Affimed Files for Insolvency as Shares Tumble

Published 1 hours agoAFMD

Affimed Files for Insolvency as Shares Tumble

Affimed N.V., a clinical-stage immuno-oncology firm, has recently filed for insolvency proceedings, causing a dramatic drop in its share value. The company, known for its cancer immunotherapies, now faces a precarious financial position after the announcement.

In its latest financial report for the third quarter of 2024, Affimed recorded a staggering 90% decline in revenue, dropping from €2.0 million the previous year to just €0.2 million. Despite the revenue fall, the net loss improved to €15.1 million, down from €24.4 million in Q3 2023. To manage costs, research and development expenses were reduced significantly, as were general and administrative expenses. Stocktitan.net reported these figures, highlighting the challenging financial landscape for the company.

Earlier this year, Affimed underwent leadership changes with Dr. Andreas Harstrick taking over as interim CEO following Dr. Adi Hoess's departure. The company strategically restructured, trimming its workforce by up to 50% to stretch its cash reserves into late 2025. In March, Affimed took steps to remain Nasdaq-compliant with a 1-for-10 reverse stock split, though it led to a 19% drop in pre-market trading. Despite these efforts, and promising clinical results, maintaining financial stability remains a significant obstacle.

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