Affimed N.V. Announces 2023 Financial Outcomes and Corporate Developments

Affimed N.V., a clinical-stage immuno-oncology company, has made significant progress in its clinical programs and corporate restructuring. The company reported financial results for the year ending December 31, 2023, and provided updates on its clinical and corporate advancements. Here's a summary of the key points:

AFM24 Clinical Trial Updates: In a Phase 1/2a study combining AFM24 with atezolizumab for non-small cell lung cancer (NSCLC) patients with EGFR-wildtype, four responses were observed among 15 patients, including one complete response and three partial responses. Mature progression-free survival (PFS) data and initial efficacy data for EGFR-mutant NSCLC cohorts are anticipated in the second quarter of 2024.
Acimtamig (AFM13) and AlloNK® (AB-101) Combination: Affimed is on schedule to report initial efficacy and safety data for the combination of Acimtamig with AlloNK® natural killer (NK) cells in the second quarter of 2024.
AFM28 Enrollment: Patient enrollment is ongoing in the final cohort of a Phase 1 study for AFM28, which targets CD123-positive relapsed/refractory acute myeloid leukemia (AML).
Corporate Restructuring: Affimed completed a restructuring that included a 50% reduction in workforce to focus on advancing its three main clinical programs: AFM24, acimtamig, and AFM28.
Financial Position: As of December 31, 2023, Affimed's cash, cash equivalents, and investments stood at €72.0 million, which is projected to sustain operations into the second half of 2025.
Financial Performance: The net cash used in operating activities for 2023 was €110.3 million, and the total revenue was €8.3 million. Research and development expenses were €95.0 million, and general and administrative expenses were €24.7 million. The net loss for the year was €105.9 million.
Conference Call and Webcast: Affimed hosted a conference call and webcast on March 28, 2024, to discuss the full-year financial results and corporate developments.

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