<SEC-DOCUMENT>0000950103-18-003510.txt : 20180320
<SEC-HEADER>0000950103-18-003510.hdr.sgml : 20180320
<ACCEPTANCE-DATETIME>20180320073131
ACCESSION NUMBER:		0000950103-18-003510
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		96
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180320
DATE AS OF CHANGE:		20180320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Affimed N.V.
		CENTRAL INDEX KEY:			0001608390
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			2M
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36619
		FILM NUMBER:		18700656

	BUSINESS ADDRESS:	
		STREET 1:		IM NEUENHEIMER FELD 582, 69120
		CITY:			HEIDELBERG
		STATE:			2M
		ZIP:			000000
		BUSINESS PHONE:		49-6221-65307

	MAIL ADDRESS:	
		STREET 1:		IM NEUENHEIMER FELD 582, 69120
		CITY:			HEIDELBERG
		STATE:			2M
		ZIP:			000000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Affimed Therapeutics B.V.
		DATE OF NAME CHANGE:	20140516
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>dp88148_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: center">Washington, D.C. 20549&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 3pt 0pt 0pt; text-align: center"><B>FORM 20-F</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Mark One)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></TD><TD><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><B>OR</B></TD><TD STYLE="text-align: center"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&#9746;</FONT></TD><TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<B>For the fiscal year ended December 31, 2017</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><B>OR</B></TD><TD STYLE="text-align: center"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></TD><TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><B>OR</B></TD><TD STYLE="text-align: center"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></TD><TD><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<B>Date of event requiring this shell company report </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number: 001-36619</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>AFFIMED
N.V.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(<I>Exact name of Registrant as specified in its charter</I>)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>The Netherlands</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(<I>Jurisdiction of incorporation or organization</I>)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Technologiepark,
Im Neuenheimer Feld 582</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>69120 Heidelberg, Germany,</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>(+49) 6221-65307-0</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(<I>Address of principal executive offices</I>)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Florian
Fischer, CFO</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Tel: (+49) 6221-65307-0</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Technologiepark, Im Neuenheimer Feld 582</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>69120 Heidelberg, Germany</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(<I>Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person</I>)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Copies
to</I>:</FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Sophia Hudson</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Davis Polk &amp; Wardwell LLP</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>450 Lexington Avenue</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>New York, NY 10017</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Phone: (212) 450-4000</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Fax: (212) 701-5800</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered or to be registered
pursuant to Section 12(b) of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid">Title
of each class</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid">Name
of each exchange on which registered&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Common shares, nominal value &euro;0.01 per share</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">The NASDAQ Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered or to be registered
pursuant to Section 12(g) of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None<BR>
<B>(Title of Class)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None<BR>
<B>(Title of Class)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate the number of outstanding shares of each of the issuer&rsquo;s
classes of capital stock or common stock as of the close of the period covered by the annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">Common shares: 46,791,352</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT> <FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this report is an annual or transition report, indicate by
check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT> <FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT> <FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit
and post such files).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT> <FONT STYLE="font-size: 10pt">No (not required)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;accelerated filer and large accelerated filer&rdquo;
in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center">Large Accelerated Filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 34%; text-align: center">Accelerated Filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center">Non-accelerated Filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"></FONT>Emerging growth company&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards&dagger; provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&dagger; The term &ldquo;new or revised financial accounting
standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center; border: Black 1pt solid">U.S. GAAP <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">International Financial Reporting Standards as issued by the International Accounting Standards Board <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center; border: Black 1pt solid">Other <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Other&rdquo; has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT> Item 17</TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT> Item 18</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this is an annual report, indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT> <FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 3.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="toc"></A>TABLE
OF CONTENTS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: right"><FONT STYLE="font-variant: small-caps"><U>Page</U></FONT></P>



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#FORWARD-LOOKING">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#FORWARD-LOOKING">iii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#PARTI">PART I</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#PARTI">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#ITEM1">ITEM 1.&nbsp; IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#ITEM1">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i1a">A.&nbsp;&nbsp;&nbsp;Directors and senior management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i1a">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i1b">B.&nbsp;&nbsp;&nbsp;Advisers</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i1b">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i1c">C.&nbsp;&nbsp;&nbsp;Auditors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i1c">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i2">ITEM 2.&nbsp; OFFER STATISTICS AND EXPECTED TIMETABLE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i2">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i2a">A.&nbsp;&nbsp;&nbsp;Offer statistics</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i2a">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i2b">B.&nbsp;&nbsp;&nbsp;Method and expected timetable</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i2b">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i3">ITEM 3.&nbsp; KEY INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i3">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i3a">A.&nbsp;&nbsp;&nbsp;Selected Financial Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i3a">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i3b">B.&nbsp;&nbsp;&nbsp;Capitalization and indebtedness</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i3b">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i3c">C.&nbsp;&nbsp;&nbsp;Reasons for the offer and use of proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i3c">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i3d">D.&nbsp;&nbsp;&nbsp;Risk factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i3d">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i4">ITEM 4.&nbsp; INFORMATION ON THE COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4">44</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i4a">A.&nbsp;&nbsp;&nbsp;History and development of the company</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4a">44</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i4b">B.&nbsp;&nbsp;&nbsp;Business overview</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4b">45</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i4c">C.&nbsp;&nbsp;&nbsp;Organizational structure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4c">84</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i4d">D.&nbsp;&nbsp;&nbsp;Property, plant and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4d">84</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i4a1">ITEM 4A.&nbsp; UNRESOLVED STAFF COMMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i4a1">84</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i5">ITEM 5.&nbsp; OPERATING AND FINANCIAL REVIEW AND PROSPECTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5">84</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5a">A.&nbsp;&nbsp;&nbsp;Operating results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5a">84</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5b">B.&nbsp;&nbsp;&nbsp;Liquidity and Capital Resources</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5b">94</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5c">C.&nbsp;&nbsp;&nbsp;Research and development, patents and licenses, etc.</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5c">97</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5d">D.&nbsp;&nbsp;&nbsp;Trend information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5d">97</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5e">E.&nbsp;&nbsp;&nbsp;Off-balance sheet arrangements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5e">97</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5f">F.&nbsp;&nbsp;&nbsp;Tabular disclosure of contractual obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5f">98</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i5g">G.&nbsp;&nbsp;&nbsp;Safe harbor</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i5g">98</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i6">ITEM 6.&nbsp; DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6">98</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i6a">A.&nbsp;&nbsp;&nbsp;Directors and senior management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6a">98</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i6b">B.&nbsp;&nbsp;&nbsp;Compensation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6b">101</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i6c">C.&nbsp;&nbsp;&nbsp;Board practices</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6c">105</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i6d">D.&nbsp;&nbsp;&nbsp;Employees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6d">107</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i6e">E.&nbsp;&nbsp;&nbsp;Share ownership</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i6e">107</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i7">ITEM 7.&nbsp; MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i7">107</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i7a">A.&nbsp;&nbsp;&nbsp;Major shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i7a">107</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i7b">B.&nbsp;&nbsp;&nbsp;Related party transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i7b">109</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i7c">C.&nbsp;&nbsp;&nbsp;Interests of Experts and Counsel</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i7c">110</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i8">ITEM 8.&nbsp; FINANCIAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i8">110</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i8a">A.&nbsp;&nbsp;&nbsp;Consolidated statements and other financial information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i8a">110</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i8b">B.&nbsp;&nbsp;&nbsp;Significant changes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i8b">111</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i9">ITEM 9.&nbsp; THE OFFER AND LISTING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9">111</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9a">A.&nbsp;&nbsp;&nbsp;Offering and listing details</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9a">111</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9b">B.&nbsp;&nbsp;&nbsp;Plan of distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9b">111</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9c">C.&nbsp;&nbsp;&nbsp;Markets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9c">111</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9d">D.&nbsp;&nbsp;&nbsp;Selling shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9d">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9e">E.&nbsp;&nbsp;&nbsp;Dilution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9e">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i9f">F.&nbsp;&nbsp;&nbsp;Expenses of the issue</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i9f">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i10">ITEM 10.&nbsp; ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10a">A.&nbsp;&nbsp;&nbsp;Share capital</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10a">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10b">B.&nbsp;&nbsp;&nbsp;Memorandum and articles of association</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10b">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10c">C.&nbsp;&nbsp;&nbsp;Material contracts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10c">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10d">D.&nbsp;&nbsp;&nbsp;Exchange controls</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10d">112</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10e">E.&nbsp;&nbsp;&nbsp;Taxation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10e">113</A></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt; width: 90%"><A HREF="#i10f">F.&nbsp;&nbsp;&nbsp;Dividends and paying agents</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><A HREF="#i10f">127</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10g">G.&nbsp;&nbsp;&nbsp;Statement by experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10g">127</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10h">H.&nbsp;&nbsp;&nbsp;Documents on display</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10h">127</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i10i">I.&nbsp;&nbsp;&nbsp; Subsidiary information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i10i">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i11">ITEM 11.&nbsp; QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i11">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i12">ITEM 12.&nbsp; DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i12">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i12a">A.&nbsp;&nbsp;&nbsp;Debt securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i12a">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i12b">B.&nbsp;&nbsp;&nbsp;Warrants and rights</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i12b">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i12c">C.&nbsp;&nbsp;&nbsp;Other securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i12c">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i12d">D.&nbsp;&nbsp;&nbsp;American Depositary Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i12d">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#part2">PART II</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#part2">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i13">ITEM 13.&nbsp; DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i13">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i13a">A.&nbsp;&nbsp;&nbsp;Defaults</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i13a">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i13b">B.&nbsp;&nbsp;&nbsp;Arrears and delinquencies</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i13b">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i14">ITEM 14.&nbsp; MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i14">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i14a">A.&nbsp;&nbsp;&nbsp;Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i14a">128</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i15">ITEM 15.&nbsp; CONTROLS AND PROCEDURES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i15">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i15a">A.&nbsp;&nbsp;&nbsp;Disclosure Controls and Procedures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i15a">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i15b">B.&nbsp;&nbsp;&nbsp;Management&rsquo;s Annual Report on Internal Control over Financial Reporting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i15b">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i15c">C.&nbsp;&nbsp;&nbsp;Attestation Report of the Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i15c">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#i15d">D.&nbsp;&nbsp;&nbsp;Changes in Internal Control over Financial Reporting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i15d">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16">ITEM 16.&nbsp; [RESERVED]</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16a">ITEM 16A.&nbsp; Audit committee financial expert</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16a">129</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16b">ITEM 16B.&nbsp; Code of ethics</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16b">130</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16c">ITEM 16C.&nbsp; Principal Accountant Fees and Services</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16c">130</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16d">ITEM 16D.&nbsp; Exemptions from the listing standards for audit committees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16d">130</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16e">ITEM 16E.&nbsp; Purchases of equity securities by the issuer and affiliated purchasers</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16e">130</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16f">ITEM 16F.&nbsp; Change in registrant&rsquo;s certifying accountant</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16f">130</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16g">ITEM 16G.&nbsp; Corporate governance</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16g">131</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i16h">ITEM 16H.&nbsp; Mine safety disclosure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i16h">131</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#part3">PART III</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#part3">131</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i17">ITEM 17.&nbsp; Financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i17">131</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i18">ITEM 18.&nbsp; Financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i18">132</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#i19">ITEM 19.&nbsp; Exhibits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#i19">132</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated or the context otherwise requires,
all references in this Annual Report on Form 20-F (the &ldquo;Annual Report&rdquo;) to &ldquo;Affimed N.V.&rdquo; or &ldquo;Affimed,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;ours,&rdquo; &ldquo;us&rdquo; or similar terms refer to
Affimed N.V., together with its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRADEMARKS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TandAb&reg; is our registered trademark. The trademarks, trade
names and service marks appearing in this Annual Report are property of their respective <FONT STYLE="font-size: 10pt">owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="FORWARD-LOOKING"></A>FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">This Annual Report contains statements that
constitute forward-looking statements. Many of the forward-looking statements contained in this Annual Report can be identified
by the use of forward-looking words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo;
&ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;will,&rdquo; &ldquo;estimate&rdquo; and &ldquo;potential,&rdquo;
among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Forward-looking statements appear in a number
of places in this Annual Report and include, but are not limited to, statements regarding our intent, belief or current expectations.
Forward-looking statements are based on our management&rsquo;s beliefs and assumptions and on information currently available to
our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed
or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the
section &ldquo;Item 3. Key Information&mdash;D. Risk factors&rdquo; in this Annual Report. These risks and uncertainties include
factors relating to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our operation as a development stage company with limited operating history and a history of operating losses; as of December
31, 2017, our accumulated deficit was &euro;182.7 million;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the chance our clinical trials may be delayed, for example, due to slower than expected enrollment, or not be successful and
clinical results may not reflect results seen in previously conducted preclinical studies and clinical trials;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our reliance on contract manufacturers and contract research organizations over which we have limited control;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our lack of adequate funding to complete development of our product candidates and the risk we may be unable to access additional
capital on reasonable terms or at all to complete development and begin commercialization of our product candidates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our dependence on the success of AFM13 and AFM11, which are still in clinical development and may eventually prove to be unsuccessful
or commercially not exploitable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>uncertainty surrounding whether any of our product candidates will gain regulatory approval, which is necessary before they
can be commercialized;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the outcome of any, or any discussions we may enter regarding, acquisitions, dispositions, partnerships, license transactions
or changes to our capital structure, including future securities offerings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the chance that we may become exposed to costly and damaging liability claims resulting from the testing of our product candidates
in the clinic or in the commercial stage;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>if our product candidates obtain regulatory approval, or being subject to expensive ongoing obligations and continued regulatory
overview;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval and commercialization;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the chance that our products may not gain market acceptance, in which case we may not be able to generate product revenues;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our reliance on our current strategic relationships with the DKFZ, XOMA, LLS, Merck, The MD Anderson Cancer Center, Amphivena
and Amphivena&rsquo;s other investors and partners, including MPM Capital and Tekla Capital Management, and the potential failure
to enter into new strategic relationships;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our reliance on third parties to conduct our nonclinical and clinical trials and on third-party single-source suppliers to
supply or produce our product candidates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our ability to scale-up manufacturing processes of our product candidates and reduce the cost of manufacturing our product
candidates in advance of any commercialization;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>our future growth and ability to compete, which depends on retaining our key personnel and recruiting additional qualified
personnel; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>other risk factors discussed under &ldquo;Item 3. Key Information&mdash;D. Risk factors.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Forward-looking statements speak only as of
the date they are made, and we do not undertake any obligation to update them in light of new information or future developments
or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence
of unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="PARTI"></A>PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ITEM1"></A>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i1a"></A>Directors and senior management</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i1b"></A>Advisers</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i1c"></A>Auditors</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i2"></A>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i2a"></A>Offer statistics</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i2b"></A>Method and expected timetable</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i3"></A>ITEM 3. KEY INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i3a"></A>A.</TD><TD>Selected Financial Data</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The comprehensive loss and financial position
data as of and for the years ended December 31, 2013, 2014, 2015, 2016 and 2017 of Affimed N.V. are derived from our consolidated
financial statements. We maintain our books and records in euros, and we prepare our financial statements under International Financial
Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Financial information presented in the consolidated
financial statements of Affimed N.V. for periods prior to the corporate reorganization on September 17, 2014 is that of Affimed
Therapeutics AG, Heidelberg, Germany, and its subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">This financial information should be read
in conjunction with &ldquo;Item 5&mdash;Operating and Financial Review and Prospects&rdquo; and our consolidated audited financial
statements, including the notes thereto, included in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center">Consolidated Statements of Comprehensive Loss Data<BR>
For the years ended December 31,</P>

<P STYLE="margin: 0pt 0"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands of &euro; except for per share data)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; font-weight: bold; text-indent: 0in">Revenue</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">5,087</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">3,382</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">7,562</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">6,314</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">2,010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Other income/(expenses)&mdash;net &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,354</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,595</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,008</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,180</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,489</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 0in">General and administrative expenses &#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,046</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,346</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,548</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,323</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,986</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in">Operating loss&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(15,703</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,178</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(21,343</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,044</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(27,260</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in">Finance income/(costs)&mdash;net &#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(10,397</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,753</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,104</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(230</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,893</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in">Loss before tax&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(26,100</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(425</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,239</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,274</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(30,243</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0in">Income taxes &#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">166</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: 0in">Loss for the period&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(26,099</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(259</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,239</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(32,216</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(30,223</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: 0in">Total comprehensive loss &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(26,099</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(259</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,239</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(32,216</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(30,223</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: 0in">Loss per share in &euro; per share&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1.76</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0.01</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0.71</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0.97</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0,69</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center">As of December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands of &euro;)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left; text-indent: 0in">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">39,725</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">76,740</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">35,407</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">39,837</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Financial assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Total assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Total liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,048</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Accumulated deficit&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,730</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,989</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120,228</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(152,444</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(182,667</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Total equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,223</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,751</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exchange Rate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business is primarily conducted in the
European Union, and we maintain our books and records in euros. We have presented results of operations in euros.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In this Annual Report, translations from euros
to U.S. dollars (and vice versa):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>relating to payments made on or before December 31, 2017 were made at the rate in effect at the time of the relevant payment;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>relating to future payments were made at the rate of &euro;0.834 to $1.00, the official exchange rate quoted as of December
31, 2017 by the European Central Bank.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Such U.S. dollar amounts are not necessarily
indicative of the amounts of U.S. dollars that could actually have been purchased upon exchange of euros at the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The following table presents information
on the exchange rates between the euro and the U.S. dollar for the periods indicated using the rates provided by the European
Central Bank:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average for period</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt 0"><B>(&euro; per U.S. dollar)</B></P>

</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>Year Ended December 31: </B></P></TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.725</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.724</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.783</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.824</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.717</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.824</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.919</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.965</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Month Ended:</B></P></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">September 30, 2017&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.839</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">October 31, 2017&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">November 30, 2017&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.865</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">December 31, 2017&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">January 31, 2018&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.838</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">February 28, 2018&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.819</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">March 2018 (through March 15, 2018)&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.810</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.810</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.805</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.822</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i3b"></A>Capitalization and indebtedness</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i3c"></A>Reasons for the offer and use of proceeds</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i3d"></A>Risk factors</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>You should carefully consider the risks and uncertainties
described below and the other information in this Annual Report before making an investment in our common shares. Our business,
financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as a
result, the market price</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>of our common shares could decline and you could lose all or part of your investment. This Annual Report
also contains forward-looking statements that involve risks and uncertainties. See &ldquo;Forward-Looking Statements.&rdquo; Our
actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of
certain factors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Business and the Development and Commercialization
of Our Product Candidates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>All of our product candidates are in preclinical
or clinical development. Drug development is expensive, time consuming and uncertain, and we may ultimately not be able to obtain
regulatory approvals for the commercialization of some or all of our product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The research, testing, manufacturing, labeling, approval, selling,
marketing and distribution of drug products are subject to extensive regulation by the U.S. Food and Drug Administration, or FDA,
the European Medicines Agency, or EMA, national competent authorities in Europe, including the Paul-Ehrlich-Institut, or PEI, and
other non-U.S. regulatory authorities, which establish regulations that differ from country to country. We are not permitted to
market our product candidates in the United States or in other countries until we receive approval of a Biologics License Application,
or BLA, from the FDA or marketing approval from applicable regulatory authorities outside the United States. Our product candidates
are in various stages of development and are subject to the risks of failure inherent in drug development. We have not submitted
an application for or received marketing approval for any of our product candidates. We have limited experience in conducting and
managing the clinical studies necessary to obtain regulatory approvals, including approval by the FDA or the European Commission.
Obtaining approval of a BLA or a Marketing Authorization Application can be a lengthy, expensive and uncertain process. In addition,
failure to comply with FDA, EMA and other non-U.S. regulatory requirements may, either before or after product approval, if any,
subject our company to administrative or judicially imposed sanctions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>restrictions on our ability to conduct clinical studies,
including full or partial clinical holds, or other regulatory objections to, ongoing or planned trials;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>restrictions on the products, manufacturers or manufacturing
process;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>warning letters;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>civil and criminal penalties;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>injunctions;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>suspension or withdrawal of regulatory approvals;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>product seizures, detentions or import bans;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>voluntary or mandatory product recalls and publicity
requirements;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>total or partial suspension of production;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>imposition of restrictions on operations, including
costly new manufacturing requirements; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>refusal to approve pending BLAs or supplements to approved
BLAs in the United States and refusal to approve marketing research approvals in other jurisdictions.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA, the EMA and other non-U.S. regulatory authorities also
have substantial discretion in the drug approval process. The number of preclinical studies and clinical studies that will be required
for regulatory approval varies depending on the product candidate, the disease or condition that the product candidate is designed
to address, and the regulations applicable to any particular drug candidate. Regulatory agencies can delay, limit or deny approval
of a product candidate for many reasons, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>a product candidate may not be deemed safe or effective;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the results may not confirm the positive results from
earlier preclinical studies or clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory agencies may not find the data from preclinical
studies and clinical studies sufficient or well-controlled;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory agencies might not approve or might require
changes to our manufacturing processes or facilities; or</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory agencies may change their approval policies
or adopt new regulations.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any delay in obtaining or failure to obtain required approvals
could materially adversely affect our ability to generate revenue from the particular product candidate, which likely would result
in significant harm to our financial position and adversely impact our share price. Furthermore, any regulatory approval to market
a product may be subject to limitations on the indicated uses for which we may market the product. These limitations may limit
the size of the market for the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Clinical drug development involves a lengthy
and expensive process with uncertain timelines and uncertain outcomes, and results of earlier trials may not be predictive of future
trial results. If clinical studies of our product candidates are prolonged or delayed, we may be unable to obtain required regulatory
approvals, and therefore be unable to commercialize our product candidates on a timely basis or at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have no history of conducting large-scale or pivotal clinical
studies or commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our operations to date have been limited to financing and staffing
our company, developing our technology and developing AFM13, AFM11 and our other product candidates. We have not yet demonstrated
an ability successfully to complete a large-scale or pivotal clinical study, obtain marketing approval, manufacture a commercial
scale product or conduct sales and marketing activities necessary for successful product commercialization. Consequently, predictions
about our future success or viability may not be as accurate as they could be if we had a history of successfully developing and
commercializing pharmaceutical products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If clinical studies for our product candidates are prolonged,
delayed or stopped, we may be unable to obtain regulatory approval and commercialize our product candidates on a timely basis,
which would require us to incur additional costs and delay or restrict our receipt of any product revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There have been significant developments in the highly dynamic
field of immuno-oncology such as the earlier availability of product candidates or earlier approval of drugs for the same indications
as our product candidates. For example, in the past, this has occurred with Blincyto in acute lymphocytic leukemia, or ALL, and
with anti-PD-1 antibodies in Hodgkin Lymphoma, or HL, resulting in delays in clinical study initiation for our phase 1 trial of
AFM11 in ALL and for delays in recruiting for our phase 1 trial of AFM11 in NHL and our phase 2a Investigator Sponsored Trial,
or IST, of AFM13 in HL. In addition, certain clinical studies in which we are involved and which are testing our product candidates
are sponsored by academic sites, known as ISTs. By definition, the financing, design, and conduct of such studies is under the
sole responsibility of the respective sponsor. Therefore, we have limited control over these studies and we do not have control
over the timing and reporting of the data from these trials. In addition, we may have limited information about ISTs while they
are being conducted, including the status of trial initiation and patient recruitment, changes to trial design and clinical study
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A
phase 2a clinical study of AFM13 in patients with HL started recruitment in the second quarter of 2015. Due to delays in opening
trial sites and the availability of anti-PD-1 antibodies for the treatment of relapsed/refractory HL patients, in the past we
have experienced slower recruitment into the study than anticipated. Consequently, the overall study design was revised in order
to adapt to the changing treatment landscape, namely the availability of anti-PD-1 antibodies. The study now includes HL patients
relapsed or refractory to treatment with both brentuximab vedotin (Adcetris) and anti-PD-1 antibodies. The study is open and recruiting
under the new study design. Furthermore, we are conducting a phase 1b clinical study of AFM13 in combination with Merck&rsquo;s
anti-PD-1 antibody Keytruda (pembrolizumab) in relapsed/refractory Hodgkin lymphoma. In this study, we have completed recruitment
of a total of 30 patients, comprising a dose escalation cohort of 12 patients as well as an expansion cohort of an additional
18 patients. In addition, we are supporting an IST of AFM13 in patients with CD30+ lymphoma led by Columbia University. This translational
phase 1b/2a study of AFM13 in patients with relapsed or refractory CD30+ lymphoma with cutaneous manifestations is designed to
allow for serial biopsies, thereby enabling assessment of NK cell biology and tumor cell killing within the tumor microenvironment.
