Affimed (AFMD) 20-F 28 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	Gottlieb-Daimler-Straβe 2
Entity Address, City or Town	Mannheim
Entity Address, Country	DE
Entity Address, Postal Zip Code	68165
Title of 12(b) Security	Common shares, nominal value €0.1 per
Trading Symbol	AFMD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Accounting Standard	International Financial Reporting Standards
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding	15,227,463.1
Entity Central Index Key	0001608390
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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	Andreas Harstrick
Entity Address, Address Line One	Gottlieb-Daimler-Straβe 2
Entity Address, City or Town	Mannheim
Entity Address, Country	DE
Entity Address, Postal Zip Code	68165
City Area Code	49
Local Phone Number	621-56003-0
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statements of comprehensive loss
Revenue	€ 8,275	€ 41,353	€ 40,366
Other income and expenses - net	4,697	1,417	1,310
Research and development expenses	(94,958)	(98,814)	(81,488)
General and administrative expenses	(24,675)	(32,075)	(24,218)
Operating loss	(106,661)	(88,119)	(64,030)
Finance income / (costs) - net	726	2,117	6,509
Loss before tax	(105,935)	(86,002)	(57,521)
Income taxes	(3)	(2)	(2)
Loss for the period	(105,938)	(86,004)	(57,523)
Items that will not be reclassified to profit or loss
Equity investments at fair value OCI - net change in fair value	0	(6,047)	(7,693)
Other comprehensive loss	0	(6,047)	(7,693)
Total comprehensive loss	€ (105,938)	€ (92,051)	€ (65,216)
Basic loss per share in € per share	€ (7.09)	€ (6.04)	€ (4.81)
Diluted loss per share in € per share	€ (7.09)	€ (6.04)	€ (4.81)
Weighted number of common shares outstanding, basic	14,939,916	14,236,229	11,950,238
Weighted number of common shares outstanding, diluted	14,939,916	14,236,229	11,950,238

Consolidated statements of fina

Consolidated statements of financial position - EUR (€)	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Intangible assets	€ 25,000	€ 58,000
Leasehold improvements and equipment	4,905,000	3,823,000
Right-of-use assets	8,039,000	561,000
Total non-current assets	12,969,000	4,442,000
Current assets
Cash and cash equivalents	38,529,000	190,286,000
Investments	33,518,000	0
Other financial assets	851,000	0
Trade and other receivables	5,327,000	2,697,000
Inventories	463,000	628,000
Other assets and prepaid expenses	5,500,000	2,459,000
Total current assets	84,188,000	196,070,000
TOTAL ASSETS	97,157,000	200,512,000
Equity
Issued capital	1,500,000	1,493,000
Capital reserves	593,666,000	582,843,000
Fair value reserves	(1,231,000)	(1,231,000)
Accumulated deficit	(536,128,000)	(430,190,000)
Total equity	57,807,000	152,915,000
Non current liabilities
Borrowings	6,319,000	11,687,000
Contract liabilities	464,000	1,083,000
Lease liabilities	6,660,000	176,000
Total non-current liabilities	13,443,000	12,946,000
Current liabilities
Trade and other payables	18,916,000	19,077,000
Borrowings	5,833,000	5,930,000
Lease liabilities	539,000	396,000
Contract liabilities	619,000	9,248,000
Total current liabilities	25,907,000	34,651,000
TOTAL EQUITY AND LIABILITIES	€ 97,157,000	€ 200,512,000

Consolidated statements of cash

Consolidated statements of cash flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities
Loss for the period	€ (105,938)	€ (86,004)	€ (57,523)
Adjustments for the period:
Income taxes	3	2	2
Depreciation and amortization	1,749	2,899	1,334
Net gain from disposal of subsidiary	(4,339)	0	0
Net loss on disposal of leasehold improvements and equipment	82	0	0
Share-based payments	10,714	19,110	11,820
Finance income / (costs) - net	(726)	(2,117)	(6,509)
Total	(98,455)	(66,110)	(50,876)
Change in trade and other receivables	1,093	2,113	(2,369)
Change in financial assets	(851)	0	0
Change in inventories	100	(207)	(175)
Change in other assets and prepaid expenses	(2,737)	1,075	(2,274)
Change in trade, other payables, provisions and contract liabilities	(9,766)	(41,048)	(29,990)
Sub-total	(110,616)	(104,177)	(85,684)
Interest received	1,743	564	0
Paid interest	(1,393)	(1,277)	(905)
Paid income tax	(3)	(2)	(2)
Net cash used in operating activities	(110,269)	(104,892)	(86,591)
Cash flow from investing activities
Purchase of intangible assets	0	(37)	(1,654)
Purchase of leasehold improvements and equipment, including upfront payments for right-of-use assets	(3,729)	(659)	(2,196)
Cash received from the sale of financial assets	938	6,301	0
Cash paid for investments in financial assets	(34,246)	0	0
Cash received from sale of subsidiary	978	0	0
Net cash (used)/generated in investing activities	(36,059)	5,605	(3,850)
Cash flow from financing activities
Proceeds from issue of common shares, including exercise of share-based payment awards	235	95,907	124,460
Transaction costs related to issue of common shares	(35)	(6,037)	(7,412)
Proceeds from borrowings	0	0	17,500
Transaction costs related to borrowings	0	0	(311)
Repayment of lease liabilities	(491)	(733)	(564)
Repayment of borrowings	(5,929)	(580)	(92)
Net cash (used)/generated in financing activities	(6,220)	88,557	133,581
Exchange rate related changes of cash and cash equivalents	791	3,386	7,636
Net changes to cash and cash equivalents	(152,548)	(10,730)	43,140
Cash and cash equivalents at the beginning of the period	190,286	197,630	146,854
Cash and cash equivalents at the end of the period	€ 38,529	€ 190,286	€ 197,630

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, 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
Issue of common shares	259	89,545			89,804
Exercise of share-based payment awards	0	101			101
Equity-settled share-based payment awards		19,110			19,110
Transfer of cumulative loss on sale of financial assets			10,789	(10,789)	0
Loss for the period				(86,004)	(86,004)
Other comprehensive loss			(6,047)		(6,047)
Balance ending at Dec. 31, 2022	1,493	582,843	(1,231)	(430,190)	152,915
Issue of common shares	7	109			116
Equity-settled share-based payment awards		10,714			10,714
Loss for the period				(105,938)	(105,938)
Other comprehensive loss					0
Balance ending at Dec. 31, 2023	€ 1,500	€ 593,666	€ (1,231)	€ (536,128)	€ 57,807

Reporting entity

Reporting entity	12 Months Ended
	Dec. 31, 2023
Reporting entity
Reporting entity	1. 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, Mannheim, Germany, and Affimed Inc., Delaware, USA (collectively “Affimed”, the “Company” or the “Group”). As of December 28, 2023, the Group sold its wholly owned susidiary AbCheck s.r.o., Plzen, Czech Republic (“AbCheck”) and deconsolidated this subsidiary (see Note 6). ​ 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 and strategic collaborations.The Group previously performed research services for third parties under service contracts at its former subsidiary, AbCheck. ​ In April 2023, Affimed conducted a reorganization of its operations to focus on the Group’s three clinical ​ In September 2023, Affimed moved to new laboratory and office facilities in Mannheim and changed its corporate seat to the city of Mannheim accordingly.

Basis of preparation - consolid

Basis of preparation - consolidated financial statements	12 Months Ended
	Dec. 31, 2023
Basis of preparation - consolidated financial statements
Basis of preparation - consolidated financial statements	2. Basis of accounting These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). As of March 8, 2024, the Company effected a 1-for-10 reverse stock split of its outstanding common shares. According to IAS 33.64, the Group has adjusted the weighted average number of ordinary shares and the loss per share (diluted/undiluted) retroactively for the years 2023, 2022 and 2021 (refer note 12). In addition, all share and per share information (including such information related to share based payments) have been retroactively adjusted to reflect this change (see notes 13 and 22). The consolidated financial statements were authorized for issuance by the Company’s Management Board on March 28, 2024. Going concern The consolidated financial statements have been prepared on the basis that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As a clinical-stage biopharmaceutical company, the Group has incurred operating losses since inception. As of December 31, 2023, the Group had an accumulated deficit of €536.1 The Group expects it will incur operating losses for the foreseeable future due to, among other things, costs related to continue its clinical programs and its administrative organization. Historically, Affimed has successfully financed its operations through income and revenues generated from collaborations, licensing, venture loans and issuance of equity. According to its most recent business planning, which includes a reorganization of its operations to focus on the Company’s three clinical stage development programs (refer note 29), current cash resources including short term investments totaling €72.0 million as of December 31, 2023, are projected to finance the Group into the second half of 2025. We are advancing our product candidates through clinical development. Developing pharmaceutical products, including conducting preclinical studies and clinical studies, is expensive. In order to obtain such regulatory approval, we will be required to conduct clinical studies for each indication for each of our product candidates. As the Group’s clinical programs with acimtamig, AFM24 and AFM28 are still in the development stage, and because any further development until market approval and successful financing is dependent on meaningful clinical trial results, among other factors, the estimation of the cost of completing the ongoing clinical programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements, and, therefore, when, if ever, material cash inflows are likely to commence, imply uncertainties. Based on the current operating and budget assumptions, management has concluded the ability of the Group to continue as a going concern. Management is pursuing various financing alternatives to meet the Group’s future cash requirements, including the issuance of equity to existing or new shareholders, payment from arrangements with strategic partners and loan facilities. Following the anticipated data readouts for AFM24 and acimtamig, as well as a trial update for AFM28, management believes it will be able to obtain financing necessary for the implementation of the Group’s business strategy. If the Company is not able to raise sufficient capital when needed, Affimed could be forced to delay, reduce or eliminate the Company’s product development programs and the ability to continue as a going concern would be uncertain. Based on management’s going concern assessment, the consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. Functional and presentation currency All amounts included in the consolidated financial statements are reported in euro, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. 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). Basis of consolidation Subsidiaries are entities controlled by the Group. The Group ‘controls’ an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances and transactions, and any unrealized income or expenses arising from intra-group transactions, are eliminated. 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.

