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1. Company Snapshot

1.a. Company Description

Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing cancer immunotherapies in the United States, Germany, and rest of Europe.Its lead product candidate is AFM13, which has completed Phase II clinical study for peripheral T-cell lymphoma; in Phase IIa clinical trial for CD30-positive lymphoma; and in Phase I clinical trial for hodgkin lymphoma.The company is also developing AFM24, a tetravalent, bispecific epidermal growth factor receptor, and CD16A-binding innate cell engager, which is in Phase IIa clinical trial for the treatment of advanced cancers; AFM28, an innate cell engager (ICE), which is in preclinical development to treat acute myeloid leukemia; and AFM32, an ICE candidate that is in preclinical development for the treatment of solid tumors.


Affimed N.V. has collaboration agreements with The University of Texas MD Anderson Cancer Center; Genentech, Inc.; and Roivant Sciences Ltd., as well as research funding agreement with The Leukemia & Lymphoma Society.The company was formerly known as Affimed Therapeutics B.V. and changed its name to Affimed N.V. in October 2014.Affimed N.V. was founded in 2000 and is headquartered in Heidelberg, Germany.

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1.b. Last Insights on AFMD

Affimed N.V.'s recent performance has been negatively impacted by several factors. The company received a Nasdaq delisting notice due to its stock price falling below the minimum bid price requirement, which will result in the suspension of trading and delisting of its securities from the Nasdaq Stock Market. Additionally, Affimed has filed for insolvency proceedings with the local court of Mannheim in Germany, indicating a significant financial challenge for the company. Furthermore, the company's recent presentation at the AACR Annual Meeting highlighted the importance of dose optimization for its AFM24 treatment, but also revealed a strong correlation between exposure and clinical outcome, with a significantly increased risk for early tumor progression in the low exposure group.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Affimed Announces Receipt of Nasdaq Delisting Notice

May -14

Source: globenewswire.com

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Affimed Announces Filing for the Opening of Insolvency Proceedings

May -13

Source: globenewswire.com

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Affimed Shows Higher Exposure of AFM24 is Associated with Significantly Higher Response Rates and Progression-Free Survival in Refractory NSCLC Patients at AACR Annual Meeting

Apr -29

Source: https://www.marketscreener.com

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Affimed Shows Higher Exposure of AFM24 is Associated with Significantly Higher Response Rates and Progression-Free Survival in Refractory NSCLC Patients at AACR Annual Meeting

Apr -29

Source: globenewswire.com

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Affimed Announces Acceptance of Three Abstracts for Presentation at the American Society for Clinical Oncology Annual Meeting

Apr -23

Source: globenewswire.com

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Affimed Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement

Apr -21

Source: globenewswire.com

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Affimed Announces Acceptance of AFM24 Abstract on Dose Optimization for Presentation at American Association for Cancer Research Annual Meeting

Mar -25

Source: globenewswire.com

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Affimed to Present at the Leerink Partners Global Healthcare Conference 2025

Mar -03

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.20%)

6. Segments

Antibodies

Expected Growth: 11.2%

Affimed N.V.'s antibodies exhibit strong growth driven by increasing adoption in cancer treatment, rising demand for targeted therapies, and expanding pipeline of novel candidates. Additionally, strategic partnerships and collaborations fuel innovation, while growing investments in research and development further accelerate growth.

7. Detailed Products

AFM13

AFM13 is a bispecific, tetravalent antibody that targets CD30 and CD16A, which is designed to treat CD30-positive malignancies, including Hodgkin lymphoma and peripheral T-cell lymphoma.

AFM24

AFM24 is a bispecific, tetravalent antibody that targets EGFR and CD16A, which is designed to treat EGFR-expressing solid tumors.

AFM28

AFM28 is a bispecific, tetravalent antibody that targets BCMA and CD16A, which is designed to treat multiple myeloma.

AFM32

AFM32 is a bispecific, tetravalent antibody that targets PSMA and CD16A, which is designed to treat prostate cancer.

8. Affimed N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Affimed N.V. is moderate, as there are alternative treatments available for cancer patients, but the company's unique approach to immunotherapy provides a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers is low, as patients and healthcare providers have limited negotiating power in the pharmaceutical industry, and Affimed N.V.'s products are highly specialized.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Affimed N.V. relies on a few key suppliers for raw materials and manufacturing services, but the company's strong relationships and contracts mitigate this risk.

Threat Of New Entrants

The threat of new entrants is high, as the biotechnology industry is highly competitive, and new companies are constantly emerging with innovative technologies and products.

Intensity Of Rivalry

The intensity of rivalry is high, as Affimed N.V. operates in a highly competitive industry with many established players, and the company must continually innovate and differentiate its products to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.08%
Debt Cost 9.33%
Equity Weight 74.92%
Equity Cost 14.20%
WACC 12.98%
Leverage 33.48%

11. Quality Control: Affimed N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Sol-Gel Technologies

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Momentum: 10.0

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Oxford Biomedica

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Quality: 3.1

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Exscientia

A-Score: 3.4/10

Value: 7.0

Growth: 2.2

Quality: 3.6

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Moolec Science

A-Score: 3.1/10

Value: 7.8

Growth: 3.3

Quality: 2.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Evogene

A-Score: 3.0/10

Value: 9.0

Growth: 3.0

Quality: 5.6

Yield: 0.0

Momentum: 0.5

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Affimed

A-Score: 2.2/10

Value: 8.2

Growth: 0.9

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.18$

Current Price

0.18$

Potential

-0.00%

Expected Cash-Flows