Heidelberg, Germany, March 30, 2017 - 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
and year ended December 31, 2016.
"Throughout 2016, we expanded our leadership
position in NK-cell engagement and made considerable progress both
with our clinical and preclinical programs," said Dr. Adi Hoess,
CEO of Affimed. "We have successfully executed on our strategy to
broaden our efforts in combination therapies, advancing our
clinical trial for AFM13 with Merck's Keytruda as well as
initiating our collaboration with MD Anderson to combine our
NK-cell engagers with MD Anderson's adoptive NK-cell transfer."
Corporate Updates
- In January 2017, Affimed and The University of Texas MD
Anderson Cancer Center (MDACC) announced an exclusive strategic
clinical development and commercialization collaboration to
evaluate Affimed's tetravalent bispecific immune cell engager
technology in combination with MDACC's natural killer (NK-) cell
product. The collaboration comprises research, development, and
eventually commercialization of novel oncology therapeutics
resulting from this combination of products. MDACC will be
responsible for conducting preclinical research activities and
these are intended to be followed by a Phase 1 clinical trial.
Affimed will fund research and development expenses for this
collaboration and the agreement includes a provision for the
potential expansion of the partnership. Affimed holds an option to
exclusive worldwide rights to develop and commercialize any product
developed under the collaboration. Leveraging MDACC's expertise in
NK-cells and translational medicine, and Affimed's capabilities to
develop tumor-targeting bispecific tetravalent immune cell
engagers, the combination is initially planned to investigate
Affimed's AFM13, a CD30/CD16A-targeting tetravalent bispecific
antibody, with MDACC's proprietary NK-cell product in HL.
Harnessing the advantages of both antibody-based and cell therapy
approaches, this combination has the potential to better exploit
the therapeutic activity of NK-cells in HL and beyond, for example
in other medically underserved indications such as multiple myeloma
or acute myeloid leukemia.
- In January and February 2017, Affimed completed an underwritten
public offering on the Nasdaq Global Market, raising a total of
approximately US $17.7 million (€16.5 million) in net proceeds.
Proceeds from this transaction are expected to fund operations,
including clinical development and early development activities, at
least until the end of 2018.
- The Company entered into a loan agreement with Silicon Valley
Bank in November 2016 for up to €10.0 million. The loan is
available in two tranches, the first of which (€5.0 million) was
drawn in December 2016. The Company may draw up to an additional
€5.0 million on or before May 31, 2017, contingent on the Company's
satisfaction of certain conditions. The then-existing loan
outstanding to Perceptive was repaid.
- The Company has recently entered into a termination agreement
with its COO, Dr. Jörg Windisch, who will be leaving the Company at
the end of June 2017. Dr. Windisch has accepted a position on the
executive committee of a non-competing company focusing on the
large-scale manufacturing of biologics and the development of
biosimilars. He will continue to support Affimed as a consulting
expert following his departure.
- Affimed's subsidiary AbCheck announced achievement of the first
clinical milestone in its antibody discovery collaboration with Eli
Lilly and Company in January 2017. The milestone, the commencement
of patient enrollment for a Phase 1 study of an antibody discovered
under the collaboration agreement, triggered an undisclosed payment
to AbCheck from Eli Lilly and represents an important validation of
AbCheck's technology suite and its capability to reliably deliver
high-quality antibodies suitable for clinical development.
- Moving beyond its tetravalent, bispecific tandem diabodies
(TandAbs), Affimed is broadening its immune cell engager
capabilities. Building on the Company's team's unique antibody
engineering expertise, Affimed is developing a suite of
multivalent, multi-specific antibody formats for NK- and T-cell
engagement. These novel antibody formats have the potential to
tailor immune-engaging therapy to different indications and target
populations.
Pipeline Updates
NK-cell engager programs
- In May 2016, Affimed initiated a Phase 1b combination study of
AFM13 with Keytruda (pembrolizumab) in Hodgkin lymphoma (HL), No
dose-limiting toxicities for the combination were observed in the
first and second dose cohorts of the study. The overall safety
profile determined for the combination was unchanged from that
described for each drug alone in these cohorts. Data read-out is
ongoing and the study has recently completed recruitment into the
third dose cohort. The Company intends to provide an update on the
study in the second half of 2017.
