0001104659-24-097112 | 6-K | XBRL Viewer

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Share-based payments - Market conditions (Details) - 12 months ended Dec. 31, 2022 - ESOP 2014 € in Millions, $ in Millions	EUR (€) shares	USD ($) shares
Share-based payments
Number of share option issued	282,500	282,500
Contractual lifetime of the options	2 years	2 years
Fair Value of Share Options At Grant Date	€ 2.9	$ 3.2

Share-based payments (Tables)

6 Months Ended

Jun. 30, 2024

Share-based payments with service condition

Share-based payments

Schedule of fair value of options


	June 30, 2024			June 30, 2023
Fair value at grant date	$	4.3		$	7.9
Share price at grant date	$	5.8		$	10.5
Exercise price	$	5.8		$	10.5
Expected volatility		82	%		90	%
Expected life		5.88			5.86
Expected dividends		0.00			0.00
Risk-free interest rate		4.14	%		3.95	%

Equity	6 Months Ended
Jun. 30, 2024
Equity
Equity	10. Equity The share and per share information presented in this note retrospectively reflects the effects of the reverse stock split effective March 8, 2024, which was approved by the Company’s shareholders at the Company’s Annual General Meeting of Shareholders on June 21, 2023. At the annual general meeting, held on June 26, 2024, shareholders approved the increase of the authorized share capital to 75,000,000 shares, from 31,195,000 shares. As of June 30, 2024, the share capital of €1,568 (December 31, 2022: €1,500) is comprised of 15,680,769 (December 31, 2023: 14,998,804) common shares with a par value of €0.10 per share. In November 2021, we entered into a $100 million ATM program. As of December 31, 2023, 0.08 million common shares were sold, generating net proceeds of €1.8 million in the aggregate. For the three and six months ended June 30, 2024, an additional 0.5 million and 0.7 million common shares were sold under the ATM program, generating net proceeds of €2.9 million and €4.2 million in the aggregate.

Equity

6 Months Ended

Jun. 30, 2024

Equity

Equity

10. Equity

The share and per share information presented in this note retrospectively reflects the effects of the reverse stock split effective March 8, 2024, which was approved by the Company’s shareholders at the Company’s Annual General Meeting of Shareholders on June 21, 2023.

At the annual general meeting, held on June 26, 2024, shareholders approved the increase of the authorized share capital to 75,000,000 shares, from 31,195,000 shares.

As of June 30, 2024, the share capital of €1,568 (December 31, 2022: €1,500) is comprised of 15,680,769 (December 31, 2023: 14,998,804) common shares with a par value of €0.10 per share.

In November 2021, we entered into a $100 million ATM program. As of December 31, 2023, 0.08 million common shares were sold, generating net proceeds of €1.8 million in the aggregate. For the three and six months ended June 30, 2024, an additional 0.5 million and 0.7 million common shares were sold under the ATM program, generating net proceeds of €2.9 million and €4.2 million in the aggregate.

Borrowings - Bootstrap Europe (Details) - EUR (€)	6 Months Ended
Borrowings - Bootstrap Europe (Details) - EUR (€)	Jun. 30, 2024	Dec. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Apr. 30, 2019
Borrowings
Variable interest rate						5.50%
Borrowings, interest rate						0.00%
Loan agreement with UniCredit Leasing CZ
Borrowings
Amount outstanding							€ 562,000
Borrowings Derecognised		€ (562,000)
Bootstrap Europe
Borrowings
Percentage of ownership interest pledged as security	100.00%
Financial liabilities	€ 9,400,000
Maximum amount of term loan available to drawdown						€ 25,000,000
Bootstrap Europe - Loan facility tranche one.
Borrowings
Amount outstanding					€ 10,000,000
Maximum amount of term loan available to drawdown						10,000,000
Bootstrap Europe - Loan facility tranche two
Borrowings
Amount outstanding				€ 7,500,000
Maximum amount of term loan available to drawdown						7,500,000
Bootstrap Europe - Loan facility tranche three
Borrowings
Maximum amount of term loan available to drawdown						€ 7,500,000
Expired Undrawn Borrowing Facility			€ 7,500,000

Other financial assets

6 Months Ended

Jun. 30, 2024

Other financial assets

Other financial assets

7. Other financial assets

On December 28, 2023, the Group entered into an agreement regarding the sale of its wholly owned subsidiary AbCheck s.r.o. (‘AbCheck sale agreement‘) to Ampersand Biomedicines Inc (‘Ampersand’) for a gross purchase price of €5.8 million ($6.4 million), consisting of €4.9 million ($5.4 million) in cash to be paid in two tranches and €0.9 million ($1.0 million) to be paid by delivery of a variable number of Ampersand shares subject to certain adjustments and a holdback. The first cash tranche of €1.6 million ($1.8 million) was received in December 2023. An additional €0.2 million ($0.2 million) was received in April 2024 after certain accounts were finalized. The settlement of the balance of the purchase price (both cash and shares) is required once Ampersand has completed a financing round but no later than December 31, 2024. As of June 30, 2024 the portion to be settled by way of shares is included under other financial assets and amounts to €0.9 million ($0.9 million) (December 31, 2023: €0.9 million ($0.9 million)); the balance of the cash portion of €3.0 million (December 31, 2023: €3.1 million) is included under trade and other receivables.

