Affimed N.V. Delivers Strong Q2 2024 Results and Updates
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Q2 2024 Financial Performance Overview
Affimed N.V. (NASDAQ: AFMD), a pioneering immuno-oncology company, recently announced its financial results and strategic advances for the second quarter of 2024. The total revenue recorded for this quarter was €0.2 million, which reflects a decrease compared to €1.4 million from the same quarter last year, primarily due to the completion of previous collaborations.
Key Clinical Updates
During the quarter, Affimed continued to make strides in its clinical programs, aiming to harness the innate immune system in innovative therapies. The company provided detailed insights on several ongoing studies:
AFM24 with Atezolizumab for NSCLC
A total of 24 patients with EGFR-mutant non-small cell lung cancer (NSCLC) participated in the trial. Among 17 evaluable patients, results showed a complete response (CR) in 1 patient, partial responses (PR) in 3, and 8 patients displayed stable disease (SD), leading to an objective response rate of 23.5% and a disease control rate of 70.6%.
Acimtamig (AFM13) Combos for Hodgkin Lymphoma
The combination therapy with Acimtamig has demonstrated remarkable efficacy in patients with relapsed/refractory Hodgkin Lymphoma. Out of 12 enrolled patients, an impressive overall response rate of 83.3% and a CR rate of 50% were observed, highlighting the potential benefits of this treatment in a challenging patient population.
AFM28 Monotherapy in Acute Myeloid Leukemia
The trial for AFM28 as a monotherapy for relapsed/refractory Acute Myeloid Leukemia (AML) resulted encouragingly, with 3 out of 6 patients acquiring CR or CRi. Further patient recruitment at this dosage of 300 mg weekly is underway, emphasizing the robust advancement of Affimed’s therapeutic pipeline.
Financial Position and Future Outlook
Affimed's cash, cash equivalents, and short-term investments stood at approximately €34.4 million as of June 30, 2024, which supports operations through the second half of 2025. Operating expenses have seen a decline to €16.5 million this quarter, attributed primarily to reductions in research and development overheads.
Pipeline Progress and Upcoming Milestones
The company anticipates several milestones, including updates on key trials at upcoming scientific conferences:
- Results from the LuminICE-203 study are expected in Q4 2024.
- ORR and safety data from the EGFR wild-type cohort will be reported in the same quarter.
- Further insights from AFM28-101 might also be presented in future sessions.
Conclusion
Affimed N.V. continues to showcase its commitment to advancing cancer treatment through innovative approaches leveraging the innate immune response. With a strong financial runway and pivotal data emerging from ongoing studies, the future looks promising for the company.
Frequently Asked Questions
What is Affimed N.V.'s main focus?
Affimed focuses on developing immuno-oncology therapies that utilize the innate immune system to combat cancer effectively.
What are the latest results from Affimed's clinical studies?
Recent studies show promising response rates for AFM24 in NSCLC and Acimtamig in Hodgkin Lymphoma, highlighting significant advancements in treatment efficacy.
How is Affimed's financial health?
Affimed reported €34.4 million in cash and investments as of June 30, 2024, ensuring financial stability into 2025.
What upcoming milestones should investors look for?
Investors can expect data updates from key studies in Q4 2024, aimed at demonstrating further clinical efficacy and safety of its products.
What innovative therapies is Affimed developing?
Affimed is working on several therapies, including AFM24, AFM13, and AFM28, designed to target various forms of cancer based on the respective biomarkers.
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