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Affimed (AFMD)
NASDAQ:AFMD
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Affimed
(NASDAQ:AFMD)42Neutral
Positive Factors
Partnership and Financing
Affimed’s three active molecules should be of interest to pharma, and a partnership with non-dilutive financing would provide significant support for the stock.
Negative Factors
Delay and Uncertainty
There is a 1-1.5 year delay and uncertainty in source of funding for the higher dose strategy.
Funding and Financial Concerns
The initiation of the PTCL cohort in LuminICE-203 is contingent upon securing additional capital.
Affimed (AFMD) vs. S&P 500 (SPY)
Market Cap
$15.11M
Dividend YieldN/A
Average Volume (3M)105.39K
Price to Earnings (P/E)―
Beta (1Y)2.46
Revenue Growth-95.23%
EPS Growth-325.89%
CountryUS
Employees78
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.64
Shares Outstanding15,227,463
10 Day Avg. Volume52,330
30 Day Avg. Volume105,389
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.76
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.67Price Target Upside674.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Affimed Business Overview & Revenue Model
Company DescriptionAffimed N.V. (AFMD) is a clinical-stage biopharmaceutical company focused on discovering and developing highly targeted immuno-oncology therapies. The company specializes in the research of innate cell engagers to harness the body's immune system to fight cancer. Affimed's core products are based on its proprietary ROCK platform, which enables the creation of bispecific and trispecific antibodies designed to treat hematologic and solid tumors.
How the Company Makes MoneyAffimed primarily generates revenue through collaboration and license agreements with pharmaceutical companies, where they develop and commercialize their drug candidates. These agreements often include upfront payments, milestone payments based on the achievement of clinical, regulatory, and commercial milestones, and royalties on sales of commercialized products. Additionally, Affimed may receive funding from grants and research collaborations that support their development programs. Significant partnerships with larger pharmaceutical companies also contribute to their revenue by providing financial support and resources for advancing their therapeutic candidates through clinical trials.
Affimed Financial Statement Overview
Summary
Affimed is experiencing significant financial challenges, with declining revenues and increasing losses. The company's high leverage and negative cash flows raise concerns about its ability to sustain operations without external financing. Despite these challenges, the company holds a modest cash reserve, which provides some liquidity cushion.Income Statement
The company's revenue has decreased significantly, from $41.35M in 2022 to $0.877M in the TTM. The gross profit margin remains at 100%, but the net profit margin is extremely negative due to high losses, with a negative net income of $69.97M in the TTM. The EBIT and EBITDA margins are also deeply negative, indicating operational challenges.45
Neutral
Balance Sheet
The debt-to-equity ratio has increased, suggesting rising leverage, with total debt at $12.89M against stockholders' equity of $17.19M. The equity ratio is declining, reflecting reduced equity relative to total assets. However, the company maintains a reasonable amount of cash and short-term investments at $24.94M.50
Neutral
Cash Flow
Operating cash flow and free cash flow are negative, indicating cash burn issues, with operating cash flow at -$76.90M in the TTM. The free cash flow growth rate is negative, suggesting increasing cash flow challenges. The ratios of cash flow to net income are unfavorable, highlighting cash flow inefficiencies.40
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 877.00K | 8.28M | 41.35M | 40.37M | 28.36M | 21.39M | Gross Profit |
| 877.00K | 8.28M | 41.35M | 40.37M | 28.36M | 21.39M | EBIT |
| -70.21M | -106.66M | -88.12M | -64.03M | -34.72M | -32.38M | EBITDA |
| -65.19M | -102.38M | -81.47M | -64.01M | -34.23M | -30.97M | Net Income Common Stockholders |
| -69.97M | -105.94M | -86.00M | -57.52M | -41.37M | -32.37M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 49.38M | 72.90M | 190.29M | 197.63M | 146.85M | 104.14M | Total Assets |
| 70.55M | 97.16M | 200.51M | 225.13M | 175.72M | 112.36M | Total Debt |
| 16.07M | 19.35M | 18.19M | 18.69M | 1.30M | 3.19M | Net Debt |
| 1.72M | -19.18M | -172.10M | -178.94M | -145.56M | -92.05M | Total Liabilities |
| 29.89M | 39.35M | 47.60M | 89.18M | 103.73M | 73.69M | Stockholders Equity |
| 40.66M | 57.81M | 152.91M | 135.95M | 71.99M | 38.67M |
| Cash Flow | Free Cash Flow | ||||
| -77.44M | -114.00M | -105.59M | -90.44M | -19.84M | -30.53M | Operating Cash Flow |
| -76.90M | -110.27M | -104.89M | -86.59M | -19.40M | -29.06M | Investing Cash Flow |
| 19.68M | -36.06M | 5.61M | -3.85M | 8.01M | 4.34M | Financing Cash Flow |
| 714.00K | -6.22M | 88.56M | 133.58M | 69.25M | 26.04M |
Affimed Technical Analysis
Negative
0.99
Price Trends
1.10
Negative
2.01
Negative
3.34
Negative
Market Momentum
-0.05
Negative
39.33
Neutral
48.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AFMD, the sentiment is Negative. The current price of 0.99 is below the 20-day moving average (MA) of 1.03, below the 50-day MA of 1.10, and below the 200-day MA of 3.34, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 39.33 is Neutral, neither overbought nor oversold. The STOCH value of 48.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AFMD.
