Affimed(US:AFMD)2020-11-10 19:46Financial Data and Key Metrics Changes - The company ended Q3 2020 with cash, cash equivalents, and current financial assets of €97.3 million, down from €104.1 million at the end of 2019 [24] - Total revenue for Q3 2020 was €10.5 million, compared to €2.1 million in Q3 2019, primarily from the Genentech collaboration [25] - Net loss for Q3 2020 was €6 million, or €0.07 per share, compared to a net loss of €10.9 million, or €0.17 per share, in Q3 2019 [25] Business Line Data and Key Metrics Changes - R&D expenses for Q3 2020 were €10.1 million, down from €11.7 million in Q3 2019, focusing on AFAM 13 and AFAM 24 clinical programs [25] - The company reported significant progress on its clinical stage molecules, AFAM 13 and AFAM 24, with ongoing studies and patient recruitment [10][12] Market Data and Key Metrics Changes - The company has established new strategic partnerships, including a collaboration with Royden, which will provide €60 million in upfront consideration and potential future milestones of up to €2 billion [14][24] - The collaborations are expected to enhance the company's pipeline and provide significant non-dilutive funding [24] Company Strategy and Development Direction - The company aims to leverage its platform to broaden opportunities within its pipeline, focusing on three strategic components: developing alligator molecules, pursuing novel therapeutic combinations, and thoughtful partnering [8][9] - The company is actively exploring combination therapies with checkpoint inhibitors and other approaches to enhance treatment efficacy [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong cash position, which is expected to support operations into the first half of 2023 [24] - The company anticipates completing interim analyses for its clinical studies in the first half of 2021 and is excited about the potential of its pipeline [26][27] Other Important Information - The company has made substantial progress in its clinical programs and has received positive feedback from major conferences regarding its data [7][9] - The collaborations with industry innovators are expected to accelerate the development of the company's pipeline and enhance shareholder value [14][15] Q&A Session Summary Question: Can you explain the differences in response rates between NK cells from healthy donors and cancer patients? - Management indicated that preclinical studies have shown that NK cells from healthy donors exhibit better functionality and response rates compared to those from cancer patients [30] Question: How will the company determine which targets to assign to each partner? - The company clarified that target selection will depend on the discretion of the partners, provided the targets are not already part of the company's pipeline [32] Question: Will there be additional collaborations with commercial partners? - Management stated that while they are currently satisfied with their partnerships, they remain open to future collaborations based on ongoing progress and opportunities [36] Question: Is the dose escalation data from AFAM 24 still on track for reporting in the first half of 2021? - Management confirmed that the study is progressing as planned, although the exact number of dose levels required is still being determined [39] Question: How will the revenue from the recent collaboration be recognized? - The company anticipates that a portion of the revenue will be recognized in Q4 and the remainder will be amortized over time [50] Question: How will the company reconcile the efforts of different collaborations? - Management emphasized the importance of maintaining a broad approach in the field, leveraging their unique platform to explore multiple collaboration opportunities [52]