Affimed's 2023 Financial and Operational Update

Affimed N.V., a clinical-stage immuno-oncology firm, has reported its financial results and clinical progress for the year ending December 31, 2023. The company has made significant strides in advancing its three main clinical programs: AFM24, acimtamig, and AFM28. Dr. Andreas Harstrick, the Chief Medical Officer and interim CEO, highlighted the promising responses observed in non-small cell lung cancer (NSCLC) patients and the expectation to report mature progression-free survival data and response data from the EGFR-mutated NSCLC cohort in the second quarter of 2024.

In the AFM24 program, which targets EGFR/CD16A tumors, the Phase 1/2a trial reported four confirmed responses, including one complete and three partial responses, in 15 heavily pre-treated patients. The company has expanded the patient cohort to 40 based on these results. The acimtamig program, targeting CD30/CD16A tumors, is expected to release initial safety and efficacy data from a Phase 2 study in combination with AlloNK cells in the second quarter of 2024. The AFM28 program, focusing on CD123/CD16A tumors, is currently enrolling patients for its final Phase 1 dose-escalation study cohort.

The company has completed a corporate restructuring, streamlining operations and reducing its workforce by 50% to focus on advancing its clinical programs. As of December 31, 2023, Affimed reported cash, cash equivalents, and investments of €72.0 million, anticipating that this will support operations into the second half of 2025.

Financially, the net cash used in operating activities for 2023 was €110.3 million, an increase from €104.9 million in 2022. Total revenue for 2023 was €8.3 million, compared to €41.4 million in 2022. Research and development expenses were €95.0 million in 2023, slightly lower than €98.8 million in 2022. General and administrative expenses decreased to €24.7 million from €32.1 million in the previous year. The net loss for 2023 was €105.9 million, or €7.09 per common share, compared to a net loss of €86.0 million, or €6.04 per common share, in 2022.

Affimed will host a conference call and webcast on March 28, 2024, to discuss the full-year financial results and corporate developments. The company is focused on executing its clinical programs with confidence in its mission to deliver innovative cancer therapies.