Unaudited consolidated interim statements of changes in equity for the year - EUR (€) € in Thousands	Issued capital	Capital reserves	Fair value reserves	Accumulated deficit	Total
Balance beginning at Dec. 31, 2022	€ 1,493	€ 582,843	€ (1,231)	€ (430,190)	€ 152,915
Equity-settled share-based payment awards		7,389			7,389
Loss for the period				(61,378)	(61,378)
Balance ending at Jun. 30, 2023	1,493	590,232	(1,231)	(491,568)	98,926
Balance beginning at Dec. 31, 2023	1,500	593,666	(1,231)	(536,128)	57,807
Issue of common shares	68	3,993			4,061
Equity-settled share-based payment awards		1,472			1,472
Loss for the period				(34,626)	(34,626)
Balance ending at Jun. 30, 2024	€ 1,568	€ 599,131	€ (1,231)	€ (570,754)	€ 28,714

- Definition

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

+ 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

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+ Details

Share-based payments - Payment expense (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
Share-based expense	€ 683	€ 3,231	€ 1,472	€ 7,389
Research and Development
Share-based payments
Share-based expense	300	1,709	600	4,022
General and Administrative
Share-based payments
Share-based expense	€ 400	€ 1,523	€ 900	€ 3,368

Related parties

6 Months Ended

Jun. 30, 2024

Related parties

Related parties

14. Related parties

The supervisory board directors of Affimed N.V. received compensation in the amounts of €121 and €238 (€114 and €238) for their services on the Supervisory Board in the three and six months ended June 30, 2024 (2023). Members of the Management Board received compensation in the amounts of €505 and €1,098 (€972 and €1,916) for their services on the Management Board in the three and six months ended June 30, 2024 (2023).

The Company recognized share-based payment expenses of €37 and €85 (€83 and €195) for supervisory directors and €370 and €417 (€1,317 and €2,954) for managing directors in the three and six months ended June 30, 2024 (2023).

The following table provides the total amounts of outstanding balances for supervisory board compensation and expense reimbursement:


	Outstanding balances
	June 30, 2024	December 31, 2023
Thomas Hecht	23	21
Mathieu Simon*	7	8
Ulrich Grau*	19	18
Bernhard Ehmer	17	15
Annalisa Jenkins	12	11
Uta Kemmerich-Keil*	19	16
Constanze Ulmer-Eilfort	17	16

* No longer Supervisory Board members, effective June 26, 2024

Borrowings

6 Months Ended

Jun. 30, 2024

Borrowings

Borrowings

12. Borrowings

Bootstrap Europe

In January 2021, the Group entered into a loan agreement with Bootstrap Europe (formerly Silicon Valley Bank German Branch (“SVB”)) which provided Affimed with up to €25 million in term loans in three tranches: €10 million available at closing, an additional €7.5

million upon the achievement of certain conditions, including milestones related to Affimed’s pipeline and market capitalization, and a third tranche of €7.5 million upon the achievement of certain additional conditions related to Affimed’s pipeline and liquidity. The first tranche of €10 million was drawn in February 2021 and the second tranche of €7.5 million in December 2021. The third tranche of €7.5 million expired undrawn at the end of 2022. Pursuant to the terms of the agreement, the loan bears interest at the greater of the European Central Bank Base Rate and 0%, plus 5.5%. Affimed was entitled to make interest only payments through December 1, 2022. The loan will mature at the end of November 2025. As of June 30, 2024, the fair value of the liability did not differ significantly from its carrying amount (€9.4 million).

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

UniCredit Leasing CZ

In April 2019, the Group (through its previously held subsidiary AbCheck s.r.o.) entered into a loan agreement with UniCredit Leasing CZ for €562. In the course of the sale of AbCheck, the loan was derecognized as of December 28, 2023.

Other assets and prepaid expenses (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other assets and prepaid expenses
Other assets and prepaid expenses	€ 4,145	€ 5,500
Reservation of manufacturing capacity
Other assets and prepaid expenses
Prepayments	500	900
Clinical trial management services
Other assets and prepaid expenses
Prepayments	2,100	3,400
Directors And Officers' liability insurance premiums.
Other assets and prepaid expenses
Prepayments	€ 600	€ 0

Related parties - Additional Information (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related parties
Share-based expense	€ 683	€ 3,231	€ 1,472	€ 7,389
Supervisory Board Directors
Related parties
Key management personnel compensation	121	114	238	238
Key management personnel compensation, share-based payment	37	83	85	195
Management Board
Related parties
Key management personnel compensation	505	972	1,098	1,916
Key management personnel compensation, share-based payment	€ 370	€ 1,317	€ 417	€ 2,954

Basis of preparation and changes to Group's accounting policies - Fair Value Measurement (Details)	6 Months Ended
	Jun. 30, 2024 EUR (€)
Basis of preparation and changes to Group's accounting policies
Transfers out of Level 1 into Level 2, assets	€ 0
Transfers out of Level 2 into Level 1, assets	0
Transfers out of Level 3, assets	0
Transfer into Level 3, assets	0
Transfers out of Level 1 into Level 2, liabilities	0
Transfers out of Level 2 into Level 1, liabilities	0
Transfers out of Level 3, liabilities	0
Transfers into Level 3, liabilities	€ 0

Other financial assets (Details) € in Thousands, $ in Millions		1 Months Ended		12 Months Ended
	Dec. 28, 2023 EUR (€) tranche	Apr. 30, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 28, 2023 USD ($)
Other financial assets
Consideration in shares included in other financial assets				€ 851		€ 878
Trade and other receivables				5,327		5,717
AbCheck
Other financial assets
Gross purchase price	€ 5,800								$ 6.4
Consideration in cash to be received	€ 4,900								$ 5.4
Number of tranches for cash received \| tranche	2
Consideration in cash received		€ 200	$ 0.2	1,600	$ 1.8
Consideration received in Shares subject to certain adjustments				900				$ 1.0
Consideration in shares included in other financial assets				900		900	$ 0.9	$ 0.9
Consideration to be received of cash portion included in trade and other receivables				€ 3,100		€ 3,000

Finance income and finance costs

6 Months Ended

Jun. 30, 2024

Finance income and finance costs

Finance income and finance costs

5. Finance income and finance costs


	Three months ended	Three months ended	Six months ended	Six months ended
	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Interest Bootstrap Loan Agreement	(316)	(470)	(678)	(947)
Foreign exchange differences	163	121	506	(431)
Interest on Government treasury bonds	306	0	673	0
Other finance income/finance costs - net	(48)	396	(36)	906
	105	47	465	(472)