Material accounting policies

Material accounting policies	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Material accounting policies	3. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The Group adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) Management reviewed the accounting policies and made updates to the information disclosed in Note 3 in certain instances in line with the amendments. The material accounting policies are presented below. 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 and expenses - net”. Revenue Information about the Group’ accounting policies relating to contracts with customers is provided in Note 5. 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. The Group entered into certain collaborations with shared cost arrangements in respect of specific projects. Costs related to these projects are shared equally between the parties and the recoveries received by the Group are recognized as other income. 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 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 as an expense, with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. (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 in 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 and government treasury bonds. Interest income is recognized as it accrues using the effective interest method. Finance costs comprise primarily interest expense on borrowings. 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. 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, government treasury bonds, other assets and cash and cash equivalents. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Debt instruments that are held to collect solely payments of principal and interest are subsequently carried at amortized cost. The Group holds a financial asset to be settled in shares. This instruments is subsequently measured at fair value with net gains and losses recognized in profit or loss. Government treasury bonds are short-term and carried at amortized cost. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. On initial recognition of certain equity instruments, the Group has made an irrevocable election to present changes in fair value of the 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 a loan agreement pursuant to which it issued warrants to purchase common shares of the Group at the option of the respective holder. The number of shares to be issued does not vary with changes in their fair value. The liability component of the loan 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 was measured at amortized cost using the effective interest method. The equity component was not re-measured subsequent to initial recognition. Common shares Incremental costs directly attributable to the issue of common shares are recognised as a deduction from equity. Impairment (i) Trade and other receivables Trade 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. Subsequent to December 28, 2023, the Group no longer has a customer base as such but rather collaboration partners. Trade 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 partner 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. Management considers factors that may influence the credit risk of its collaboration partners, including the default risk associated with the industry and country in which the partner operates. 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 2023, 2022 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 leasehold improvements 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 leasehold improvements and equipment for current and comparative periods are as follows: ​ ​ ​ ​ ​ ​ ​ – ​ Software ​ 3-4 years ​ – 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. Use of critical judgments and 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 estimates are recognized in the period in which the estimates are revised and in any future periods affected. ​ (i) ​ In preparing these consolidated financial statements, the critical judgments made by management in applying the Group’s accounting policies that have the most significant effects on the amounts recognised in the financial statements are included in the following notes: ​ ● Note 2: going concern: whether there are material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern; and ● Note 5: revenue recognition – separate performance obligations, whether revenue is recognized over time or at a point in time and stage of completion; and ● Note 25: lease term - whether the Group will exercise extension options. ​ (ii) ​ Information about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are included in the following notes: ​ ● Note 5: revenue recognition – determining the total consideration of the performance obligation, estimated margin and stage of completion; and ● Note 11: income taxes – recognition of deferred tax assets, availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized. Measurement of fair values Certain of the Group’s accounting policies and disclosures require the measurement of fair values. 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; and ● 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 Group recognizes transfers between levels of the fair value hierarchy as at the date at which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes: ● Note 13: Share-based payments ● Note 16: Long term financial assets ● Note 23: Borrowings ​ Accounting standards issued but not yet effective ​ A number of new accounting standards are effective for annual periods beginning on January 1, 2024 and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these consolidated financial statements and do not expect these to have a significant impact. ​ ​ ​ ​ Standard/interpretation Effective Date 1 ​ ​ ​ Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) ​ January 1, 2024 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) ​ January 1, 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) ​ January 1, 2024 Lack of Exchangeability (Amendments to IAS 21) ​ January 1, 2024 1

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2023
Segment reporting
Segment reporting	4. 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, being the Management Board, 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 Mannheim (previously Heidelberg) and Plzen premises (until the sale of Affimed’s subsidiary AbCheck s.r.o.). Pre-clinical and clinical activities are conducted and coordinated from Mannheim (previously Heidelberg). ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: 2023 2022 2021 ​ Germany 5 152 742 USA 8,270 41,201 39,624 ​ 8,275 41,353 40,366 ​ ​ ​ ​ ​ ​ ​ Non-current assets as of December 31: 2023 2022 2021 Germany 12,969 3,435 4,896 Czech Republic 0 1,007 1,306 USA 0 0 12,539 ​ 12,969 4,442 18,741 ​ (iii) Major Customers In 2023 the revenue generated from the Roivant collaboration exceeded 10% of total revenue. In 2022 and 2021 revenue generated from the Genentech and Roivant collaborations each exceeded 10% of total revenue.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	5. Revenue Performance obligations and revenue recognition policies Revenue streams 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. The Group’s contracts with the majority of our customers contain multiple performance obligations, typically including research programs, platform licenses or intellectual property licenses. Judgment is required in determining whether a good or service is considered a separate performance obligation. 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 and internal project plans. For licenses of intangible assets where little or no incremental costs are incurred in providing such licenses, a residual approach is 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 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 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. 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 between development and registration milestones and sales-based milestones. Whereas development and registration milestone payments are generally recognized when reaching the defined milestones, revenues for sales-based milestones are recognized upon achievement of contractually stipulated underlying revenues. Collaboration with Genentech In August 2018, Affimed entered into a strategic collaboration agreement with Genentech Inc. (Genentech), headquartered in 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 €0.6 million as revenue in 2023 (2022: €18.5 million, 2021: €21.6 million). As of the end of 2022, Affimed had completed work on and/or handed over all product candidates for further investigation by Genentech. The remaining revenue recognized relates to a platform license. As at December 31, 2023, the Group held contract liabilities of €1.1 million (December 31, 2022: €1.7 million, December 31, 2021: €20.2 million), which will be recognized as revenue in subsequent periods. 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 Affivant Sciences GmbH (formerly Pharmavant 6 GmbH), a subsidiary of Roivant Sciences Ltd. (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, 2023 the group has recognized €7.1 million (2022: €22.7 million, 2021: €17.7 million) as revenue. As of December 31, 2023, Affimed had completed all work on the product candidate and was finalising the refunding of remaining funds not utilised for the research plan of €1.4 million. As of December 31, 2023, the liability with regard to the refund is included under trade and other payables (Contract liabilities as at December 31, 2022: €8.6 million, December 31, 2021: €31.3 million). Research service agreements The Group has entered into certain research service agreements (through its subsidiary AbCheck s.r.o. until December 28, 2023). These research service agreements provide for non-refundable upfront technology access research funding and milestone payments. The Group recognized revenue of €0.5 million, €0.2 million and €1.1 million during the years ended December 31, 2023, 2022 and 2021 respectively. Disaggregation of revenue The following table reflects revenue from contracts with customers by major service line and timing of revenue recognition. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Major service lines: Collaboration revenue 7,765 41,198 39,301 Service revenue 510 155 1,065 ​ 8,275 41,353 40,366 ​ ​ ​ ​ ​ ​ ​ Timing on revenue recognition: Point in time 0 0 490 Over time 8,275 41,353 39,876 ​ 8,275 41,353 40,366 ​ Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Receivables 0 0 Contract liabilities 1,083 10,331 ​ An amount of €7,765 that was recognized in contract liabilities at the beginning of the period was recognized as revenue during the period ended December 31, 2023 (2022: €41,302; 2021: €39,512). The remaining contract liability of €1.1 million is expected to be recognized as revenue with €0.6 million (2022: €9.2 million) over the next 12 months and €0.5 million thereafter (2022: €1.1 million).

Other income and expenses - net

Other income and expenses - net	12 Months Ended
	Dec. 31, 2023
Other income and expenses - net
Other income and expenses - net	6. Other income and expenses, net, mainly comprises foreign exchange losses of €942 in 2023 (2022: gains of €99, 2021: gain of €125); income from government grants for research and development projects of €220 in 2023, €563 in 2022, and €344 in 2021 and from research collaborations where costs are shared equally between both parties of €1,019 (2022: €898, 2021: €1,072). ​ Changes in the group composition ​ On December 28, 2023, the Group entered into an agreement regarding the sale of its wholly owned subsidiary AbCheck s.r.o. (“AbCheck sale agreement”) to Ampersand Biomedicines Inc (‘Ampersand’) for a gross purchase price of €5.8 million ($6.4 million), consisting of €4.9 million ($5.4 million) in cash to be paid in two tranches, and €0.9 million ($1.0 million) to be paid by delivery in a variable number of Ampersand shares subject to certain adjustments (€0.3 million) and a holdback. The sale became effective on December 28, 2023. As of December 28, 2023, an amount of €1.6 million ($1.8 million) of the purchase price, being the first cash tranche, had been received. The settlement of the balance of the purchase price is expected once Ampersand has completed a financing round but no later than December 31,2024. The transaction resulted in a gain of €4.3 million ($4.8 million), recognized as other income. ​ The Group derecognized the following assets and liabilities of Abcheck s.r.o. in the consolidated financial statements as of December 28, 2023: ​ ​ ​ ​ ​ December 28, 2023 Leasehold improvements and equipment 616 Right-of-use assets 118 Inventories 65 Trade and other receivables 190 Cash and cash equivalents 642 Borrowings (40) Trade and other liabilities (274) Lease liabilities (123) Aggregated closing balance 1,194 ​ The first tranche of the purchase price of €1.6 million ($1.8 million) was already received by the Group and is presented in the statements of cash flows less cash and cash equivalents of Abcheck s.r.o. as of December 28, 2023 of €642.

Research and development expens

Research and development expenses	12 Months Ended
	Dec. 31, 2023
Research and development expenses
Research and development expenses	7. The following table shows the different types of expenses allocated to research and development costs for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Third-party services 64,640 61,943 54,810 Personnel expenses 24,485 29,023 20,532 Legal, consulting and patent expenses 1,357 1,177 1,301 Cost of materials 1,349 2,138 2,152 Amortization and depreciation 1,109 2,639 1,057 Other expenses 2,018 1,894 1,636 ​ 94,958 98,814 81,488 ​ Amortization and depreciation in 2022 included an impairment of €1.5 million in respect of a technology license (see Note 14).

General and administrative expe

General and administrative expenses	12 Months Ended
	Dec. 31, 2023
General and administrative expenses
General and administrative expenses	8. The following table shows the different types of expenses allocated to general and administrative costs for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Personnel expenses 13,055 15,249 10,713 Legal, consulting and audit expenses 5,382 8,299 8,134 Insurance expenses 2,800 3,493 2,613 Other expenses 3,438 5,034 2,758 ​ 24,675 32,075 24,218 ​

Employee benefits

Employee benefits	12 Months Ended
	Dec. 31, 2023
Employee benefits
Employee benefits	9. The following table shows the items of employee benefits for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Wages and salaries 21,972 23,370 17,882 Social security contributions 3,002 3,098 2,332 Termination benefits ​ 2,134 ​ 0 ​ 0 ​ 27,108 26,468 20,214 ​ The employer’s contributions to pension insurance plans of €1,272 (2022: €1,322, 2021: €1,030) are classified as payments under a defined contribution plan and are recognized as an expense. ​ In April 2023, Affimed conducted a reorganization of its operations to focus on the Group’s three clinical stage development programs. As a result of the reorganization, the Group incurred one-time expenditure for termination payments, which were settled during 2023. Further, included in the termination benefits are payments due to Affimed’s former Chief Executive Officer in connection with his departure from the Company.

Finance income and costs

Finance income and costs	12 Months Ended
	Dec. 31, 2023
Finance income and costs
Finance income and costs	10. The following table shows the items of finance income and costs for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Interest Bootstrap Loan Agreement (see note 23) (1,806) (1,630) (712) Foreign exchange differences 488 3,386 7,636 Interest on Government treasury bonds 509 0 0 Other finance income/ costs - net 1,535 361 (415) ​ 726 2,117 6,509 ​

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income taxes
Income taxes	11. The Group did not incur any material income tax in the periods presented. As of December 31, 2023, deferred tax assets from differences resulting from intangible assets (€0; 2022: €238), trade and other receivables (€317; 2022: €102), borrowings (€0; 2022: €26), lease liabilities (€2,147; 2022: €150), trade and other payables (€24; 2022: €31) and contract liabilities (€0; 2022: €0) 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, 2023 deferred tax liabilities from temporary differences result mainly from leasehold improvements and equipment and right-of-use assets (€2,398; 2022: €204), other assets (€83; 2022: €0), long-term financial assets (€266; 2022: €266), contract liabilities (€0; 2022: €291) and borrowings (€65; 2022: €86). 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Loss before tax (105,935) (86,002) (57,521) Income tax benefit at tax rate 31,595 25,650 17,156 Adjustments of deferred tax assets (29,533) (25,022) (15,850) Adjustments for local tax rates 0 23 (62) Non-deductible expenses (1,940) (755) (1,434) Other (125) 102 188 Income taxes (3) (2) (2) ​ In Germany, Affimed has tax losses carried forward of €471.7 million (2022: €372.0 million) for corporate income tax purposes and of €470.6 million (2022: €371.0 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

Loss per share

Loss per share	12 Months Ended
	Dec. 31, 2023
Loss per share
Loss per share	12. 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. ​ As of March 8, 2024, the Company effected a 1 ​ The impact of the reverse stock split on the 2022 and 2021 loss per share compared to amounts reported previously is as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Weighted number of common shares outstanding, as previously stated 142,362,294 119,502,384 Loss per share, as previously stated (0.60) (0.48) Weighted number of common shares outstanding, adjusted 14,236,229 11,950,238 Loss per share, adjusted (6.04) (4.81) ​ As of December 31, 2023, the Group has granted 2,475,013 options and warrants (adjusted for the reverse stock split) in connection with the share-based payment programs (see note 13) and the loan agreement, which could potentially have a dilutive effect, were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive effect due to the net loss generated by the Group.

