On Thursday, Affimed NV (NASDAQ: AFMD) started its trading session with the price $4.25 and closed at price of $4.11 by scoring -2.84%. Day range of the stock was $4.08 – $4.27. AFMD stock traded with total volume of 675996 shares while the average trading capacity remained 1955207 shares.
Affimed N.V. (AFMD), a clinical stage biopharmaceutical company committed to giving patients back their innate ability to fight cancer, recently stated financial results for the first quarter 2020 and provided an update on clinical and corporate progress.
“We continue to move our clinical programs forward in close alliance with our investigators and partners,” stated Dr. Adi Hoess, CEO of Affimed. “We have strengthened the management team with the recent hiring of Angus Smith as CFO, which nicely complements the additions of Dr. Andreas Harstrick as CMO and Dr. Arndt Schottelius as CSO earlier in the year. With good progress in our clinical programs, the pre-clinical pipeline and the completion of the management team, we are well positioned to increase our leadership position as innovators of innate immune system-based therapeutics.”
First Quarter 2020 Financial Highlights
(Figures for the first quarter ended March 31, 2020 and 2019 are unaudited.)
As of March 31, 2020, cash, cash equivalents and current financial assets totaled €88.2M contrast to €104.1M on December 31, 2019. In addition, the company raised €18.8M (based on an exchange rate of $/€ of 1.1210 on June 19, 2020) net proceeds under its at-the-market (“ATM”) program. The pro forma cash position of the company as of March 31, 2020, including the net proceeds from the ATM, would be €107.0M. Based on its current operating plan and assumptions, Affimed anticipates that its cash, cash equivalents and current financial assets will support operations well into the first half of 2022.
Net cash used in operating activities for the quarter ended March 31, 2020, was €16.5M, contrast to €13.4M for the quarter ended March 31, 2019. The increase is primarily Because of higher expenditure related to research and development efforts.
Total revenue for the quarter ended March 31, 2020, was €5.1M contrast to €11.4M for the same period of 2019. Revenue in both quarters is primarily attributable to the recognition of revenue from the Genentech alliance in the respective years.
R&D expenses for the quarter ended March 31, 2020, were €11.4M contrast to research and development expenses of €8.0M for the same period of 2019. The increase was primarily related to higher expenses for the AFM13 registration-directed study in pTCL, manufacturing activities for AFM13 clinical study material, and early stage development and discovery activities.
General and administrative (G&A) expenses for the quarter ended March 31, 2020, were €3.5M contrast to €2.4M for the quarter ended March 31, 2019. The increase was primarily related to higher personnel expenses, a result of the strengthening of the talent pool, higher SOX compliance costs, legal, consulting and audit costs.
Net loss was €8.3M, or €0.11 per ordinary share, for the quarter ended March 31, 2020, contrast to a net income of €1.9M, or €0.03 per ordinary share, for the quarter ended March 31, 2019.
Its earnings per share (EPS) expected to touch remained -56.50% for this year. The price moved ahead of -7.65% from the mean of 20 days, 11.91% from mean of 50 days SMA and performed 49.62% from mean of 200 days price. Company’s performance for the week was -8.87%, -3.29% for month and YTD performance remained 50.00%.
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