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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document and Entity Information
Entity Registrant Name	Affimed N.V.
Entity Central Index Key	0001608390
Document Type	20-F
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	No
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	76,249,901
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Shell Company Report	false

Consolidated statements of comprehensive loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated statements of comprehensive loss
Revenue	€ 21,391	€ 23,735	€ 2,010
Other income - net	290	1,515	205
Research and development expenses	(43,791)	(35,148)	(21,489)
General and administrative expenses	(10,266)	(9,638)	(7,986)
Operating loss	(32,376)	(19,536)	(27,260)
Finance income / (costs) - net	15	60	(2,983)
Loss before tax	(32,361)	(19,476)	(30,243)
Income taxes	(4)	(1)	20
Loss for the period	(32,365)	(19,477)	(30,223)
Other comprehensive income / (loss) Items that will not be reclassified to profit or loss
Equity investments at fair value OCI - net change in fair value	(632)	(4,731)	0
Other comprehensive income / (loss)	(632)	(4,731)	0
Total comprehensive loss	€ (32,997)	€ (24,208)	€ (30,223)
Loss per share in € per share	€ (0.50)	€ (0.32)	€ (0.69)
Weighted number of common shares outstanding	64,242,396	60,514,407	43,746,073

Consolidated statements of financial position - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Intangible assets	€ 137	€ 56
Leasehold improvements and equipment	2,291	1,414
Long term financial assets	3,193	3,825
Right-of-use assets	824	717
Right-of-use assets		0
Total non-current assets	6,445	5,295
Current assets
Cash and cash equivalents	95,234	94,829
Financial assets	8,902	13,974
Trade and other receivables	1,482	1,429
Inventories	296	260
Other assets	0	387
Total current assets	105,914	110,879
TOTAL ASSETS	112,359	116,174
Equity
Issued capital	762	624
Capital reserves	270,451	239,055
Fair value reserves	1,962	2,594
Accumulated deficit	(234,508)	(202,144)
Total equity	38,667	40,129
Non current liabilities
Borrowings	278	1,690
Contract liabilities	37,961	37,512
Lease liabilities	272	0
Total non-current liabilities	38,511	39,202
Current liabilities
Trade and other payables	10,674	9,425
Provisions.	517	0
Borrowings	2,105	3,083
Lease liabilities	532	0
Contract liabilities	21,353	24,335
Total current liabilities	35,181	36,843
TOTAL EQUITY AND LIABILITIES	€ 112,359	€ 116,174

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flow from operating activities
Loss for the period	€ 32,365	€ 19,477	€ 30,223
Adjustments for the period:
Income taxes	4	1	(20)
Depreciation and amortisation	906	403	351
Net gain from disposal of leasehold improvements and equipment	(5)	25	(19)
Share based payments	2,469	2,035	1,943
Finance income / costs - net	(15)	(60)	2,983
Total	(29,006)	(17,073)	(24,985)
Change in trade and other receivables	33	(322)	1,140
Change in inventories	(36)	(19)	(44)
Change in other assets	340	121	(399)
Change in trade, other payables, provisions and contract liabilities	(791)	66,856	(1,018)
Cash used in operating activities	(29,460)	49,563	(25,306)
Interest received	628	218	106
Paid interest	(224)	(342)	(349)
Paid income tax	0	(1)	0
Net cash used in operating activities	(29,056)	49,438	(25,549)
Cash flow from investing activities
Purchase of intangible assets	(150)	(30)	(43)
Purchase of leasehold improvements and equipment	(1,324)	(691)	(625)
Cash received from the sale of leasehold improvements and equipment	0	1	35
Cash paid for investments in convertible note and warrants	0	0	(296)
Cash paid for investments in financial assets	(45,131)	(14,029)	(13,084)
Cash received from maturity of financial assets	50,945	0	22,063
Cash paid for investments in long term financial assets	0	(861)	0
Net cash used for investing activities	4,340	(15,610)	8,050
Cash flow from financing activities
Proceeds from issue of common shares	31,373	25,113	23,123
Transaction costs related to issue of common shares	(2,215)	(1,701)	(1,648)
Proceeds from borrowings	562	0	2,500
Transaction costs related to borrowings	0	0	(11)
Repayment of lease liabilities	(405)	0	0
Repayment of borrowings	(3,277)	(2,917)	(167)
Cash flow from financing activities	26,038	20,495	23,797
Exchange-rate related changes of cash and cash equivalents	(917)	669	(1,867)
Net changes to cash and cash equivalents	1,322	54,323	6,297
Cash and cash equivalents at the beginning of the period	94,829	39,837	35,407
Cash and cash equivalents at the end of the period	95,234	94,829	39,837
Cash and cash equivalents at the end of the year	€ 94,829	€ 39,837	€ 35,407

Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Issued Capital Previously Reported	Issued Capital	Capital Reserves Previously Reported	Capital Reserves	Fair Value Reserves Previously Reported	Fair Value Reserves	Accumulated Deficit Previously Reported	Accumulated Deficit	Previously Reported	Total
Balance, beginning at Dec. 31, 2016		€ 333		€ 190,862		€ 0		€ (152,444)		€ 38,751
Issue of common shares		135		20,922						21,057
Equity-settled share based payment awards				1,943						1,943
Issue of warrant note (loan Silicon Valley Bank)				51						51
Loss for the period								(30,223)		(30,223)
Other comprehensive income										0
Balance, ending at Dec. 31, 2017	€ 468	468	€ 213,778	213,778	€ 0	7,325	€ (182,667)	(182,667)	€ 31,579	38,904
Revaluation shares Amphivena (first time adoption IFRS 9) \| Change due to adoption of IFRS 9						7,325				7,325
Issue of common shares		156		23,171						23,327
Exercise of share based payment awards				71						71
Equity-settled share based payment awards				2,035						2,035
Loss for the period								(19,477)		(19,477)
Other comprehensive income						(4,731)				(4,731)
Balance, ending at Dec. 31, 2018		624		239,055		2,594		(202,144)		40,129
Issue of common shares		138		28,901						29,039
Exercise of share based payment awards				26						26
Equity-settled share based payment awards				2,469						2,469
Loss for the period								(32,365)		(32,365)
Other comprehensive income						(632)				(632)
Balance, ending at Dec. 31, 2019		€ 762		€ 270,451		€ 1,962		€ (234,508)		€ 38,667

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
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-Name IFRS
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

1. Reporting Entity	12 Months Ended
1. Reporting Entity	Dec. 31, 2019
Reporting Entity
Reporting Entity	1. Reporting entity Affimed N.V. 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” or the “Group”). Affimed is 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.

2. Local exemption rules applied by subsidiaries of the Group	12 Months Ended
	Dec. 31, 2019
Local exemption rules applied by subsidiaries of the Group
Local exemption rules applied by subsidiaries of the Group	2. Local exemption rules applied by subsidiaries of the Group Affimed GmbH, Heidelberg, Germany, makes use of the exemption clause, available under § 264 (3) HGB in 2019. The consolidated financial statements of Affimed N.V. as of and for the year ended 31 December 2019 will be filed in Germany as a supplement to the financial statements of Affimed GmbH, in order to meet the requirements of the exemption clause available under § 264 (3) HGB in 2019.

3. Basis of preparation – consolidated financial statements	12 Months Ended
	Dec. 31, 2019
Basis of preparation – consolidated financial statements
Basis of preparation and changes to Group’s accounting policies	3. Basis of preparation – consolidated financial statements Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The consolidated financial statements were authorized for issuance by the management board on April 28, 2020. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for financial instruments measured at fair value (see note 13) and monetary assets and liabilities denominated in foreign currencies which are translated at period-end exchange rates. The Group did not opt for a valuation of liabilities at fair value through profit or loss. Consolidation The Group controls an entity when it has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control is obtained by the Group. It is de-consolidated from the date control ceases. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Functional and presentation currency The consolidated financial statements are presented in euro, which is also the functional currency. All financial information presented in euro unless otherwise noted has been rounded to the nearest thousand (abbreviated €) or million (abbreviated € million). Presentation of consolidated statements of comprehensive loss As a clinical-stage biopharmaceutical company with a primary focus on research and development activities, cost of sales and gross profit are not considered meaningful measures for Affimed and therefore are not presented. See note 4 for the Group’s accounting policies related to revenue recognition and research and development expenses. Foreign currency transactions Transactions denominated in currencies other than the euro are translated at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the euro are translated at the exchange rate at the date of the consolidated statement of financial position. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Foreign currency gains or losses that relate to borrowings, cash and cash equivalents and financial assets, except for financial instruments at fair value through other comprehensive income are presented in the statement of comprehensive loss within ‘Finance income / (costs) - net’. All other foreign exchange gains and losses are presented in the statement of comprehensive loss within ‘Other income – net’.

4. Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Significant Accounting Policies

Significant Accounting Policies

4. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.

Revenue recognition

The Group generates revenues from the provision of research and development services to third parties based on both Group and third party owned intellectual property. Such services are performed on a “best efforts” basis without a guarantee of technological or commercial success. For some research programs, Affimed entered into collaborations with other companies that provide the Group with funding or other resources such as access to technologies. From time to time, the Group also licenses its intellectual property to third parties who use it to develop product candidates.

Collaboration and license agreements are evaluated to determine whether they involve multiple promises that represent separate performance obligations. Such agreements may comprise more than one research program, platform licenses or intellectual property licenses originally generated by the Group. Usually each of those promises is considered to meet the definition of a separate performance obligation.

The total consideration is generally allocated to separate performance obligations based on relative stand-alone selling prices. Usually sales prices for research and development activities and licenses are not directly observable or highly variable across customers. Therefore, we use estimation techniques to determine stand-alone selling prices for such services and licenses. The stand-alone selling prices for research activities are determined based on an expected cost plus a margin approach. For licenses of intangible assets where little or no incremental costs are incurred in providing such licenses, a residual approach is used.

Performance obligations from research programs are satisfied over time because the work performed by the Group either enhances a license that the customer already controls or because the work does not result in an asset with an alternative use for the Group due to contractual restrictions.

Therefore, revenue for such performance obligations is recognized according to the stage of completion measured by reference to costs incurred in relation to anticipated total costs of the research program.

Platform licenses or intellectual property licenses originally generated by the Group are recognized at a point in time if their nature is a right to use the intellectual property as it exists at the point in time at which the license is granted. This is usually the case when there is no significant continuing involvement by the Group. In these cases, revenue is recognized when control of the license is transferred. Control is considered to be transferred when the customer received all necessary documents and information to begin to use and benefit from the license.