In this study, the second cohort has been fully enrolled and recruitment into the third cohort is ongoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, we are conducting a phase 1 clinical study of AFM11
in patients with non-Hodgkin Lymphoma, or NHL. The study recently completed the third dose cohort; in the past, recruitment into
the study has been slower than expected and study timelines have been pushed back. We are also conducting a phase 1 clinical study
of AFM11 in patients with ALL, which commenced in the third quarter of 2016 and is currently enrolling into the fifth dose cohort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The commencement of planned clinical studies could be substantially
delayed or prevented by several factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>further discussions with the FDA, the EMA, the PEI
(the national competent authority in Germany regulating, among others, antibody products) or other regulatory agencies regarding
the scope or design of our clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the limited number of, and competition for, suitable
sites to conduct our clinical studies, many of which may already be engaged in other clinical study programs, including some that
may be for the same indication as our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>approval of drugs for the same indications as our product
candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>any delay or failure to obtain regulatory approval
or agreement to commence a clinical study in any of the countries where enrollment is planned;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>inability to obtain sufficient funds required for a
clinical study;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>clinical holds on, or other regulatory objections to,
a new or ongoing clinical study;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>delay or failure in the testing, validation, manufacture
and delivery of sufficient supplies of product candidate for our clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>delay or failure to reach agreement on acceptable clinical
study agreement terms with prospective sites or clinical research organizations, or CROs, the terms of which can be subject to
extensive negotiation and may vary significantly among different sites or CROs; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>delay or failure to obtain institutional review board,
or IRB, or ethics committee approval to conduct a clinical study at a prospective site.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The completion of our clinical studies has been and could in
the future be substantially delayed or prevented by several factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>slower than expected rates of patient recruitment and
enrollment, due to factors including, but not limited to, the availability of other drugs to treat potential patients, the unwillingness
of patients to participate in low-dose groups of dose-ranging studies and lack of recruitment by clinical study sites;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>delays relating to adding new clinical study sites;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure of patients to complete the clinical study
or return for post-treatment follow-up;</TD>
</TR></TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure of our collaborators to provide us with products
necessary for us to conduct our combination studies, including Merck&rsquo;s Keytruda;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>safety issues, including severe or unexpected drug-related
adverse effects experienced by patients, including possible deaths;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the FDA or other regulatory authorities requiring us
to suspend or terminate a clinical study, or requiring us to submit additional data or imposing other requirements before permitting
us to continue a clinical study;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>lack of efficacy during clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>errors in trial design or conduct;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>termination of our clinical studies by one or more
clinical study sites;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>inability or unwillingness of patients or clinical
investigators to follow our clinical study protocols, including clinical investigators&rsquo; failure to comply with our clinical
study protocols without our notice;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>inability to monitor patients adequately during or
after treatment by us and/or our CROs; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the need to repeat or terminate clinical studies as
a result of inconclusive or negative results or unforeseen complications in testing.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes in regulatory requirements and guidance may also occur
and we may need to significantly amend clinical study protocols or submit new clinical study protocols to reflect these changes
with appropriate regulatory authorities. In addition, changes in the competitive environment have occurred and may continue to
occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendments may require us to renegotiate terms with CROs or
resubmit clinical study protocols to IRBs or ethics committees for re-examination, which may impact the costs, timing or successful
completion of a clinical study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our clinical studies may be suspended or terminated at any time
by the FDA, the PEI, other regulatory authorities, the IRB or ethics committee overseeing the clinical study at issue, any of our
clinical study sites with respect to that site, or us, due to a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure to conduct the clinical study in accordance
with regulatory requirements or our clinical protocols;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>safety issues or any determination that a clinical
study presents unacceptable health risks;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>lack of adequate funding to continue the clinical study
due to unforeseen costs or other business decisions; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>upon a breach or pursuant to the terms of any agreement
with, or for any other reason by, current or future collaborators that have responsibility for the clinical development of any
of our product candidates.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our product development costs will increase if we experience
delays in clinical studies or marketing approvals or if we are required to conduct additional clinical studies or other testing
of our product candidates. We may be required to obtain additional funds to conduct and complete such clinical studies. We cannot
assure you that our clinical studies will begin as planned or be completed on schedule, if at all, or that we will not need to
restructure our trials after they have begun. Significant clinical study delays also could shorten any periods during which we
may have the exclusive right to commercialize our product candidates or allow our competitors to bring products to market before
we do, which may harm our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any failure or significant delay in completing clinical studies
for our product candidates would adversely affect our ability to obtain regulatory approval and our commercial prospects and ability
to generate product revenue will be diminished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>The results of previous clinical studies may
not be predictive of future results, our progress in trials for one product candidate may not be indicative of progress in trials
for other product candidates and the results of our current and planned clinical studies may not satisfy the requirements of the
FDA, the EMA or other non-U.S. regulatory authorities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently have no products approved for sale and we cannot
guarantee that we will ever have marketable products. Clinical failure can occur at any stage of clinical development. Clinical
studies may produce negative or inconclusive results, and we or any of our current and future collaborators may decide, or regulators
may require us, to conduct additional clinical or preclinical testing. We will be required to demonstrate with substantial evidence
through well-controlled clinical studies that our product candidates are safe and effective for use in a diverse population before
we can seek regulatory approvals for their commercial sale. Success in early clinical trials does not mean that future larger registration
clinical studies will be successful because product candidates in later-stage clinical studies may fail to demonstrate sufficient
safety and efficacy to the satisfaction of the FDA and non-U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">regulatory authorities despite having progressed through initial
clinical studies. Product candidates that have shown promising results in early clinical studies may still suffer significant setbacks
in subsequent registration clinical studies. Similarly, the outcome of preclinical testing and early clinical studies may not be
predictive of the success of later clinical studies, and interim results of a clinical study do not necessarily predict final results.
Progress in trials of one product candidate does not indicate that we will make similar progress in additional trials for that
product candidate or in trials for our other product candidates. A number of companies in the pharmaceutical industry, including
those with greater resources and experience than us, have suffered significant setbacks in advanced clinical studies, even after
obtaining promising results in earlier clinical studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the design of a clinical study can determine whether
its results will support approval of a product and flaws in the design of a clinical study may not become apparent until the clinical
study is well advanced. We may be unable to design and execute a clinical study to support regulatory approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In some instances, there can be significant variability in safety
and/or efficacy results between different trials of the same product candidate due to numerous factors, including changes in trial
protocols, differences in size and type of the patient populations, adherence to the dosing regimen and other trial protocols and
the rate of dropout among clinical study participants. We do not know whether any phase 2, phase 3 or other clinical studies we
or any of our collaborators may conduct will demonstrate consistent or adequate efficacy and safety to obtain regulatory approval
to market our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, our product candidates may not be approved even if
they achieve their primary endpoints in phase 3 clinical studies or registration trials. The FDA, the EMA or other non-U.S. regulatory
authorities may disagree with our trial design and our interpretation of data from preclinical studies and clinical studies. For
example, the FDA has communicated to us that it may require us to conduct an additional dose-response trial with respect to AFM13
prior to the entry into pivotal studies, depending on data we have generated with AFM13 at that point in time. In addition, any
of these regulatory authorities may change requirements for the approval of a product candidate even after reviewing and providing
comments or advice on a protocol for a clinical study. In addition, any of these regulatory authorities may also approve a product
candidate for fewer or more limited indications than we request or may grant approval contingent on the performance of costly post-marketing
clinical studies. The FDA, the EMA or other non-U.S. regulatory authorities may not accept the labeling claims that we believe
would be necessary or desirable for the successful commercialization of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We depend on enrollment of patients in our clinical
studies for our product candidates. We compete with approved therapies and investigational therapies for patients for our clinical
studies. If we are unable to enroll patients in our clinical studies, our research and development efforts could be materially
adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Successful and timely completion of clinical studies will require
that we enroll a sufficient number of patient candidates. Trials may be subject to delays as a result of patient enrollment taking
longer than anticipated or patient withdrawal. Patient enrollment depends on many factors, including the size and nature of the
patient population, eligibility criteria for the trial, the proximity of patients to clinical sites, the design of the clinical
protocol, the availability of competing clinical studies, the availability of new drugs approved for the indication the clinical
study is investigating, and clinicians&rsquo; and patients&rsquo; perceptions as to the potential advantages of the drug being
studied in relation to other available therapies. In addition, we compete with approved immunotherapies and investigational immunotherapies
for patients for our clinical studies. Our product candidate AFM13 has orphan drug designation for the treatment of HL, which means
that the potential patient population is limited. In our phase 2a clinical study of AFM13 as well as in our phase 1b combination
study of AFM13 with Merck&rsquo;s anti-PD-1 antibody Keytruda (pembrolizumab) we have been seeking to enroll patients with relapsed/refractory
HL who have been treated with Adcetris (brentuximab vedotin), which is an even more limited population of patients. Under the revised
study protocol for our phase 2a clinical study of AFM13, we are now enrolling patients that have also failed to respond to anti-PD-1
treatment, further reducing the eligible patient population. As we are developing AFM13 and AFM11 for patients for whom all other
therapies have failed and who may not have long to live, patients may elect not to participate in our, or any, clinical study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The approval of new immuno-oncology drugs such as checkpoint
inhibitors (CPIs) has changed the landscape for conducting clinical studies of other oncology drugs, including ours, both for indications
for which such drugs are approved as well as for indications in which additional trials are being conducted. In addition, there
are several other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">types of drugs in development for the indications for which we are developing AFM13, AFM11 and our other product
candidates. We compete for patients with the sponsors of trials for all of these drugs. These factors may make it difficult for
us to enroll enough patients to complete our clinical studies in a timely and cost-effective manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, although our phase 2a clinical study of AFM13 in
patients with HL started recruitment in the second quarter of 2015, due to the availability of anti-PD-1 antibodies for the treatment
of relapsed/refractory HL patients, we have experienced slower recruitment into the study than anticipated. In addition, recruitment
into our phase 1 study in NHL for AFM11 has been slower than expected, and consequently the study has been delayed. Further delays
in the completion of any clinical study of our product candidates will increase our costs, slow down our product candidate development
and approval process and delay or potentially jeopardize our ability to commence product sales and generate revenue. In addition,
some of the factors that cause, or lead to, a delay in the commencement or completion of clinical studies may also ultimately lead
to the denial of regulatory approval of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We use new technologies in the development of
our product candidates and the FDA and other regulatory authorities have not approved products that utilize these technologies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our product candidates in development are based on new technologies,
such as TandAbs, Trispecific Abs and novel tetravalent, bispecific antibody formats, capable of recruiting either NK cells or T
cells. The approval of our product candidates is less certain than approval of drugs that do not employ such novel technologies
or methods of action. We intend to work closely with the FDA, the EMA and other regulatory authorities to perform the requisite
scientific analyses and evaluation of our methods to obtain regulatory approval for our product candidates. For example, final
assays and specifications of our product candidates, in particular regarding cytotoxicity, have yet to be developed, and the FDA,
EMA or other regulatory authorities may require additional analyses to evaluate this aspect of our product quality. It is possible
that the validation process may take time and resources, require independent third-party analyses or not be accepted by the FDA,
the EMA and other regulatory authorities. Delays or failure to obtain regulatory approval of any of the product candidates that
we are developing would adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Even if our product candidates obtain regulatory
approval, they will be subject to continuous regulatory review.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If marketing authorization is obtained for any of our product
candidates, the product will remain subject to continuous review and therefore authorization could be subsequently withdrawn or
restricted. We will be subject to ongoing obligations and oversight by regulatory authorities, including adverse event reporting
requirements, marketing restrictions and, potentially, other post-marketing obligations, all of which may result in significant
expense and limit our ability to commercialize such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If there are changes in the application of legislation or regulatory
policies, or if problems are discovered with a product or our manufacture of a product, or if we or one of our distributors, licensees
or co-marketers fails to comply with regulatory requirements, the regulators could take various actions. These include imposing
fines on us, imposing restrictions on the product or its manufacture and requiring us to recall or remove the product from the
market. The regulators could also suspend or withdraw our marketing authorizations, requiring us to conduct additional clinical
studies, change our product labeling or submit additional applications for marketing authorization. If any of these events occurs,
our ability to sell such product may be impaired, and we may incur substantial additional expense to comply with regulatory requirements,
which could materially adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may not be successful in our efforts to use
and expand our technology platforms to build a pipeline of product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A key element of our strategy is to use and expand our technology
platforms to build a pipeline of product candidates and progress these product candidates through clinical development for the
treatment of a variety of different types of diseases. Although our research and development efforts to date have resulted in a
pipeline of product candidates directed at various cancers, we may not be able to develop product candidates that are safe and
effective. Even if we are successful in continuing to build our pipeline, the potential product candidates that we</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">identify may
not be suitable for clinical development, including as a result of being shown to have harmful side effects or other characteristics
that indicate that they are unlikely to be products that will receive marketing approval and achieve market acceptance. If we do
not continue to successfully develop and begin to commercialize product candidates, we will face difficulty in obtaining product
revenues in future periods, which could result in significant harm to our financial position and adversely affect our share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Even if we obtain marketing approval of any
of our product candidates in a major pharmaceutical market such as the United States or Europe, we may never obtain approval or
commercialize our products in other major markets, which would limit our ability to realize their full market potential.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to market any products in a country or territory, we
must establish and comply with numerous and varying regulatory requirements of such countries or territories regarding safety and
efficacy. Clinical studies conducted in one country may not be accepted by regulatory authorities in other countries, and regulatory
approval in one country does not mean that regulatory approval will be obtained in any other country. Approval procedures vary
among countries and can involve additional product testing and validation and additional administrative review periods. Seeking
regulatory approvals in all major markets could result in significant delays, difficulties and costs for us and may require additional
preclinical studies or clinical studies which would be costly and time consuming. Regulatory requirements can vary widely from
country to country and could delay or prevent the introduction of our products in those countries. Satisfying these and other regulatory
requirements is costly, time consuming, uncertain and subject to unanticipated delays. In addition, our failure to obtain regulatory
approval in any country may delay or have negative effects on the process for regulatory approval in other countries. We do not
have any product candidates approved for sale in any jurisdiction, including international markets, and we do not have experience
in obtaining regulatory approval in international markets. If we fail to comply with regulatory requirements in international markets
or to obtain and maintain required approvals, our target market will be reduced and our ability to realize the full market potential
of our products will be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>In the United States, we plan to seek fast track
designation of AFM13; and we may seek fast track designation of AFM11 and/or our other product candidates or breakthrough designation
of AFM13 and/or AFM11 and/or our other product candidates. There is no assurance that the FDA will grant either such designation;
and, even if it does grant either such designation to AFM13 or AFM11 or one of our other product candidates, such designation may
not actually lead to a faster development or regulatory review or approval process and does not increase the likelihood that our
product candidates will receive marketing approval in the United States.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on clinical data, either from ongoing or new clinical studies,
we plan to seek fast track approval of AFM13 as a monotherapy and/or as a combination in relevant indications. In addition, we
may seek fast track approval of AFM11 and/or our other product candidates. The fast track program, a provision of the FDA Modernization
Act of 1997, is designed to facilitate interactions between a sponsoring company and the FDA before and during submission of a
BLA for an investigational agent that, alone or in combination with one or more other drugs, is intended to treat a serious or
life-threatening disease or condition, and which demonstrates the potential to address an unmet medical need for that disease or
condition. Under the fast track program, the FDA may consider reviewing portions of a marketing application before the sponsor
submits the complete application if the FDA determines, after a preliminary evaluation of the clinical data, that a fast track
product may be effective. A fast track designation provides the opportunity for more frequent interactions with the FDA, and a
fast track product could be eligible for priority review if supported by clinical data at the time of submission of the BLA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA is authorized to designate a product candidate as a
breakthrough therapy if it finds that the product is intended, alone or in combination with one or more other drugs, to treat a
serious or life-threatening disease or condition and preliminary clinical evidence indicates that the product may demonstrate substantial
improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed
early in clinical development. For products designated as breakthrough therapies, interaction and communication between the FDA
and the sponsor of the trial can help to identify the most efficient path for clinical development while minimizing the number
of patients placed in ineffective control regimens. Products designated as breakthrough therapies by the FDA are also eligible
for accelerated approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA has broad discretion whether or not to grant fast track
or breakthrough designation. Accordingly, even if we believe one of our product candidates meets the criteria for fast track or
breakthrough designation, the FDA may disagree and instead determine not to make such designation. In any event, the receipt of
fast-track or breakthrough therapy designation for a product candidate may not result in a faster development process, review or
approval compared to product candidates considered for approval under conventional FDA procedures and, in any event, does not assure
ultimate approval by the FDA. In addition, even if one or more of our product candidates qualify as fast track or breakthrough
therapies, the FDA may later decide that the product candidates no longer meet the conditions for qualification or decide that
the time period for FDA review or approval will not be shortened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may be unable to obtain orphan product designation
or exclusivity for some of our product candidates. If our competitors are able to obtain orphan product exclusivity for their products
in the same indications for which we are developing our product candidates, we may not be able to have our products approved by
the applicable regulatory authority for a significant period of time. Conversely, if we obtain orphan drug exclusivity for some
of our product candidates, we may not be able to benefit from the associated marketing exclusivity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulatory authorities in some jurisdictions, including the
United States and Europe, may designate drugs for relatively small patient populations as orphan drugs. Under the Orphan Drug Act,
the FDA may designate a product candidate as an orphan drug if it is a drug intended to treat a rare disease or condition, which
is generally defined as a patient population of fewer than 200,000 individuals annually in the United States. In the European Union,
or the EU, the European Commission may designate a product candidate as an orphan medicinal product if it is a medicine for the
diagnosis, prevention or treatment of life-threatening or very serious conditions that affect not more than five in 10,000 persons
in the European Union, or it is unlikely that marketing of the medicine would generate sufficient returns to justify the investment
needed for its development. We have received orphan drug designation for AFM13 for the treatment of HL in the United States and
Europe, but orphan drug status may not ensure that we have market exclusivity in a particular market and there is no assurance
we will be able to receive orphan drug designation for AFM11 or any additional product candidates. Further, the granting of a request
for orphan drug designation does not alter the standard regulatory requirements and process for obtaining marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, if a product candidate with an orphan drug designation
receives the first marketing approval for the indication for which it has such designation, the product is entitled to a period
of marketing exclusivity, which, subject to certain exceptions, precludes the FDA from approving the marketing application of another
drug for the same indication for that time period or precludes the EMA, and other national drug regulators in the EU, from accepting
the marketing application for another medicinal product for the same indication. The applicable period is seven years in the United
States and ten years in the European Union. The EU period can be reduced to six years if a product no longer meets the criteria
for orphan drug designation or if the product is sufficiently profitable so that market exclusivity is no longer justified. In
the EU, orphan exclusivity may also be extended for an additional two years (i.e., a maximum of 12 years&rsquo; orphan exclusivity)
if the product is approved on the basis of a dossier that includes pediatric clinical study data generated in accordance with an
approved paediatric investigation plan. Orphan drug exclusivity may be lost in the United States if the FDA determines that the
request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of the product
to meet the needs of patients with the rare disease or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if we obtain orphan drug exclusivity for one or more of
our products that exclusivity may not effectively protect the product from competition because exclusivity can be suspended under
certain circumstances. In the United States, even after an orphan drug is approved, the FDA can subsequently approve another drug
for the same condition if the FDA concludes that the later drug is clinically superior in that it is shown to be safer, more effective
or makes a major contribution to patient care. In the European Union, orphan exclusivity will not prevent a marketing authorization
being granted for a similar medicinal product in the same indication if the new product is safer, more effective or otherwise clinically
superior to the first product or if the marketing authorization holder of the first product is unable to supply sufficient quantities
of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our product candidates may have serious adverse, undesirable
or unacceptable side effects which may delay or prevent marketing approval. If such side effects are identified during the development
of our product candidates or following approval, if any, we may need to abandon our development of such product candidates, the
commercial profile of any approved label may be limited, or we may be subject to other significant negative consequences following
marketing approval, if any.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although all of our product candidates have undergone or will
undergo safety testing to the extent possible and agreed with health authorities, not all adverse effects of drugs can be predicted
or anticipated. Immunotherapy and its method of action of harnessing the body&rsquo;s immune system, especially with respect to
T cell TandAbs, is powerful and could lead to serious side effects that we only discover in clinical studies. Unforeseen side effects
from any of our product candidates could arise either during clinical development or, if such side effects are rarer, after our
product candidates have been approved by regulatory authorities and the approved product has been marketed, resulting in the exposure
of additional patients. All of our product candidates are still in clinical or preclinical development. While our phase 1 clinical
studies for AFM13 demonstrated a favorable safety profile, the results from future trials of AFM13 or other NK cell-engaging bispecific
antibodies may not confirm these results. We are conducting our phase 1 clinical studies of AFM11, the primary objective of which
is to assess safety. The harnessing of T cells to kill tumors is risky and may have unintended consequences. So far we have not
previously demonstrated that AFM11 is safe in humans, and we cannot predict if the ongoing phase 1 clinical studies will do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, we are initially developing our product candidates
for patients with HL, CD30+ lymphoma, NHL and other indications for whom no other therapies have succeeded and survival times are
frequently short. Therefore, we expect that certain patients may die during the clinical studies of our product candidates, and
it may be difficult to ascertain whether such deaths are attributable to the underlying disease, complications from the disease,
our product candidates or a combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The results of future clinical studies may show that our product
candidates cause undesirable or unacceptable side effects, which could interrupt, delay or halt clinical studies, and result in
delay of, or failure to obtain, marketing approval from the FDA, the European Commission and other regulatory authorities, or result
in marketing approval from the FDA, the European Commission and other regulatory authorities with restrictive label warnings or
potential product liability claims. Treatment-related side effects could also affect patient recruitment or the ability of enrolled
subjects to complete the study, or make the product candidate less attractive for partnering. In addition, these side effects may
not be appropriately recognized or managed by the treating medical staff, particularly outside of our existing or future collaborators
as toxicities resulting from cancer immunotherapies are not normally encountered in the general patient population and by medical
personnel. The inability to recognize and manage the potential side effects of our product candidates could result in patient deaths.
