AFFIMED N.V.
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||||
By:
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/s/Adi Hoess
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Name:
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Adi Hoess
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Title:
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Chief Executive Officer
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By:
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/s/Florian Fischer
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Name:
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Florian Fischer
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|||
Title:
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Chief Financial Officer
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Exhibit
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Description of Exhibit
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1
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Affimed N.V. Unaudited Condensed Consolidated Interim Financial Statements as of September 30, 2014
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2
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Affimed N.V. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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3
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Affimed N.V. Press Release dated November 18, 2014
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Page
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|
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
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2
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Condensed Consolidated Statement of Financial Position (Unaudited)
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3
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Condensed Consolidated Statement of Cash Flows (Unaudited)
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4
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Condensed Consolidated Statement of Changes in Equity (Unaudited)
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5
|
Notes to the condensed consolidated financial statements
|
6
|
For the three months ended September 30
|
For the nine months ended September 30
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|||||||||||||||||||
Note
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2013
|
2014
|
2013
|
2014
|
||||||||||||||||
(in € thousand) | ||||||||||||||||||||
Revenue
|
4 | 191 | 1,892 | 462 | 3,301 | |||||||||||||||
Other income/(expenses) - net
|
6 | 109 | 110 | 459 | 223 | |||||||||||||||
Research and development expenses
|
(2,790 | ) | (2,181 | ) | (8,913 | ) | (5,468 | ) | ||||||||||||
General and administrative expenses
|
(3,939 | ) | (249 | ) | (6,364 | ) | (600 | ) | ||||||||||||
Operating (loss)
|
(6,429 | ) | (428 | ) | (14,356 | ) | (2,544 | ) | ||||||||||||
Finance income / (costs) - net
|
7, 8 | (5,128 | ) | 7,751 | (9,202 | ) | 7,547 | |||||||||||||
Income / (Loss) before tax
|
(11,557 | ) | 7,323 | (23,558 | ) | 5,003 | ||||||||||||||
Income taxes
|
7 | 10 | 9 | 38 | ||||||||||||||||
Income / (Loss) for the period
|
(11,550 | ) | 7,333 | (23,549 | ) | 5,041 | ||||||||||||||
Total comprehensive income / (loss)
|
(11,550 | ) | 7,333 | (23,549 | ) | 5,041 | ||||||||||||||
Earnings / (Loss) per share in € per share (undiluted = diluted)
|
(40.36 | ) | 2.17 | (82.29 | ) | 3.79 |
|
December 31,
2013 |
September 30,
2014 (unaudited) |
|||||||
(in € thousand) | |||||||||
ASSETS
|
|||||||||
Non-current assets
|
|||||||||
Intangible assets
|
158 | 96 | |||||||
Leasehold improvements and equipment
|
1,034 | 1,044 | |||||||
Deferred tax assets
|
16 | 55 | |||||||
1,208 | 1,195 | ||||||||
Current assets
|
|||||||||
Inventories
|
140 | 187 | |||||||
Trade and other receivables
|
1,001 | 932 | |||||||
Cash and cash equivalents
|
4,151 | 45,546 | |||||||
5,292 | 46,665 | ||||||||
TOTAL ASSETS
|
6,500 | 47,860 | |||||||
EQUITY AND LIABILITIES
|
|||||||||
Equity
|
|||||||||
Issued capital
|
63 | 240 | |||||||
Capital reserves
|
469 | 132,231 | |||||||
Accumulated deficit
|
(99,730 | ) | (94,689 | ) | |||||
Own shares
|
(25 | ) | 0 | ||||||
Total equity
|
(99,223 | ) | 37,782 | ||||||
Non current liabilities
|
|||||||||
Preferred shares
|
77,945 | 0 | |||||||
Cash settled share based payments
|
12,838 | 0 | |||||||
