Affimed N.V. Unaudited consolidated statements of comprehensive income/(loss) (in thousand) Note For the three months ended March 31 2019 2018 Revenue 3 11,353 532 Other income - net 86 (11 ) Research and development exp

Unaudited consolidated statements of comprehensive

income/(loss) (in thousand)

The notes are an integral part of these

consolidated financial statements.

Consolidated statements of financial position

The notes are an integral part of these consolidated financial

Unaudited consolidated statements of cash

The notes are an integral part of these consolidated financial

Unaudited consolidated statements of changes

in equity (in thousand)

are an integral part of these consolidated financial statements.

Notes to the consolidated financial statements

is a Dutch company with limited liability (naamloze vennootschap) and has its corporate seat in Amsterdam, the Netherlands.

The consolidated financial statements are comprised of Affimed N.V., and its controlled (and wholly owned) subsidiaries Affimed

GmbH, Heidelberg, Germany, AbCheck s.r.o., Plzen, Czech Republic, Affimed Inc., Delaware, USA and AbCheck Inc., Delaware,

USA (together "Affimed", the "Company" or the "Group").

a clinical-stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies. The Group's

product candidates are developed in the field of immuno-oncology, which represents an innovative approach to cancer treatment

that seeks to harness the body's own immune defenses to fight tumor cells. Affimed has its own research and development

programs, strategic collaborations and service contracts, where the Group is performing research services for third parties.

financial statements for the three months ended March 31, 2019 and 2018 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 of December

financial statements were authorized for issuance by the management board on May 22, 2019.

judgments and accounting estimates

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.

these interim financial statements, the critical judgments made by management in applying the Company's accounting policies

were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2018 except

Notes to the consolidated financial statements

of the first time adoption of IFRS 16 on January 1, 2019 the Company recognized right-of-use assets of 0.7 million. The

right-of-use model requires management to make significant judgements related to extension and termination options as well as

to the applied discount rate.

and presentation currency

financial statements are presented in Euro, which is the Company's functional currency. All financial information presented

in Euro has been rounded to the nearest thousand (abbreviated ) or million (abbreviated million).

policies applied by the Company in these interim financial statements are the same as those applied by the Company in its consolidated

financial statements as at and for the year ended December 31, 2018 with the exception of new amendments to standards and new

or amended interpretations applied for the first time as described below.

and interpretations applied for the first time

amendments to standards and new or amended interpretations are effective for annual periods beginning on or after January 1, 2019,

and have been applied in preparing these financial statements:

applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized

in retained earnings as of January 1, 2019. Accordingly, any comparative information presented for any periods in 2018 has not

been restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The nature and effect

of the application of IFRS 16 are summarized below. The other amendments had no effect on the interim consolidated financial statements

specifies how to recognize, measure, present and disclose lease agreements. The standard provides a single lessee accounting model,

requiring lessees to recognize right-of-use assets representing its rights to use the underlying assets and lease

Notes to the consolidated financial statements

representing its obligation to make lease payments. Lessor accounting remains similar to previous accounting policies.

17, Affimed determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining

Whether an Arrangement contains a Lease . Under IFRS 16, Affimed now assesses whether a contract is or contains a lease

based on the new definition of a lease. This definition says that a contract is or contains a lease if the contract conveys a

right to control the use of an identified asset for a period of time in exchange for consideration.

to IFRS 16, Affimed elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It

applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were previously not identified as

leases were not reassessed.

Affimed previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially

all of the risks and rewards of ownership. Under IFRS 16, Affimed recognizes right-of-use assets and lease liabilities for most

leases - i.e. these leases are on-balance sheet.

for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining

lease payments, discounted at the Company's incremental borrowing rates for similar assets as of January 1, 2019. Right-of-use

assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.

Affimed has elected not to recognize right-of-use assets and lease liabilities for some short-term leases (leases with less than

12 months of lease term). Lease payments associated with these leases are recognized as an expense on a straight-line basis over

right-of-use assets in a separate line item from the line item "Leasehold improvements and equipment" that presents

other assets of the same nature that Affimed owns. The carrying amounts of right-of-use assets are below.

a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost,

and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the

Notes to the consolidated financial statements

liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted

using the interest rate implicit in the lease or, if that rate cannot be readily determined, Affimed's incremental borrowing

rate. Generally, Affimed uses its incremental borrowing rate as the discount rate.

liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured

when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount

expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or

extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The

assessment of whether Affimed is reasonably certain to exercise such options impacts the lease term, which significantly affects

the amount of lease liabilities and right-of-use assets recognized.

to IFRS 16, the Company recognized additional right-of-use assets, including property, plant and equipment and additional lease

liabilities. The impact on transition is summarized below.

discounted lease payments using a weighted average discount rate of 4.05% as of January 1, 2019.

to those leases under IFRS 16, Affimed has recognized depreciation and interest costs, instead of operating lease expense. During

the three months ending March 31, 2019, the Group recognized depreciation expense for right-of-use assets of 82 and interest

cost related to the lease liability of 6 instead of operating lease expense of 88.

between operating lease commitments disclosed applying IAS 17 as of December 31, 2018 and the lease liabilities recognized in

the statement of financial position at the date of initial application, January 1, 2019, is shown below.

Notes to the consolidated financial statements

and liabilities for which fair value is recognized in the interim financial statements are classified in accordance with the following