AFMD - Affimed posts Q1 topline beat provides cash runway update

Affimed (AFMD) posted first-quarter revenue that beat Wall Street estimates, and said that it expects the company's cash and cash equivalents to support operations into the second half of 2023.The company's revenue during the period more than doubled to €11.66M, beating analysts' average estimate by €2.46M.Affimed's quarterly revenue growth was predominately related to the Genentech and Roivant collaborations, the company said.As of March 31, 2021, cash and cash equivalents totaled €240.7M compared to €146.9M on December 31, 2020.Net income for the quarter ended March 31, 2021, was €1.4M, or €0.01 per share compared with a net loss of €8.3M, or loss €0.11 per share, last year.The company also highlighted that its net finance income for the quarter increased by 242% to €5.5M, largely due to foreign exchange gains.Shares up nearly 3% premarket.Previously (July 1): Affimed EPS beats by €0.09, beats on revenue.

For further details see:

Affimed posts Q1 topline beat, provides cash runway update