Affimed(US:AFMD)2020-06-23 14:50Financial Data and Key Metrics Changes - The company ended Q1 2020 with €88.2 million in cash, down from €104.1 million as of December 31, 2019, but raised net proceeds of €18.8 million under its ATM program, bringing the pro forma cash position to €107 million [43][44]. - Net cash used in operating activities for Q1 2020 was €16.5 million, compared to €13.4 million in Q1 2019, primarily due to increased R&D expenditures [44]. - Total revenue for Q1 2020 was €5.1 million, a decrease from €11.4 million in Q1 2019, mainly due to reduced revenue from the Genentech collaboration [44]. Business Line Data and Key Metrics Changes - R&D expenses for Q1 2020 were €11.4 million, up from €8 million in Q1 2019, attributed to higher costs related to the AFM13 registration-directed study and manufacturing activities [45]. - G&A expenses increased to €3.5 million in Q1 2020 from €2.4 million in Q1 2019, primarily due to higher personnel and compliance costs [46]. Market Data and Key Metrics Changes - The company is focusing on the development of innate cell engagers targeting various oncology indications, with AFM13 and AFM24 in clinical development and AFM28 and AFM32 in preclinical stages [12][35]. Company Strategy and Development Direction - The company aims to leverage its ROCK platform to develop novel therapies that utilize the innate immune system to treat cancer, addressing patients with limited treatment options [9][10]. - The management team has been strengthened with key industry leaders to enhance execution of the company's strategy [11][12]. Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by COVID-19 but expressed optimism about ongoing clinical trials and patient recruitment [36][37]. - The company anticipates that its cash position will support operations well into the first half of 2022, allowing for continued development of its clinical programs [44]. Other Important Information - The company has initiated clinical trials for AFM24 and is actively recruiting patients for the second dose cohort [47]. - The collaboration with Genentech on the anti-BCMA innate cell engager is progressing, with a Phase I study expected to start soon [34][47]. Q&A Session Summary Question: AFM13 timelines for the registrational program - Management anticipates interim data around mid-2021, despite challenges from COVID-19 [51]. Question: Details on AFM13 plus NK cell combo study - The commercial product format is still under evaluation, and it is too early to determine whether it will be a premix or co-administration [54]. Question: Safety and efficacy in cohort 1 of AFM24 - No dose-limiting toxicities were observed, and pharmacodynamic markers are being collected for analysis [56]. Question: Details on the first two patients in cohort 1 - The patients had non-small cell lung cancer and colorectal cancer, but specific KRAS mutation status has not been disclosed yet [60]. Question: Pre and post-treatment biopsies for NK cell recruitment - The protocol allows for optional biopsies, which will be collected on a voluntary basis [62]. Question: Update on BCMA engager with Genentech - The Phase 1 study is expected to start around July, with recruitment details available on clinicaltrials.gov [69]. Question: Data update for AFM24 - It is too early to provide a specific timeline for data updates, as it depends on the number of dose escalation steps needed [72]. Question: Emerging pipeline with AFM28 and AFM32 - The company targets an IND filing for AFM28 by the end of 2021, while AFM32 is further behind in development [80].