Interest-bearing loans long-term
|
0 | 3,670 | |||||||
Total non-current liabilities
|
90,783 | 3,670 | |||||||
Current liabilities
|
|||||||||
Derivative conversion feature
|
6,196 | 0 | |||||||
Trade and other payables
|
3,862 | 4,996 | |||||||
Borrowings
|
4,800 | 131 | |||||||
Deferred revenue
|
82 | 1,281 | |||||||
Total current liabilities
|
14,940 | 6,408 | |||||||
TOTAL EQUITY AND LIABILITIES
|
6,500 | 47,860 |
For the nine months
ended September 30
|
||||||||||||
Note
|
2013
|
2014
|
||||||||||
(in € thousand) | ||||||||||||
Cash flow from operating activities
|
||||||||||||
Income / (Loss) for the period
|
(23,549 | ) | 5,041 | |||||||||
Adjustments for the period:
|
||||||||||||
- Income taxes
|
(9 | ) | (38 | ) | ||||||||
- Depreciation and amortisation
|
308 | 318 | ||||||||||
- Non-cash items
|
6,913 | (5,152 | ) | |||||||||
- Finance income / costs - net
|
6-8 | 9,202 | (7,547 | ) | ||||||||
(7,135 | ) | (7,375 | ) | |||||||||
Change in trade and other receivables
|
143 | 69 | ||||||||||
Change in inventories
|
1 | (47 | ) | |||||||||
Change in trade and other payables
|
3,585 | 2,333 | ||||||||||
Cash generated from operating activities
|
(3,406 | ) | (5,020 | ) | ||||||||
Interest received
|
2 | 0 | ||||||||||
Paid interest
|
(6 | ) | (83 | ) | ||||||||
Net cash used in operating activities
|
(3,410 | ) | (5,103 | ) | ||||||||
Cash flow from investing activities
|
||||||||||||
Purchase of intangible assets
|
(18 | ) | (35 | ) | ||||||||
Purchase of leasehold improvements and equipment
|
(128 | ) | (242 | ) | ||||||||
Net cash used for investing activities
|
(146 | ) | (270 | ) | ||||||||
Cash flow from financing activities
|
||||||||||||
Proceeds from issue of common shares
|
5 | 0 | 43,213 | |||||||||
Transactions costs related to issue of common shares
|
5 | 0 | (4,578 | ) | ||||||||
Proceeds from issue of preferred shares
|
0 | 2,999 | ||||||||||
Proceeds from convertible debt
|
8 | 5,100 | 0 | |||||||||
Transactions costs related to preferred shares and convertible debt
|
(5 | ) | 0 | |||||||||
Proceeds from Interest-bearing long-term loans
|
8 | 0 | 4,020 | |||||||||
Proceeds from other borrowings
|
0 | 130 | ||||||||||
Cash flow from financing activities
|
5,095 | 45,784 | ||||||||||
Net changes to cash and cash equivalents
|
1,539 | 40,411 | ||||||||||
Cash and cash equivalents at the beginning of the period
|
4,902 | 4,151 | ||||||||||
Exchange-rate related changes of cash and cash equivalents
|
0 | 984 | ||||||||||
Cash and cash equivalents at the end of the period
|
6,441 | 45,546 |
Note
|
Issued capital
|
Capital reserves
|
Own shares
|
Accumulated deficit
|
Total equity
|
|||||||||||||||||||
(in € thousand) | ||||||||||||||||||||||||
Balance as of January 1, 2013
|
63 | 469 | (25 | ) | (73,631 | ) | (73,124 | ) | ||||||||||||||||
Income / (Loss) for the period
|
(23,549 | ) | (23,549 | ) | ||||||||||||||||||||
Balance as of September 30, 2013
|
63 | 469 | (25 | ) | (97,180 | ) | (96,673 | ) | ||||||||||||||||
Balance as of January 1, 2014
|
63 | 469 | (25 | ) | (99,730 | ) | (99,223 | ) | ||||||||||||||||
Exchange of preferred shares
|
5, 7 | 97 | 81,909 | 25 | 82,031 | |||||||||||||||||||
Issue of common shares
|
5 | 80 | 41,554 | 41,634 | ||||||||||||||||||||
Modification of cash-settled share based payment awards
|
6 | 7,648 | ||||||||||||||||||||||
Equity-settled share based payment awards
|
6 | 38 | 38 | |||||||||||||||||||||
Issue of warrant note (Perceptive loan)
|
5, 8 | 613 | 613 | |||||||||||||||||||||
Income for the period
|
5,041 | 5,041 | ||||||||||||||||||||||
Balance as of September 30, 2014
|
240 | 132,231 | 0 | (94,689 | ) | 37,782 |
1.
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Reporting entity
|
2.
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Corporate Reorganization
|
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(i)
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Common shares and Series D preferred shares on a 1-to-7.54 basis, except for shares held by one of a less than 5% shareholder, for which they were exchanged on a 1-to-15.46 basis;
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(ii)
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Series E preferred shares on a 1-to-13.70 basis;
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(iii)
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ESOP 2007 awards into awards exercisable for common shares of Affimed N.V. on a 1-to-7.54 basis.
