Affimed hits new 52-week low after Q4 2022 results

German biotech Affimed (NASDAQ:AFMD) fell ~7% on Thursday to reach a new 52-week low after announcing financials for 2022, along with a few updates on its clinical programs.

The cancer drug developer lost a third of its value in December after announcing plans to focus its research efforts on developing the lead asset AFM13 as a combination regimen with Artiva's AB-101 natural killer (NK) cells for peripheral t-cell lymphoma (PTCL).

With earnings results, the company said it remains on track to submit an investigational new drug (IND) application for the combination therapy in H1 2023 ahead of a potential trial initiation in 2023.

Affimed (AFMD) also reiterated plans to provide data readouts from three ongoing studies for AFM24 at scientific conferences in Q2 or Q3 of 2023.

"Supported by a cash runway into 2025, our Company is well positioned to execute on our strategic imperatives, with multiple catalysts across our pipeline expected in 2023," Chief Executive Adi Hoess remarked.

However, the company's €190.3M of cash and equivalents at the 2022 year-end marks a ~4% decline from a year ago.

Read: Seeking Alpha contributor Stephen Ayers explains why AFMD's pivot to advance a combination therapy for PTCL might not bear fruit.