Affimed (NASDAQ: AFMD) reported Q1 EPS of ($0.21), $0.02 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $440 thousand versus the consensus estimate of $1.63 million.

Revenue for the first quarter of 2017 was €0.4 million compared to €1.9 million for the first quarter of 2016. Revenue in the first quarter of 2017 was derived from Affimed's collaboration with LLS and AbCheck service revenue, while revenue in the first quarter of 2016 related predominantly to the collaboration with Amphivena. In the first quarter of 2017, Affimed funded Amphivena with €0.6 million which was offset against consideration under the Amphivena agreement of €0.5 million.

R&D expenses for the first quarter of 2017 were €5.4 million compared to €7.1 million for the first quarter of 2016. The decrease was primarily related to lower expenses for AFM13, preclinical programs and infrastructure. G&A expenses for the first quarter of 2017 were nearly unchanged with €2.2 million compared to €2.1 million for the first quarter of 2016.

Net loss for the first quarter of 2017 was €7.8 million, or €0.19 per common share, compared to a net loss of €8.5 million, or €0.25 per common share, for the first quarter of 2016. The decrease in net loss was primarily related to lower spending on R&D for AFM13, preclinical programs and infrastructure. In addition, the result was affected by lower revenue and lower finance costs.

For earnings history and earnings-related data on Affimed (AFMD) click here.