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3.
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Basis of preparation and changes to Group’s accounting policies
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(i)
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Equity-settled share-based payment plans: 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 rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date (or the modification 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.
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(ii)
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Derivatives: The Company granted warrants convertible into common shares of the Company to a lender in the third quarter of 2014. Upon exercise by the holder, the warrant can be settled only by the Company by exchanging a fixed number of its own instruments for a specified amount of cash and was classified as equity instrument recognized at fair value at issuance. See Note 8.
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Standard/interpretation
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Effective Date 1
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Amendments to IFRS 10, 12, IAS 27, Investment Entities
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January 1, 2014
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|
Amendments to IAS 36, Recoverable Amount Disclosures for
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||
Non-Financial Assets
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January 1, 2014
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Amendment to IAS 32 Offsetting Financial Assets and Liabilities
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January 1, 2014
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Improvements to IFRS (2010-2012 and 2011-2013)
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July 1, 2014
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IAS 16, 38 Clarification of Acceptable methods of depreciation
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and amortization
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January 1, 2016
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|
Improvements of IFRS (2012-2014)
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January 1, 2016
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IFRS 15 Revenue from Contracts with Customers
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January 1, 2017
|
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IFRS 9 Financial Instruments (2014)
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January 1, 2018
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4.
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Revenue
|
·
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a license and development agreement between Affimed and Amphivena,
|
·
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a stock purchase agreement between Amphivena, its investors (which include Affimed) for purposes of financing Amphivena, and
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·
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a warrant agreement between Amphivena and Janssen for purposes of financing Amphivena and providing Janssen the option to acquire the results of the research and development activities through an acquisition of Amphivena following IND approval.
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5.
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Finance income/costs
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2013 |
September 30,
2014 |
September 30,
2013 |
September 30,
2014 |
|||||||||||||
Gain from exchange of Preferred Shares of Affimed AG into Common Shares of Affimed N.V. (see Note 2)
|
0 | 4,835 | 0 | 4,835 | ||||||||||||
Changes in fair value of derivative conversion feature (see Note 8)
|
(3,821 | ) | 3,584 | (5,683 | ) | 6,094 | ||||||||||
Interest Preferred Shares
|
(1,128 | ) | (1,276 | ) | (3,334 | ) | (3.617 | ) | ||||||||
Interest Convertible Loan
|
(176 | ) | (49 | ) | (181 | ) | (402 | ) | ||||||||
Interest Perceptive Loan Agreement (see Note 8)
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0 | (101 | ) | 0 | -101 | |||||||||||
Other finance income/ (costs)
|
(3 | ) | 758 | (4 | ) | 738 | ||||||||||
(5,128 | ) | 7,751 | (9,202 | ) | 7,547 |
6.
|
Equity
|
7.
|
Share based payments
|
8.
|
Borrowings
|
9.
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Related parties
|
Transaction volumes
|
Outstanding balances
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|||||||||||||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
December 31, 2013
|
September 30, 2014
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|||||||||||||||||||||
2013
|
2014
|
2013
|
2014
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|||||||||||||||||||||
Dr. Adolf Hoess
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57 | 48 | 172 | 163 | 16 | 21 | ||||||||||||||||||
Dr. Florian Fischer/MedVenture Partners GmbH
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42 | 46 | 126 | 129 | 17 | 27 | ||||||||||||||||||
Dr. Thomas Hecht Hecht/Healthcare Consulting
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16 | 16 | 49 | 49 | 5 | 11 | ||||||||||||||||||
Dr. Richard Stead/BioPharma Consulting Services LLC
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9 | 9 | 26 | 25 | 10 | 11 |
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·
|
AFM13. We are planning to have two phase 2a clinical trials conducted: one trial in patients with Hodgkin Lymphoma, or HL, and a second trial in Cutaneous T-Cell Lymphoma. We anticipate that our research and development expenses will increase substantially in connection with the continued preparation and commencement of the phase 2a clinical trials.
|
|
·
|
AFM11. We have recently initiated a phase 1 clinical trial of AFM11 in patients with non-Hodgkin Lymphoma, or NHL. We anticipate that our research and development expenses will increase substantially as we continue to enroll patients for this clinical trial and add further sites in Germany and the United States. In 2013, the costs we incurred were primarily related to the cGMP manufacturing of clinical material for the phase 1 trial. In 2014, however, costs predominantly related to preparatory work for our phase 1 clinical trial.
