AFMD Affimed NV

Affimed N.V. (Nasdaq: AFMD) (“Affimed” or the “Company”), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, today reported financial results and provided an update on clinical and corporate progress for the quarter ended June 30, 2024.

“We continue to generate compelling data across our clinical programs," said Dr. Andreas Harstrick, Chief Medical Officer of Affimed. "In solid tumors, our combination study is making significant progress, and we are excited to see objective responses and meaningful tumor control, even in patients with EGFR mutant lung cancer — a disease often resistant to immunomodulation. It's particularly encouraging that these outcomes are achieved without chemotherapy, which is important given the intolerance many pretreated patients have for such treatments. Our programs in hematologic malignancies are also advancing well. Recent updates from the 12 patients of the LuminICE-203 study reveal remarkable efficacy, in an advanced Hodgkin lymphoma population that had exhausted all approved treatment options. Additionally, AFM28 continues to show promise as a monotherapy in AML. The data shared today underscore our strategy of leveraging the innate immune system in our fight against cancer and reinforce our commitment to advancing these clinical programs."

Pipeline Highlights:

AFM24 (EGFR / CD16A)In the AFM24-102 trial (combination with atezolizumab):

• 24 heavily pretreated EGFRmut NSCLC patients are in the trial; in 17 patients that are response evaluable per protocol, 1 CR, 3 PRs and 8 SDs were observed. All responses have been confirmed by follow-up scan. ORR is 23.5% (4/17) and DCR is 70.6% (12/17). Median follow-up is > 7 months and 8 out of the 17 patients continue on treatment. All 4 responders remained on treatment for at least 7 months. Final PFS data from the EGFRmut cohort is expected at a scientific conference in H1 2025.
• All patients were pretreated with TKIs (~60% with third generation TKIs) and the majority (76%) had also received platinum-based chemotherapy.
• The EGFRwt NSCLC cohort of patients who failed chemotherapy and PD-1/PD-L1 has continued enrollment, with 40 patients on trial. ORR and safety for this cohort is expected in Q4 2024.
• In May, the Company received FDA Fast Track designation for the combination treatment of AFM24 with atezolizumab for EGFRwt NSCLC patients.

Acimtamig (AFM13; CD30 / CD16A)High efficacy observed in the first 12 patients with advanced HL in cohorts 1 and 2 of the Phase 2 LuminICE-203 study showing an ORR of 83.3 % and CRR of 50%.

• In the multi-center, multi-cohort, open-label Phase 2 LuminICE-203 trial, patients with advanced, treatment refractory Hodgkin Lymphoma receive combination of CD30-targeting innate cell engager acimtamig (AFM13) with AlloNK.
• All HL patients were heavily pretreated with a median of 4 lines of prior therapy, having exhausted all standard of care treatment options, including combination chemotherapy, brentuximab vedotin and checkpoint inhibitors; 50% of patients had also failed prior autologous or allogeneic stem cell transplantation (SCT).
• Enrollment in cohorts 1 and 2 (acimtamig doses of 200 mg or 300 mg; AlloNK 2x109 per week for 3 weeks) is completed: In the 12 patients, 6 CRs and 4 PRs were observed.
• Enrollment in cohorts 3 and 4 (acimtamig 200 mg or 300 mg; 4x109 in week one and 2x109 AlloNK in weeks 2 and 3) has progressed well with 10/12 patients on study.
• Treatment related adverse events were consistent with previous experience and side effects related to acimtamig and AlloNK were well manageable with standard of care treatment.
• Data from the study is expected to be presented at a scientific conference in Q4 2024.

AFM28 (CD123 / CD16A)In the sixth cohort (300 mg) of the multi-center Phase 1 open-label, dose-escalation study (AFM28-101), of AFM28 monotherapy in CD123-positive r/r AML, 3 out of 6 patients (50%) showed a CR or CRi.

• Of 6 patients treated at dose level 6 at 300 mg, 1 patient showed a CR, 2 patients a CRi for a composite complete response rate (CRcR, defined as CR+CRi) of 50% (3/6) and 2 patients achieved SD.
• Of 6 patients treated at dose level 5 at 250 mg, 1 patient showed a CR, lasting 6 months, a CRR of 17% (1/6) ; the other 5 patients achieved SD as best response.
• No dose-limiting toxicities were reported in dose levels 5 and 6.
• An additional 6 patients will be enrolled at 300 mg of AFM28.
• Data from the study is expected to be presented at a scientific conference in Q4 2024.

Upcoming Milestones:

• LuminICE-203: Efficacy update of cohorts 1-4 expected to be presented at a future scientific conference in Q4 2024.
• AFM24-102: ORR and safety data from the EGFRwt cohort in Q4 2024.
• AFM28-101: Data from the study is expected to be presented at a scientific conference in Q4 2024.
• AMF24-102: Mature PFS data from EGFRmut and EGFRwt cohorts expected to be presented at a future conference in H1 2025.

Second Quarter 2024 Financial HighlightsAffimed’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB). The consolidated financial statements are presented in Euros (€), the Company’s functional and presentation currency.

