Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36619 |
Entity Registrant Name | AFFIMED N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Technologiepark, Im Neuenheimer Feld 582 |
Title of 12(b) Security | Common shares, nominal value €0.01 per |
Trading Symbol | AFMD |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001608390 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | true |
Entity Common Stock, Shares Outstanding | 123,419,772 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Auditor Name | KPMG AG Wirtschaftsprüfungsgesellschaft |
Auditor Firm ID | 1021 |
Auditor Location | Mannheim, Germany |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Adi Hoess |
Entity Address, Address Line One | Technologiepark, Im Neuenheimer Feld 582 |
Entity Address, City or Town | Heidelberg |
Entity Address, Country | DE |
Entity Address, Postal Zip Code | 69120 |
City Area Code | 49 |
Local Phone Number | 6221-6743-60 |
Other Address | |
Document Information [Line Items] | |
Contact Personnel Name | Sophia Hudson |
Entity Address, Address Line One | 601 Lexington Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
City Area Code | 212 |
Local Phone Number | 446 4750 |
Phone Fax Number Description | 212 3446 4900 |
Consolidated statements of comp
Consolidated statements of comprehensive loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated statements of comprehensive loss | |||
Revenue | € 40,366 | € 28,360 | € 21,391 |
Other income - net | 1,310 | 626 | 290 |
Research and development expenses | (81,488) | (49,989) | (43,791) |
General and administrative expenses | (24,218) | (13,715) | (10,266) |
Operating loss | (64,030) | (34,718) | (32,376) |
Finance income / (costs) - net | 6,509 | (6,647) | 15 |
Loss before tax | (57,521) | (41,365) | (32,361) |
Income taxes | (2) | (1) | (4) |
Loss for the period | (57,523) | (41,366) | (32,365) |
Other comprehensive income / (loss) Items that will not be reclassified to profit or loss | |||
Equity investments at fair value OCI - net change in fair value | (7,693) | (242) | (632) |
Other comprehensive income / (loss) | (7,693) | (242) | (632) |
Total comprehensive Loss | € (65,216) | € (41,608) | € (32,997) |
Basic and diluted loss per share in per share (undiluted = diluted) | € (0.48) | € (0.50) | € (0.50) |
Weighted number of common shares outstanding | 119,502,384 | 83,471,559 | 64,242,396 |
Consolidated statements of fina
Consolidated statements of financial position - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Intangible assets | € 1,607 | € 1,718 |
Leasehold improvements and equipment | 3,814 | 2,226 |
Long-term financial assets | 12,348 | 20,042 |
Right-of-use assets | 972 | 940 |
Total non-current assets | 18,741 | 24,926 |
Current assets | ||
Cash and cash equivalents | 197,630 | 146,854 |
Trade and other receivables | 4,809 | 2,439 |
Inventories | 421 | 246 |
Other assets | 3,534 | 1,260 |
Total current assets | 206,394 | 150,799 |
TOTAL ASSETS | 225,135 | 175,725 |
Equity | ||
Issued capital | 1,234 | 983 |
Capital reserves | 474,087 | 345,164 |
Fair value reserves | (5,973) | 1,720 |
Accumulated deficit | (333,397) | (275,874) |
Total equity | 135,951 | 71,993 |
Non current liabilities | ||
Borrowings | 17,060 | 231 |
Contract liabilities | 7,209 | 35,992 |
Lease liabilities | 368 | 482 |
Total non-current liabilities | 24,637 | 36,705 |
Current liabilities | ||
Trade and other payables | 18,860 | 11,394 |
Borrowings | 580 | 92 |
Lease liabilities | 683 | 492 |
Contract liabilities | 44,424 | 55,049 |
Total current liabilities | 64,547 | 67,027 |
TOTAL EQUITY AND LIABILITIES | € 225,135 | € 175,725 |
Consolidated statements of cash
Consolidated statements of cash flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities | |||
Loss for the period | € (57,523) | € (41,366) | € (32,365) |
Adjustments for the period: | |||
Income taxes | 2 | 1 | 4 |
Depreciation and amortisation | 1,334 | 1,115 | 906 |
Net gain / loss from disposal of leasehold improvements and equipment | 0 | 34 | (5) |
Share-based payments | 11,820 | 3,381 | 2,469 |
Finance income / costs - net | (6,509) | 6,647 | (15) |
Total | (50,876) | (30,188) | (29,006) |
Change in trade and other receivables | (2,369) | (1,065) | 33 |
Change in inventories | (175) | 50 | (36) |
Change in other assets | (2,274) | (1,260) | 340 |
Change in trade, other payables, provisions and contract liabilities | (29,990) | 12,848 | (791) |
sub-total | (85,684) | (19,615) | (29,460) |
Interest received | 0 | 294 | 628 |
Paid interest | (905) | (78) | (224) |
Paid income tax | (2) | (1) | 0 |
Net cash used in operating activities | (86,591) | (19,400) | (29,056) |
Cash flow from investing activities | |||
Purchase of intangible assets | (1,654) | (9) | (150) |
Purchase of leasehold improvements and equipment | (2,196) | (431) | (1,324) |
Cash paid for investments in financial assets | 0 | (8,101) | (45,131) |
Cash received from maturity of financial assets | 0 | 16,547 | 50,945 |
Net cash used for investing activities | (3,850) | 8,006 | 4,340 |
Cash flow from financing activities | |||
Proceeds from issue of common shares, including exercise of share based payment awards | 124,460 | 74,195 | 31,373 |
Transaction costs related to issue of common shares | (7,412) | (2,294) | (2,215) |
Proceeds from borrowings | 17,500 | 0 | 562 |
Transaction costs related to borrowings | (311) | 0 | 0 |
Repayment of lease liabilities | (564) | (521) | (405) |
Repayment of borrowings | (92) | (2,128) | (3,277) |
Cash flow from financing activities | 133,581 | 69,252 | 26,038 |
Exchange-rate related changes of cash and cash equivalents | 7,636 | (6,238) | (917) |
Net changes to cash and cash equivalents | 43,140 | 57,858 | 1,322 |
Cash and cash equivalents at the beginning of the period | 146,854 | 95,234 | 94,829 |
Cash and cash equivalents at the end of the period | € 197,630 | € 146,854 | € 95,234 |
Consolidated statements of chan
Consolidated statements of changes in equity - EUR (€) € in Thousands | Issued Capital | Capital reserves | Fair Value Reserves | Accumulated Deficit | Total |
Balance beginning at Dec. 31, 2018 | € 624 | € 239,055 | € 2,594 | € (202,144) | € 40,129 |
Issue of common shares | 138 | 28,901 | 29,039 | ||
Exercise of share-based payment awards | 26 | 26 | |||
Equity-settled share-based payment awards | 2,469 | 2,469 | |||
Loss for the period | (32,365) | (32,365) | |||
Other comprehensive loss | (632) | (632) | |||
Balance ending at Dec. 31, 2019 | 762 | 270,451 | 1,962 | (234,508) | 38,667 |
Issue of common shares | 205 | 68,341 | 68,546 | ||
Exercise of share-based payment awards | 16 | 2,991 | 3,007 | ||
Equity-settled share-based payment awards | 3,381 | 3,381 | |||
Loss for the period | (41,366) | (41,366) | |||
Other comprehensive loss | (242) | (242) | |||
Balance ending at Dec. 31, 2020 | 983 | 345,164 | 1,720 | (275,874) | 71,993 |
Issue of common shares | 240 | 114,197 | 114,437 | ||
Exercise of share-based payment awards | 11 | 2,906 | 2,917 | ||
Equity-settled share-based payment awards | 11,820 | 11,820 | |||
Loss for the period | (57,523) | (57,523) | |||
Other comprehensive loss | (7,693) | (7,693) | |||
Balance ending at Dec. 31, 2021 | € 1,234 | € 474,087 | € (5,973) | € (333,397) | € 135,951 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2021 | |
Reporting entity | |
Reporting entity | 1. Reporting entity Affimed N.V. is a Dutch company with limited liability ( naamloze vennootschap handelsregister van de Kamer van Koophandel The consolidated financial statements are comprised of Affimed N.V., and its controlled (and wholly owned) subsidiaries Affimed GmbH, Heidelberg, Germany, AbCheck s.r.o., Plzen, Czech Republic and Affimed Inc., Delaware, USA (collectively “Affimed”, the “Company” or the “Group”). 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 research and development programs, strategic collaborations and service contracts, where the Group is performing research services for third parties. |
Local exemption rules applied b
Local exemption rules applied by subsidiaries of the Group | 12 Months Ended |
Dec. 31, 2021 | |
Local exemption rules applied by subsidiaries of the Group | |
Local exemption rules applied by subsidiaries of the Group | 2. Local exemption rules applied by subsidiaries of the Group Affimed GmbH, Heidelberg, Germany, makes use of the exemption clause, available under § 264 (3) HGB in 2021. The consolidated financial statements of Affimed N.V. as of and for the year ended 31 December 2021 will be filed in Germany as a supplement to the financial statements of Affimed GmbH, in order to meet the requirements of the exemption clause available under § 264 (3) HGB in 2021. |
Basis of preparation - consolid
Basis of preparation - consolidated financial statements | 12 Months Ended |
Dec. 31, 2021 | |
Basis of preparation - consolidated financial statements | |
Basis of preparation - consolidated financial statements | 3. Basis of preparation — consolidated financial statements Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The consolidated financial statements were authorized for issuance by the management board on March 31, 2022. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for financial instruments measured at fair value (see note 15) and monetary assets and liabilities denominated in foreign currencies which are remeasured at period-end exchange rates. The Group did not opt for a valuation of liabilities at fair value through profit or loss. All amounts included in the consolidated financial statements are reported in thousands of euros (€ thousand) except where otherwise stated. Consolidation The Group controls an entity when it has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control is obtained by the Group. It is de-consolidated from the date control ceases. Intercompany transactions, balances and unrealized gains/losses on transactions between group companies are eliminated. Functional and presentation currency The consolidated financial statements are presented in euro. The functional currency of the Group’s subsidiaries is also the euro. All financial information presented in euro unless otherwise noted has been rounded to the nearest thousand (abbreviated €) or million (abbreviated € million). Presentation of consolidated statements of comprehensive loss As a clinical-stage biopharmaceutical company with a primary focus on research and development activities, cost of sales and gross profit are not considered meaningful measures for Affimed and therefore are not presented. See note 4 for the Group’s accounting policies related to revenue recognition and research and development expenses. Foreign currency transactions Transactions denominated in currencies other than the euro are translated at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the euro are translated at the exchange rate at the date of the consolidated statement of financial position. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Foreign currency gains or losses that relate to borrowings, cash and cash equivalents and financial assets, except for financial instruments at fair value through other comprehensive income are presented in the statement of comprehensive loss within ‘Finance income / (costs) — net’. All other foreign exchange gains and losses are presented in the statement of comprehensive loss within ‘Other income — net’. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Significant accounting policies | 4. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. Revenue recognition The Group generates revenues from the provision of research and development services to third parties based on both Group and third party owned intellectual property. Such services are performed on a “best efforts” basis without a guarantee of technological or commercial success. For some research programs, Affimed entered into collaborations with other companies that provide the Group with funding or other resources such as access to technologies. From time to time, the Group also licenses its intellectual property to third parties who use it to develop product candidates. Collaboration and license agreements are evaluated to determine whether they involve multiple promises that represent separate performance obligations typically including research programs, platform licenses or intellectual property licenses. The total consideration is allocated to separate performance obligations based on relative stand-alone selling prices. Usually sales prices for research and development activities and licenses are not directly observable. Therefore, we use estimation techniques, such as an expected cost plus margin approach, to determine stand-alone selling prices for such services and licenses. Margins are estimated based on market trends within the pharmaceutical industry. For licenses of intangible assets where little or no incremental costs are incurred in providing such licenses, a residual approach is used. Performance obligations from research programs are satisfied over time because the work performed by the Group either enhances a license that the customer already controls or because the work does not result in an asset with an alternative use for the Group due to contractual restrictions. Therefore, revenue for such performance obligations is recognized according to the stage of completion measured by reference to costs incurred in relation to anticipated total costs of the research program. Revenue from platform licenses or intellectual property licenses granted are recognized at a point in time if their nature is a right to use the licensed intellectual property as it exists at the point in time at which the license is granted. This is usually the case when there is no significant continuing involvement by the Group. In these cases, revenue is recognized when control of the license is transferred. Control is considered to be transferred when the customer received all necessary documents and information to begin to use and benefit from the license. Revenue from platform licenses or intellectual property licenses granted are recognized over time if their nature is to access the licensed intellectual property as it exists throughout the license period. This might be the case when there is significant continuing development to address the content of the platform by the