Platform licenses or intellectual property licenses originally generated by the Group are recognized over time if their nature is to access the intellectual property as it exists throughout the license period. This might be the case when there is significant continuing involvement by the Group. In these cases, revenue is recognized on a straight-line basis until the use of the license by the customer ends.

Payments received from customers commonly include non-refundable upfront payments that are initially recognized as a contract liability, and subsequently recognized as revenue as the related performance obligation is fulfilled. The Group concluded that non-refundable upfront payments do not include financing components because the advance payments arise for reasons other than the provision of financing.

In addition, payment terms may also include payments to be received from customers at a later point in time upon the achievement of certain milestones.

Milestone payments are contingent upon the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting specific requirements laid out in the respective agreement. Milestone payments are included in the transaction price when it is highly probable that a significant reversal of revenue recognized will not occur when the uncertainty associated with the milestone is subsequently resolved. In the Group’s view, uncertainty is sufficiently resolved only when the milestone is reached. Reaching a milestone will result in a cumulative catch up of revenue for the performance to date.

The Group distinguishes development and registration milestones and sales based milestones. Whereas development and registration milestone payments are generally recognized on reaching the defined milestones, revenues for sales based milestones are recognized on achievement of contractually stipulated underlying revenues.

Research and development

Costs incurred related to research activities are expensed in the period when they are incurred. Costs incurred on development projects are recognized as intangible assets beginning on the date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Group considering its technological and commercial feasibility. Given the current stage of the development of the Group’s candidates and technologies, no development expenditures have been capitalized in any of the periods presented in these consolidated financial statements. Intellectual property-related costs for patents are part of the expenditure for the research and development projects. Therefore, registration costs for patents are recognized as expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.

Employee benefits

(i)

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

A liability is recognized for the amount expected to be paid under a short-term cash bonus, if (a) the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably.

(ii)

Share-based payment transactions

The Group’s share-based payment awards outstanding as of December 31, 2018 and 2019, are classified as equity-settled share-based plans. The fair value of share-based equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate, the expected forfeiture rate and the time to maturity of the option. The number of stock options expected to vest is estimated at each measurement date.

(iii) Termination benefits

Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.

Government grants

The Group receives certain government grants that support its research effort in specific projects. These grants are generally provided in the form of reimbursement of approved costs incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.

Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government grants is not yet received the amount is included as a receivable on the statement of financial position.

The Group recognizes income from government grants under ‘Other income - net’ in the consolidated statement of comprehensive loss.

Leases

Policy applicable from 1 January 2019

Affimed recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. Subsequently, the right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.

The lease 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.

The Group determines the incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the asset leased.

The lease liability is subsequently measured at amortized cost using the effective interest method. It is re-measured 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.

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) and right-of-use assets and liabilities for leases of low value assets. Lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term.

Policy applicable before 1 January 2019

Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease.

For impact on transition please refer to “New standards and interpretations applied for the first time” below.

Finance income and finance costs

Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.

Finance costs comprise primarily interest expense on borrowings.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i)

Non-derivative financial assets

The Group’s non-derivative financial assets include preferred shares in Amphivena, trade and other receivables, cash and cash equivalents and certificates of deposit at banks with original maturities of more than three months.

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Those debt instruments are hold to collect solely payments of principal and interest. The Group decided to not apply the fair value through OCI option for those instruments. They are included in current assets and are subsequently carried at amortized cost.

Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.

The Group holds preferred shares in Amphivena designated at fair value through other comprehensive income (see note 13).

(ii)

Non-derivative financial liabilities

The Group’s classes of financial liabilities are borrowings and trade and other payables. The Group initially recognizes non-derivative financial liabilities on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.

(iii)

Compound financial instruments

The Group entered into certain loan agreements pursuant to which it issued warrants to purchase common shares of the Group at the option of the respective holders (see note 19). The number of shares to be issued does not vary with changes in their fair value.

The liability component of the loans was recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition.

Impairment

(i)

Trade and other receivables

Trade and other receivables at amortized cost are subject to the expected credit loss model according to IFRS 9. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate.

Affimed determines the counterparties’ lifetime expected credit losses that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database.

In addition, trade and other receivables are assessed at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization.

All receivables are assessed for specific impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No impairments or reversals of impairments were recognized in 2017, 2018 or 2019.

(ii)

Intangible assets and leasehold improvements and equipment

Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized as the amount by which an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Non- financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.

Income taxes

Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.

Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Fair Value Measurement

All assets and liabilities for which fair value is recognized in the consolidated financial statements are classified in accordance with the following fair value hierarchy, based on the lowest level input parameter that is significant on the whole for fair value measurement:

Level 1 – Prices for identical assets or liabilities quoted in active markets (non-adjusted)

Level 2 – Measurement procedures, in which the lowest level input parameter significant on the whole for fair value measurement is directly or indirectly observable for on the market

Level 3 – Measurement procedures, in which the lowest level input parameter significant on the whole for fair value measurement is not directly or indirectly observable for on the market

The carrying amount of all trade and other receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement of the fair value of the shares held by the group and note disclosure for the fair value of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 19).

Loss per share

Loss per common share is calculated by dividing the loss of the period by the weighted average number of common shares outstanding during the period.

The Group has granted warrants under certain loan agreements (see note 19) and options under share-based payment programs (see note 17) which potentially have a dilutive effect; no instruments actually had a dilutive effect.

Critical judgments and accounting estimates

The preparation of the consolidated 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 financial statements, the critical judgments made by management in applying the Group’s accounting policies resulted in the following accounting estimates :

(i)

Share-based payments

The fair value of stock options issued by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. The number of stock options expected to vest is estimated at each measurement date.

On April 20, 2018, Affimed issued 240,000 options under its share-based-payment program, the vesting of which deviates from the standard 3year vesting scheme and depends upon a market parameter, which is the average price of Affimed shares during a certain period of time as described in note 17. Incorporating the market condition in the fair value estimate requires the use of a simulation technique (Monte Carlo simulation), which implies a higher uncertainty with regard to the estimated fair value. The Group determined the fair value of the awards at grant date to be €133.

(ii)

Revenue recognition

The Group’s contracts with customers contain multiple performance obligations. Judgment is required in determining whether a good or service is considered a separate performance obligation. If standalone selling prices are not directly observable, the Group allocates the transaction price to the performance obligations by reference to the expected cost plus a margin. In doing so, observable input data such as internal project plans and margins are used.

Elements of consideration in collaboration and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally, the Group has continuing performance obligations and therefore up-front payments are initially recognized as a contract liability, and the related revenues are subsequently recognized as the related performance obligation is fulfilled. Technology access fees are generally initially recognized as a contract liability and subsequently recognized over the expected term of the research service agreement on a straight-line basis.

The Group estimates that the achievement of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved as then the uncertainty is resolved. If the research service is cancelled due to technical failure, the remaining contract liability from non-refundable upfront payments, if any, is recognized as revenue.

The determination of whether a performance obligation is satisfied at a point in time versus over time might also requires judgment.

(iii)

Accrued expenses

The Group obtains services from third parties who do not always invoice their (partial) performance as per the balance sheet date. If the Group is not invoiced or otherwise notified of the actual accrued cost for the services as of the reporting date, the amount of the services performed as of the balance sheet date has to be estimated. For this purpose, the Group periodically confirms the accuracy of its estimates with the service providers.

(iv)

Financial instruments

The Group holds preferred shares in Amphivena classified as equity instruments at fair value through other comprehensive income (level 2) and recognized as a long-term financial asset. As Amphivena is not a public company substantial judgment was required in estimating the fair value as at December 31, 2019 (see note 13). The Group based its judgment on information available for the valuation of the shares of Amphivena in its latest private financing in September 2019.

(v)

Lease payments

Affimed has 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. As at December 31, 2019, no renewal options were incorporated into the determining the lease term.

(vi)

Provisions

In the second quarter of 2019, Affimed decided to terminate the Phase 1 clinical program of AFM11, a CD19/CD3-targeting bispecific T cell engager as a part of its strategic plans (see note 18).

New standards and interpretations applied for the first time

The following amendments to standards and new or amended interpretations are effective for annual periods beginning on or before January 1, 2019, and have been applied in preparing these financial statements:


Standard/interpretation		Effective Date 1
IFRS 16 Leases		January 1, 2019
Amendments to IFRS 9: Prepayment Features with Negative Compensation		January 1, 2019
Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures		January 1, 2019
Annual Improvements to IFRS Standards 2015 ‑ 2017 Cycle		January 1, 2019
Amendments to IAS 19: Plan Amendment, Curtailment or Settlement		January 1, 2019
IFRIC 23 Uncertainty over Income Tax Treatments		January 1, 2019

1 Shall apply for periods beginning on or after the date shown in the effective date column.

Affimed has 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 and 2017 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 consolidated financial statements of the Company.

The new standard 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 liabilities representing its obligation to make lease payments. Lessor accounting remains similar to previous accounting policies.

Under IAS 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.

Transition

On transition 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.

As a lessee, 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.

At transition, 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.

On transition 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.


		January 1, 2019
Right-of-use assets		717
Lease liabilities		717

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

In relation to those leases under IFRS 16, Affimed has recognized depreciation and interest costs, instead of operating lease expense. In 2019, the Group recognized depreciation expense for right-of-use assets of €385 and interest cost related to the lease liability of €24 instead of operating lease expense of €406.

The transition 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.


		January 1, 2019
Operating lease commitment as of December 31, 2018		1,154
Recognition exemption for short-term leases		(98)
Payments for incidental rental costs and other rental payments (Not part of the lease)		(312)
Discounting using the incremental borrowing rate as of January 1, 2019		(27)
Lease liabilities as of January 1, 2019		717

New standards and interpretations not yet adopted

The following new standards and amendments to standards are effective for annual periods beginning after December 31, 2019, and have not been applied in preparing these consolidated financial statements.


Standard/interpretation		Effective Date 1
Amendments to References to the Conceptional Framework		January 1, 2020
Amendments to IAS 1 and IAS 8: Definition of Material		January 1, 2020
Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform		January 1, 2020
Amendments to IFRS 3 Business Combination		January 1, 2020

1 Shall apply for periods beginning on or after the date shown in the effective date column.

The amended standards are not expected to have a significant effect on the consolidated financial statements of the Group.

5. Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting

Segment Reporting

5. Segment reporting

(i)

Information about reportable segment

The Group is active in the discovery, pre-clinical and clinical development of antibodies based on its core technology. The activities are either conducted as own project development or for third party companies. Management of resources and reporting to the chief operating decision maker is based on the Group as a whole.

(ii)

Geographic information

The geographic information below analyses the Group’s revenue and non-current assets by country. In presenting the following information, segment revenue has been based on the geographic location of the customers and segment assets were based on the geographic location of the assets.

