Affimed (AFMD) Q3 2024 earnings summary

Executive summary

• Advanced clinical programs for AFM24, AFM28, and acimtamig/AFM13, with key data updates expected at ASH 2024 and a dedicated call in December for AFM24 in NSCLC.

• Achieved clinical proof of concept for ICE® molecules in both liquid and solid tumors, with promising efficacy and differentiated safety in heavily pretreated patients.

• Strategic focus on clinical development, commercial sustainability, and broadening partnerships to accelerate progress and improve financial health.

• Cash runway projected into Q4 2025, supported by anticipated proceeds from the ATM program and AbCheck sale.

• Ongoing commitment to provide further clinical data updates as programs progress.

Financial highlights

• Cash, cash equivalents, and investments totaled €24.1 million as of September 30, 2024, down from €72 million at year-end 2023.

• Net cash used in operating activities for Q3 2024 was €11.1 million, down from €18.3 million in Q3 2023.

• Total revenue for Q3 2024 was €0.2 million, compared to €2.0 million in Q3 2023.

• R&D expenses decreased to €10.1 million from €21.5 million year-over-year; G&A expenses fell to €4.3 million from €5.4 million.

• Net loss for Q3 2024 was €15.1 million (€0.94 per share), improved from €24.4 million (€1.63 per share) in Q3 2023.

Outlook and guidance

• Cash runway expected to extend into Q4 2025, supported by current resources and anticipated proceeds from ATM program and AbCheck sale.

• Key clinical data updates for AFM24, AFM28, and LuminICE-203/AFM13 at ASH 2024 and major conferences in H1 2025.

• Ongoing evaluation of strategic partnerships and non-dilutive capital options to support financial stability and program advancement.