Affimed (AFMD) Q1 2024 earnings summary

Executive summary

• Achieved clinical validation and strong progress across all three clinical programs targeting cancer via the innate immune system, with consistent activity signals and high response rates in difficult-to-treat populations.

• LuminICE-203 (acimtamig + AlloNK) showed 85.7% ORR and over 50% complete remissions in refractory Hodgkin lymphoma, with no treatment discontinuations due to side effects.

• AFM24 + atezolizumab demonstrated durable responses in NSCLC, with 71–77% disease control rates and progression-free survival of 5.9 months versus 4.5 months for standard care.

• AFM28 monotherapy established a clinically active dose with a favorable safety profile and 33% CR/CRI rate at highest dose, with no dose-limiting toxicities.

• Strategic reorganization in January focused on advancing clinical assets, with meaningful data generated for all programs in the first half of 2024.

Financial highlights

• Ended Q1 2024 with €48.5 million in cash, cash equivalents, and investments, supporting operations into H2 2025.

• Net loss for Q1 2024 was €19.2 million (€1.27 per share), improved from €32 million (€2.14 per share) in Q1 2023.

• Total revenue for Q1 2024 was €0.2 million, down from €4.5 million in Q1 2023.

• Net cash used in operating activities was €23.8 million for Q1 2024, compared to €33.2 million in Q1 2023.

• Research and development expenses decreased to €15.4 million from €29.5 million year-over-year.

Outlook and guidance

• Cash runway expected to last into the second half of 2025 based on current operating plans and reduced spending.

• Additional important data readouts are expected throughout the year, including LuminICE-203 cohort data in Q3 2024 and AFM24-102 ORR/PFS data for EGFRmut in Q3 and EGFRwt in Q4 2024.

• Recruitment for clinical cohorts is ongoing, with full data from initial patient groups expected in Q3 2024.

• No need to return to FDA for next study phases; progression to randomized stages is at the company's discretion.

• Further clinical development of AFM28 to be pursued in combination with allogeneic NK cells for refractory AML.