Discovery activities and research services are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from Heidelberg.


	2019	2018	2017
Revenue:
Germany	0	31	80
Europe	1,646	1,175	1,236
USA	19,745	22,529	694
	21,391	23,735	2,010

Non-current assets as of December, 31:
Germany	2,017	1,224	957
Czech Republic	870	246	221
USA	3,558	3,825	0
	6,445	5,295	1,178

(iii)

Major Customers

In 2018 and 2019, the Group’s revenue with Genentech Inc. exceeded 10% of total revenues. For the year ended December 31, 2017, the Group’s revenue with four customers exceeded 10% of total revenues.

6. Revenue

12 Months Ended

Dec. 31, 2019

Revenue.

Revenue

6. Revenue

Collaboration agreement with Amphivena

Until July 2016, Affimed was party to a collaboration with Amphivena. The purpose of the collaboration was the development of a product candidate for hematological malignancies. The collaboration included a License and Development Agreement between Amphivena and Affimed, which expired when Amphivena obtained the approval of an investigational new drug application (IND) from the FDA in July 2016.

Pursuant to the license and development agreement between Affimed and Amphivena, Affimed granted a license to intellectual property and agreed to perform certain services for Amphivena related to the development of a product candidate for hematological malignancies. In consideration for the research and development work that was performed, Amphivena was required to pay to Affimed service fees totaling approximately €16 million payable according to the achievement of milestones and phase progressions as described under the license and development agreement. Since the expiration of the agreement, the parties have been closing out the collaboration by exchanging documentation and transferring materials and third-party contracts.

During the year ended December 31, 2017, the Company recognized revenue upon achievement of milestones and for the performance of research and development services totaling €0.2 million.

Collaboration agreement The Leukemia & Lymphoma Society (LLS)

Affimed is party to a collaboration with LLS to fund the development of a specific product candidates (immune cell engagers). Under the terms of the agreement, LLS has agreed to contribute up to $4.4 million contingent upon the achievement of certain milestones.

In the event that the research and development is successful, Affimed must proceed with commercialization of the licensed product. If Affimed decides for business reasons not to continue the commercialization, Affimed must at its option either repay the amount funded or grant a license to LLS to enable LLS to continue with the development program. In addition, LLS is entitled to receive royalties from Affimed based on the Group’s future revenue from any licensed product, with the amount of royalties not to exceed three times the amount funded.

In June 2016, the research funding agreement with LLS was amended to reflect a shift to the development of combination therapeutic approaches so that the milestones now relate primarily to the development of a combination therapy.

During the years ended December 31, 2017 and 2018, the Group achieved several milestones and recognized revenue totaling €0.2 million and €0.2 million, respectively. Open milestones as at December 31, 2019 are expected to have no significant impact on future revenues.

Collaboration with Genentech Inc.

In August 2018, Affimed entered into a strategic collaboration agreement with Genentech Inc., headquartered in South San Francisco, USA. Under the terms of the agreement Affimed is providing services related to the development of novel NK cell engager-based immunotherapeutics to treat multiple cancers. The Genentech agreement became effective at the beginning of October 2018. Under the terms of the agreement, Affimed received $96.0 million (€83.2 million) in an initial upfront payment and committed funding on October 31, 2018. The Group recognized €19.7 million as revenue in 2019 (2018: €21.8 million) and €59.3 million (December 31, 2018: €61.4 million) under contract liabilities, which will be recognized as revenue in subsequent periods as services are provided.

Under the terms of the agreement, Affimed is eligible to receive up to an additional $5.0 billion over time, including payments upon achievement of specified development, regulatory and commercial milestones. Affimed is also eligible to receive royalties on any potential sales.

Research service agreements

The Group, through its subsidiary AbCheck has entered into certain research service agreements. These research service agreements provide for non-refundable upfront technology access research funding or capacity reservation fees and milestone payments. The Group recognized revenue of €1.7 million, €1.7 million and €1.6 million during the years ended December 31, 2019, 2018 and 2017 respectively.

Contract balances

The following table provides information about receivables and contract liabilities from contracts with customers.


	December 31, 2019	December 31, 2018
Receivables	204	210
Contract liabilities	59,314	61,847

An amount of €14,795 that was recognized in contract liabilities at the beginning of the period was recognized as revenue during the period ended December 31, 2019 (2018: €230).

The remaining performance obligations at December 31, 2019 are approximately €59.3 million and are expected to be recognized as revenue to a large extent over the next two years.

Disaggregation of revenue


	2019	2018	2017
Major service lines:
Collaboration revenue	19,685	22,018	390
Service revenue	1,706	1,717	1,620
	21,391	23,735	2,010

Revenue:
Point in time	5,783	21,863	233
Over time	15,608	1,872	1,777
	21,391	23,735	2,010

7. Other Income and Expenses - Net	12 Months Ended
7. Other Income and Expenses - Net	Dec. 31, 2019
Other Income And Expenses
Other Income and Expenses - Net	7. Other income and expenses - net Other income and expenses, net mainly comprises foreign exchange gains of €251 (2018: €1,523, 2017: losses of €7). Income from government grants for research and development projects amounted to €19 in 2019, €10 in 2018 and €195 in 2017.

8. Research and Development Expenses

12 Months Ended

Dec. 31, 2019

Research And Development Expenses

Research and Development Expenses

8. Research and development expenses

The following table shows the different types of expenses allocated to research and development costs for the years ended December 31:


	2019	2018	2017
Third-party services	27,338	22,127	12,299
Personnel expenses	10,154	8,055	5,639
Legal, consulting and patent expenses	1,983	1,672	890
Cost of Materials	1,547	1,140	994
Amortisation and depreciation	725	351	309
Other expenses	2,044	1,804	1,358
	43,791	35,148	21,489

9. General and Administrative Expenses

12 Months Ended

Dec. 31, 2019

General And Administrative Expenses

General and Administrative Expenses

9. General and administrative expenses

The following table shows the different types of expenses allocated to general and administrative costs for the years ended December 31:


	2019	2018	2017
Personnel expenses	5,357	4,929	4,521
Legal, consulting and audit expenses	3,055	2,881	1,945
Other expenses	1,853	1,828	1,520
	10,266	9,638	7,986

10. Employee Benefits

12 Months Ended

Dec. 31, 2019

Employee Benefits

Employee Benefits

10. Employee benefits

The following table shows the items of employee benefits for the years ended December 31:


	2019	2018	2017
Wages and salaries	11,587	10,027	7,475
Social security costs	1,620	1,092	931
	13,207	11,119	8,406

The employer’s contributions to pension insurance plans of €696 (2018: €502, 2017: €438) are classified as payments under a defined contribution plan, and are recognized as an expense.

11. Finance Income and Finance Costs

12 Months Ended

Dec. 31, 2019

Finance Income And Finance Costs

Finance Income and Finance Costs

11. Finance income and finance costs

The following table shows the items of finance income and costs for the years ended December 31:


	2019	2018	2017
Interest SVB Loan Agreement (see note 19)	(483)	(847)	(690)
Foreign exchange differences	(175)	651	(2,378)
Interest on certificates of deposit with maturities of more than three months	602	5	77
Other finance income/finance costs - net	71	251	8
	15	60	(2,983)

12. Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes

Income Taxes

12. Income taxes

The Group did not incur any material income tax in the periods presented. As of December 31, 2019, deferred tax assets from differences resulting from intangible assets (€283; 2018: €415), trade and other receivables (€243; 2018: €334), borrowings (€70; 2018: €0), lease liabilities (€121; 2018: €0) and trade and other payables (€23; 2018: €27) have not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities are available. As of December 31, 2019 deferred tax liabilities from temporary differences result mainly leasehold improvements and equipment and right-of-use assets (€226; 2018: €0), long term financial assets (€1,218; 2018: €774) and contract liabilities (€308; 2018: €0). Deferred tax liabilities are not recognized as there is an excess of deferred tax assets over deferred tax liabilities.

A reconciliation between actual income taxes and the expected tax benefit from the loss before tax multiplied by the Group’s applicable tax rate is presented below for the years ended December 31:


	2019	2018	2017
Loss before tax	(32,361)	(19,476)	(30,243)
Income tax benefit at tax rate of 29.825 %	9,652	5,809	9,020
Adjustments of deferred tax assets	(9,822)	(5,318)	(9,036)
Permanent differences	(29)	(462)	(93)
Adjustments for local tax rates	5	(34)	195
Non deductible expenses	(43)	(53)	16
Other	233	57	(82)
Income taxes	(4)	(1)	20

In Germany, Affimed has tax losses carried forward of €199.2 million (2018: €166.2 million) for corporate income tax purposes and of €198.4 million (2018: €165.4 million) for trade tax purposes that are available indefinitely for offsetting against future taxable profits of that entity. Restrictions on the utilization of tax losses in case of a change of control of ownership in Affimed were mitigated by the enactment of the Economic Growth Acceleration Act ( Wachstumsbeschleunigungsgesetz 2009 ). According to the provisions of this act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated by an excess of the fair value of equity for tax purposes above its carrying amount of the Group. The maximum amount of tax losses at risk of being lost due to ownership changes is approximately €59 million. Deferred tax assets have not been recognized in respect of any losses carried forward as no sufficient taxable profits of Affimed are expected.

Tax losses of Abcheck s.r.o. amount to €296 as at December 31, 2019 (2018: €423).

13. Long Term Financial Assets	12 Months Ended
13. Long Term Financial Assets	Dec. 31, 2019
Long Term Financial Assets
Long Term Financial Assets	13. Long term financial assets The Company holds preferred shares in Amphivena recognized at their fair value of €3.2 million (2018: €3.8 million). The Company recognized losses from the change in fair value of €0.6 million in other comprehensive income in 2019 (2018: €4.7 million).

14. Financial Assets	12 Months Ended
14. Financial Assets	Dec. 31, 2019
Financial Assets
Financial Assets	14. Financial assets Financial assets contain of U.S. Dollar denominated certificates of deposit with original maturities of more than three months. As of December 31, 2019, the fair value (level 1) of the financial assets did not differ significantly from its carrying amount.

15. Trade and Other Receivables	12 Months Ended
15. Trade and Other Receivables	Dec. 31, 2019
Trade and Other Receivables.
Trade and Other Receivables	15. Trade and other receivables The trade receivables as of December 31, 2019 and 2018, of €204 and €210, respectively, are all due in the short-term, do not bear interest and are not impaired. Other receivables are all due short-term and mainly comprise value-added tax receivables of €453 (2018: €839).