Group. In these cases, revenue is recognized on a straight-line basis until the use of the license by the customer ends. Payments received from customers commonly include non-refundable upfront payments that are initially recognized as a contract liability, and subsequently recognized as revenue as the related performance obligation is fulfilled. The Group concluded that non-refundable upfront payments do not include financing components because the advance payments arise for reasons other than the provision of financing. In addition, payment terms may also include payments to be received from customers at a later point in time upon the achievement of certain milestones. Milestone payments are contingent upon the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting specific requirements laid out in the respective agreement. Therefore, individual performance obligations are generally determined based on contractually agreed milestones and related payments. Reaching a milestone will result in a cumulative catch up of revenue for the performance to date. The Group distinguishes development and registration milestones and sales-based milestones. Whereas development and registration milestone payments are generally recognized on reaching the defined milestones, revenues for sales-based milestones are recognized on achievement of contractually stipulated underlying revenues. Research and development Costs incurred related to research activities are expensed in the period when they are incurred. Costs incurred on development projects are recognized as intangible assets beginning on the date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Group considering its technological and commercial feasibility. Given the current stage of the development of the Group’s candidates and technologies, as well as uncertainties regarding successful regulatory approval, no development expenditures have been capitalized in any of the periods presented in these consolidated financial statements. Intellectual property-related costs for patents are part of the expenditure for the research and development projects. Therefore, registration costs for patents are recognized as expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. Employee benefits (i) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under a short-term cash bonus, if (a) the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably. (ii) Share-based payment transactions The Group’s share-based payment awards outstanding as of December 31, 2020 and 2021, are classified as equity-settled share-based plans. The fair value of share-based equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate, the expected forfeiture rate and the time to maturity of the option. The number of stock options expected to vest is estimated at each measurement date. (iii) Termination benefits Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. Government grants The Group receives certain government grants that support its research effort in specific projects. These grants are generally provided in the form of reimbursement of approved costs incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured. Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government grants is not yet received, the amount is included as a receivable on the statement of financial position. The Group recognizes income from government grants under ‘Other income — net’ in the consolidated statement of comprehensive loss. Leases Affimed recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. Subsequently, the right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Affimed’s incremental borrowing rate. Generally, Affimed uses its incremental borrowing rate as the discount rate. The Group determines the incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the asset leased. The lease liability is subsequently measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Affimed has elected not to recognize right-of-use assets and lease liabilities for some short-term leases (leases with less than 12 months of lease term) and right-of-use assets and liabilities for leases of low value assets. Lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term. Finance income and finance costs Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method. Finance costs comprise primarily interest expense on borrowings. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Non-derivative financial assets The Group’s non-derivative financial assets include shares, trade and other receivables, other assets, cash and cash equivalents and certificates of deposit at banks with original maturities of more than three months. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Those debt instruments are held to collect solely payments of principal and interest. They are included in current assets and are subsequently carried at amortized cost. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. The Group holds preferred shares in Amphivena Therapeutics Inc. ("Amphivena"), USA, and common shares in Roivant Sciences Ltd (“Roivant”), USA (see note 15). The Group has elected to present changes in fair value of these investments through other comprehensive income. (ii) Non-derivative financial liabilities The Group’s classes of financial liabilities are borrowings and trade and other payables. The Group initially recognizes non-derivative financial liabilities on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Compound financial instruments The Group entered into certain loan agreements pursuant to which it issued warrants to purchase common shares of the Group at the option of the respective holders (for warrants issued to SVB (as defined below) see note 21). The number of shares to be issued does not vary with changes in their fair value. The liability component of the loans was recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition. Impairment (i) Trade and other receivables Trade and other receivables at amortized cost are subject to the expected credit loss model according to IFRS 9. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Affimed determines the counterparties’ lifetime expected credit losses that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database. In addition, trade and other receivables are assessed at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization. All receivables are assessed for specific impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No impairments or reversals of impairments were recognized in 2019, 2020 or 2021. (ii) Intangible assets and leasehold improvements and equipment Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses. Amortization and depreciation is calculated using the straight-line method over the estimated useful lives, and is recognized in profit or loss. Depreciation and amortization methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: – Laboratory equipment 5 – Office and IT equipment 3 – Leasehold improvements over the term of the lease Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized as the amount by which an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. Income taxes Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Fair Value Measurement All assets and liabilities for which fair value is recognized in the consolidated 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 which are not included in Level 1. ● 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, certificates of deposit, 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 measurement of the fair value of preferred and common shares in other companies held by the group is based on level 1 and level 3 inputs (see note 15). The Group recognises transfers between levels of the fair value hierarchy as at the date at which the change has occurred. 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. The Group has granted warrants under certain loan agreements (see note 21) and options under share-based payment programs (see note 20) which potentially have a dilutive effect, however no instruments actually had a dilutive effect due to the net loss generated. Critical judgments and accounting estimates The preparation of the consolidated 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 financial statements, the critical judgments made by management in applying the Group’s accounting policies resulted in the following accounting estimates: (i) Share-based payments The fair value of stock options issued by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. The number of stock options expected to vest is estimated at each measurement date. (ii) Revenue recognition The Group’s contracts with the majority of our customers contain multiple performance obligations. Judgment is required in determining whether a good or service is considered a separate performance obligation. If standalone selling prices are not directly observable, the Group allocates the transaction price to the performance obligations by reference to the expected cost plus a margin. In doing so, observable input data such as internal project plans and margins are used. The Group has entered into research service agreements, collaboration and license agreements with customers for which non-refundable upfront payments are received for research funding purposes, technology access fees and/or milestone payments. Generally, the Group has continuing performance obligations and therefore upfront payments are initially recognized as a contract liability, and the related revenues are subsequently recognized as the related performance obligation is fulfilled. In this context, the determination of the stage of completion requires judgement, in particular with respect to the anticipated total costs of research programs. Technology access fees are generally initially recognized as a contract liability and subsequently recognized over the expected term of the agreement on a straight-line basis. The determination of whether a performance obligation is satisfied at a point in time versus over time might also require judgment. New standards and interpretations not yet adopted The following new standards and amendments to standards are effective for annual periods beginning after December 31, 2021 and have not been applied in preparing these consolidated financial statements. Standard/interpretation Effective Date 1 Amendments to IFRS 3 Business Combinations January 1, 2022 Amendments to IAS 16 Property, Plant and Equipment January 1, 2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2022 Annual Improvements 2018-2020 January 1, 2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 1 Shall apply for periods beginning on or after the date shown in the effective date column. The amended standards are not expected to have a significant effect on the consolidated financial statements of the Group. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Segment Reporting | 5. Segment reporting (i) Information about reportable segment The Group is active in the discovery, pre-clinical and clinical development of antibodies based on its core technology. The activities are either conducted as own project development or for third party companies. Management of resources and reporting to the chief operating decision maker is based on the Group as a whole. (ii) Geographic information The geographic information below analyses the Group’s revenue and non-current assets by country. In presenting the following information, segment revenue has been based on the geographic location of the customers and segment assets were based on the geographic location of the assets. Discovery activities and research services are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from Heidelberg. Revenue: 2021 2020 2019 Germany 742 194 0 Europe 0 2 1,646 USA 39,624 28,164 19,745 40,366 28,360 21,391 Non-current assets as of December 31: 2021 2020 2019 Germany 4,896 3,796 2,017 Czech Republic 1,306 914 870 USA 12,539 20,216 3,558 18,741 24,926 6,445 (iii) Major Customers In 2019 and 2020, the Group’s revenue with Genentech Inc. (“Genentech”) exceeded 10% of total revenues. In 2021, Genentech's and Roivant’s revenue each exceeded 10% of total revenue. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Revenue | 6. Revenue Collaboration with Genentech In August 2018, Affimed entered into a strategic collaboration agreement with Genentech Inc., headquartered in South San Francisco, USA. Under the terms of the agreement Affimed is providing 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 an initial upfront payment and committed funding on October 31, 2018. The Group recognized €21.6 million as revenue in 2021 (2020: €26.2 million, 2019: €19.7 million) and holds €20.2 million (December 31, 2020: €41.9 million, December 31, 2019: €59.3 million) under contract liabilities, which is recognized as revenue in subsequent periods as services are provided. 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 On November 9, 2020 Affimed and Pharmavant 6 GmbH, a subsidiary of Roivant, announced a strategic collaboration agreement which grants 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. Affimed is eligible to receive additional proceeds in the form of option fees contingent on the commencement of additional programs contemplated under the agreement. The Group is eligible to receive up to an additional $2 billion in milestones payments upon achievement of specified development, regulatory and commercial milestones, as well as tiered royalties on net sales. For the year ended December 31, 2021 the group has recognized €17.7 million (2020: €1.4 million) as revenue and holds €31.3 million (2020: €49.0 million) as contract liabilities, which will be recognized as revenue in subsequent periods as services are provided. Research service agreements The Group has entered into certain research service agreements. These research service agreements provide for non-refundable upfront technology access research funding and milestone payments. The Group recognized revenue of €1.1 million, €0.6 million and €1.7 million during the years ended December 31, 2021, 2020 and 2019 respectively. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. December 31, 2021 December 31, 2020 Receivables 150 0 Contract liabilities 51,633 91,041 An amount of €39,512 that was recognized in contract liabilities at the beginning of the period was recognized as revenue during the period ended December 31, 2021 (2020: €17,457; 2019: €14,795). The remaining performance obligations at December 31, 2021 are approximately €51.6 million and are expected to be largely recognized as revenue over the next year (€44.4 million), with a smaller portion being realized the year thereafter (€7.2 million). Disaggregation of revenue 2021 2020 2019 Major service lines: Collaboration revenue 39,301 27,755 19,685 Service revenue 1,065 605 1,706 40,366 28,360 21,391 Revenue: Point in time 490 9,180 5,783 Over time 39,876 19,180 15,608 40,366 28,360 21,391 |
