Affimed (AFMD) Q2 2024 earnings summary

Executive summary

• Advanced three clinical programs (AFM24, AFM13/acimtamig, AFM28) with promising efficacy in relapsed/refractory NSCLC, Hodgkin lymphoma, and AML, confirming proof of concept for ICE® molecules in both liquid and solid tumors.

• New CEO emphasizes data-driven strategy, operational efficiency, and business development to address high unmet needs in oncology.

• Demonstrated clinical activity in difficult-to-treat populations, strengthening the position to address high unmet needs.

• Cash runway projected into H2 2025, supported by €34.4 million in cash, equivalents, and investments as of June 30, 2024.

Financial highlights

• Cash, cash equivalents, and investments at quarter-end were €34.4 million, down from €72 million at year-end 2023.

• Net cash used in operating activities was €16.5 million, a decrease from €33.3 million in the prior year quarter.

• Total revenue for Q2 2024 was €0.2 million, compared to €1.4 million year-over-year.

• R&D expenses were €11.7 million, down from €25.3 million year-over-year; G&A expenses were €4 million, down from €6.3 million.

• Net loss for Q2 2024 was €15.5 million (€1.01 per share), improved from €29.4 million (€1.97 per share) in Q2 2023.

Outlook and guidance

• Cash runway expected into H2 2025, supported by anticipated proceeds from ATM program and AbCheck sale.

• Multiple clinical data readouts anticipated in the next 12–24 months, including key updates in Q4 2024 and early 2025.

• Strategic decisions on advancing clinical programs will be data-driven, with expanded cohorts and regulatory interactions planned.

• Committed to providing further clinical data updates as programs advance, with pivotal data readouts and scientific conference disclosures planned for Q4 2024.