Basis of preparation and changes to Group's accounting policies (Details)		6 Months Ended
	Mar. 08, 2024	Jun. 30, 2024 shares
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Reverse stock split ratio	0.10
Share options and Warrants [member]
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Number of instruments that are antidilutive in period presented		2,669,787

Revenue - Disaggregation of revenue (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Revenues	€ 154	€ 1,390	€ 309	€ 5,900
Germany
Revenue
Revenues	0	0	0	0
USA
Revenue
Revenues	154	1,390	309	5,900
Collaboration
Revenue
Revenues	154	1,215	309	5,671
Service
Revenue
Revenues	0	175	0	229
Point in time
Revenue
Revenues	0	0	0	0
Over time
Revenue
Revenues	€ 154	€ 1,390	€ 309	€ 5,900

Trade and other receivables (Details) - EUR (€)	Jun. 30, 2024	Dec. 31, 2023
Trade and other receivables
Trade Receivables	€ 0	€ 0
Value added tax receivables	1,500,000	871,000
Consideration receivable	€ 3,000,000.0	€ 3,100,000

Unaudited consolidated interim statements of comprehensive loss - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unaudited consolidated interim statements of comprehensive loss
Revenue	€ 154,000	€ 1,390,000	€ 309,000	€ 5,900,000
Other income - net	56,000	717,000	233,000	1,127,000
Research and development expenses	(11,727,000)	(25,273,000)	(27,118,000)	(54,804,000)
General and administrative expenses	(4,036,000)	(6,276,000)	(8,512,000)	(13,126,000)
Operating loss	(15,553,000)	(29,442,000)	(35,088,000)	(60,903,000)
Finance income / (costs) - net	105,000	47,000	465,000	(472,000)
Loss before tax	(15,448,000)	(29,395,000)	(34,623,000)	(61,375,000)
Income taxes	(3,000)	0	(3,000)	(3,000)
Loss for the period	(15,451,000)	(29,395,000)	(34,626,000)	(61,378,000)
Total comprehensive loss	€ (15,451,000)	€ (29,395,000)	€ (34,626,000)	€ (61,378,000)
Basic loss per share in € per share	€ (1.01)	€ (1.97)	€ (2.28)	€ (4.11)
Diluted loss per share in € per share	€ (1.01)	€ (1.97)	€ (2.28)	€ (4.11)
Weighted number of common shares outstanding	15,300,912	14,933,934	15,212,555	14,933,934

Investments (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
Investments (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of financial assets [line items]
Investments	€ 23,683		€ 23,683		€ 33,518
Government treasury bonds
Disclosure of financial assets [line items]
Investments	23,700		23,700		€ 33,500
Interest income	€ 300	€ 0	€ 700	€ 0

Basis of preparation and changes to Group's accounting policies - Critical judgments and accounting estimates (Details) - EUR (€)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Basis of preparation and changes to Group's accounting policies
Term of contract	5 years	5 years	10 years
Discount rate percentage	8.06%	8.06%	9.56%
Cumulative depreciation expense	€ 5,493,000
Cumulative interest expense	891,000
Previously Stated
Basis of preparation and changes to Group's accounting policies
Depreciation expense			€ 8,039,000
Interest expense			3,483,000
Change
Basis of preparation and changes to Group's accounting policies
Change	(2,546,000)
Change	(2,592,000)
Payments within one year
Basis of preparation and changes to Group's accounting policies
Depreciation expense	1,156,000
Interest expense	325,000
Payments within one year \| Previously Stated
Basis of preparation and changes to Group's accounting policies
Depreciation expense			825,000
Interest expense			629,000
Payments within one year \| Change
Basis of preparation and changes to Group's accounting policies
Change	331,000
Change	(304,000)
2025
Basis of preparation and changes to Group's accounting policies
Depreciation expense	1,156,000
Interest expense	257,000
2025 \| Previously Stated
Basis of preparation and changes to Group's accounting policies
Depreciation expense			825,000
Interest expense			577,000
2025 \| Change
Basis of preparation and changes to Group's accounting policies
Change	331,000
Change	(320,000)
2026
Basis of preparation and changes to Group's accounting policies
Depreciation expense	1,156,000
Interest expense	183,000
2026 \| Previously Stated
Basis of preparation and changes to Group's accounting policies
Depreciation expense			825,000
Interest expense			521,000
2026 \| Change
Basis of preparation and changes to Group's accounting policies
Change	331,000
Change	(338,000)
2027 and thereafter
Basis of preparation and changes to Group's accounting policies
Depreciation expense	2,025,000
Interest expense	126,000
2027 and thereafter \| Previously Stated
Basis of preparation and changes to Group's accounting policies
Depreciation expense			5,564,000
Interest expense			€ 1,756,000
2027 and thereafter \| Change
Basis of preparation and changes to Group's accounting policies
Change	(3,539,000)
Change	€ (1,630,000)

Share-based payments - Service conditions (Details) - ESOP 2014 $ / shares in Units, € in Millions, $ in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2024 EquityInstruments $ / shares	Jun. 30, 2023 EquityInstruments	Jun. 30, 2024 EUR (€) EquityInstruments	Jun. 30, 2024 USD ($) EquityInstruments $ / shares	Jun. 30, 2023 EquityInstruments	Dec. 31, 2023 EquityInstruments $ / shares
Share-based payments with service condition
Vesting period (in years)			3 years	3 years
Exercise period			10 years	10 years
Awards granted (share option)	0		570,250	570,250
Fair value of the awards at grant date (Share option).			€ 2.3	$ 2.4
Awards cancelled or forfeited (Share option)	14,138	21,772	92,976	92,976	36,854
Awards outstanding (options)	2,659,162			2,659,162		2,181,888
Awards Vested (Share options)			1,690,717	1,690,717		1,240,852
Weighted average remaining contractual life			7 years 4 months 24 days	7 years 4 months 24 days		7 years 3 months 18 days
Weighted average exercise price \| $ / shares	$ 29.56			$ 29.56		$ 35.7
Minimum
Share-based payments with service condition
Exercise price \| $ / shares	3.50			3.50
Maximum
Share-based payments with service condition
Exercise price \| $ / shares	$ 134.70			$ 134.70