Other income and expenses - net
Other income and expenses - net | 12 Months Ended |
Dec. 31, 2021 | |
Other income and expenses - net. | |
Other income and expenses - net | 7. Other income and expenses — net Other income and expenses, net, comprises foreign exchange losses of €125 in 2021 (2020: gains of €129, 2019: gain of €251); income from government grants for research and development projects of €344 in 2021, €348 in 2020, and €19 in 2019 and from research collaborations where costs are shared equally between both parties of €1,072 (2020: €0, 2019: €0). |
Research and development expens
Research and development expenses | 12 Months Ended |
Dec. 31, 2021 | |
Research and development expenses | |
Research and development expenses | 8. Research and development expenses The following table shows the different types of expenses allocated to research and development costs for the years ended December 31: 2021 2020 2019 Third-party services 54,810 29,324 27,338 Personnel expenses 20,532 13,638 10,154 Legal, consulting and patent expenses 1,301 2,380 1,983 Cost of materials 2,152 1,730 1,547 Amortization and depreciation 1,057 834 725 Other expenses 1,636 2,083 2,044 81,488 49,989 43,791 |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2021 | |
General and administrative expenses | |
General and administrative expenses | 9. General and administrative expenses The following table shows the different types of expenses allocated to general and administrative costs for the years ended December 31: 2021 2020 2019 Personnel expenses 10,713 6,319 5,358 Legal, consulting and audit expenses 8,134 5,601 3,055 Other expenses 5,371 1,795 1,853 24,218 13,715 10,266 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2021 | |
Employee benefits | |
Employee benefits | 10. Employee benefits The following table shows the items of employee benefits for the years ended December 31: 2021 2020 2019 Wages and salaries 17,882 15,081 11,587 Social security costs 2,332 1,847 1,620 20,214 16,928 13,207 The employer’s contributions to pension insurance plans of €1,030 (2020: €795, 2019: €696) are classified as payments under a defined contribution plan, and are recognized as an expense. |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and finance costs | |
Finance income and finance costs | 11. Finance income and finance costs The following table shows the items of finance income and costs for the years ended December 31: 2021 2020 2019 Interest SVB Loan Agreement (see note 21) (712) (95) (483) Foreign exchange differences 7,636 (6,693) (175) Interest on certificates of deposit with maturities of more than three months 0 186 602 Other finance income/finance costs - net (415) (45) 71 6,509 (6,647) 15 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income taxes | 12. Income taxes The Group did not incur any material income tax in the periods presented. As of December 31, 2021, deferred tax assets from differences resulting from intangible assets (€207; 2020: €303), trade and other receivables (€1,194; 2020: €463), borrowings (€44; 2020: €61), lease liabilities (€206; 2020: €194), trade and other payables (€31; 2020: €7), long-term financial assets (€1,149; 2020: deferred tax liability of €1,146) and contract liabilities (€47; 2020: €556) have not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities are available. As of December 31, 2021 deferred tax liabilities from temporary differences result mainly from leasehold improvements and equipment and right-of-use assets (€276; 2020: €280), other assets (€1,054; 2020: €316), trade and other payables (€0; 2020: €60) and borrowings (€93; 2020: €0). Deferred tax liabilities are not recognized as there is an excess of deferred tax assets over deferred tax liabilities. A reconciliation between actual income taxes and the expected tax benefit from the loss before tax multiplied by the Group's applicable tax rate is presented below for the years ended December 31: 2021 2020 2019 Loss before tax (57,521) (41,365) (32,361) Income tax benefit at tax rate of 29.825 % 17,156 12,337 9,652 Adjustments of deferred tax assets (15,850) (11,196) (9,822) Adjustments for local tax rates (62) (41) 5 Non-deductible expenses (1,434) (803) (72) Other 188 (298) 233 Income taxes (2) (1) (4) In Germany, Affimed has tax losses carried forward of €288.6 million (2020: €233.7 million) for corporate income tax purposes and of €287.7 million (2020: €234.6 million) for trade tax purposes that are available indefinitely for offsetting against future taxable profits of that entity. Restrictions on the utilization of tax losses in case of a change of control of ownership in Affimed were mitigated by the enactment of the Economic Growth Acceleration Act ( Wachstumsbeschleunigungsgesetz 2009 Tax losses of Abcheck s.r.o. amount to €20 as of December 31, 2021 (2020: €803). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Intangible assets | 13. Intangible assets Licences Software Total Cost as of January 1, 2021 2,032 290 2,322 Additions 2 3 5 Cost as of December 31, 2021 2,034 293 2,327 Accumulated depreciation as of January 1, 2021 382 222 604 Depreciation charge for the year 88 28 116 Accumulated depreciation as of December 31, 2021 470 250 720 Carrying value as of December 31, 2021 1,564 43 1,607 Licences Software Total Cost as of January 1, 2020 383 346 729 Additions 1,649 9 1,658 Disposals — (65) (65) Cost as of December 31, 2020 2,032 290 2,322 Accumulated depreciation as of January 1, 2020 380 212 592 Depreciation charge for the year 2 64 66 Disposals — (54) (54) Accumulated depreciation as of December 31, 2020 382 222 604 Carrying value as of December 31, 2020 1,650 68 1,718 In December 2020, Affimed entered into a patent and technology license agreement providing the Group with an exclusive development and commercialization license. The Group recognized the non-refundable license fee of $2 million (€1.6 million) as an intangible asset and amortizes the acquisition cost, on a straight line basis, over an estimated useful life of 19 years. |
Leasehold improvement and equip
Leasehold improvement and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold improvement and equipment | |
Leasehold improvement and equipment | 14. Leasehold improvement and equipment Laboratory Leasehold and office improvements equipment Total Cost as of January 1, 2021 74 5,125 5,199 Additions — 2,196 2,196 Cost as of December 31, 2021 74 7,321 7,395 Accumulated depreciation as of January 1, 2021 47 2,926 2,973 Depreciation charge for the year 7 601 608 Accumulated depreciation as of December 31, 2021 54 3,527 3,581 Carrying value as of December 31, 2021 20 3,794 3,814 Laboratory Leasehold and office improvements equipment Total Cost as of January 1, 2020 74 5,038 5,112 Additions — 431 431 Disposals — (344) (344) Cost as of December 31, 2020 74 5,125 5,199 Accumulated depreciation as of January 1, 2020 36 2,785 2,821 Depreciation charge for the year 11 462 473 Disposals — (321) (321) Accumulated depreciation as of December 31, 2020 47 2,926 2,973 Carrying value as of December 31, 2020 27 2,199 2,226 |
Long term financial assets
Long term financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Long term financial assets | |
Long term financial assets | 15. Long-term financial assets The Group holds preferred shares in Amphivena previously recognized at their fair value of €2.9 million . In early October 2021, the Board of Amphivena made the decision to wind down the company, and we believe the decision indicates that the investment is fully impaired. Based on current information, we estimate that the investment has a fair value of nil. This fair value change has resulted in an impairment of €2.9 million and has been recognized in other comprehensive income. The Group also holds common shares in Roivant at their fair value of €12.3 million as of December 31, 2021 (2020: €17.1 million). The overall decrease in the fair value of €4.8 million has been recognized in other comprehensive income. As of December 31, 2020, the fair value of this investment was categorised as Level 3 and was based on observable financing round valuations which was adjusted considering certain assumptions such as the development of quoted market prices of peer companies and other publicly available information as well as quantitative and qualitative information provided by Roivant. During 2021, Roivant listed its common shares on a stock exchange (Nasdaq, US) and they are currently actively traded in that market. Therefore, fair value measurement was transferred from Level 3 to Level 1 of the fair value hierarchy at October 1, 2021, at which time the fair value of the shares was recorded at €11.2 million. As at December 31, 2021 the fair value of the shares in Roivant was based on its quoted market price. Refer to note 27 regarding events that took place subsequent to December 31, 2021. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 16. Cash and cash equivalents December 31, 2021 2020 Bank balances 129,972 146,854 Call deposits 67,658 — 197,630 146,854 Call deposits all have original maturities of 3 months or less. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables | |
Trade and other receivables | 17. Trade and other receivables The trade receivables as of December 31, 2021 and 2020, of €150 and €0, respectively, are all due in the short-term, do not bear interest and are not impaired. Other receivables are all due within the short-term and mainly comprise prepayments €767 (2020: €313) and value-added tax receivables of €2,737 (2020: €1,321). |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2021 | |
Other assets | |
Other assets | 18. Other assets Other assets as of December 31, 2021 mainly consist of a deferred prepayment of €2.9 million for the reservation of manufacturing capacity. The prior year mainly comprised a deferred prepayment of €1.0 million in respect of a research project where certain milestone payments were due. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity | |
Equity | 19. Equity As of December 31, 2021, the share capital of €1,234 (2020: €983) is composed of 123,419,772 (2020: 98,287,333) common shares with a par value of €0.01. In May 2020, the Company implemented an at-the-market (“ATM”) program providing for the sales over time of up to $50,000,000 of its common shares. The Company issued approximately 12.5 million common shares under this ATM program, generating net proceeds of approximately €34.5 million. In November 2020, the Company implemented a new ATM program providing for additional sales over time of up to $75,000,000 of its common shares. As of December 31, 2021, the Company had issued a further approximately 4.4 million (2020: 7.9 million) shares from this new ATM program, generating approximately €24.4 million (2020: €34.5 million) in net proceeds. In November 2021, the Company implemented a new ATM program providing for sales over time of up to $100 million of its common shares. As of December 31, 2021, the Company had issued approximately 0.2 million common shares from this new ATM program and generated approximately €1.6 million in net proceeds. On January 15, 2021, the Group issued 19,166,667 common shares at a price of $6.00 per share in a public offering, resulting in net proceeds of approximately €88.7 million, incurring €6.1 million in underwriting commissions, legal and consulting expenses which were deducted from equity. In April 2021, Silicon Valley Bank exercised all of its warrants and accordingly, the Group issued 173,482 common shares, refer to note 21. In connection with common share issuances in 2021 an amount of €7.1 million (2020: €2.4 million) of direct and incremental transaction cost was deducted from equity. In the Annual General Meeting of Affimed N.V. held on August 4, 2020 the structure of the authorized share capital was changed as cumulative shares were abolished. As of December 31, 2021, authorized share capital of the company amounts to €3,120 (2020: €3,120) and 311,950,000 (2020: 311,950,000) common shares, each with a nominal value of €0.01 per share. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2021 | |
Share-based payments | |
Share based payments | 20. Share-based payments In 2014, an equity-settled share-based payment program was established by Affimed N.V. (ESOP 2014). Under this program, the Group granted awards to certain members of the Management Board, the Supervisory Board, non-employee consultants and employees. Share-based payments with service condition The majority of the awards vest in installments over three years and can be exercised up to 10 years after the grant date. In 2021 and 2020, the Group granted 4,131,076 and 2,607,809 awards, respectively, to employees, the Management Board and Supervisory Board. In 2021, 385,355 ESOP 2014 awards were cancelled or forfeited due to termination of employment or termination of consulting agreements with non-employees (2020: 247,684), and 1,114,061 options were exercised at an average exercise price of $3.13 (2020: 1,624,351 options were exercised at an average exercise price of $2.19). As of December 31, 2021, 10,675,001 ESOP 2014 awards were outstanding (December 31, 2020: 8,043,341), 5,422,591 awards (December 31, 2020: 4,712,122) were vested. The options outstanding at December 31, 2021 had an exercise price in the range of $1.30 to $13.47 (2020: $1.30 to $13.47), a weighted average remaining contractual life of 7.7 years (2020: 7.4 years) and a weighted average exercise price of $5.21. In 2021 and 2020, the Group estimated an annual forfeiture rate of 4.0% for unvested options. Share-based payments with market condition On April 20, 2018, Affimed issued 240,000 options, of which each grant consists of three tranches that vest when the volume-weighted average share price (measured based on Affimed closing share prices over the preceding fifteen Share-based payment expense In 2021, an expense of €11,820 was recognized affecting research and development expenses (€5,892) and general and administrative expenses (€5,928). In 2020, an expense of €3,381 was recognized affecting research and development expenses (€1,524) and general and administrative expenses (€1,857). In 2019, an expense of €2,469 was recognized affecting research and development expenses (€904) and general and administrative expenses (€1,565). Fair value measurement The fair value of options was determined using the Black-Scholes-Merton valuation model. The significant inputs into the valuation model of share based payment grants with service conditions are as follows (weighted average): 2021 2020 Fair value at grant date $ 6.18 $ 2.38 Share price at grant date $ 8.18 $ 3.18 Exercise price $ 8.18 $ 3.18 Expected volatility 95 % 93 % Expected life 5.9 5.9 Expected dividends 0.0 0.0 Risk-free interest rate 1.14 % 0.89 % 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. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings. | |
