Q2 2024 Affimed NV Earnings Call Transcript
Key Points
- Affimed NV (AFMD) has achieved clinical proof of concept across three assets, each with distinct indications, showing significant commercial potential.
- The company reported encouraging early efficacy data for the EGFR mutant cohort in the AFM24-102 trial, with a 23.5% objective response rate and a 70.6% disease control rate.
- The LuminICE-203 study for AFM13 in multi-refractory Hodgkin's lymphoma showed an impressive 83.3% response rate, including a 50% complete response rate.
- AFM28 demonstrated promising monotherapy activity in acute myeloid leukemia, with a 50% complete response rate in the highest dose cohort.
- Affimed NV (AFMD) has a strong financial position, with cash and investments expected to finance operations into the second half of 2025.
- Total revenue for the quarter ended June 30, 2024, was significantly lower at EUR0.2 million compared to EUR1.4 million for the same period in 2023.
- The company reported a net loss of EUR15.5 million for the quarter, although this was an improvement from the EUR29.4 million loss in the same quarter of the previous year.
- Enrollment in some clinical trials has been slow, with some patients experiencing rapid tumor progression before starting treatment.
- The capital markets have been challenging for biotechs in 2024, which may impact future funding opportunities.
- There is still a need for more mature data to confirm the durability and long-term efficacy of the treatments, particularly for AFM24 and AFM28.
Good day, everyone, and welcome to Affimed Second-Quarter 2024 Earnings and Corporate Update Call. (Operator Instructions) You will then have an automatic message advising your hand is raised. As a reminder, today's conference call is being recorded.
I would now like to introduce your host for today's call, Alexander Fudukidis, Head of Investor Relations at Affimed . Please go ahead.
Thank you, Olivia, and thank you all for joining us today for our second quarter 2024 update call. Before we begin, I'd like to remind everyone that we issued the relevant press release earlier today, and that can be found on our Investor Relations section of the website. On our website, you can also find the presentation we will be using today.
On the call today, we have members of our management team, including Shawn Leland, our new Chief Executive Officer; Andreas Harstrick, our Chief Medical Officer; Wolfgang Fischer, our Chief Operating Officer; Denise Mueller, our Chief Business Officer; and Harry Welten,
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