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2023
Share-based payments
Share-based payments	13. Share-based payments ​ In 2014, an equity-settled share-based payment program was established by Affimed N.V. (ESOP 2014). Under this program, the Company granted awards to certain members of the Management Board, certain members of the Company’s Supervisory Board, non-employee consultants and employees. ​ The share and per share information presented in this note retroactively reflects the effects of the reverse stock split which was effective March 8, 2024 (see note 12). ​ Share-based payments with service conditions ​ The majority of the awards vest in installments over three years and can be exercised up to 10 years after the grant date. In 2023 and 2022, the Group granted 822,175 and 491,560 awards, respectively, to employees, members of the Management Board and members of the Supervisory Board. Fair value of these awards at grant date in 2023 amounts to €6.0 million ($6.4 million). ​ During 2023, 167,260 ESOP 2014 awards were cancelled or forfeited due to termination of employment or termination of consulting agreements with non-employees (2022: 27,743), and no options were exercised (2022: 4,344 options were exercised at a weighted average exercise price of $25.2). ​ As of December 31, 2023, 2,181,888 ESOP 2014 awards were outstanding (December 31, 2022: 1,526,973), 1,240,852 awards (December 31, 2022: 851,086) were vested. The options outstanding at December 31, 2023 had an exercise price in the range of $3.5 to $134.7 (2022: $13.0 to $134.7), a weighted average remaining contractual life of 7.3 7.4 ​ Share-based payments with market condition ​ During 2022, the Company issued 282,500 options with market-based performance conditions to members of the Management Board and employees. Each grant consists of three tranches, whereby one thirty ​ Share-based payment expense ​ In 2023, an expense of €10,714 was recognized affecting research and development expenses (€6,014) and general and administrative expenses (€4,700). In 2022, an expense of €19,110 was recognized affecting research and development expenses (€10,351) and general and administrative expenses (€8,759). In 2021, an expense of €11,820 was recognized affecting research and development expenses (€5,892) and general and administrative expenses (€5,928). ​ Fair value measurement ​ The fair value of stock options with service conditions 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 stock options with market conditions is determined by using a Monte Carlo Simulation incorporating the hurdle (or barrier) that needs to be reached as an additional input parameter. 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. ​ ​ The significant inputs into the valuation model of share-based payment grants with service conditions are as follows (weighted average): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Fair value at grant date ​ $ 7.8 ​ $ 31.9 ​ Share price at grant date ​ $ 10.4 ​ $ 42.9 ​ Exercise price ​ $ 10.4 ​ $ 42.9 ​ Expected volatility ​ 90 % 90 % Expected life ​ 5.9 ​ 5.9 ​ Expected dividends ​ 0.0 ​ 0.0 ​ Risk-free interest rate ​ 3.95 % 2.32 % ​ The significant inputs into the valuation model of share-based payment grants with market conditions are as follows (weighted average): ​ ​ ​ ​ ​ ​ ​ 2022 Fair value at grant date ​ $ 11.3 ​ Share price at grant date ​ $ 45.8 ​ Exercise price ​ $ 45.8 ​ Expected volatility ​ 70 % Expected life ​ 2.00 ​ Expected dividends ​ 0.00 ​ Risk-free interest rate ​ 2.41 % ​ 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.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	14. Intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses Software Total Cost as of January 1, 2023 2,034 330 2,364 Additions 0 0 0 Cost as of December 31, 2023 2,034 330 2,364 ​ ​ ​ ​ ​ ​ ​ Accumulated amortization/impairment as of January 1, 2023 2,033 273 2,306 Amortization charge for the year ​ 0 ​ 33 ​ 33 Accumulated amortization/impairment as of December 31, 2023 2,033 306 2,339 Carrying value as of December 31, 2023 1 24 25 ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses Software Total Cost as of January 1, 2022 2,034 293 2,327 Additions 0 37 37 Cost as of December 31, 2022 2,034 330 2,364 ​ ​ ​ ​ ​ ​ ​ Accumulated amortization/impairment as of January 1, 2022 470 250 720 Amortization charge for the year 87 23 110 Impairment incurred during the year ​ 1,476 ​ 0 ​ 1,476 Accumulated amortization/impairment as of December 31, 2022 2,033 273 2,306 Carrying value as of December 31, 2022 1 57 58 ​ Impairment loss ​ In December 2020, Affimed entered into a patent and technology license agreement (the “MD Anderson License”) 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 was amortizing the acquisition cost, on a straight line basis, over an estimated useful life of 19 years. In 2022, however, Affimed decided that the further development of its ICE® molecules would utilize alternative technologies that would not require the MD Anderson License, as evidenced by Affimed’s agreement with Artiva Biotherapeutics Inc to develop AFM13 in combination with AB-101. Accordingly, Affimed determined that it was unlikely that the MD Anderson License would be used going forward, and therefore an impairment indicator was identified by management resulting in impairment of the remaining net book value of the license (€1.5 million) to nil.

Leasehold improvements and equi

Leasehold improvements and equipment	12 Months Ended
	Dec. 31, 2023
Leasehold improvements and equipment
Leasehold improvements and equipment	15. Leasehold improvements and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Laboratory ​ ​ ​ ​ Leasehold ​ and office ​ ​ Reconciliation of carrying amount improvements equipment Total Cost as of January 1, 2023 74 7,979 8,053 Additions 32 2,747 2,779 Disposals ​ (37) ​ (183) ​ (220) Disposal of subsidiary ​ (17) ​ (2,608) ​ (2,625) Cost as of December 31, 2023 52 7,935 7,987 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation as of January 1, 2023 56 4,174 4,230 Depreciation charge for the year 2 997 999 Disposals ​ (20) ​ (118) ​ (138) Disposal of subsidiary ​ (17) ​ (1,992) ​ (2,009) Accumulated depreciation as of December 31, 2023 21 3,061 3,082 Carrying value as of December 31, 2023 31 4,874 4,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Laboratory ​ ​ ​ ​ Leasehold ​ and office ​ ​ Reconciliation of carrying amount improvements equipment Total Cost as of January 1, 2022 74 7,321 7,395 Additions 0 658 658 Cost as of December 31, 2022 74 7,979 8,053 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation as of January 1, 2022 54 3,527 3,581 Depreciation charge for the year 2 647 649 Accumulated depreciation as of December 31, 2022 56 4,174 4,230 Carrying value as of December 31, 2022 18 3,805 3,823 ​

Long-term financial assets

Long-term financial assets	12 Months Ended
	Dec. 31, 2023
Long-term financial assets
Long-term financial assets	16. The Group holds preferred shares in Amphivena, which are currently recognized at their fair value of nil. The impairment of the asset was recognized in 2021 based on the decision made by the board of Amphivena to wind down the company. Based on current information, we continue to estimate that the fair value remains at nil (December 31, 2022: nil). In June 2022, a strategic decision was taken to dispose of the Roivant investment. These shares were sold at a weighted average selling price of €4.54 ($4.59) resulting in gross proceeds of €6.3 million ($6.4 million). The cumulated loss on sale of these shares of €10.8 million, original acquisition price of shares having been €17.1 million, was reclassified within equity from the fair value reserve to the accumulated deficit in 2022.

Investments

Investments	12 Months Ended
	Dec. 31, 2023
Investments
Investments	17. Investments ​ As of December 31, 2023, the Group holds investments in German and US government bonds of €33.5 million. These bonds have generated interest income of €0.5 million recognized in finance income/cost net. These investments are considered short-term as they all mature within a period of six months.

Other financial assets

Other financial assets	12 Months Ended
	Dec. 31, 2023
Other financial assets
Other financial assets	18. Other financial assets ​ As of December 31, 2023 other financial assets include €0.9 million ($0.9 million) being the portion of the AbCheck sale transaction consideration which is to be settled in Ampersand shares, details as described in Note 6. ​

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents
Cash and cash equivalents	19. Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Bank balances 26,629 190,286 Call deposits 11,900 0 Cash and cash equivalents in the statement of cash flows 38,529 190,286 ​ Call deposits all have original maturities of three months or less.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2023
Trade and other receivables
Trade and other receivables	20. Trade and other receivables The Group had no trade receivables as of December 31, 2023 and 2022. ​ Other receivables are all due within the short-term and mainly comprise value-added tax receivables of €871 (2022: €1,505) and the balance of the consideration of €3.1 million for the sale of AbCheck to Ampersand, refer Note 6.

Other assets and prepaid expens

Other assets and prepaid expenses	12 Months Ended
	Dec. 31, 2023
Other assets and prepaid expenses
Other assets and prepaid expenses	21. Other assets and prepaid expenses as of December 31, 2023 of €5.5 million (2022: €2.5 million) are short-term in nature, do not bear interest and are not impaired. The other assets and prepaid expenses mainly comprise a prepayment of €3.4 million for services to be provided in respect of managing clinical trials and €0.9 million as a start-up fee for services associated with a clinical trial. Other assets and prepaid expenses as of December 31, 2022 included €1.1 million for the reservation of manufacturing capacity and €0.5 million prepayment for assets secured for the Mannheim premises.

Issued capital and reserves

Issued capital and reserves	12 Months Ended
	Dec. 31, 2023
Issued capital and reserves
Issued capital and reserves	22. Issued capital and reserves ​ Issued capital ​ The share and per share information presented in this note retroactively reflects the effects of the reverse stock split effective March 8, 2024, which was approved by the Company’s shareholders at the Company’s Annual General Meeting of Shareholders on June 21, 2023 (see note 12). ​ As of December 31, 2023, the share capital of €1,500 (2022: €1,493) is composed of 14,998,804 (2022: 14,933,933) common shares with a par value of €0.10. ​ On April 18, 2022, the Company closed its public offering of 2,250,000 common shares, at the public offering price of $40.00 per share. The exercise of the underwriters’ option to purchase over-allotment shares brought the total number of common shares sold by Affimed to 2,587,500. The public offering generated net proceeds of €89.8 million ($97.0 million), after deducting €6.0 million ($6.5 million) in underwriting commissions and other offering expenses. The incremental transaction costs were deducted from equity; shown net of proceeds in the statement of changes in equity. ​ In November 2021, we entered into a new $100 million ATM program. As of December 31, 2021, 0.02 million common shares were sold, generating net proceeds of €1.6 million in the aggregate. In December 2023, an additional 0.06 million common shares were sold under the ATM program, generating net proceeds of €0.2 million in the aggregate. ​ As of December 31, 2023, authorized share capital of the Company amounts to €3,120 (2022: €3,120) and 31,195,000 (2022: 31,195,000) common shares, each with a nominal value of €0.10 per share. ​ Reserves ​ The capital reserve represents the funds raised from share transactions, net of associated costs. ​ The fair value reserve comprises the cumulative net change in the fair value of equity instruments designated at fair value through other comprehensive income.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2023
Borrowings
Borrowings	23. Bootstrap Europe In January 2021, the Group entered into a loan agreement with Bootstrap Europe (formerly 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. The third tranche of €7.5 million expired undrawn at the end of 2022. 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%. Affimed was entitled to make interest only payments through December 1, 2022. The loan will mature at the end of November 2025. As of December 31, 2023, the fair value of the liability did not differ significantly from its carrying amount (€12.2 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, 2023 ​ ​ Consolidated ​ thereof ​ ​ financial ​ assets ​ ​ statements pledged Intangible assets* 25 ​ 25 Leasehold improvements and equipment 4,905 4,905 Inventories 463 463 Trade and other receivables 5,327 5,327 Investments ​ 33,518 ​ 33,518 Other financial assets ​ 851 ​ 851 Cash and cash equivalents 38,529 38,278 Total 83,618 83,367 * Assignment is subject to the occurrence of a defined trigger event. UniCredit Leasing CZ In April 2019, the Group (through its subsidiary AbCheck s.r.o.) entered into a loan agreement with UniCredit Leasing CZ for €562. As of December 31, 2022 an amount of €136 was outstanding. In the course of the sale of AbCheck, the loan was derecognized as of December 28, 2023. Reconciliation to cash flows from financing Movements of liabilities reconcile to cash flows arising from financing activities as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance as of January 1 17,617 17,640 Changes from financing cash flows ​ ​ Repayment of borrowings (5,929) (580) ​ 11,688 17,060 Other Changes ​ ​ Changes in capitalized borrowing costs, net 504 557 Disposal of subsidiary ​ (40) ​ 0 Balance as of December 31 12,152 17,617 ​