Any of these occurrences may prevent us from achieving or maintaining market acceptance of the affected product candidate and may
harm our business, financial condition and prospects significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, if any of our product candidates receives marketing
approval and we or others later identify undesirable or unacceptable side effects caused by such products:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory authorities may require us to take our approved
product off the market;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory authorities may require the addition of
labeling statements, specific warnings, a contraindication or field alerts to physicians and pharmacies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we may be required to change the way the product is
administered, conduct additional clinical studies or change the labeling of the product;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we may be subject to limitations on how we may promote
the product;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>sales of the product may decrease significantly;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we may be subject to litigation or product liability
claims; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>our reputation may suffer.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these events could prevent us, our collaborators or our
potential future partners from achieving or maintaining market acceptance of the affected product or could substantially increase
commercialization costs and expenses, which in turn could delay or prevent us from generating significant revenue from the sale
of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Adverse events in the field of immuno-oncology
could damage public perception of our product candidates and negatively affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The commercial success of our products will depend in part on
public acceptance of the use of cancer immunotherapies. Adverse events in clinical studies of our product candidates or in clinical
studies of others developing similar products and the resulting publicity, as well as any other adverse events in the field of
immuno-oncology that may occur in the future, could result in a decrease in demand for any products that we may develop. Although
the mode of action of our T cell tetravalent bispecific antibodies differs from that of other approaches in development, the public
may not always differentiate between our therapies and others in the field. If public perception is influenced by claims that the
use of cancer immunotherapies is unsafe, our products may not be accepted by the general public or the medical community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Future adverse events in immuno-oncology or the biopharmaceutical
industry could also result in greater governmental regulation, stricter labeling requirements and potential regulatory delays in
the testing or approvals of our products. Any increased scrutiny could delay or increase the costs of obtaining regulatory approval
for our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Even if approved, if any of our product candidates
do not achieve broad market acceptance among physicians, patients, the medical community and third-party payors, our revenue generated
from their sales will be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The commercial success of our product candidates will depend
upon their acceptance among physicians, patients and the medical community. The degree of market acceptance of our product candidates
will depend on a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>limitations or warnings contained in the approved labeling
for a product candidate;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in the standard of care for the targeted indications
for any of our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>limitations in the approved clinical indications for
our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>demonstrated clinical safety and efficacy compared
to other products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>lack of significant adverse side effects;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>sales, marketing and distribution support;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>availability and extent of reimbursement from managed
care plans and other third-party payors;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>timing of market introduction and perceived effectiveness
of competitive products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the degree of cost-effectiveness of our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>availability of alternative therapies at similar or
lower cost, including generic and over-the-counter products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the extent to which the product candidate is approved
for inclusion on formularies of hospitals and managed care organizations;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>whether the product is designated under physician treatment
guidelines as a first-line therapy or as a second- or third-line therapy for particular diseases;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>adverse publicity about our product candidates or favorable
publicity about competitive products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>convenience and ease of administration of our products;
and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>potential product liability claims.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of our product candidates are approved, but do not achieve
an adequate level of acceptance by physicians, patients and the medical community, we may not generate sufficient revenue from
these products, and we may not become or remain profitable. In addition, efforts to educate the medical community and third-party
payors on the benefits of our product candidates may require significant resources and may never be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We are subject to manufacturing risks that could
substantially increase our costs and limit supply of our product or prevent us from achieving a commercially viable production
process.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process of manufacturing our products is complex, highly
regulated and subject to several risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>We do not have experience in manufacturing our product
candidates at commercial scale. We plan to contract with external manufacturers to develop a larger scale process for manufacturing
AFM13 in parallel with our clinical studies of AFM13, in order to have material from such commercial scale process available for
a potential pivotal phase 2b trial for patients with HL. We may not succeed in the scaling up of our process. We may need a larger
scale manufacturing process for AFM11 than what we have planned, depending on the dose and regimen that will be determined in
our phase 1 study. Any changes in our manufacturing processes as a result of scaling up may result in the need to obtain additional
regulatory approvals. Difficulties in achieving commercial-scale production or the need for additional regulatory approvals as
a result of scaling up could delay the development and regulatory approval of our product candidates and ultimately affect our
success.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>We may not achieve the manufacturing productivity (&ldquo;yield&rdquo;)
required to achieve a commercially viable cost of goods. Our molecules are novel antibody structures and there is very limited
knowledge as to which productivities can be achieved at commercial scale. Low productivities may result in a cost of goods too
high to allow profitable commercialization, or give rise to the need for additional manufacturing process optimization which would
require additional funding and time.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The process of manufacturing biologics, such as AFM13,
AFM11 and our other product candidates, is extremely susceptible to product loss due to contamination, equipment failure or improper
installation or operation of equipment, vendor or operator error, inconsistency in yields, variability in product characteristics
and difficulties in scaling the production process. Even minor deviations from normal manufacturing processes could result in
reduced production yields, product defects and other supply disruptions. If microbial, viral or other contaminations are discovered
in our product candidates or in the manufacturing facilities in which our product candidates are made, such manufacturing facilities
may need to be closed for an extended period of time to investigate and remedy the contamination.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The manufacturing facilities in which our product candidates
are made could be adversely affected by equipment failures, labor shortages, natural disasters, power failures and numerous other
factors.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>We must comply with applicable current Good Manufacturing
Practice, or cGMP, regulations and guidelines. We may encounter difficulties in achieving quality control and quality assurance
and may experience shortages in qualified personnel. We are subject to inspections by the FDA and comparable agencies in other
jurisdictions to confirm compliance with applicable regulatory requirements. Any failure to follow cGMP or other regulatory requirements
or delay, interruption or other issues that arise in the manufacture, fill-finish, packaging, or storage of our product candidates
as a result of a failure of our facilities or the facilities or operations of third parties to comply with regulatory requirements
or pass any regulatory authority inspection could significantly impair our ability to develop and commercialize our product candidates,
including leading to significant delays in the availability of drug product for our clinical studies or the termination or hold
on a clinical study, or the delay or prevention of a filing or approval of marketing applications for our product candidates.
Significant noncompliance could also result in the imposition of sanctions, including fines, injunctions, civil penalties, failure
of regulatory authorities to grant marketing approvals for our product candidates, delays, suspension or withdrawal of approvals,
license revocation, seizures or recalls of products, operating restrictions and criminal prosecutions, any of which could damage
our reputation. If we are not able to maintain regulatory compliance, we may not be permitted to market our product candidates
and/or may be subject to product recalls, seizures, injunctions, or criminal prosecution.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>Any adverse developments affecting manufacturing operations
for our product candidates, if any are approved, may result in shipment delays, inventory shortages, lot failures, product withdrawals
or recalls, or other interruptions in the supply of our products. We may also have to take inventory write-offs and incur other
charges and expenses for products that fail to meet specifications, undertake costly remediation efforts or seek more costly manufacturing
alternatives.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>Our product candidates that have been produced and
are stored for later use may degrade, become contaminated or suffer other quality defects, which may cause the affected product
candidates to no longer be suitable for their intended use in clinical studies or other development activities. If the</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">defective product candidates cannot be replaced in
a timely fashion, we may incur significant delays in our development programs that could adversely affect the value of such product
candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We currently have no marketing, sales or distribution
infrastructure. If we are unable to develop sales, marketing and distribution capabilities on our own or through collaborations,
or if we fail to achieve adequate pricing and/or reimbursement we will not be successful in commercializing our product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently have no marketing, sales and distribution
capabilities because our lead product candidates are still in clinical development. If any of our product candidates are
approved, we intend either to establish a sales and marketing organization with technical expertise and supporting
distribution capabilities to commercialize our product candidates, or to outsource this function to a third party. Either of
these options would be expensive and time consuming. These costs may be incurred in advance of any approval of our product
candidates. In addition, we may not be able to hire a sales force that is sufficient in size or has adequate expertise in the
medical markets that we intend to target. Any failure or delay in the development of our internal sales, marketing and
distribution capabilities would adversely impact the commercialization of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that we enter into collaboration agreements with
respect to marketing, sales or distribution, our product revenue may be lower than if we directly marketed or sold any approved
products. In addition, any revenue we receive will depend in whole or in part upon the efforts of these third-party collaborators,
which may not be successful and are generally not within our control. If we are unable to enter into these arrangements on acceptable
terms or at all, we may not be able to successfully commercialize any approved products. If we are not successful in commercializing
any approved products, either on our own or through collaborations with one or more third parties, our future product revenue will
suffer and we may incur significant additional losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may not be able to achieve the prices for our products that
we may need for sustained profitability. In particular, there are different and changing reimbursement regulations in major market
countries and other countries, and we might not be able to show the specific benefit or other requirements required for reimbursement
or reimbursement at a specified pricing level in one or more jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if we successfully develop combinations of our
product candidates with other potentially expensive agents, the market may not allow for premium pricing of our products and hence
may impair our ability to achieve profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We face significant competition and if our competitors
develop and market products that are more effective, safer or less expensive than our product candidates, our commercial opportunities
will be negatively impacted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The life sciences industry is highly competitive and subject
to rapid and significant technological change. We are currently developing therapeutics that will compete with other drugs and
therapies that currently exist or are being developed. Products we may develop in the future are also likely to face competition
from other drugs and therapies, some of which we may not currently be aware. We have competitors both in the United States and
internationally, including major multinational pharmaceutical companies, established biotechnology companies, specialty pharmaceutical
companies, universities and other research institutions. Many of our competitors have significantly greater financial, manufacturing,
marketing, drug development, technical and human resources than we do. Large pharmaceutical companies, in particular, have extensive
experience in clinical testing, obtaining regulatory approvals, recruiting patients and in manufacturing pharmaceutical products.
These companies also have significantly greater research and marketing capabilities than we do and may also have products that
have been approved or are in late stages of development, and collaborative arrangements in our target markets with leading companies
and research institutions. Established pharmaceutical companies may also invest heavily to accelerate discovery and development
of novel compounds or to in-license novel compounds that could make the product candidates that we develop obsolete. As a result
of all of these factors, our competitors may succeed in obtaining patent protection and/or marketing approval or discovering, developing
and commercializing products in our field before we do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is a large number of companies developing or marketing
treatments for cancer disorders, including many major pharmaceutical and biotechnology companies. These treatments consist of small
molecule drug products,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">biologic therapeutics that work, among others, either by using next-generation antibody technology platforms
or new immunological approaches to address specific cancer targets, as well as genetically engineered cellular therapeutics. These
treatments are often combined with one another in an attempt to maximize the response rate. In addition, several companies are
developing therapeutics that work by targeting multiple specificities using a single recombinant molecule, as we are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical phase 1 data with the anti-PD-1 CPIs
nivolumab and pembrolizumab in HL was published in the New England Journal of Medicine and at several conferences. This early
data indicates the potential of anti-PD-1 antibodies to cause high response rates in the salvage setting of HL. The FDA
granted conditional accelerated approval for nivolumab in 2016 in classical HL patients who have relapsed or progressed after
autologous hematopoietic stem cell transplantation and brentuximab vedotin. The FDA also granted conditional accelerated
approval for pembrolizumab in 2017 in adult and pediatric patients with refractory cHL who have relapsed after 3 or more
prior lines of therapy. Adcetris phase 2 and phase 3 studies are reported to be ongoing in combination with nivolumab. If
AFM13 were to be approved for HL, we would be in competition with these therapies, as well as any other therapies or
combination regimens that comprise the standard of care that AFM13 could potentially displace. Several other agents have
reached proof of concept clinical studies in HL, including Afinitor (Novartis AG), ferritarg (MABLife), panobinostat
(Novartis) and lenalidomide (Celgene).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adcetris, an antibody-drug conjugate targeting CD30, was approved
by the FDA in relapsed/refractory HL in 2011. In addition, Adcetris was approved by the FDA in 2015 for the treatment of patients
with HL at high risk of relapse or progression following autologous hematopoietic stem cell transplantation as consolidation treatment.
In the European Union, Adcetris is approved for the same indications. Adcetris is also indicated for anaplastic large cell lymphoma
(ALCL) and CD30 positive mycosis fungoides, and is currently being investigated in different settings and various combinations
in HL. Recent data indicate high complete response rates when combined with nivolumab (with or without ipilimumab) or bendamustine
in relapsed/refractory HL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to competitors for AFM11, rituximab has been approved
to treat certain types of NHL in both the United States and Europe and is generally combined with a chemotherapy regimen (typically
CHOP or bendamustine). Imbruvica, a small molecule drug targeting malignant B cells, was approved by the FDA in 2013 to treat the
mantle cell variant of NHL (MCL). Amgen develops cancer product candidates that work by targeting receptors both on immune cells
and cancer cells, like our TandAbs. Amgen&rsquo;s blinatumomab, a product based on the BiTE (bispecific T cell engager) technology,
is an antibody construct similar to AFM11 and was approved by the FDA and EMA to treat patients with relapsed and refractory Philadelphia
chromosome-negative precursor B cell acute lymphoblastic leukemia (B cell ALL). In addition, Amgen launched a pivotal study of
blinatumomab in aggressive NHL in late 2016. MacroGenics&rsquo; MGD011, a CD19xCD3 DART in development with partner Janssen Biotech
had entered phase 1 in B-NHL and ALL but the development was terminated in 2017 and the rights were returned to MacroGenics by
Janssen. Morphosys is developing an Fc-enhanced anti-CD19 monoclonal antibody, MOR208 in combination studies. Phase 2 studies are
ongoing in DLBCL in combination with lenalidomide (initial results were presented at the end of 2017). MOR208 is also being tested
in a phase 2/3 study in combination with bendamustine for DLBCL patients. Roche is developing a triple combination of tituximab,
bendamastine and polatuzumab vedotin in DLBCL and presented results of a phase 2 study at the end of 2017. Roche (BTCT4465A), Xencor
(XmAb13676) and Regeneron (REGN1979) are all developing bispecific CD20xCD3 antibodies for the treatment of NHL, each of which
is currently in phase 1. The first interim results of REGN1979 development were presented at the end of 2017. In October 2015,
the FDA granted breakthrough designation to Pfizer`s CD22-targeting antibody-drug conjugate inotuzumab ozogamizin for the treatment
of relapsed and refractory B-ALL. A second CD19-targeting antibody-drug conjugate is being developed by Seattle Genetics and has
entered phase 2 in NHL. Juno Therapeutics, Novartis, Bellicum, Cellectis, Bluebird Bio and Kite Pharma, amongst others, are each
developing therapies using T cells reengineered with chimeric antigen receptors (CARs) against CD19-positive B cells. This therapeutic
approach utilizes a patient&rsquo;s own T cells after <I>ex vivo</I> genetic modification or modified allogenic T cells. In August
2017, Novartis&rsquo; Kymriah (tisagenlecleucel) was granted conditional approval for the treatment of certain pediatric and young
adult patients with a form of ALL, and in October 2017, Kite Pharma&rsquo;s Yescarta (axicabtagene ciloleucel) was granted conditional
approval for the treatment of patients with large-B cell lymphomas whose cancer has progressed after receiving at least two prior
treatment regimens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that our tetravalent bispecific antibodies and trispecific
antibody platforms as well as our novel tetravalent, bispecific antibody formats will serve as the basis for future product candidates
and collaborations with pharmaceutical companies. Other companies also have developed platform technologies that compete with our</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">platforms. For example, MacroGenics is developing its DART and Xencor is developing its Xmab platform, which enable the targeting
of multiple receptors or cells by using a single molecule with an antibody-like structure. Ablynx is also developing such a platform
aimed at multi-specific targeting, which to date has not reached clinical testing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our commercial opportunity could be reduced or eliminated if
our competitors develop and commercialize products that are safer, more effective, have fewer or less severe effects, are more
convenient, have a broader label, are marketed more effectively, are reimbursed or are less expensive than any products that we
may develop. Our competitors also may obtain FDA, European Commission or other regulatory approval for their products more rapidly
than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are
able to enter the market. Even if our product candidates achieve marketing approval, they may be priced at a significant premium
over competitive products if any have been approved by then, resulting in reduced competitiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our ability to compete in the future may be affected
in many cases by insurers or other third-party payors seeking to encourage the use of biosimilar products. In March 2010, former
President Obama signed into law the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation
Act, or collectively, the Health Care Reform Law, a sweeping law intended to broaden access to health insurance, reduce or constrain
the growth of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for health care
and health insurance industries, impose new taxes and fees on the health industry and impose additional health policy reforms.
The Health Care Reform Law also created a new regulatory scheme authorizing the FDA to approve biosimilars. Under the Health Care
Reform Law, a manufacturer may submit an application for licensure of a biologic product that is &ldquo;biosimilar to&rdquo; or
&ldquo;interchangeable with&rdquo; a previously approved biological product or &ldquo;reference product,&rdquo; without the need
to submit a full package of preclinical and clinical data. Under this new statutory scheme, an application for a biosimilar product
may not be submitted to the FDA until four years following approval of the reference product. The FDA may not approve a biosimilar
product until 12 years from the date on which the reference product was approved. Even if a product is considered to be a reference
product eligible for exclusivity, another company could market a competing version of that product if the FDA approves a full BLA
for such product containing the sponsor&rsquo;s own preclinical data and data from adequate and well-controlled clinical studies
to demonstrate the safety, purity and potency of their product. Furthermore, recent legislation has proposed that the 12-year exclusivity
period for each a reference product may be reduced to seven years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Smaller and other early stage companies may also prove to be
significant competitors, particularly through collaborative arrangements with large and established companies. These third parties
compete with us in recruiting and retaining qualified scientific and management personnel, establishing clinical study sites and
patient registration for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.
In addition, the biopharmaceutical industry is characterized by rapid technological change. If we fail to stay at the forefront
of technological change, we may be unable to compete effectively. Technological advances or products developed by our competitors
may render our technologies or product candidates obsolete, less competitive or not economical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Enacted and future legislation may increase
the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates and may affect the prices
we may set. The successful commercialization of our product candidates will depend in part on the extent to which governmental
authorities and health insurers establish adequate coverage and reimbursement levels and pricing policies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the United States, the European Union, its member states
and some other foreign jurisdictions, there have been a number of legislative and regulatory changes and proposed changes regarding
the healthcare system. These changes could prevent or delay marketing approval of our product candidates, restrict or regulate
post-approval activities and affect our ability to sell profitably any products for which we obtain marketing approval. Among policy
makers and payors in the United States and elsewhere, there is significant interest in promoting changes in healthcare systems
with the stated goals of containing healthcare costs, improving quality and/or expanding access to healthcare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the United States, the Medicare Prescription Drug, Improvement,
and Modernization Act of 2003, or the Medicare Modernization Act, changed the way Medicare covers and pays for pharmaceutical products.
The legislation expanded Medicare coverage for drug purchases by the elderly and introduced a new reimbursement methodology based
on average sale prices for physician-administered drugs. In addition, this legislation provided</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">authority for limiting the number
of drugs that will be covered in any therapeutic class. Cost-reduction initiatives and other provisions of this legislation could
decrease the coverage and price that we receive for any approved products. If we successfully develop combinations of our product
candidates with other potentially expensive agents, we may not achieve premium pricing for our products, which may impair our ability
to achieve profitability. While the Medicare Modernization Act applies only to drug benefits for Medicare beneficiaries, private
payors often follow Medicare coverage policy and payment limitations in setting their own reimbursement rates. Therefore, any reduction
in reimbursement that results from the Medicare Modernization Act may result in a similar reduction in payments from private payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Health Care Reform Law,
among other things, increased rebates a manufacturer must pay to the Medicaid program, addressed a new methodology by which rebates
owed by manufacturers under the Medicaid Drug Rebate Program are calculated for drugs that are inhaled, infused, instilled, implanted
or injected, established a new Medicare Part D coverage gap discount program, in which manufacturers must provide 50% point-of-sale
discounts on products covered under Part D and implemented payment system reforms including a national pilot program on payment
bundling to encourage hospitals, physicians and other providers to improve the coordination, quality and efficiency of certain
healthcare services through bundled payment models. Further, the new law imposed a significant annual fee on companies that manufacture
or import branded prescription drug products. Substantial new provisions affecting compliance were enacted, which may affect our
business practices with health care practitioners. The goal of the Health Care Reform Law is to reduce the cost of health care
and substantially change the way health care is financed by both governmental and private insurers. While we cannot predict what
impact on federal reimbursement policies this legislation will have in general or on our business specifically, the Health Care
Reform Law may result in downward pressure on pharmaceutical reimbursement, which could negatively affect market acceptance of,
and the price we may charge for, any products we develop that receive regulatory approval. Subsequent to the 2016 presidential
election, some members of the U.S. Congress are working to repeal the Health Care Reform Law. For example, since January 2017,
President Trump has signed two executive orders and other directives designed to delay, circumvent, or loosen certain requirements
mandated by the Health Care Reform Law. Concurrently, Congress has considered legislation that would repeal or repeal and replace
all or part of the Health Care Reform Law. The recently enacted Tax Cuts and the Jobs Act includes a provision that repeals, effective
January&nbsp;1, 2019, the&nbsp;tax-based&nbsp;shared responsibility payment imposed by the Health Care Reform Law on certain individuals
who fail to maintain qualifying health coverage for all or part of a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because of the continued uncertainty about
the implementation of the Health Care Reform Law, including the potential for further legal challenges or repeal of that legislation,
we cannot quantify or predict with any certainty the likely impact of the Health Care Reform Law or its repeal on our business
model, prospects, financial condition or results of operations, in particular on the pricing, coverage or reimbursement of any
of our product candidates that may receive marketing approval. We also anticipate that Congress, state legislatures, and third-party
payors may continue to review and assess alternative healthcare delivery and payment systems and may in the future propose and
adopt legislation or policy changes or implementations effecting additional fundamental changes in the healthcare delivery system.
