
<aggregateAmountOwned>3249326</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>15.6</percentOfClass>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<commentContent>BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b) (1) of the Securities Exchange Act of 1934.</commentContent>
</reportingPersonInfo>
</reportingPersons>
<items1To7>
<item1>
<securityTitle>Common Stock, par value $0.0001 per share</securityTitle>
<issuerName>Adverum Biotechnologies, Inc.</issuerName>
<issuerPrincipalAddress>
<com:street1>100 Cardinal Way</com:street1>
<com:city>Redwood City</com:city>
<com:stateOrCountry>CA</com:stateOrCountry>
<com:zipCode>94063</com:zipCode>
</issuerPrincipalAddress>
</item1>
<item2>
<filingPersonName>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.</filingPersonName>
<principalBusinessAddress>65 E Cedar - Suite 2, Zionsville IN 46077</principalBusinessAddress>
<principalJob>See above.</principalJob>
<hasBeenConvicted>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.</hasBeenConvicted>
<convictionDescription>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.</convictionDescription>
<citizenship>Braden M. Leonard is a citizen of the United States of America.&#13;
BML Investment Partners, L.P. is a Delaware limited partnership.</citizenship>
</item2>
<item3>
<fundsSource>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.</fundsSource>
</item3>
<item4>
<transactionPurpose>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.&#13;
&#13;
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.&#13;
&#13;
On November 10, 2025, the Reporting Persons sent a letter to the Board of the Issuer detailing the Reporting persons dissapointment with the current deal with Lilly and the lack of a full sale process.</transactionPurpose>
</item4>
<item5>
<percentageOfClassSecurities>BML Investment Partners, L.P. beneficially owns 3,057,526 shares of the Issuer's Common Stock, or 14.6%.&#13;
&#13;
Braden M Leonard beneficially owns 191,800 shares of the Issuer's Common Stock, or 0.9%.</percentageOfClassSecurities>
<numberOfShares>BML Investment Partners, L.P. 	3,057,526&#13;
Braden M Leonard		191,800</numberOfShares>
<transactionDesc>None.</transactionDesc>
<listOfShareholders>Braden M Leonard is the Managing Member of BML Capital Management, LLC, which is the General Partner to BML Investment Partners, L.P.</listOfShareholders>
<date5PercentOwnership>N/A</date5PercentOwnership>
</item5>
<item6>
<contractDescription>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.</contractDescription>
</item6>
</items1To7>
<signatureInfo>
<signaturePerson>
<signatureReportingPerson>BML Investment Partners, L.P.</signatureReportingPerson>
<signatureDetails>
<signature>Braden M Leonard</signature>
<title>Braden M Leonard - Managing Member of BML Capital Management, LLC</title>
<date>11/10/2025</date>
</signatureDetails>
</signaturePerson>
<signaturePerson>
<signatureReportingPerson>Leonard Braden Michael</signatureReportingPerson>
<signatureDetails>
<signature>Braden M Leonard</signature>
<title>Leonard Braden Michael</title>
<date>11/10/2025</date>
</signatureDetails>
</signaturePerson>
</signatureInfo>
</formData>

</edgarSubmission>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>LETTER TO THE BOARD
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: BML Capital
         Document created using Broadridge PROfile 25.8.1.5328
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">BML Capital Management, LLC</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">65 E Cedar, Suite 2, Zionsville, IN 46077</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">November 10, 2025</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Board of Directors</div>
    <div style="font-size: 12pt;">Adverum Biotechnologies, Inc.</div>
    <div style="font-size: 12pt;">c/o Patrick Machado, Chair of the Board</div>
    <div style="font-size: 12pt;">100 Cardinal Way<br>
      Redwood City, California 94063</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Dear Directors,</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">The terms of the merger the Adverum Board has struck with Eli Lilly are underwhelming and highly disappointing. BML believes this is the result of a flawed
      process that lacked a proper sense of urgency, several strategic errors on behalf of management and the Board, and generally poor decision making that lacked common sense throughout the entire process.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Case in point, it is simply unbelievable that a sale process was not commenced immediately after Party A indicated on June 3, 2025, that it was not moving
      forward with a partnering transaction. As early as March, Party A had indicated that it would need to conduct &#8220;additional market research&#8221; before moving forward with a term sheet, a strong indication that something was amiss. With a cash runway of
      only several months at that point, the Board should have acted with urgency.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Instead, the Board specifically decided AGAINST commencing a sale process at each of June 17, June 25, July 9, and July 16 meetings, apparently fearing the
      detrimental effect it would have on the Lilly negotiations. Well, the end result of these negotiations are there for all to see, and they are not pretty. The fact that the Board did not immediately enact a full-on sale process the moment it sensed it
      was down to one bidder (and, incidentally, in the middle of an expensive Phase 3 trial with just months of cash left) seems to us like a complete breach of fiduciary duty.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Almost comically, the Board and Senior Management thought it was important to spend time securing shareholder approval for the repricing of underwater options
      last spring. To what end, we must ask?</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">At this point, BML does NOT plan on tendering its 15.5% of total outstanding shares, based on the unfavorable terms of this current deal.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Regards,</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Brad Leonard</div>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