|
|
·
|
Other development programs. Our other research and development expenses relate to our preclinical studies of AFM21, our Amphivena collaboration and discovery activities. The expenses mainly consist of salaries, costs for production of material for preclinical testing and costs paid to contract research organizations in conjunction with preclinical-testing.
|
Three Months
ended September 30,
|
||||||||
2013
|
2014
|
|||||||
(unaudited)
|
||||||||
(in € thousand)
|
||||||||
Total Revenue:
|
191 | 1,892 | ||||||
Other income/(expenses)—net
|
109 | 110 | ||||||
Research and development expenses
|
(2,790 | ) | (2,181 | ) | ||||
General and administrative expenses
|
(3,939 | ) | (249 | ) | ||||
Operating income/(loss)
|
(6,429 | ) | (428 | ) | ||||
Finance income / (costs)—net
|
(5,128 | ) | 7,751 | |||||
Income/(Loss) before tax
|
(11,557 | ) | 7,323 | |||||
Income taxes
|
7 | 10 | ||||||
Income/(loss) for the period
|
(11,550 | ) | 7,333 | |||||
Total comprehensive income/(loss)
|
||||||||
Earnings/(loss) per common share in € per share
|
(40.36 | ) | 2.17 |
Three months ended September 30,
|
||||||||||||
R&D Expenses by Project
|
2013
|
2014
|
Change %
|
|||||||||
(unaudited)
|
||||||||||||
(in € thousand)
|
||||||||||||
Project
|
||||||||||||
AFM13
|
249 | 1,557 | 525 | % | ||||||||
AFM11
|
632 | 242 | (38 | %) | ||||||||
Other projects
|
638 | 1,217 | 91 | % | ||||||||
Share-based payment expense/(credit)
|
1,272 | (835 | ) | |||||||||
Total
|
2,790 | 2,181 | (22 | %) |
|
·
|
AFM13. In the three months ended September 30, 2014 we incurred higher expenses than in the three months ended September 30, 2013 primarily due to the manufacturing of clinical material for our phase 2a trial.
|
|
·
|
AFM11. In the three months ended September 30, 2014, clinical expenses were lower than in the three months ended September 30, 2013. In the 2013 period, expenses were higher due to the manufacturing of materials for clinical trials.
|
|
·
|
Other projects. In the three months ended September 30, 2014 the costs in the other projects increased due to personnel-intensive R&D activities in the Amphivena collaboration. In contrast, in the three months ended September 30, 2013, our expenses were related to discovery work related to the TandAb platform.
|
Nine Months
ended September 30,
|
||||||||
2013
|
2014
|
|||||||
(unaudited)
|
||||||||
(in € thousand)
|
||||||||
Total Revenue:
|
462 | 3,301 | ||||||
Other income/(expenses)—net
|
459 | 223 | ||||||
Research and development expenses
|
(8,913 | ) | (5,468 | ) | ||||
General and administrative expenses
|
(6,364 | ) | (600 | ) | ||||
Operating income/(loss)
|
(14,356 | ) | (2,544 | ) | ||||
Finance income / (costs)—net
|
(9,202 | ) | 7,547 | |||||
Income/(Loss) before tax
|
(23,558 | ) | 5,003 | |||||
Income taxes
|
9 | 38 | ||||||
Income/(loss) for the period
|
(23,549 | ) | 5,041 | |||||
Total comprehensive income/(loss)
|
||||||||
Earnings/(loss) per common share in € per share
|
(82.29 | ) | 3.79 |
Nine months ended September 30,
|
||||||||||||
R&D Expenses by Project
|
2013
|
2014
|
Change %
|
|||||||||
(unaudited)
|
||||||||||||
(in € thousand)
|
||||||||||||
Project
|
||||||||||||
AFM13
|
773 | 2,190 | 183 | % | ||||||||
AFM11
|
3,461 | 1,291 | (63 | %) | ||||||||
Other projects
|
2,213 | 3,592 | 62 | % | ||||||||
Share-based payment expense/(credit)
|
2,466 | (1,605 | ) | |||||||||
Total
|
8,913 | 5,468 | (39 | %) |
|
·
|
AFM13. In the nine months ended September 30, 2014 we incurred higher expenses due to the preparation for the phase 2a clinical trial and the manufacturing of clinical material for the phase 2a trial.