16. Equity	12 Months Ended
16. Equity	Dec. 31, 2019
Equity
Equity	16. Equity As of December 31, 2019, the share capital of €762 (2018: €624) is composed of 76,249,901 (2018: 62,430,106) common shares with a par value of €0.01. On November 13, 2019, the Group issued 13,800,000 common shares in a public offering at a price of $2.50 per common share resulting in aggregate net proceeds of €29.5 million. As at 31, December 2019 and 2018, the authorized share capital amounted to €3,200 consisting of 155,975,000 common shares and 155,975,000 cumulative preference shares, each with a par value of €0.01 per share.

17. Share Based Payments

12 Months Ended

Dec. 31, 2019

Share Based Payments

Share Based Payments

17. Share based payments

In 2014, an equity-settled share-based payment program was established by Affimed N.V. (ESOP 2014).

Under this program, the Group granted awards to certain members of the Management Board, the Supervisory Board, non-employee consultants and employees.

Share based payments with service condition

The majority of the awards vest in installments over three years and can be exercised up to 10 years after the grant date. In 2019 and 2018, the Group granted 1,736,803 awards and 2,332,296 awards to employees, the Management Board and Supervisory Board.

In 2019, 357,879 ESOP 2014 awards were cancelled or forfeited due to termination of employment or termination of consulting agreements with non-employees (2018: 424,688), and 19,795 options were exercised at an average exercise price of $1.54 (2018: 40,038 ESOP 2014 awards at an average exercise price of $1.98).

As of December 31, 2019, 7,307,567 ESOP 2014 awards were outstanding (December 31, 2018: 5,948,438), 4,773,840 awards (December 31, 2018: 2,814,547) were vested. The options outstanding at December 31, 2019 had an exercise price in the range of $1.30 to $13.47 (2018: $1.30 to $13.47) and weighted average remaining contractual life of 8.9 years (2018: 9.3 years). In 2019 and 2018, the Group estimated an annual forfeiture rate of 4.0% for unvested options.

Share based payments with market condition

On April 20, 2018, Affimed issued 240,000 options, of which each grant consists of three tranches that vest when the volume-weighted average share price (measured based on Affimed closing share prices over the preceding fifteen trading days) reaches a certain hurdle ($6.15, $8.20 and $10.25). Fair value of the awards at grant date amounts to €133 ($164 thousand) and the contractual life time of the options is two years. As at December 31, 2019 no options were exercisable. Fair value was determined using the Monte Carlo Simulation.

Share based payment expense

In 2019, an expense of €2,469 was recognized affecting research and development expenses (€904) and general and administrative expenses (€1,565). In 2018, an expense of €2,035 was recognized affecting research and development expenses (€852) and general and administrative expenses (€1,183). In 2017, an expense of €1,943 was recognized affecting research and development expenses (€522) and general and administrative expenses (€1,421).

Fair value measurement

The fair value of options was determined using the Black-Scholes valuation model. The significant inputs into the valuation model of share based payment grants with service conditions are as follows (weighted average):


	2019			2018
Fair value at grant date	$	2.10		$	1.20
Share price at grant date	$	1.44		$	1.91
Exercise price	$	1.44		$	1.92
Expected volatility		82	%		72	%
Expected life		5.9			5.9
Expected dividends		0.00			0.00
Risk-free interest rate		2.09	%		0.34	%

Expected volatility is estimated based on the observed daily share price returns of a peer group measured over a historic period equal to the expected life of the awards.

18. Provisions	12 Months Ended
18. Provisions	Dec. 31, 2019
Provisions
Provisions	18. Provisions In 2019, the group recognized costs related to the termination of the AFM 11 program totalling to €1.4 million, whereof €0.9 million were already incurred in 2019 and estimated costs of €0.5 million expected to incur in 2020 were recognized in provisions.

19. Borrowings

12 Months Ended

Dec. 31, 2019

Borrowings

Borrowings

19. Borrowings

Silicon Valley Bank

On November 30, 2016, Affimed entered into a loan agreement with Silicon Valley Bank (the “SVB loan”) which provides the Group with a senior secured term loan facility originally for up to €10.0 million, which agreement was amended in May 2017 to provide that such amount would be available in three tranches. In December 2016, the Group drew an initial tranche of €5.0 million and in May 2017, a second tranche of €2.5 million; the availability of a third tranche of €2.5 million expired in September 2017 with such amount remaining undrawn.

Finance costs comprise the interest rate of one-month EURIBOR plus an applicable margin of 5.5%, with a floor of 5.5%, related one-time legal and arrangement fees of €236 and a final payment fee equal to 10% of the total principal amount to be paid with the last instalment. Pursuant to the loan agreement, the Group also granted the lender 166,297 and 53,395 warrants with an exercise price of $2.00 and $2.30 per share, respectively. Each warrant can be used to purchase common shares of Affimed at the respective exercise price for a period of ten years from the grant date. The fair value of the warrants of €192 less deferred taxes and transaction costs of €81 and €8, respectively, was recorded as an addition to capital reserves in equity. The fair value of the warrants was determined using the Black-Scholes-Merton valuation model, with an expected volatility of 75‑80% and an expected exercise period of five years to exercise of the warrant. The contractual maturity of the warrants is ten years.

The loan is secured by a pledge of 100% of Group’s ownership interest in Affimed GmbH, all intercompany claims owed to Affimed N.V. by its subsidiaries, and collateral agreements for all bank accounts, inventory, trade receivables and other receivables of Affimed N.V. and Affimed GmbH recognized in the consolidated financial statements with the following book values:


	Book value as of December 31,		Book value as of December 31,
	2019		2018
	Consolidated	thereof	Consolidated
	financial	assets	financial	thereof assets
	statements	pledged	statements	pledged
Leasehold improvements and equipment	2,291	1,503	1,414	1,174
Inventories	296	247	260	235
Trade and other receivables	1,482	864	1,429	1,007
Other assets	0	0	387	—
Financial assets	8,902	8,902	13,974	13,974
Cash and cash equivalents	95,234	93,606	94,829	92,933
	108,205	105,122	112,293	109,323

As of December 31, 2019 and 2018, the fair value of the liability did not differ significantly from its carrying amount (€2,013 and €4,773). The loan has a maturity date of May 31, 2020, repayment started in December 2017 with amortized payments of principal and interest in equal monthly installments. As of December 31, 2019, €2,013 (2018: €3,083) were classified as current liabilities.

UniCredit Leasing CZ

In April 2019, the Group entered into a loan agreement with UniCredit Leasing CZ for €562. After an initial instalment of €127 in the second quarter of 2019, repayment is effected in monthly instalments of €8 until November 2023. As at December 31, 2019, an amount of €368 was outstanding, of which €91 was classified as current liabilities. As of December 31, 2019, the fair value of the liability did not differ significantly from its carrying amount.

Reconciliation to cash flows from financing

Movements of liabilities reconcile to cash flows arising from financing activities as follows:


	2019	2018
Balance as of January 1	4,773	7,169
Changes from financing cash flows
Proceeds from borrowings	562	0
Repayment of borrowings	(3,277)	(2,917)
	(2,715)	(2,917)
Other Changes
Capitalized borrowing costs	489	847
Interest paid	(164)	(326)
	325	531
Balance as of December 31, 2019	2,383	4,773

20. Trade and Other Payables	12 Months Ended
20. Trade and Other Payables	Dec. 31, 2018
Trade and Other Payables
Trade and Other Payables.	20. Trade and other payables Trade and other payables comprise trade payables of €10,249 (2018: €8,482). Other payables mainly comprise payroll and employee related liabilities for withholding taxes and social security contributions of €801 (2018: €885) and payables due to employees for unused holidays and other accruals. Other payables are normally settled within 30 days.

21. Leases

12 Months Ended

Dec. 31, 2019

Leases

Leases

21. Leases

Affimed presents right-of-use assets for offices, laboratories and vehicles leased 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 agreements have an average non-cancellable term of between one and four years with renewal options included in some contracts. For equipment leased with contract terms that are short term and/or leases of low-value items the Group has elected not to recognize right-of-use assets and lease liabilities for these leases.

The carrying amounts of right-of-use assets reconcile as follows:


	Carrying amount
	Buildings	Cars	Total
Balance as of January 1, 2019	695	22	717
Depreciation charge for the year	(371)	(13)	(384)
Additions to right-of-use assets	492	0	492
Balance as of December 31, 2019	816	9	824

Cash outflow related to leases are as follows:


		2019
Repayment of lease liabilities		405
Interest on lease liabilities		24
Short-term lease payments		66
Cash outflow from leasing		495

In 2018 and 2017, lease expenses of €562 and €472 have been recognized in the consolidated statement of comprehensive income.

Future contractually agreed undiscounted lease payments are as follows:


	2019: Leases under IFRS 16	2018: Operating Leases under IAS 17
Payments within one year	553	675
Payments between one and five years	276	541
	829	1,216

Movements of lease liabilities reconcile to cash flows arising from financing activities as follows:


		2019
Balance as of January 1		717
Changes from financing cash flows
Repayment of lease liabilities		(405)
		(405)
Other Changes
New lease contracts		492
		492
Balance as of December 31, 2019		804

22. Other Commitments and Contingencies	12 Months Ended
22. Other Commitments and Contingencies	Dec. 31, 2019
Other Commitments and Contingencies
Other Commitments and Contingencies	22. Other commitments and contingencies Commitments The Group has entered into agreements for the use of licenses. In 2019, license fees of €92 have been recognized in consolidated statement of comprehensive income (2018: €124, 2017: €174), related future payment obligations under non-cancellable fees amount to €25. Contingencies Affimed has entered into various license agreements that contingently trigger payments upon achievement of certain milestones and royalty payments upon commercialization of a product in the future.

23. Related Parties

12 Months Ended

Dec. 31, 2018

Related Parties

Related Parties

23. Related parties

(i)

Shareholders

As of December 31, 2019 and 2018, no shareholder holds more than 20% of the voting rights.

(ii)

Transactions with key management personnel

The compensation of managing directors and other key management personnel comprised of the following:


	2019	2018	2017
Short-term employee benefits	2,598	2,683	1,538
Termination benefits	264	0	0
Share-based payments	1,738	1,229	1,379
	4,600	3,912	2,917

Remuneration of Affimed’s managing directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive supplementary benefits such as fringe benefits and allowances. In the case of an early termination, the managing directors receive a severance.

Compensation for other key management personnel comprises fixed and variable components and share-based payment awards.

The supervisory directors of Affimed N.V. received compensation for their services on the supervisory board of €382 (2018: €382; 2017: €375). In 2019, the Group recognized expenses for share-based payments for supervisory board members of €243 (2018: €117, 2017: €144).