- For the Company's investigator-sponsored Phase 2a monotherapy
of AFM13 in HL, the study's sponsor, the German Hodgkin Study Group
(GHSG), and Affimed have revised the overall study design in order
to adapt to the changing treatment landscape, namely the
availability of anti PD-1 antibodies. The study will now include HL
patients relapsed or refractory to treatment with both brentuximab
vedotin and anti-PD-1, and different dosing protocols of AFM13 are
being explored to allow for improved exposure in this more heavily
pretreated patient population. Affimed continues to anticipate
providing an update on the study in the second half of 2017, with
the study expected to begin recruiting under the new design in the
first half of 2017. In addition, Affimed also expects to report
data collected from specific patient subsets enrolled under the
original study protocol.
- Affimed has demonstrated in recent preclinical studies that
AFM13 induced upregulation of specific interleukin receptors on
NK-cells in a target-dependent manner and sensitized NK-cells to
IL-2- or IL-15-mediated expansion. This provides a rationale for
clinical combination of NK-cell engagers with cytokines aiming for
deeper clinical responses. Affimed plans to provide an update on
preclinical data supporting this approach at the upcoming AACR
Annual Meeting in early April 2017.
- Affimed continues to develop first-in-class NK-cell engagers to
address the critical unmet need to effectively treat epidermal
growth factor receptor (EGFR)-expressing solid tumors such as lung,
head & neck and colon cancers. AFM24, an EGFR/CD16A-targeting
tetravalent bispecific antibody, is designed to improve both
efficacy and safety of current therapeutic monoclonal antibodies.
AFM24 lead candidates are being developed to offer different PK/PD
profiles relevant to certain diseases. Affimed plans to provide an
update on its EGFR-targeting antibodies at the upcoming AACR Annual
Meeting in early April 2017.
- Affimed is developing AFM26 to treat multiple myeloma (MM), the
second most common hematological cancer. AFM26 is a first-in-class
tetravalent bispecific antibody targeting BCMA/CD16A. MM is
characterized by high serum levels of monoclonal immunoglobulin
(M-protein) and most patients eventually relapse with and/or become
refractory to the currently available treatments. Importantly,
AFM26's NK-cell binding appears to be virtually unaffected by the
presence high levels of IgG. Preclinical investigations are ongoing
and Affimed plans to provide an update on AFM26 at the upcoming
AACR Annual Meeting in early April 2017.
T-cell engager programs
- In September 2016, the Company initiated a Phase 1
dose-escalation trial of its tetravalent bispecific
CD19/CD3-targeting antibody AFM11 in patients with relapsed and
refractory acute lymphocytic leukemia (ALL). The trial is ongoing
and trial sites in the Czech Republic, Poland, Russia and Israel
have been initiated. Affimed intends to provide a progress update
on the study in the first half of 2017.
- In Affimed's Phase 1 study in non-Hodgkin lymphoma (NHL) for
AFM11, several additional trial sites were opened throughout 2016
and the trial is ongoing and recruiting. The Company continues to
expect providing a progress update in the first half of 2017.
- In July 2016, an IND for the tetravalent bispecific
CD33/CD3-targeting antibody AMV564, a molecule developed from
Affimed's TandAb platform, became effective. AMV564 is being
developed by Amphivena Therapeutics, Inc. and Amphivena has
announced its intent to initiate a Phase 1 dose escalation clinical
trial for AMV564 in patients with acute myeloid leukemia (AML).
Together with the existing investor consortium, Affimed is
financially supporting the clinical development of AMV564.
- Affimed has successfully generated and preclinically
investigated T-cell engagers specifically binding MHC-peptide
complexes. In preclinical studies, lead candidates showed selective
potent in vitro killing of tumor cells endogenously expressing the
targeted MHC-peptide complex. Affimed plans to provide an update on
this program at the upcoming AACR Annual Meeting in early April
2017.
Financial Highlights(Figures for the
fourth quarter of 2016 and 2015 represent unaudited figures)
Cash and cash equivalents and financial assets
totaled €44.9 million as of December 31, 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 for the
fourth quarter of 2016 was €6.6 million compared to €4.0 million
for the fourth quarter of 2015. Net cash used in operating
activities was €32.1 million for the twelve months ended December
31, 2016 compared to €18.5 million for the twelve months ended
December 31, 2015. The year-over-year 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 fourth quarter of 2016 was €1.4
million compared to €1.7 million for the fourth quarter of 2015.
Revenue for the full year 2016 was €6.3 million compared to €7.6
million for the full year 2015. Revenue in both periods was
primarily derived from Affimed's collaborations with Amphivena and
the LLS as well as from third party services rendered by
AbCheck.
R&D expenses for the fourth quarter of 2016
were €5.7 million compared to €7.0 million for the fourth quarter
of 2015. For the full year 2016, R&D expenses were €30.2
million compared to €22.0 million for the full year 2015. The
increase was primarily related to higher expenses for AFM13, AFM11,
preclinical programs and infrastructure.
