| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 11.80 | 11799900 |
| Intrinsic value (DCF) | 2.38 | 2379900 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 426.50 | 426499900 |
Affimed N.V. (LSE: 0HL9) is a clinical-stage biopharmaceutical company headquartered in Heidelberg, Germany, specializing in the development of innovative cancer immunotherapies. The company focuses on harnessing the power of innate immunity through its proprietary Redirected Optimized Cell Killing (ROCK®) platform to create next-generation immunotherapies. Affimed’s lead candidate, AFM13, is a bispecific antibody targeting CD30-positive lymphomas, currently in Phase II trials for peripheral T-cell lymphoma and Hodgkin lymphoma. Additionally, the company is advancing AFM24, a tetravalent bispecific innate cell engager (ICE) targeting EGFR-expressing solid tumors, and AFM28 for acute myeloid leukemia. Affimed has strategic collaborations with leading institutions like MD Anderson Cancer Center and Genentech, enhancing its R&D capabilities. Operating in the high-growth oncology immunotherapy sector, Affimed aims to address unmet medical needs in hematologic malignancies and solid tumors, positioning itself as a key player in the evolving biopharmaceutical landscape.
Affimed N.V. presents a high-risk, high-reward investment opportunity due to its focus on cutting-edge cancer immunotherapies. The company’s clinical-stage pipeline, particularly AFM13 and AFM24, holds significant potential in treating rare and aggressive cancers. However, with a negative net income of -$105.9 million in FY2023 and substantial cash burn (-$110.3 million operating cash flow), Affimed remains highly speculative. Its $29.1 million market cap and beta of 2.072 indicate extreme volatility, typical of early-stage biotech firms. Investors should weigh the promise of its ROCK® platform and collaborations against the inherent risks of clinical trial failures, regulatory hurdles, and funding needs. The lack of revenue diversification (only $8.3 million in FY2023) further underscores dependency on pipeline success.
Affimed N.V. competes in the crowded but high-potential bispecific antibody and innate cell engager (ICE) space. Its ROCK® platform differentiates it by targeting both tumor antigens and immune effector cells, potentially offering superior efficacy compared to traditional monoclonal antibodies. However, the company faces intense competition from larger biopharma firms with deeper pipelines and financial resources. Affimed’s focus on niche indications (e.g., CD30-positive lymphomas) mitigates direct competition but limits near-term commercial opportunities. Its collaborations with MD Anderson and Genentech provide validation but also highlight reliance on partners for development. Financially, Affimed’s cash reserves ($38.5 million) are modest relative to its burn rate, necessitating future dilutive financing or partnerships. The company’s small size and clinical-stage status place it at a disadvantage against commercial-stage peers but allow agility in targeting underserved oncology segments.