We cannot assure you as to the ultimate content, timing, or effect of changes, nor is it possible at this time to estimate the
impact of any such potential legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, other legislative changes have also been proposed
and adopted in the United States since the Health Care Reform Law was enacted. On August&nbsp;2, 2011, the Budget Control Act of
2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction,
tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to
reach required goals, thereby triggering the legislation&rsquo;s automatic reduction to several government programs. This includes
aggregate reductions to Medicare payments to providers of 2% per fiscal year, which went into effect on April&nbsp;1, 2013. On
January&nbsp;2, 2013, former President Obama signed into law the American Taxpayer Relief Act of 2012, or the ATRA, which, among
other things, further reduced Medicare payments to several providers, including hospitals, imaging centers and cancer treatment
centers, and increased the statute of limitations period for the government to recover overpayments to providers from three to
five years. These new laws may result in additional reductions in Medicare and other health care funding, which could have a material
adverse effect on our customers and accordingly, our financial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The delivery of healthcare in the European Union, including
the establishment and operation of health services and the pricing and reimbursement of medicines, is almost exclusively a matter
for national, rather than EU, law and policy. National governments and health service providers have different priorities and approaches
to the delivery of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">health care and the pricing and reimbursement of products in that context. In general, however, the healthcare
budgetary constraints in most EU member states have resulted in restrictions on the pricing and reimbursement of medicines by relevant
health service providers. Coupled with ever-increasing EU and national regulatory burdens on those wishing to develop and market
products, this could prevent or delay marketing approval of our product candidates, restrict or regulate post-approval activities
and affect our ability to commercialize any products for which we obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If any product liability lawsuits are successfully
brought against us or any of our collaborators, we may incur substantial liabilities and may be required to limit commercialization
of our product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We face an inherent risk of product liability lawsuits related
to the testing of our product candidates in seriously ill patients, and will face an even greater risk if product candidates are
approved by regulatory authorities and introduced commercially. Despite mandatory product liability insurances in the countries
in which we are conducting our clinical studies, we cannot exclude that any claims will be brought against us or our collaborators
although product liability claims by participants enrolled in our clinical studies will be usually covered by our insurances. If
we cannot successfully defend ourselves against any such claims, we may incur substantial liabilities. Regardless of their merit
or eventual outcome, liability claims may result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>decreased demand for our future approved products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>injury to our reputation;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>withdrawal of clinical study participants;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>termination of clinical study sites or entire trial
programs;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>increased regulatory scrutiny;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>significant litigation costs;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>substantial monetary awards to or costly settlement
with patients or other claimants;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>product recalls or a change in the indications for
which they may be used;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>loss of revenue;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>diversion of management and scientific resources from
our business operations; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the inability to commercialize our product candidates.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of our product candidates are approved for commercial
sale, we will be highly dependent upon consumer perceptions of us and the safety and quality of our products. We could be adversely
affected if we are subject to negative publicity. We could also be adversely affected if any of our products or any similar products
distributed by other companies prove to be, or are asserted to be, harmful to patients. Because of our dependence upon consumer
perceptions, any adverse publicity associated with illness or other adverse effects resulting from patients&rsquo; use or misuse
of our products or any similar products distributed by other companies could have a material adverse impact on our financial condition
or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have insurance, but our current insurance coverage and any
additional coverage for further clinical studies may not be adequate to cover all liabilities that we may incur. We may need to
increase and expand our insurance coverage when we begin the commercialization of our product candidates. Insurance coverage is
becoming increasingly expensive. As a result, we may be unable to maintain or obtain sufficient insurance at a reasonable cost
to protect us against losses that could have a material adverse effect on our business. A successful product liability claim or
series of claims brought against us, particularly if judgments exceed any insurance coverage we may have, could decrease our cash
resources and adversely affect our business, financial condition and results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our business may become subject to economic,
political, regulatory and other risks associated with international operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our business is subject to risks associated with conducting
business internationally. A number of our suppliers and collaborative and clinical study relationships are located outside the
United States. Accordingly, our future results could be harmed by a variety of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>economic weakness, including inflation, or political
instability in particular non-U.S. economies and markets;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>differing regulatory requirements for drug approvals
in non-U.S. countries;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>potentially reduced protection for intellectual property
rights;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>difficulties in compliance with non-U.S. laws and regulations;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in non-U.S. regulations and customs, tariffs
and trade barriers;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in non-U.S. currency exchange rates and currency
controls;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in a specific country&rsquo;s or region&rsquo;s
political or economic environment;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>trade protection measures, import or export licensing
requirements or other restrictive actions by U.S. or non-U.S. governments;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>negative consequences from changes in tax laws;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>compliance with tax, employment, immigration and labor
laws for employees living or traveling abroad;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>workforce uncertainty in countries where labor unrest
is more common than in the United States;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>difficulties associated with staffing and managing
international operations, including differing labor relations;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>production shortages resulting from any events affecting
raw material supply or manufacturing capabilities abroad; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>business interruptions resulting from geo-political
actions, including war and terrorism, or natural disasters including earthquakes, typhoons, floods and fires.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Exchange rate fluctuations or abandonment of
the euro currency may materially affect our results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Potential future revenue may be derived from abroad, particularly
from the United States. As a result, our business and share price may be affected by fluctuations in foreign exchange rates between
the euro and these other currencies, which may also have a significant impact on our reported results of operations and cash flows
from period to period. We have converted into euros only the portion of the IPO proceeds and the proceeds from our follow-on offerings
in May 2015, January/February 2017 and February 2018, the private placement in October 2015 and sales pursuant to our at-the-market
sales agreement that will be spent in euros according to our budget. If the projected payments in either euro or US$ changes, we
may be subject to foreign exchange-rate risk. Currently, we do not have any other exchange rate hedging measures in place. Despite
measures taken by the European Union to provide funding to certain EU member states in financial difficulties and by a number of
European countries to stabilize their economies and reduce their debt burdens, it is possible that the euro could be abandoned
in the future as a currency by countries that have adopted its use. This could lead to the re-introduction of individual currencies
in one or more EU member states, or in more extreme circumstances, the dissolution of the European Union. The effects on our business
of a potential dissolution of the European Union, the exit of one or more EU member states from the European Union or the abandonment
of the euro as a currency, are impossible to predict with certainty, and any such events could have a material adverse effect on
our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Financial Position and Need for Additional
Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We have incurred significant losses since inception
and anticipate that we will continue to incur losses for the foreseeable future. We have no products approved for commercial sale,
and to date we have not generated any revenue or profit from product sales. We may never achieve or sustain profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a clinical-stage biopharmaceutical company with a limited
operating history. We have incurred significant losses since our inception. As of December&nbsp;31, 2017, our accumulated deficit
was &euro;182.7&nbsp;million. Our losses have resulted principally from expenses incurred in research and development of our product
candidates and from general and administrative expenses that we have incurred while building our business infrastructure. We expect
to continue to incur losses for the foreseeable future, and we expect these losses to increase as we continue our research and
development of, and seek regulatory approvals for, our product candidates, prepare for and begin to commercialize any approved
products, and add infrastructure and personnel to support our product development efforts and operations as a public company. The
net losses and negative cash flows incurred to date, together with expected future losses, have had, and likely will continue to
have, an adverse effect on our shareholders&rsquo; equity and working capital. The amount of future net losses will depend, in
part, on the rate of future growth of our expenses and our ability to generate revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because of the numerous risks and uncertainties associated with
pharmaceutical product development, we are unable to accurately predict the timing or amount of increased expenses or when, or
if, we will be able to achieve profitability. For example, our expenses could increase if we are required by the FDA or the EMA
to perform trials in addition to those that we currently expect to perform, or if there are any delays in completing our currently
planned clinical studies or in the development of any of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To become and remain profitable, we must succeed in developing
and commercializing products with significant market potential. This will require us to be successful in a range of challenging
activities for which we are only in the preliminary stages, including developing product candidates, obtaining regulatory approval
for them, and manufacturing, marketing and selling those products for which we may obtain regulatory approval. We may never succeed
in these activities and may never generate revenue from product sales that is significant enough to achieve profitability. Our
ability to generate future revenue from product sales depends heavily on our success in many areas, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>completing research and clinical development of our
product candidates, including successfully completing registration clinical studies of AFM13 or AFM11;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>obtaining marketing approvals for our product candidates,
including AFM13 or AFM11, for which we complete clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>developing a sustainable and scalable manufacturing
process for any approved product candidates and maintaining supply and manufacturing relationships with third parties that can
conduct the process and provide adequate (in amount and quality) products to support clinical development and the market demand
for our product candidates, if approved;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>launching and commercializing product candidates for
which we obtain marketing approval, either directly or with a collaborator or distributor;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>establishing sales, marketing, and distribution capabilities
in the United States;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>obtaining market acceptance of our product candidates
as viable treatment options;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>addressing any competing technological and market developments;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>identifying, assessing, acquiring and/or developing
new product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>negotiating favorable terms in any collaboration, licensing,
or other arrangements into which we may enter;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>maintaining, protecting, and expanding our portfolio
of intellectual property rights, including patents, trade secrets, and know-how; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>attracting, hiring and retaining qualified personnel.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if one or more of the product candidates that we develop
is approved for commercial sale, we anticipate incurring significant costs associated with commercializing any approved product
candidate. Because of the numerous risks and uncertainties with pharmaceutical product development, we are unable to accurately
predict the timing or amount of increased expenses or when, or if, we will be able to achieve profitability. Even if we achieve
profitability in the future, we may not be able to sustain profitability in subsequent periods. Our failure to become or remain
profitable would depress our market value and could impair our ability to raise capital, expand our business, develop other product
candidates, or continue our operations. A decline in the value of our company could also cause you to lose all or part of your
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We will require substantial additional funding,
which may not be available to us on acceptable terms, or at all, and, if not available, may require us to delay, scale back, or
cease our product development programs or operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.
We will require additional funding to complete the development and commercialization of our product candidates and to continue
to advance the development of our other product candidates, and such funding may not be available on acceptable terms or at all.
Although it is difficult to predict our liquidity requirements, based upon our current operating plan, we anticipate that our existing
liquidity and additional budgeted revenues will enable us to fund the clinical development of AFM13 and AFM11 and pre-clinical
development of AFM24 and AFM26 for at least until the fourth quarter of 2019, assuming all of our programs advance as currently
contemplated. Because successful development of our product candidates is uncertain, we are unable to estimate the actual funds
we will require to complete research and development and to commercialize our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our future funding requirements will depend on many factors,
including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the number and characteristics of other product candidates
that we pursue;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the scope, progress, timing, cost and results of research,
preclinical development, and clinical studies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the costs, timing and outcome of seeking and obtaining
FDA and non-U.S. regulatory approvals;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the costs associated with manufacturing our product
candidates and establishing sales, marketing, and distribution capabilities;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>our ability to maintain, expand, and defend the scope
of our intellectual property portfolio, including the amount and timing of any payments we may be required to make in connection
with the licensing, filing, defense and enforcement of any patents or other intellectual property rights;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the extent to which we acquire or in-license other
products or technologies;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>our need and ability to hire additional management,
scientific, and medical personnel;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the effect of competing products that may limit market
penetration of our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the amount and timing of revenues, if any, we receive
from commercial sales of any product candidates for which we receive marketing approval in the future;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>our need to implement additional internal systems and
infrastructure, including financial and reporting systems; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the economic and other terms, timing of and success
of our existing collaborations, and any collaboration, licensing, or other arrangements into which we may enter in the future,
including the timing of achievement of milestones and receipt of any milestone or royalty payments under these agreements.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until we can generate a sufficient amount of product revenue
to finance our cash requirements, which we may never do, we expect to finance future cash needs primarily through a combination
of public or private equity offerings, debt financings, strategic collaborations, and grant funding. If sufficient funds on acceptable
terms are not available</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">when needed, or at all, we could be forced to significantly reduce operating expenses and delay, scale
back or eliminate one or more of our development programs or our business operations or even go bankrupt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Raising additional capital may cause dilution
to our shareholders, restrict our operations or require us to relinquish rights to our intellectual property or future revenue
streams.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until such time, if ever, as we can generate substantial product
revenue, we expect to finance our cash needs through a combination of equity offerings, debt financings, grants and license and
development agreements in connection with any collaborations. We do not have any committed external source of funds. In the event
we need to seek additional funds, we may raise additional capital through the sale of equity or convertible debt securities. In
such an event, our shareholders&rsquo; ownership interests will be diluted, and the terms of these new securities may include liquidation
or other preferences that adversely affect our shareholders&rsquo; rights as holders of our common shares. Debt financing, if available,
may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional
debt, making capital expenditures or declaring dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November&nbsp;30, 2016, our subsidiary Affimed GmbH entered
into a loan agreement with Silicon Valley Bank, a California corporation (&ldquo;SVB&rdquo;), as lender, which we fully guarantee.
The loan agreement provides us with a senior secured term loan facility for up to &euro;10.0&nbsp;million, which agreement was
amended in May 2017 to provide that such amount would be available in three tranches. On December&nbsp;8, 2016, we fully drew down
the initial tranche of &euro;5.0&nbsp;million, and on May 31, 2017 we drew down the second tranche of &euro;2.5 million; the availability
of the third tranche expired in September 2017 with such amount remaining undrawn. In connection with such drawdowns, we issued
SVB warrants to purchase 219,692 of our common shares, at a weighted-average exercise price of $2.07 per common share (&euro;1.73
per common share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we raise additional funds through collaborations, strategic
alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to
our technologies, product candidates, intellectual property or future revenue streams. If we are unable to raise additional funds
when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts
or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We have broad discretion in the use of our cash
on hand and may not use them effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2017, we had &euro;39.8&nbsp;million in cash
and cash equivalents. Our management will have broad discretion in the use of such funds and could spend them in ways that do not
improve our results of operations or enhance the value of our common shares. The failure by our management to apply these funds
effectively could result in financial losses that could have a material adverse effect on our business, cause the price of our
common shares to decline and delay the development of our product candidates. Pending their use, we may invest our cash and cash
equivalents in a manner that does not produce income or that loses value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our ability to use our net operating loss carry
forwards and other tax attributes may be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ability to utilize our net operating losses, or NOLs, is
currently limited, and may be limited further, under Section 8c of the <I>K&ouml;rperschaftsteuergesetz</I> (the German Corporation
Income Tax Act) and Section 10a of the <I>Gewerbesteuergesetz</I> (the German Trade Tax Act). These limitations apply if a qualified
ownership change, as defined by Section 8c of the <I>K&ouml;rperschaftsteuergesetz</I>, occurs and no exemption is applicable.
Generally, a qualified ownership change occurs if more than 25% of the share capital or the voting rights are directly or indirectly
transferred to a shareholder or a group of shareholders within a period of five years. A qualified ownership change may also occur
in case of an increase in capital leading to a respective change in the shareholding. In the case of such qualified ownership change
tax loss carry forwards, consisting of the NOLs in the same percentage as the ownership change, cannot be utilized. If the percentage
of the ownership change exceeds 50%, tax loss carry forwards expire in full. To the extent that the tax loss carry forwards do
not exceed hidden reserves taxable in Germany, they may be further utilized despite a qualified ownership change. Furthermore,
Section 8c of the <I>K&ouml;rperschaftssteuergesetz</I> is not applicable to a company provided that such company continues only
those operations which are causing the loss (Section 8d <I>K&ouml;rperschaftsteuergesetz</I>). In addition the <I>Bundesverfassungsgericht</I>
(German Supreme Court) ruled that Section 8c of the&nbsp;<I>K&ouml;rperschaftsteuergesetz</I> or parts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">thereof do not comply with
the German constitution and therefore the German legislator has to adjust Section 8c of the&nbsp;<I>K&ouml;rperschaftsteuergesetz</I>
with retroactive effect for the years 2008 onwards by December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2017, we had estimated NOL carry forwards
for German tax purposes of &euro;146.8 million. Future changes in share ownership may also trigger an ownership change and, consequently,
a Section 8c <I>K&ouml;rperschaftsteuergesetz</I> or a Section 10a <I>Gewerbesteuergesetz</I> limitation. Any limitation may result
in the expiration of a portion or the complete tax loss carry forwards before they can be utilized. As a result, if we earn net
taxable income, our ability to use our pre-change NOL carry forwards to reduce German income tax may be subject to limitations,
which could potentially result in increased future cash tax liability to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Dependence on Third Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our existing collaborations on research and
development candidates are important to our business, and future collaborations may also be important to us. If we are unable to
maintain any of these collaborations, if these collaborations are not successful or if we fail to enter into new strategic relationships,
our business could be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into collaborations with other companies that
we believe have provided us with valuable funding or other resources such as access to technologies, including our collaborations
with The Leukemia&nbsp;&amp; Lymphoma Society, Merck, The MD Anderson Cancer Center and our former collaboration with Amphivena.
In the future, we may enter into additional collaborations to leverage our technology platforms, fund our research and development
programs or to gain access to sales, marketing or distribution capabilities. Our existing collaborations, and any future collaborations
we enter into, may pose a number of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may have significant discretion in determining
the efforts and resources that they will apply to these collaborations;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may not perform their obligations as
expected;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may not pursue development and commercialization
of any product candidates that achieve regulatory approval or may elect not to continue or renew development or commercialization
programs based on clinical study results, changes in the collaborators&rsquo; strategic focus or available funding, or external
factors, such as an acquisition, that divert resources or create competing priorities;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may delay clinical studies, provide insufficient
funding for a clinical study program, stop a clinical study or abandon a product candidate, repeat or conduct new clinical studies
or require a new formulation of a product candidate for clinical testing;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators could independently develop, or develop
with third parties, products that compete directly or indirectly with our products or product candidates if the collaborators
believe that competitive products are more likely to be successfully developed or can be commercialized under terms that are more
economically attractive than ours;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>product candidates discovered in collaboration with
us may be viewed by our collaborators as competitive with their own product candidates or products, which may cause collaborators
to cease to devote resources to the commercialization of our product candidates;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>a collaborator with marketing and distribution rights
to one or more of our product candidates that achieve regulatory approval may not commit sufficient resources to the marketing
and distribution of such product or products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>disagreements with collaborators, including disagreements
over proprietary rights, contract interpretation or the preferred course of development, might cause delays or termination of
the research, development or commercialization of product candidates, might lead to additional responsibilities for us with respect
to product candidates, or might result in litigation or arbitration, any of which would be time-consuming and expensive;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may not properly maintain or defend our
intellectual property rights or may use our proprietary information in such a way as to invite litigation that could jeopardize
or invalidate our intellectual property or proprietary information or expose us to potential litigation;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborators may infringe the intellectual property
rights of third parties, which may expose us to litigation and potential liability; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>collaborations may be terminated for the convenience
of the collaborator and, if terminated, we could be required to raise additional capital to pursue further development or commercialization
of the applicable product candidates.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our collaborations on research and development candidates
do not result in the successful development and commercialization of products or if one of our collaborators terminates its agreement
with us, we may not receive any future research funding or milestone or royalty payments under the collaboration. If we do not
receive the funding we expect under these agreements, our development of our technology platforms and product candidates could
be delayed and we may need additional resources to develop product candidates and our technology platforms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of the risks relating to product development,
regulatory approval and commercialization described in this Annual Report also apply to the activities of our program
collaborators. For example, Amphivena had entered into a warrant agreement with Janssen Biotech Inc. that gave Janssen the
option to acquire Amphivena following IND acceptance by the FDA, upon predetermined terms, in exchange for payments under the
warrant. Upon effectiveness of such IND application in July 2016, Janssen decided to not exercise its option to purchase
Amphivena, which could potentially be viewed as having negative implications for our business and prospects. We have been
supporting the clinical development of Amphivena&rsquo;s product candidate with &euro;1.9&nbsp;million in financing,
&euro;1.0&nbsp;million of which was invested in Amphivena in October 2016, &euro;0.6 million of which was invested in March
2017 and &euro;0.3 million of which was invested in December 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, subject to its contractual obligations to us,
if one of our collaborators is involved in a business combination, the collaborator might deemphasize or terminate the development
or commercialization of any product candidate licensed to it by us. If one of our collaborators terminates its agreement with us,
we may find it more difficult to attract new collaborators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For some of our product candidates, we may in the future determine
to collaborate with additional pharmaceutical and biotechnology companies for development and potential commercialization of therapeutic
products. We face significant competition in seeking appropriate collaborators. Our ability to reach a definitive agreement for
a collaboration will depend, among other things, upon our assessment of the collaborator&rsquo;s resources and expertise, the terms
and conditions of the proposed collaboration and the proposed collaborator&rsquo;s evaluation of a number of factors. These factors
may include the design or results of clinical studies, the likelihood of approval by the FDA, the European Commission or similar
regulatory authorities outside the United States, the potential market for the subject product candidate, the costs and complexities
of manufacturing and delivering such product candidate to patients, the potential of competing products, the existence of uncertainty
with respect to our ownership of technology, which can exist if there is a challenge to such ownership without regard to the merits
of the challenge and industry and market conditions generally. The collaborator may also consider alternative product candidates
or technologies for similar indications that may be available to collaborate on and whether such a collaboration could be more
attractive than the one with us for our product candidate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collaborations are complex and time-consuming to negotiate and
document. In addition, there have been a significant number of recent business combinations among large pharmaceutical companies
that have resulted in a reduced number of potential future collaborators. If we are unable to reach agreements with suitable collaborators
on a timely basis, on acceptable terms, or at all, we may have to curtail the development of a product candidate, reduce or delay
one or more of our other development programs, delay its potential commercialization or reduce the scope of any sales or marketing
activities, or increase our expenditures and undertake development or commercialization activities at our own expense. If we elect
to fund and undertake development or commercialization activities on our own, we may need to obtain additional expertise and additional
capital, which may not be available to us on acceptable terms or at all. If we fail to enter into collaborations and do not have
sufficient funds or expertise to undertake the necessary development and commercialization activities, we may not be able to further
develop our</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">product candidates or bring them to market or continue to develop our technology platforms and our business may be
materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may also be restricted under existing collaboration agreements
from entering into future agreements on certain terms with potential collaborators. Subject to certain specified exceptions, our
former collaboration with Amphivena contains restrictions on our engaging in activities that were the subject of the collaboration
with third parties for specified periods of time. These restrictions survived the expiration of the agreement in July 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>CROs and independent clinical
investigators   that we engage to conduct our clinical studies may not devote sufficient time or attention to our
clinical studies or be able to repeat their past success.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to continue to depend on independent clinical investigators
and CROs to conduct our clinical studies. CROs may also assist us in the collection and analysis of data. There is a limited number
of third-party service providers that specialize or have the expertise required to achieve our business objectives. Identifying,
qualifying and managing performance of third-party service providers can be difficult, time consuming and cause delays in our development
programs. These investigators and CROs will not be our employees and we will not be able to control, other than by contract, the
amount of resources, including time, which they devote to our product candidates and clinical studies. In addition, certain clinical
studies in which we are involved and which are testing our product candidates are sponsored by academic sites, known as Investigator
Sponsored Trials, or ISTs. By definition, the financing, design, and conduct of the study are under the sole responsibility of
the respective sponsor. Therefore, we have limited control over these studies and we do not have control over the timing and reporting
of the data from these trials. In addition, we may have limited information about ISTs while they are being conducted, including
the status of trial initiation and patient recruitment, changes to trial design and clinical study results. Our AFM13 phase 2a
in HL and our phase 1b/2a in CD30+ lymphoma with cutaneous manifestations are ISTs. If independent investigators or CROs fail to
devote sufficient resources to the development of our product candidates, or if their performance is substandard, it may delay
or compromise the completion of trials of our product candidates as well as the prospects for approval and commercialization of
any product candidates that we develop. In addition, the use of third-party service providers requires us to disclose our proprietary
information to these parties, which could increase the risk that this information will be misappropriated. Further, the FDA and
other regulatory authorities require that we comply with standards, commonly referred to as current Good Clinical Practice, or
cGCP, and other local legal requirements, e.g. data privacy, for conducting, recording and reporting clinical studies to assure
that data and reported results are credible and accurate and that the rights, integrity and confidentiality of trial subjects are
protected. Failure of clinical investigators or CROs to meet their obligations to us or comply with cGCP procedures or other applicable
legal requirements could adversely affect the clinical development of our product candidates and harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We contract with third parties for the manufacture
of our product candidates for clinical testing in mono- and combination therapy settings and expect to continue to do so for commercialization.