G&A expenses for the fourth quarter of 2016
were €2.1 million compared to €2.0 million for the fourth quarter
of 2015. For the full year 2016, G&A expenses were €8.3 million
compared to €7.5 million for the full year 2015. The increase was
primarily related to higher share-based payment expenses.
Net loss for the fourth quarter of 2016 was €5.4
million, or €0.16 per common share, compared to a net loss of €6.3
million, or €0.19 per common share, for the fourth quarter of 2015.
Net loss for the full year 2016 was €32.2 million, or €0.97 per
common share, compared to a loss of €20.2 million, or €0.71 per
common share, for the full year 2015. The increase in net loss for
the full year 2016 was primarily related to increased spending on
R&D for AFM13, AFM11, preclinical programs and infrastructure.
In addition, the result was affected by lower revenue and lower
finance income. Additional information regarding these results is
included in the notes to the consolidated financial statements as
of December 31, 2016 and "Item 5. Operating and Financial Review
and Prospects," which will be included in Affimed's Annual Report
on Form 20-F as filed with the SEC.
Including the proceeds from the offering in
January and February 2017, the Company's operations, including
clinical development and early development activities, are expected
to be funded at least until the end of 2018.
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. ET. A webcast of the conference
call can be accessed in the "Events" section on the "Investors
& Media" page of the Affimed website at
http://www.affimed.com/events.php. 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.
About Affimed N.V.
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.
FORWARD-LOOKING STATEMENTS
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.
IR Contact:Caroline Stewart, Head IRPhone: +1 347394
6793E-Mail: IR@affimed.com or c.stewart@affimed.com
Media Contact:Anca Alexandru, Head of Communications, EU
IRPhone: +49 6221 64793341E-Mail: a.alexandru@affimed.com
AFFIMED N.V.CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Affimed N.V.Consolidated statement of
comprehensive loss (in € thousand)
|
|
|
|
|
|
|
2014 |
|
2015 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
3,382 |
|
7,562 |
|
6,314 |
|
|
|
|
|
|
Other income - net |
381 |
|
651 |
|
145 |
Research and
development expenses |
(9,595) |
|
(22,008) |
|
(30,180) |
General and
administrative expenses |
(2,346) |
|
(7,548) |
|
(8,323) |
|
|
|
|
|
|
Operating
loss |
(8,178) |
|
(21,343) |
|
(32,044) |
|
|
|
|
|
|
Finance income /
(costs) - net |
7,753 |
|
1,104 |
|
(230) |
|
|
|
|
|
|
Loss before
tax |
(425) |
|
(20,239) |
|
(32,274) |
|
|
|
|
|
|
Income taxes |
166 |
|
0 |
|
58 |
|
|
|
|
|
|
Loss for the
period |
(259) |
|
(20,239) |
|
(32,216) |
|
|
|
|
|
|
Total comprehensive
loss |
(259) |
|
(20,239) |
|
(32,216) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share in €
per share |
(0.01) |
|
(0.71) |
|
(0.97) |
(undiluted =
diluted) |
|
|
|
|
|
Affimed N.V.Consolidated statement of
financial position (in € thousand)
|
December 31, 2015 |
|
December 31, 2016 |
|
|
|
|
ASSETS |
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Intangible assets |
72 |
|
55 |
Leasehold improvements
and equipment |
915 |
|
822 |
|
987 |
|
877 |
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Inventories |
228 |
|
197 |
Trade and other
receivables |
915 |
|
2,255 |
Other assets |
452 |
|
516 |
Financial assets |
0 |
|
9,487 |
Cash and cash
equivalents |
76,740 |
|
35,407 |
|
78,335 |
|
47,862 |
|
|
|
|
TOTAL
ASSETS |
79,322 |
|
48,739 |
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
Equity |
|
|
|
|
|
|
|
Issued capital |
333 |
|
333 |
Capital reserves |
187,169 |
|
190,862 |
Accumulated