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2023
Trade and other payables
Trade and other payables	24. Trade and other payables comprise trade payables of €16,555 (2022: €16,731). Other payables mainly comprise payroll and employee related liabilities for withholding taxes and social security contributions of €2,307 (2022: €2,203) and payables due to employees for unused holidays and other accruals. Other payables are normally settled within 30 days.

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2023
Leases liabilities
Lease liabilities	25. 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. Affimed entered into a new lease agreement for office and laboratory premises for a period of 10 years . Occupancy took effect September 1, 2023, resulting in an addition to the right-of-use assets of €8.3 million, with a corresponding lease liability of €7.2 million, after upfront payments. The lease agreement provides for an option to cancel the lease after the first 5 years , as well as providing for an extension of five years after the first 10 years . The Company has not considered this early cancellation nor the extension option in quantifying the future lease payments as the exercise of either of these options is not considered to be reasonably certain at this stage. 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, 2023 ​ 546 ​ 12 ​ 3 ​ 561 Depreciation charge for the year (705) (9) ​ (3) (717) Additions to right-of-use assets 8,313 0 ​ 0 8,313 Disposal of subsidiary ​ (115) ​ (3) ​ 0 ​ (118) Balance as of December 31, 2023 8,039 ​ 0 ​ 0 8,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount ​ Buildings Cars Office equipment Total Balance as of January 1, 2022 942 21 ​ 9 972 Depreciation charge for the year (650) (9) ​ (6) (665) Additions to right-of-use assets 254 0 ​ 0 254 Balance as of December 31, 2022 546 12 ​ 3 561 ​ Cash outflow related to leases are as follows: ​ ​ ​ ​ ​ ​ 2023 2022 Repayment of lease liabilities ​ 491 733 Interest on lease liabilities ​ 87 31 Short-term lease payments ​ 19 23 Cash outflow from leasing ​ 597 787 ​ Future contractually agreed undiscounted lease payments are as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Payments within one year 1,377 ​ 631 Payments between one and five years 6,828 180 Thereafter ​ 4,490 ​ 0 ​ 12,695 811 ​ Movements of lease liabilities reconcile to cash flows arising from financing activities as follows: ​ ​ ​ ​ ​ ​ 2023 2022 Balance as of January 1 ​ 572 1,051 Changes from financing cash flows ​ ​ ​ Repayment of lease liabilities ​ (491) (733) ​ ​ (491) (733) Other Changes ​ ​ ​ New lease contracts ​ 7,241 254 Disposal of subsidiary ​ (123) ​ 0 ​ ​ 7,118 254 Balance as of December 31 ​ 7,199 572 ​

Other commitments and contingen

Other commitments and contingencies	12 Months Ended
	Dec. 31, 2023
Other commitments and contingencies
Other commitments and contingencies	26. 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. ​ According to the AbCheck sale agreement Affimed is entitled to potential future milestone payments achieved by AbCheck s.r.o. ​

Related parties

Related parties	12 Months Ended
	Dec. 31, 2023
Related parties
Related parties	27. Transactions with key management personnel The compensation of managing directors comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Short-term employee benefits 3,256 3,662 3,633 Share-based payments 4,458 6,732 5,235 Termination benefits ​ 1,034 ​ 0 ​ 0 ​ 8,748 10,394 8,868 ​ 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. The termination benefits are payments due to Affimed’s former Chief Executive Officer in connection with his departure from the Company. The share-based payments also include additional expenses resulting from the accelerated vesting of stock options in connection with the departure of Affimed’s former Chief Executive Officer from the Company. The supervisory board directors of Affimed N.V. received compensation for their services on the supervisory board of €482 (2022: €431; 2021: €392). In 2023, the Group recognized expenses for share-based payments for supervisory board members of €280 (2022: €1,370, 2021: €847). The following table provides the total amounts of outstanding balances for supervisory board compensation and expense reimbursement related to managing directors: ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balances ​ ​ December 31, ​ December 31, ​ 2023 2022 Adi Hoess — 1 Wolfgang Fischer ​ — ​ 2 Arndt Schottelius ​ — ​ 3 Thomas Hecht 21 21 Mathieu Simon 8 10 Ulrich Grau 18 26 Bernhard Ehmer 15 17 Harry Welten 9 8 Annalisa Jenkins 11 11 Uta Kemmerich-Keil ​ 16 ​ 18 Constanze Ulmer-Eilfort ​ 16 ​ — ​

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2023
Financial risk management
Financial risk management	28. (i) Financial risk management objectives and policies The Group’s principal financial instruments comprise cash and cash equivalents, call deposits at commercial banks, Government treasury bonds 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 Group may hold investments in financial assets from time to time which are obtained through collaboration agreements with external parties and do not relate to investing activities in order to generate financial income. 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) Risk management framework The Company’s board of directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The management board has established the risk management committee, which is responsible for developing and monitoring the Group’s risk management policies. The committee reports regularly to the management board on its activities. (iii) Credit risk The Group’s financial assets comprise to a large extent cash and cash equivalents. In addition, financial assets include shares, government treasury bonds and trade and other receivables. The total carrying amount of shares (€ nil, 2022: €nil), government treasury bonds (€33.5, 2022: € nil), cash and cash equivalents (€38.5 million, 2022: €190.3 million), other financial assets €0.9 million and trade and other receivables (€5.3 million, 2022: €2.7 million) represents the maximum credit exposure of €78.2 million (2022: €193.0 million). The cash and cash equivalents are held with banks, which are for the majority of cash and cash equivalents rated A+ to AA2 based on Standard & Poor’s and Moody’s. Government treasury bonds comprise bonds issued by the German government with Standards & Poors ratings of AAA and United States government bonds with Standards & Poors rating of AA+. (iv) 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 in the prior year negative, resulting in net interest income of €2,276 (2022: interest expense of €401). A shift in interest rates (increase or decrease) could potentially have a material impact on the loss of the Group. (v) Other price risks The fair value of the shares in Amphivena depends on the estimated share price, however as the shares are currently reflected at nil, no material exposure exists. The fair value of the government treasury bonds depends on their quoted share price, as at December 31, 2023 fair value amounts to €33.5 million. Due to the short maturities (not more than six months at the date of acquisition) of these bonds, the Group does not anticipate any significant price risk exposure. (vi) 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 mainly exposed to US Dollars (USD), British Pound (GBP) and Swiss Francs (CHF). The net exposure as of December 31, 2023 was €28,533 (2022: €28,694) and mainly relates to US Dollars. Previously, the Group was also exposed to Czech Koruna (CZK). In 2023, if the Euro had weakened/strengthened by 10% against the US dollar with all other variables held constant, the loss would have been €1,576 (2022: €3,270) 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. The following significant exchange rates have been applied during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ CZK or USD ​ CZK or USD or ​ CZK or USD or ​ or GBP/EUR GBP/EUR GBP/EUR CZK - Average Rate 0.04166 0.04071 0.03900 CZK - Spot rate 0.04045 0.04147 0.04023 ​ ​ ​ ​ ​ ​ ​ USD - Average Rate 0.92481 0.94967 0.84552 USD - Spot rate 0.90498 0.93756 0.88292 ​ ​ ​ ​ ​ ​ ​ GBP - Average Rate ​ 1.14970 1.17266 1.16333 GBP - Spot rate ​ 1.15068 1.12748 1.19008 ​ (vii) 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 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 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. Due to the inherent nature of the Group being a biopharmaceutical company, the operations of the business are cash intensive. The Group maintains detailed budgets to accurately predict the timing of cash flows, to ensure that sufficient funding can be made available or appropriate measures to minimize expenditures are implemented to avoid any anticipated cash shortfalls. To achieve this objective, the supervisory board undertakes regular reviews of these budgets, the Group pursues various alternatives, including entering into collaboration, seeking additional investors, obtaining further funding from existing investors through additional funding rounds and/or delaying, reducing the scope of, eliminating or divesting clinical programs and considering other cost reduction initiatives, such as reducing the amount of space being rented by the Group or sub-letting, postponing hiring new personnel and/or reducing the size of the current workforce. 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. In December 2023, the Company had issued approximately 0.06 million shares and generated approximately €0.2 million in net proceeds from this new ATM program. On April 18, 2022, the Company closed its public offering of 2,250,000 common shares, at the public offering price of $40 per share. The exercise of the underwriters’ option to purchase over-allotment shares brought the total number of common shares sold by Affimed to 2,587,500. The public offering generated net proceeds of €89.8 million ($97.0 million), after deducting €6.0 million ($6.5 million) in underwriting commissions and other offering expenses. The contractual maturities of Borrowings are as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Payments within one year ​ 5,833 ​ 5,930 Payments between one and five years ​ 6,878 ​ 12,752 ​ ​ 12,711 ​ 18,682 ​ (viii) 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, 2023
Subsequent events
Subsequent events	29. Subsequent events In January 2024, Affimed initiated a strategic restructuring of its operations to focus on the Company’s three clinical stage development programs. As a result of the restructuring, the Group has initiated a reduction of its full-time equivalent headcount by approximately 50% . The Group has not yet completed the evaluation of the complete financial impact of the restructuring and the allocation of expenses to the remaining periods in 2024, but expects the one-time cash expenditure for termination payments ( €1.6 million) to be offset by cost savings achieved from the restructuring due to reduced payroll, laboratory activities and related costs during 2024. The financial impact from the selling of lab devices is expected to be approximately €1.7 million (impairment loss). Financial impacts currently under review are aspects such as sub-letting certain rental space, selling/disposing of other laboratory equipment and the cancellation of vendor contracts.