This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or products,
or compounds of such third parties, or such quantities at an acceptable cost, which could delay, prevent or impair our development
or commercialization efforts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate continuing our engagement of contract manufacturing
organizations to provide our clinical supply and internal capacity as we advance our product candidates into and through clinical
development. We expect to use third parties for the manufacture of our product candidates for clinical testing, as well as for
commercial manufacture. We plan to eventually enter into long-term supply agreements with several manufacturers for commercial
supplies. We may be unable to reach agreement on satisfactory terms with contract manufacturers to manufacture our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the facilities to manufacture our product candidates
must be the subject of a satisfactory inspection before the FDA, the EMA or other regulatory authorities approve a BLA or grant
a marketing authorization for the product candidate manufactured at that facility. We will depend on these third-party manufacturing
partners for compliance with the FDA&rsquo;s and the EMA&rsquo;s requirements for the manufacture of our finished products. If
our manufacturers cannot successfully manufacture material that conforms to our specifications and the FDA, European Commission
and other regulatory authorities&rsquo; cGMP requirements, our product candidates will not be approved or, if already approved,
may be subject to recalls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reliance on third-party manufacturers entails risks to which
we would not be subject if we manufactured the product candidates ourselves, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the possibility of a breach of the manufacturing agreements
by the third parties because of factors beyond our control;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the possibility of termination or nonrenewal of the
agreements by the third parties before we are able to arrange for a qualified replacement third-party manufacturer; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the possibility that we may not be able to secure a
manufacturer or manufacturing capacity in a timely manner and on satisfactory terms in order to meet our manufacturing needs.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these factors could cause the delay of approval or commercialization
of our product candidates, cause us to incur higher costs or prevent us from commercializing our product candidates successfully.
Furthermore, if any of our product candidates are approved and contract manufacturers fail to deliver the required commercial quantities
of finished product on a timely basis and at commercially reasonable prices, and we are unable to find one or more replacement
manufacturers capable of production at a substantially equivalent cost, in substantially equivalent volumes and quality and on
a timely basis, we would likely be unable to meet demand for our products and could lose potential revenue. It may take several
years to establish an alternative source of supply for our product candidates and to have any such new source approved by the FDA,
the EMA or any other relevant regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For our clinical development of AFM13 in
combination with the anti-PD-1 CPI Keytruda (pembrolizumab), we entered into an agreement with Merck pursuant to which Merck is
providing us with pembrolizumab to conduct a phase 1b clinical combination trial in relapsed/refractory HL. We are dependent on
Merck for this supply of pembrolizumab. In addition, if we wish to pursue further development of AFM13 in combination with pembrolizumab
or any other CPI, we will need to reach an agreement with Merck or another partner for such supply of pembrolizumab or another
CPI, respectively. If we do not have an adequate supply and/or cannot reach an agreement with the applicable partner, we may not
be able to develop AFM13 in such a combination. Any future supply agreement with a partner for combination trials with AFM13 could
influence on our clinical development strategy or our intellectual property or our economic rights, and therefore might impact
the content we can derive from such clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If we are unable to obtain and enforce patent
protection for our product candidates and related technology, our business could be materially harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issued patents may be challenged, narrowed, invalidated or circumvented.
In addition, court decisions may introduce uncertainty in the enforceability or scope of patents owned by biotechnology companies.
The legal systems of certain countries do not favor the aggressive enforcement of patents, and the laws of non-U.S. countries may
not allow us to protect our inventions with patents to the same extent as the laws of the United States and Europe. Because patent
applications in the United States, Europe and many other non-U.S. jurisdictions are typically not published until 18 months after
filing, or in some cases not at all, and because publications of discoveries in scientific literature lag behind actual discoveries,
we cannot be certain that we were the first to make the inventions claimed in our issued patents or pending patent applications,
or that we were the first to file for protection of the inventions set forth in our patents or patent applications. As a result,
we may not be able to obtain or maintain protection for certain inventions. Therefore, the enforceability and scope of our patents
in the United States, Europe and in other non-U.S. countries cannot be predicted with certainty and, as a result, any patents that
we own or license may not provide sufficient protection against competitors. We may not be able to obtain or maintain patent protection
from our pending patent applications, from those we may file in the future, or from those we may license from third parties. Moreover,
even if we are able to obtain patent protection, such patent protection may be of insufficient scope to achieve our business objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control our AFM13 patent portfolio, which includes
three patent families. Our first patent family is issued and relates to the engineered antibody format, which is called TandAb&reg;,
and the methods of making or using such bispecific, tetravalent domain antibodies. This patent family will expire in 2019. The
second patent family on AFM13 consists of European patents relating to the use of the specific target combination for the treatment
of cancer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">using a bispecific molecule and will expire in 2020. Our third patent family relates to the mode of action of AFM13,
the recruitment of immune effector cells via a specific receptor. These patents will expire in 2026. The latest patent application
on AFM13 relates to its combination with PD-1 antibodies, and was filed in 2016. We also own and/or control our AFM11 patent portfolio,
which includes issued patents and pending patent applications. As in the case of AFM13, our issued patents relate to the engineered
antibody format and will expire in 2019. The pending patent application family claims a new TandAb structure which was specifically
used in AFM11, and issued patents in this family will expire in 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our strategy depends on our ability to identify and seek patent
protection for our discoveries. This process is expensive and time consuming, and we may not be able to file and prosecute all
necessary or desirable patent applications at a reasonable cost or in a timely manner or in all jurisdictions where protection
may be commercially advantageous, or we may financially not be able to protect our proprietary rights at all. Despite our efforts
to protect our proprietary rights, unauthorized parties may be able to obtain and use information that we regard as proprietary.
The issuance of a patent does not ensure that it is valid or enforceable, so even if we obtain patents, they may not be valid or
enforceable against third parties. In addition, the issuance of a patent does not give us the right to practice the patented invention.
Third parties may have blocking patents that could prevent us from marketing our own patented product and practicing our own patented
technology. Third parties may also seek to market biosimilar versions of any approved products. Alternatively, third parties may
seek approval to market their own products similar to or otherwise competitive with our products. In these circumstances, we may
need to defend and/or assert our patents, including by filing lawsuits alleging patent infringement. In any of these types of proceedings,
a court or agency with jurisdiction may find our patents invalid and/or unenforceable. Even if we have valid and enforceable patents,
these patents still may not provide protection against competing products or processes sufficient to achieve our business objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The patent position of pharmaceutical or biotechnology companies,
including ours, is generally uncertain and involves complex legal and factual considerations for which legal principles remain
unsolved. The standards which the United States Patent and Trademark Office, or USPTO, and its non-U.S. counterparts use to grant
patents are not always applied predictably or uniformly and can change. There is also no uniform, worldwide policy regarding the
subject matter and scope of claims granted or allowable in pharmaceutical or biotechnology patents. The laws of some non-U.S. countries
do not protect proprietary information to the same extent as the laws of the United States, and many companies have encountered
significant problems and costs in protecting their proprietary information in these non-U.S. countries. Outside the United States,
patent protection must be sought in individual jurisdictions, further adding to the cost and uncertainty of obtaining adequate
patent protection outside of the United States. Accordingly, we cannot predict whether additional patents protecting our technology
will issue in the United States or in non-U.S. jurisdictions, or whether any patents that do issue will have claims of adequate
scope to provide competitive advantage. Moreover, we cannot predict whether third parties will be able to successfully obtain claims
or the breadth of such claims. The allowance of broader claims may increase the incidence and cost of patent interference proceedings,
opposition proceedings, and/or reexamination proceedings, the risk of infringement litigation, and the vulnerability of the claims
to challenge. On the other hand, the allowance of narrower claims does not eliminate the potential for adversarial proceedings,
and may fail to provide a competitive advantage. Our issued patents may not contain claims sufficiently broad to protect us against
third parties with similar technologies or products, or provide us with any competitive advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may become involved in lawsuits to protect
or enforce our patents, which could be expensive, time consuming and unsuccessful.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even after they have issued, our patents and any patents which
we license may be challenged, narrowed, invalidated or circumvented. If our patents are invalidated or otherwise limited or will
expire prior to the commercialization of our product candidates, other companies may be better able to develop products that compete
with ours, which could adversely affect our competitive business position, business prospects and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are examples of litigation and other adversarial
proceedings or disputes that we could become a party to involving our patents or patents licensed to us:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we or our collaborators may initiate litigation or
other proceedings against third parties to enforce our patent rights;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>third parties may initiate litigation or other proceedings
seeking to invalidate patents owned by or licensed to us or to obtain a declaratory judgment that their product or technology
does not infringe our patents or patents licensed to us;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>third parties may initiate opposition or reexamination
proceedings challenging the validity or scope of our patent rights, requiring us or our collaborators and/or licensors to participate
in such proceedings to defend the validity and scope of our patents;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>there may be a challenge or dispute regarding inventorship
or ownership of patents currently identified as being owned by or licensed to us;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>the U.S. Patent and Trademark Office may initiate an interference between patents or patent applications owned by or licensed to us and those of our competitors, requiring us or our collaborators and/or licensors to participate in an interference proceeding to determine the priority of invention, which could jeopardize our patent rights; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>third parties may seek approval to market biosimilar
versions of our future approved products prior to expiration of relevant patents owned by or licensed to us, requiring us to defend
our patents, including by filing lawsuits alleging patent infringement.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These lawsuits and proceedings would be costly and could affect
our results of operations and divert the attention of our managerial and scientific personnel. There is a risk that a court or
administrative body would decide that our patents are invalid or not infringed by a third party&rsquo;s activities, or that the
scope of certain issued claims must be further limited. An adverse outcome in a litigation or proceeding involving our own patents
could limit our ability to assert our patents against these or other competitors, affect our ability to receive royalties or other
licensing consideration from our licensees, and may curtail or preclude our ability to exclude third parties from making, using
and selling similar or competitive products. Any of these occurrences could adversely affect our competitive business position,
business prospects and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The degree of future protection for our proprietary rights is
uncertain because legal means afford only limited protection and may not adequately protect our rights or permit us to gain or
keep our competitive advantage. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>others may be able to develop a platform that is similar
to, or better than, ours in a way that is not covered by the claims of our patents;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>others may be able to make compounds that are similar
to our product candidates but that are not covered by the claims of our patents;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we might not have been the first to make the inventions
covered by patents or pending patent applications;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we might not have been the first to file patent applications
for these inventions;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>any patents that we obtain may not provide us with
any competitive advantages or may ultimately be found invalid or unenforceable; or</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we may not develop additional proprietary technologies
that are patentable.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our commercial success depends significantly
on our ability to operate without infringing the patents and other proprietary rights of third parties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success will depend in part on our ability to operate without
infringing the proprietary rights of third parties. Other entities may have or obtain patents or proprietary rights that could
limit our ability to make, use, sell, offer for sale or import our future approved products or impair our competitive position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patents could be issued to third parties that we may ultimately
be found to infringe. Third parties may have or obtain valid and enforceable patents or proprietary rights that could block us
from developing product candidates using our technology. Our failure to obtain a license to any technology that we require may
materially harm our business, financial condition and results of operations. Moreover, our failure to maintain a license to any
technology that we require may also materially harm our business, financial condition, and results of operations. Furthermore,
we would be exposed to a threat of litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the pharmaceutical industry, significant litigation and other
proceedings regarding patents, patent applications, trademarks and other intellectual property rights have become commonplace.
The types of situations in which we may become a party to such litigation or proceedings include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>we or our collaborators may initiate litigation or
other proceedings against third parties seeking to invalidate the patents held by those third parties or to obtain a judgment
that our products or processes do not infringe those third parties&rsquo; patents;</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>if our competitors file patent applications that claim
technology also claimed by us or our licensors, we or our licensors may be required to participate in interference or opposition
proceedings to determine the priority of invention, which could jeopardize our patent rights and potentially provide a third party
with a dominant patent position;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>if third parties initiate litigation claiming that
our processes or products infringe their patent or other intellectual property rights, we and our collaborators will need to defend
against such proceedings; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>if a license to necessary technology is terminated,
the licensor may initiate litigation claiming that our processes or products infringe or misappropriate their patent or other
intellectual property rights and/or that we breached our obligations under the license agreement, and we and our collaborators
would need to defend against such proceedings.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These lawsuits would be costly and could affect our results
of operations and divert the attention of our management and scientific personnel. There is a risk that a court would decide that
we or our collaborators are infringing the third party&rsquo;s patents and would order us or our collaborators to stop the activities
covered by the patents. In that event, we or our collaborators may not have a viable alternative to the technology protected by
the patent and may need to halt work on the affected product candidate or cease commercialization of an approved product. In addition,
there is a risk that a court will order us or our collaborators to pay the other party damages. An adverse outcome in any litigation
or other proceeding could subject us to significant liabilities to third parties and require us to cease using the technology that
is at issue or to license the technology from third parties. We may not be able to obtain any required licenses on commercially
acceptable terms or at all. Any of these outcomes could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The pharmaceutical and biotechnology industries have produced
a significant number of patents, and it may not always be clear to industry participants, including us, which patents cover various
types of products or methods of use. The coverage of patents is subject to interpretation by the courts, and the interpretation
is not always uniform or predictable. If we are sued for patent infringement, we would need to demonstrate that our products or
methods either do not infringe the patent claims of the relevant patent or that the patent claims are invalid, and we may not be
able to do this. Proving invalidity is difficult. For example, in the United States, proving invalidity requires a showing of clear
and convincing evidence to overcome the presumption of validity enjoyed by issued patents. Even if we are successful in these proceedings,
we may incur substantial costs and divert management&rsquo;s time and attention in pursuing these proceedings, which could have
a material adverse effect on us. If we are unable to avoid infringing the patent rights of others, we may be required to seek a
license, defend an infringement action or challenge the validity of the patents in court. Patent litigation is costly and time
consuming. We may not have sufficient resources to bring these actions to a successful conclusion. In addition, if we do not obtain
a license, develop or obtain non-infringing technology, fail to defend an infringement action successfully or have infringed patents
declared invalid, we may incur substantial monetary damages, encounter significant delays in bringing our product candidates to
market and be precluded from manufacturing or selling our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cost of any patent litigation or other proceeding, even
if resolved in our favor, could be substantial. Some of our competitors may be able to sustain the cost of such litigation and
proceedings more effectively than we can because</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of their substantially greater resources. Uncertainties resulting from the initiation
and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the
marketplace. Patent litigation and other proceedings may also absorb significant management time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If our trademarks and trade names are not adequately
protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our registered or unregistered trademarks or trade names may
be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks. We may not be able to
protect our rights to these trademarks and trade names, which we need to build name recognition by potential partners or customers
in our markets of interest. Over the long term, if we are unable to establish name recognition based on our trademarks and trade
names, then we may not be able to compete effectively and our business may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>The patent protection and patent prosecution
for some of our product candidates is dependent on third parties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we normally seek to obtain the right to control prosecution,
maintenance and enforcement of the patents relating to our product candidates, there may be times when the filing and prosecution
activities for patents relating to our product candidates are controlled by our licensors. This is the case under the terms of
our license agreements with DKFZ and XOMA, where DKFZ and XOMA are entirely responsible for the prosecution, protection and maintenance
of the licensed patents and patent applications. Neither DKFZ nor XOMA has any obligation to provide us any information with respect
to such prosecution and we will not have access to any patent prosecution or maintenance information that is not publicly available.
Although we monitor DKFZ&rsquo;s and XOMA&rsquo;s ongoing prosecution and maintenance of the licensed patents, if DKFZ, XOMA or
any of our future licensing partners fail to prosecute, maintain and enforce such patents and patent applications in a manner consistent
with the best interests of our business, including by payment of all applicable fees for patents covering AFM13, AFM11 or any of
our product candidates, we could lose our rights to the intellectual property or our exclusivity with respect to those rights,
our ability to develop and commercialize those product candidates may be adversely affected and we may not be able to prevent competitors
from making, using, and selling competing products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our business may be adversely affected if we
are unable to gain access to relevant intellectual property rights of third parties, or if our licensing partners terminate our
rights in certain technologies that are licensed or sublicensed to us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently rely, and may in the future rely, on certain intellectual
property rights licensed from third parties in order to be able to use various proprietary technologies that are material to our
business. For example, our TandAbs technology was developed under certain patents licensed exclusively to us by DKFZ under a 2001
license agreement which was subsequently amended in 2006. Additionally, an antibody generated in the development of our TandAbs
candidates was developed using antibody phage display technologies licensed to us by XOMA. In each of these cases, the licensor
retains their full ownership interest with respect to the licensed patent rights, and our rights to use the technologies associated
with those patents and to employ the inventions claimed in the licensed patent rights are subject to the continuation of and our
compliance with the terms of those licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In some cases, we do not control the prosecution, maintenance
or filing of the patents to which we hold licenses, and the enforcement of our licensed patents or defense of any claims asserting
the invalidity of these patents is subject to the control or cooperation of our licensors. For example, DKFZ retains responsibility
for the prosecution and maintenance of its patent rights licensed under the terms of its agreement with us, and XOMA retains the
right, at its sole discretion, to enforce, maintain and otherwise protect its patent rights licensed to us pursuant to our 2006
license agreement with XOMA. We cannot be certain that our licensors will prosecute, maintain, enforce and defend the licensed
patent rights in a manner consistent with the best interests of our business. We also cannot be certain that drafting or prosecution
of the licensed patents by our licensors have been conducted in compliance with applicable laws and regulations and will result
in valid and enforceable patents and other intellectual property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a party to a number of agreements, including license
agreements, through which we have gained rights to certain intellectual property that relate to our business and we expect to enter
into additional such agreements in the future. Our existing agreements impose, and we expect that future agreements will impose,
various diligence, commercialization, milestone payment, royalty, and other obligations on us. Certain of our licenses, including
each</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of our licenses with DKFZ and XOMA, contain provisions that allow the licensor to terminate the license upon the occurrence
of specific events or conditions. For example, our rights under each of the licenses described above are subject to our continued
compliance with the terms of the licenses, certain diligence and development obligations, the payment of royalties, milestone payments
and other fees, and certain disclosure and confidentiality obligations. If we are found to be in breach of any of our license agreements,
in certain circumstances our licensors may take action against us, including by terminating the applicable license. Because of
the complexity of our product candidates and the patents we have licensed, determining the scope of the licenses and related obligations
may be difficult and could lead to disputes between us and the licensor. An unfavorable resolution of such a dispute could lead
to an increase in the royalties payable pursuant to the license or a termination of the license. If any of our licensors were to
terminate our license agreement with them, we may be prevented from the continued use of certain technologies, including our rights
to the TandAbs, Flexibody and antibody phage display technologies, in clinical studies or, if our products are approved for marketing,
from using such technologies in the manufacturing of products that could be sold commercially. This could delay or prevent us from
offering our product candidates. We might not have the necessary rights or the financial resources to develop, manufacture or market
our current or future product candidates without the rights granted under these licenses, and the loss of sales or potential sales
in such product candidates could have a material adverse effect on our business, financial condition, results of operations and
prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under certain of our agreements, our licensors have the right
to convert an exclusive license to a non-exclusive license upon the expiration of the initial exclusivity period or upon the occurrence
of certain events. Such a conversion would potentially allow third parties to practice the technologies licensed under the agreement,
and could materially adversely affect the value of the product candidate we are developing under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the above risks, certain of our intellectual
property rights are sublicenses under intellectual property owned by third parties. The actions of our licensors may therefore
affect our rights to use our sublicensed intellectual property, even if we are in compliance with all of the obligations under
our license agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may not be successful in obtaining or maintaining
necessary rights to our product candidates through acquisitions and in-licenses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently have rights to the intellectual property, through
licenses from third parties and under patents that we own, to develop our product candidates. Because our programs may require
the use of proprietary rights held by third parties, the growth of our business will likely depend in part on our ability to acquire,
in-license, maintain or use these proprietary rights. In addition, our product candidates may require specific formulations to
work effectively and efficiently and the rights to these formulations may be held by others. We may be unable to acquire or in-license
any compositions, methods of use, processes, or other third-party intellectual property rights from third parties that we identify
as necessary for our product candidates. The licensing and acquisition of third-party intellectual property rights is a competitive
area, and a number of more established companies are also pursuing strategies to license or acquire third-party intellectual property
rights that we may consider attractive. These established companies may have a competitive advantage over us due to their size,
cash resources, and greater clinical development and commercialization capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, we sometimes collaborate with U.S. and non-U.S.