Borrowings | 21. Borrowings Silicon Valley Bank On November 30, 2016, Affimed entered into a loan agreement with Silicon Valley Bank (the “SVB loan”) for an initial tranche of €5.0 million and a second tranche drawn in May 2017 of €2.5 million. As of December 31, 2020, the loan was fully repaid. Pursuant to the loan agreement of 2016, the Group also granted the lender warrants to purchase common shares of Affimed at the respective exercise price for a period of ten years from the grant date. In April 2021, Silicon Valley Bank exercised its warrants and the Group issued 173,482 common shares to Silicon Valley Bank. In January 2021, the Group entered into a new loan agreement with Silicon Valley Bank German Branch (SVB) which provides 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. 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%, and Affimed is entitled to make interest only payments through December 1, 2022, or June 1, 2023 if Affimed draws on the third tranche of the loan. The loan will mature at the end of November 2025. As of December 31, 2021, the fair value of the liability did not differ significantly from its carrying amount (€17.4 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 subsidiaries, and collateral agreements for all bank accounts, inventory, trade receivables and other receivables of Affimed N.V. and Affimed GmbH recognized in the consolidated financial statements with the following book values: Book value as of December 31, 2021 Consolidated thereof financial assets statements pledged Intangible assets* 1,607 1,604 Leasehold improvements and equipment 3,814 2,762 Inventories 421 367 Trade and other receivables 4,809 3,399 Cash and cash equivalents 197,630 194,136 Total 208,281 202,268 * Assignment is subject to the occurrence of a defined trigger event. UniCredit Leasing CZ In April 2019, the Group entered into a loan agreement with UniCredit Leasing CZ for €562. After an initial instalment of €127 in the second quarter of 2019, repayment is effected in monthly instalments of €8. In May 2020, an interest-only-period for 6 months was agreed, extending repayment for 6 months until May 2024. As of December 31, 2021, an amount of €231 (December 31, 2020: €323) was outstanding, of which €94 (December 31, 2020: €92) was classified as current liabilities. As of December 31, 2021 and 2020, the fair value of the liability did not differ significantly from its carrying amount. Reconciliation to cash flows from financing Movements of liabilities reconcile to cash flows arising from financing activities as follows: 2021 2020 Balance as of January 1 323 2,383 Changes from financing cash flows Proceeds from borrowings 17,500 0 Repayment of borrowings (92) (2,128) 17,408 (2,128) Other Changes Changes in capitalized borrowing costs, net (91) 68 Balance as of December 31 17,640 323 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables | |
Trade and other payables | 22. Trade and other payables Trade and other payables comprise trade payables of €17,085 (2020: €7,986). Other payables mainly comprise payroll and employee related liabilities for withholding taxes and social security contributions of €1,294 (2020: €2,144) and payables due to employees for unused holidays and other accruals. Other payables are normally settled within 30 days. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 23. Leases Affimed presents right-of-use assets for offices, laboratories and vehicles leased in a separate line item from the line item “Leasehold improvements and equipment” that presents other assets of the same nature that Affimed owns. The agreements have an average non-cancellable term of between one and four years with renewal options included in some contracts. For equipment leased with contract terms that are short term and/or leases of low-value items the Group has elected not to recognize right-of-use assets and lease liabilities for these leases. The carrying amounts of right-of-use assets reconcile as follows: Carrying amount Buildings Cars Office equipment Total Balance as of January 1, 2021 923 2 15 940 Depreciation charge for the year (595) (8) (6) (609) Additions to right-of-use assets 614 27 0 641 Balance as of December 31, 2021 942 21 9 972 Carrying amount Buildings Cars Office equipment Total Balance as of January 1, 2020 815 9 0 824 Depreciation charge for the year (568) (7) (2) (577) Additions to right-of-use assets 676 0 17 693 Balance as of December 31, 2020 923 2 15 940 Cash outflow related to leases are as follows: 2021 2020 Repayment of lease liabilities 564 521 Interest on lease liabilities 46 34 Short-term lease payments 23 70 Cash outflow from leasing 633 625 Future contractually agreed undiscounted lease payments are as follows: 2021 2020 Payments within one year 708 519 Payments between one and five years 379 515 1,087 1,034 Movements of lease liabilities reconcile to cash flows arising from financing activities as follows: 2021 2020 Balance as of January 1 974 804 Changes from financing cash flows Repayment of lease liabilities (564) (521) (564) (521) Other Changes New lease contracts 641 691 641 691 Balance as of December 31 1,051 974 |
Other commitments and contingen
Other commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Other commitments and contingencies | |
Other commitments and contingencies | 24. Other commitments and contingencies Commitments The Group plans to move to new facilities in 2023 and has entered into a lease contract for offices and laboratories, signed in 2021 with handover taking place between June 1, 2023 and June 30, 2023 . Expected payments include monthly rent of €116 , a one-time payment of €696 for laboratory construction and a security deposit of €413 . The contractual lease term is ten years including a cancellation option after 5 years with an expected start mid-2023. The terms provide for renewal options. Contingencies Affimed has entered into various license agreements that contingently trigger payments upon achievement of certain milestones and royalty payments upon commercialization of a product in the future. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Related parties | |
Related parties | 25. Related parties (i) Shareholders As of December 31, 2021 and 2020, no shareholder holds more than 20% of the voting rights. (ii) Transactions with key management personnel The compensation of managing directors and other key management personnel comprised of the following: 2021 2020 2019 Short-term employee benefits 3,633 2,936 2,598 Termination benefits 0 0 264 Share-based payments 5,235 1,848 1,738 8,868 4,784 4,600 Remuneration of Affimed’s managing directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive supplementary benefits such as fringe benefits and allowances. In the case of an early termination, the managing directors receive a severance. Compensation for other key management personnel comprises fixed and variable components and share-based payment awards. The supervisory directors of Affimed N.V. received compensation for their services on the supervisory board of €392 (2020: €364; 2019: €382). In 2021, the Group recognized expenses for share-based payments for supervisory board members of €847 (2020: €293, 2019: €243). The following table provides the total amounts of outstanding balances for supervisory board compensation and expense reimbursement related to key management personnel: Outstanding balances December 31, December 31, 2021 2020 Adi Hoess 5 2 Thomas Hecht 19 16 Mathieu Simon 8 7 Ferdinand Verdonck 1 (1) 10 Ulrich Grau 16 14 Bernhard Ehmer 20 15 Harry Welten 10 8 Annalisa Jenkins 9 8 Uta Kemmerich-Keil 19 0 1 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Financial risk management | 26. Financial risk management (i) Financial risk management objectives and policies The Group’s principal financial instruments comprise cash and cash equivalents, certificates of deposit at commercial banks and investor loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Group's operations. The Group has various other financial assets and liabilities such as trade and other receivables and trade and other payables, which arise directly from its operations. The main risks arising from the Group's financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The measures taken by management to manage each of these risks are summarized below. (ii) Credit risk The Group’s financial assets comprise to a large extent cash and cash equivalents. In addition, financial assets include shares, certificates of deposit, trade and other receivables. The total carrying amount of shares (€12.3 million, 2020: €20.0 million), cash and cash equivalents (€197.6 million, 2020: € 146.9 million) and trade and other receivables (€4.8 million, 2020: €2.4 million) represents the maximum credit exposure of €214.7 million (2020: €169.3 million). The cash and cash equivalents and certificates of deposit are held with banks, which are rated BBB+ to AA based on Standard & Poor’s and Moody’s. (iii) Interest rate risk The Group’s interest rate risk arises from cash accounts. Market interest rates on cash and cash equivalents as well as on term deposits were low, and in some cases negative, resulting in interest expense of €358 (2020: interest income of €186). A shift in interest rates (increase or decrease) could potentially have a material impact on the loss of the Group. (iv) Other price risks The fair value of the shares in Amphivena and Roivant depends on the estimated share price and the quoted share price respectively. The total exposure of the Group amounts to €12.3 million (2020: €20.0 million). (v) Foreign currency risk Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The Group’s entities are exposed to Czech Koruna (CZK), US Dollars (USD) and British Pound (GBP). The net exposure as of December 31, 2021 was €53,487 (2020: €122,322) and mainly relates to US Dollars. In 2021, if the Euro had weakened/strengthened by 10% against the US dollar with all other variables held constant, the loss would have been €5,482 (2020: €11,155) higher/lower, mainly as a result of foreign exchange gains/losses on remeasurement of US dollar-denominated financial assets. The Group considers a shift in the exchange rates of 10% as a realistic scenario. Loss is more sensitive to movement in exchange rates shifts in 2021 than in 2020 because of the increased volume of US dollar-denominated transactions. The following significant exchange rates have been applied during the year: 2021 2020 2019 CZK or USD CZK or USD or CZK or USD or or GBP/EUR GBP/EUR GBP/EUR CZK - Average Rate 0.03900 0.03780 0.03896 CZK - Spot rate 0.04023 0.03811 0.03936 USD - Average Rate 0.84552 0.87550 0.89326 USD - Spot rate 0.88292 0.81493 0.89015 GBP - Average Rate 1.16333 1.12397 1.1393 GBP - Spot rate 1.19008 1.11231 1.1754 (vi) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by delivering cash. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Group continually monitors its risk of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities. The supervisory board undertakes regular reviews of the budget. In 2019 , 2020 and 2021, Affimed raised significant funding that it estimates will enable the Group to fund operating expenses and capital expenditure requirements at least into the second half of 2023. In 2019, the Group issued 13,800,000 common shares in a public offering at a price of $2.50 per common share resulting in aggregate net proceeds of €29.5 million. In May 2020, the Company implemented an at-the-market (“ATM”) program providing for the sales over time of up to $50,000,000 of its common shares. The Company issued approximately 12.5 million common shares under this ATM program, generating net proceeds of approximately €34.5 million. In November 2020, the Company implemented a new ATM program providing for additional sales over time of up to $75,000,000 of common shares. As of December 31, 2021, the Company had issued approximately 4.4 million (2020: 7.9 million) shares, generating approximately €24.4 million (2020: €34.5 million) in net proceeds. In November 2021, Affimed filed a “shelf registration statement” with the SEC in order to offer and sell securities to the public in multiple, future offerings with indeterminate amount. In November 2021, the Company implemented a new ATM program providing for additional sales over time of up to $100 million of its common shares. As of December 31, 2021, the Company had issued approximately 0.2 million shares and generated approximately €1.6 million in net proceeds from this new ATM program. On January 15, 2021 the Group issued 19,166,667 common shares at a price of $6.00 per share in a public offering resulting in gross proceeds before deducting underwriting discounts and commissions and estimated expenses of the offering of $115 million. In January 2021, the Group entered into a loan agreement with Silicon Valley Bank for up to €25 million, of which the Group has drawn €17.5 million in 2021. The Group expects that further funding will be required to complete the development of the existing product candidates. Further, funding will also be required to commercialize the products if regulatory approval is received. The contractual maturities of Borrowings are as follows: 2021 2020 Payments within one year 580 92 Payments between one and five years 18,682 231 19,262 323 (vii) Capital management The primary objective of the Group’s capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities when due. The Group manages its capital structure primarily through equity. