Affimed(US:AFMD)2022-05-31 16:00Financial Performance - Revenue for the three months ended March 31, 2022, was €8,006 thousand, a decrease of 31.4% compared to €11,659 thousand for the same period in 2021[2]. - Operating loss for the period was €17,134 thousand, compared to a loss of €4,085 thousand in the same period last year[2]. - Total comprehensive loss for the period was €22,839 thousand, compared to a gain of €159 thousand in the prior year[2]. - Basic and diluted loss per share was €0.14, compared to earnings of €0.01 per share in the same period last year[2]. - Affimed recognized €3.9 million in revenue for the three months ended March 31, 2022, compared to €8.4 million for the same period in 2021, reflecting a decline of approximately 53%[21]. - The Group's total revenue for the three months ended March 31, 2022, was €8.0 million, down from €11.7 million in the same period of 2021, a decrease of 31.4%[80]. Research and Development - Research and development expenses increased to €18,379 thousand, up 61.1% from €11,405 thousand in the prior year[2]. - The company has ongoing research and development programs focused on cancer immunotherapies, indicating a commitment to innovation in the biopharmaceutical sector[10]. Cash and Assets - Cash and cash equivalents decreased to €169,850 thousand from €197,630 thousand at the end of December 2021, reflecting a decrease of 14.1%[6]. - Total assets decreased to €193,251 thousand from €225,135 thousand at December 31, 2021, a decline of 14.2%[4]. - Total equity as of March 31, 2022, was €117,420 thousand, down from €135,951 thousand at the end of 2021, a decrease of 13.6%[4]. - The company reported net cash used in operating activities of €28,420 thousand for the three months ended March 31, 2022, compared to €16,032 thousand in the same period last year[6]. Liabilities and Obligations - Contract liabilities decreased to €43.7 million as of March 31, 2022, from €51.6 million on December 31, 2021, indicating a reduction of about 15%[28]. - The remaining performance obligations as of March 31, 2022, are expected to be largely recognized as revenue over the next 12 months, totaling approximately €41.7 million[28]. - The Group's interest expense related to the SVB Loan Agreement for the three months ended March 31, 2022, was €378, compared to €73 in the same period of 2021, reflecting a significant increase[81]. Share Capital and Compensation - The share capital remained stable at €1,234 as of March 31, 2022, with a slight increase in the number of common shares to 123,445,341[34]. - The weighted number of common shares outstanding increased to 123,444,217 as of March 31, 2022, from 116,204,455 in the same period of 2021, an increase of 6.0%[53]. - Affimed's share-based payment expense for the three months ended March 31, 2022, was €4,247, compared to €1,109 for the same period in 2021, indicating a significant increase[39]. - The Company recognized share-based payment expenses of €1,570 for managing directors and other key management personnel in the three months ended March 31, 2022, compared to €647 in the same period of 2021[99]. - The total compensation for supervisory directors was €109 for the three months ended March 31, 2022, compared to €98 in the same period of 2021[99]. Collaborations and Future Prospects - The Group is eligible to receive up to an additional $5.0 billion from its collaboration with Genentech, contingent on achieving specified milestones[22]. - Affimed's collaboration with Roivant Sciences could yield up to $2 billion in additional milestone payments, along with tiered royalties on net sales[23]. - The Group's upfront funding from the collaboration with Roivant was $60 million, with potential additional proceeds of up to $2 billion based on milestone achievements[74].