academic institutions to accelerate our preclinical research or development under written agreements with these institutions. Typically,
these institutions provide us with an option to negotiate a license to any of the institution&rsquo;s rights in technology resulting
from the collaboration. Regardless of such option, we may be unable to negotiate a license within the specified timeframe or under
terms that are acceptable to us. If we are unable to do so, the institution may offer the intellectual property rights to other
parties, potentially blocking our ability to pursue our applicable product candidate or program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, companies that perceive us to be a competitor may
be unwilling to assign or license rights to us. We also may be unable to license or acquire third-party intellectual property rights
on terms that would allow us to make an appropriate return on our investment. If we are unable to successfully obtain a license
to third-party intellectual property rights necessary for the development of a product candidate or program, we may have to abandon
development of that product candidate or program and our business and financial condition could suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If we are unable to protect the confidentiality
of our proprietary information, the value of our technology and products could be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to patent protection, we also rely on other proprietary
rights, including protection of trade secrets, and other proprietary information. To maintain the confidentiality of trade secrets
and proprietary information, we enter into confidentiality agreements with our employees, to the extent a confidentiality obligation
is not covered by their employment agreements, consultants, collaborators and others upon the commencement of their relationships
with us. These agreements require that all confidential information developed by the individual or made known to the individual
by us during the course of the individual&rsquo;s relationship with us be kept confidential and not disclosed to third parties
and the public domain, so that it cannot be used for patent protection anymore, either by local law or if not applicable pursuant
to specific agreements with employees and our personnel policies it is intended that any inventions conceived by the individual
in the course of rendering services to us shall be our exclusive property. However, we may not obtain these agreements in all circumstances,
and individuals with whom we have these agreements or may not comply with their terms or with local law. Thus, despite such legal
provisions or agreement, such inventions may become assigned to third parties. In the event of unauthorized use or disclosure of
our trade secrets or proprietary information, these legal provisions or agreements, even if obtained, may not provide meaningful
protection, particularly for our trade secrets or other confidential information. To the extent that our employees, consultants
or contractors use technology or know-how owned by third parties in their work for us, disputes may arise between us and those
third parties as to the rights in related inventions. To the extent that an individual who is not an employee of us and thus not
obligated to assign rights in intellectual property to us is rightfully an inventor of intellectual property, we may need to obtain
an assignment or a license to that intellectual property from that individual, or a third party or from that individual&rsquo;s
assignee. Such assignment or license may not be available on commercially reasonable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adequate remedies may not exist in the event of unauthorized
use or disclosure of our proprietary information. The disclosure of our trade secrets would impair our competitive position and
may materially harm our business, financial condition and results of operations. Costly and time consuming litigation could be
necessary to enforce and determine the scope of our proprietary rights, and failure to maintain trade secret protection could adversely
affect our competitive business position. In addition, others may independently discover or develop our trade secrets and proprietary
information, and the existence of our own trade secrets affords no protection against such independent discovery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As is common in the biotechnology and pharmaceutical industries,
we employ individuals who were previously or concurrently employed at research institutions and/or other biotechnology or pharmaceutical
companies, including our competitors or potential competitors. We may be subject to claims that these employees, or we, have inadvertently
or otherwise used or disclosed trade secrets or other proprietary information of their former employers, or that patents and applications
we have filed to protect inventions of these employees, even those related to one or more of our product candidates, are rightfully
owned by their former or concurrent employer. Litigation may be necessary to defend against these claims. Even if we are successful
in defending against these claims, litigation could result in substantial costs and be a distraction to management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Obtaining and maintaining our patent protection
depends on compliance with various procedural, documentary, fee payment and other requirements imposed by governmental patent agencies,
and our patent protection could be reduced or eliminated for non-compliance with these requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Periodic maintenance fees, renewal fees, annuity fees and various
other governmental fees on patents and/or applications will be due to the USPTO and various non-U.S. patent offices at various
points over the lifetime of our patents and/or applications. We have systems in place to remind us to pay these fees, and we rely
on our outside counsel to pay these fees when due. Additionally, the USPTO and various non-U.S. patent offices require compliance
with a number of procedural, documentary, fee payment and other similar provisions during the patent application process. We employ
reputable law firms and other professionals to help us comply, and in many cases, an inadvertent lapse can be cured by payment
of a late fee or by other means in accordance with rules applicable to the particular jurisdiction. However, there are situations
in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete
loss of patent rights in the relevant jurisdiction. If such an event were to occur, it could have a material adverse effect on
our business. In addition, we are responsible for the payment of patent fees for patent rights that we have licensed from other
parties. If any licensor of these</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">patents does not itself elect to make these payments, and we fail to do so, we may be liable
to the licensor for any costs and consequences of any resulting loss of patent rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may not be able to protect our intellectual
property rights throughout the world.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing, prosecuting, and defending patents on product candidates
in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries
outside the United States can be less extensive than those in the United States and Europe. In addition, the laws of some countries
outside the United States and Europe, such as China, do not protect intellectual property rights to the same extent as federal
and state laws in the United States and laws in Europe. Consequently, we may not be able to prevent third parties from practicing
our inventions in all countries outside the United States and Europe, or from selling or importing products made using our inventions
in and into the United States, Europe or other jurisdictions. As part of ordinary course prosecution and maintenance activities,
we determine whether and in which countries to seek patent protection outside the United States and Europe. This also applies to
patents we have acquired or in-licensed from third parties. In some cases this means that we, or our predecessors in interest or
licensors of patents within our portfolio, have sought patent protection in a limited number of countries for patents covering
our product candidates. Competitors may use our technologies in jurisdictions where we have not obtained or are unable to adequately
enforce patent protection to develop their own products and further, may export otherwise infringing products to territories where
we have patent protection, but enforcement is not as strong as that in the United States and Europe. These products may compete
with our products and our patents or other intellectual property rights may not be effective or sufficient to prevent them from
competing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many companies have encountered significant problems in protecting
and defending intellectual property rights in jurisdictions outside the United States and Europe. The legal systems of certain
countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual
property protection, particularly those relating to biotechnology products, which could make it difficult for us to stop the infringement
of our patents, the reproduction of our manufacturing or other know-how or marketing of competing products in violation of our
proprietary rights generally. Proceedings to enforce our patent rights in jurisdictions outside the United States and Europe, whether
or not successful, could result in substantial costs and divert our efforts and attention from other aspects of our business, could
put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could
provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other
remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights
around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop
or license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Certain of our employees and patents are subject
to German law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approximately 61 of our personnel, including our managing directors
and most of our employees working in research and development, work in Germany and are subject to German employment law. Ideas,
developments, discoveries and inventions made by such employees are subject to the provisions of the German Act on Employees&rsquo;
Inventions (<I>Arbeitnehmererfindungsgesetz</I>), which regulates the ownership of, and compensation for, inventions made by employees.
We face the risk that disputes may occur between us and our employees or ex-employees pertaining to the sufficiency of compensation
paid by us, allocation of rights to inventions under this act or alleged non-adherence to the provisions of this act, any of which
may be costly to resolve and take up our management&rsquo;s time and efforts whether we prevail or fail in such dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If we do not obtain protection under the Hatch-Waxman
Amendments and similar non-U.S. legislation for extending the term of patents covering each of our product candidates, our business
may be materially harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending upon the timing, duration and conditions of FDA marketing
approval of our product candidates, one or more of our U.S. patents may be eligible for limited patent term extension under the
Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments and similar legislation
in the EU. The Hatch-Waxman Amendments permit a patent term extension of up to five years for a patent covering an approved product
as compensation for effective patent term lost during product development and the FDA regulatory review process. However, we may
not receive an extension if we fail to apply within applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">deadlines, fail to apply prior to expiration of relevant patents
or otherwise fail to satisfy applicable requirements. Moreover, the length of the extension could be less than we request. If we
are unable to obtain patent term extension or the term of any such extension is less than we request, the period during which we
can enforce our patent rights for that product will be shortened and our competitors may obtain approval to market competing products
sooner. As a result, our revenue from applicable products could be reduced, possibly materially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our information technology systems could face
serious disruptions that could adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our information technology and other internal infrastructure
systems, including corporate firewalls, servers, leased lines and connection to the Internet, face the risk of systemic failure
that could disrupt our operations. A significant disruption in the availability of our information technology and other internal
infrastructure systems could cause interruptions in our collaborations with our partners and delays in our research and development
work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Legal Compliance Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Because we and our suppliers are subject to
environmental, health and safety laws and regulations, we may become exposed to liability and substantial expenses in connection
with environmental compliance or remediation activities which may adversely affect our business and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our operations, including our research, development, testing
and manufacturing activities, are subject to numerous environmental, health and safety laws and regulations. These laws and regulations
govern, among other things, the controlled use, handling, release and disposal of, and the maintenance of a registry for, hazardous
materials and biological materials, such as chemical solvents, human cells, carcinogenic compounds, mutagenic compounds and compounds
that have a toxic effect on reproduction, laboratory procedures and exposure to blood-borne pathogens. If we fail to comply with
such laws and regulations, we could be subject to fines or other sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As with other companies engaged in activities similar to ours,
we face a risk of environmental liability inherent in our current and historical activities, including liability relating to releases
of or exposure to hazardous or biological materials. Environmental, health and safety laws and regulations are becoming more stringent.
We may be required to incur substantial expenses in connection with future environmental compliance or remediation activities,
in which case, our production and development efforts may be interrupted or delayed and our financial condition and results of
operations may be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The third parties with whom we contract to manufacture our product
candidates are also subject to these and other environmental, health and safety laws and regulations. Liabilities they incur pursuant
to these laws and regulations could result in significant costs or in certain circumstances, an interruption in operations, any
of which could adversely impact our business and financial condition if we are unable to find an alternate supplier in a timely
manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our employees may engage in misconduct or other
improper activities, including noncompliance with regulatory standards and requirements and insider trading.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are exposed to the risk of employee fraud
or other misconduct. Misconduct by employees could include intentional failures to comply with FDA or EMA regulations, to provide
accurate information to the FDA or the EMA or intentional failures to report financial information or data accurately or to disclose
unauthorized activities to us. Employee misconduct could also involve the improper use of information obtained in the course of
clinical studies, which could result in regulatory sanctions and serious harm to our reputation. We have adopted a Compliance Management
System (comprising the code of conduct and the compliance policy) which is based on three pillars: prevent, detect and respond
to misconduct and an insider trading policy, each of which is communicated on a regular basis. However, it is not always possible
to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity may not be effective
in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits
stemming from a failure to comply with these laws or regulations. If any such actions are instituted against us, and we are not
successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including
the imposition of significant fines or other sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Employee Matters and Managing Growth</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our future success depends on our ability to
retain key executives and to attract, retain and motivate qualified personnel.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are highly dependent on the research and development, clinical
and business development expertise of our managing directors and other key employees. We have entered into multi-year executive
agreements with our managing directors. If any of our managing directors or other key employees becomes unavailable to perform
services for us, we may not be able to find a qualified replacement in a timely fashion, which could impede the achievement of
our research, development and commercialization objectives and seriously harm our ability to successfully implement our business
strategy. The contracts with our three current managing directors, Dr. Adi&nbsp;Hoess, Dr. Florian Fischer and Dr. Wolfgang&nbsp;Fischer,
run until the end of the general meeting in 2020. We do not maintain any key man insurance for our managing directors at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recruiting and retaining qualified scientific, clinical, manufacturing
and sales and marketing personnel will also be critical to our success. In addition, we will need to expand and effectively manage
our managerial, operational, financial, development and other resources in order to successfully pursue our research, development
and commercialization efforts for our existing and future product candidates. Furthermore, replacing managing directors and key
employees may be difficult and may take an extended period of time because of the limited number of individuals in our industry
with the breadth of skills and experience required to successfully develop, gain regulatory approval of and commercialize products.
Competition to hire from this limited pool is intense, and we may be unable to hire, train, retain or motivate these key personnel
on acceptable terms given the competition among numerous pharmaceutical and biotechnology companies for similar personnel. We also
experience competition for the hiring of scientific and clinical personnel from universities and research institutions. In addition,
we rely on consultants and advisors, including scientific and clinical advisors, to assist us in formulating our research and development
and commercialization strategy. Our consultants and advisors may be employed by employers other than us and may have commitments
under consulting or advisory contracts with other entities that may limit their availability to us. If we are unable to continue
to attract and retain high quality personnel, our ability to pursue our growth strategy will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We will need to grow our organization, specifically
to expand our development, and regulatory capabilities, and we may experience difficulties in managing this growth, which could
disrupt our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have 89 personnel (80 full time equivalents), including those
of our subsidiaries. As our development and commercialization plans and strategies develop, we expect to expand our employee base
on an as-needed basis. Future growth would impose significant added responsibilities on members of management, including the need
to identify, recruit, maintain, motivate and integrate additional employees. Also, our management may need to divert a disproportionate
amount of their attention away from our day-to-day activities and devote a substantial amount of time to managing these growth
activities. We may not be able to effectively manage the expansion of our operations which may result in weaknesses in our infrastructure,
give rise to operational errors, loss of business opportunities, loss of employees and reduced productivity among remaining employees.
Our expected growth could require significant capital expenditures and may divert financial resources from other projects, such
as the development of existing and additional product candidates. If our management is unable to effectively manage our expected
growth, our expenses may increase more than expected, our ability to generate and/or grow revenue could be reduced and we may not
be able to implement our business strategy. Our future financial performance and our ability to commercialize our product candidates
and compete effectively with others in our industry will depend, in part, on our ability to effectively manage any future growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our share price has been and may in the future
be volatile, which could cause holders of our common shares to incur substantial losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should consider an investment in our common shares as risky
and invest only if you can withstand a significant loss and wide fluctuations in the market value of your investment. Our share
price has been and in the future may be subject to substantial price volatility. In addition, the stock market has recently experienced
significant volatility, particularly with respect to pharmaceutical, biotechnology and other life sciences company stocks. The
volatility of pharmaceutical, biotechnology and other life sciences company stocks often does not relate to the operating</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">performance
of the companies represented by the stock. Some of the factors that may cause the market price of our common shares to fluctuate
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>results and timing of our clinical studies and clinical
studies of our competitors&rsquo; products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure or discontinuation of any of our development
programs;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>issues in manufacturing our product candidates or future
approved products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>regulatory developments or enforcement in the United
States and non-U.S. countries with respect to our product candidates or our competitors&rsquo; products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure to achieve pricing and/or reimbursement;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>competition from existing products or new products
that may emerge;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>developments or disputes concerning patents or other
proprietary rights;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>introduction of technological innovations or new commercial
products by us or our competitors;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>announcements by us, our collaborators or our competitors
of significant acquisitions, strategic partnerships, joint ventures, collaborations or capital commitments;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in estimates or recommendations by securities
analysts, if any cover our common shares;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>fluctuations in the valuation of companies perceived
by investors to be comparable to us;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>public concern over our product candidates or any future
approved products;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>litigation;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>future sales of our common shares;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>share price and volume fluctuations attributable to
inconsistent trading volume levels of our shares;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>additions or departures of key personnel;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>changes in the structure of health care payment systems
in the United States or overseas;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>failure of any of our product candidates, if approved,
to achieve commercial success;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>economic and other external factors or other disasters
or crises;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>period-to-period fluctuations in our financial condition
and results of operations, including the timing of receipt of any milestone or other payments under commercialization or licensing
agreements;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>general market conditions and market conditions for
biopharmaceutical stocks; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>overall fluctuations in U.S. equity markets.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in the past, when the market price of a stock has
been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock.
If any of our shareholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit and divert the
time and attention of our management, which could seriously harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Future sales, or the possibility of future sales,
of a substantial number of our common shares could adversely affect the price of the shares and dilute shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Future sales of a substantial number of our common shares, or
the perception that such sales will occur, could cause a decline in the market price of our common shares. We had 62,390,068 common
shares outstanding as of March 15, 2018. If our existing shareholders sell substantial amounts of common shares in the public market,
or the market perceives that such sales may occur, the market price of our common shares and our ability to raise capital through
an issue of equity securities in the future could be adversely affected. In addition, we have registered on a Form S-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">registration
statement all common shares that we may issue under our equity compensation plans. As a result, these shares can be freely sold
in the public market upon issuance, subject to volume limitations applicable to affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also entered into a registration rights agreement upon consummation
of our initial public offering pursuant to which we have agreed under certain circumstances to file a registration statement to
register the resale of the common shares held by certain of our existing shareholders, as well as to cooperate in certain public
offerings of such common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October&nbsp;1, 2015, we filed a shelf registration statement
on Form F-3 for the potential offer and sale by us of up to $150&nbsp;million of our common shares, senior debt securities, subordinated
debt securities, warrants, purchase contracts or units and the offer and sale by certain of our shareholders of 12,985,302 of our
common shares. The registration statement was declared effective by the SEC on October&nbsp;23, 2015. Up to $50&nbsp;million of
our common shares may be offered and sold under the registration statement pursuant to an &ldquo;at-the-market&rdquo; offering.
Because the price per share of each share sold under the registration statement will depend on the market price of our shares at
the time of the sale and other market conditions, it is not possible at this stage to predict the number of shares that ultimately
may be offered and sold under the registration statement. If we sell common shares, convertible securities or other equity securities,
existing shareholders may be diluted by such sales, and in certain cases new investors could gain rights superior to our existing
shareholders. Any sales of our common shares, or the perception that such sales could occur, could have a negative impact on the
trading price of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We are a foreign private issuer and, as a result,
we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient
and less frequent than those of a U.S. domestic public company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We report under the Securities Exchange Act of 1934, as amended,
or the Exchange Act, as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under
the Exchange Act and although we are subject to Dutch laws and regulations with regard to such matters and intend to furnish quarterly
financial information to the SEC, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic
public companies, including (i)&nbsp;the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
in respect of a security registered under the Exchange Act, (ii)&nbsp;the sections of the Exchange Act requiring insiders to file
public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short
period of time and (iii)&nbsp;the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission
(SEC) of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form
8-K, upon the occurrence of specified significant events. In addition, foreign private issuers are not required to file their annual
report on Form 20-F until four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers
are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers
are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information.
As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private
issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a foreign private issuer and as permitted by the listing
requirements of Nasdaq, we follow certain home country governance practices rather than the corporate governance requirements of
Nasdaq.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a foreign private issuer. As a result, in accordance
with the listing requirements of The Nasdaq Global Market, or Nasdaq, we follow home country governance requirements and certain
exemptions thereunder rather than comply with the corporate governance requirements of Nasdaq. In accordance with Dutch law and
generally accepted business practices, our Articles of Association do not provide quorum requirements generally applicable to general
meetings of shareholders in the United States. To this extent, our practice varies from the requirement of Nasdaq Listing Rule
5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less
than one-third of the outstanding voting stock. Although we must provide shareholders with an agenda and other relevant documents
for the general meeting of shareholders, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation
of proxies is not a generally accepted business practice in the Netherlands, thus our practice will vary from the requirement of
Nasdaq Listing Rule 5620(b). As permitted by the listing requirements of Nasdaq, we have also opted out of the requirements of
Nasdaq Listing Rule 5605(d), which requires, inter alia, an issuer to have a compensation committee that consists entirely of independent
directors, and Nasdaq Listing Rule 5605(e), which requires independent director oversight of director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nominations. Also, Dutch
law does not require that we disclose information regarding third party compensation of our directors or director nominees. As
a result, our practice varies from the third-party compensation disclosure requirements of Nasdaq Listing Rule 5250(b)(3). In addition,
we have opted out of shareholder approval requirements, as included in the Nasdaq Listing Rules, for the issuance of securities
in connection with certain events such as the acquisition of stock or assets of another company, the establishment of or amendments
to equity-based compensation plans for employees, a change of control of us and certain private placements. To this extent, our
practice varies from the requirements of Nasdaq Rule 5635, which generally requires an issuer to obtain shareholder approval for
the issuance of securities in connection with such events. Accordingly, you may not have the same protections afforded to shareholders
of companies that are subject to these Nasdaq requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We may lose our foreign private issuer status
which would then require us to comply with the Exchange Act&rsquo;s domestic reporting regime and cause us to incur significant
legal, accounting and other expenses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a foreign private issuer and therefore we are not required
to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic
issuers. If in the future we are not a foreign private issuer as of the end of the second fiscal quarter in any fiscal year, we
would be required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable
to U.S. domestic issuers in the subsequent fiscal year. In order to maintain our current status as a foreign private issuer, either
(a)&nbsp;a majority of our common shares must be either directly or indirectly owned of record by non-residents of the United States
or (b)(i) a majority of our managing directors or supervisory directors may not be United States citizens or residents, (ii)&nbsp;more
than 50&nbsp;percent of our assets cannot be located in the United States and (iii)&nbsp;our business must be administered principally
outside the United States. If we were to lose this status, we would be required to comply with the Exchange Act reporting and other
requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private
issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and stock
exchange rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting
requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private
issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs
and would make some activities highly time consuming and costly. We also expect that if we were required to comply with the rules
and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director and
officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These rules and regulations could also make it more difficult for us to attract and retain qualified supervisory directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Failure to comply with Nasdaq continued listing
requirements may result in our common shares being delisted from Nasdaq.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our stock price falls below $1.00 per common share, we may
not continue to qualify for continued listing on Nasdaq. To maintain listing, we are required, among other things, to maintain
a minimum closing bid price of $1.00 per common share. If the closing bid price of our common shares is below $1.00 per share for
30 consecutive business days, we will receive a deficiency notice from Nasdaq advising us that we have a certain period of time,
typically 180 days, to regain compliance by maintaining a minimum closing bid price of at least $1.00 for at least ten consecutive
business days, although Nasdaq could require a longer period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The delisting of our common shares would significantly affect
the ability of investors to trade our common shares and negatively impact the liquidity and price of our common shares. In addition,
the delisting of our common shares could materially adversely impact our ability to raise capital on acceptable terms or at all.
Delisting from Nasdaq could also have other negative results, including the potential loss of confidence by our current or prospective
collaboration partners and third-party service providers, the loss of institutional investor interest, and fewer licensing and
partnering opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We are an &ldquo;emerging growth company,&rdquo;
and we cannot be certain if the reduced reporting requirements applicable to &ldquo;emerging growth companies&rdquo; will make
our common shares less attractive to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an &ldquo;emerging growth company,&rdquo; as defined
in the JOBS Act. For as long as we continue to be an &ldquo;emerging growth company,&rdquo; we may take advantage of exemptions
from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies,&rdquo;
including not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act
of 2002, exemptions from the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval
of any golden parachute payments not previously approved. We could be an &ldquo;emerging growth company&rdquo; for a period of
five years following the completion of our initial public offering (2019), although circumstances could cause us to lose that status
earlier, including if the market value of our common shares held by non-affiliates exceeds $700&nbsp;million as of any June&nbsp;30
(the end of our second fiscal quarter) before that time, in which case we would no longer be an &ldquo;emerging growth company&rdquo;
as of the following December&nbsp;31 (our fiscal year end). We cannot predict if investors will find our common shares less attractive
because we may rely on these exemptions. If some investors find our common shares less attractive as a result, there may be a less
active trading market for our common shares and the price of our common shares may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We do not anticipate paying cash dividends,
and accordingly, shareholders must rely on stock appreciation for any return on their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently intend to retain our future earnings, if any, to
fund the development and growth of our businesses. As a result, capital appreciation, if any, of our common shares will be your
sole source of gain on your investment for the foreseeable future. Investors seeking cash dividends should not invest in our common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>If securities or industry analysts do not publish
research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trading market for our common shares depends on the research
and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts.
We cannot assure you that analysts will cover us or provide favorable coverage. If one or more of the analysts who cover us downgrade
our shares or change their opinion of our shares, our share price would likely decline. If one or more of these analysts cease
coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could
cause our share price or trading volume to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a Dutch public company with limited liability.
