Earnings - November 2, 2016
Heidelberg, Germany, November 2, 2016 – 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, 2016.
“During the third quarter of 2016 we have made considerable progress in both clinical and preclinical development of our immune cell engagers,” said Dr. Adi Hoess, CEO of Affimed. “We are continuously advancing our lead NK-cell engager AFM13 in combination therapy and have enrolled the first patient into an ALL trial for our T-cell engager AFM11. Through our preclinical activities in solid tumor indications and multiple myeloma, we continue to pursue novel opportunities for our bi- and trispecific NK-cell engagers.”
NK-cell engager programs
T-cell engager programs
(Figures for the third quarter and nine months of 2016 and 2015 represent unaudited figures)
Cash and cash equivalents and financial assets totaled €49.1 million as of September 30, 2016 compared to €76.7 million as of December 31, 2015. The decrease was primarily attributable to Affimed’s operational expenses.
Net cash used in operating activities was €25.5 million for the nine months ended September 30, 2016 compared to €14.5 million for the nine months ended September 30, 2015. The increase was primarily related to higher cash expenditure for research and development (R&D) in connection with our development and collaboration programs.
Revenue for the third quarter of 2016 was €0.9 million compared to €1.2 million for the third quarter of 2015. Revenue in both periods was derived from Affimed’s collaborations with Amphivena and AbCheck Service Revenue.
R&D expenses for the third quarter of 2016 were €8.8 million compared to €6.4 million for the third quarter of 2015. The increase was primarily related to higher expenses for AFM11, preclinical programs and infrastructure. G&A expenses for the third quarter of 2016 were nearly unchanged with €2.2 million compared to €2.1 million for the third quarter of 2015.
Net loss for the third quarter of 2016 was €10.3 million, or €0.31 per common share, compared to a net loss of €7.3 million, or €0.24 per common share, for the third quarter of 2015. The increase in net loss was primarily related to increased spending on R&D for AFM11, preclinical programs and infrastructure. In addition, the result was affected by lower revenue and lower other income.
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. Please refer to Affmed’s SEC filings for the notes that accompany its financial statements and should be read in conjunction therewith.
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. ET. A webcast of the conference call can be accessed on 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) 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.
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
Phone: +1 347 394 6793
Anca Alexandru, Head of Communications, EU IR
Phone: +49 6221 64793341