But a serious adverse event and waning enzyme levels raise questions about the data.
Deals this week with a UK consortium and Oxford Biomedica see the group bet on lentiviral vectors.
But questions about gene therapy safety could benefit the enzyme-replacement therapy incumbents.
The Swiss group has likely been paying attention to industry developments as BCMA and CD40 go out, while Covid-19 and Tim-3 move up.
But data are early, and other groups are also developing less frequent injections for wet AMD.
A second clinical failure means that Biogen threw away $877m, but this sum will today be seen as little more than a rounding error.
A serious adverse event puts ADVM-022’s future in doubt, and it could hurt other eye disease gene therapy players too.