Avidity Biosciences Q1 2024 Earnings Report

Avidity Biosciences EPS Results

• Actual EPS: -$0.79
• Consensus EPS: -$0.81
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: N/A

Avidity Biosciences Revenue Results

• Actual Revenue: $3.54 million
• Expected Revenue: $7.09 million
• Beat/Miss: Missed by -$3.55 million
• YoY Revenue Growth: N/A

Avidity Biosciences Announcement Details

• Quarter: Q1 2024
• Date: 5/15/2024
• Time: After Market Closes
• Conference Call Date: Thursday, May 9, 2024
• Conference Call Time: 4:00PM ET

Avidity Biosciences (NASDAQ:RNA) is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study. Preclinical programs include additional neuromuscular indications such as Duchenne muscular dystrophy (DMD) and X-linked myotubular myopathy (XLMTM). Avidity’s research efforts focus on optimizing conjugate design, antibody selection, and oligonucleotide chemistries to maximize tissue uptake and therapeutic potency.

Avidity Biosciences was founded in 2017 by a team of scientists and entrepreneurs with expertise in antibody engineering, oligonucleotide chemistry and muscle biology. The company went public on the Nasdaq Global Market under the ticker RNA in January 2021. Laurent Fischer, M.D., serves as Chief Executive Officer, drawing on his background in immunology and drug discovery to guide the company’s strategic and clinical initiatives. Avidity maintains research and development operations in the United States and engages in collaborations to expand the reach of its AOC technology.

Building on its foundational platform, Avidity continues to advance multiple pipeline candidates through preclinical and clinical stages, while exploring partnership opportunities with biopharmaceutical companies. The company’s long-term objective is to transform the treatment landscape for patients with genetic muscle disorders by delivering precision RNA therapies with improved safety, efficacy and convenience.