<SEC-DOCUMENT>0001373604-25-000124.txt : 20251209
<SEC-HEADER>0001373604-25-000124.hdr.sgml : 20251209
<ACCEPTANCE-DATETIME>20251209180536
ACCESSION NUMBER:		0001373604-25-000124
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251209
DATE AS OF CHANGE:		20251209

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:		251560231

	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>3</amendmentNo>
<securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
<dateOfEvent>12/09/2025</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>0</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
<aggregateAmountOwned>0</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>0</percentOfClass>
<typeOfReportingPerson>PN</typeOfReportingPerson>
<commentContent>The percentage listed in row 13 is calculated based on 22,077,467 shares of Common Stock outstanding on November 7, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.</commentContent>
</reportingPersonInfo>
<reportingPersonInfo>
<reportingPersonCIK>0001373603</reportingPersonCIK>
<reportingPersonName>Leonard Braden Michael</reportingPersonName>
<memberOfGroup>b</memberOfGroup>
<fundType>PF</fundType>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
<percentOfClass>0</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>N/A</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;
The Reporting Persons no longer holds any shares in the issuer.</transactionPurpose>
</item4>
<item5>
<percentageOfClassSecurities>N/A</percentageOfClassSecurities>
<numberOfShares>BML Investment Partners, L.P. 	0&#13;
Braden M Leonard		0</numberOfShares>
<transactionDesc>BML Investment Partners, L.P. &#13;
&#13;
12/1/25	Sold 300,000 at $4.20&#13;
12/2/25	Sold 51,961  at $4.20&#13;
12/3/25	Sold 222,925 at $4.17&#13;
12/4/25	Sold 524,560 at $4.1947&#13;
12/9/25	Disposed 1,958,080 shares in tender.  &#13;
&#13;
Braden M Leonard&#13;
12/9/25 Disposed 191,800 shares in tender.</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>12/9/25</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>12/09/2025</date>
</signatureDetails>
</signaturePerson>
<signaturePerson>
<signatureReportingPerson>Leonard Braden Michael</signatureReportingPerson>
<signatureDetails>
<signature>Braden M Leonard</signature>
<title>Leonard Braden Michael</title>
<date>12/09/2025</date>
</signatureDetails>
</signaturePerson>
</signatureInfo>
</formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
