Affimed(US:AFMD)2024-06-12 11:56Financial Performance - Revenue for Q1 2024 was €155, a decrease of 96.6% compared to €4,510 in Q1 2023[2] - Operating loss for Q1 2024 was €19,535, a reduction of 37.9% compared to €31,461 in Q1 2023[2] - Total comprehensive loss for the period was €19,175, down from €31,983 in Q1 2023, representing a 40.0% improvement[2] - The company recognized €0.2 million in revenue for the three months ended March 31, 2024, consistent with the revenue recognized in the same period of 2023[29] - The company recognized €0 in revenue from the collaboration with Roivant Sciences Ltd. for the three months ended March 31, 2024, compared to €4.3 million in the same period of 2023[31] Expenses and Losses - Research and development expenses decreased to €15,391, down 47.9% from €29,531 in the same period last year[2] - Cash and cash equivalents decreased to €14,348 from €38,529 at the end of Q4 2023, a decline of 62.8%[4] - Accumulated deficit as of March 31, 2024, was €555.3 million, up from €536.1 million at the end of 2023[4] - Total equity decreased to €40.7 million from €57.8 million at the end of 2023, a decline of 29.5%[4] - The company expects to incur operating losses for the foreseeable future, with current cash resources projected to last into the second half of 2025[13] Strategic Actions - A strategic restructuring in January 2024 led to a 50% reduction in headcount, incurring €1.6 million in termination expenses[10] - The company is pursuing various financing alternatives, including equity issuance and strategic partnerships, to meet future cash requirements[15] - The company completed a 1-for-10 reverse stock split on March 8, 2024, retroactively adjusting the weighted average number of ordinary shares and loss per share for the previous periods[18] - The company sold its subsidiary AbCheck s.r.o. for a gross purchase price of €5.8 million, with part of the payment expected to be settled in shares[37] Investments and Assets - The company holds investments in Government treasury bonds amounting to €34.2 million as of March 31, 2024, generating interest income of €0.4 million during the same period[36] - Contract liabilities decreased from €1.1 million as of December 31, 2023, to €0.9 million as of March 31, 2024, with the remaining obligation expected to be recognized as revenue over the next 18 months[33] - The company had no trade receivables as of March 31, 2024, with other receivables primarily consisting of VAT receivables of €1.3 million[38] Share-Based Payments and Options - As of March 31, 2024, 2,673,300 ESOP 2014 options were outstanding, an increase from 2,181,888 on December 31, 2023, with 1,570,848 awards vested[45] - The fair value of share-based payments recognized for the three months ended March 31, 2024, was €789, a significant decrease from €4,158 in the same period of 2023[47] - The Group granted 570,250 awards during the three months ended March 31, 2024, with a fair value at grant date amounting to €2.3 million ($2.4 million)[44] - 78,838 ESOP 2014 awards were cancelled or forfeited due to termination of employment in the three months ended March 31, 2024, compared to 150,815 in the same period of 2023[44] - The exercise price of options outstanding as of March 31, 2024, ranged from $3.50 to $134.70, with a weighted average exercise price of $29.61[45] Loans and Liabilities - The Group's loan agreement with Bootstrap Europe provides up to €25 million in term loans, with €10 million drawn in February 2021 and €7.5 million in December 2021[52] - The lease liabilities increased by €0.8 million due to additional office space taken on January 1, 2024, with a reassessed lease term of 5 years[55] Compensation - Compensation for supervisory board directors was €117 in Q1 2024, down from €125 in Q1 2023, while management board compensation was €594, down from €944[56]