Share-based payments - Fair value of options (Details) - Share-based payments with service condition	6 Months Ended
	Jun. 30, 2024 USD ($) Y $ / shares	Jun. 30, 2023 USD ($) Y $ / shares
Share-based payments
Fair value at grant date \| $	$ 4.3	$ 7.9
Share price at grant date \| $ / shares	$ 5.8	$ 10.5
Exercise price \| $ / shares	$ 5.8	$ 10.5
Expected volatility	82.00%	90.00%
Expected life \| Y	5.88	5.86
Expected dividends \| $	$ 0.00	$ 0.00
Risk-free interest rate	4.14%	3.95%

Revenue - Additional Information (Details) € in Thousands, $ in Millions		1 Months Ended		3 Months Ended		6 Months Ended
	Nov. 09, 2020 USD ($)	Oct. 31, 2018 EUR (€)	Oct. 31, 2018 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue under contract liabilities				€ 200		€ 300
Remaining performance obligations				800		€ 800
Remaining performance obligation period						15 months
Contract liabilities.				774		€ 774			€ 1,083
Genentech Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration agreement initial upfront consideration		€ 83,200	$ 96.0
Revenue				200	€ 300	200	€ 300
Additional payments upon achievement of milestones \| $								$ 5,000.0
Contract liabilities.				800		800			1,100
Roivant Sciences Ltd.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration agreement initial upfront consideration \| $	$ 60.0
Revenue				€ 0	€ 1,100	€ 0	€ 5,400
Collaboration agreement cash consideration \| $	40.0
Collaboration agreement consideration in shares \| $	$ 20.0
Refunds									1,400
Contract liabilities.									€ 0

Basis of preparation and changes to Group's accounting policies (Tables)

6 Months Ended

Jun. 30, 2024

Basis of preparation and changes to Group's accounting policies

Schedule of consolidated depreciation and interest expense


	Depreciation		Depreciation
	expense -		expense -
Impact of the estimation changes	previous	Change	revised
2024	825	331	1,156
2025	825	331	1,156
2026	825	331	1,156
2027 and thereafter	5,564	(3,539)	2,025
Total	8,039	(2,546)	5,493


	Interest		Interest
	expense		expense -
	- previous	Change	revised
2024	629	(304)	325
2025	577	(320)	257
2026	521	(338)	183
2027 and thereafter	1,756	(1,630)	126
Total	3,483	(2,592)	891

Schedule of new standards and amendments to standards

Standard/interpretation		Effective Date¹

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability		January 1, 2025
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments		January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements		January 1, 2027

Lease liabilities

6 Months Ended

Jun. 30, 2024

Leases liabilities

Lease liabilities

13. Lease liabilities

As part of the original property lease agreement in Mannheim, additional office space has been made available to the Group and occupation was taken on January 1, 2024. This has resulted in an addition to the right-of-use asset of €0.8 million, and a corresponding increase to the lease liabilities.

The lease term for the property leased in Mannheim has been reassessed considering current events following the restructure relating to exploring financing options and discussions held with the landlord and potential sub lessees. As a result, the Group had concluded that it is highly likely that the Group will opt to exercise the early termination option of the lease and therefore terminate the lease after 5 years, reduced from the original 10 years. Together with the reduction in lease term the discount rate used has also been reviewed and reduced from 9.56% to 8.06% for 2024. The lease liability and right-of-use asset has been adjusted to take these changes into account.

Share-based payments

6 Months Ended

Jun. 30, 2024

Share-based payments

Share-based payments

11. Share-based payments

In 2014, an equity-settled share-based payment program was established by Affimed N.V. (ESOP 2014). Under this program, the Company granted awards to certain members of the Management Board, certain members of the Company’s Supervisory Board, non-employee consultants and employees.

The share and per share information presented in this note retrospectively reflects the effects of the reverse stock split which was effective March 8, 2024.

Share-based payments with service conditions

The majority of the awards vest in instalments over three years and can be exercised up to 10 years after the grant date. The Group granted nil and 570,250 awards for the three and six months ended June 30, 2024 to employees, members of the Management Board, members of the Supervisory Board and consultants. Fair value of the awards at grant date for the six months ended June 30, 2024, amounts to €2.3 million ($2.4 million).

14,138 and 92,976 ESOP 2014 awards were cancelled or forfeited due to termination of employment during the three and six months ended June 30, 2024 (June 30, 2023: 21,772 and 36,854).

As of June 30, 2024, 2,659,162 ESOP 2014 options were outstanding (December 31, 2023: 2,181,888), and 1,690,717 awards had vested (December 31, 2023: 1,240,852). The options outstanding as of June 30, 2024, had an exercise price in the range of $3.50 to $134.70, a weighted average remaining contractual life of 7.4 years (December 31, 2023: 7.3 years) and a weighted average exercise price of $29.56 (December 31, 2023: $35.7).

Share-based payments with market conditions

During 2022, the Company issued 282,500 options with market-based performance conditions to members of the Management Board and employees. As of June 30, 2024, all of these options had been forfeited.

Fair value of the awards at grant date in 2022 amounted to €2.9 million ($3.2 million) and the contractual lifetime of the options was two years. Any unvested awards on the date that is two years following the grant date would lapse, accordingly these are now all lapsed.

Share-based payment expense

For the three and six months ended June 30, 2024, compensation expense of €683 and €1,472 was recognized affecting research and development expenses (€0.3 million and €0.6 million) and general and administrative expenses (€0.4 million and €0.9 million). In the three and six months ended June 30, 2023, compensation expense of €3,231 and €7,389 was recognized affecting research and development expenses (€1,709 and €4,022) and general and administrative expenses (€1,523 and €3,368).