As of June 30, 2024, cash, cash equivalents and short-term investments totaled €34.4 million. Based on current operating and budget assumptions, the Company expects that cash, cash equivalents and investments, together with anticipated proceeds from its ATM program and the sale of AbCheck, will finance its operations into the second half of 2025.

Net cash used in operating activities for the quarter ended June 30, 2024 was €16.5 million compared to €33.2 million for the quarter ended June 30, 2023. The decline was mainly due to lower research and development expenditure and personnel expenses due to the reduction in head count.   

Total revenue for the quarter ended June 30, 2024, was €0.2 million compared with €1.4 million for the quarter ended June 30, 2023. Revenue in 2024 only related to a platform license provided to Genentech and 2023 predominantly related to the Roivant research collaborations for which all work has been completed. 

Research and development expenses for the quarter ended June 30, 2024, were €11.7 million compared to €25.3 million in 2023. The decrease was primarily a result of lower expenses associated with the development of acimtamig and AFM24, due to a decrease in procurement of clinical trial material, clinical trial costs and manufacturing costs, decrease in head count due to the corporate restructuring.

General and administrative expenses for the quarter ended June 30, 2024, were €4.0 million compared to €6.3 million for the quarter ended June 30, 2023. The decrease was due to declines in headcount, in legal and consulting expenses, insurance expenses and share-based payment expenses. 

Net loss for the quarter ended June 30, 2024, was €15.5 million, or €1.01 loss per common share compared with a net loss of €29.4 million, or €1.97 loss per common share, for the quarter ended June 30, 2023. 

The weighted number of common shares outstanding for the quarter ended June 30, 2024, was 15,300,912 shares. 

Additional information regarding these results will be included in the notes to the consolidated financial statements as of June 30, 2024, included in Affimed’s filings with the U.S. Securities and Exchange Commission (SEC). 

Note on International Financial Reporting Standards (IFRS) Affimed prepares and reports consolidated financial statements and financial information in accordance with IFRS as issued by the IASB. None of the financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles. Affimed maintains its books and records in Euro. 

Conference Call and Webcast InformationAffimed will host a conference call and webcast on September 5, 2024, at 8:30 a.m. EDT / 14:30 CET to discuss second quarter 2024 financial results and corporate developments.

The conference call will be available via phone and webcast. The live audio webcast of the call will be available in the “Webcasts” section on the “Investors” page of the Affimed website at https://www.affimed.com/investors/webcasts-and-corporate-presentation/. To access the call by phone, please use link: https://register.vevent.com/register/BI53034c7725d043b0854377307e1cd8a3, and you will be provided with dial-in details and a pin number.

Note: To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time. A replay of the webcast will be accessible at the same link for 30 days following the call.

About Affimed N.V.Affimed (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system. The Company’s innate cell engagers (ICE®) enable a tumor-targeted approach to recognize and kill a range of hematologic and solid tumors. ICE® are generated on the Company’s proprietary ROCK® platform which predictably generates customized molecules that leverage the power of innate immune cells to destroy tumor cells.  A number of ICE® molecules are in clinical development, being studied as mono- or combination therapy. Headquartered in Mannheim, Germany, Affimed is led by an experienced team of biotechnology and pharmaceutical leaders united by a bold vision to stop cancer from ever derailing patients’ lives. For more about the Company’s people, pipeline and partners, please visit: www.affimed.com.

Forward-Looking StatementThis 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 the Company’s intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the potential of acimtamig (AFM13), AFM24, AFM28 and the Company’s other product candidates, the value of its ROCK® platform, its ongoing and planned preclinical development and clinical trials, its collaborations and development of its products in combination with other therapies, the timing of and its ability to make regulatory filings and obtain and maintain regulatory approvals for its product candidates, its intellectual property position, its collaboration activities, its ability to develop commercial functions, clinical trial data, its results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which it operates, the macroeconomic trends that may affect the industry or the Company, such as the instability in the banking sector experienced in the first quarter of 2023, impacts of the COVID-19 pandemic, the benefits to Affimed of orphan drug designation, the impact on its business by political events, war, terrorism, business interruptions and other geopolitical events and uncertainties, such as the Russia-Ukraine conflict, the fact that the current clinical data of (AFM13) acimtamig in combination with NK cell therapy is based on AFM13 (acimtamig) precomplexed with fresh allogeneic cord blood-derived NK cells from The University of Texas MD Anderson Cancer Center, as opposed to Artiva’s AlloNK® (AB-101) and other uncertainties and factors described under the heading “Risk Factors” in Affimed’s filings with the SEC. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.        Investor Relations Contact Alexander FudukidisDirector, Investor RelationsE-Mail: a.fudukidis@affimed.com