|
|
·
|
AFM11. In the nine months ended September 30, 2014, clinical expenses were lower than in the nine months ended September 30, 2013. In the 2013 period, expenses were higher due to the manufacturing of materials for clinical trials.
|
|
·
|
Other projects. In the nine months ended September 30, 2014 we continued to incur substantial costs related to the activities of the Amphivena collaboration. In contrast, for the nine months ended September 30, 2013, the collaboration had only been initiated at the beginning of the third quarter.
|
Three months ended
September 30,
|
||||||||
2013
|
2014
|
|||||||
(unaudited)
|
||||||||
(in € thousand)
|
||||||||
Net cash used (gained) in operating activities
|
2,773 | (1,716 | ) | |||||
Net cash used for investing activities
|
(18 | ) | (228 | ) | ||||
Net cash generated from financing activities
|
2,890 | 45,690 | ||||||
Net changes to cash and cash equivalents
|
5,645 | 43,746 | ||||||
Cash and cash equivalents at the beginning of the period
|
796 | 1,800 | ||||||
Cash and cash equivalents at the end of the period
|
6,441 | 45,546 |
Nine months ended
September 30,
|
||||||||
2013
|
2014
|
|||||||
(unaudited)
|
||||||||
(in € thousand)
|
||||||||
Net cash used in operating activities
|
(3,410 | ) | (5,103 | ) | ||||
Net cash used for investing activities
|
(146 | ) | (270 | ) | ||||
Net cash generated from financing activities
|
5,095 | 46,768 | ||||||
Net changes to cash and cash equivalents
|
1,539 | 41,395 | ||||||
Cash and cash equivalents at the beginning of the period
|
4,902 | 4,151 | ||||||
Cash and cash equivalents at the end of the period
|
6,441 | 45,546 |
|
·
|
the scope, rate of progress, results and cost of our clinical trials, nonclinical testing, and other related activities;
|
|
·
|
the cost of manufacturing clinical supplies, and establishing commercial supplies, of our product candidates and any products that we may develop;
|
|
·
|
the number and characteristics of product candidates that we pursue;
|
|
·
|
the cost, timing, and outcomes of regulatory approvals;
|
|
·
|
the cost and timing of establishing sales, marketing, and distribution capabilities; and
|
|
·
|
the terms and timing of any collaborative, licensing, and other arrangements that we may establish, including any required milestone and royalty payments thereunder.
|
|
·
|
our operation as a development stage company with limited operating history and a history of operating losses; as of September 30, 2014, our accumulated deficit was €94.7 million;
|
|
·
|
the chance our clinical trials may not be successful and clinical results may not reflect results seen in previously conducted preclinical studies and clinical trials;
|
|
·
|
our reliance on contract manufacturers and contract research organizations over which we have limited control;
|
|
·
|
our lack of adequate funding to complete development of our product candidates and the risk we may be unable to access additional capital on reasonable terms or at all to complete development and begin commercialization of our product candidates;
|
|
·
|
our dependence on the success of AFM13 and AFM11, which are still in clinical development and may eventually prove to be unsuccessful;
|
|
·
|
uncertainty surrounding whether any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized;
|
·
|
the outcome of any, or any discussions we may enter regarding, acquisitions, dispositions, partnerships, license transactions or changes to our capital structure, including future securities offerings;
|
|
·
|
the chance that we may become exposed to costly and damaging liability claims resulting from the testing of our product candidates in the clinic or in the commercial stage;
|
|
·
|
if our product candidates obtain regulatory approval, our being subject to expensive ongoing obligations and continued regulatory overview;
|
|
·
|
enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval and commercialization;
|
|
·
|
the chance that our products may not gain market acceptance, in which case we may not be able to generate product revenues;
|
|
·
|
our reliance on our current strategic relationships with the DKFZ, Xoma, LLS, Amphivena and Amphivena’s other investors and partners, including MPM Capital, Aeris Capital and Janssen, and the potential failure to enter into new strategic relationships;
|
|
·
|
our reliance on third parties to conduct our nonclinical and clinical trials and on third-party single-source suppliers to supply or produce our product candidates;
|
|
·
|
our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified personnel; and
|
|
·
|
other risk factors discussed under “Risk Factors” in the Final Prospectus.