Fair value measurement

The fair value of options with service conditions granted in the six months ended June 30, 2024 and 2023, respectively, was determined using the Black-Scholes-Merton valuation model. The significant inputs into the valuation model are as follows (weighted average):


	June 30, 2024			June 30, 2023
Fair value at grant date	$	4.3		$	7.9
Share price at grant date	$	5.8		$	10.5
Exercise price	$	5.8		$	10.5
Expected volatility		82	%		90	%
Expected life		5.88			5.86
Expected dividends		0.00			0.00
Risk-free interest rate		4.14	%		3.95	%

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

The risk-free interest rates are based on the yield to maturity of U.S. Treasury strips (as best available indication for risk-free rates), for a term equal to the expected life, as measured as of the grant date.

Finance income and finance costs (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and finance costs	€ 105	€ 47	€ 465	€ (472)
Interest Bootstrap Loan Agreement
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and finance costs	(316)	(470)	(678)	(947)
Foreign exchange differences
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and finance costs	163	121	506	(431)
Interest on Government treasury bonds
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and finance costs	306	0	673	0
Other finance income/finance costs - net
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and finance costs	€ (48)	€ 396	€ (36)	€ 906

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue

Schedule of receivables and contract liabilities from contracts with customers


	June 30, 2024	December 31, 2023

Receivables	0	0
Contract liabilities	774	1,083

Schedule of disaggregation of revenue


	Three months	Three months	Six months	Six months
	ended	ended	ended	ended
	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Geographic information
Revenue:
Germany	0	0	0	0
USA	154	1,390	309	5,900
	154	1,390	309	5,900


Major service lines:
Collaboration revenue	154	1,215	309	5,671
Service revenue	0	175	0	229
	154	1,390	309	5,900


Timing on revenue recognition:
Point in time	0	0	0	0
Over time	154	1,390	309	5,900
	154	1,390	309	5,900

Operating loss (Details) € in Millions	1 Months Ended		3 Months Ended	6 Months Ended
Operating loss (Details) € in Millions	Jan. 31, 2024	Apr. 30, 2023 item	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)
Disclosure of attribution of expenses by nature to their function [line items]
Percentage of headcount was reduced	50.00%
Termination payments			€ 1.1	€ 1.6	€ 1.1
Impairment of selling laboratory				1.6
Impairment of laboratory inventory				0.5
Number of clinical stage development programs \| item		3
Research and development expenses
Disclosure of attribution of expenses by nature to their function [line items]
Termination payments				1.5
General and administrative expenses
Disclosure of attribution of expenses by nature to their function [line items]
Termination payments				€ 0.1

Basis of preparation and changes to Group's accounting policies (Policies)

6 Months Ended

Jun. 30, 2024

Basis of preparation and changes to Group's accounting policies

Statement of compliance

Statement of compliance

The unaudited condensed consolidated interim financial statements (referred to as the “interim financial statements”) as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all the information and disclosures required in the consolidated annual financial statements and should be read in conjunction with Affimed N.V.’s annual consolidated financial statements as of December 31, 2023.

The interim financial statements were authorized for issuance by the Company’s Management Board on September 5, 2024.

Going concern

Going concern

The interim financial statements have been prepared on the basis that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As a clinical-stage biopharmaceutical company, the Group has incurred operating losses since inception. As of June 30, 2024, the Group had an accumulated deficit of €570.8 million and total net equity of €28.7 million.

The Group expects it will incur operating losses for the foreseeable future due to, among other things, costs related to continued clinical programs and its administrative organization. Historically, Affimed has successfully financed its operations through collaborations, licensing, venture loans and equity issuances. Based on current operating and budget assumptions, management anticipates that the Group’s cash and cash equivalents and investments, together with anticipated proceeds from the ATM program and the sale of AbCheck, will finance the Group into the second half of 2025. In addition, management is pursuing various financing alternatives to meet the Group’s future cash requirements, including the issuance of equity to existing or new shareholders, payments from arrangements with strategic partners and other sources. Based on such operating and budget assumptions, management has concluded that the Group is able to continue as a going concern.

We are advancing our product candidates through clinical development. Developing pharmaceutical products, including conducting preclinical studies and clinical studies, is expensive and highly regulated. In order to obtain necessary regulatory approval, we are required to conduct clinical studies for each of our product candidates and each of their indications. The Group’s clinical programs with acimtamig, AFM24 and AFM28 are still in the development stage. Any further development until market approval and successful financing is dependent on meaningful clinical trial results, among other factors. Achieving such results implies uncertainty, including

relating to estimated costs for completing ongoing clinical programs, the timing for bringing such programs to market or for substantially partnering or out-licensing arrangements, among others. It is unknown when, if ever, material cash inflows may commence.

Based on the quality of the Group’s clinical data, management believes that it will be able to obtain financing for the implementation of the Group’s business strategy. If the Company is not able to raise sufficient capital when needed, Affimed could be forced to delay, reduce or eliminate the Company’s product development programs and the ability to continue as a going concern would be uncertain. Based on management’s going concern assessment, the interim financial statements do not include any adjustments that may result from the outcome of these uncertainties.

Loss per share

Loss per share

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

On March 8, 2024, the Company effected a 1-for-10 reverse stock split of its outstanding common shares. According to IAS 33.64, the Group has adjusted the weighted average number of ordinary shares and the loss per share (diluted/undiluted) retroactively for the for the three and six months ended June 30, 2023. In addition, all share and per share information (including such information related to share-based payments) have been retroactively adjusted (see note 11).

As of June 30, 2024, the Group has 2,669,787 options and warrants outstanding in connection with share-based payment programs (see note 11) and a loan agreement, which could potentially have a dilutive effect but were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive due to the net loss generated by the Group.

