Affimed (AFMD)

Executive Summary

Affimed is a clinical-stage biopharmaceutical company developing bispecific innate cell engagers (ICE®) that harness NK cells and macrophages to target cancer. Despite recent setbacks, including the termination of AFM24 and AFM28 trials, the company retains a lead asset in AFM13, which has completed Phase 2 studies in Hodgkin lymphoma and peripheral T-cell lymphoma. Affimed is now prioritizing resource allocation and seeking strategic partnerships to advance its platform. The near-term outlook hinges on data dissemination and potential collaborations, though pipeline attrition tempers conviction.

Upcoming Catalysts (preview)

• H2 2026Presentation of final Phase 2 data for AFM13 in Hodgkin lymphoma and PTCL at medical conference60% success
• 2026Announcement of strategic partnership or licensing deal for ICE® platform50% success
• 2026Regulatory guidance or update on next steps for AFM13 development path30% success