One of the potential measures Affimed could consider is conducting a reverse stock split to help meet the compliance. To achieve this, Affimed's closing price must exceed $1.00/share for ten consecutive business days. Nevertheless, Affimed has a 180-day grace period, ending on October 2, to regain compliance. Affimed has been notified by Nasdaq due to this breach of regulation. This rule mandates that companies maintain a minimum closing bid price of $1 per share. Affimed at Risk of Delisting from NasdaqĪffimed, with its current trading price at $0.88 per share, faces the risk of non-compliance with the Nasdaq's minimum bid price rule. Consequently, the enterprise value, considering these factors, stands at a negative $23.68 million. Per Seeking Alpha, Affimed has a market capitalization of $127.48 million, total debt amounting to $18.14 million, and cash reserves of $169.05 million. Note: The preceding values have been converted from EUR to USD. Net loss for Q1 2023 was $34.2 million, or $0.22 loss per share, an increase from Q1 2022's $17.9 million or $0.15 loss per share. The shift in net finance costs from a gain of $0.54 million to a cost of the same amount was due to US dollar foreign exchange rate fluctuations. General and administrative expenses slightly reduced to $7.4 million. Research and development expenses rose by 60.7% to $31.6 million due to costs associated with the AFM13 and AFM24 programs. Revenue for Q1 2023 was $4.8 million, a decrease from $8.6 million in Q1 2022, primarily from Genentech and Roivant collaborations. Operating activities in Q1 2023 used $35.5 million, an increase from Q1 2022's $30.3 million. As of March 31, 2023, the company's cash and cash equivalents were $166.7 million, down from $203.7 million at the end of 2022, yet sufficient to support operations until 2025. Let's first review Affimed's most recent financial report. Following my "Sell" suggestion in February, Affimed's shares have declined by 12%, while the S&P has appreciated by 5%. It was estimated that Affimed might lean towards dilutive capital raising and debt, with an expected annual expenditure of $75 million. Considering the limited resources and the necessity to bring AFM13 to market readiness, I acknowledged investor wariness. ![]() I perceived the success of AFM13 and AB-101 NK cells against Adcetris and chemotherapy as uncertain. ![]() This approach, though promising, involves strenuous clinical trials and regulatory approvals. In my previous examination of Affimed, I observed their strategic transition from monotherapy to a more complex combination therapy in treating peripheral T-cell lymphoma, specifically to enhance AFM13's success rate. The company, headquartered in Heidelberg, Germany with offices in New York, is a leading developer of clinical-stage ICE. Using its proprietary ROCK platform, Affimed creates unique innate cell engager molecules to combat various hematologic and solid cancers. Laurence Dutton/iStock via Getty Images IntroductionĪffimed ( NASDAQ: AFMD) is a clinical-stage biotech company specializing in immuno-oncology.
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