Critical judgments and accounting estimates

Critical judgments and accounting estimates

The preparation of the interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

In preparing these interim financial statements, the critical judgments made by management in applying the Group’s accounting policies were the same as those that applied to the audited consolidated financial statements as of and for the year ended December 31, 2023 except for the following issue:

As of March 31 2024, the lease term for the property leased in Mannheim was reassessed (refer details provided in note 13). The lease term was reduced from 10 years to 5 years. The discount rate was adjusted to align with the revised lease term from 9.56% to 8.06%. The financial effect of this reassessment is an overall decrease in the consolidated depreciation and interest expense as shown below:


	Depreciation		Depreciation
	expense -		expense -
Impact of the estimation changes	previous	Change	revised
2024	825	331	1,156
2025	825	331	1,156
2026	825	331	1,156
2027 and thereafter	5,564	(3,539)	2,025
Total	8,039	(2,546)	5,493


	Interest		Interest
	expense		expense -
	- previous	Change	revised
2024	629	(304)	325
2025	577	(320)	257
2026	521	(338)	183
2027 and thereafter	1,756	(1,630)	126
Total	3,483	(2,592)	891

Functional and presentation currency

Functional and presentation currency

These interim financial statements are presented in euro. The functional currency of the Group’s subsidiaries is also the euro. All financial information presented in euro has been rounded to the nearest thousand (abbreviated €) or million (abbreviated € million).

Significant accounting policies

Significant accounting policies

The accounting policies applied by the Group in these interim financial statements are the same as those applied by the Group in its audited consolidated financial statements as of and for the year ended December 31, 2023.

New standards and amendments to standards

New standards and amendments to standards

A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning on January 1, 2024 but none of the applied standards had a material effect on these interim financial statements.

The following forthcoming amendments to standards have not been applied in preparing these interim financial statements.

Standard/interpretation		Effective Date¹

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability		January 1, 2025
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments		January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements		January 1, 2027

IFRS 18 will have an effect on the presentation of the Group`s financial statements with the following key impacts:

Income and expenses will be classified into five categories including the new categories operation, investing and financing, therefore new subtotals will be introduced;

Enhanced principles of aggregation and disaggregation will lead to a different grouping of information and/or additional disclosures; and

Presentation options in the statements of cash flows will be eliminated leading to a reclassification of cash flows (e.g. interest received and interest paid).

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

Fair Value Measurement

Fair Value Measurement

All assets and liabilities for which fair value is recognized in the interim 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; and

●	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, other assets and prepaid expenses, cash and cash equivalents, trade and other payables and loans is a reasonable approximation of the fair value and, therefore, information about the fair values of those financial instruments has not been disclosed. The Group recognizes transfers between levels of the fair value hierarchy as the date at which the change has occurred. There were no transfers between levels for the periods presented.

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

Basis of preparation and changes to Group's accounting policies

6 Months Ended

Jun. 30, 2024

Basis of preparation and changes to Group's accounting policies

Basis of preparation and changes to Group's accounting policies

2. Basis of preparation and changes to Group’s accounting policies

Statement of compliance

The interim financial statements were authorized for issuance by the Company’s Management Board on September 5, 2024.

Going concern

Loss per share

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

Critical judgments and accounting estimates


	Depreciation		Depreciation
	expense -		expense -
Impact of the estimation changes	previous	Change	revised
2024	825	331	1,156
2025	825	331	1,156
2026	825	331	1,156
2027 and thereafter	5,564	(3,539)	2,025
Total	8,039	(2,546)	5,493


	Interest		Interest
	expense		expense -
	- previous	Change	revised
2024	629	(304)	325
2025	577	(320)	257
2026	521	(338)	183
2027 and thereafter	1,756	(1,630)	126
Total	3,483	(2,592)	891

Functional and presentation currency

Significant accounting policies

New standards and amendments to standards

The following forthcoming amendments to standards have not been applied in preparing these interim financial statements.

Standard/interpretation		Effective Date¹

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability		January 1, 2025
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments		January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements		January 1, 2027

IFRS 18 will have an effect on the presentation of the Group`s financial statements with the following key impacts:

Income and expenses will be classified into five categories including the new categories operation, investing and financing, therefore new subtotals will be introduced;

Enhanced principles of aggregation and disaggregation will lead to a different grouping of information and/or additional disclosures; and

Presentation options in the statements of cash flows will be eliminated leading to a reclassification of cash flows (e.g. interest received and interest paid).

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

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; and

●	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.

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

Basis of preparation and changes to Group's accounting policies - Going concern (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Basis of preparation and changes to Group's accounting policies
Accumulated deficit	€ (570,754)	€ (536,128)
Net equity	€ 28,714	€ 57,807	€ 98,926	€ 152,915

- Definition

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

+ References + Details

Reporting entity

6 Months Ended

Jun. 30, 2024

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, registered with the trade register of the Chamber of Commerce (handelsregister van de Kamer van Koophandel) under number 60673389.

The condensed consolidated interim financial statements are comprised of Affimed N.V. and its controlled (and wholly owned) subsidiaries Affimed GmbH, Heidelberg, Germany and Affimed Inc., Delaware, USA (collectively “Affimed”, the “Company” or the “Group”). Previously the Group also included AbCheck s.r.o., Plzen, Czech Republic, however this wholly owned subsidiary was sold as of December 28, 2023.

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 development programs and strategic collaborations. The Group previously performed research services for third parties under service contracts at its former subsidiary, AbCheck.

Revenue (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue
Receivables	€ 0	€ 0
Contract liabilities	€ 774	€ 1,083

Reporting entity (Details) € in Millions	1 Months Ended		3 Months Ended	6 Months Ended
Reporting entity (Details) € in Millions	Jan. 31, 2024	Apr. 30, 2023 item	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)
Disclosure of non-adjusting events after reporting period [line items]
Number of clinical stage development programs \| item		3
Percentage of headcount was reduced	50.00%
Termination payments			€ 1.1	€ 1.6	€ 1.1
Research and development expenses
Disclosure of non-adjusting events after reporting period [line items]
Termination payments				1.5
General and administrative expenses
Disclosure of non-adjusting events after reporting period [line items]
Termination payments				€ 0.1

Trade and other receivables

6 Months Ended

Jun. 30, 2024

Trade and other receivables

Trade and other receivables

8. Trade and other receivables

The Group had no trade receivables as of June 30, 2024 (December 31, 2023: €0).

