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Condensed Consolidated Financial Statements
| Unaudited condensed consolidated statements of comprehensive loss | 2 |
| Condensed consolidated statements of financial position | 3 |
| Unaudited condensed consolidated statements of cash flows | 4 |
| Unaudited condensed consolidated statements of changes in equity | 5 |
| Notes to the consolidated financial statements | 6 |
Unaudited condensed consolidated
statements of comprehensive loss
| For the three-months ended September 30 | For the nine-months ended September 30 | |||||||||||||||||||
| Note | 2016 | 2017 | 2016 | 2017 | ||||||||||||||||
| Revenue | 3 | 938 | 467 | 4,943 | 1,374 | |||||||||||||||
| Other income - net | 19 | 117 | 143 | 201 | ||||||||||||||||
| Research and development expenses | 8 | (8,760 | ) | (6,008 | ) | (24,456 | ) | (16,881 | ) | |||||||||||
| General and administrative expenses | 8 | (2,181 | ) | (1,876 | ) | (6,239 | ) | (6,091 | ) | |||||||||||
| Operating loss | (9,984 | ) | (7,300 | ) | (25,609 | ) | (21,397 | ) | ||||||||||||
| Finance income / (costs) - net | 4 | (311 | ) | (800 | ) | (1,183 | ) | (2,425 | ) | |||||||||||
| Loss before tax | (10,295 | ) | (8,100 | ) | (26,792 | ) | (23,822 | ) | ||||||||||||
| Income taxes | 0 | 0 | (2 | ) | 20 | |||||||||||||||
| Loss for the period | (10,295 | ) | (8,100 | ) | (26,794 | ) | (23,802 | ) | ||||||||||||
| Total comprehensive loss | (10,295 | ) | (8,100 | ) | (26,794 | ) | (23,802 | ) | ||||||||||||
| Loss per share in per share (undiluted = diluted) | (0.31 | ) | (0.18 | ) | (0.81 | ) | (0.55 | ) |
The Notes are an integral part
of these consolidated financial statements.
Condensed consolidated statements
of financial position
| Note | December 31, 2016 | September 30, 2017 | ||||||||||
| (unaudited) | ||||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Intangible assets | 55 | 56 | ||||||||||
| Leasehold improvements and equipment | 822 | 1,120 | ||||||||||
| 877 | 1,176 | |||||||||||
| Current assets | ||||||||||||
| Inventories | 197 | 282 | ||||||||||
| Trade and other receivables | 2,255 | 1,583 | ||||||||||
| Other assets | 516 | 502 | ||||||||||
| Financial assets | 5 | 9,487 | 8,470 | |||||||||
| Cash and cash equivalents | 35,407 | 33,343 | ||||||||||
| 47,862 | 44,180 | |||||||||||
| TOTAL ASSETS | 48,739 | 45,356 | ||||||||||
| EQUITY AND LIABILITIES | ||||||||||||
| Equity | ||||||||||||
| Issued capital | 333 | 447 | ||||||||||
| Capital reserves | 190,862 | 209,606 | ||||||||||
| Accumulated deficit | (152,444 | ) | (176,246 | ) | ||||||||
| Total equity | 6 | 38,751 | 33,807 | |||||||||
| Non current liabilities | ||||||||||||
| Borrowings | 7 | 3,617 | 4,682 | |||||||||
| Total non-current liabilities | 3,617 | 4,682 | ||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 5,323 | 4,334 | ||||||||||
| Borrowings | 7 | 973 | 2,500 | |||||||||
| Deferred revenue | 75 | 33 | ||||||||||
| Total current liabilities | 6,371 | 6,867 | ||||||||||
| TOTAL EQUITY AND LIABILITIES | 48,739 | 45,356 |
The Notes are an integral part
of these consolidated financial statements.