The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions
and may not protect investors in a similar fashion afforded by incorporation in a U.S. jurisdiction.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a Dutch public company with limited liability (<I>naamloze
vennootschap</I>) organized under the laws of the Netherlands. Our corporate affairs are governed by our Articles of Association
and by the laws governing companies incorporated in the Netherlands. However, there can be no assurance that Dutch law will not
change in the future or that it will serve to protect investors in a similar fashion afforded under corporate law principles in
the United States, which could adversely affect the rights of investors. As of July&nbsp;3, 2016, the market abuse rules described
in &ldquo;Description of Share Capital and Articles of Association&mdash;Dividends and Other Distributions&mdash;Obligation to
Disclose Holdings and Transactions&rdquo; are no longer applicable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of shareholders and the responsibilities of managing
directors and supervisory directors may be different from the rights and obligations of shareholders and board members in companies
governed by the laws of U.S. jurisdictions. In the performance of its duties, our management board and supervisory board are required
by Dutch law to consider the interests of our company, its shareholders, its employees and other stakeholders, in all cases with
due observation of the principles of reasonableness and fairness. It is possible that some of these parties will have interests
that are different from, or in addition to, your interests as a shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our authorized share capital increased as of June 20, 2017,
following an amendment of our Articles of Association approved by a resolution of the general meeting of shareholders. Our authorized
share capital currently amounts to &euro;2,196,000, divided into 109,800,000 common shares, each with a nominal value of &euro;0.01
and 109,800,000 cumulative preferred shares, each with a nominal value of &euro;0.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Provisions of our Articles of Association or
Dutch corporate law might deter acquisition bids for us that might be considered favorable and prevent or frustrate any attempt
to replace or remove the then management board and supervisory board.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain provisions of our Articles of Association may make
it more difficult for a third party to acquire control of us or effect a change in our management board or supervisory board.
These provisions include: the authorization of a class of shares that may be issued to a friendly party; staggered maximum
four-year terms of our supervisory directors; a provision that our managing directors and supervisory directors may only be
removed by the general meeting of shareholders by a two-thirds majority of votes cast representing more than 50% of our
outstanding share capital (unless the removal was proposed by the supervisory board); and a requirement that certain matters,
including an amendment of our Articles of Association, may only be brought to our shareholders for a vote upon a proposal by
our management board that has been approved by our supervisory board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Our anti-takeover provision may prevent a beneficial
change of control.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have adopted an anti-takeover measure pursuant to which our
management board may, subject to supervisory board approval but without additional shareholder approval, issue (or grant the right
to acquire) cumulative preferred shares. Our management board has been authorized to, subject to supervisory board approval, issue
(or grant the right to acquire) cumulative preferred shares by the general meeting of shareholders on September&nbsp;12, 2014,
with effect from September&nbsp;17, 2014. We may issue an amount of cumulative preferred shares up to 100% of our issued capital
immediately prior to the issuance of such cumulative preferred shares. In such event, the cumulative preferred shares (or right
to acquire cumulative preferred shares) will be issued to a separate, newly established foundation which will be structured to
operate independently of us and will act to serve the best interests of us, our associated business and all parties connected to
us, by opposing any influences that conflict with these interests and threaten to undermine our continuity, independence and identity.
While to-date we have not established such a foundation, which action would facilitate a timely response to a take-over approach,
we may choose to do so in the future. This anti-takeover measure has the effect of making a takeover of us more difficult or less
attractive and as a result, our shareholders may be unable to benefit from a change of control and realize any potential change
of control premium. This may materially and adversely affect the market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cumulative preferred shares will be issued to the foundation
for their nominal value, of which only 25% will be due upon issuance. The voting rights of our shares are based on nominal value
and as we expect our shares to trade substantially in excess of nominal value, cumulative preferred shares issued at nominal value
can obtain significant voting power for a substantially reduced price and thus be used as a defensive measure. These cumulative
preferred shares will have both a liquidation and dividend preference over our common shares and will accrue cash dividends at
a fixed rate. The management board may issue these cumulative preferred shares to protect us from influences that do not serve
our best interests and threaten to undermine our continuity, independence and identity. These influences may include a third party
acquiring a significant percentage of our common shares, our receipt of an offer for our common shares, other concentration of
control over our common shares or any other form of pressure on us to alter our strategic policies or anticipation that any such
events may come to exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>We are not obligated to and do not comply with
all the best practice provisions of the Dutch Corporate Governance Code. This may affect your rights as a shareholder</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a Dutch company we are subject to the Dutch Corporate Governance
Code, or DCGC. The DCGC contains both principles and best practice provisions that regulate relations between the management board,
the supervisory board and the shareholders (i.e., the general meeting of shareholders). The DCGC is based on a &ldquo;comply or
explain&rdquo; principle. Accordingly, companies are required to disclose in their annual reports, filed in the Netherlands, whether
they comply with the provisions of the DCGC. If they do not comply with those provisions (e.g., because of a conflicting Nasdaq
requirement), the company is required to give the reasons for such non-compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The DCGC applies to all Dutch companies listed on a government-recognized
stock exchange, whether in the Netherlands or elsewhere, including Nasdaq. We do not comply with all the best practice provisions
of the DCGC. The DCGC was revised as per January&nbsp;1, 2017, and in our annual report for the fiscal year ended December&nbsp;31,
2017, we will report on our compliance with this revised Code. This may affect your rights as a shareholder and you may not have
the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt"><B><I>Claims of U.S. civil liabilities may not be
enforceable against us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are incorporated under the laws of the Netherlands, and our
headquarters are located in Germany. Substantially all of our assets are located outside the United States. The majority of our
managing directors and supervisory</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">directors reside outside the United States. As a result, it may not be possible for investors
to effect service of process within the United States upon such persons or to enforce against them or us in U.S. courts, including
judgments predicated upon the civil liability provisions of the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The United States and the Netherlands currently do not have
a treaty providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial
matters. Consequently, a final judgment for payment given by a court in the United States, whether or not predicated solely upon
U.S. securities laws, would not automatically be recognized or enforceable in the Netherlands. In order to obtain a judgment which
is enforceable in the Netherlands, the party in whose favor a final and conclusive judgment of the U.S. court has been rendered
will be required to file its claim with a court of competent jurisdiction in the Netherlands. Such party may submit to the Dutch
court the final judgment rendered by the U.S. court. If and to the extent that the Dutch court finds that the jurisdiction of the
U.S. court has been based on grounds which are internationally acceptable, that the proceedings before the U.S. court complied
with principles of proper procedures, that recognition and/or enforcement of such judgment would not contravene the public policy
of the Netherlands, and that recognition and/or enforcement of the judgment is not irreconcilable with a decision of a Dutch court
rendered between the same parties or with an earlier decision of a foreign court rendered between the same parties in a dispute
that is about the same subject matter and that is based on the same cause, provided that earlier judgment can be recognized in
the Netherlands, the court of the Netherlands will, in principle, give binding effect to the judgment of the U.S. court. Dutch
courts may deny the recognition and enforcement of punitive damages or other awards on the basis that recognition and enforcement
would contravene public policy of the Netherlands. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court
and recognize damages only to the extent that they are necessary to compensate actual losses or damages. In addition, there is
doubt as to whether a Dutch court would impose civil liability on us, our managing directors or supervisory directors or certain
experts named herein in an original action predicated solely upon the U.S. federal securities laws brought in a court of competent
jurisdiction in the Netherlands against us or such directors or experts, respectively. Enforcement and recognition of judgments
of U.S. courts in the Netherlands are solely governed by the provisions of the Dutch Civil Procedure Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The United States and Germany currently do not have a treaty
providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters.
Consequently, a final judgment for payment given by a court in the United States, whether or not predicated solely upon U.S. securities
laws, would not automatically be recognized or enforceable in Germany. German courts may deny the recognition and enforcement of
a judgment rendered by a U.S. court if they consider the U.S. court not to be competent or the decision not in line with German
public policy principles. For example, recognition of court decisions based on class actions brought in the United States typically
raises public policy concerns and judgments awarding punitive damages are generally not enforceable in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, actions brought in a German court against us, our
managing directors or supervisory directors, our senior management and the experts named herein to enforce liabilities based on
U.S. federal securities laws may be subject to certain restrictions. In particular, German courts generally do not award punitive
damages. Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect to
the taking and admissibility of evidence, the conduct of the proceedings and the allocation of costs. Proceedings in Germany would
have to be conducted in the German language and all documents submitted to the court would, in principle, have to be translated
into German. For these reasons, it may be difficult for a U.S. investor to bring an original action in a German court predicated
upon the civil liability provisions of the U.S. federal securities laws against us, our managing directors or supervisory directors,
our senior management and the experts named in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the lack of a treaty as described above, U.S. investors
may not be able to enforce against us or managing directors or supervisory directors, officers or certain experts named herein
who are residents of the Netherlands, Germany, or other countries other than the United States any judgments obtained in U.S. courts
in civil and commercial matters, including judgments under the U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to maintain an effective system of internal
control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result,
shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price
of our common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective internal controls over financial reporting are necessary
for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent
fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause
us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley
Act of 2002, or any subsequent testing by our independent registered public accounting firm, may reveal deficiencies in our internal
controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes
to our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also
impair our ability to raise revenue, result in the loss of investor confidence in the reliability of our financial statements and
subject us to regulatory scrutiny and sanctions, which in turn could harm the market value of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are required to disclose changes made in our internal controls
and procedures and our management is required to assess the effectiveness of these controls annually. However, for as long as we
are an &ldquo;emerging growth company&rdquo; under the JOBS Act, our independent registered public accounting firm will not be
required to attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404. We will continue
to be an &ldquo;emerging growth company&rdquo; until our fiscal year ending December 31, 2019. An independent assessment of the
effectiveness of our internal controls could detect problems that our management&rsquo;s assessment might not. Undetected material
weaknesses in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in accounting standards could impact our results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The IASB, or other regulatory bodies, periodically introduce
modifications to financial accounting and reporting standards or issue new financial accounting and reporting standards under which
we prepare our consolidated financial statements. These changes can materially impact the means by which we report financial information,
affecting our results of operations. Also, we could be required to apply new or revised standards retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More specifically, several new or amended standards and interpretations
to IFRS are expected over the coming years. In particular, both IFRS 9 &ldquo;Financial Instruments&rdquo; and IFRS 15 &ldquo;Revenues
from Contracts with Customers&rdquo; will go into effect on January 1, 2018 and IFRS 16 &ldquo;Leases&rdquo; will go into effect
on January 1, 2019. With respect to IFRS 9 and IFRS 15, we have finalized our assessment of the impact thereof (see note 3 to the
consolidated financial statements as of December 31, 2017). With respect to IFRS 16, during 2018, we will gather and update information
related to leases, assess extension and termination options as well as possible exemptions, and identify the appropriate discount
rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, we cannot assure you that the changes with respect
to IFRS 16 will not substantially affect our results of operations, as we have not finalized our assessment of the impact on our
consolidated financial statements. However, we do not expect any effect from these changes on our cash position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We were likely a &ldquo;passive foreign investment company&rdquo;
(a &ldquo;PFIC&rdquo;) in 2017 and may continue to be a PFIC in future taxable years. A U.S. investor may suffer adverse U.S. federal
income tax consequences if we are a PFIC for any taxable year during which the U.S. investor holds common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
we will be a PFIC for any taxable year in which, after the application of certain &ldquo;look-through&rdquo; rules with respect
to subsidiaries, either (i) 75% or more of our gross income consists of &ldquo;passive income,&rdquo; or (ii) 50% or more of the
average quarterly value of our assets consist of assets that produce, or are held for the production of, &ldquo;passive income.&rdquo;
Passive income generally includes interest, dividends, rents, certain non-active royalties and capital gains. Because (i) we currently
own a substantial amount of passive assets, including cash, and (ii) the valuation of our assets, including our intangible assets,
that generate non-passive income for PFIC purposes, as implied by our market capitalization on various dates during 2017, has been
less than the value of our passive assets on such dates, we were likely a PFIC in 2017 and may continue to be a PFIC in future
taxable years. The average quarterly value of our assets for purposes of determining our PFIC status for any taxable year will
generally be determined in part by reference to our market capitalization, which may fluctuate significantly over time. In addition,
we may, directly or indirectly, hold equity interests in other entities, including certain of our subsidiaries that are PFICs (&ldquo;Lower-tier
PFICs&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are a PFIC for any taxable year during which a U.S. investor
holds common shares, we generally will continue to be treated as a PFIC with respect to that U.S. investor for all succeeding years
during which the U.S. investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">holds common shares, even if we cease to meet the threshold requirements for PFIC status. Such a
U.S. investor may be subject to adverse tax consequences, including (i) the treatment of all or a portion of any gain on disposition
as ordinary income, (ii) the application of a deferred interest charge on such gain and the receipt of certain dividends and (iii)
compliance with certain reporting requirements. To avoid the application of the foregoing rules, a U.S. investor can make an election
to treat us and each Lower-tier PFIC as a qualified electing fund (a &ldquo;QEF Election&rdquo;) in the first taxable year that
we and each Lower-tier PFIC are treated as PFICs with respect to the U.S. investor. We currently intend to provide the information
necessary for a U.S. investor to make a QEF Election with respect to us and each Lower-tier PFIC that we control for 2017 and for
any future years with respect to which we determine that we or any Lower-tier PFIC that we control are or are likely to be a PFIC.
A U.S. investor can also avoid certain of the adverse U.S. federal income tax consequences described above by making a mark-to-market
election with respect to its common shares, provided that the common shares are &ldquo;marketable.&rdquo; U.S. investors should
consult their tax advisers regarding the availability and advisability of making a QEF Election or a mark-to-market election in
their particular circumstances. See &ldquo;U.S. Federal Income Tax Considerations&rdquo; for further information regarding the
consequences to a U.S. investor if we are a PFIC for any taxable year during which the U.S. investor holds common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i4"></A>ITEM 4. INFORMATION ON THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i4a"></A>History and development of the company</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a clinical-stage biopharmaceutical company focused on
discovering and developing highly targeted cancer immunotherapies. Our product candidates are being developed in the field of immuno-oncology,
which represents an innovative approach to cancer treatment that seeks to harness the body&rsquo;s own immune defenses to fight
tumor cells. The most potent cells of the human defense arsenal are types of white blood cells called Natural Killer cells, or
NK cells, and T cells. Our proprietary, next-generation bispecific antibodies, which we call TandAbs because of their tandem antibody
structure, are designed to direct and establish a bridge between either NK cells or T cells and cancer cells. Our TandAbs have
the ability to bring NK cells or T cells into proximity and trigger a signal cascade that leads to the destruction of cancer cells.
Due to their novel tetravalent architecture (which provides for four binding domains), our TandAbs bind to their targets with high
affinity and have half-lives that allow regular intravenous administration, with different dosing schemes being explored to allow
for improved exposure in heavily pretreated patient populations. <FONT STYLE="font-family: Times New Roman, Times, Serif">We are
also developing novel tetravalent, bispecific antibody formats with the potential to tailor immune-engaging therapy to different
indications and settings. </FONT>We believe, based on their mechanism of action and the preclinical and clinical data we have generated
to date, that our product candidates, alone or in combination, may ultimately improve response rates, clinical outcomes and survival
in cancer patients and could eventually become a cornerstone of modern targeted oncology care.<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Affimed was founded in 2000 based on technology developed by
the group led by Professor Melvyn Little at Deutsches Krebsforschungszentrum, the German Cancer Research Center, or DKFZ, in Heidelberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Focusing our efforts on antibodies specifically binding NK cells
through CD16A, a key activating receptor on innate immune cells, we have built a clinical and preclinical pipeline of NK cell-engaging
bispecific antibodies designed to activate both innate and adaptive immunity. Compared to a variety of T cell-engaging technologies,
our NK cell engagers appear to have a better safety profile and have the potential to achieve more potent and deeper immune responses
potentially through enhancing crosstalk of innate to adaptive immunity. Their safety profiles also make our molecules suitable
for development as combination therapies (e.g. with checkpoint inhibitors, or CPIs, adoptive NK cells or cytokines).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of today, we have focused our research and development efforts
on four proprietary programs for which we retain global commercial rights. Because our <FONT STYLE="font-family: Times New Roman, Times, Serif">tetravalent
bispecific antibodies</FONT> bind with receptors that are known to be present on a number of types of cancer cells, each of our
product candidates could be developed for the treatment of several different cancers. We intend to initially develop our two clinical
stage product candidates in orphan or high-medical need indications, including as a salvage therapy for patients who have relapsed
after, or are refractory to, that is who do not respond to treatment with, standard therapies, which we refer to as relapsed/refractory.
These patients have a limited life expectancy and few therapeutic options. We believe this strategy will allow for a faster path
to approval and will likely require smaller clinical studies compared to indications with more therapeutic options and larger patient
populations. We believe such specialized market segments in oncology can be effectively targeted with a small and dedicated marketing
and sales team. We currently intend to establish a commercial sales force in the United States and/or Europe to commercialize our
product candidates when and if they are approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also see an opportunity in the clinical development of our
<FONT STYLE="font-family: Times New Roman, Times, Serif">tetravalent bispecific antibodies</FONT> in combination with other agents
that harness the immune system to fight cancer cells, such as CPIs, <FONT STYLE="font-family: Times New Roman, Times, Serif">adoptive
NK cells and cytokines</FONT>. Such combinations of cancer immunotherapies may ultimately prove beneficial for larger patient populations
in earlier stages of diseases, beyond the relapsed/refractory disease setting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our main offices and laboratories are located at the
Technology Park adjacent to the German Cancer Research Center (DKFZ) in Heidelberg, where we employ 61 personnel,
approximately 60% of whom have an advanced academic degree. Including AbCheck and Affimed Inc. personnel, our total headcount
is 89 (80 full time equivalents). We are led by experienced executives with a track record of successful product development,
approvals and launches, specifically of biologics. Our supervisory board includes highly experienced experts from the
pharmaceutical and biotech industries, with a specific background in hematology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2009, we formed AbCheck, our 100% owned, independently run
antibody screening platform company, located in the Czech Republic. AbCheck is devoted to the generation and optimization of fully
human antibodies. Its technologies include a combined phage and yeast display antibody library and a proprietary algorithm to optimize</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">affinity, stability and manufacturing efficiency.
AbCheck also uses a super human library as well as their newly developed mass humanization technology to discover and
optimize high-quality human antibodies. In addition to providing candidates for Affimed projects, AbCheck is recognized for
its expertise in antibody discovery throughout the United States and Europe and has been working with globally
active pharmaceutical and biotechnology companies such as Tusk Therapeutics, bluebird bio, Eli Lilly, Daiichi Sankyo, Pierre Fabre and
others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i4b"></A>Business overview</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Our Strategy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our goal is to engineer targeted immunotherapies, seeking
to cure patients by harnessing the power of innate and adaptive immunity (NK and T cells). We are developing single and
combination therapies to treat cancers and other life-threatening diseases. For this, we have developed an entirely novel
antibody platform that delivers different types of next-generation antibodies, bispecific and trispecific Abs, TandAbs, as
well as novel tetravalent, bispecific antibody formats. Based on the unique properties and mechanism of action of these
products and supported by the preclinical and clinical data we have generated to date, we believe that our product
candidates, alone or in combination, may ultimately improve clinical outcomes in cancer patients and could eventually become
a key element of modern targeted oncology care. Key elements of our strategy to achieve this goal are to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Rapidly
Advance the Development of our Clinical Stage Product Candidates, including Combinations with Other Immunotherapies</I></B>. Our
product development strategy initially targets relapsed or refractory cancer patients who have limited therapeutic alternatives,
which we believe will enable us to utilize an expedited regulatory approval process. In the second quarter of 2015, a phase 2a
proof of concept study of AFM13 as a monotherapy was initiated by the German Hodgkin Study Group (GHSG) in HL patients that have
received all standard therapies and have relapsed after or are refractory to Adcetris. Due to delays in opening study sites and
the availability of anti-PD-1 antibodies for the treatment of relapsed/refractory HL patients, we have experienced slower recruitment
into the study than anticipated. Consequently, the overall study design was revised in order to adapt to the changing treatment
landscape, namely the availability of anti-PD-1 antibodies. The study now includes HL patients relapsed or refractory to treatment
with both brentuximab vedotin (Adcetris) and anti-PD-1 antibodies. The study is open and recruiting under the new study design.
Different dosing protocols of AFM13 are being explored to allow for improved exposure in more heavily pretreated patient populations.
We are also supporting a phase 1b/2a study of AFM13 as an IST in patients with relapsed or refractory CD30+ lymphoma led by Columbia
University in New York that was initiated in the third quarter of 2017. In addition to determining clinical efficacy, this is also
a translational study in patients with cutaneous manifestations and is designed to allow for serial biopsies, thereby enabling
assessment of NK cell biology and tumor cell killing within the tumor microenvironment. In this study, the first and second cohorts
have been fully enrolled and recruitment into the third cohort is ongoing. Furthermore, we are conducting a phase 1b clinical study
of AFM13 in combination with Merck&rsquo;s anti-PD-1 antibody Keytruda (pembrolizumab) in HL patients relapsed /refractory to chemotherapy
and Adcetris. In this study, we have completed recruitment into a dose escalation cohort and dose expansion cohort. In addition,
we are conducting a phase 1 clinical study of AFM11 in patients with non-Hodgkin Lymphoma, or NHL. The study has recently completed
the third dose cohort. We are also conducting a phase 1 clinical study of AFM11 in patients with ALL, which is currently enrolling
into the fifth dose cohort.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Establish
R&amp;D and Commercialization Capabilities in Europe and in the United States</I></B> While we plan to retain rights for our product
candidates, in the future we may enter into additional collaborations that provide value for our shareholders. We intend to build
a focused marketing and specialty sales team in Europe and in the United States to commercialize any of our product candidates
that receive regulatory approval. We have established a U.S. presence in order to expand our access to the U.S. talent pool, to
maintain a close relationship to the financial and pharmaceutical community and to continuously measure and adapt to our strategic
position in the competitive landscape.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Use
Our Technology Platforms and Intellectual Property Portfolio to Continue to Build our Cancer Immunotherapy Pipeline</I></B>. We
generate our product candidates from our proprietary antibody engineering technology platforms consisting of bi- and Trispecific
NK cell and T cell engagers. We plan to continue to leverage these technologies to develop new pipeline product candidates. We
believe we can utilize our</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">platforms to address additional targets that we may in-license in the future or identify internally.