Material accounting policies (P

Material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Foreign currency transactions	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 and expenses - net”.
Revenue	Revenue Information about the Group’ accounting policies relating to contracts with customers is provided in Note 5.
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. The Group entered into certain collaborations with shared cost arrangements in respect of specific projects. Costs related to these projects are shared equally between the parties and the recoveries received by the Group are recognized as other income.
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 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 as an expense, with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. (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 in 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 and government treasury bonds. Interest income is recognized as it accrues using the effective interest method. Finance costs comprise primarily interest expense on borrowings.
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.
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, government treasury bonds, other assets and cash and cash equivalents. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Debt instruments that are held to collect solely payments of principal and interest are subsequently carried at amortized cost. The Group holds a financial asset to be settled in shares. This instruments is subsequently measured at fair value with net gains and losses recognized in profit or loss. Government treasury bonds are short-term and carried at amortized cost. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. On initial recognition of certain equity instruments, the Group has made an irrevocable election to present changes in fair value of the 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 a loan agreement pursuant to which it issued warrants to purchase common shares of the Group at the option of the respective holder. The number of shares to be issued does not vary with changes in their fair value. The liability component of the loan 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 was measured at amortized cost using the effective interest method. The equity component was not re-measured subsequent to initial recognition.
Common shares	Common shares Incremental costs directly attributable to the issue of common shares are recognised as a deduction from equity.
Impairment	Impairment (i) Trade and other receivables Trade 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. Subsequent to December 28, 2023, the Group no longer has a customer base as such but rather collaboration partners. Trade 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 partner 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. Management considers factors that may influence the credit risk of its collaboration partners, including the default risk associated with the industry and country in which the partner operates. 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 2023, 2022 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 leasehold improvements 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 leasehold improvements and equipment for current and comparative periods are as follows: ​ ​ ​ ​ ​ ​ ​ – ​ Software ​ 3-4 years ​ – 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.
Use of critical judgments and estimates	Use of critical judgments and 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 estimates are recognized in the period in which the estimates are revised and in any future periods affected. ​ (i) ​ In preparing these consolidated financial statements, the critical judgments made by management in applying the Group’s accounting policies that have the most significant effects on the amounts recognised in the financial statements are included in the following notes: ​ ● Note 2: going concern: whether there are material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern; and ● Note 5: revenue recognition – separate performance obligations, whether revenue is recognized over time or at a point in time and stage of completion; and ● Note 25: lease term - whether the Group will exercise extension options. ​ (ii) ​ Information about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are included in the following notes: ​ ● Note 5: revenue recognition – determining the total consideration of the performance obligation, estimated margin and stage of completion; and ● Note 11: income taxes – recognition of deferred tax assets, availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized.
Measurement of fair values	Measurement of fair values Certain of the Group’s accounting policies and disclosures require the measurement of fair values. 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; and ● 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 Group recognizes transfers between levels of the fair value hierarchy as at the date at which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes: ● Note 13: Share-based payments ● Note 16: Long term financial assets ● Note 23: Borrowings
Accounting standards issued but not yet effective	Accounting standards issued but not yet effective ​ A number of new accounting standards are effective for annual periods beginning on January 1, 2024 and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these consolidated financial statements and do not expect these to have a significant impact. ​ ​ ​ ​ Standard/interpretation Effective Date 1 ​ ​ ​ Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) ​ January 1, 2024 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) ​ January 1, 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) ​ January 1, 2024 Lack of Exchangeability (Amendments to IAS 21) ​ January 1, 2024 1

Material accounting policies (T

Material accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Schedule of estimated useful lives of leasehold improvements and equipment	​ ​ ​ ​ ​ ​ ​ – ​ Software ​ 3-4 years ​ – 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 ​ ​ ​ Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) ​ January 1, 2024 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) ​ January 1, 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) ​ January 1, 2024 Lack of Exchangeability (Amendments to IAS 21) ​ January 1, 2024 1

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment reporting
Summary of revenue and non-current assets by geographic information	​ ​ ​ ​ ​ ​ ​ ​ Revenue: 2023 2022 2021 ​ Germany 5 152 742 USA 8,270 41,201 39,624 ​ 8,275 41,353 40,366 ​ ​ ​ ​ ​ ​ ​ Non-current assets as of December 31: 2023 2022 2021 Germany 12,969 3,435 4,896 Czech Republic 0 1,007 1,306 USA 0 0 12,539 ​ 12,969 4,442 18,741 ​

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Major service lines: Collaboration revenue 7,765 41,198 39,301 Service revenue 510 155 1,065 ​ 8,275 41,353 40,366 ​ ​ ​ ​ ​ ​ ​ Timing on revenue recognition: Point in time 0 0 490 Over time 8,275 41,353 39,876 ​ 8,275 41,353 40,366
Schedule of receivables and contract liabilities from contracts with customers	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Receivables 0 0 Contract liabilities 1,083 10,331

Other income and expenses - n_2

Other income and expenses - net (Tables)	12 Months Ended
	Dec. 31, 2023
Other income and expenses - net
Disclosure of discontinued operations	​ ​ ​ ​ ​ December 28, 2023 Leasehold improvements and equipment 616 Right-of-use assets 118 Inventories 65 Trade and other receivables 190 Cash and cash equivalents 642 Borrowings (40) Trade and other liabilities (274) Lease liabilities (123) Aggregated closing balance 1,194

Research and development expe_2

Research and development expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Research and development expenses
Schedule research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Third-party services 64,640 61,943 54,810 Personnel expenses 24,485 29,023 20,532 Legal, consulting and patent expenses 1,357 1,177 1,301 Cost of materials 1,349 2,138 2,152 Amortization and depreciation 1,109 2,639 1,057 Other expenses 2,018 1,894 1,636 ​ 94,958 98,814 81,488

General and administrative ex_2

General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2023
General and administrative expenses
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Personnel expenses 13,055 15,249 10,713 Legal, consulting and audit expenses 5,382 8,299 8,134 Insurance expenses 2,800 3,493 2,613 Other expenses 3,438 5,034 2,758 ​ 24,675 32,075 24,218 ​

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Employee benefits
Schedule of employee benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Wages and salaries 21,972 23,370 17,882 Social security contributions 3,002 3,098 2,332 Termination benefits ​ 2,134 ​ 0 ​ 0 ​ 27,108 26,468 20,214

Finance income and costs (Table

Finance income and costs (Tables)	12 Months Ended
	Dec. 31, 2023
Finance income and costs
Schedule of finance income and costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Interest Bootstrap Loan Agreement (see note 23) (1,806) (1,630) (712) Foreign exchange differences 488 3,386 7,636 Interest on Government treasury bonds 509 0 0 Other finance income/ costs - net 1,535 361 (415) ​ 726 2,117 6,509 ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income taxes
Schedule of income tax reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Loss before tax (105,935) (86,002) (57,521) Income tax benefit at tax rate 31,595 25,650 17,156 Adjustments of deferred tax assets (29,533) (25,022) (15,850) Adjustments for local tax rates 0 23 (62) Non-deductible expenses (1,940) (755) (1,434) Other (125) 102 188 Income taxes (3) (2) (2)

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Loss per share
Loss per share	​ ​ ​ ​ ​ ​ ​ 2022 2021 Weighted number of common shares outstanding, as previously stated 142,362,294 119,502,384 Loss per share, as previously stated (0.60) (0.48) Weighted number of common shares outstanding, adjusted 14,236,229 11,950,238 Loss per share, adjusted (6.04) (4.81)

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2023
Share-based payments with service condition
Share-based payments
Schedule of fair value of options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Fair value at grant date ​ $ 7.8 ​ $ 31.9 ​ Share price at grant date ​ $ 10.4 ​ $ 42.9 ​ Exercise price ​ $ 10.4 ​ $ 42.9 ​ Expected volatility ​ 90 % 90 % Expected life ​ 5.9 ​ 5.9 ​ Expected dividends ​ 0.0 ​ 0.0 ​ Risk-free interest rate ​ 3.95 % 2.32 %
Share-based payments with market condition
Share-based payments
Schedule of fair value of options	​ ​ ​ ​ ​ ​ ​ 2022 Fair value at grant date ​ $ 11.3 ​ Share price at grant date ​ $ 45.8 ​ Exercise price ​ $ 45.8 ​ Expected volatility ​ 70 % Expected life ​ 2.00 ​ Expected dividends ​ 0.00 ​ Risk-free interest rate ​ 2.41 %

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Schedule of changes in intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses Software Total Cost as of January 1, 2023 2,034 330 2,364 Additions 0 0 0 Cost as of December 31, 2023 2,034 330 2,364 ​ ​ ​ ​ ​ ​ ​ Accumulated amortization/impairment as of January 1, 2023 2,033 273 2,306 Amortization charge for the year ​ 0 ​ 33 ​ 33 Accumulated amortization/impairment as of December 31, 2023 2,033 306 2,339 Carrying value as of December 31, 2023 1 24 25 ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses Software Total Cost as of January 1, 2022 2,034 293 2,327 Additions 0 37 37 Cost as of December 31, 2022 2,034 330 2,364 ​ ​ ​ ​ ​ ​ ​ Accumulated amortization/impairment as of January 1, 2022 470 250 720 Amortization charge for the year 87 23 110 Impairment incurred during the year ​ 1,476 ​ 0 ​ 1,476 Accumulated amortization/impairment as of December 31, 2022 2,033 273 2,306 Carrying value as of December 31, 2022 1 57 58

Leasehold improvements and eq_2

Leasehold improvements and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Leasehold improvements and equipment
Summary of leasehold improvements and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Laboratory ​ ​ ​ ​ Leasehold ​ and office ​ ​ Reconciliation of carrying amount improvements equipment Total Cost as of January 1, 2023 74 7,979 8,053 Additions 32 2,747 2,779 Disposals ​ (37) ​ (183) ​ (220) Disposal of subsidiary ​ (17) ​ (2,608) ​ (2,625) Cost as of December 31, 2023 52 7,935 7,987 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation as of January 1, 2023 56 4,174 4,230 Depreciation charge for the year 2 997 999 Disposals ​ (20) ​ (118) ​ (138) Disposal of subsidiary ​ (17) ​ (1,992) ​ (2,009) Accumulated depreciation as of December 31, 2023 21 3,061 3,082 Carrying value as of December 31, 2023 31 4,874 4,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Laboratory ​ ​ ​ ​ Leasehold ​ and office ​ ​ Reconciliation of carrying amount improvements equipment Total Cost as of January 1, 2022 74 7,321 7,395 Additions 0 658 658 Cost as of December 31, 2022 74 7,979 8,053 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation as of January 1, 2022 54 3,527 3,581 Depreciation charge for the year 2 647 649 Accumulated depreciation as of December 31, 2022 56 4,174 4,230 Carrying value as of December 31, 2022 18 3,805 3,823 ​

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Bank balances 26,629 190,286 Call deposits 11,900 0 Cash and cash equivalents in the statement of cash flows 38,529 190,286

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowings
Schedule of fair value of assets pledged	​ ​ ​ ​ ​ ​ ​ ​ Book value as of ​ ​ December 31, 2023 ​ ​ Consolidated ​ thereof ​ ​ financial ​ assets ​ ​ statements pledged Intangible assets* 25 ​ 25 Leasehold improvements and equipment 4,905 4,905 Inventories 463 463 Trade and other receivables 5,327 5,327 Investments ​ 33,518 ​ 33,518 Other financial assets ​ 851 ​ 851 Cash and cash equivalents 38,529 38,278 Total 83,618 83,367 * Assignment is subject to the occurrence of a defined trigger event.
Schedule of movements of liabilities reconcile to cash flows arising from financing activities	​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance as of January 1 17,617 17,640 Changes from financing cash flows ​ ​ Repayment of borrowings (5,929) (580) ​ 11,688 17,060 Other Changes ​ ​ Changes in capitalized borrowing costs, net 504 557 Disposal of subsidiary ​ (40) ​ 0 Balance as of December 31 12,152 17,617 ​