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | 27. Subsequent events The average quoted share price of our investment, refer note 15, in Roivant for the week ended March 25, 2022 was €4.79. This results in a decline in the fair value of the investment by €5.7 million. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Revenue Recognition | Revenue recognition The Group generates revenues from the provision of research and development services to third parties based on both Group and third party owned intellectual property. Such services are performed on a “best efforts” basis without a guarantee of technological or commercial success. For some research programs, Affimed entered into collaborations with other companies that provide the Group with funding or other resources such as access to technologies. From time to time, the Group also licenses its intellectual property to third parties who use it to develop product candidates. Collaboration and license agreements are evaluated to determine whether they involve multiple promises that represent separate performance obligations typically including research programs, platform licenses or intellectual property licenses. The total consideration is allocated to separate performance obligations based on relative stand-alone selling prices. Usually sales prices for research and development activities and licenses are not directly observable. Therefore, we use estimation techniques, such as an expected cost plus margin approach, to determine stand-alone selling prices for such services and licenses. Margins are estimated based on market trends within the pharmaceutical industry. For licenses of intangible assets where little or no incremental costs are incurred in providing such licenses, a residual approach is used. Performance obligations from research programs are satisfied over time because the work performed by the Group either enhances a license that the customer already controls or because the work does not result in an asset with an alternative use for the Group due to contractual restrictions. Therefore, revenue for such performance obligations is recognized according to the stage of completion measured by reference to costs incurred in relation to anticipated total costs of the research program. Revenue from platform licenses or intellectual property licenses granted are recognized at a point in time if their nature is a right to use the licensed intellectual property as it exists at the point in time at which the license is granted. This is usually the case when there is no significant continuing involvement by the Group. In these cases, revenue is recognized when control of the license is transferred. Control is considered to be transferred when the customer received all necessary documents and information to begin to use and benefit from the license. Revenue from platform licenses or intellectual property licenses granted are recognized over time if their nature is to access the licensed intellectual property as it exists throughout the license period. This might be the case when there is significant continuing development to address the content of the platform by the Group. In these cases, revenue is recognized on a straight-line basis until the use of the license by the customer ends. Payments received from customers commonly include non-refundable upfront payments that are initially recognized as a contract liability, and subsequently recognized as revenue as the related performance obligation is fulfilled. The Group concluded that non-refundable upfront payments do not include financing components because the advance payments arise for reasons other than the provision of financing. In addition, payment terms may also include payments to be received from customers at a later point in time upon the achievement of certain milestones. Milestone payments are contingent upon the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting specific requirements laid out in the respective agreement. Therefore, individual performance obligations are generally determined based on contractually agreed milestones and related payments. Reaching a milestone will result in a cumulative catch up of revenue for the performance to date. The Group distinguishes development and registration milestones and sales-based milestones. Whereas development and registration milestone payments are generally recognized on reaching the defined milestones, revenues for sales-based milestones are recognized on achievement of contractually stipulated underlying revenues. |
Research and Development | Research and development Costs incurred related to research activities are expensed in the period when they are incurred. Costs incurred on development projects are recognized as intangible assets beginning on the date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Group considering its technological and commercial feasibility. Given the current stage of the development of the Group’s candidates and technologies, as well as uncertainties regarding successful regulatory approval, no development expenditures have been capitalized in any of the periods presented in these consolidated financial statements. Intellectual property-related costs for patents are part of the expenditure for the research and development projects. Therefore, registration costs for patents are recognized as expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. |
Employee Benefits | Employee benefits (i) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under a short-term cash bonus, if (a) the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably. (ii) Share-based payment transactions The Group’s share-based payment awards outstanding as of December 31, 2020 and 2021, are classified as equity-settled share-based plans. The fair value of share-based equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate, the expected forfeiture rate and the time to maturity of the option. The number of stock options expected to vest is estimated at each measurement date. (iii) Termination benefits Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. |
Government Grants | Government grants The Group receives certain government grants that support its research effort in specific projects. These grants are generally provided in the form of reimbursement of approved costs incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured. Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government grants is not yet received, the amount is included as a receivable on the statement of financial position. The Group recognizes income from government grants under ‘Other income — net’ in the consolidated statement of comprehensive loss. |
Leases | Leases Affimed recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. Subsequently, the right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Affimed’s incremental borrowing rate. Generally, Affimed uses its incremental borrowing rate as the discount rate. The Group determines the incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the asset leased. The lease liability is subsequently measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Affimed has elected not to recognize right-of-use assets and lease liabilities for some short-term leases (leases with less than 12 months of lease term) and right-of-use assets and liabilities for leases of low value assets. Lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term. |
Finance Income and Finance Costs | Finance income and finance costs Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method. Finance costs comprise primarily interest expense on borrowings. |
Financial Instruments | Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Non-derivative financial assets The Group’s non-derivative financial assets include shares, trade and other receivables, other assets, cash and cash equivalents and certificates of deposit at banks with original maturities of more than three months. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Those debt instruments are held to collect solely payments of principal and interest. They are included in current assets and are subsequently carried at amortized cost. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. The Group holds preferred shares in Amphivena Therapeutics Inc. ("Amphivena"), USA, and common shares in Roivant Sciences Ltd (“Roivant”), USA (see note 15). The Group has elected to present changes in fair value of these investments through other comprehensive income. (ii) Non-derivative financial liabilities The Group’s classes of financial liabilities are borrowings and trade and other payables. The Group initially recognizes non-derivative financial liabilities on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Compound financial instruments The Group entered into certain loan agreements pursuant to which it issued warrants to purchase common shares of the Group at the option of the respective holders (for warrants issued to SVB (as defined below) see note 21). The number of shares to be issued does not vary with changes in their fair value. The liability component of the loans was recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition. |
Impairment | Impairment (i) Trade and other receivables Trade and other receivables at amortized cost are subject to the expected credit loss model according to IFRS 9. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Affimed determines the counterparties’ lifetime expected credit losses that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database. In addition, trade and other receivables are assessed at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization. All receivables are assessed for specific impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No impairments or reversals of impairments were recognized in 2019, 2020 or 2021. (ii) Intangible assets and leasehold improvements and equipment Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses. Amortization and depreciation is calculated using the straight-line method over the estimated useful lives, and is recognized in profit or loss. Depreciation and amortization methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: – Laboratory equipment 5 – Office and IT equipment 3 – Leasehold improvements over the term of the lease Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized as the amount by which an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. |
Income Taxes | Income taxes Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Fair Value Measurement | Fair Value Measurement All assets and liabilities for which fair value is recognized in the consolidated 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 which are not included in Level 1. ● 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, certificates of deposit, 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 measurement of the fair value of preferred and common shares in other companies held by the group is based on level 1 and level 3 inputs (see note 15). The Group recognises transfers between levels of the fair value hierarchy as at the date at which the change has occurred. |
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. The Group has granted warrants under certain loan agreements (see note 21) and options under share-based payment programs (see note 20) which potentially have a dilutive effect, however no instruments actually had a dilutive effect due to the net loss generated. |
Critical judgments and accounting estimates | Critical judgments and accounting estimates The preparation of the consolidated 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 financial statements, the critical judgments made by management in applying the Group’s accounting policies resulted in the following accounting estimates: (i) Share-based payments The fair value of stock options issued by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. The number of stock options expected to vest is estimated at each measurement date. (ii) Revenue recognition The Group’s contracts with the majority of our customers contain multiple performance obligations. Judgment is required in determining whether a good or service is considered a separate performance obligation. If standalone selling prices are not directly observable, the Group allocates the transaction price to the performance obligations by reference to the expected cost plus a margin. In doing so, observable input data such as internal project plans and margins are used. The Group has entered into research service agreements, collaboration and license agreements with customers for which non-refundable upfront payments are received for research funding purposes, technology access fees and/or milestone payments. Generally, the Group has continuing performance obligations and therefore upfront payments are initially recognized as a contract liability, and the related revenues are subsequently recognized as the related performance obligation is fulfilled. In this context, the determination of the stage of completion requires judgement, in particular with respect to the anticipated total costs of research programs. Technology access fees are generally initially recognized as a contract liability and subsequently recognized over the expected term of the agreement on a straight-line basis. The determination of whether a performance obligation is satisfied at a point in time versus over time might also require judgment. |