|
|
·
|
Affimed raised a total of €44.3 million (US $56.0 million) before subtracting underwriting discounts and commissions in its initial public offering on the Nasdaq Global Market, which closed on September 17, 2014.
|
|
·
|
Before the IPO, the company announced the closing of a Series E financing from current investors and a loan agreement: The Series E funding totaled €8.2 million ($11 million). The Company has signed a €10.5 million ($14 million) loan agreement with Perceptive Advisors, of which €4.1 million ($5.5 million) has been drawn.
|
|
·
|
The proceeds from the IPO are planned to be used for the continued clinical development of its unencumbered assets AFM13 (indicated for relapsed/refractory patients with Hodgkin Lymphoma and relapsed/refractory patients with Cutaneous T cell Lymphoma), AFM11 (indicated for relapsed/refractory Non-Hodgkin Lymphoma patients) and AFM21 (targeted for the initiation of IND-enabling studies for the treatment of solid tumors in 2015). In addition, Affimed will enhance its T- and NK-cell platforms, including its proprietary trispecific antibodies for dual targeting of tumors.
|
|
·
|
Affimed expects the dosing of the first patient in the phase 2a clinical study for AFM13 in early 2015, rather than during the fourth quarter of 2014. These updated timelines are the result of an administrative process at the clinical trial sites and are not
|
|
|
expected to impact the overall timeline for reporting interim clinical results, which are still anticipated during 2015.
|
|
·
|
Berndt Modig, Chief Financial Officer of Prosensa Holding N.V. (Nasdaq: RNA), has joined the Affimed Supervisory Board and will serve on the company’s Audit Committee. Prior to joining Prosensa in 2010, Mr. Modig was CFO at Jerini AG and Surplex AG and held leadership positions at Hayward Industrial Products, the private equity firm Agra Industria and Price Waterhouse.
|
For the three months ended September 30
|
For the nine months ended September 30
|
|||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
(in € thousand) | ||||||||||||||||
Revenue
|
191 | 1,892 | 462 | 3,301 | ||||||||||||
Other income/(expenses) - net
|
109 | 110 | 459 | 223 | ||||||||||||
Research and development expenses
|
(2,790 | ) | (2,181 | ) | (8,913 | ) | (5,468 | ) | ||||||||
General and administrative expenses
|
(3,939 | ) | (249 | ) | (6,364 | ) | (600 | ) | ||||||||
Operating (loss)
|
(6,429 | ) | (428 | ) | (14,356 | ) | (2,544 | ) | ||||||||
Finance income / (costs) - net
|
(5,128 | ) | 7,751 | (9,202 | ) | 7,547 | ||||||||||
Income / (Loss) before tax
|
(11,557 | ) | 7,323 | (23,558 | ) | 5,003 | ||||||||||
Income taxes
|
7 | 10 | 9 | 38 | ||||||||||||
Income / (Loss) for the period
|
(11,550 | ) | 7,333 | (23,549 | ) | 5,041 | ||||||||||
Total comprehensive income / (loss)
|
(11,550 | ) | 7,333 | (23,549 | ) | 5,041 | ||||||||||
Earnings / (Loss) per share in € per share (undiluted = diluted)
|
(40.36 | ) | 2.17 | (82.29 | ) | 3.79 |
December 31,
2013 |
September 30,
2014 (unaudited) |
|||||||
(in € thousand) | ||||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Intangible assets
|
158 | 96 | ||||||
Leasehold improvements and equipment
|
1,034 | 1,044 | ||||||
Deferred tax assets
|
16 | 55 | ||||||
1,208 | 1,195 | |||||||
Current assets
|
||||||||
Inventories
|
140 | 187 | ||||||
Trade and other receivables
|
1,001 | 932 | ||||||
Cash and cash equivalents
|
4,151 | 45,546 | ||||||
5,292 | 46,665 | |||||||
TOTAL ASSETS
|
6,500 | 47,860 | ||||||
EQUITY AND LIABILITIES
|
||||||||
Equity
|
||||||||
Issued capital
|
63 | 240 | ||||||
Capital reserves
|
469 | 132,231 | ||||||
Accumulated deficit
|
(99,730 | ) | (94,689 | ) | ||||