The following table provides the total amounts of outstanding balances for supervisory board compensation and expense reimbursement related to key management personnel:


	Outstanding balances
	December 31,	December 31,
	2019	2018
Adi Hoess	5	0
Wolfgang Fischer	1	0
Martin Treder	0	9
Leila Alland	0	40
Thomas Hecht	26	21
Mathieu Simon	9	0
Berndt Modig	9	10
Ferdinand Verdonck	11	11
Ulrich Grau	21	21
Bernhard Ehmer	20	17

24. Financial Risk Management

12 Months Ended

Dec. 31, 2018

Financial Risk Management

Financial Risk Management

24. Financial risk management

(i)

Financial risk management objectives and policies

The Group’s principal financial instruments comprise cash and cash equivalents, certificates of deposit at commercial banks, a convertible loan, warrants and investor loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Group’s operations. The Group has various other financial assets and liabilities such as trade and other receivables and trade and other payables, which arise directly from its operations.

The main risks arising from the Group’s financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized below.

(ii)

Credit risk

The Group’s financial assets comprise to a large extent cash and cash equivalents. In addition, financial assets include shares, certificates of deposit, trade and other receivables. The total carrying amount of shares (€3.2 million, 2018: €3.8 million) cash and cash equivalents (€95.2 million, 2018: €94.8 million), trade and other receivables (€1.5 million, 2018: €1.4 million), and certificates of deposit (€8.9 million, 2018: €14.0 million), represents the maximum credit exposure of €108.8 million (2018: €114.1 million).

The cash and cash equivalents and certificates of deposit are held with banks, which are rated BBB+ to AA- based on Standard & Poor’s and Moody’s.

(iii)

Interest rate risk

The Group’s interest rate risk arises from cash accounts and long-term borrowings at variable rates.

Affimed entered into the SVB loan pursuant to which the Group borrowed €7.5 million with an outstanding balance of €2.0 million as at December 31, 2019, with a variable interest rate of an annual rate of 5.5% plus one-month EURIBOR, with EURIBOR deemed to equal zero percent if EURIBOR is less than zero percent. The Group does not expect the EURIBOR to exceed the floor of 0% within the foreseeable future, and considers the interest risk to be low.

Market interest rates on cash and cash equivalents as well as on term deposits were low in 2019, resulting in interest income of € 715 in 2019. A shift in interest rates (increase or decrease) would not have a material impact on the loss of the Group.

(iv)

Other price risks

The fair value of the shares in Amphivena depends on the share price. The total exposure of the Group amounts to €3.2 million.

(v)

Foreign currency risk

Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency.

The Group’s entities are exposed to Czech Koruna (CZK) and US Dollars (USD) and British Pound (GBP). The net exposure as of December 31, 2019 was €56,531 (2018: €47,524) and mainly relates to US Dollars.

In 2019, if the Euro had weakened/strengthened by 10% against the US dollar with all other variables held constant, the loss would have been €5,677 (2018: €4,787) higher/lower, mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated financial assets. The Group considers a shift in the exchange rates of 10% as a realistic scenario.

Loss is more sensitive to movement in exchange rates shifts in 2019 than in 2018 because of the increased volume of US dollar-denominated transactions.

The following significant exchange rates have been applied during the year:


	2019	2018	2017
	CZK or USD	CZK or USD or	CZK or USD or
	or GBP/EUR	GBP/EUR	GBP/EUR
CZK - Average Rate	0.03896	0.03899	0.03799
CZK - Spot rate	0.03936	0.03887	0.03916

USD - Average Rate	0.89326	0.84674	0.88519
USD - Spot rate	0.89015	0.87336	0.83382


GBP - Average Rate	1.1393	1.13031
GBP - Spot rate	1.1754	1.11791

(vi)

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by delivering cash. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

The Group continually monitors its risk of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities. The supervisory board undertakes regular reviews of the budget.

In 2017 and 2018 and 2019, Affimed raised significant funding that it estimates will enable the Group to fund operating expenses and capital expenditure requirements at least into the fourth quarter of 2021.

In 2017, the Group issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of €16.4 million.

In 2018, the Group issued 13,225,000 common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately €19.7 million and 2,373,716 common shares in connection with its at-the-market sales agreement for net proceeds of €3.8 million.

In 2019, the Group issued 13,800,000 common shares in a public offering at a price of $2.50 per common share resulting in aggregate net proceeds of €29.5 million (see note 16).

The Group expects to require additional funding to complete the development of the existing product candidates. In addition, the Group expects to require additional capital to commercialize the products if regulatory approval is received.

(vii)

Capital management

The primary objective of the Group’s capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities when due.

The Group manages its capital structure primarily through equity.

25. Subsequent Events	12 Months Ended
25. Subsequent Events	Dec. 31, 2018
Subsequent Events
Subsequent Events	25. Subsequent events The Company announced early February 2020 that Dr. Florian Fischer, Chief Financial Officer (CFO) of Affimed, passed away. Affimed has commenced a process for a new permanent CFO. As part of the transition, Harry Welten will assume the operating responsibilities as CFO advisor to Affimed during the search and will continue to operate in that capacity until a permanent successor has been appointed. In addition, the Company announced the appointment of Dr. Andreas Harstrick as Chief Medical Officer, starting in March 2020 and the appointment of Dr. Arndt Schottelius as Chief Scientific Officer, effective April 2020. As circumstances around the COVID-19 pandemic continue to rapidly evolve, the Group is continuously assessing possible effects on its clinical trials and adapting the risk mitigation measures implemented. Affimed is closely monitoring and adhering to relevant federal and local guidelines on COVID-19 to ensure the safety and health of its global workforce and help limit the spread of COVID-19, while maintaining business continuity. The Group has taken mitigation steps to ensure that drug supply and other trial-related materials are ready and available for the patients enrolled in its clinical trials. Due to the ongoing assessment of the potential impact of the COVID-19 pandemic on patient enrollment and site activation in its clinical studies, Affimed will update trial timelines after it has more visibility on the length and extent of the COVID-19 crisis.

4. Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2019

Disclosure of initial application of standards or interpretations [line items]

Revenue Recognition

Revenue recognition

In addition, payment terms may also include payments to be received from customers at a later point in time upon the achievement of certain milestones.

Research and Development

Research and development

Employee Benefits

Employee benefits

(i)

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

(ii)

Share-based payment transactions

(iii) Termination benefits

Government Grants

Government grants

The Group recognizes income from government grants under ‘Other income - net’ in the consolidated statement of comprehensive loss.

Leases

Policy applicable from 1 January 2019

Policy applicable before 1 January 2019

Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease.

For impact on transition please refer to “New standards and interpretations applied for the first time” below.

Finance Income and Finance Costs

Finance income and finance costs

Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.

Finance costs comprise primarily interest expense on borrowings.

Financial Instruments

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i)

Non-derivative financial assets

Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.

The Group holds preferred shares in Amphivena designated at fair value through other comprehensive income (see note 13).

(ii)

Non-derivative financial liabilities

(iii)

Compound financial instruments

Impairment

(i)

Trade and other receivables

(ii)

Intangible assets and leasehold improvements and equipment

Income Taxes

Income taxes

Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset.

Fair Value Measurement

Level 1 – Prices for identical assets or liabilities quoted in active markets (non-adjusted)

Level 2 – Measurement procedures, in which the lowest level input parameter significant on the whole for fair value measurement is directly or indirectly observable for on the market

Level 3 – Measurement procedures, in which the lowest level input parameter significant on the whole for fair value measurement is not directly or indirectly observable for on the market

Loss Per Share

Loss per share

Loss per common share is calculated by dividing the loss of the period by the weighted average number of common shares outstanding during the period.

Critical Judgments and Accounting Estimates

Critical judgments and accounting estimates

In preparing these financial statements, the critical judgments made by management in applying the Group’s accounting policies resulted in the following accounting estimates :

(i)

Share-based payments

(ii)

Revenue recognition

The determination of whether a performance obligation is satisfied at a point in time versus over time might also requires judgment.

(iii)

Accrued expenses

(iv)

Financial instruments

(v)

Lease payments

(vi)

Provisions

In the second quarter of 2019, Affimed decided to terminate the Phase 1 clinical program of AFM11, a CD19/CD3-targeting bispecific T cell engager as a part of its strategic plans (see note 18).

New Standards and Interpretations Applied for the First Time

New standards and interpretations applied for the first time


Standard/interpretation		Effective Date 1
IFRS 16 Leases		January 1, 2019
Amendments to IFRS 9: Prepayment Features with Negative Compensation		January 1, 2019
Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures		January 1, 2019
Annual Improvements to IFRS Standards 2015 ‑ 2017 Cycle		January 1, 2019
Amendments to IAS 19: Plan Amendment, Curtailment or Settlement		January 1, 2019
IFRIC 23 Uncertainty over Income Tax Treatments		January 1, 2019

1 Shall apply for periods beginning on or after the date shown in the effective date column.

New Standards and Interpretations Not Yet Adopted

New standards and interpretations not yet adopted


Standard/interpretation		Effective Date 1
Amendments to References to the Conceptional Framework		January 1, 2020
Amendments to IAS 1 and IAS 8: Definition of Material		January 1, 2020
Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform		January 1, 2020
Amendments to IFRS 3 Business Combination		January 1, 2020

1 Shall apply for periods beginning on or after the date shown in the effective date column.

The amended standards are not expected to have a significant effect on the consolidated financial statements of the Group.