New standards and interpretations not yet adopted | New standards and interpretations not yet adopted The following new standards and amendments to standards are effective for annual periods beginning after December 31, 2021 and have not been applied in preparing these consolidated financial statements. Standard/interpretation Effective Date 1 Amendments to IFRS 3 Business Combinations January 1, 2022 Amendments to IAS 16 Property, Plant and Equipment January 1, 2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2022 Annual Improvements 2018-2020 January 1, 2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 1 Shall apply for periods beginning on or after the date shown in the effective date column. The amended standards are not expected to have a significant effect on the consolidated financial statements of the Group. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Schedule of estimated useful lives of property, plant and equipment | – Laboratory equipment 5 – Office and IT equipment 3 – Leasehold improvements over the term of the lease |
Schedule of new standards and interpretations not yet adopted | Standard/interpretation Effective Date 1 Amendments to IFRS 3 Business Combinations January 1, 2022 Amendments to IAS 16 Property, Plant and Equipment January 1, 2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2022 Annual Improvements 2018-2020 January 1, 2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 1 Shall apply for periods beginning on or after the date shown in the effective date column. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Summary of revenue and non-current assets by geographic information | Revenue: 2021 2020 2019 Germany 742 194 0 Europe 0 2 1,646 USA 39,624 28,164 19,745 40,366 28,360 21,391 Non-current assets as of December 31: 2021 2020 2019 Germany 4,896 3,796 2,017 Czech Republic 1,306 914 870 USA 12,539 20,216 3,558 18,741 24,926 6,445 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Schedule of receivables and contract liabilities from contracts with customers | December 31, 2021 December 31, 2020 Receivables 150 0 Contract liabilities 51,633 91,041 |
Schedule of disaggregation of revenue | 2021 2020 2019 Major service lines: Collaboration revenue 39,301 27,755 19,685 Service revenue 1,065 605 1,706 40,366 28,360 21,391 Revenue: Point in time 490 9,180 5,783 Over time 39,876 19,180 15,608 40,366 28,360 21,391 |
Research and development expe_2
Research and development expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Research and development expenses | |
Research and development expenses | 2021 2020 2019 Third-party services 54,810 29,324 27,338 Personnel expenses 20,532 13,638 10,154 Legal, consulting and patent expenses 1,301 2,380 1,983 Cost of materials 2,152 1,730 1,547 Amortization and depreciation 1,057 834 725 Other expenses 1,636 2,083 2,044 81,488 49,989 43,791 |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General and administrative expenses | |
General and administrative expenses | 2021 2020 2019 Personnel expenses 10,713 6,319 5,358 Legal, consulting and audit expenses 8,134 5,601 3,055 Other expenses 5,371 1,795 1,853 24,218 13,715 10,266 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee benefits | |
Employee benefits | 2021 2020 2019 Wages and salaries 17,882 15,081 11,587 Social security costs 2,332 1,847 1,620 20,214 16,928 13,207 |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and finance costs | |
Schedule of finance income and finance costs | 2021 2020 2019 Interest SVB Loan Agreement (see note 21) (712) (95) (483) Foreign exchange differences 7,636 (6,693) (175) Interest on certificates of deposit with maturities of more than three months 0 186 602 Other finance income/finance costs - net (415) (45) 71 6,509 (6,647) 15 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income tax reconciliation | 2021 2020 2019 Loss before tax (57,521) (41,365) (32,361) Income tax benefit at tax rate of 29.825 % 17,156 12,337 9,652 Adjustments of deferred tax assets (15,850) (11,196) (9,822) Adjustments for local tax rates (62) (41) 5 Non-deductible expenses (1,434) (803) (72) Other 188 (298) 233 Income taxes (2) (1) (4) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Schedule of changes in intangible assets | Licences Software Total Cost as of January 1, 2021 2,032 290 2,322 Additions 2 3 5 Cost as of December 31, 2021 2,034 293 2,327 Accumulated depreciation as of January 1, 2021 382 222 604 Depreciation charge for the year 88 28 116 Accumulated depreciation as of December 31, 2021 470 250 720 Carrying value as of December 31, 2021 1,564 43 1,607 Licences Software Total Cost as of January 1, 2020 383 346 729 Additions 1,649 9 1,658 Disposals — (65) (65) Cost as of December 31, 2020 2,032 290 2,322 Accumulated depreciation as of January 1, 2020 380 212 592 Depreciation charge for the year 2 64 66 Disposals — (54) (54) Accumulated depreciation as of December 31, 2020 382 222 604 Carrying value as of December 31, 2020 1,650 68 1,718 |
Leasehold improvement and equ_2
Leasehold improvement and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold improvement and equipment | |
Summary of leasehold improvement and equipment | Laboratory Leasehold and office improvements equipment Total Cost as of January 1, 2021 74 5,125 5,199 Additions — 2,196 2,196 Cost as of December 31, 2021 74 7,321 7,395 Accumulated depreciation as of January 1, 2021 47 2,926 2,973 Depreciation charge for the year 7 601 608 Accumulated depreciation as of December 31, 2021 54 3,527 3,581 Carrying value as of December 31, 2021 20 3,794 3,814 Laboratory Leasehold and office improvements equipment Total Cost as of January 1, 2020 74 5,038 5,112 Additions — 431 431 Disposals — (344) (344) Cost as of December 31, 2020 74 5,125 5,199 Accumulated depreciation as of January 1, 2020 36 2,785 2,821 Depreciation charge for the year 11 462 473 Disposals — (321) (321) Accumulated depreciation as of December 31, 2020 47 2,926 2,973 Carrying value as of December 31, 2020 27 2,199 2,226 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents. | |
Schedule of cash and cash equivalents | December 31, 2021 2020 Bank balances 129,972 146,854 Call deposits 67,658 — 197,630 146,854 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based payments | |
Assumptions of options granted | 2021 2020 Fair value at grant date $ 6.18 $ 2.38 Share price at grant date $ 8.18 $ 3.18 Exercise price $ 8.18 $ 3.18 Expected volatility 95 % 93 % Expected life 5.9 5.9 Expected dividends 0.0 0.0 Risk-free interest rate 1.14 % 0.89 % |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings. | |
Summary of fair value of assets pledged | Book value as of December 31, 2021 Consolidated thereof financial assets statements pledged Intangible assets* 1,607 1,604 Leasehold improvements and equipment 3,814 2,762 Inventories 421 367 Trade and other receivables 4,809 3,399 Cash and cash equivalents 197,630 194,136 Total 208,281 202,268 * Assignment is subject to the occurrence of a defined trigger event. |
Schedule of movements of liabilities reconcile to cash flows arising from financing activities | 2021 2020 Balance as of January 1 323 2,383 Changes from financing cash flows Proceeds from borrowings 17,500 0 Repayment of borrowings (92) (2,128) 17,408 (2,128) Other Changes Changes in capitalized borrowing costs, net (91) 68 Balance as of December 31 17,640 323 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of carrying amounts of right-of-use assets reconcile | The carrying amounts of right-of-use assets reconcile as follows: Carrying amount Buildings Cars Office equipment Total Balance as of January 1, 2021 923 2 15 940 Depreciation charge for the year (595) (8) (6) (609) Additions to right-of-use assets 614 27 0 641 Balance as of December 31, 2021 942 21 9 972 Carrying amount Buildings Cars Office equipment Total Balance as of January 1, 2020 815 9 0 824 Depreciation charge for the year (568) (7) (2) (577) Additions to right-of-use assets 676 0 17 693 Balance as of December 31, 2020 923 2 15 940 |
Schedule of cash outflow related to leases | Cash outflow related to leases are as follows: 2021 2020 Repayment of lease liabilities 564 521 Interest on lease liabilities 46 34 Short-term lease payments 23 70 Cash outflow from leasing 633 625 |
Schedule of future contractually agreed undiscounted cash flows for leases | Future contractually agreed undiscounted lease payments are as follows: 2021 2020 Payments within one year 708 519 Payments between one and five years 379 515 1,087 1,034 |
Schedule of movements of lease liabilities reconcile to cash flows arising from financing activities | Movements of lease liabilities reconcile to cash flows arising from financing activities as follows: 2021 2020 Balance as of January 1 974 804 Changes from financing cash flows Repayment of lease liabilities (564) (521) (564) (521) Other Changes New lease contracts 641 691 641 691 Balance as of December 31 1,051 974 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related parties | |
Compensation of managing directors and other key management personnel | 2021 2020 2019 Short-term employee benefits 3,633 2,936 2,598 Termination benefits 0 0 264 Share-based payments 5,235 1,848 1,738 8,868 4,784 4,600 |
Outstanding balances related to key management personnel | Outstanding balances December 31, December 31, 2021 2020 Adi Hoess 5 2 Thomas Hecht 19 16 Mathieu Simon 8 7 Ferdinand Verdonck 1 (1) 10 Ulrich Grau 16 14 Bernhard Ehmer 20 15 Harry Welten 10 8 Annalisa Jenkins 9 8 Uta Kemmerich-Keil 19 0 1 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Exchange rates | 2021 2020 2019 CZK or USD CZK or USD or CZK or USD or or GBP/EUR GBP/EUR GBP/EUR CZK - Average Rate 0.03900 0.03780 0.03896 CZK - Spot rate 0.04023 0.03811 0.03936 USD - Average Rate 0.84552 0.87550 0.89326 USD - Spot rate 0.88292 0.81493 0.89015 GBP - Average Rate 1.16333 1.12397 1.1393 GBP - Spot rate 1.19008 1.11231 1.1754 |
Summary of contractual maturities of Borrowings | 2021 2020 Payments within one year 580 92 Payments between one and five years 18,682 231 19,262 323 |
Significant accounting polici_4
Significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Laboratory Equipment [Member] | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment (in years) | 5 years |
Laboratory Equipment [Member] | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment (in years) | 10 years |
Office and IT equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment (in years) | 3 years |
Office and IT equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment (in years) | 6 years |
Significant Accounting Polici_5
Significant Accounting Policies - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant accounting policies | |||
Impairments (reversals) | € 0 | € 0 | € 0 |
Significant accounting polici_6
Significant accounting policies - New standards and interpretations not yet adopted (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current |
Effective date | Jan. 1, 2023 |
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies |
Effective date | Jan. 1, 2023 |
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates |
Effective date | Jan. 1, 2023 |
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
Effective date | Jan. 1, 2023 |
Amendments to IFRS 3 Business Combinations | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IFRS 3 Business Combinations |
Effective date | Jan. 1, 2022 |
Amendments to IAS 16 Property, Plant and Equipment | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 16 Property, Plant and Equipment |
Effective date | Jan. 1, 2022 |
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets |
Effective date | Jan. 1, 2022 |
Annual Improvements 2018-2020 | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard/interpretation | Annual Improvements 2018-2020 |
Effective date | Jan. 1, 2022 |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue | € 40,366 | € 28,360 | € 21,391 |
Non-current assets | 18,741 | 24,926 | 6,445 |
Germany | |||
Disclosure of operating segments [line items] | |||
Revenue | 742 | 194 | 0 |
Non-current assets | 4,896 | 3,796 | 2,017 |
Europe | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 2 | 1,646 |
USA | |||
Disclosure of operating segments [line items] | |||
Revenue | 39,624 | 28,164 | 19,745 |
Non-current assets | 12,539 | 20,216 | 3,558 |
Czech Republic | |||
Disclosure of operating segments [line items] | |||
Non-current assets | € 1,306 | € 914 | € 870 |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Genentech and Roivant | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 10.00% | ||
Minimum | Genentech Inc. | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 10.00% | 10.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) € in Thousands, $ in Millions | Nov. 09, 2020USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2018EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) |
Other revenue information | ||||||||
Revenue | € 1,100 | € 600 | € 1,700 | |||||
Revenue under contract liabilities | € 39,512 | 17,457 | 14,795 | |||||
Remaining performance obligations | € 51,600 | |||||||
Performance obligations description | The remaining performance obligations at December 31, 2021 are approximately €51.6 million and are expected to be largely recognized as revenue over the next year (€44.4 million), with a smaller portion being realized the year thereafter (€7.2 million). | |||||||
Genentech Inc | ||||||||
Other revenue information | ||||||||
Revenue | € 21,600 | 26,200 | 19,700 | |||||
Collaboration agreement initial upfront payment received | $ 96 | € 83,200 | ||||||
Revenue under contract liabilities | 20,200 | 41,900 | € 59,300 | |||||
Additional payments upon achievement of milestones | $ | $ 5,000 | |||||||
Roivant | ||||||||
Other revenue information | ||||||||
Revenue | 17,700 | 1,400 | ||||||
Collaboration agreement initial upfront payment received | $ | $ 60 | |||||||
Collaboration agreement cash consideration | $ | 40 | |||||||
Collaboration agreement consideration in shares | $ | 20 | |||||||
Revenue under contract liabilities | € 31,300 | € 49,000 | ||||||
Additional payments received upon achievement of milestones | $ | $ 2,000 |
Revenue (Details)
Revenue (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue | ||
Receivables | € 150 | € 0 |
Contract liabilities | € 51,633 | € 91,041 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other revenue information | |||
Revenues | € 40,366 | € 28,360 | € 21,391 |
Point in time | |||
Other revenue information | |||
Revenues | 490 | 9,180 | 5,783 |
Over time | |||
Other revenue information | |||
Revenues | 39,876 | 19,180 | 15,608 |
Collaboration | |||
Other revenue information | |||
Revenues | 39,301 | 27,755 | 19,685 |
Service | |||