Unaudited condensed consolidated
statements of cash flows
| (in thousand) | For the nine-months ended September 30 | |||||||||||
| Note | 2016 | 2017 | ||||||||||
| Cash flow from operating activities | ||||||||||||
| Loss for the period | (26,794 | ) | (23,802 | ) | ||||||||
| Adjustments for the period: | ||||||||||||
| - Income taxes | 2 | (20 | ) | |||||||||
| - Depreciation and amortisation | 293 | 257 | ||||||||||
| - Gain from disposal of leasehold improvements and equipment | 0 | (20 | ) | |||||||||
| - Share based payments | 8 | 2,719 | 1,494 | |||||||||
| - Finance income / costs - net | 4 | 1,183 | 2,425 | |||||||||
| (22,597 | ) | (19,666 | ) | |||||||||
| Change in trade and other receivables | (1,398 | ) | 690 | |||||||||
| Change in inventories | (25 | ) | (85 | ) | ||||||||
| Change in other assets | (151 | ) | (393 | ) | ||||||||
| Change in trade, other payables and deferred revenue | (1,080 | ) | (1,044 | ) | ||||||||
| Cash used in operating activities | (25,251 | ) | (20,498 | ) | ||||||||
| Interest received | 60 | 48 | ||||||||||
| Paid interest | (355 | ) | (229 | ) | ||||||||
| Net cash used in operating activities | (25,546 | ) | (20,679 | ) | ||||||||
| Cash flow from investing activities | ||||||||||||
| Purchase of intangible assets | (21 | ) | (26 | ) | ||||||||
| Purchase of leasehold improvements and equipment | (194 | ) | (545 | ) | ||||||||
| Cash received from the sale of leasehold improvements and equipment | 0 | 35 | ||||||||||
| Cash paid for investments in financial assets | 5 | (27,088 | ) | (13,114 | ) | |||||||
| Cash received from maturity of financial assets | 5 | 13,536 | 13,425 | |||||||||
| Net cash used for investing activities | (13,767 | ) | (225 | ) | ||||||||
| Cash flow from financing activities | ||||||||||||
| Proceeds from issue of common shares | 6 | 0 | 19,241 | |||||||||
| Transaction costs related to issue of common shares | 6 | 0 | (1,524 | ) | ||||||||
| Proceeds from borrowings | 7 | 0 | 2,500 | |||||||||
| Transaction costs related to borrowings | 7 | 0 | (11 | ) | ||||||||
| Repayment of borrowings | (1,079 | ) | 0 | |||||||||
| Cash flow from financing activities | (1,079 | ) | 20,206 | |||||||||
| Net changes to cash and cash equivalents | (40,392 | ) | (698 | ) | ||||||||
| Cash and cash equivalents at the beginning of the period | 76,740 | 35,407 | ||||||||||
| Exchange-rate related changes of cash and cash equivalents | (655 | ) | (1,366 | ) | ||||||||
| Cash and cash equivalents at the end of the period | 35,693 | 33,343 |
The Notes are an integral part
of these consolidated financial statements.
consolidated statements of changes in equity
| Note | Issued capital | Capital reserves | Accumulated deficit | Total equity | |||||||||||||||
| Balance as of January 1, 2016 | 333 | 187,169 | (120,228 | ) | 67,274 | ||||||||||||||
| Equity-settled share based payment awards | 8 | 2,719 | 2,719 | ||||||||||||||||
| Loss for the period | (26,794 | ) | (26,794) | ||||||||||||||||
| Balance as of September 30, 2016 | 333 | 189,888 | (147,022 | ) | 43,199 |
are an integral part of these consolidated financial statements.
| Balance as of January 1, 2017 | 333 | 190,862 | (152,444 | ) | 38,751 | ||||||||||||||
| Issue of common shares | 6 | 114 | 17,199 | 17,313 | |||||||||||||||
| Equity-settled share based payment awards | 8 | 1,494 | 1,494 | ||||||||||||||||
| Issue of warrant note (loan Silicon Valley Bank) | 51 | 51 | |||||||||||||||||
| Loss for the period | (23,802 | ) | (23,802 | ) | |||||||||||||||
| Balance as of September 30, 2017 | 447 | 209,606 | (176,246 | ) | 33,807 |
The Notes are an integral part
of these consolidated financial statements.
Notes to the condensed consolidated financial statements
Affimed N.V. (in the following Affimed or
Company) is a Dutch company with limited liability (naamloze vennootschap) and has its corporate seat in Amsterdam, the Netherlands.
