Earnings - May 21, 2015
Heidelberg, Germany, May 21, 2015 – Affimed N.V. (Nasdaq: AFMD), a clinical-stage biopharmaceutical company developing highly targeted cancer immunotherapies, today reported financial results for the quarter ended March 31, 2015.
“The recent completion of our follow-on offering will allow us to broaden the scope of both our clinical and preclinical programs and we appreciate the support of our investors,” said Dr. Adi Hoess, CEO of Affimed. “We are particularly excited about upcoming results that we will present at the ASCO 2015 Annual Meeting in late May, which continue to demonstrate the strength of our technology and its potential to treat cancer”.
(Figures for the first quarter 2015 and 2014 represent unaudited figures)
Cash and cash equivalents totaled €37.0 million on March 31, 2015 compared to €39.7 million on December 31, 2014. The decrease was primarily attributable to Affimed’s operational expenses.
Net cash used in operating activities was €3.9 million for three months ended March 31, 2015 compared to a net cash flow of €0.9 million for the three months ended March 31, 2014. The increase was mainly due to the loss in the 2015 period of €1.5 million and payments for trade and other payables of €2.1 million. In the first quarter 2014, the Company showed net cash flow from operating activities of €0.9 million mainly due to advance payments of €2.6 million under collaboration agreements.
Revenue for the first quarter of 2015 was €2.5 million compared to €0.7 million for the first quarter of 2014. The revenue in the first quarter 2015 was mainly attributable to the revenue recognition upon achievement of a milestone pursuant to the Amphivena collaboration, whereas the revenue in the first quarter 2014 was mainly attributable to the collaboration with the Leukemia & Lymphoma Society (LLS).
Research and development expenses for the first quarter 2015 were €2.9 million compared to €5.3 million for the first quarter 2014. Research and development expenses for the first quarter 2014 were largely due to non project-related share based payment expenses. The variances in project-related expenses are primarily the result of activities related to the AFM13 and AFM11 projects.
General and administrative (G&A) expenses for the first quarter 2015 were €1.8 million compared to €4.7 million for the first quarter 2014. G&A expenses for the first quarter 2014 were largely due to share based payment expenses.
Net loss for the first quarter 2015 was €1.5 million or €0.06 per common share, compared to a net loss of €15.6 million, or €1.06 per common share, for the first quarter 2014. The decrease is primarily related to significant amounts for share based payment expense and finance costs incurred in the first quarter 2014.
Note on IFRS Reporting Standards
Affimed 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 information
Affimed’s management will host a conference call to discuss the company’s financial results and recent corporate developments today at 8:30 a.m. EST. A webcast of the conference call can be accessed in the Webcast section on the Affimed website. 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.
Affimed (Nasdaq: AFMD) is a clinical-stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies. Affimed’s product candidates are being developed in the field of immuno-oncology, which represents an innovative approach to cancer treatment that seeks to harness the body’s own immune defenses to fight tumor cells. The most potent cells of the human defense arsenal are types of white blood cells called natural killer cells, or NK-cells, and T-cells. Affimed’s proprietary, next-generation bispecific antibodies, called TandAbs for their tandem antibody structure, are designed to direct and establish a bridge between either NK-cells or T-cells and cancer cells, triggering a signal cascade that leads to the destruction of cancer cells. Affimed has focused its research and development efforts on three proprietary TandAb programs for which it retains global commercial rights. For more information, please visit www.affimed.com.
This 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.
Caroline Stewart, Head IR & Communication
Phone: +1 347 394 6793