AVROBIO, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AVROBIO, Inc. has filed its 2023 annual report (10-K) detailing its operations and financial standing as of December 31, 2023.</b>

AI Summary

AVROBIO, Inc. (TECX) filed a Annual Report (10-K) with the SEC on March 14, 2024. AVROBIO, Inc. filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 100 TECHNOLOGY SQUARE, 6TH FLOOR, CAMBRIDGE, MA 02139. AVROBIO, Inc. is incorporated in Delaware. The company operates in the Biological Products sector.

Why It Matters

For investors and stakeholders tracking AVROBIO, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AVROBIO's business, financial condition, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's strategic decisions, operational challenges, and potential for future growth in the biotechnology sector.

Risk Assessment

Risk Level: medium — AVROBIO, Inc. shows moderate risk based on this filing. The company operates in the highly competitive and regulated biotechnology industry, facing risks related to clinical trial success, regulatory approvals, and market adoption of its gene therapies.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing AVROBIO in the gene therapy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-03-14 — Filing Date (Date the 10-K was filed)
• 001-38537 — SEC File Number (AVROBIO's SEC file number)
• 0000950170-24-031635 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• AVROBIO, Inc. (company) — Filer name
• 100 TECHNOLOGY SQUARE, 6TH FLOOR, CAMBRIDGE, MA 02139 (address) — Business address
• Delaware (jurisdiction) — State of incorporation
• 2836 (SIC code) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company's gene therapy products are subject to extensive regulatory review and approval processes by agencies like the FDA, which can be lengthy, costly, and uncertain.
• Market Adoption and Competition [high — market]: The success of AVROBIO's therapies depends on market acceptance, reimbursement, and competition from other gene therapy developers and alternative treatments.
• Clinical Trial Risks [high — operational]: Clinical trials are inherently risky, with potential for unexpected adverse events, failure to demonstrate efficacy, or delays in patient recruitment, impacting development timelines and costs.
• Funding and Liquidity [medium — financial]: As a clinical-stage biotechnology company, AVROBIO requires significant capital for research, development, and commercialization, facing risks related to its ability to secure future funding.

Key Dates

• 2024-03-14: Filing of 2023 Form 10-K — Provides comprehensive annual financial and operational data.
• 2023-12-31: Fiscal Year End — Defines the period for which the 10-K report is filed.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share AVRO Nasdaq Glo
• $0.95 — e 30, 2023 (based on a closing price of $0.95 share as quoted by the Nasdaq Global Se
• $12.39908 — nic common stock at a purchase price of $12.39908 per share, subject to and immediately p
• $130.7 m — nd such Tectonic SAFEs of approximately $130.7 million, such transactions collectively,

Filing Documents

• avro-20231231.htm (10-K) — 3031KB
• avro-ex21_1.htm (EX-21.1) — 6KB
• avro-ex23_1.htm (EX-23.1) — 11KB
• avro-ex31_1.htm (EX-31.1) — 15KB
• avro-ex32_1.htm (EX-32.1) — 10KB
• avro-ex97_1.htm (EX-97.1) — 31KB
• 0000950170-24-031635.txt (&nbsp;) — 9707KB
• avro-20231231.xsd (EX-101.SCH) — 1306KB
• avro-20231231_htm.xml (XML) — 1343KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 77 Item 1C. Cybersecurity 77 Item 2.

Properties

Properties 77 Item 3.

Legal Proceedings

Legal Proceedings 78 Item 4. Mine Safety Disclosures 78 PART II 79 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 79 Item 6. Reserved 79 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 80 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 91 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 91 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 92 PART III 93 Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 101 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 113 Item 14. Principal Accounting Fees and Services 115 PART IV 116 Item 15. Exhibits and Financial Statement Schedules 116 Item 16. Form 10-K Summary 116

Signatures

Signatures 121 i Summary Risk Factors The business of AVROBIO, Inc., or AVROBIO, is subject to numerous risks and uncertainties that you should be aware of in evaluating AVROBIO's business. These risks include, but are not limited to, the following, including risks related to the proposed merger (as defined below) with Tectonic Therapeutic, Inc., a Delaware corporation, or Tectonic: The exchange ratio (as defined below) will not change or otherwise be adjusted based on the market price of AVROBIO common stock as the exchange ratio depends on AVROBIO's net cash at the closing and not the market price of AVROBIO common stock, so the merger consideration at the closing may have a greater or lesser value than at the time the Merger Agreement (as defined below) was signed. Failure to complete the merger may result in either AVROBIO or Tectonic paying a termination fee to the other party, and could harm the AVROBIO common stock price and future business and operations of each company. Some AVROBIO and Tectonic directors and executive officers have interests in the merger that are different from AVROBIO stockholders and that may influence them to support or approve the merger without regard to AVROBIO stockholders' interests. AVROBIO stockholders and Tectonic stockholders may not realize a benefit from the merger commensurate with the ownership dilution they will experience in connection with the merger, including the issuance of Tectonic common stock in the private financings (as defined below). If the merger is not completed, AVROBIO's stock price may decline significantly. AVROBIO has incurred net losses since inception, expects to incur net losses for the foreseeable future and may never achieve or maintain profitability. If AVROBIO decides to resume development of its product candidates, AVROBIO will need additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force A

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