Affimed (AFMD) Q1 2024 earnings summary

Executive summary

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

• Clinical programs include AFM24 (solid tumors), acimtamig + AlloNK (Hodgkin's lymphoma), and AFM28 (AML), all showing promising efficacy and safety.

• LuminICE-203 study (acimtamig + AlloNK) showed 85.7% overall response rate and over 50% complete remissions in refractory Hodgkin lymphoma.

• AFM24 + atezolizumab demonstrated durable responses in heavily pretreated NSCLC patients, with 71–77% disease control rates.

• AFM28 monotherapy established a clinically active dose with a favorable safety profile and 33% CR/CRI rate at highest dose.

Financial highlights

• Ended Q1 2024 with cash, cash equivalents, and investments of EUR 48.5 million, supporting operations into the second half of 2025.

• Net loss for Q1 2024 was EUR 19.2 million, improved from EUR 32 million in Q1 2023.

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

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

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

Outlook and guidance

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

• Actively recruiting for further cohorts in clinical trials, with updates and durability data anticipated in Q3 2024.

• Exploring combination of AFM28 with allogeneic NK cells for AML.

• Reduced operational spend and headcount to extend cash runway.