Own shares
|
(25 | ) | 0 | |||||
Total equity
|
(99,223 | ) | 37,782 | |||||
Non current liabilities
|
||||||||
Preferred shares
|
77,945 | 0 | ||||||
Cash settled share based payments
|
12,838 | 0 | ||||||
Interest-bearing loans long-term
|
0 | 3,670 | ||||||
Total non-current liabilities
|
90,783 | 3,670 | ||||||
Current liabilities
|
||||||||
Derivative conversion feature
|
6,196 | 0 | ||||||
Trade and other payables
|
3,862 | 4,996 | ||||||
Borrowings
|
4,800 | 131 | ||||||
Deferred revenue
|
82 | 1,281 | ||||||
Total current liabilities
|
14,940 | 6,408 | ||||||
TOTAL EQUITY AND LIABILITIES
|
6,500 | 47,860 |
For the nine months
ended September 30
|
||||||||
2013
|
2014
|
|||||||
(in € thousand) | ||||||||
Cash flow from operating activities
|
||||||||
Income / (Loss) for the period
|
(23,549 | ) | 5,041 | |||||
Adjustments for the period:
|
||||||||
- Income taxes
|
(9 | ) | (38 | ) | ||||
- Depreciation and amortisation
|
308 | 318 | ||||||
- Non-cash items
|
6,913 | (5,152 | ) | |||||
- Finance income / costs - net
|
9,202 | (7,547 | ) | |||||
(7,135 | ) | (7,375 | ) | |||||
Change in trade and other receivables
|
143 | 69 | ||||||
Change in inventories
|
1 | (47 | ) | |||||
Change in trade and other payables
|
3,585 | 2,333 | ||||||
Cash generated from operating activities
|
(3,406 | ) | (5,020 | ) | ||||
Interest received
|
2 | 0 | ||||||
Paid interest
|
(6 | ) | (83 | ) | ||||
Net cash used in operating activities
|
(3,410 | ) | (5,103 | ) | ||||
Cash flow from investing activities
|
||||||||
Purchase of intangible assets
|
(18 | ) | (35 | ) | ||||
Purchase of leasehold improvements and equipment
|
(128 | ) | (242 | ) | ||||
Net cash used for investing activities
|
(146 | ) | (270 | ) | ||||
Cash flow from financing activities
|
||||||||
Proceeds from issue of common shares
|
0 | 43,213 | ||||||
Transactions costs related to issue of common shares
|
0 | (4,578 | ) | |||||
Proceeds from issue of preferred shares
|
0 | 2,999 | ||||||
Proceeds from convertible debt
|
5,100 | 0 | ||||||
Transactions costs related to preferred shares and convertible debt
|
(5 | ) | 0 | |||||
Proceeds from Interest-bearing long-term loans
|
0 | 4,020 | ||||||
Proceeds from other borrowings
|
0 | 130 | ||||||
Cash flow from financing activities
|
5,095 | 45,784 | ||||||
Net changes to cash and cash equivalents
|
1,539 | 40,411 | ||||||
Cash and cash equivalents at the beginning of the period
|
4,902 | 4,151 | ||||||
Exchange-rate related changes of cash and cash equivalents
|
0 | 984 | ||||||
Cash and cash equivalents at the end of the period
|
6,441 | 45,546 |
Issued capital
|
Capital reserves
|
Own shares
|
Accumulated deficit
|
Total equity
|
||||||||||||||||
(in € thousand) | ||||||||||||||||||||
Balance as of January 1, 2013
|
63 | 469 | (25 | ) | (73,631 | ) | (73,124 | ) | ||||||||||||
Income / (Loss) for the period
|
(23,549 | ) | (23,549 | ) | ||||||||||||||||
Balance as of September 30, 2013
|
63 | 469 | (25 | ) | (97,180 | ) | (96,673 | ) | ||||||||||||
Balance as of January 1, 2014
|
63 | 469 | (25 | ) | (99,730 | ) | (99,223 | ) | ||||||||||||
Exchange of preferred shares
|
97 | 81,909 | 25 | 82,031 | ||||||||||||||||
Issue of common shares
|
80 | 41,554 | 41,634 | |||||||||||||||||
Modification of cash-settled share based payment awards
|
7,648 | |||||||||||||||||||
Equity-settled share based payment awards
|
38 | 38 | ||||||||||||||||||
Issue of warrant note (Perceptive loan)
|
613 | 613 | ||||||||||||||||||
Income for the period
|
5,041 | 5,041 | ||||||||||||||||||
Balance as of September 30, 2014
|
240 | 132,231 | 0 | (94,689 | ) | 37,782 |
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