Tel.: +1 (917) 436-8102

Affimed N.V.
Unaudited consolidated interim statements of comprehensive loss
(in € thousand)
		For the three months ended June 30					For the six months ended June 30
		2024		2023			2024		2023
Revenue		154		1,390			309		5,900
Other income - net		56		717			233		1,127
Research and development expenses		(11,727	)	(25,273	)		(27,118	)	(54,804	)
General and administrative expenses		(4,036	)	(6,276	)		(8,512	)	(13,126	)
Operating loss		(15,553	)	(29,442	)		(35,088	)	(60,903	)
Finance income / (costs) - net		105		47			465		(472	)
Loss before tax		(15,448	)	(29,395	)		(34,623	)	(61,375	)
Income taxes		(3	)	0			(3	)	(3	)
Loss for the period		(15,451	)	(29,395	)		(34,626	)	(61,378	)
Total comprehensive loss		(15,451	)	(29,395	)		(34,626	)	(61,378	)
Basic and diluted loss per share in € per share (undiluted = diluted)		(1.01	)	(1.97	)		(2.28	)	(4.11	)
Weighted number of common shares outstanding		15,300,912		14,933,934			15,212,555		14,933,934

Affimed N.V.
Consolidated interim statements of financial position
(in € thousand)
		June 30, 2024 (unaudited)			December 31, 2023
ASSETS
Non-current assets
Intangible assets		18			25
Leasehold improvements and equipment		2,331			4,905
Right-of-use assets		5,638			8,039
		7,987			12,969
Current assets
Cash and cash equivalents		10,764			38,529
Investments		23,683			33,518
Other financial assets		878			851
Trade and other receivables		5,717			5,327
Inventories		0			463
Other assets and prepaid expenses		4,145			5,500
		45,187			84,188
TOTAL ASSETS		53,174			97,157
EQUITY AND LIABILITIES
Equity
Issued capital		1,568			1,500
Capital reserves		599,131			593,666
Fair value reserves		(1,231	)		(1,231	)
Accumulated deficit		(570,754	)		(536,128	)
Total equity		28,714			57,807
Non current liabilities
Borrowings		3,603			6,319
Contract liabilities		155			464
Lease liabilities		4,030			6,660
Total non-current liabilities		7,788			13,443
Current liabilities
Trade and other payables		9,171			18,916
Borrowings		5,833			5,833
Lease liabilities		1,049			539
Contract liabilities		619			619
Total current liabilities		16,672			25,907
TOTAL EQUITY AND LIABILITIES		53,174			97,157

Affimed N.V.
Unaudited consolidated interim statements of cash flows
(in € thousand)
		For the six months ended June 30
		2024			2023
Cash flow from operating activities
Loss for the period		(34,626	)		(61,378	)
Adjustments for the period:
- Income taxes		3			3
- Depreciation and amortization		2,520			577
- Net gain on disposal of leasehold improvements and equipment		(24	)		0
- Loss from write-down of inventories		456			0
- Share-based payments		1,472			7,389
- Finance income / (costs) - net		(465	)		472
		(30,664	)		(52,937	)
Change in trade and other receivables		(391	)		543
Change in inventories		7			(66	)
Change in other assets and prepaid expenses		1,525			(5,473	)
Change in trade, other payables, provisions and contract liabilities		(10,308	)		(8,867	)
		(39,831	)		(66,800	)
Interest received		155			924
Paid interest		(648	)		(695	)
Paid income tax		(3	)		(3	)
Net cash used in operating activities		(40,327	)		(66,574	)
Cash flow from investing activities
Purchase of leasehold improvements and equipment, including upfront payments for right-of-use assets		(20	)		(11	)
Cash received from the sale of financial assets		10,857			0
Cash received from the sale of leasehold improvements and equipment		768			0
Net cash generated / (used) for investing activities		11,605			(11	)
Cash flow from financing activities
Proceeds from issue of common shares, including exercise of share-based payment awards		4,256			0
Transaction costs related to issue of common shares		(112	)		0
Repayment of lease liabilities		(413	)		(249	)
Repayment of borrowings		(2,917	)		(2,965	)
Net cash generated / (used) for financing activities		814			(3,214	)
Exchange-rate related changes of cash and cash equivalents		143			(431	)
Net changes to cash and cash equivalents		(27,908	)		(69,799	)
Cash and cash equivalents at the beginning of the period		38,529			190,286
Cash and cash equivalents at the end of the period		10,764			120,056

Affimed N.V.
Unaudited consolidated interim statements of changes in equity for the year
(in € thousand)
		Issued capital		Capital reserves		Fair Value reserves			Accumulated deficit			Total equity
Balance as of January 1, 2023		1,493		582,843		(1,231	)		(430,190	)		152,915
Equity-settled share-based payment awards				7,389								7,389
Loss for the period									(61,378	)		(61,378	)
Balance as of June 30, 2023		1,493		590,232		(1,231	)		(491,568	)		98,926
Balance as of January 1, 2024		1,500		593,666		(1,231	)		(536,128	)		57,807
Issue of common shares		68		3,993								4,061
Equity-settled share-based payment awards				1,472								1,472
Loss for the period									(34,626	)		(34,626	)
Balance as of June 30, 2024		1,568		599,131		(1,231	)		(570,754	)		28,714