IFRS 16

Disclosure of initial application of standards or interpretations [line items]

Transition


		January 1, 2019
Right-of-use assets		717
Lease liabilities		717

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


		January 1, 2019
Operating lease commitment as of December 31, 2018		1,154
Recognition exemption for short-term leases		(98)
Payments for incidental rental costs and other rental payments (Not part of the lease)		(312)
Discounting using the incremental borrowing rate as of January 1, 2019		(27)
Lease liabilities as of January 1, 2019		717

4. Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of initial application of standards or interpretations [line items]

New Standards and Interpretations Applied for First Time


Standard/interpretation		Effective Date 1
IFRS 16 Leases		January 1, 2019
Amendments to IFRS 9: Prepayment Features with Negative Compensation		January 1, 2019
Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures		January 1, 2019
Annual Improvements to IFRS Standards 2015 ‑ 2017 Cycle		January 1, 2019
Amendments to IAS 19: Plan Amendment, Curtailment or Settlement		January 1, 2019
IFRIC 23 Uncertainty over Income Tax Treatments		January 1, 2019

Schedule of right-of-use assets and lease liabilities

New standards and interpretations applied for the first time


Standard/interpretation		Effective Date 1
IFRS 16 Leases		January 1, 2019
Amendments to IFRS 9: Prepayment Features with Negative Compensation		January 1, 2019
Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures		January 1, 2019
Annual Improvements to IFRS Standards 2015 ‑ 2017 Cycle		January 1, 2019
Amendments to IAS 19: Plan Amendment, Curtailment or Settlement		January 1, 2019
IFRIC 23 Uncertainty over Income Tax Treatments		January 1, 2019

1 Shall apply for periods beginning on or after the date shown in the effective date column.

Summary of impact on transition


		January 1, 2019
Right-of-use assets		717
Lease liabilities		717

New Standards and Interpretations Not Yet Adopted


Standard/interpretation		Effective Date 1
Amendments to References to the Conceptional Framework		January 1, 2020
Amendments to IAS 1 and IAS 8: Definition of Material		January 1, 2020
Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform		January 1, 2020
Amendments to IFRS 3 Business Combination		January 1, 2020

IFRS 16

Disclosure of initial application of standards or interpretations [line items]

Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 [text block]


		January 1, 2019
Operating lease commitment as of December 31, 2018		1,154
Recognition exemption for short-term leases		(98)
Payments for incidental rental costs and other rental payments (Not part of the lease)		(312)
Discounting using the incremental borrowing rate as of January 1, 2019		(27)
Lease liabilities as of January 1, 2019		717

- Definition

The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

+ References + Details

5. Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting

Summary of revenue and non-current assets by geographic information


	2019	2018	2017
Revenue:
Germany	0	31	80
Europe	1,646	1,175	1,236
USA	19,745	22,529	694
	21,391	23,735	2,010

Non-current assets as of December, 31:
Germany	2,017	1,224	957
Czech Republic	870	246	221
USA	3,558	3,825	0
	6,445	5,295	1,178

6. Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue.

Schedule of contract liabilities from customer


	December 31, 2019	December 31, 2018
Receivables	204	210
Contract liabilities	59,314	61,847

Schedule of Disaggregation of Revenue


	2019	2018	2017
Major service lines:
Collaboration revenue	19,685	22,018	390
Service revenue	1,706	1,717	1,620
	21,391	23,735	2,010

Revenue:
Point in time	5,783	21,863	233
Over time	15,608	1,872	1,777
	21,391	23,735	2,010

8. Research and Development Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Research And Development Expenses

Research and Development Expenses


	2019	2018	2017
Third-party services	27,338	22,127	12,299
Personnel expenses	10,154	8,055	5,639
Legal, consulting and patent expenses	1,983	1,672	890
Cost of Materials	1,547	1,140	994
Amortisation and depreciation	725	351	309
Other expenses	2,044	1,804	1,358
	43,791	35,148	21,489

9. General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2019

General And Administrative Expenses

General and Administrative Expenses


	2019	2018	2017
Personnel expenses	5,357	4,929	4,521
Legal, consulting and audit expenses	3,055	2,881	1,945
Other expenses	1,853	1,828	1,520
	10,266	9,638	7,986

10. Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefits

Employee Benefits


	2019	2018	2017
Wages and salaries	11,587	10,027	7,475
Social security costs	1,620	1,092	931
	13,207	11,119	8,406

11. Finance Income and Finance Costs (Tables)

12 Months Ended

Dec. 31, 2019

Finance Income And Finance Costs

Finance Income and Finance Costs


	2019	2018	2017
Interest SVB Loan Agreement (see note 19)	(483)	(847)	(690)
Foreign exchange differences	(175)	651	(2,378)
Interest on certificates of deposit with maturities of more than three months	602	5	77
Other finance income/finance costs - net	71	251	8
	15	60	(2,983)

12. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Income Tax Reconciliation


	2019	2018	2017
Loss before tax	(32,361)	(19,476)	(30,243)
Income tax benefit at tax rate of 29.825 %	9,652	5,809	9,020
Adjustments of deferred tax assets	(9,822)	(5,318)	(9,036)
Permanent differences	(29)	(462)	(93)
Adjustments for local tax rates	5	(34)	195
Non deductible expenses	(43)	(53)	16
Other	233	57	(82)
Income taxes	(4)	(1)	20

17. Share Based Payments (Tables)

12 Months Ended

Dec. 31, 2019

Share Based Payments

Assumptions of Options Granted


	2019			2018
Fair value at grant date	$	2.10		$	1.20
Share price at grant date	$	1.44		$	1.91
Exercise price	$	1.44		$	1.92
Expected volatility		82	%		72	%
Expected life		5.9			5.9
Expected dividends		0.00			0.00
Risk-free interest rate		2.09	%		0.34	%

19. Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Borrowings

Fair Value of Assets Pledged


	Book value as of December 31,		Book value as of December 31,
	2019		2018
	Consolidated	thereof	Consolidated
	financial	assets	financial	thereof assets
	statements	pledged	statements	pledged
Leasehold improvements and equipment	2,291	1,503	1,414	1,174
Inventories	296	247	260	235
Trade and other receivables	1,482	864	1,429	1,007
Other assets	0	0	387	—
Financial assets	8,902	8,902	13,974	13,974
Cash and cash equivalents	95,234	93,606	94,829	92,933
	108,205	105,122	112,293	109,323

Schedule of movements of liabilities reconcile to cash flows arising from financing activities


	2019	2018
Balance as of January 1	4,773	7,169
Changes from financing cash flows
Proceeds from borrowings	562	0
Repayment of borrowings	(3,277)	(2,917)
	(2,715)	(2,917)
Other Changes
Capitalized borrowing costs	489	847
Interest paid	(164)	(326)
	325	531
Balance as of December 31, 2019	2,383	4,773

21. Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases

Schedule of carrying amounts of right-of-use reconcile

The carrying amounts of right-of-use assets reconcile as follows:


	Carrying amount
	Buildings	Cars	Total
Balance as of January 1, 2019	695	22	717
Depreciation charge for the year	(371)	(13)	(384)
Additions to right-of-use assets	492	0	492
Balance as of December 31, 2019	816	9	824

Schedule of cash outflow related to leases

Cash outflow related to leases are as follows:


		2019
Repayment of lease liabilities		405
Interest on lease liabilities		24
Short-term lease payments		66
Cash outflow from leasing		495

Schedule of future contractually agreed undiscounted cash flows for leases

Future contractually agreed undiscounted lease payments are as follows:


	2019: Leases under IFRS 16	2018: Operating Leases under IAS 17
Payments within one year	553	675
Payments between one and five years	276	541
	829	1,216

Schedule of movements of lease liabilities reconcile to cash flows arising from financing activities

Movements of lease liabilities reconcile to cash flows arising from financing activities as follows:


		2019
Balance as of January 1		717
Changes from financing cash flows
Repayment of lease liabilities		(405)
		(405)
Other Changes
New lease contracts		492
		492
Balance as of December 31, 2019		804

23. Related Parties (Tables)

12 Months Ended

Dec. 31, 2018


	2019	2018	2017
Short-term employee benefits	2,598	2,683	1,538
Termination benefits	264	0	0
Share-based payments	1,738	1,229	1,379
	4,600	3,912	2,917

Outstanding Balances Related to Key Management Personnel


	Outstanding balances
	December 31,	December 31,
	2019	2018
Adi Hoess	5	0
Wolfgang Fischer	1	0
Martin Treder	0	9
Leila Alland	0	40
Thomas Hecht	26	21
Mathieu Simon	9	0
Berndt Modig	9	10
Ferdinand Verdonck	11	11
Ulrich Grau	21	21
Bernhard Ehmer	20	17

24. Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2018

Financial Risk Management

Exchange Rates


	2019	2018	2017
	CZK or USD	CZK or USD or	CZK or USD or
	or GBP/EUR	GBP/EUR	GBP/EUR
CZK - Average Rate	0.03896	0.03899	0.03799
CZK - Spot rate	0.03936	0.03887	0.03916

USD - Average Rate	0.89326	0.84674	0.88519
USD - Spot rate	0.89015	0.87336	0.83382


GBP - Average Rate	1.1393	1.13031
GBP - Spot rate	1.1754	1.11791

4. Significant Accounting Policies (Details)

12 Months Ended

Dec. 31, 2019

IFRS 16 Leases

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

IFRS 16 Leases

Effective date

Jan. 01, 2019

^[1]

Amendments to IFRS 9: Prepayment Features with Negative Compensation

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IFRS 9: Prepayment Features with Negative Compensation

Effective date

Jan. 01, 2019

^[1]

Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures

Effective date

Jan. 01, 2019

^[1]

Annual Improvements to IFRS Standards 2015‑2017 Cycle

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Annual Improvements to IFRS Standards 2015‑2017 Cycle

Effective date

Jan. 01, 2019

^[1]

Amendments to IAS 19: Plan Amendment, Curtailment or Settlement

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IAS 19: Plan Amendment, Curtailment or Settlement

Effective date

Jan. 01, 2019

^[1]

IFRIC 23 Uncertainty Over Income Tax Treatments

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

IFRIC 23 Uncertainty over Income Tax Treatments

Effective date

Jan. 01, 2019

^[1]

Amendments To References To The Conceptional Framework

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to References to the Conceptional Framework

Effective date for new standards and interpretations not yet adopted

Jan. 01, 2020

Amendments to IAS 1 and IAS 8: Definition of Material

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IAS 1 and IAS 8: Definition of Material

Effective date for new standards and interpretations not yet adopted

Jan. 01, 2020

Amendments To IFRS 9, IAS 39 And IFRS 7: Interest Rate Benchmark Reform

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform

Effective date for new standards and interpretations not yet adopted

Jan. 01, 2020

Amendments to IFRS 3 Business Combination

Disclosure of initial application of standards or interpretations [line items]

Standard/amendment

Amendments to IFRS 3 Business Combination

Effective date for new standards and interpretations not yet adopted

Jan. 01, 2020

[1]

Standard/interpretation Effective Date 1IFRS 16 LeasesJanuary 1, 2019Amendments to IFRS 9: Prepayment Features with Negative CompensationJanuary 1, 2019Amendments to IAS 28: Long-term Interests in Associates and Joint VenturesJanuary 1, 2019Annual Improvements to IFRS Standards 20152017 CycleJanuary 1, 2019Amendments to IAS 19: Plan Amendment, Curtailment or SettlementJanuary 1, 2019IFRIC 23 Uncertainty over Income Tax TreatmentsJanuary 1, 20191 Shall apply for periods beginning on or after the date shown in the effective date column.

