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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Affimed NV | NASDAQ:AFMD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -2.55% | 5.35 | 5.20 | 5.50 | 5.49 | 5.10 | 5.49 | 80,174 | 23:32:30 |
Heidelberg, Germany, November 7, 2017 - Affimed N.V. (Nasdaq: AFMD), a clinical stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies, today reported financial results for the quarter ended September 30, 2017.
"We continue to make great strides in validating our NK cell engager programs, in particular through encouraging data from studies of our lead candidate AFM13, which is progressing through clinical development as a mono- and combination therapy," said Dr. Adi Hoess, CEO of Affimed. "Leveraging our unique NK cell-based platform for high-affinity CD16A-targeting, we are advancing our tetravalent bispecific antibodies with the potential to tailor immune-engaging therapy to different indications and settings."
Third Quarter Updates
Corporate Update
NK cell engager programs
T cell engager programs
Financial Highlights(Figures for the third quarter and first nine months of 2017 and 2016 represent unaudited figures)
Cash and cash equivalents and financial assets totaled €41.8 million as of September 30, 2017 compared to €44.9 million as of December 31, 2016. Affimed's operational expenses for the nine months ended September 30, 2017 were primarily offset by net proceeds of €16.4 million from a public offering of common shares in the first quarter and of €2.5 million from the drawdown of the second tranche of the loan from Silicon Valley Bank.
Net cash used in operating activities was €20.7 million for the nine months ended September 30, 2017 compared to €25.5 million for the nine months ended September 30, 2016. The decrease was primarily related to lower cash expenditure for research and development (R&D) in connection with Affimed's development and collaboration programs and to the expiration of the Amphivena collaboration.
Revenue for the third quarter of 2017 was €0.5 million compared to €0.9 million for the third quarter of 2016. Revenue in the 2017 period was derived from AbCheck services while revenue in the 2016 period related predominantly to Affimed's collaboration with Amphivena.
R&D expenses for the third quarter of 2017 were €6.0 million compared to €8.8 million for the third quarter of 2016. The decrease was primarily related to lower expenses for AFM13 and our discovery/early stage development activities.
G&A expenses for the third quarter of 2017 were €1.9 million compared to €2.2 million for the third quarter of 2016.
Net loss for the third quarter of 2017 was €8.1 million, or €0.18 per common share, compared to a net loss of €10.3 million, or €0.31 per common share, for the third quarter of 2016. The decrease of operating expenses was partially offset by lower revenue and higher finance costs.
Note on IFRS Reporting StandardsAffimed prepares and reports the consolidated financial statements and financial information in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). None of the financial statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) in the United States. Affimed maintains its books and records in Euro.
Conference Call and Webcast InformationAffimed's management will host a conference call to discuss the company's financial results and recent corporate developments today at 8:30 a.m. ET. A webcast of the conference call can be accessed in the "Events" section on the "Investors & Media" page of the Affimed website at www.affimed.com/events.php. A replay of the webcast will be available on Affimed's website shortly after the conclusion of the call and will be archived on the Affimed website for 30 days following the call.
About Affimed N.V.Affimed (Nasdaq: AFMD) engineers targeted immunotherapies, seeking to cure patients by harnessing the power of innate and adaptive immunity (NK and T cells). We are developing single and combination therapies to treat cancers and other life-threatening diseases. For more information, please visit www.affimed.com.
FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Forward-looking statements appear in a number of places throughout this release and include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, our collaborations and development of our products in combination with other therapies, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates our intellectual property position, our collaboration activities, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks uncertainties and other factors described under the heading "Risk Factors" in Affimed's filings with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
Contact:Anca Alexandru, Head of Communications, EU IRPhone: +49 6221 64793341E-Mail: a.alexandru@affimed.com, IR@affimed.com
AFFIMED N.V.CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Affimed N.V.Unaudited condensed consolidated statements of comprehensive loss (in € thousand)
