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What Are The Financial Results Of Financial Results Second Quarter 2020?

Financial Results

Affimed N.V. is a clinical-stage bio pharmaceutical company focused on discovering and developing cancer immun other apies. The NASDAQ: AFMD company’s product candidates are developed in the field of immuno-oncology, which is representing an approach to cancer research. It is seeking to harness the body’s immune system to fight tumor cells. Its pipeline is including AFM13, AFM13 + adoptive NK cells, AFM13 + anti-PD-1, AMF24, AMF26, AMF28 and AMF32. The NASDAQ: AFMD at company is one of the CD30-positive relapsed/refractory peripheral T-cell Lymphoma and the treatment of advanced EGFR-expressing solid tumors. Its preclinical product candidates include AMF26 for treating multiple myeloma, as well as AMF28 and AMF32, for treating multiple tumor targets. Besides, the Company collaborates with Genentech to develop and commercialize certain product candidates for treating multiple cancers.

Second Quarter 2020 Financial Highlights:

1. As of June 30, 2020, cash, cash equivalents and current financial assets totaled €92.6 million compared to €104.1 million on December 31, 2019. During the quarter, the company received net proceeds of approximately €20.8 million under its at-the-market (“ATM”) program.

Financial Results

2. Based on its current operating plan and assumptions, Affimed anticipates that its cash, cash equivalents, and current financial assets will support operations into the first half of 2022.

3. Net cash used in operating activities for the quarter ended June 30, 2020, was €15.0 million compared to €5.6 million in the second quarter of 2019. The second quarter 2019 net cash used in operating activities included a milestone payment to the company from the Genentech collaboration.

4. R&D expenses for the second quarter of 2020 were €11.7 million compared to €11.5 million in the second quarter of 2019. Expenses in 2020 relate predominantly to our AFM13 and AFM24 clinical programs as well as to our early-stage development and discovery activities.

5. G&A expenses for the second quarter of 2020 were €2.6 million compared to €2.3 million in the second quarter of 2019. The increase is primarily related to higher Sarbanes-Oxley compliance costs, as well as an increase in legal, consulting, and audit costs.

6. Net loss for the second quarter of 2020 was €12.2 million or €0.16 per common share. For the second quarter of 2019, the company’s net loss was €10.3 million or €0.17 per common share.

7. The weighted number of common shares outstanding for the quarter ended June 30, 2020, were 79.2 million.

8. Affimed encourages shareholders from margin account to also review its 6-K filing for the quarter ended June 30, 2020, as filed with the United States Securities and Exchange

Commission. Disclaimer:

The analysis information is for reference only and does not constitute an investment recommendation.

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