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Leases liabilities
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, 2023 ​ 546 ​ 12 ​ 3 ​ 561 Depreciation charge for the year (705) (9) ​ (3) (717) Additions to right-of-use assets 8,313 0 ​ 0 8,313 Disposal of subsidiary ​ (115) ​ (3) ​ 0 ​ (118) Balance as of December 31, 2023 8,039 ​ 0 ​ 0 8,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount ​ Buildings Cars Office equipment Total Balance as of January 1, 2022 942 21 ​ 9 972 Depreciation charge for the year (650) (9) ​ (6) (665) Additions to right-of-use assets 254 0 ​ 0 254 Balance as of December 31, 2022 546 12 ​ 3 561
Schedule of cash outflow related to leases	Cash outflow related to leases are as follows: ​ ​ ​ ​ ​ ​ 2023 2022 Repayment of lease liabilities ​ 491 733 Interest on lease liabilities ​ 87 31 Short-term lease payments ​ 19 23 Cash outflow from leasing ​ 597 787
Schedule of future contractually agreed undiscounted cash flows for leases	Future contractually agreed undiscounted lease payments are as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Payments within one year 1,377 ​ 631 Payments between one and five years 6,828 180 Thereafter ​ 4,490 ​ 0 ​ 12,695 811
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: ​ ​ ​ ​ ​ ​ 2023 2022 Balance as of January 1 ​ 572 1,051 Changes from financing cash flows ​ ​ ​ Repayment of lease liabilities ​ (491) (733) ​ ​ (491) (733) Other Changes ​ ​ ​ New lease contracts ​ 7,241 254 Disposal of subsidiary ​ (123) ​ 0 ​ ​ 7,118 254 Balance as of December 31 ​ 7,199 572 ​

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related parties
Schedule of compensation of managing directors and other key management personnel	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Short-term employee benefits 3,256 3,662 3,633 Share-based payments 4,458 6,732 5,235 Termination benefits ​ 1,034 ​ 0 ​ 0 ​ 8,748 10,394 8,868
Schedule of outstanding balances for supervisory board compensation and expense reimbursement related to key management personnel	​ ​ ​ ​ ​ ​ ​ ​ Outstanding balances ​ ​ December 31, ​ December 31, ​ 2023 2022 Adi Hoess — 1 Wolfgang Fischer ​ — ​ 2 Arndt Schottelius ​ — ​ 3 Thomas Hecht 21 21 Mathieu Simon 8 10 Ulrich Grau 18 26 Bernhard Ehmer 15 17 Harry Welten 9 8 Annalisa Jenkins 11 11 Uta Kemmerich-Keil ​ 16 ​ 18 Constanze Ulmer-Eilfort ​ 16 ​ — ​

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2023
Financial risk management
Schedule of exchange rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ CZK or USD ​ CZK or USD or ​ CZK or USD or ​ or GBP/EUR GBP/EUR GBP/EUR CZK - Average Rate 0.04166 0.04071 0.03900 CZK - Spot rate 0.04045 0.04147 0.04023 ​ ​ ​ ​ ​ ​ ​ USD - Average Rate 0.92481 0.94967 0.84552 USD - Spot rate 0.90498 0.93756 0.88292 ​ ​ ​ ​ ​ ​ ​ GBP - Average Rate ​ 1.14970 1.17266 1.16333 GBP - Spot rate ​ 1.15068 1.12748 1.19008
Summary of contractual maturities of Borrowings	​ ​ ​ ​ ​ ​ ​ 2023 2022 Payments within one year ​ 5,833 ​ 5,930 Payments between one and five years ​ 6,878 ​ 12,752 ​ ​ 12,711 ​ 18,682

Reporting entity (Details)

Reporting entity (Details) - item	1 Months Ended
	Jan. 31, 2024	Apr. 30, 2023
Disclosure of non-adjusting events after reporting period [line items]
Number of clinical stage development programs		3
Percentage of headcount was reduced		25%
Announcing or commencing implementation of major restructuring
Disclosure of non-adjusting events after reporting period [line items]
Number of clinical stage development programs	3
Percentage of headcount was reduced	50%

Basis of preparation - consol_2

Basis of preparation - consolidated financial statements (Details) - EUR (€)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basis of preparation - consolidated financial statements
Accumulated deficit	€ (536,128,000)	€ (430,190,000)
Current cash resources including short term investments	72,000,000
Net equity	€ 57,807,000	€ 152,915,000	€ 135,951,000	€ 71,993,000

Material accounting policies (D

Material accounting policies (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Material accounting policies
Impairments (reversals)	€ 0	€ 0	€ 0

Material accounting policies -

Material accounting policies - Schedule of useful lives (Details)	12 Months Ended
	Dec. 31, 2023
Software | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment (in years)	3 years
Software | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment (in years)	4 years
Laboratory equipment | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment (in years)	5 years
Laboratory equipment | Top of range
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 | Bottom of range
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 | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment (in years)	6 years

Material accounting policies _2

Material accounting policies - new accounting standards (Details)	12 Months Ended
	Dec. 31, 2023
Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1)
Material accounting policies
Standard/interpretation	Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1)
Effective Date	Jan. 01, 2024
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
Material accounting policies
Standard/interpretation	Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
Effective Date	Jan. 01, 2024
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
Material accounting policies
Standard/interpretation	Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
Effective Date	Jan. 01, 2024
Lack of Exchangeability (Amendments to IAS 21)
Material accounting policies
Standard/interpretation	Lack of Exchangeability (Amendments to IAS 21)
Effective Date	Jan. 01, 2024

Segment reporting - Geographic

Segment reporting - Geographic information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Revenue	€ 8,275	€ 41,353	€ 40,366
Non-current assets	12,969	4,442	18,741
Germany
Disclosure of operating segments [line items]
Revenue	5	152	742
Non-current assets	12,969	3,435	4,896
Czech Republic
Disclosure of operating segments [line items]
Non-current assets	0	1,007	1,306
USA
Disclosure of operating segments [line items]
Revenue	8,270	41,201	39,624
Non-current assets	€ 0	€ 0	€ 12,539

Segment reporting - Additional

Segment reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Genentech and Roivant
Disclosure of major customers [line items]
Percentage of entity's revenue		10%	10%
Roivant
Disclosure of major customers [line items]
Percentage of entity's revenue	10%

Revenue - Additional Informatio

Revenue - Additional Information (Details) € in Thousands, $ in Millions		1 Months Ended		12 Months Ended
	Nov. 09, 2020 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2018 EUR (€)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Oct. 09, 2020 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue				€ 500	€ 200	€ 1,100
Revenue under contract liabilities				€ 7,765	41,302	39,512
Remaining performance obligations								€ 1,100
Unutilized funds of the research plan								1,400
Performance obligations description				The remaining contract liability of €1.1 million is expected to be recognized as revenue with €0.6 million (2022: €9.2 million) over the next 12 months and €0.5 million thereafter (2022: €1.1 million).
Over the next 12 months
Disclosure of disaggregation of revenue from contracts with customers [line items]
Remaining performance obligations					9,200			600
12 months thereafter
Disclosure of disaggregation of revenue from contracts with customers [line items]
Remaining performance obligations					1,100			€ 500
Genentech Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration agreement initial upfront consideration		$ 96	€ 83,200
Revenue				€ 600	18,500	21,600
Revenue under contract liabilities				1,100	1,700	20,200
Additional payments upon achievement of milestones | $							$ 5,000
Roivant
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration agreement initial upfront consideration | $	$ 60
Revenue				€ 7,100	22,700	17,700
Revenue under contract liabilities					€ 8,600	€ 31,300
Collaboration agreement cash consideration | $	40
Collaboration agreement consideration in shares | $	$ 20
Additional payments received upon achievement of milestones | $									$ 2,000

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenues	€ 8,275	€ 41,353	€ 40,366
Point in time
Revenue
Revenues	0	0	490
Over time
Revenue
Revenues	8,275	41,353	39,876
Collaboration
Revenue
Revenues	7,765	41,198	39,301
Service
Revenue
Revenues	€ 510	€ 155	€ 1,065

Revenue (Details)

Revenue (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue
Receivables	€ 0	€ 0
Contract liabilities	€ 1,083	€ 10,331

Other income and expenses - n_3

Other income and expenses - net (Details) $ in Millions			12 Months Ended
	Dec. 28, 2023 EUR (€) tranche	Dec. 28, 2023 USD ($) tranche	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 28, 2023 USD ($)	Dec. 31, 2020 EUR (€)
analysis of information related to sale of subsidiary.
Foreign exchange gains (losses)			€ (942,000)	€ 99,000	€ 125,000
Income from government grants			220,000	563,000	344,000
Research collaborations where costs are shared equally			1,019,000	898,000	1,072,000
Cash and cash equivalents			€ 38,529,000	€ 190,286,000	€ 197,630,000		€ 146,854,000
AbCheck
analysis of information related to sale of subsidiary.
Gross purchase price	€ 5,800,000					$ 6.4
Consideration in cash to be paid	€ 4,900,000					5.4
Number of tranches for cash paid | tranche	2	2
Share subject to certain adjustments	€ 900,000					$ 1
Purchase price had been received	1,600,000	$ 1.8
Gain (loss) recognized on other income	4,300,000	$ 4.8
Cash and cash equivalents	642,000
AbCheck | Bottom of range
analysis of information related to sale of subsidiary.
Adjustment To Ampersand Shares	€ 300,000

Other income and expenses - n_4

Other income and expenses - net - Assets and liabilities of Abcheck s.r.o (Details) - AbCheck € in Thousands	Dec. 28, 2023 EUR (€)
analysis of information related to sale of subsidiary.
Leasehold improvements and equipment.	€ 616
Rights-of-use assets.	118
Inventories.	65
Trade and other receiavbles	190
Cash and cash equivalents.	642
Borrowings.	40
Trade and other liabilities.	274
Lease liabilities'.	123
Aggregated closing balance	€ 1,194

Research and development expe_3

Research and development expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	€ 94,958	€ 98,814	€ 81,488
Impairment		1,476
Licences
Disclosure of Research and Development Expense [Line Items]
Impairment		1,500
Third-party services
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	64,640	61,943	54,810
Personnel expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	24,485	29,023	20,532
Legal, consulting and patent expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	1,357	1,177	1,301
Cost of materials
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	1,349	2,138	2,152
Amortization and depreciation
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	1,109	2,639	1,057
Other expenses
Disclosure of Research and Development Expense [Line Items]
Research and development expenses	€ 2,018	€ 1,894	€ 1,636

General and administrative ex_3

General and administrative expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	€ 24,675	€ 32,075	€ 24,218
Personnel expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	13,055	15,249	10,713
Legal, consulting and audit expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	5,382	8,299	8,134
Insurance expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	2,800	3,493	2,613
Other expenses
Disclosure of General and Administrative Expense [Line Items]
General and administrative expenses	€ 3,438	€ 5,034	€ 2,758

Employee benefits (Details)

Employee benefits (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefits
Wages and salaries	€ 21,972	€ 23,370	€ 17,882
Social security contributions	3,002	3,098	2,332
Termination benefits	2,134	0	0
Employee benefits	€ 27,108	€ 26,468	€ 20,214

Employee benefits - Additional

Employee benefits - Additional Information (Details) € in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2023 item	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Employee benefits
Employer's contributions to pension insurance plans | €		€ 1,272	€ 1,322	€ 1,030
Number of clinical stage development programs | item	3

Finance income and costs (Detai

Finance income and costs (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and costs	€ 726	€ 2,117	€ 6,509
Interest Bootstrap Loan Agreement
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and costs	(1,806)	(1,630)	(712)
Foreign exchange differences
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and costs	488	3,386	7,636
Interest on Government treasury bonds
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and costs	509	0	0
Other finance income/finance costs - net
Disclosure of Finance Income and Finance Costs Line Items]
Finance income and costs	€ 1,535	€ 361	€ (415)