Other receivables are all due within the short-term and mainly comprise value-added tax receivables of €1.5 million (December 31, 2023: €871) and the balance of the consideration of €3.0 million (December 31, 2023: €3.1 million) for the sale of AbCheck to Ampersand, refer note 7.

Operating loss

6 Months Ended

Jun. 30, 2024

Operating loss

Operating loss

4. Operating loss

In January 2024, Affimed announced a strategic restructuring which led to a reduction of its headcount by approximately 50% via the dissolution of its research and preclinical development departments. The Group incurred €1.6 million as termination expenses, with €1.5 million included in research and development expenses and €0.1 million included in general administrative expenses, to be offset by cost savings in 2024 achieved by a reduction in payroll, laboratory activities and related costs. Further, this restructuring resulted in the selling of laboratory equipment which led to an impairment of €1.6 million and an impairment of laboratory inventory of €0.5 million in the six months ended June 30, 2024.

In April 2023, Affimed had also conducted a reorganization of its operations to focus on the Group’s three clinical stage development programs. As a result, of that reorganization, the Group incurred a one-time expenditure for termination payments of €1.1 million during the three and six months ended June 30, 2023.

Other assets and prepaid expenses

6 Months Ended

Jun. 30, 2024

Other assets and prepaid expenses

Other assets and prepaid expenses

9. Other assets and prepaid expenses

The other assets and prepaid expenses as of June 30, 2024 of €4.1 million (December 31, 2023: €5.5 million) are short-term in nature, do not bear interest and are not impaired. The other assets and prepaid expenses mainly comprise a prepayment of €2.1 million (December 31, 2023: €3.4 million) for services to be provided in respect of managing clinical trials, €0.5 million (December 31, 2023: €0.9 million) as a start-up fee for services associated with a clinical trial for the reservation of manufacturing capacity and the directors and officers’ liability insurance premium of €0.6 million (December 31, 2023: €0 million).

Equity (Details) € / shares in Units, $ in Millions		3 Months Ended	6 Months Ended		12 Months Ended
Equity (Details) € / shares in Units, $ in Millions	Mar. 08, 2024	Jun. 30, 2024 EUR (€) € / shares shares	Jun. 30, 2024 EUR (€) € / shares shares	Jun. 30, 2023 EUR (€)	Dec. 31, 2023 EUR (€) shares	Jun. 26, 2024 shares	Jun. 25, 2024 shares	Nov. 30, 2021 USD ($)
Issued capital		€ 1,568,000	€ 1,568,000		€ 1,500,000
Net proceeds from issue of common shares			4,256,000	€ 0
Number of shares authorised \| shares						75,000,000	31,195,000
Reverse stock split ratio	0.10
Payments for share issue costs			112,000	€ 0
Common shares
Issued capital		€ 1,568,000	€ 1,568,000		€ 1,500,000
Number of shares outstanding \| shares		15,680,769	15,680,769		14,998,804
Par value \| € / shares		€ 0.10	€ 0.10
At the market program
ATM program \| $								$ 100
Net proceeds from issue of common shares		€ 2,900,000	€ 4,200,000		€ 1,800,000
At the market program \| Common shares
Number of shares issued \| shares		500,000	700,000		80,000.00

Revenue

6 Months Ended

Jun. 30, 2024

Revenue

Revenue

3. Revenue

Collaboration with Genentech Inc.

In August 2018, Affimed entered into a strategic collaboration agreement with Genentech Inc. (Genentech), headquartered in South San Francisco, USA. Under the terms of the agreement, Affimed provided 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 initial upfront and committed funding on October 31, 2018. As of the end of 2022, Affimed had completed work on and/or handed over all product candidates for further investigation by Genentech.

The Group recognized €0.2 million and €0.3 million as revenue during the three and six months ended June 30, 2024 and 2023, respectively. The revenue recognized relates to a platform license. As of June 30, 2024, the Group held contract liabilities of €0.8 million (December 31, 2023: €1.1 million), which will be recognized as revenue in subsequent periods.

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.

Collaboration with Roivant Sciences Ltd.

On November 9, 2020, Affimed and Affivant Sciences GmbH (formerly Pharmavant 6 GmbH), a subsidiary of Roivant Sciences Ltd. (Roivant), announced a strategic collaboration agreement which granted Roivant a license to the preclinical molecule AFM32. Under the terms of the agreement, Affimed received $60 million in upfront consideration, comprised of $40 million in cash and pre-funded research and development funding, and $20 million of common shares in Roivant. We entered into an agreement with Roivant providing for the reversion to Affimed of all clinical development and commercialization rights for AFM32, effective April 29, 2024.

The Group recognized €0 million as revenue during the three and six months ended June 30, 2024 (2023: €1.1 million and €5.4 million respectively). As of December 31, 2023, Affimed had completed all work on the product candidate and by March 31, 2024 all remaining funds not utilised for the research project had been refunded. As of December 31, 2023, the liability of €1.4 million with regard to the refund was included under trade and other payables (Contract liabilities as at December 31, 2023: €0).

Contract balances

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


	June 30, 2024	December 31, 2023

Receivables	0	0
Contract liabilities	774	1,083

An amount of €0.2 million and €0.3 million included in contract liabilities at the beginning of the period has been recognized as revenue during the three and six months ended June 30, 2024.

The remaining obligation as of June 30, 2024 is approximately €0.8 million and is expected to be recognized as revenue over the next 15 months.

