The following is a summary of the Affimed N.V. (AFMD) Q4 2023 Earnings Call Transcript:
Financial Performance:
Affimed ended the year 2023 with a reduced cash equivalents and investments of €72 million compared to €190.3 million in 2022.
The company's accumulative revenues also saw a drop to €8.3 million in 2023 from the €41.4 million reported in the previous year.
Despite the dip in finances, Affimed's current liquidity is projected to support operations until the second half of 2025, thanks to the reduction of operating cash burn by channeling resources into the progression of three clinical programs.
Business Progress:
Affimed has made considerable progress across its three main clinical assets, AFM24, Acimtamig and AFM28, preparing for potential advancement in 2024 and beyond.
The company has strategically focused on non-small cell lung cancer with an aim to address the unmet medical needs of patients for whom standard care strategies prove ineffective.
The initiation of the LuminICE-203 study represents a monumental milestone for Acimtamig.
Despite a 50% cut in its workforce as part of restructuring, Affimed continues to advance its clinical programs by focusing on the final dose cohort for its AFM28 dose escalation study.
Affimed aims at providing significant data readouts in 2024 for its three key clinical programs.
More details: Affimed NV IR
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