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Income tax benefit at tax rate	29.825%	29.825%
Tax loss carryforward for corporate income tax purposes	€ 471,700	€ 372,000
Tax loss carryforward for trade tax purposes	470,600	371,000
Maximum tax loss at risk due to ownership changes	59,000
Intangible assets
Income taxes
Deferred tax assets	0	238
Trade and other receivables
Income taxes
Deferred tax assets	317	102
Borrowings
Income taxes
Deferred tax liabilities	65	86
Deferred tax assets	0	26
Lease liabilities
Income taxes
Deferred tax assets	2,147	150
Trade and other payables
Income taxes
Deferred tax assets	24	31
Long term financial assets
Income taxes
Deferred tax liabilities	266	266
Contract liabilities
Income taxes
Deferred tax liabilities	0	291
Deferred tax assets	0	0
Leasehold improvements and equipment and right-of-use assets
Income taxes
Deferred tax liabilities	2,398	204
Other assets
Income taxes
Deferred tax liabilities	€ 83	€ 0

Income taxes (Details)

Income taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Loss before tax	€ (105,935)	€ (86,002)	€ (57,521)
Income tax benefit at tax rate of 29.825 %	31,595	25,650	17,156
Adjustments of deferred tax assets	(29,533)	(25,022)	(15,850)
Adjustments for local tax rates	0	23	(62)
Non-deductible expenses	(1,940)	(755)	(1,434)
Other	(125)	102	188
Income taxes	€ (3)	€ (2)	€ (2)

Loss per share (Details)

Loss per share (Details)		12 Months Ended
	Mar. 08, 2024	Dec. 31, 2023 € / shares shares	Dec. 31, 2022 € / shares shares	Dec. 31, 2021 € / shares shares
Disclosure of non-adjusting events after reporting period [line items]
Options and Warrants | shares		2,475,013
Basic loss per share in € per share		€ (7.09)	€ (6.04)	€ (4.81)
Diluted loss per share in € per share		€ (7.09)	(6.04)	(4.81)
Previously Stated
Disclosure of non-adjusting events after reporting period [line items]
Basic loss per share in € per share			€ (0.60)	€ (0.48)
Weighted number of common shares outstanding | shares			142,362,294	119,502,384
Adjusted
Disclosure of non-adjusting events after reporting period [line items]
Basic loss per share in € per share			€ (6.04)	€ (4.81)
Weighted number of common shares outstanding | shares			14,236,229	11,950,238
Issue of ordinary shares
Disclosure of non-adjusting events after reporting period [line items]
Reverse stock split ratio	0.10

Share-based payments - Service

Share-based payments - Service conditions (Details) - ESOP 2014 $ / shares in Units, € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€) EquityInstruments shares	Dec. 31, 2023 USD ($) EquityInstruments shares $ / shares	Dec. 31, 2022 EquityInstruments shares $ / shares
Share-based payments with service condition
Vesting period (in years)	3 years	3 years
Exercise period	10 years	10 years
Awards granted (share option) | EquityInstruments	822,175	822,175	491,560
Fair value of the awards at grant date (Share option).	€ 6	$ 6.4
Awards cancelled or forfeited (Share option) | EquityInstruments	167,260	167,260	27,743
Awards exercised (Share options) | shares	0	0	4,344
Weighted average exercise price of share options exercised. | $ / shares			$ 25.2
Awards outstanding (options) | EquityInstruments		2,181,888	1,526,973
Awards Vested (Share options) | EquityInstruments	1,240,852	1,240,852	851,086
Weighted average remaining contractual life	7 years 3 months 18 days	7 years 3 months 18 days	7 years 4 months 24 days
Weighted average exercise price | $ / shares		$ 35.7	$ 49.1
Annual forfeiture rate	4%	4%	4%
Minimum
Share-based payments with service condition
Exercise price | $ / shares		$ 3.5	$ 13
Maximum
Share-based payments with service condition
Exercise price | $ / shares		$ 134.7	$ 134.7

Share-based payments - Market c

Share-based payments - Market condition (Details) $ / shares in Units, € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 EUR (€) tranche shares	Dec. 31, 2022 USD ($) tranche $ / shares shares
Share-based payments
Number of options issued | shares		282,500	282,500
Number of tranches | tranche		3	3
Awards cancelled or forfeited. | shares	20,000
Trading days		30 days	30 days
Vesting percentage		0.33%	0.33%
Grant date fair value		€ 2.9	$ 3.2
Contractual lifetime of the options		2 years	2 years
Tranche I
Share-based payments
Hurdle rate			$ 120
Tranche II
Share-based payments
Hurdle rate			150
Tranche III
Share-based payments
Hurdle rate			$ 180

Share-based payments - Payment

Share-based payments - Payment expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Share-based expense	€ 10,714	€ 19,110	€ 11,820
Research and Development
Share-based payments
Share-based expense	6,014	10,351	5,892
General and Administrative
Share-based payments
Share-based expense	€ 4,700	€ 8,759	€ 5,928

Share-based payments - Fair val

Share-based payments - Fair value of options (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) EUR (€) $ / shares	Dec. 31, 2022 USD ($) EUR (€) $ / shares
Share-based payments with service condition
Share-based payments
Fair value at grant date | $	$ 7.8	$ 31.9
Share price at grant date | $ / shares	$ 10.4	$ 42.9
Exercise price | $ / shares	$ 10.4	$ 42.9
Expected volatility	90%	90%
Expected life | €	5.9	5.9
Expected dividends | $	$ 0	$ 0
Risk-free interest rate	3.95%	2.32%
Share-based payments with market condition
Share-based payments
Fair value at grant date | $		$ 11.3
Share price at grant date | $ / shares		$ 45.8
Exercise price | $ / shares		$ 45.8
Expected volatility		70%
Expected life | €		2
Expected dividends | $		$ 0
Risk-free interest rate		2.41%

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	€ 58
Impairment incurred during the year		€ 1,476
Intangible assets at end of year	25	58
Licenses
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	1
Impairment incurred during the year		1,476
Intangible assets at end of year	1	1
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	57
Impairment incurred during the year		0
Intangible assets at end of year	24	57
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	2,364	2,327
Additions	0	37
Intangible assets at end of year	2,364	2,364
Cost | Licenses
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	2,034	2,034
Additions	0	0
Intangible assets at end of year	2,034	2,034
Cost | Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	330	293
Additions	0	37
Intangible assets at end of year	330	330
Accumulated amortisation/impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	(2,306)	(720)
Amortization charge for the year	33	110
Intangible assets at end of year	(2,339)	(2,306)
Accumulated amortisation/impairment | Licenses
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	(2,033)	(470)
Amortization charge for the year	0	87
Intangible assets at end of year	(2,033)	(2,033)
Accumulated amortisation/impairment | Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning of year	(273)	(250)
Amortization charge for the year	33	23
Intangible assets at end of year	€ (306)	€ (273)

Intangible assets - Additional

Intangible assets - Additional Information (Details) € in Thousands, $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Disclosure of detailed information about intangible assets [line items]
Purchase of intangible assets				€ 0	€ 37	€ 1,654
Impairment					1,476
Book value	€ 58			€ 25	58
Licenses
Disclosure of detailed information about intangible assets [line items]
Purchase of intangible assets		€ 1,600	$ 2
Estimated useful life		19 years	19 years
Impairment					1,500
Licenses | Patent and technology license agreement
Disclosure of detailed information about intangible assets [line items]
Impairment	1,500
Book value	€ 0				€ 0

Leasehold improvements and eq_3

Leasehold improvements and equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leasehold improvements and equipment
Balance at beginning of the year.	€ 3,823
Balance at end of the year	4,905	€ 3,823
Cost
Leasehold improvements and equipment
Balance at beginning of the year.	8,053	7,395
Additions	2,779	658
Disposals	(220)
Disposal of subsidiary	(2,625)
Balance at end of the year	7,987	8,053
Accumulated depreciation
Leasehold improvements and equipment
Balance at beginning of the year.	(4,230)	(3,581)
Depreciation charge for the year.	(999)	(649)
Disposals	138
Disposal of subsidiary	2,009
Balance at end of the year	(3,082)	(4,230)
Leasehold improvements
Leasehold improvements and equipment
Balance at beginning of the year.	18
Balance at end of the year	31	18
Leasehold improvements | Cost
Leasehold improvements and equipment
Balance at beginning of the year.	74	74
Additions	32	0
Disposals	(37)
Disposal of subsidiary	(17)
Balance at end of the year	52	74
Leasehold improvements | Accumulated depreciation
Leasehold improvements and equipment
Balance at beginning of the year.	(56)	(54)
Depreciation charge for the year.	(2)	(2)
Disposals	20
Disposal of subsidiary	17
Balance at end of the year	(21)	(56)
Laboratory and office equipment
Leasehold improvements and equipment
Balance at beginning of the year.	3,805
Balance at end of the year	4,874	3,805
Laboratory and office equipment | Cost
Leasehold improvements and equipment
Balance at beginning of the year.	7,979	7,321
Additions	2,747	658
Disposals	(183)
Disposal of subsidiary	(2,608)
Balance at end of the year	7,935	7,979
Laboratory and office equipment | Accumulated depreciation
Leasehold improvements and equipment
Balance at beginning of the year.	(4,174)	(3,527)
Depreciation charge for the year.	(997)	(647)
Disposals	118
Disposal of subsidiary	1,992
Balance at end of the year	€ (3,061)	€ (4,174)

Long-term financial assets (Det

Long-term financial assets (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2022 EUR (€) € / shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 EUR (€)
Preferred Shares
Long-term financial assets
Fair value shares of remaining			€ 0	€ 0
Common Shares Roivant Sciences Ltd
Long-term financial assets
Weighted average selling price | (per share)	€ 4.54	$ 4.59
Gross proceeds from sale	€ 6,300	$ 6.4
Cumulated loss on sale			10,800
Acquisition price of shares			€ 17,100
Amphivena | Preferred Shares
Long-term financial assets
Fair value of shares				€ 0

Investments (Details)

Investments (Details) - German and US government bonds - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other financial assets
Current financial assets	€ 33.5	€ 0
Interest income	€ 0.5

Other financial assets (Details

Other financial assets (Details) € in Thousands, $ in Millions	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)
Other financial assets
Other financial assets	€ 851		€ 0
Equity investments
Other financial assets
Other financial assets	€ 900	$ 0.9

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Bank balances	€ 26,629	€ 190,286
Call deposits	11,900	0
Cash and cash equivalents in the statement of cash flows	€ 38,529	€ 190,286	€ 197,630	€ 146,854

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables
Trade Receivables	€ 0	€ 0
Value added tax receivables	871	€ 1,505
Consideration receivable	€ 3,100

Other assets and prepaid expe_2

Other assets and prepaid expenses (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other assets and prepaid expenses
Other assets and prepaid expenses	€ 5,500	€ 2,459
Current Prepayment For Services Of Managing Clinical Trials	3,400
Start-up fee	€ 900
Reservation of manufacturing capacity
Other assets and prepaid expenses
Prepayment for reservation of manufacturing capacity		1,100
Assets secured for the new premises
Other assets and prepaid expenses
Prepayments		€ 500

