Shares of the Affimed N.V. (AFMD) stock were gloomy today following the announcement of third quarter 2021 financial results, AFMD stock price saw a downtrend of 9.74% to drop at $5.64 a share at the time of this writing. The stock was also red in the previous trade and went down by 1.74% at closing. Let’s deep dive to explore more of it.
Third Quarter 2021 Financial Results:
- Affimed stock generated €8.7 million revenue in the third quarter of 2021 as compared to €10.5 million in the same quarter of the previous year.
- The company used €25.6 million net cash for operating activities in the reported quarter. This compares to €3.6 million net cash for operating activities in the same quarter of last year.
- AFMD stock spent €20.6 million in research and development expenses in the reported quarter as compared to €10.1 million in the same quarter of previous year. The clinical trial and manufacturing costs along with costs related to AFM24 mainly increased the R&D expenses.
- General and administrative expenses increased from €3.5 million in the third quarter of 2020 to €6.8 million in the third quarter of 2021.
- AFMD stock reported net finance income of €1.5 million in the third quarter of 2021 as compared to of €3.1 million net finance loss in the same tenure of previous year.
- AFMD stock suffered net loss of €17.1 million in the reported quarter as compared to €6.0 million net loss in the same period of previous year. Net loss per common share was €0.14 for the AFMD stock.
- By the end of third quarter 2021, AFMD stock had €198.7 million in cash and cash equivalents and weighted number of common outstanding shares.
Upcoming Events of the AFMD stock:
- AFMD stock is enrolling patients for AFM13 monotherapy which is expected to complete in the first half of upcoming year.
- The company will represent Updated data of AFM13 combination with NK cells in the mid of December 2021.
- Phase 2 dose (480 mg weekly) expansion cohorts for AFM24 monotherapy are expected to open in the ongoing quarter.
- The company will initiate the Clinical trial of AFM24 with atezolizumab in the fourth quarter of 2021.
- Affimed stock has started the enrollment the clinical trial of AFM24 combined with NKGen Biotech’s SNK01 NK cell therapy.
It seems that investors did not like the third quarter 2021 financial results of AFMD stock. The revenue has declined, and net loss increased in the reported quarter, compared to same quarter of last year. In a nutshell, investors must be cautious before making any decision.