Affimed Reports Q3 2024 Financial Results and Updates

Affimed Therapeutics ( (AFMD) ) has released its Q3 earnings. Here is a breakdown of the information Affimed Therapeutics presented to its investors.

Affimed N.V. is a clinical-stage immuno-oncology company based in Mannheim, Germany, focusing on developing innovative therapies to harness the innate immune system to combat cancer. The company is known for its proprietary ROCK platform that generates innate cell engagers (ICE) targeting both hematologic and solid tumors.

In the third quarter of 2024, Affimed reported significant progress in its clinical trials and financial performance. The company completed enrollment in the AFM24 combination trial for non-small cell lung cancer, with results set to be discussed in December. Additionally, Affimed is preparing to present updates on its AFM13 and AFM28 trials at the ASH 2024 conference, further demonstrating its commitment to advancing cancer therapies.

Key financial highlights for the quarter include a cash runway projected into the fourth quarter of 2025, with cash, equivalents, and investments totaling €24.1 million as of September 30, 2024. Affimed reduced its net loss to €15.1 million, compared to €24.4 million in the same period last year, attributed to decreased research and development expenses. Total revenue for the quarter was €0.2 million, reflecting the completion of previous collaborations.

The company remains focused on refining its strategy, prioritizing clinical and commercial viability, and exploring partnerships to enhance its therapeutic impact. CEO Dr. Shawn Leland emphasized the potential of their platform and the importance of collaborations to achieve long-term success.

Looking ahead, Affimed is poised for upcoming milestones, including data presentations and potential collaborations, which align with management’s strategic vision to deliver meaningful advancements in cancer treatment.