deficit |
(120,228) |
|
(152,444) |
Total
equity |
67,274 |
|
38,751 |
|
|
|
|
Non current
liabilities |
|
|
|
|
|
|
|
Borrowings |
3,104 |
|
3,617 |
Total
non-current liabilities |
3,104 |
|
3,617 |
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Trade and other
payables |
4,444 |
|
5,323 |
Borrowings |
1,472 |
|
973 |
Deferred revenue |
3,028 |
|
75 |
Total current
liabilities |
8,944 |
|
6,371 |
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
79,322 |
|
48,739 |
Affimed N.V.Consolidated statement of
cash flows (in € thousand)
|
|
2014 |
|
2015 |
|
2016 |
Cash flow from
operating activities |
|
|
|
|
|
|
Loss for the
period |
|
(259) |
|
(20,239) |
|
(32,216) |
Adjustments for the
period: |
|
|
|
|
|
|
- Income taxes |
|
(166) |
|
0 |
|
(58) |
- Depreciation and
amortisation |
|
441 |
|
336 |
|
369 |
- Loss from disposal of
leasehold improvements and equipment |
|
3 |
|
0 |
|
0 |
- Share based
payments |
|
(4,891) |
|
2,220 |
|
3,545 |
- Finance income /
costs - net |
|
(7,753) |
|
(1,104) |
|
230 |
|
|
(12,625) |
|
(18,787) |
|
(28,130) |
Change in trade and
other receivables |
|
62 |
|
24 |
|
(1,311) |
Change in
inventories |
|
(59) |
|
(29) |
|
31 |
Change in other
assets |
|
0 |
|
(452) |
|
(64) |
Change in trade, other
payables and deferred revenue |
|
2,275 |
|
1,253 |
|
(2,177) |
|
|
|
|
|
|
|
Cash used in operating
activities |
|
(10,347) |
|
(17,991) |
|
(31,651) |
Interest received |
|
2 |
|
10 |
|
102 |
Paid interest |
|
(202) |
|
(554) |
|
(578) |
|
|
|
|
|
|
|
Net cash used in
operating activities |
|
(10,547) |
|
(18,535) |
|
(32,127) |
|
|
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
|
|
Purchase of intangible
assets |
|
(45) |
|
(28) |
|
(21) |
Purchase of leasehold
improvements and equipment |
|
(260) |
|
(249) |
|
(238) |
Cash paid for
investments in financial assets |
|
0 |
|
0 |
|
(27,037) |
Cash received from
maturity of financial assets |
|
0 |
|
0 |
|
18,147 |
Proceeds from sale of
equipment |
|
7 |
|
0 |
|
0 |
|
|
|
|
|
|
|
Net cash used for
investing activities |
|
(298) |
|
(277) |
|
(9,149) |
Cash flow from
financing activities |
|
|
|
|
|
|
Proceeds from issue of
common shares |
|
43,213 |
|
56,615 |
|
6 |
Transactions costs
related to issue of common shares |
|
(5,343) |
|
(3,117) |
|
0 |
Proceeds from issue of
preferred shares |
|
2,999 |
|
0 |
|
0 |
Proceeds from
borrowings |
|
4,020 |
|
0 |
|
5,000 |
Transaction costs
related to borrowings |
|
0 |
|
0 |
|
(105) |
Repayment of
borrowings |
|
0 |
|
0 |
|
(5,137) |
Cash flow from
financing activities |
|
44,889 |
|
53,498 |
|
(236) |
Net changes to cash
and cash equivalents |
|
34,044 |
|
34,686 |
|
(41,512) |
Cash and cash
equivalents at the beginning of the period |
|
4,151 |
|
39,725 |
|
76,740 |
Exchange-rate
related changes of cash and cash equivalents |
|
1,530 |
|
2,329 |
|
179 |
Cash and cash
equivalents at the end of the period |
|
39,725 |
|
76,740 |
|
35,407 |
Affimed N.V.Consolidated statement of
changes in equity (in € thousand)
|
|
Issued
capital |
|
Capital
reserves |
|
Own
shares |
|
Accumulated deficit |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2014 |
|
63 |
|
469 |
|
(25) |
|
(99,730) |
|
(99,223) |
|
|
|
|
|
|
|
|
|
|
|
Exchange of preferred
shares |
|
97 |
|
84,907 |
|
25 |
|
|
|
85,029 |
Issue of common
shares |
|
80 |
|
37,791 |
|
|
|
|
|
37,871 |
Modification of
cash-settled share based payment awards |
|
|
|
7,648 |
|
|
|
|
|
7,648 |
Equity-settled share
based payment awards |
|
|
|
299 |
|
|
|
|
|
299 |
Issue of warrant note
(Perceptive loan) |
|
|
|
430 |
|
|
|
|
|
430 |
Loss for the
period |
|
|
|
|
|
|
|
(259) |
|
(259) |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2014 |
|
240 |
|
131,544 |
|
0 |
|
(99,989) |
|
31,795 |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2015 |