Disaggregation of revenue


	Three months	Three months	Six months	Six months
	ended	ended	ended	ended
	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Geographic information
Revenue:
Germany	0	0	0	0
USA	154	1,390	309	5,900
	154	1,390	309	5,900


Major service lines:
Collaboration revenue	154	1,215	309	5,671
Service revenue	0	175	0	229
	154	1,390	309	5,900


Timing on revenue recognition:
Point in time	0	0	0	0
Over time	154	1,390	309	5,900
	154	1,390	309	5,900

Related parties (Tables)

6 Months Ended

Jun. 30, 2024


	Outstanding balances
	June 30, 2024	December 31, 2023
Thomas Hecht	23	21
Mathieu Simon*	7	8
Ulrich Grau*	19	18
Bernhard Ehmer	17	15
Annalisa Jenkins	12	11
Uta Kemmerich-Keil*	19	16
Constanze Ulmer-Eilfort	17	16

* No longer Supervisory Board members, effective June 26, 2024

Unaudited consolidated interim statements of cash flows - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities
Loss for the period	€ (34,626)	€ (61,378)
Adjustments for the period:
Income taxes	3	3
Depreciation and amortization	2,520	577
Net gain on disposal of leasehold improvements and equipment	(24)	0
Loss from write-down of inventories	456	0
Share-based payments	1,472	7,389
Finance income / (costs) - net	(465)	472
Total	(30,664)	(52,937)
Change in trade and other receivables	(391)	543
Change in inventories	7	(66)
Change in other assets and prepaid expenses	1,525	(5,473)
Change in trade, other payables, provisions and contract liabilities	(10,308)	(8,867)
Sub-total	(39,831)	(66,800)
Interest received	155	924
Paid interest	(648)	(695)
Paid income tax	(3)	(3)
Net cash used in operating activities	(40,327)	(66,574)
Cash flow from investing activities
Purchase of leasehold improvements and equipment, including upfront payments for right-of-use assets	(20)	(11)
Cash received from the sale of financial assets	10,857	0
Cash received from the sale of leasehold improvements and equipment	768	0
Net cash generated / (used) for investing activities	11,605	(11)
Cash flow from financing activities
Proceeds from issue of common shares, including exercise of share-based payment awards	4,256	0
Transaction costs related to issue of common shares	(112)	0
Repayment of lease liabilities	(413)	(249)
Repayment of borrowings	(2,917)	(2,965)
Net cash generated / (used) for financing activities	814	(3,214)
Exchange-rate related changes of cash and cash equivalents	143	(431)
Net changes to cash and cash equivalents	(27,908)	(69,799)
Cash and cash equivalents at the beginning of the period	38,529	190,286
Cash and cash equivalents at the end of the period	€ 10,764	€ 120,056

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity File Number	001-36619
Entity Registrant Name	Affimed N.V.
Entity Central Index Key	0001608390
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Investments

6 Months Ended

Jun. 30, 2024

Investments

Investments

6. Investments

As of June 30, 2024, the Group holds investments in Government treasury bonds of €23.7 million (December 31, 2023: €33.5 million). These bonds generated interest income for the three and six months ended June 30, 2024 of €0.3 million and €0.7 million, respectively (June 30, 2023: €0 million for the three and six month period) recognized in finance income/cost net. These investments are considered short-term as they all mature within a period of six months.

Consolidated interim statements of financial position - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Intangible assets	€ 18	€ 25
Leasehold improvements and equipment	2,331	4,905
Right-of-use assets	5,638	8,039
Total non-current assets	7,987	12,969
Current assets
Cash and cash equivalents	10,764	38,529
Investments	23,683	33,518
Other financial assets	878	851
Trade and other receivables	5,717	5,327
Inventories	0	463
Other assets and prepaid expenses	4,145	5,500
Total current assets	45,187	84,188
TOTAL ASSETS	53,174	97,157
Equity
Issued capital	1,568	1,500
Capital reserves	599,131	593,666
Fair value reserves	(1,231)	(1,231)
Accumulated deficit	(570,754)	(536,128)
Total equity	28,714	57,807
Non current liabilities
Borrowings	3,603	6,319
Contract liabilities	155	464
Lease liabilities	4,030	6,660
Total non-current liabilities	7,788	13,443
Current liabilities
Trade and other payables	9,171	18,916
Borrowings	5,833	5,833
Lease liabilities	1,049	539
Contract liabilities	619	619
Total current liabilities	16,672	25,907
TOTAL EQUITY AND LIABILITIES	€ 53,174	€ 97,157

Related parties - Outstanding Balances (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Thomas Hecht
Related parties
Key management personnel outstanding balance	€ 23	€ 21
Mathieu Simon
Related parties
Key management personnel outstanding balance	7	8
Ulrich Grau
Related parties
Key management personnel outstanding balance	19	18
Bernhard Ehmer
Related parties
Key management personnel outstanding balance	17	15
Annalisa Jenkins
Related parties
Key management personnel outstanding balance	12	11
Uta Kemmerich-Kell
Related parties
Key management personnel outstanding balance	19	16
Constanze Ulmer-Eilfort
Related parties
Key management personnel outstanding balance	€ 17	€ 16

- Details

Name:	ifrs-full_CategoriesOfRelatedPartiesAxis=afmd_MathieuSimonMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

Lease liabilities - Additional information (Details) - EUR (€) € in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Leases liabilities
Additions to right-of-use assets		€ 0.8
Addition to lease liability		€ 0.8
Term of contract	5 years	5 years	10 years
Discount rate percentage	8.06%	8.06%	9.56%

Finance income and finance costs (Tables)

6 Months Ended

Jun. 30, 2024

Finance income and finance costs

Schedule of finance income and finance costs


	Three months ended	Three months ended	Six months ended	Six months ended
	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Interest Bootstrap Loan Agreement	(316)	(470)	(678)	(947)
Foreign exchange differences	163	121	506	(431)
Interest on Government treasury bonds	306	0	673	0
Other finance income/finance costs - net	(48)	396	(36)	906
	105	47	465	(472)