Other revenue information | |||
Revenues | € 1,065 | € 605 | € 1,706 |
Other income and expenses - n_2
Other income and expenses - net (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income and expenses - net. | |||
Foreign exchange gains (losses) | € (125) | € 129 | € 251 |
Income from government grants | 344 | 348 | 19 |
Research collaborations | € 1,072 | € 0 | € 0 |
Research and development expe_3
Research and development expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | € 81,488 | € 49,989 | € 43,791 |
Third-party services | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | 54,810 | 29,324 | 27,338 |
Personnel expenses | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | 20,532 | 13,638 | 10,154 |
Legal, consulting and patent expenses | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | 1,301 | 2,380 | 1,983 |
Costs of materials | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | 2,152 | 1,730 | 1,547 |
Accumulated depreciation and Amortisation | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | 1,057 | 834 | 725 |
Other expenses | |||
Disclosure of Research and Development Expense [Line Items] | |||
Research and development expenses | € 1,636 | € 2,083 | € 2,044 |
General and administrative ex_3
General and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of General and Administrative Expense [Line Items] | |||
General and administrative expenses | € 24,218 | € 13,715 | € 10,266 |
Personnel expenses | |||
Disclosure of General and Administrative Expense [Line Items] | |||
General and administrative expenses | 10,713 | 6,319 | 5,358 |
Legal, consulting and audit expenses | |||
Disclosure of General and Administrative Expense [Line Items] | |||
General and administrative expenses | 8,134 | 5,601 | 3,055 |
Other expenses | |||
Disclosure of General and Administrative Expense [Line Items] | |||
General and administrative expenses | € 5,371 | € 1,795 | € 1,853 |
Employee benefits (Details)
Employee benefits (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefits | |||
Wages and salaries | € 17,882 | € 15,081 | € 11,587 |
Social security costs | 2,332 | 1,847 | 1,620 |
Employee benefits | € 20,214 | € 16,928 | € 13,207 |
Employee benefits - Narrative (
Employee benefits - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefits | |||
Employer's contributions to pension insurance plans | € 1,030 | € 795 | € 696 |
Finance income and finance co_3
Finance income and finance costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Finance Income and Finance Costs Line Items] | |||
Finance income/costs - net | € 6,509 | € (6,647) | € 15 |
Interest SVB Loan Agreement | |||
Disclosure of Finance Income and Finance Costs Line Items] | |||
Finance income/costs - net | (712) | (95) | (483) |
Foreign exchange differences | |||
Disclosure of Finance Income and Finance Costs Line Items] | |||
Finance income/costs - net | 7,636 | (6,693) | (175) |
Interest on certificates of deposit with maturities of more than three months | |||
Disclosure of Finance Income and Finance Costs Line Items] | |||
Finance income/costs - net | 0 | 186 | 602 |
Other finance income/finance costs - net | |||
Disclosure of Finance Income and Finance Costs Line Items] | |||
Finance income/costs - net | € (415) | € (45) | € 71 |
Income taxes (Details)
Income taxes (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes | |||
Loss before tax | € (57,521) | € (41,365) | € (32,361) |
Income tax benefit at tax rate of 29.825 % | 17,156 | 12,337 | 9,652 |
Adjustments of deferred tax assets | (15,850) | (11,196) | (9,822) |
Adjustments for local tax rates | (62) | (41) | 5 |
Non deductible expenses | (1,434) | (803) | (72) |
Other | 188 | (298) | 233 |
Income taxes | € (2) | € (1) | € (4) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes | ||
Income tax benefit at tax rate | 29.825% | |
Tax loss carryforward for corporate income tax purposes | € 288,600 | € 233,700 |
Maximum tax loss at risk due to ownership changes | 59,000 | |
Tax loss carryforward for trade tax purposes | 287,700 | 234,600 |
Borrowings | ||
Income taxes | ||
Deferred tax liabilities | 93 | 0 |
Deferred tax assets | 44 | 61 |
Leasehold improvements and equipment and right-of-use assets | ||
Income taxes | ||
Deferred tax liabilities | 276 | 280 |
Other assets. | ||
Income taxes | ||
Deferred tax liabilities | 1,054 | 316 |
Long term financial assets. | ||
Income taxes | ||
Deferred tax liabilities | 1,146 | |
Deferred tax assets | 1,149 | |
Contract liabilities | ||
Income taxes | ||
Deferred tax assets | 47 | 556 |
Trade and other receivable | ||
Income taxes | ||
Deferred tax assets | 1,194 | 463 |
Lease liabilities | ||
Income taxes | ||
Deferred tax assets | 206 | 194 |
Trade and other payable | ||
Income taxes | ||
Deferred tax liabilities | 0 | 60 |
Deferred tax assets | 31 | 7 |
Intangible assets other than goodwill [member] | ||
Income taxes | ||
Deferred tax assets | 207 | 303 |
AbCheck | ||
Income taxes | ||
Tax loss carryforward for corporate income tax purposes | € 20 | € 803 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | € 1,718 | |
Intangible assets at end of year | 1,607 | € 1,718 |
License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | 1,650 | |
Intangible assets at end of year | 1,564 | 1,650 |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | 68 | |
Intangible assets at end of year | 43 | 68 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | 2,322 | 729 |
Additions | 5 | 1,658 |
Disposals | (65) | |
Intangible assets at end of year | 2,327 | 2,322 |
Cost | License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | 2,032 | 383 |
Additions | 2 | 1,649 |
Intangible assets at end of year | 2,034 | 2,032 |
Cost | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | 290 | 346 |
Additions | 3 | 9 |
Disposals | (65) | |
Intangible assets at end of year | 293 | 290 |
Accumulated depreciation and Amortisation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | (604) | (592) |
Disposals | 54 | |
Amortization for the year | 116 | 66 |
Intangible assets at end of year | (720) | (604) |
Accumulated depreciation and Amortisation | License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | (382) | (380) |
Amortization for the year | 88 | 2 |
Intangible assets at end of year | (470) | (382) |
Accumulated depreciation and Amortisation | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of year | (222) | (212) |
Disposals | 54 | |
Amortization for the year | 28 | 64 |
Intangible assets at end of year | € (250) | € (222) |
Intangible assets - Additional
Intangible assets - Additional Information (Details) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |||||
Purchase of intangible assets | € 1,654 | € 9 | € 150 | ||
License | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Purchase of intangible assets | € 1,600 | $ 2 | |||
Estimated useful life | 19 years | 19 years |
Leasehold improvement and equ_3
Leasehold improvement and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | € 2,226 | |
Leasehold improvement and equipment at end of year | 3,814 | € 2,226 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | 5,199 | 5,112 |
Additions | 2,196 | 431 |
Disposals | (344) | |
Leasehold improvement and equipment at end of year | 7,395 | 5,199 |
Accumulated depreciation and Amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | (2,973) | (2,821) |
Disposals | 321 | |
Depreciation charge for the year | 608 | 473 |
Leasehold improvement and equipment at end of year | (3,581) | (2,973) |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | 27 | |
Leasehold improvement and equipment at end of year | 20 | 27 |
Leasehold improvements | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | 74 | 74 |
Leasehold improvement and equipment at end of year | 74 | 74 |
Leasehold improvements | Accumulated depreciation and Amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | (47) | (36) |
Depreciation charge for the year | 7 | 11 |
Leasehold improvement and equipment at end of year | (54) | (47) |
Laboratory and office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | 2,199 | |
Leasehold improvement and equipment at end of year | 3,794 | 2,199 |
Laboratory and office equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | 5,125 | 5,038 |
Additions | 2,196 | 431 |
Disposals | (344) | |
Leasehold improvement and equipment at end of year | 7,321 | 5,125 |
Laboratory and office equipment | Accumulated depreciation and Amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Leasehold improvement and equipment at beginning of year | (2,926) | (2,785) |
Disposals | 321 | |
Depreciation charge for the year | 601 | 462 |
Leasehold improvement and equipment at end of year | € (3,527) | € (2,926) |
Long term financial assets (Det
Long term financial assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [line items] | |||
Fair value transferred from level 3 to level 1 | € (7,693) | € (242) | € (632) |
Level 1 of fair value hierarchy [member] | |||
Disclosure of financial assets [line items] | |||
Fair value transferred from level 3 to level 1 | 11,200 | ||
Preferred Shares | |||
Disclosure of financial assets [line items] | |||
Fair value of shares | 2,900 | ||
Decrease in fair value recognized in other comprehensive income | (2,900) | ||
Common shares - Roivant Sciences Ltd [Member] | |||
Disclosure of financial assets [line items] | |||
Fair value of shares | 12,300 | € 17,100 | |
Decrease in fair value | € 4,800 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents. | ||||
Bank balances | € 129,972 | € 146,854 | ||
Call deposits | 67,658 | |||
Total cash and cash equivalents | € 197,630 | € 146,854 | € 95,234 | € 94,829 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables | ||
Trade receivables | € 150 | € 0 |
Prepayments | 767 | 313 |
Value added tax receivables | € 2,737 | € 1,321 |
Other assets (Details)
Other assets (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other assets | ||
Deferred prepayments | € 2.9 | € 1 |
Equity (Details)
Equity (Details) € / shares in Units, $ / shares in Units, € in Thousands | Jan. 15, 2021EUR (€)shares | Jan. 15, 2021$ / sharesshares | Nov. 30, 2021USD ($) | Nov. 30, 2020USD ($) | May 31, 2020USD ($) | Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 31, 2020EUR (€)€ / sharesshares | Dec. 31, 2019EUR (€) | Apr. 30, 2021shares | May 31, 2020EUR (€)shares |
Issued capital | € 1,234 | € 983 | ||||||||
Number of shares outstanding | shares | 123,419,772 | 98,287,333 | ||||||||
Par value | € / shares | € 0.01 | € 0.01 | ||||||||
Authorized share capital | € 3,120 | € 3,120 | ||||||||
ATM program common shares sales value up to | $ | $ 75,000,000 | |||||||||
Share issue transaction costs | 7,100 | 2,400 | ||||||||
Proceeds from issue of common shares | € 124,460 | € 74,195 | € 31,373 | |||||||
Number of shares issued through exercise of warrants | shares | 173,482 | |||||||||
Common shares | ||||||||||
Number of common shares authorized | shares | 311,950,000 | 311,950,000 | ||||||||
Issued Capital | ||||||||||
Common shares made available under the ATM | € 24,400 | € 34,500 | € 34,500 | |||||||
At-the-market sales agreement | ||||||||||
Number of shares issued | shares | 4,400,000 | 7,900,000 | 12,500,000 | |||||||
ATM program common shares sales value up to | $ | $ 50,000,000 | |||||||||
At the market program | ||||||||||
Number of shares issued | shares | 200,000 | |||||||||
ATM program common shares sales value up to | $ | $ 100,000,000 | |||||||||
Proceeds from issue of common shares | € 1,600 | |||||||||
Public offering | ||||||||||
Number of shares issued | shares | 19,166,667 | 19,166,667 | ||||||||
Share price | $ / shares | $ 6 | |||||||||
Proceeds from issue of common shares | € 88,700 | |||||||||
Underwriting commissions, legal and consulting expenses | € 6,100 |
Share-based payments (Details)
Share-based payments (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Y$ / shares | Dec. 31, 2020USD ($)Y$ / shares | |
Share-based payments | ||
Fair value at grant date | $ | $ 6.18 | $ 2.38 |
Share price at grant date | $ / shares | $ 8.18 | $ 3.18 |
Exercise price | $ / shares | $ 8.18 | $ 3.18 |
Expected volatility | 95.00% | 93.00% |
Expected life | Y | 5.9 | 5.9 |
Expected dividends | $ | $ 0 | $ 0 |
Risk-free interest rate | 1.14% | 0.89% |
Share-based payments - Addition
Share-based payments - Additional Information (Details) $ / shares in Units, € in Thousands, $ in Thousands | Apr. 20, 2018EUR (€)trancheshares | Apr. 20, 2018USD ($)tranche$ / sharesshares | Dec. 31, 2021EquityInstruments$ / shares | Dec. 31, 2021EUR (€)EquityInstrumentsshares | Dec. 31, 2020USD ($)EquityInstruments$ / shares | Dec. 31, 2020EUR (€)EquityInstrumentsshares | Dec. 31, 2019EUR (€) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Hurdle rate | $ 8.18 | $ 3.18 | |||||
Number of tranches | tranche | 3 | 3 | |||||
Trading days | 15 days | 15 days | |||||
Grant date fair value | € 133 | $ 164 | |||||
Options exercisable | $ | 0 | ||||||
Share-based expense | € | € 11,820 | € 3,381 | € 2,469 | ||||
Number of options issued | shares | 240,000 | 240,000 | |||||
Contractual lifetime of the options | 2 years | 2 years | |||||
Tranche I | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Hurdle rate | $ 6.15 | ||||||
Tranche II | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Hurdle rate | 8.20 | ||||||
Tranche III | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Hurdle rate | $ 10.25 | ||||||
Research and Development | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based expense | € | 5,892 | 1,524 | 904 | ||||
General and Administrative | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based expense | € | € 5,928 | € 1,857 | € 1,565 | ||||
ESOP 2014 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period (in years) | 3 years | ||||||
Awards granted | EquityInstruments | 4,131,076 | 2,607,809 | |||||
Awards cancelled or forfeited | EquityInstruments | 385,355 | 247,684 | |||||
Awards outstanding | EquityInstruments | 10,675,001 | 8,043,341 | |||||
Awards exercised | shares | 1,114,061 | 1,624,351 | |||||
Average exercise price of awards exercised | $ 3.13 | $ 2.19 | |||||
Awards vested | EquityInstruments | 5,422,591 | 4,712,122 | |||||
Annual forfeiture rate | 4.00% | 4.00% | |||||
Weighted average remaining contractual life | 7 years 8 months 12 days | 7 years 4 months 24 days | |||||