4. Significant Accounting Policies - Narrative (Details) - EUR (€)		12 Months Ended
	Apr. 20, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies
Impairment loss (reversal of impairment loss) recognised in profit or loss, trade receivables		€ 0	€ 0	€ 0
Dilutive effect of loan agreements and options		0
Number of share options granted in share-based payment arrangement	240,000
Vesting period (in years)	3 years
Fair value of awards granted	€ 133,000

4. Significant Accounting Policies -Lease (Details) - EUR (€) € in Thousands		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets		€ 824	€ 717
Lease liabilities	€ 717	804	717
Depreciation, right-of-use assets		384
Interest on lease liabilities		24
Operating lease commitment as of December 31, 2018			1,154
Recognition exemption for short-term leases	(98)
Payments for incidental rental costs and other rental payments (Not part of the lease)	(312)
Discounting using the incremental borrowing rate as of January 1, 2019	(27)
Lease liabilities as of January 1, 2019	717	804	€ 717
IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets	717
Lease liabilities	€ 717
Weighted average discount rate	4.05%
Depreciation, right-of-use assets		385
Interest on lease liabilities		24
Operating lease expense		€ 406
Lease liabilities as of January 1, 2019	€ 717

5. Segment Reporting - Geographic information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Revenues	€ 21,391	€ 23,735	€ 2,010
Non-current assets	6,445	5,295	1,178
Germany
Disclosure of operating segments [line items]
Revenues	0	31	80
Non-current assets	2,017	1,224	957
Europe
Disclosure of operating segments [line items]
Revenues	1,646	1,175	1,236
USA
Disclosure of operating segments [line items]
Revenues	19,745	22,529	694
Non-current assets	3,558	3,825	0
Czech Republic
Disclosure of operating segments [line items]
Non-current assets	€ 870	€ 246	€ 221

- Definition

The amount of assets that do not meet the definition of current assets. [Refer: Current assets]

+ References + Details

- Definition

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

5. Segment Reporting - Narrative (Details) - customer	12 Months Ended
5. Segment Reporting - Narrative (Details) - customer	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Top Four Customers
Disclosure of major customers [line items]
Number of customers			4
Minimum \| Top Four Customers
Disclosure of major customers [line items]
Percentage of entity's revenue			10.00%
Minimum \| Genentech Inc.
Disclosure of major customers [line items]
Percentage of entity's revenue	10.00%	10.00%

6. Revenue - Narrative (Details) € in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2018 USD ($)	Oct. 31, 2018 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Dec. 31, 2019 EUR (€)
Other revenue information
Contingent payment upon achievement of certain milestone under the collaboration agreement \| $			$ 4.4
Revenue under contract liabilities				€ 14,795	€ 230
Additional payments upon achievement of milestones \| $			$ 5,000.0
Remaining performance obligations							€ 59,300
Performance obligations description			The remaining performance obligations at December 31, 2019 are approximately €59.3 million and are expected to be recognized as revenue to a large extent over the next two years.	The remaining performance obligations at December 31, 2019 are approximately €59.3 million and are expected to be recognized as revenue to a large extent over the next two years.
Amphivena
Other revenue information
Service fees to be received				€ 16,000
Revenue						€ 200
Leukemia & Lymphoma Society
Other revenue information
Revenue					200	200
AbCheck
Other revenue information
Revenue				1,700	1,700	€ 1,600
Genentech Inc
Other revenue information
Revenue				19,700	21,800
Collaboration agreement initial upfront payment received	$ 96.0	€ 83,200
Revenue under contract liabilities				€ 59,300	€ 61,400

6. Revenue (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Revenue.
Receivables	€ 204	€ 210
Contract liabilities	€ 59,314	€ 61,847

- Definition

The amount of an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

+ References + Details

6. Revenue - Disaggregation of revenue (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other revenue information
Revenues	€ 21,391	€ 23,735	€ 2,010
Point in time
Other revenue information
Revenues	5,783	21,863	233
Over time
Other revenue information
Revenues	15,608	1,872	1,777
Collaboration
Other revenue information
Revenues	19,685	22,018	390
Service
Other revenue information
Revenues	€ 1,706	€ 1,717	€ 1,620

- Definition

The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for consideration.

+ References + Details

7. Other Income and Expenses - Net (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Income And Expenses
Foreign exchange gains (losses)	€ 251	€ 1,523	€ (7)
Income from government grants	€ 19	€ 10	€ 195

- Definition

The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]

+ References + Details

8. Research and Development Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	€ 43,791	€ 35,148	€ 21,489
Third-party services
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	27,338	22,127	12,299
Personnel expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	10,154	8,055	5,639
Legal, consulting and patent expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	1,983	1,672	890
Costs of materials
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	1,547	1,140	994
Amortisation and depreciation
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	725	351	309
Other expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses.	€ 2,044	€ 1,804	€ 1,358

9. General and Administrative Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	€ 10,266	€ 9,638	€ 7,986
Personnel expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	5,357	4,929	4,521
Legal, consulting and audit expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	3,055	2,881	1,945
Other expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	€ 1,853	€ 1,828	€ 1,520

10. Employee Benefits (Details) - EUR (€) € in Thousands	12 Months Ended
10. Employee Benefits (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Benefits
Wages and salaries	€ 11,587	€ 10,027	€ 7,475
Social security costs	1,620	1,092	931
Employee benefits	€ 13,207	€ 11,119	€ 8,406

- Definition

The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.

+ References + Details

10. Employee Benefits - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Employee Benefits
Employer's contributions	€ 696	€ 502	€ 438

11. Finance Income and Finance Costs (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Finance Income and Finance Costs Line Items]
Finance income / (costs) - net	€ 15	€ 60	€ (2,983)
Interest SVB Loan Agreement
Disclosure of Finance Income and Finance Costs Line Items]
Finance income / (costs) - net	(483)	(847)	(690)
Foreign exchange differences
Disclosure of Finance Income and Finance Costs Line Items]
Finance income / (costs) - net	(175)	651	(2,378)
Interest on certificates of deposit with maturities of more than three months
Disclosure of Finance Income and Finance Costs Line Items]
Finance income / (costs) - net	602	5	77
Other finance income/finance costs - net
Disclosure of Finance Income and Finance Costs Line Items]
Finance income / (costs) - net	€ 71	€ 251	€ 8

12. Income Taxes (Details) - EUR (€) € in Thousands	12 Months Ended
12. Income Taxes (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Loss before tax	€ (32,361)	€ (19,476)	€ (30,243)
Income tax benefit at tax rate of 29.825 %	9,652	5,809	9,020
Adjustments of deferred tax assets	(9,822)	(5,318)	(9,036)
Permanent differences	(29)	(462)	(93)
Adjustments for local tax rates	5	(34)	195
Non deductible expenses	(43)	(53)	16
Other	233	57	(82)
Income taxes	€ (4)	€ (1)	€ 20

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2019-01-01
-Paragraph 35
-Subparagraph b
-Clause viii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=26&code=ifrs-tx-2019-en-r&anchor=para_35_b_viii&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph h
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_h&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2019-01-01
-Paragraph 79
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&anchor=para_79&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2019-01-01
-Paragraph 81
-Subparagraph c
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&anchor=para_81_c_i&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph d
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_d&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2019-01-01
-Paragraph 81
-Subparagraph c
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&anchor=para_81_c_ii&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B13
-Subparagraph g
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B13_g&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

- Definition

The profit (loss) before tax expense or income. [Refer: Profit (loss)]

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

+ Details

12. Income Taxes - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Income tax benefit at tax rate	29.825%
Tax loss carryforward for corporate income tax purposes	€ 199,200	€ 166,200
Maximum tax loss due to ownership changes	59,000
Tax loss carryforward for trade tax purposes	198,400	165,400
Borrowings
Income taxes
Deferred tax assets	70	0
Leasehold improvements and equipment and right-of-use assets
Income taxes
Deferred tax liabilities	226	0
Long term financial assets
Income taxes
Deferred tax liabilities	1,218	774
Contract liabilities
Income taxes
Deferred tax liabilities	308	0
Trade and other receivables
Income taxes
Deferred tax assets	243	334
Lease liabilities
Income taxes
Deferred tax assets	121	0
Trade and other payables
Income taxes
Deferred tax assets	23	27
Intangible assets
Income taxes
Deferred tax assets	283	415
AbCheck
Income taxes
Tax loss carryforward for corporate income tax purposes	€ 296	€ 423

13. Long term financial assets (Details) - Preferred Shares - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Fair value of preferred shares	€ 3.2	€ 3.8
Change in fair value	€ (0.6)	€ (4.7)

- Definition

The amount of investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: At fair value [member]; Other comprehensive income]

+ References + Details

14. Financial assets (Details)	12 Months Ended
14. Financial assets (Details)	Dec. 31, 2019
Financial Assets
Minimum Maturity period of certificate of deposits	3 months

15. Trade and Other Receivables (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Trade and Other Receivable [Line Items]
Trade receivables	€ 204	€ 210
Value-added tax receivables
Disclosure of Trade and Other Receivable [Line Items]
Other receivables	€ 453	€ 839

16. Equity (Details) - EUR (€) € / shares in Units, € in Thousands		12 Months Ended
	Nov. 13, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Authorized capital		€ 3,200	€ 3,200
Issued capital		€ 762	€ 624
Number of shares outstanding		76,249,901	62,430,106
Par value		€ 0.01	€ 0.01
Proceeds from issue of common shares		€ 31,373	€ 25,113	€ 23,123
Common shares
Number of shares outstanding		155,975,000	155,975,000
Par value		€ 0.01	€ 0.01
Number of shares authorized		155,975,000	155,975,000
Cumulative preference shares
Par value		€ 0.01	€ 0.01
Number of shares authorized		155,975,000	155,975,000
Public offering \| Common shares
Number of shares issued	13,800,000
Share price	€ 2.50
Proceeds from issue of common shares	€ 29,500

17. Share Based Payments (Details)		12 Months Ended
17. Share Based Payments (Details)	Apr. 20, 2018 Y	Dec. 31, 2019 USD ($) Y $ / shares	Dec. 31, 2018 USD ($) Y $ / shares
Share Based Payments
Fair value at grant date \| $		$ 2.10	$ 1.20
Share price at grant date \| $ / shares		$ 1.44	$ 1.91
Exercise price \| $ / shares		$ 1.44	$ 1.92
Expected volatility		82.00%	72.00%
Expected life \| Y	2	5.9	5.9
Expected dividends \| $		$ 0.00	$ 0.00
Risk-free interest rate		2.09%	0.34%