|
240 |
|
131,544 |
|
0 |
|
(99,989) |
|
31,795 |
|
|
|
|
|
|
|
|
|
|
|
Issue of common
shares |
|
91 |
|
52,463 |
|
|
|
|
|
52,554 |
Exercise of share based
payment awards |
|
2 |
|
942 |
|
|
|
|
|
944 |
Equity-settled share
based payment awards |
|
|
|
2,220 |
|
|
|
|
|
2,220 |
Loss for the
period |
|
|
|
|
|
|
|
(20,239) |
|
(20,239) |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2015 |
|
333 |
|
187,169 |
|
0 |
|
(120,228) |
|
67,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2016 |
|
333 |
|
187,169 |
|
0 |
|
(120,228) |
|
67,274 |
|
|
|
|
|
|
|
|
|
|
|
Issue of common
shares1 |
|
0 |
|
6 |
|
|
|
|
|
6 |
Equity-settled share
based payment awards |
|
|
|
3,545 |
|
|
|
|
|
3,545 |
Issue of warrant note
(loan Silicon Valley Bank) |
|
|
|
142 |
|
|
|
|
|
142 |
Loss for the
period |
|
|
|
|
|
|
|
(32,216) |
|
(32,216) |
Balance as of
December 31, 2016 |
|
333 |
|
190,862 |
|
0 |
|
(152,444) |
|
38,751 |
1 Issue of 3,341 shares
Affimed N.V.Consolidated statement of
comprehensive loss (in € thousand)
|
|
Q4 2015(unaudited) |
|
Q4
2016(unaudited) |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
1,659 |
|
1,371 |
|
|
|
|
|
Other income - net |
|
20 |
|
2 |
Research and
development expenses |
|
(7,034) |
|
(5,724) |
General and
administrative expenses |
|
(1,956) |
|
(2,084) |
|
|
|
|
|
Operating
(loss) |
|
(7,311) |
|
(6,435) |
|
|
|
|
|
Finance income /
(costs) - net |
|
996 |
|
953 |
|
|
|
|
|
Loss before
tax |
|
(6,315) |
|
(5,482) |
|
|
|
|
|
Income taxes |
|
36 |
|
60 |
|
|
|
|
|
Loss for the
period |
|
(6,279) |
|
(5,422) |
|
|
|
|
|
Total comprehensive
loss |
|
(6,279) |
|
(5,422) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share in €
per share |
|
(0.19) |
|
(0.16) |
(undiluted =
diluted) |
|
|
|
|
Affimed N.V.Consolidated statement of
cash flows (in € thousand)
|
|
Q4
2015(unaudited) |
|
Q4
2016(unaudited) |
Cash flow from
operating activities |
|
|
|
|
Loss for the
period |
|
(6,279) |
|
(5,422) |
Adjustments for the
period: |
|
|
|
|
- Income taxes |
|
(36) |
|
(60) |
- Depreciation and
amortisation |
|
96 |
|
76 |
- Share based
payments |
|
767 |
|
826 |
- Finance income /
costs - net |
|
(996) |
|
(953) |
|
|
|
|
|
|
|
(6,448) |
|
(5,533) |
Change in trade and
other receivables |
|
532 |
|
87 |
Change in
inventories |
|
11 |
|
56 |
Change in other
assets |
|
(452) |
|
87 |
Change in trade, other
payables and deferred revenue |
|
2,471 |
|
(1,097) |
|
|
|
|
|
Cash used in operating
activities |
|
(3,886) |
|
(6,400) |
Interest received |
|
5 |
|
42 |
Paid interest |
|
(128) |
|
(223) |
Net cash used in
operating activities |
|
(4,009) |
|
(6,581) |
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
Purchase of intangible
assets |
|
(18) |
|
0 |
Purchase of leasehold
improvements and equipment |
|
(45) |
|
(44) |
Cash paid for
investments in financial assets |
|
0 |
|
51 |
Cash received from
maturity of financial assets |
|
0 |
|
4,611 |
Net cash used for
investing activities |
|
(63) |
|
4,618 |
|
|
|
|
|
Cash flow from
financing activities |
|
|
|
|
Proceeds from issue of
common shares |
|
19,091 |
|
6 |
Transactions costs
related to issue of common shares |
|
(27) |
|
0 |
Proceeds from
borrowings |
|
0 |
|
5,000 |
Transaction costs
related to borrowings |
|
0 |
|
(105) |
Repayment of
borrowings |
|
0 |
|
(4,058) |
Cash flow from
financing activities |
|
19,064 |
|
843 |
|
|
|
|
|
Net changes to cash
and cash equivalents |
|
14,992 |
|
(1,120) |
Cash and cash
equivalents at the beginning of the period |
|
60,425 |
|
35,693 |
Exchange-rate
related changes of cash and cash equivalents |
|
1,323 |
|
834 |
Cash and cash
equivalents at the end of the period |
|
76,740 |
|
35,407 |
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