Exercise period | 10 years | ||||||
Weighted average exercise price | 5.21 | ||||||
ESOP 2014 | Minimum | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Exercise price | 1.30 | 1.30 | |||||
ESOP 2014 | Maximum | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Exercise price | $ 13.47 | $ 13.47 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - EUR (€) € in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2021 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2021 | Feb. 28, 2021 | Apr. 30, 2019 | May 31, 2017 | Nov. 30, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Finance income (cost) | € 6,509 | € (6,647) | € 15 | |||||||
Loan agreement with UniCredit Leasing CZ | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Initial drawdown | € 562 | |||||||||
Balance owing | 231 | 323 | ||||||||
Loan repaid | € 127 | |||||||||
Monthly repayment installment. | 8 | 8 | ||||||||
Current liabilities | 94 | € 92 | ||||||||
Silicon Valley Bank Loan [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Initial tranche | € 5,000 | |||||||||
Balance at the end of December 2021 | € 17,400 | |||||||||
Percentage of ownership interest pledged as security | 100.00% | |||||||||
Senior Secured Term Loan Facility Tranche Two [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Second drawdown | € 2,500 | |||||||||
SVB Loan Agreement | Silicon Valley Bank Loan [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total value of loan | € 25,000 | |||||||||
SVB Loan Agreement | Loan facility trance one | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Initial drawdown | 10,000 | € 10,000 | ||||||||
SVB Loan Agreement | Loan facility trance two | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Initial drawdown | 7,500 | € 7,500 | ||||||||
SVB Loan Agreement | Loan facility trance three | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Initial drawdown | € 7,500 | |||||||||
Common shares | Silicon Valley Bank Loan [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Number of shares issued | 173,482 | |||||||||
European Central Bank Base Rate | SVB Loan Agreement | Silicon Valley Bank Loan [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest at greater of European Central Bank Base Rate | 0.00% | |||||||||
Interest at greater of European Central Bank Base Rate, plus 5.5% | 5.50% |
Borrowings - Assets of Affimed
Borrowings - Assets of Affimed N.V. and Affimed GmbH recognized in the consolidated financial statements (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||
Intangible assets | € 1,607 | € 1,718 | ||
Leasehold improvements and equipment | 3,814 | 2,226 | ||
Inventories. | 421 | 246 | ||
Trade and other receivables | 4,809 | 2,439 | ||
Cash and cash equivalents | 197,630 | € 146,854 | € 95,234 | € 94,829 |
Total | 208,281 | |||
Thereof Assets Pledged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Intangible assets | 1,604 | |||
Leasehold improvements and equipment | 2,762 | |||
Inventories. | 367 | |||
Trade and other receivables | 3,399 | |||
Cash and cash equivalents | 194,136 | |||
Total | € 202,268 |
Borrowings - Movements of Liabi
Borrowings - Movements of Liabilities Reconcile to Cash Flows Arising from Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movements of liabilities reconcile to cash flows arising from financing activities | |||
Balance at beginning of period | € 323 | € 2,383 | |
Proceeds from borrowings | 17,500 | 0 | € 562 |
Repayment of borrowings | (92) | (2,128) | (3,277) |
Changes from financing cash flows | 17,408 | (2,128) | |
Changes in capitalized borrowing costs, net | (91) | 68 | |
Balance at end of period | € 17,640 | € 323 | € 2,383 |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables | ||
Trade payables | € 17,085 | € 7,986 |
Other payables | € 1,294 | € 2,144 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Disclosure Of Lease For Lessee [Line Items] | |
Lease term | 1 year |
Maximum | |
Disclosure Of Lease For Lessee [Line Items] | |
Lease term | 4 years |
Leases - Schedule of Carrying A
Leases - Schedule of Carrying Amounts of Right-of-Use Assets Reconcile (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | ||
Balance at beginning of period | € 940 | € 824 |
Depreciation charge for the year | (609) | (577) |
Additions to right-of-use assets | 641 | 693 |
Balance at end of period | 972 | 940 |
Buildings | ||
Leases | ||
Balance at beginning of period | 923 | 815 |
Depreciation charge for the year | (595) | (568) |
Additions to right-of-use assets | 614 | 676 |
Balance at end of period | 942 | 923 |
Car | ||
Leases | ||
Balance at beginning of period | 2 | 9 |
Depreciation charge for the year | (8) | (7) |
Additions to right-of-use assets | 27 | 0 |
Balance at end of period | 21 | 2 |
Office and IT equipment | ||
Leases | ||
Balance at beginning of period | 15 | 0 |
Depreciation charge for the year | (6) | (2) |
Additions to right-of-use assets | 0 | 17 |
Balance at end of period | € 9 | € 15 |
Leases - Schedule of Cash Outfl
Leases - Schedule of Cash Outflow Related to Leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Repayment of lease liabilities | € 564 | € 521 | € 405 |
Interest on lease liabilities | 46 | 34 | |
Short-term lease payments | 23 | 70 | |
Cash outflow from leasing | € 633 | € 625 |
Leases - Future Contractually A
Leases - Future Contractually Agreed Undiscounted Lease Payments (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | ||
Future contractually agreed undiscounted cash flows | € 1,087 | € 1,034 |
Within one year | ||
Leases | ||
Future contractually agreed undiscounted cash flows | 708 | 519 |
Between one and five years | ||
Leases | ||
Future contractually agreed undiscounted cash flows | € 379 | € 515 |
Leases - Movements of lease lia
Leases - Movements of lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Balance at beginning of period | € 974 | € 804 | |
Repayment of lease liabilities | (564) | (521) | € (405) |
New lease contracts | 641 | 691 | |
Balance at end of period | € 1,051 | € 974 | € 804 |
Other commitments and conting_2
Other commitments and contingencies (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Other commitments and contingencies | |
Monthly rent | € 116 |
One-time payment for laboratory construction | 696 |
Security deposit for lease | € 413 |
Term of lease | 10 years |
Related parties - Compensation
Related parties - Compensation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related parties | |||
Short-term employee benefits | € 3,633 | € 2,936 | € 2,598 |
Termination benefits | 0 | 0 | 264 |
Share-based payments | 5,235 | 1,848 | 1,738 |
Key management personnel compensation | € 8,868 | € 4,784 | € 4,600 |
Related parties - Outstanding B
Related parties - Outstanding Balances (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Adi Hoess | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | € 5 | € 2 |
Thomas Hecht | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 19 | 16 |
Ferdinand Verdonck | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | (1) | 10 |
Ulrich Grau | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 16 | 14 |
Bernhard Ehmer | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 20 | 15 |
Uta Kemmerich-Kell | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 19 | 0 |
Harry Welten | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 10 | 8 |
Annalisa Jenkins | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | 9 | 8 |
Mathieu Simon | ||
Disclosure of transactions between related parties [line items] | ||
Key management personnel outstanding balance | € 8 | € 7 |
Related parties - Additional In
Related parties - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)shareholder | Dec. 31, 2020EUR (€)shareholder | Dec. 31, 2019EUR (€) | |
Disclosure of transactions between related parties [line items] | |||
Number of shareholder holds more than 20% of the voting rights | shareholder | 0 | 0 | |
Share-based expense | € 11,820 | € 3,381 | € 2,469 |
Supervisory Board Directors | |||
Disclosure of transactions between related parties [line items] | |||
Compensation received for their services | 392 | 364 | 382 |
Share-based expense | € 847 | € 293 | € 243 |
Financial risk management - Nar
Financial risk management - Narrative (Details) $ / shares in Units, € in Thousands | Jan. 15, 2021EUR (€)shares | Jan. 15, 2021USD ($)$ / sharesshares | Nov. 30, 2021USD ($) | Nov. 30, 2020USD ($)shares | May 31, 2020EUR (€)shares | May 31, 2020USD ($)shares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2019EUR (€)$ / sharesshares | Jan. 31, 2021EUR (€) | Dec. 31, 2018EUR (€) | Nov. 30, 2016EUR (€) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Cash and cash equivalents | € 197,630 | € 146,854 | € 95,234 | € 95,234 | € 94,829 | ||||||||
Trade and other receivables | 4,809 | 2,439 | |||||||||||
ATM program common shares sales value up to | $ | $ 75,000,000 | ||||||||||||
Proceeds from issue of common shares | 124,460 | 74,195 | 31,373 | ||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | € 124,460 | € 74,195 | € 31,373 | ||||||||||
Silicon Valley Bank Loan [Member] | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Loan agreement | € 5,000 | ||||||||||||
Public offering | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Share price | $ / shares | $ 6 | ||||||||||||
Number of shares issued | shares | 19,166,667 | 19,166,667 | |||||||||||
Number of shares issued | shares | 19,166,667 | 19,166,667 | |||||||||||
Proceeds from issue of common shares | € 88,700 | ||||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | € 88,700 | ||||||||||||
At the market program | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
ATM program common shares sales value up to | $ | $ 100,000,000 | ||||||||||||
Number of shares issued | shares | 200,000 | ||||||||||||
Number of shares issued | shares | 200,000 | ||||||||||||
Proceeds from issue of common shares | € 1,600 | ||||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | € 1,600 | ||||||||||||
At-the-market sales agreement | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
ATM program common shares sales value up to | $ | $ 50,000,000 | ||||||||||||
Number of shares issued | shares | 12,500,000 | 12,500,000 | 4,400,000 | 7,900,000 | |||||||||
Number of shares issued | shares | 12,500,000 | 12,500,000 | 4,400,000 | 7,900,000 | |||||||||
Credit risk | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Total carrying amount of shares | € 12,300 | € 20,000 | |||||||||||
Cash and cash equivalents | 197,600 | 146,900 | |||||||||||
Trade and other receivables | 4,800 | 2,400 | |||||||||||
Maximum credit exposure | 214,700 | 169,300 | |||||||||||
Interest rate risk | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Interest income | 358 | 186 | |||||||||||
Other price risk | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Maximum credit exposure | 12,300 | 20,000 | |||||||||||
Foreign currency risk | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Maximum foreign currency exposure | € 53,487 | 122,322 | |||||||||||
Percentage of deviation between currency exchange rate | 10.00% | ||||||||||||
Net loss in currency exchange deviation | € 5,482 | € 11,155 | |||||||||||
Liquidity risk | Silicon Valley Bank Loan [Member] | SVB Loan Agreement | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Loan agreement | € 25,000 | ||||||||||||
Initial drawdown | € 17,500 | ||||||||||||
Liquidity risk | Public offering | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Share price | $ / shares | € 2.50 | ||||||||||||
Number of shares issued | shares | 13,800,000 | 13,800,000 | |||||||||||
Number of shares issued | shares | 13,800,000 | 13,800,000 | |||||||||||
Proceeds from issue of common shares | € 29,500 | ||||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | € 29,500 | ||||||||||||
Liquidity risk | Public offering | Issue of ordinary shares | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Share price | $ / shares | $ 6 | ||||||||||||
Number of shares issued | shares | 19,166,667 | 19,166,667 | |||||||||||
Number of shares issued | shares | 19,166,667 | 19,166,667 | |||||||||||
Proceeds from issue of common shares | $ | $ 115,000,000 | ||||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | $ | $ 115,000,000 | ||||||||||||
Liquidity risk | At-the-market sales agreement | |||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||
Number of common shares authorized to issue at the market | shares | 75,000,000 | 50,000,000 | 50,000,000 | ||||||||||
Number of shares issued | shares | 12,500,000 | 12,500,000 | 4,400,000 | 7,900,000 | |||||||||
Number of shares issued | shares | 12,500,000 | 12,500,000 | 4,400,000 | 7,900,000 | |||||||||
Proceeds from issue of common shares | € 34,500 | € 24,400 | € 34,500 | ||||||||||
Proceeds from issue of common shares, including exercise of share based payment awards | € 34,500 | € 24,400 | € 34,500 |
Financial risk management - Exc
Financial risk management - Exchange Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021£ / €$ / €Kč / € | Dec. 31, 2020Kč / €$ / €£ / € | Dec. 31, 2019£ / €$ / €Kč / € | |
CZK | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Average Rate | Kč / € | 0.03900 | 0.03780 | 0.03896 |
Spot rate | Kč / € | 0.04023 | 0.03811 | 0.03936 |
USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Average Rate | $ / € | 0.84552 | 0.87550 | 0.89326 |
Spot rate | $ / € | 0.88292 | 0.81493 | 0.89015 |
GBP | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Average Rate | £ / € | 1.16333 | 1.12397 | 1.1393 |
Spot rate | £ / € | 1.19008 | 1.11231 | 1.1754 |
Financial risk management - Con
Financial risk management - Contractual maturities of Borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual maturities of borrowings | € 19,262 | € 323 |
Within one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual maturities of borrowings | 580 | 92 |
Between one and five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual maturities of borrowings | € 18,682 | € 231 |
Subsequent events (Details)
Subsequent events (Details) - Investments in equity securities € / shares in Units, € in Millions | Mar. 25, 2022EUR (€)€ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |
Decrease in fair value of investments | € | € 5.7 |
Common shares - Roivant Sciences Ltd [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Share price | € / shares | € 4.79 |