December 31, 2020. In 2020, general and administrative expenses were largely comprised of personnel expenses of EUR6.3 million and legal, consulting and audit costs of EUR5.6 million. Finance costs for the year ended December 31, 2020 were EUR6.6 million, compared to finance income of EUR15 thousand for the year ended December 31, 2019. Finance costs for the year ended December 31, 2020 were largely comprised of foreign exchange losses related to assets denominated in U.S. dollars as a result of the weakening of the U.S. dollar compared to the Euro during the year. Net loss for the year ended December 31, 2020 was EUR41.4 million, or EUR0.50 per common share compared with a net loss of EUR32.4 million, or EUR0.50 per common share, for the year ended December 31, 2019. The weighted number of common shares outstanding for the year ended December 31, 2020 was 83.5 million. Additional information regarding these results is included in the notes to the consolidated financial statements as of December 31, 2020 and "Item 5. Operating and Financial Review and Prospects," which will be included in Affimed's Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (SEC). Note on International Financial Reporting Standards (IFRS) Affimed prepares and reports consolidated financial statements and financial information in accordance with IFRS as issued by the International Accounting Standards Board. None of the financial statements were prepared in accordance with Generally Accepted Accounting Principles in the United States. Affimed maintains its books and records in Euro. Conference Call and Webcast Information Affimed will host a conference call and webcast today, April 15, 2021 at 8:30 a.m. EDT to discuss fourth quarter, year-end 2020 financial results and recent corporate developments. The conference call will be available via phone and webcast. To access the call, please dial +1 (646) 741-3167 for U.S. callers, or +44 (0) 2071 928338 for international callers, and reference passcode 4271307 approximately 15 minutes prior to the call. A live audio webcast of the conference call will be available in the "Webcasts" section on the "Investors" page of the Affimed website at https://www.affimed.com/investors/webcasts_cp/. A replay of the webcast will be accessible at the same link for 30 days following the call. About Affimed N.V. Affimed (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system. The company's proprietary ROCK(R) platform enables a tumor-targeted approach to recognize and kill a range of hematologic and solid tumors, enabling a broad pipeline of wholly-owned and partnered single agent and combination therapy programs. The ROCK(R) platform predictably generates customized innate cell engager (ICE(R)) molecules, which use patients' immune cells to destroy tumor cells. This innovative approach enabled Affimed to become the first company with a clinical-stage ICE(R). Headquartered in Heidelberg, Germany, with offices in New York, NY, Affimed is led by an experienced team of biotechnology and pharmaceutical leaders united by a bold vision to stop cancer from ever derailing patients' lives. For more about the company's people, pipeline and partners, please visit: www.affimed.com. Forward-Looking Statements This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may, " "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Forward-looking statements appear in a number of places throughout this release and include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the potential of AFM13, AFM24, and our other product candidates, the value of our ROCK(R) platform, our ongoing and planned preclinical development and clinical trials, our collaborations and development of our products in combination with other therapies, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our collaboration activities, our ability to develop commercial functions, clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us, impacts of the COVID-19 pandemic, the benefits to Affimed of orphan drug designation and the risks, uncertainties and other factors described under the heading "Risk Factors" in Affimed's filings with the SEC. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Investor Relations Contact Alexander Fudukidis Director, Head of Investor Relations E-Mail: a.fudukidis@affimed.com https://www.globenewswire.com/Tracker?data=a8OMGF6mYLr2ZERwyJ1SuxNROoYMgrTpVxVGLF4zhhPVQ_TJJAvqIfI0uGWNyfSf3pjFGwfXyv4EhrlUliu6lcZfmxxJNzRf0GwNwi8kGW4= Tel.: +1 (917) 436-8102 Affimed N.V. Consolidated statements of comprehensive income / (loss) (in EUR thousand) 2020 2019 2018 Revenue 28,360 21,391 23,735 Other income - net 626 290 1,515 Research and development expenses (49,989) (43,791) (35,148) General and administrative expenses (13,715) (10,266) (9,638) -------- -------- -------- Operating loss (34,718) (32,376) (19,536) Finance income / (costs) - net (6,647) 15 60 -------- -------- -------- Loss before tax (41,365) (32,361) (19,476) Income taxes (1) (4) (1) -------- -------- -------- Loss for the period (41,366) (32,365) (19,477) ======== ======== ======== Other comprehensive income / (loss) Items that will not be reclassified to profit or loss Equity investments at fair value OCI - net change in fair value (242) (632) (4,731) -------- -------- -------- Other comprehensive income / (loss) (242) (632) (4,731) -------- -------- -------- Total comprehensive Loss (41,608) (32,997) (24,208) ======== ======== ======== Earnings / (loss) per share in EUR per share (undiluted = diluted) (0.50) (0.50) (0.32) Weighted number of common shares outstanding 83,471,559 64,242,396 60,514,407 Affimed N.V. Consolidated statements of financial position (in EUR thousand) ASSETS December 31, 2020 December 31, 2019 Non-current assets Intangible assets 1,718 137 Leasehold improvements and equipment 2,226 2,291 Long term financial assets 20,042 3,193 Right-of-use assets 940 824 ----------------- ----------------- 24,926 6,445 Current assets Cash and cash equivalents 146,854 95,234 Financial assets 0 8,902 Trade and other receivables 2,439 1,482 Inventories 246 296 Other assets 1,260 0 ----------------- ----------------- 150,799 105,914 TOTAL ASSETS 175,725 112,359 EQUITY AND LIABILITIES Equity Issued capital 983 762 Capital reserves 345,164 270,451 Fair value reserves 1,720 1,962 Accumulated deficit (275,874) (234,508) ----------------- ----------------- Total equity 71,993 38,667 Non-current liabilities Borrowings 231 278 Contract liabilities 35,992 37,961 Lease liabilities 482 272 ----------------- ----------------- Total non-current liabilities 36,705 38,511 Current liabilities
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April 15, 2021 06:30 ET (10:30 GMT)