Linda M. Rubinstein - 09 Dec 2025 Form 4 Insider Report for Adverum Biotechnologies, Inc. (ADVM)

Reporting relationship: CHIEF FINANCIAL OFFICER
Issuer ticker: ADVM
Reported as of: 09 Dec 2025
Net transaction value: +$204,750
SEC form: 4
Accepted by SEC: 10 Dec 2025, 13:41:38 UTC
Prior SEC filing: 20 Jun 2025
Next SEC filing: 26 May 2026
Source filing: View source filing
Reporting owner signature: /s/ Aneta Fergson, Attorney-in-Fact

Key filing fact

Linda M. Rubinstein filed Form 4 for Adverum Biotechnologies, Inc. (ADVM) on 10 Dec 2025.

Key facts

This page summarizes Linda M. Rubinstein's Form 4 filing for Adverum Biotechnologies, Inc. (ADVM).
9 reported transactions and 4 derivative rows are listed below.
Accepted by SEC: 10 Dec 2025, 13:41.

Change

Previous filing in this sequence was filed on 20 Jun 2025.
Current net transaction value: +$204,750.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001321937 Primary reporting owner

Rubinstein Linda M

Relationship: CHIEF FINANCIAL OFFICER
Address: C/O ADVERUM BIOTECHNOLOGIES, INC., 100 CARDINAL WAY, REDWOOD CITY
Signature: /s/ Aneta Fergson, Attorney-in-Fact
Signature date: 10 Dec 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ADVM transaction

Common Stock

Options Exercise

Transaction value: $204,750
Shares: +48,750
Change %: +393%
Price: $4.20
Shares after: 61,150
Date: 09 Dec 2025
Ownership: Direct
Footnotes: F1

ADVM transaction

Common Stock

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -61,150
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Footnotes: F2, F3

ADVM transaction

Common Stock - Restricted Stock Units

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -8,125
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Footnotes: F2, F3, F4

ADVM transaction

Common Stock - Performance Stock Units

Award

Transaction value: $0
Shares: +42,000
Change %
Price: $0.000000
Shares after: 42,000
Date: 09 Dec 2025
Ownership: Direct
Footnotes: F5

ADVM transaction

Common Stock - Performance Stock Units

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -42,000
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Footnotes: F2, F3, F6

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

ADVM transaction Derivative

Stock Option (Right to Buy)

Disposed to Issuer

Transaction value
Shares: -35,000
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 35,000
Exercise price: $10.14
Footnotes: F7

ADVM transaction Derivative

Stock Option (Right to Buy)

Disposed to Issuer

Transaction value
Shares: -85,000
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 85,000
Exercise price: $10.14
Footnotes: F7

ADVM transaction Derivative

Stock Option (Right to Buy)

Disposed to Issuer

Transaction value
Shares: -62,083
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 62,083
Exercise price: $7.15
Footnotes: F7

ADVM transaction Derivative

Stock Option (Right to Buy)

Options Exercise

Transaction value
Shares: -48,750
Change %: -100%
Price
Shares after: 0
Date: 09 Dec 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 48,750
Exercise price: $4.20
Footnotes: F7

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Linda M. Rubinstein is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 7 footnotes

Footnote F1

Includes 600 shares purchased on May 21, 2025, and 600 shares purchased on November 20, 2025, pursuant to the Issuer's 2014 Employee Stock Purchase Plan, as amended and restated.

Footnote F2

In connection with the terms of an Agreement and Plan of Merger, dated as of October 24, 2025 (the "Merger Agreement"), by and among the Issuer, Eli Lilly and Company ("Parent") and Parent's direct wholly owned subsidiary, Flying Tigers Acquisition Corporation, ("Purchaser"), Purchaser completed a tender offer for shares of the Issuer's Common Stock. In exchange for each share, tendering stockholders received: (i) $3.56 per share in cash, without interest and less any applicable tax withholding (the "Cash Consideration"); plus (ii) one non-tradable contingent value right (each, a "CVR"), which represents the contractual right to receive up to two contingent cash payments of up to an aggregate of $8.91 per CVR, net to the stockholder in cash,

Footnote F3

(continued from footnote 1) without interest and less any applicable tax withholding, upon the achievement of both specified milestones in accordance with the terms and subject to the conditions of a contingent value rights agreement (the "CVR Agreement") with Computershare Inc. and its affiliate, Computershare Trust Company, N.A, as the rights agent. After completion of the tender offer, pursuant to the terms of the Merger Agreement, Purchaser merged with and into the Issuer (the "Merger"), effective as of December 9, 2025, with the Issuer continuing as the surviving entity and a wholly owned subsidiary of Parent (the "Effective Time").

Footnote F4

Pursuant to the terms of the Merger Agreement, at the Effective Time, each restricted stock unit granted under a Company Equity Plan that was subject solely to time-based vesting ("Company RSU") that was outstanding and unvested immediately prior to the Effective Time was cancelled and in exchange for such cancellation, the holder of such cancelled Company RSU received (i) an amount in cash, without interest and less any applicable tax withholdings, equal to the product of (x) the total number of Shares subject to such Company RSU immediately prior to the Effective Time, multiplied by (y) the Cash Consideration and (ii) one CVR for each share of Company Common Stock subject to such Company RSU immediately prior to the Effective Time (without regard to vesting).

Footnote F5

On September 12, 2025, the Compensation Committee of the Issuer Board approved the grant of performance stock units, effective as of the completion of two trading days following the public announcement of by the Issuer of the first to occur of either a change of control (as defined in the Issuer's 2024 Equity Incentive Award Plan) or a significant out-licensing transaction certified by the Compensation Committee. The closing of the Merger was a qualifying change of control, pursuant to which 100% of the total number of awards vested on the closing of such change of control.

Footnote F6

Pursuant to the terms of the Merger Agreement, at the Effective Time, each restricted stock unit granted under a Company Equity Plan that was subject solely to performance-based vesting ("Company PSU") that was outstanding and unvested immediately prior to the Effective Time, was cancelled and in exchange for such cancellation, the holder of such cancelled Company PSU received (i) an amount in cash, without interest and less any applicable tax withholdings, equal to the product of (x) the total number of Shares subject to such Company PSU immediately prior to the Effective Time, multiplied by (y) the Cash Consideration and (ii) one CVR for each share of Company Common Stock subject to such Company PSU immediately prior to the Effective Time (without regard to vesting).

Footnote F7

Pursuant to the terms of the Merger Agreement, each Company Stock Option that has an exercise price equal to or greater than the Cash Consideration that was outstanding immediately prior to the Effective Time (each such Company Stock Option, an "Out-of-the-Money Option"), to the extent not vested, was fully vested as of prior to the Effective Time. Any Out-of-the-Money Options that remained outstanding and unexercised as of the Effective Time was cancelled for no consideration at the Effective Time.