The grant, plainly. On November 29, 2022, Adverum Biotechnologies was issued US11510950B2, covering variant AAV capsids for intravitreal delivery. The CPC tags — C07K 14/005 (viral capsid proteins), A61K 9/0048 (ophthalmic delivery), C12N 7/00 and C12N 15/86 (viral vectors) — describe capsids engineered for delivery into the eye by injection.
Why a financing desk reads delivery IP: gene-therapy companies burn cash for years developing a delivery vehicle before any product revenue, and a route-specialized capsid — here, intravitreal — is a differentiated platform asset that can support a broad pipeline. When such a company raises, the capsid IP is what the new capital is funding toward.
The cautionary read: a strong delivery patent supports the equity story but does not extend the runway by itself. Cash divided by burn still sets the clock, and a single financing buys quarters, not years. The holder's question is whether the raise funds enough work to convert the capsid IP into clinical and commercial value before the next dilution.
What the grant does not show: the company's cash, burn, share count, or warrant overhang. Those live in the 10-Q and prospectus, not the patent. The grant establishes the delivery asset and its scope.
The takeaway: treat a route-specialized capsid grant as the platform collateral behind a gene-therapy raise, then run the dilution and runway math from the filings. Adverum's November 2022 intravitreal-AAV grant is a dated example of the delivery IP such a financing rests on.