For the three-months ended September 30 | For the nine-months ended September 30 | |||||||||
2016 | 2017 | 2016 | 2017 | |||||||
Revenue | 938 | 467 | 4,943 | 1,374 | ||||||
Other income - net | 19 | 117 | 143 | 201 | ||||||
Research and development expenses | (8,760) | (6,008) | (24,456) | (16,881) | ||||||
General and administrative expenses | (2,181) | (1,876) | (6,239) | (6,091) | ||||||
Operating loss | (9,984) | (7,300) | (25,609) | (21,397) | ||||||
Finance income / (costs) - net | (311) | (800) | (1,183) | (2,425) | ||||||
Loss before tax | (10,295) | (8,100) | (26,792) | (23,822) | ||||||
Income taxes | 0 | 0 | (2) | 20 | ||||||
Loss for the period | (10,295) | (8,100) | (26,794) | (23,802) | ||||||
Total comprehensive loss | (10,295) | (8,100) | (26,794) | (23,802) | ||||||
Loss per share in € per share(undiluted = diluted) | (0.31) | (0.18) | (0.81) | (0.55) |
Affimed N.V.Condensed consolidated statements of financial position (in € thousand)
December 31, 2016 | September 30, 2017 | ||
(unaudited) | |||
ASSETS | |||
Non-current assets | |||
Intangible assets | 55 | 56 | |
Leasehold improvements and equipment | 822 | 1,120 | |
877 | 1,176 | ||
Current assets | |||
Inventories | 197 | 282 | |
Trade and other receivables | 2,255 | 1,583 | |
Other assets | 516 | 502 | |
Financial assets | 9,487 | 8,470 | |
Cash and cash equivalents | 35,407 | 33,343 | |
47,862 | 44,180 | ||
TOTAL ASSETS | 48,739 | 45,356 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Issued capital | 333 | 447 | |
Capital reserves | 190,862 | 209,606 | |
Accumulated deficit | (152,444) | (176,246) | |
Total equity | 38,751 | 33,807 | |
Non-current liabilities | |||
Borrowings | 3,617 | 4,682 | |
Total non-current liabilities | 3,617 | 4,682 | |
Current liabilities | |||
Trade and other payables | 5,323 | 4,334 | |
Borrowings | 973 | 2,500 | |
Deferred revenue | 75 | 33 | |
Total current liabilities | 6,371 | 6,867 | |
TOTAL EQUITY AND LIABILITIES | 48,739 | 45,356 |
Affimed N.V.Unaudited condensed consolidated statements of cash flows (in € thousand)
For the nine-months ended September 30 | ||||
2016 | 2017 | |||
Cash flow from operating activities | ||||
Loss for the period | (26,794) | (23,802) | ||
Adjustments for the period: | ||||
- Income taxes | 2 | (20) | ||
- Depreciation and amortization | 293 | 257 | ||
- Gain from disposal of leasehold improvements and equipment | 0 | (20) | ||
- Share based payments | 2,719 | 1,494 | ||
- Finance income / costs - net | 1,183 | 2,425 | ||
(22,597) | (19,666) | |||
Change in trade and other receivables | (1,398) | 690 | ||
Change in inventories | (25) | (85) | ||
Change in other assets | (151) | (393) | ||
Change in trade, other payables and deferred revenue | (1,080) | (1,044) | ||
Cash used in operating activities | (25,251) | (20,498) | ||
Interest received | 60 | 48 | ||
Paid interest | (355) | (229) | ||
Net cash used in operating activities | (25,546) | (20,679) | ||
Cash flow from investing activities | ||||
Purchase of intangible assets | (21) | (26) | ||
Purchase of leasehold improvements and equipment | (194) | (545) | ||
Cash received from the sale of leasehold improvements and equipment | 0 | 35 | ||
Cash paid for investments in financial assets | (27,088) | (13,114) | ||
Cash received from maturity of financial assets | 13,536 | 13,425 | ||
Net cash used for investing activities | (13,767) | (225) | ||
Cash flow from financing activities | ||||
Proceeds from issue of common shares | 0 | 19,241 | ||
Transaction costs related to issue of common shares | 0 | (1,524) | ||
Proceeds from borrowings | 0 | 2,500 | ||
Transaction costs related to borrowings | 0 | (11) | ||
Repayment of borrowings | (1,079) | 0 | ||
Cash flow from financing activities | (1,079) | 20,206 | ||
Net changes to cash and cash equivalents | (40,392) | (698) | ||
Cash and cash equivalents at the beginning of the period | 76,740 | 35,407 | ||
Exchange-rate related changes of cash and cash equivalents | (655) | (1,366) | ||
Cash and cash equivalents at the end of the period | 35,693 | 33,343 |
Affimed N.V.Unaudited condensed consolidated statements of changes in equity (in € thousand)
Issued capital | Capital reserves | Accumulated deficit | Total Equity | ||||
Balance as of January 1, 2016 | 333 | 187,169 | (120,228) | 67,274 | |||
Equity-settled share based payment awards | 2,719 | 2,719 | |||||
Loss for the period | (26,794) | (26,794) | |||||
Balance as of September 30, 2016 | 333 | 189,888 | (147,022) | 43,199 | |||
Balance as of January 1, 2017 | 333 | 190,862 | (152,444) | 38,751 | |||
Issue of common shares | 114 | 17,199 | 17,313 | ||||
Equity-settled share based payment awards | 1,494 | 1,494 | |||||
Issue of warrant note (loan Silicon Valley Bank) | 51 | 51 | |||||
Loss for the period | (23,802) | (23,802) | |||||
Balance as of September 30, 2017 | 447 | 209,606 | (176,246) | 33,807 |
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1 Month Affimed NV Chart |
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