Affimed N.V., a clinical-stage biopharmaceutical company , reported financial results for the quarter ended March 31, 2015. Cash and cash equivalents totaled €37 million on March 31, 2015 compared to €39.7 million on December 31, 2014.
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The decrease was primarily attributable to Affimed's operational expenses.
Net cash used in operating activities was €3.9 million for three months ended March 31, 2015 compared to a net cash flow of €0.9 million for the three months ended March 31, 2014. The increase was mainly due to the loss in the 2015 period of €1.5 million and payments for trade and other payables of €2.1 million.
In the first quarter 2014, the company showed net cash flow from operating activities of €0.9 million mainly due to advance payments of €2.6 million under collaboration agreements.
Revenue for the first quarter of 2015 was €2.5 million compared to €0.7 million for the first quarter of 2014. The revenue in the first quarter 2015 was mainly attributable to the revenue recognition upon achievement of a milestone pursuant to the Amphivena collaboration, whereas the revenue in the first quarter 2014 was mainly attributable to the collaboration with the Leukemia & Lymphoma Society (LLS).
Research and development expenses for the first quarter 2015 were €2.9 million compared to €5.3 million for the first quarter 2014. Research and development expenses for the first quarter 2014 were largely due to non project-related share based payment expenses. The variances in project-related expenses are primarily the result of activities related to the AFM13 and AFM11 projects.
General and administrative (G&A) expenses for the first quarter 2015 were €1.8 million compared to €4.7 million for the first quarter 2014. G&A expenses for the first quarter 2014 were largely due to share based payment expenses.
Net loss for the first quarter 2015 was €1.5 million or €0.06 per common share, compared to a net loss of €15.6 million, or €1.06 per common share, for the first quarter 2014. The decrease is primarily related to significant amounts for share based payment expense and finance costs incurred in the first quarter 2014. ■