Affimed Risk Analysis
Affimed disclosed 67 risk factors in its most recent earnings report. Affimed reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Affimed Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
49 Neutral | $7.05B | 0.34 | -55.09% | 2.46% | 25.27% | -3.43% | |
44 Neutral | $122.82M | ― | -53.54% | ― | 145.37% | 57.01% | |
42 Neutral | $15.11M | ― | -151.46% | ― | -95.23% | -325.89% | |
42 Neutral | $115.74M | ― | -54.21% | ― | -87.34% | 6.37% | |
42 Neutral | $129.85M | ― | -30.40% | ― | ― | 25.07% | |
37 Underperform | $57.99M | ― | 41.08% | ― | -0.55% | 49.85% |
* Healthcare Sector Average
Performance Comparison
AFMD
Affimed
0.99
-4.39
-81.60%
FATE
Fate Therapeutics
1.01
-6.88
-87.20%
KPTI
Karyopharm Therapeutics
6.89
-15.31
-68.96%
ADAP
Adaptimmune Therapeutics
0.48
-1.06
-68.83%
NKTX
Nkarta
1.84
-12.16
-86.86%
Affimed Earnings Call Summary
Earnings Call Date: Nov 14, 2024 | % Change Since: -73.60% | Next Earnings Date: Mar 27, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant progress in clinical trials, particularly with AFM24 and AFM28, and a strategic focus on partnerships and financial health. However, there were notable challenges, including a decline in revenue and reduced cash reserves. Despite these challenges, the company's efforts to improve its financial position and strategic focus are promising.Highlights
Clinical Proof of Concept Across Multiple Assets
Affimed has demonstrated clinical proof of concept across three different assets spanning solid tumors and hematologic malignancies, showing activity in both monotherapy and combination studies.
Positive Outcomes for AFM24
In the AFM24-102 trial, 71% disease control rate was observed with a median progression-free survival of 5.9 months in non-small cell lung cancer patients.
AFM28 Achievements
AFM28, targeting CD123 for acute myeloid leukemia, has shown a favorable safety profile with no dose-limiting toxicities at a 300 mg weekly dose.
Financial Health and Strategic Focus
Net loss decreased from EUR 24.4 million in Q3 2023 to EUR 15.1 million in Q3 2024. The company is focused on improving financial health and pursuing strategic partnerships.
Lowlights
Revenue Decline
Total revenue for the quarter ended September 30, 2024, was EUR 0.2 million, compared with EUR 2 million for the quarter ended September 30, 2023.
Decreased Cash Reserves
Cash and investments decreased to EUR 24.1 million at the end of Q3 2024, down from EUR 72 million at the end of 2023.
R&D and G&A Expense Reductions
R&D expenses decreased to EUR 10.1 million compared to EUR 21.5 million in 2023, and G&A expenses were EUR 4.3 million compared to EUR 5.4 million in 2023.
Company Guidance
During the Affimed Q3 2024 earnings call, significant financial and operational metrics were presented, highlighting the company's progress and future expectations. Affimed reported a cash balance of EUR 24.1 million at the end of Q3 2024, down from EUR 72 million at the end of 2023, indicating a reduction due to operational activities. The net cash used in operating activities was EUR 11.1 million for Q3 2024 compared to EUR 18.3 million in Q3 2023, reflecting improved operational efficiency. Total revenue for the quarter was EUR 0.2 million, a decrease from EUR 2 million in the same period last year, while R&D expenses were reduced to EUR 10.1 million from EUR 21.5 million in Q3 2023. Affimed also reported a net loss of EUR 15.1 million, improving from a net loss of EUR 24.4 million in Q3 2023. The company anticipates that its current financial resources, including expected proceeds from the ATM program and the sale of AbCheck, will fund operations into the fourth quarter of 2025. These metrics underscore Affimed's strategic focus on financial health and operational efficiency as it advances its clinical programs and seeks potential partnerships.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.