The Company was founded as Affimed Therapeutics B.V. on May 14, 2014 as a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) for purposes of a corporate reorganization of Affimed Therapeutics AG and converted
its legal form under Dutch law to a public company with limited liability for an initial public offering of its common shares.
The condensed consolidated financial statements
of Affimed comprise the Company and its wholly owned and controlled subsidiaries Affimed GmbH, Heidelberg, Germany, AbCheck s.r.o.,
Plzen, Czech Republic and Affimed Inc., Delaware, USA.
Affimed is a clinical-stage biopharmaceutical
group focused on discovering and developing targeted cancer immunotherapies. The Company's product candidates are developed
in the field of immuno-oncology, which represents an innovative approach to cancer research that seeks to harness the body's
own immune system to fight tumor cells. Affimed has its own research and development programs and collaborations, where the Company
is performing research services for third parties.
Statement of compliance
The interim financial statements for the
three and nine months ended September 30, 2017 and 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim financial statements do not include all the information and disclosures required in the annual financial statements,
and should be read in conjunction with Affimed N.V.'s annual consolidated financial statements as at December 31, 2016.
The interim financial statements were authorized
for issuance by management on November 6, 2017.
Critical judgments and accounting estimates
The preparation of the interim financial
statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimates are revised and in any future periods affected.
In preparing these interim financial statements,
the critical judgments made by management in applying the Group's accounting policies were the same as those that applied to the
consolidated financial statements as at and for the year ended December 31, 2016.
Functional and presentation currency
These interim financial statements are presented
in euro, which is the Company's functional currency. All financial information presented in euro are reported in thousand
(abbreviated ) or million (abbreviated
Significant accounting policies
The accounting policies applied by the Group
in these interim financial statements are the same as those applied by the Group in its consolidated financial statements as at
and for the year ended December 31, 2016.
New standards and interpretations applied
The following amendments to standards and
new or amended interpretations are effective for annual periods beginning on or before January 1, 2017, and will be applied in
preparing the annual financial statements for the year 2017:
| Standard/interpretation | Effective Date 1 |
| Amendments to IAS 7 Disclosure Initiative | January 1, 2017 |
1 Shall apply for periods beginning
on or after the date shown in the effective date column.
New standards and interpretations not
The following standards, amendments to standards
and interpretations are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing
these consolidated financial statements.
| Standard/interpretation | Effective Date 1 |
| IFRS 9 Financial Instruments (2014) | January 1, 2018 |
| IFRS 15 Revenue from Contracts with Customers | January 1, 2018 |
| IFRS 16 Leases | January 1, 2019 |
| Clarifications to IFRS 15 Revenue from Contracts with Customers | January 1, 2018 |
| Amendments to IFRS 2: Classification and Measurement of Share- | |
| based Payment Transactions | January 1, 2018 |
| Annual Improvements to IFRS Standards 2014-2016 Cycle | January 1, 2018 |
1 Shall apply for periods beginning
on or after the date shown in the effective date column.
The Group is assessing the potential impact
that IFRS 9, 15 or 16 could have on its consolidated financial statements. The other new or amended standards and interpretations
are not expected to have a significant effect on the consolidated financial statements of the Group.
IFRS 9 - Classification contains a new classification
and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash
flow characteristics. The group has initiated but not finalized its assessment of the impact which the new classification requirements
would have on its accounting for trade receivables, financial assets and borrowings.
IFRS 9 - Hedge Accounting will not have
an impact on the consolidated financial statements as the Group does not have contracts or transactions which qualify for hedge
IFRS 9 - Impairment replaces the incurred
loss' model in IAS 39 with a forward looking expected credit loss' ("ECL") model. This will require
considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis.
Under IFRS 9, loss allowances will be measured on either of the following bases:
The Group has not yet finalized the impairment
methodologies that it will apply under IFRS 9.
IFRS 15 establishes a comprehensive framework
for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including
IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. The group has initiated but not finalized
its assessment of the impact which IFRS 15 would have on all contracts with customers.
IFRS 16 - Leases specifies how an
IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring
lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has
a low value. Affimed will be required to recognize "right-of-use" assets related to its premises rented and certain
equipment leased. During the next year, the Group will gather and update information related to leases, assess extension and termination
options as well as possible exemptions, and identify the appropriate discount rate.