17. Share Based Payments - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Apr. 20, 2018 USD ($) Y tranche $ / shares shares	Apr. 20, 2018 EUR (€) Y tranche shares	Dec. 31, 2019 EquityInstruments USD ($) $ / shares	Dec. 31, 2019 EUR (€) EquityInstruments Y shares	Dec. 31, 2018 EquityInstruments $ / shares	Dec. 31, 2018 EUR (€) EquityInstruments Y shares	Dec. 31, 2017 EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)	3 years	3 years
Number of options issued \| €		240,000
Number of tranches \| tranche	3	3
Trading days	15 days	15 days
Share price at grant date			$ 1.44		$ 1.91
Grant date fair value	$ 164	€ 133,000
Expected life \| Y	2	2		5.9		5.9
Options exercisable \| $			0
Share-based expense \| €				€ 2,469,000		€ 2,035,000	€ 1,943,000
Number of options issued \| shares	240,000	240,000
Tranche I
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date	$ 6.15
Tranche II
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date	8.20
Tranche III
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date	$ 10.25
Research and Development
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based expense \| €				904,000		852,000	522,000
General and Administrative
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based expense \| €				€ 1,565,000		€ 1,183,000	€ 1,421,000
ESOP 2014
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)				3 years
Awards granted \| EquityInstruments				1,736,803		2,332,296
Awards cancelled or forfeited \| EquityInstruments				357,879		424,688
Awards outstanding \| EquityInstruments			7,307,567		5,948,438
Awards exercised \| shares				19,795		40,038
Average exercise price of awards exercised			$ 1.54		$ 1.98
Awards vested \| EquityInstruments				4,773,840		2,814,547
Annual forfeiture rate				4.00%		4.00%
Weighted average remaining contractual life				8 years 10 months 24 days		9 years 3 months 18 days
Exercise period				10 years
ESOP 2014 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			1.30		1.30
ESOP 2014 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			$ 13.47		$ 13.47

18. Provisions (Details) € in Millions	12 Months Ended
18. Provisions (Details) € in Millions	Dec. 31, 2019 EUR (€)
Provisions
Termination cost	€ 1.4
Termination cost incurred	0.9
Expected termination cost	€ 0.5

19. Borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Leasehold improvements and equipment	€ 2,291	€ 1,414
Inventories	296	260
Trade and other receivables	1,482	1,429
Other assets	0	387
Financial assets	8,902	13,974
Cash and cash equivalents	95,234	94,829	€ 39,837	€ 35,407
Total	108,205	112,293
Thereof Assets Pledged
Disclosure of detailed information about borrowings [line items]
Leasehold improvements and equipment	1,503	1,174
Inventories	247	235
Trade and other receivables	864	1,007
Other assets	0
Financial assets	8,902	13,974
Cash and cash equivalents	93,606	92,933
Total	€ 105,122	€ 109,323

- Definition

The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]

+ References + Details

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

- Definition

The amount of current inventories. [Refer: Inventories]

+ References + Details

- Definition

The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.

+ References + Details

19. Borrowings - Narrative (Details) € in Thousands		12 Months Ended
19. Borrowings - Narrative (Details) € in Thousands	Nov. 30, 2016 EUR (€) tranche	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 $ / shares	Dec. 31, 2019 EUR (€) shares	Apr. 30, 2019 EUR (€)	Dec. 31, 2018 $ / shares	Dec. 31, 2018 EUR (€) shares	Sep. 30, 2017 EUR (€)	May 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)
Disclosure of detailed information about borrowings [line items]
Loan payable, current				€ 2,013			€ 3,083
SVB loan
Disclosure of detailed information about borrowings [line items]
Floor rate	5.50%
Legal and arrangement fee	€ 236
Final payment fee percentage on principal	10.00%
Warrants to purchase common shares \| shares				166,297			53,395
Exercise price of share \| $ / shares			$ 2.00			$ 2.30
Expiration period	10 years
Change in fair value of warrant	€ 192
Change in deferred tax on warrant equity	81
Change in transaction cost	€ 8
Exercise period	5 years
Percentage of ownership interest pledged as security	100.00%
Fair value of financial liabilities				€ 2,013			€ 4,773
Senior Secured Term Loan Facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	€ 10,000
Number of tranches \| tranche	3
Undrawn borrowings								€ 2,500
Senior Secured Term Loan Facility Tranche One
Disclosure of detailed information about borrowings [line items]
Borrowings										€ 5,000
Senior Secured Term Loan Facility Tranche Two
Disclosure of detailed information about borrowings [line items]
Borrowings									€ 2,500
Loan agreement with UniCredit Leasing CZ
Disclosure of detailed information about borrowings [line items]
Borrowings				368	€ 562
Loan repaid		€ 127
Monthly repayment installment				8
Current liabilities				€ 91
EURIBOR \| SVB loan
Disclosure of detailed information about borrowings [line items]
Variable interest rate	5.50%
Minimum \| SVB loan
Disclosure of detailed information about borrowings [line items]
Volatility	75.00%
Maximum \| SVB loan
Disclosure of detailed information about borrowings [line items]
Volatility	80.00%

19. Borrowings - Movements of Liabilities Reconcile to Cash Flows Arising from Financing Activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movements of liabilities reconcile to cash flows arising from financing activities
Balance at beginning of period	€ 4,773	€ 7,169
Proceeds from borrowings	562	0	€ 2,500
Repayment of borrowings	(3,277)	(2,917)	(167)
Changes from financing cash flows	(2,715)	(2,917)
Capitalized borrowing costs	489	847
Interest paid	(164)	(326)
Other Changes	325	531
Balance at end of period	€ 2,383	€ 4,773	€ 7,169

20. Trade and Other Payables (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Trade and Other Payables
Trade payables	€ 10,249	€ 8,482
Other payables	€ 801	€ 885

21. Leases - Narrative (Details)	12 Months Ended
21. Leases - Narrative (Details)	Dec. 31, 2019
Minimum
Disclosure Of Lease For Lessee [Line Items]
Lease term	1 year
Maximum
Disclosure Of Lease For Lessee [Line Items]
Lease term	4 years

21. Leases - Schedule of Carrying Amounts of Right-of-Use Assets Reconcile (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019 EUR (€)
Leases
Balance at beginning of period	€ 717
Depreciation charge for the year	(384)
Additions to right-of-use assets	492
Balance at end of period	824
Buildings
Leases
Balance at beginning of period	695
Depreciation charge for the year	(371)
Additions to right-of-use assets	492
Balance at end of period	816
Car
Leases
Balance at beginning of period	22
Depreciation charge for the year	(13)
Additions to right-of-use assets	0
Balance at end of period	€ 9

21. Leases - Schedule of Cash Outflow Related to Leases (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases
Repayment of lease liabilities	€ 405	€ 0	€ 0
Interest on lease liabilities	24
Short-term lease payments	66
Cash outflow from leasing	€ 495
Lease expenses		€ 562	€ 472

21. Leases - Future Contractually Agreed Undiscounted Lease Payments (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases
Future contractually agreed undiscounted cash flows	€ 829
Operating lease commitment under IAS 17		€ 1,216
Payments within one year
Leases
Future contractually agreed undiscounted cash flows	553
Operating lease commitment under IAS 17		675
Payments between one and five years
Leases
Future contractually agreed undiscounted cash flows	€ 276
Operating lease commitment under IAS 17		€ 541

21. Leases - Movements of lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases
Balance at beginning of period	€ 717
Repayment of lease liabilities	(405)	€ 0	€ 0
New lease contracts	492
Balance at end of period	€ 804	€ 717

22. Other Commitments and Contingencies - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Commitments and Contingencies
License fees	€ 92	€ 124	€ 174
Future payment obligations under non-cancellable fees	€ 25

23. Related Parties - Compensation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Parties
Short-term employee benefits	€ 2,598	€ 2,683	€ 1,538
Share-based payments	1,738	1,229	1,379
Termination benefits	264	0	0
Key management personnel compensation	€ 4,600	€ 3,912	€ 2,917

23. Related Parties - Outstanding Balances (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Adi Hoess
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	€ 5	€ 0
Wolfgang Fischer
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	1	0
Martin Treder
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	0	9
Leila Alland
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	0	40
Dr. Thomas Hecht
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	26	21
Mathieu Simon
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	9	0
Berndt Modig
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	9	10
Ferdinand Verdonck
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	11	11
Dr. Ulrich Grau
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	21	21
Dr. Bernhard Ehmer
Disclosure of transactions between related parties [line items]
Key management personnel outstanding balance	€ 20	€ 17

- Details

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23. Related Parties - Narrative (Details) € in Thousands	12 Months Ended
23. Related Parties - Narrative (Details) € in Thousands	Dec. 31, 2019 EUR (€) shareholder	Dec. 31, 2018 EUR (€) shareholder	Dec. 31, 2017 EUR (€)
Disclosure of transactions between related parties [line items]
Number of shareholder holds more than 20% of the voting rights \| shareholder	0	0
Share-based expense	€ 2,469	€ 2,035	€ 1,943
Supervisory Board Directors
Disclosure of transactions between related parties [line items]
Compensation received for their services	382	382	375
Share-based expense	€ 243	€ 117	€ 144

24. Financial Risk Management - Narrative (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	€ 95,234	€ 94,829	€ 39,837	€ 35,407
Trade and other receivables	1,482	1,429
Proceeds from issue of common shares	31,373	25,113	€ 23,123
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total carrying amount of shares	3,200	3,800
Cash and cash equivalents	95,200	94,800
Trade and other receivables	1,500	1,400
Certificates of deposit	8,900	14,000
Maximum credit exposure	108,800	114,100
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Principal amount	7,500
Borrowings	€ 2,000
Percentage of deemed EURIBOR rate	0.00%
Floor rate	0.00%
Interest income	€ 715
Other price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum credit exposure	3,200
Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum foreign currency exposure	€ 56,531	47,524
Percentage of deviation between currency exchange rate	10.00%
Net loss in currency exchange deviation	€ 5,677	€ 4,787
Percentage of shift in exchange rate	10.00%
Liquidity risk \| Public offering
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of shares issued	13,800,000	13,225,000	10,646,762
Share price	€ 2.50	€ 2.00	€ 1.80
Proceeds from issue of common shares	€ 29,500	€ 19,700	€ 16,400
Liquidity risk \| At-the-market sales agreement
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of shares issued		2,373,716
Proceeds from issue of common shares		€ 3,800
One Month Euribor \| Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Variable interest rate	5.50%

24. Financial Risk Management - Exchange Rates (Details)	12 Months Ended
	Dec. 31, 2019 £ / € $ / € Kč / €	Dec. 31, 2018 £ / € $ / € Kč / €	Dec. 31, 2017 $ / € Kč / €
CZK
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average rate \| Kč / €	0.03896	0.03899	0.03799
Spot rate \| Kč / €	0.03936	0.03887	0.03916
USD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average rate \| $ / €	0.89326	0.84674	0.88519
Spot rate \| $ / €	0.89015	0.87336	0.83382
GBP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average rate \| £ / €	1.1393	1.13031
Spot rate \| £ / €	1.1754	1.11791