Issued capital and reserves (De

Issued capital and reserves (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions				1 Months Ended		12 Months Ended
	Mar. 08, 2024	Apr. 18, 2022 EUR (€) shares	Apr. 18, 2022 USD ($) $ / shares shares	Dec. 31, 2023 EUR (€) € / shares shares	Nov. 30, 2021 USD ($)	Dec. 31, 2023 EUR (€) € / shares shares	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€) shares
Issued capital | €				€ 1,500		€ 1,500	€ 1,493
Number of shares outstanding				14,998,804		14,998,804	14,933,933
Par value | € / shares				€ 0.10		€ 0.10	€ 0.10
Net proceeds from issue of common shares | €						€ 235	€ 95,907	€ 124,460
Authorized share capital | €				€ 3,120		€ 3,120	€ 3,120
Number of shares authorised				31,195,000		31,195,000	31,195,000
Issue of ordinary shares
Reverse stock split ratio	0.10
At the market program
Number of shares issued				60,000		60,000
Shares authorised | $					$ 100
Net proceeds from issue of common shares | €				€ 200				€ 1,600
At the market program | Common shares
Number of shares issued				60,000		60,000		20,000
Public offering
Number of shares issued		2,587,500	2,587,500
Net proceeds from issue of common shares		€ 89,800	$ 97
Underwriting commissions, legal and consulting expenses		€ 6,000	$ 6.5
Shares issued in public offering excluding over-allotment [member]
Number of shares issued		2,250,000	2,250,000
Shares issued in public offering and over-allotment
Number of shares issued		2,587,500	2,587,500
Net proceeds from issue of common shares		€ 89,800	$ 97
Share price | $ / shares			$ 40
Underwriting commissions, legal and consulting expenses		€ 6,000	$ 6.5
Underwriters
Number of shares issued		2,250,000	2,250,000

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - EUR (€)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021	Apr. 30, 2019
Borrowings
Amount drawdown		€ 0	€ 0	€ 17,500,000
Loan agreement with UniCredit Leasing CZ
Borrowings
Amount outstanding						€ 562,000
Balance owing			136,000
Bootstrap Europe
Borrowings
Financial liabilities, at fair value		€ 12,200,000
Percentage of ownership interest pledged as security		100%
Bootstrap Europe Loan Agreement | Bootstrap Europe
Borrowings
Principal amount of loan	€ 25,000,000
Bootstrap Europe Loan Agreement | Loan facility tranche one
Borrowings
Amount outstanding					€ 10,000,000
Principal amount of loan	10,000,000
Bootstrap Europe Loan Agreement | Loan facility tranche two
Borrowings
Amount outstanding				€ 7,500,000
Principal amount of loan	7,500,000
Bootstrap Europe Loan Agreement | Loan facility tranche three
Borrowings
Undrawn borrowings			€ 7,500,000
Principal amount of loan	€ 7,500,000
European Central Bank Base Rate | Bootstrap Europe
Borrowings
Interest at greater of European Central Bank Base Rate	0%
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Book value
Intangible assets	€ 25	€ 58
Leasehold improvements and equipment	4,905	3,823
Inventories	463	628
Trade and other receivables	5,327
Investments	33,518	0
Other financial assets	851	0
Cash and cash equivalents	38,529	€ 190,286	€ 197,630	€ 146,854
Total	83,618
There of Assets Pledged
Book value
Intangible assets	25
Leasehold improvements and equipment	4,905
Inventories	463
Trade and other receivables	5,327
Investments	33,518
Other financial assets	851
Cash and cash equivalents	38,278
Total	€ 83,367

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Movements of liabilities reconcile to cash flows arising from financing activities
Balance at beginning of period	€ 17,617	€ 17,640
Repayment of borrowings	(5,929)	(580)	€ (92)
Subtotal	11,688	17,060
Changes in capitalized borrowing costs, net	504	557
Disposal of subsidiary	(40)	0
Balance at end of period	€ 12,152	€ 17,617	€ 17,640

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables
Trade payables	€ 16,555	€ 16,731
Other payables of payroll and employee related liabilities	€ 2,307	€ 2,203
Other payables period	30 days

Lease liabilities - Additional

Lease liabilities - Additional information (Details) - EUR (€) € in Thousands		12 Months Ended
	Sep. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
Leases liabilities.
Additions to right-of-use assets		€ 8,313	€ 254
Lease liabilities	€ 7,200	6,660	176
Addition to lease liability		€ 7,241	€ 254
Term of lease cancellation option		5 years
Offices, laboratories and vehicles.
Leases liabilities.
Lease term		10 years
Additions to right-of-use assets	8,300
Addition to lease liability	€ 8,300
Extension Term		5 years

Lease liabilities - Schedule of

Lease liabilities - Schedule of Carrying Amounts of Right-of-Use Assets Reconcile (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases liabilities
Balance at beginning of period	€ 561	€ 972
Depreciation charge for the year	(717)	(665)
Additions to right-of-use assets	8,313	254
Disposal of subsidiary	(118)
Balance at end of period	8,039	561
Buildings
Leases liabilities
Balance at beginning of period	546	942
Depreciation charge for the year	(705)	(650)
Additions to right-of-use assets	8,313	254
Disposal of subsidiary	(115)
Balance at end of period	8,039	546
Car
Leases liabilities
Balance at beginning of period	12	21
Depreciation charge for the year	(9)	(9)
Additions to right-of-use assets	0	0
Disposal of subsidiary	(3)
Balance at end of period	0	12
Office equipment
Leases liabilities
Balance at beginning of period	3	9
Depreciation charge for the year	(3)	(6)
Additions to right-of-use assets	0	0
Disposal of subsidiary	0
Balance at end of period	€ 0	€ 3

Lease liabilities - Schedule _2

Lease liabilities - Schedule of Cash Outflow Related to Leases (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases liabilities
Repayment of lease liabilities	€ 491	€ 733	€ 564
Interest on lease liabilities	87	31
Short-term lease payments	19	23
Cash outflow from leasing	€ 597	€ 787

Lease liabilities - Future Cont

Lease liabilities - Future Contractually Agreed Undiscounted Lease Payments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases liabilities
Future contractually agreed undiscounted cash flows	€ 12,695	€ 811
Payments within one year
Leases liabilities
Future contractually agreed undiscounted cash flows	1,377	631
Payments between one and five years
Leases liabilities
Future contractually agreed undiscounted cash flows	6,828	180
Thereafter
Leases liabilities
Future contractually agreed undiscounted cash flows	€ 4,490	€ 0

Lease liabilities - Movements o

Lease liabilities - Movements of lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases liabilities
Balance at beginning of period	€ 572	€ 1,051
Repayment of lease liabilities	(491)	(733)	€ (564)
New lease contracts	7,241	254
Disposal of subsidiary	(123)	0
Sub-total - Other changes	7,118	254
Balance at end of period	€ 7,199	€ 572	€ 1,051

Related parties - Compensation

Related parties - Compensation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related parties
Short-term employee benefits	€ 3,256	€ 3,662	€ 3,633
Share-based payments	4,458	6,732	5,235
Termination benefits	1,034	0	0
Key management personnel compensation	€ 8,748	€ 10,394	€ 8,868

Related parties - Outstanding B

Related parties - Outstanding Balances (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Adi Hoess
Related parties
Key management personnel outstanding balance		€ 1
Wolfgang Fischer
Related parties
Key management personnel outstanding balance		2
Arndt Schottelius
Related parties
Key management personnel outstanding balance		3
Thomas Hecht
Related parties
Key management personnel outstanding balance	€ 21	21
Mathieu Simon
Related parties
Key management personnel outstanding balance	8	10
Ulrich Grau
Related parties
Key management personnel outstanding balance	18	26
Bernhard Ehmer
Related parties
Key management personnel outstanding balance	15	17
Harry Welten
Related parties
Key management personnel outstanding balance	9	8
Annalisa Jenkins
Related parties
Key management personnel outstanding balance	11	11
Uta Kemmerich-Kell
Related parties
Key management personnel outstanding balance	16	€ 18
Constanze Ulmer-Eilfort
Related parties
Key management personnel outstanding balance	€ 16

Related parties - Additional In

Related parties - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related parties
Share-based expense	€ 10,714	€ 19,110	€ 11,820
Supervisory Board Directors
Related parties
Compensation received for their services	482	431	392
Share-based expense	€ 280	€ 1,370	€ 847

Financial risk management - Add

Financial risk management - Additional Information (Details) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Apr. 18, 2022 EUR (€) shares	Apr. 18, 2022 USD ($) $ / shares shares	Dec. 31, 2023 EUR (€) shares	Nov. 30, 2021 USD ($)	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents			€ 38,529,000		€ 38,529,000	€ 190,286,000		€ 197,630,000	€ 146,854,000
Other financial assets			851,000		851,000	0
Trade and other receivables			5,327,000		€ 5,327,000	2,697,000
Percentage of deviation between currency exchange rate					10%
Net proceeds from issue of common shares					€ 235,000	95,907,000		124,460,000
German and US government bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Current financial assets			33,500,000		33,500,000	0
Fair value of government treasury bonds			€ 33,500,000		€ 33,500,000
Public offering
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of shares issued | shares	2,587,500	2,587,500
Net proceeds from issue of common shares	€ 89,800,000	$ 97,000
Share price | $ / shares		$ 40
Underwriting commissions and other offering expenses	€ 6,000,000	$ 6,500
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
Number of shares issued | shares			60,000		60,000
Net proceeds from issue of common shares			€ 200,000					€ 1,600,000
Underwriters
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of shares issued | shares	2,250,000	2,250,000
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total carrying amount of shares			0		€ 0	0
Cash and cash equivalents			38,500,000		38,500,000	190,300,000
Other financial assets			900,000		900,000
Trade and other receivables			5,300,000		5,300,000	2,700,000
Maximum credit exposure			78,200,000		78,200,000	193,000,000
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Interest income (expense)					2,276,000		$ (401)
Other price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum credit exposure			0		0
Foreign currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum foreign currency exposure			€ 28,533,000		€ 28,533,000	28,694,000
Percentage of deviation between currency exchange rate					10%
Net loss in currency exchange deviation					€ 1,576,000	€ 3,270,000

Financial risk management - Exc

Financial risk management - Exchange Rates (Details)	12 Months Ended
	Dec. 31, 2023 Kč / € £ / € $ / €	Dec. 31, 2022 £ / € Kč / € $ / €	Dec. 31, 2021 $ / € £ / € Kč / €
CZK
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average Rate | Kč / €	0.04166	0.04071	0.03900
Spot rate | Kč / €	0.04045	0.04147	0.04023
USD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average Rate | $ / €	0.92481	0.94967	0.84552
Spot rate | $ / €	0.90498	0.93756	0.88292
GBP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average Rate | £ / €	1.14970	1.17266	1.16333
Spot rate | £ / €	1.15068	1.12748	1.19008

Financial risk management - Con

Financial risk management - Contractual maturities of Borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual maturities of borrowings	€ 12,711	€ 18,682
Over the next 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual maturities of borrowings	5,833	5,930
Between one and five years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual maturities of borrowings	€ 6,878	€ 12,752

Subsequent events (Details)

Subsequent events (Details) € in Millions	1 Months Ended
	Jan. 31, 2024 EUR (€) item	Apr. 30, 2023 item
Disclosure of non-adjusting events after reporting period
Number of clinical stage development programs | item		3
Percentage of headcount was reduced		25%
Announcing or commencing implementation of major restructuring
Disclosure of non-adjusting events after reporting period
Number of clinical stage development programs | item	3
Percentage of headcount was reduced	50%
Impairment loss | €	€ 1.7
Announcing or commencing implementation of major restructuring | IFRS Scenario Forecast
Disclosure of non-adjusting events after reporting period
Restructuring provision | €	€ 1.6