Interim Report – January to September 2020

Affibody Medical AB (publ) (“Affibody” or “the Company”), a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™, today issued its Third Quarter Report for 2020.

Financial Highlights

• Revenue for the 3rd Quarter 2020 amounted to SEK 0.1 (47.6) m, and to 119.4 (294.6) m for the full nine-month period
• Operating result for the quarter amounted to SEK -78.8 (-17.5) m, and to -127.4 (110.8) m for the full nine-month period
• Net result for the quarter amounted to SEK -80.0 (-6.0) m, and to -130.9 (116.9) m for the full nine-month period
• Cash flow for the quarter amounted to SEK -99.3 (-27.9) m, and to -196.6 (298.2) m for the full nine-month period
• Cash and cash equivalents at the end of the period amounted to SEK 178.2 (389.2) m

Significant Events during the rest of the Year

• An EGM on February 17, 2020 elected José Suarez as Board member.
• On April 30, 2020 we announced that Daewoong, a South Korea-based pharmaceutical company, had exercised an option under the collaboration related to a half-life extended biotherapeutics product
• On May 15, 2020, we and Inmagene Biopharmaceuticals announced a strategic partnership to develop and commercialize ABY-035, a bispecific molecule targeting Interleukin-17A (IL-17), for multiple auto-immune diseases. Inmagene will be responsible for commercialization in mainland China, Hong Kong, Taiwan, and Macau (Greater China), and South Korea, as well as development activities in the Asia Pacific region, excluding Japan. Affibody will retain global commercial rights outside of Greater China and South Korea. The partners will work together to enroll patients into global registrational trials to support Biologics License Applications (BLAs) in multiple indications worldwide. Under the terms of the agreement, Affibody will receive a $10 million upfront payment and is eligible to receive up to $215.5 million in additional regulatory and sales milestones, plus royalties on sales in Inmagene’s commercialization territory.
• On June 15, 2020 we announced positive top-line data from our Phase 2, 52-week trial investigating the novel bispecific IL-17A inhibitor ABY-035 in patients with moderate-to-severe psoriasis (“AFFIRM-35”).
• On June 15, 2020 we announced the completion of the ABY-039 Phase 1 trial and the termination of the ABY-039 program, our FcRn inhibitor, due to tolerability observations that would limit the target product profile of subcutaneous high dose once monthly maintentance injections. Based on these observations Alexion has terminated the co-development agreement with Affibody.

Significant Events after the close of the Reporting Period

• On November 10, 2020, we announced the initiation of a 52-week trial investigating the novel bispecific IL-17A inhibitor ABY-035 in patients with psoriatic arthritis (PsA).