We intend to continue to innovate in our field and create additional layers of intellectual property in order to enhance the platform
value and extend the life cycle of our products. We believe our strong intellectual property position can be used to support internal
development as well as out-licensing and collaboration opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Maximize
the Value of our Collaboration Arrangements with LLS, Merck and MD Anderson.</I></B> We have a research agreement with LLS under
which LLS has committed to co-fund the development of AFM13, with the focus having been shifted towards combination therapy in
June 2016 due to the recent changes within the rapidly evolving cancer immunotherapy treatment landscape. We believe that this
collaboration will also allow us to expedite patient enrollment for future studies by leveraging the LLS&rsquo;s existing relationships
with key U.S. clinical investigators. In January 2016, we entered into a clinical research collaboration with Merck &amp; Co to
investigate the combination of Merck&rsquo;s anti-PD-1 therapy, Keytruda (pembrolizumab), with AFM13 for the treatment of patients
with relapsed/refractory HL. In January 2017, we entered into a clinical development and commercialization collaboration with The
University of Texas MD Anderson Cancer Center, or MD Anderson, to evaluate AFM13 in combination with MD Anderson&rsquo;s NK cell
product.&nbsp;MD Anderson will be responsible for conducting preclinical research activities aimed at investigating its NK cells
derived from umbilical cord blood in combination with AFM13, which are intended to be followed by a phase 1 study. We will fund
research and development expenses for this collaboration and hold an option to exclusive worldwide rights to develop and commercialize
any product developed under the collaboration. We believe that these collaborations help to validate and more rapidly advance our
discovery efforts, technology platforms and product candidates, and will enable us to leverage our platforms through additional
high-value partnerships. As part of our business development strategy, we aim to enter into additional research collaborations
in order to derive further value from our platforms and more fully exploit their potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Intensify
our Collaboration with Academia</I></B>. We have entered into multiple collaborations with academic partners including the German
Hodgkin Study Group, the Mayo Clinic, Washington University in St. Louis, the Columbia University, MD Anderson Cancer Center and
the German Cancer Research Center (DKFZ), amongst others. We established a Scientific Advisory Board in 2015. We will continue
to engage with key experts in our areas of interest with activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Utilize AbCheck to Generate and Optimize Antibodies</I></B>. We formed AbCheck in 2009 to leverage our antibody screening
platform and partner with other biopharmaceutical companies in fee-for-service engagements. We use AbCheck&rsquo;s state-of-the-art
phage and yeast display screening technologies as well as a proprietary batch humanization process and bioinformatics tools to
identify and optimize antibodies that are highly specific for the targets we or our customers select, and that we engineer into
bi- and Trispecific immune cell engagers. AbCheck&rsquo;s high-quality capabilities have been validated through multiple international
collaborations including a clinical research partnership with globally active pharmaceutical and biotechnology companies such as
Tusk Therapeutics, bluebird bio, Eli Lilly, Daiichi Sankyo, Pierre Fabre and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Our Strengths</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe we are a leader in developing cancer immunotherapies
due to several factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Our
Lead Product Candidate, AFM13, is a First-in-Class NK cell Engager</I></B>. AFM13 is a targeted immunotherapy that is currently
in development for HL and CD30-positive lymphoma in relapsed/refractory patients. To engage and activate NK cells, we have engineered
AFM13 with a unique binding specificity for CD16A. AFM13 binds to CD16A with approximately 1,000-fold higher affinity than native
antibody molecules via the constant region. While native antibodies bind to CD16A and CD16B with similar affinity, AFM13 does not
bind to CD16B at all. CD16B is expressed on the surface of neutrophils which show very limited anti-tumor activity. As neutrophils
exist in such large amounts, most AFM13 would bind to this cell type and only a small part would be available for binding to NK
cells. We believe that AFM13 is the only antibody in development that can specifically engage CD16A+ cells, in particular NK cells,
with very high affinity. In the second quarter of 2015, a phase 2a proof of concept study of AFM13 was initiated by the German
Hodgkin Study Group (GHSG) in HL patients that have received all standard therapies and have relapsed after or are refractory to
Adcetris. The Leukemia and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">Lymphoma Society, or LLS, has
agreed to co-fund a portion of the development of AFM13. We are also supporting a phase 1b/2a study of AFM13 in patients with relapsed
or refractory CD30+ lymphoma as an IST led by Columbia University in New York that was initiated in the third quarter of 2017.
In addition to determining clinical efficacy, this is also a translational study in patients with cutaneous manifestations and
is designed to allow for serial biopsies, thereby enabling assessment of NK cell biology and tumor cell killing within the tumor
microenvironment. In this study, the first and second cohorts have been fully enrolled and recruitment into the third cohort is
ongoing. We initiated a clinical phase 1b study investigating the combination of AFM13 with Merck&rsquo;s Keytruda (pembrolizumab)
in patients with relapsed/refractory HL in the first half of 2016. The study is designed to establish a dosing regimen for the
combination therapy and assess its safety and efficacy. We have also entered into a clinical development and commercialization
collaboration with MD Anderson to evaluate AFM13 in combination with MD Anderson&rsquo;s NK cell product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Our
T cell-engaging Lead Product Candidate, AFM11. </I></B>By leveraging our technology platform, we have built a growing pipeline
of additional product candidates. Our second product candidate, AFM11, has demonstrated in preclinical studies highly specific
and effective engagement of T cells, inducing rapid and potent <I>in vitro</I> and <I>in vivo</I> tumor cell killing. Although
we believe the PK of AFM11 will compare favorably to Amgen&rsquo;s Blincyto, we are currently exploring different dosing regimens
in our clinical studies to address specific features relating to T cell engagement, which may require longer infusion times. We
are conducting a phase 1 clinical study of AFM11 in patients with non-Hodgkin Lymphoma, or NHL. The study has recently completed
the third dose cohort. We are also conducting a phase 1 clinical study of AFM11 in patients with ALL, which is currently enrolling
into the fifth dose cohort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Growing
Pipeline of Product Candidates Focused on Key Cancer Indications.</I></B> A CD16A NK cell engager, called AFM24,
targeting EGFR-wild type, a validated solid tumor target has been engineered and characterized preclinically and we expect to
provide an update on the program in the second quarter of 2018. In addition, we are developing AFM26 preclinically, a
CD16A NK cell engager targeting another validated tumor target, B cell maturation antigen (BCMA), in multiple myeloma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Retained
Global Commercial Rights for our Four Candidates in our Product Pipeline</I></B>. Our four pipeline product candidates AFM13, AFM11,
AFM24 and AFM26 are unencumbered. We retain all options to derive value from our product candidates, including commercialization
in all or select markets when and if they are approved. To maximize the value of our platform, we will continue to explore partnerships
to support the development or commercialization of our programs in certain territories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Experienced
Management Team with Strong Track Record in the Development and Commercialization of New Medicines.</I></B> Members of our management
team have extensive experience in the biopharmaceutical industry, and key members of our team have played an important role in
the development and commercialization of approved drugs. Our Chief Executive Officer Adi Hoess was a member of the team that developed
and commercialized Firazyr&reg;, while our Chief Operating Officer Wolfgang Fischer played a leading role in the development of
Myfortic&reg;, Certican&reg;, Tasigna&reg;, Zarzio&reg;, Erelzi&reg; and Rixathon&reg;. Our recently hired Chief Medical Officer
Leila Alland has played key roles in the development and approval of Tagrisso&reg;, Opdivo&reg;, Tasigna&reg; and Caelyx&reg;/Doxil&reg;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><B><I>Strong
Technology Base and Solid Patent Portfolio in the Field of Targeted Immuno-Oncology</I></B>. We are a leader in the field of bi-and
trispecific antibody therapeutics for the treatment of cancer. We have a patent portfolio that includes the tetravalent TandAb
antibody platform itself. Further, we have a proprietary position in NK cell engagement, specifically regarding binding domains
directed at CD16A with no cross-reactivity to CD16B. We have more than a decade of experience in the discovery and development
of such complex antibodies, and our molecular architecture allows for efficient and cost-effective manufacturing. In addition to
supporting internal product development, we believe our strong intellectual property position can be used to support out-licensing
and collaboration opportunities in the field of immuno-oncology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our research and development pipeline</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are developing a pipeline of immune-cell engagers for the
treatment of cancer as shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_012.jpg" ALT="" STYLE="height: 324px; width: 624px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead candidate, AFM13, is a first-in-class
NK cell TandAb designed for the treatment of certain CD30-positive (CD30+) B- and T cell malignancies. AFM13 selectively binds
with CD30, a clinically validated target, and CD16A, an integral membrane glycoprotein receptor expressed on the surface of NK
cells, triggering a signal cascade that leads to the destruction of tumor cells that carry CD30. In contrast to conventional full-length
antibodies, AFM13 does not bind to CD16B, which prevents binding to other cells, e.g. neutrophils. Furthermore, AFM13 binds CD16A
with an approximately 1000-fold higher affinity than monoclonal antibodies thereby significantly increasing potency and efficacy
as preclinically demonstrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are currently investigating AFM13 as mono- and combination
therapy in relapsed/refractory HL and relapsed/refractory CD30-positive lymphoma patients. In a completed phase 1 dose-escalation
clinical study, AFM13 was well-tolerated and demonstrated tumor shrinkage or slowing of tumor growth, with disease control shown
in 16 of 26 patients eligible for efficacy evaluation. AFM13 also stopped tumor growth in patients who have relapsed after, or
are refractory to Adcetris (brentuximab vedotin), a CD30-targeted chemotherapy approved by the U.S. Food and Drug Administration,
or FDA, in August 2011 as a salvage therapy for HL. Approximately half of the patients treated with Adcetris experience disease
progression in less than half a year after initiation of therapy. Six out of seven patients who became refractory to Adcetris
as the immediate prior therapy experienced stabilization of disease under AFM13 treatment according to Cheson&rsquo;s criteria,
standard criteria for assessing treatment response in lymphoma. We believe that based on its novel mode of action, AFM13 may be
beneficial to patients who have relapsed or are refractory to treatment with Adcetris and may provide more durable clinical benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Affimed is also currently sponsoring an IST led by GHSG. This
phase 2a clinical study of AFM13 in patients with relapsed/refractory HL started recruitment in the second quarter of 2015. Under
the original protocol, seven patients were recruited that were relapsed/refractory to Adcetris but na&iuml;ve to anti-PD-1 antibodies
and two of these patients experienced a partial response showing an objective response rate (ORR) of 29%. Due to delays in opening
trial sites and the availability of anti-PD-1 antibodies for the treatment of relapsed/refractory HL patients, in the past we have
experienced slower recruitment into the study than anticipated. Consequently, the overall study design was revised in order to
adapt to the changing treatment landscape, namely the availability of anti-PD-1 antibodies. The study now recruits HL patients
relapsed or refractory to treatment with brentuximab vedotin and anti-PD-1 antibodies. The study is open and recruiting under the
new study design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, we are conducting a phase 1b clinical study of AFM13 with Merck&rsquo;s anti-PD-1 antibody
Keytruda (pembrolizumab) in HL. In this study, we have completed recruitment of a total of 30 patients, comprising a dose escalation
cohort of 12 patients as well as an expansion cohort of an additional 18 patients, and in December 2017</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and February 2018, the first data were published. Best response
preliminary assessment data from nine patients treated at the highest AFM13 dose level (7 mg/kg) as reported by central read showed
an ORR of 89%, including complete metabolic responses (CmRs) in 44% and partial metabolic responses (PmRs) in 44% of patients.
One patient experienced stable disease (SD).This ORR of 89% compared favorably to the historical ORR of Keytruda (58-63%) as monotherapy
in a similarly pretreated patient population. Namely, such patients were relapsed/refractory HL and post autologous stem cell transplantation
(ASCT) or ineligible for ASCT and had failed brentuximab vedotin. A total of 24 patients are being treated at the highest AFM13
dose level. The combination was well-tolerated with most of the adverse events observed mild to moderate in nature and manageable
with standard of care. We expect full 3-month data by mid-year 2018 and intend to provide regular updates at scientific or medical
conferences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also supporting a phase 1b/2a study of AFM13 as an IST
in patients with relapsed or refractory CD30+ lymphoma as an IST led by Columbia University in New York. In addition to determining
clinical efficacy, this is also a translational study in patients with cutaneous manifestations and is designed to allow for serial
biopsies, thereby enabling assessment of NK cell biology and tumor cell killing within the tumor microenvironment. In this study,
the first and second cohorts have been fully enrolled and recruitment into the third cohort is ongoing. An analysis of the first
dose cohort (three patients dosed at 1.5 mg/kg) has been completed. The data demonstrated that AFM13 could be safely administered
and showed therapeutic activity as a single agent, with an ORR of 66%. In detail, one complete response (CR), one partial response
(PR) and one SD were observed, as determined by global response score.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to prepare for further clinical development, we performed
preclinical studies investigating the combination of AFM13 with check-point modulators (CPMs) with collaboration partners. We believe
that AFM13 and CPMs administered together could lead to greater tumor cell killing because these molecules may have a synergistic
anti-tumor effect involving both NK cells and T cells. Based on the preclinical data, we entered into a collaboration with Merck
and have initiated a clinical phase 1b study investigating the combination of AFM13 with Merck&rsquo;s anti-PD-1 antibody Keytruda
(pembrolizumab) in patients with relapsed/refractory HL. In addition, the LLS has committed to co-fund the development of AFM13
with the focus having been shifted towards combination therapy in June 2016 following the greater focus of combination therapies
in immune-oncology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January 2017, we entered into a clinical development and
commercialization collaboration with MD Anderson to evaluate AFM13 in combination with MD Anderson&rsquo;s NK cell product.&nbsp;MD
Anderson will be responsible for conducting preclinical research activities aimed at investigating its NK cells derived from umbilical
cord blood in combination with AFM13, which are intended to be followed by a phase 1 study. We will fund research and development
expenses for this collaboration and hold an option to exclusive worldwide rights to develop and commercialize any product developed
under the collaboration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Together with our collaboration partner, the German Cancer Research
Center (DKFZ), we recently published data presenting evidence of AFM13 modulating NK cells by sensitizing them to IL-2 and/or IL-15
stimulation. In this study, after exposure to AFM13, the NK cells showed improved IL-2- and IL-15-mediated proliferation and cytotoxicity.
These data support the strategy of combining our NK -cell engagers with IL-2- or IL-15 to potentially achieve deeper clinical responses.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our second clinical stage candidate, AFM11, is a T cell TandAb
designed for the treatment of certain CD19+ B cell malignancies, including non-Hodgkin Lymphoma, or NHL and Acute Lymphocytic Leukemia,
or ALL. AFM11 binds selectively with CD19, a clinically validated target in B cell malignancies. It also binds to CD3, a component
of the T cell receptor complex, triggering a signal cascade that leads to the destruction of tumor cells that carry CD19. Based
on its molecular characteristics, in particular its molecular weight, we expect AFM11 will have a longer half-life than blinatumomab,
a bispecific antibody also targeted against CD19 and CD3 developed by Amgen, and approved in the United States and Europe. AFM11
has shown 100-fold higher affinity to CD3 resulting in up to 40-fold greater cytotoxic potency at low T cell counts compared to
blinatumomab. We therefore believe it may have an efficacy advantage, especially in immunocompromised patients. Although the PK
of TandAbs is longer as compared to Amgen&rsquo;s BiTEs such as Blincyto, AFM11 might have a convenience advantage due to its half-life
and we are exploring different dosing regimens in our clinical studies to address specific features relating to T cell engagement,
which may require longer infusion times. We are conducting a phase 1 clinical study of AFM11 in patients with NHL. The study has
recently completed the third dose cohort. We are also conducting a phase 1 clinical study of AFM11 in patients with ALL, which
is currently enrolling into the fifth dose cohort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are developing AFM24, an NK cell-engaging bispecific antibody
targeting EGFR-wild type, which represents a validated antigen expressed by a variety of solid tumors. Constitutive EGFR activation
through amplification or dysregulation plays an important role in the pathophysiology of numerous solid cancers, such as colorectal
cancer (CRC), non-small cell lung cancer (NSCLC) or squamous cell carcinomas of the head and neck (HNSCC). We are generating high
affinity tetravalent, bispecific lead candidates binding to CD16A and the extracellular domain of EGFR with varying half-lives.
We believe these antibodies are differentiated from other EGFR-targeting therapies such as cetuximab due to the very limited competition
of NK cell-binding by circulating IgG. Moreover, our antibodies showed superior potency and efficacy compared to classical or Fc-enhanced
antibodies, as well as the ability to kill tumor cells when they express mutated proto-oncogene RAS, a negative predictive biomarker
for EGFR-targeting monoclonal antibodies. We anticipate completing IND-enabling studies for AFM24 by mid-year 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also developing AFM26, an NK cell-engaging bispecific
antibody targeting B cell maturation antigen (BCMA) to address the medical need for a novel approach to treat multiple myeloma.
In particular, we aim to leverage BCMA as a target in autologous stem cell transplant (ASCT)-eligible patients, with treatment
at or shortly after ASCT offering the potential to eliminate minimal residual disease (MRD), avoiding relapse. We believe BCMA
is a highly promising target for therapeutic intervention based on early clinical data (CAR-T and ADCs), but low expression of
BCMA is a significant hurdle to eliminate malignant cells. NK cells are the first population of lymphocytes to recover post-transplant,
offering the opportunity to exploit AFM26 in the ASCT setting. Preclinical development of AFM26 is ongoing; we are developing different
tetravalent bispecific antibody formats and have selected the final candidate. AFM26 employs a unique mechanism of action through
high affinity engagement of NK cells, in vitro efficacy against cells expressing very low levels of BCMA and NK cell binding largely
unaffected by IgG competition. In addition, AFM26 offers the opportunity for combination with adoptive NK cell transfer, as it
appears to have a favorable safety profile with lower cytokine release as compared to BiTE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amphivena&rsquo;s product candidate, AMV564, is a CD33/CD3-specific
T cell TandAb. Amphivena is clinically developing AMV564 for the treatment of acute myeloid leukemia (AML), for which Amphivena
has obtained Orphan Drug Designation, and other hematologic malignancies. In preclinical studies, AMV564, which was derived from
our TandAb platform, has demonstrated potent and selective cytotoxic activity in AML patient samples as well as robust tumor growth
inhibition and a complete elimination of leukemic blasts in xenograft models. The IND application for AMV564 was accepted in July
2016 and Amphivena is conducting a phase 1 clinical study of AMV564 in relapsed or refractory AML. Amphivena also plans to launch
a phase 1 clinical study in patients with myelodysplastic syndrome (MDS) and is exploring the utility of AMV564 in solid tumors.
We are continuing to support AMV564&rsquo;s clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we have been exploring trispecific Abs for various
undisclosed targets which are currently at a discovery stage to be developed for indications such as multiple myeloma (MM), as
well as novel tetravalent, bispecific antibody formats for NK cell engagement offering varying PK/PD profiles relevant to certain
diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Immune System and Cancer Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Immune System</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The human immune system is characterized by an early, nonspecific
initial response called innate immunity, and a highly specific response adapted to pathogenic or tumorigenic antigenesis called
adaptive immunity. Although the human immune system is normally capable of recognizing foreign or aberrant cells, cancer cells
have developed highly effective ways to escape the surveillance and defense mechanisms of the immune system. As a result, immune
cells such as NK cells (a part of innate immune system) and T cells (a part of the adaptive immune system) cannot recognize tumor
cells as foreign or aberrant and therefore cannot fight them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>NK
cells: NK cells are important mediators of the innate immune system and can display cytotoxic, or cell-killing, activity against
&ldquo;altered self&rdquo; (virus-infected and cancerous) cells. They were named &ldquo;natural killers&rdquo; because they recognize
altered structures without the need for antigen processing and presentation. NK cells possess a large number of receptors that
activate NK cells to destroy deviant cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>T
cells: T cells are part of the adaptive immune system and only target cells that present antigen on their surface. The immune system
recognizes a particular antigen and produces cytotoxic T cells that bind to cells that present that antigen. As a result, billions
of different structural variants can be recognized by the adaptive immune system, but each individual T cell can only bind and
respond to a single structure or molecule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Increased understanding of the fundamentals of cellular and
molecular tumor immunology has identified many ways in which the immune system can be augmented to treat cancer, including priming/boosting
of the immune system, T</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cell modulation, reducing immunosuppression in the tumor
microenvironment and enhancing adaptive immunity. This new area of medicine, termed cancer immunotherapy, has the potential to
offer adaptable and durable cancer control across a variety of tumor types. Our bi- and trispecific antibody platforms enable
a direct interaction of NK or T cells with cancer cells on the level of single cells leading to apoptosis, or destruction of
the tumor cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Cancer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cancer is a broad group of diseases in which cells divide and
grow in an uncontrolled fashion, forming malignancies that can invade other parts of the body. In normal tissues, the rates of
new cell growth and cell death are tightly regulated and kept in balance. In cancerous tissues, this balance is disrupted as a
result of mutations, causing unregulated cell growth that leads to tumor formation. While tumors can grow slowly or rapidly, the
dividing cells will nevertheless accumulate and the normal organization of the tissue will become disrupted. Cancers subsequently
can spread throughout the body by processes known as invasion and metastasis. Once cancer spreads to sites beyond the primary tumor,
it may be incurable. Cancer cells that arise in the lymphatic system and bone marrow are referred to as hematological malignancies.
Cancer cells that arise in other tissues or organs are referred to as solid tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to the American Cancer Society, cancer is the second
most common cause of death in the United States. In the United States, 1.7 million new cases of cancer are expected to be diagnosed
in 2018, and more than 609,000 deaths from cancer were expected to occur. The 5-year relative survival rate for all cancers diagnosed
during 2007-2013 was 69%. In 2013, there were an estimated 14 million people currently suffering from cancer in the United States.
According to a National Institute of Health analysis, medical costs associated with cancer reached $125 billion in 2010 and are
projected to increase another 27% by 2020, to at least $158 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most common methods of treating patients with cancer are
surgery, radiation and drug therapy. For patients with localized disease, surgery and radiation therapy are particularly effective.
Drug therapies are generally used by physicians in patients who have cancer that has spread beyond the primary site or cannot otherwise
be treated through surgery, such as most hematological malignancies. The goal of drug therapies is to damage and kill cancer cells
or to interfere with the molecular and cellular processes that control the development, growth and survival of cancer cells. In
many cases, drug therapy entails the administration of several different drugs in combination. Over the past several decades, drug
therapy has evolved from non-specific drugs that kill both healthy and cancerous cells, to drugs that target specific molecular
pathways involved in cancer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An early approach to pharmacological cancer treatment was to
develop drugs, referred to as chemotherapies or cytotoxic drugs, which kill rapidly proliferating cancer cells through non-specific
mechanisms, such as disrupting cell metabolism or causing damage to cellular components required for tumor survival and rapid growth.
While these drugs have been effective in the treatment of some cancers, cytotoxic drug therapies act in an indiscriminate manner,
killing healthy cells along with cancerous cells. Due to their mechanism of action, many cytotoxic drugs have a narrow therapeutic
window, or dose range above which the toxicity causes unacceptable or even fatal levels of damage and below which the drugs are
not effective in eradicating cancer cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The next approach to pharmacological cancer treatment was to
develop drugs, referred to as targeted therapeutics, including monoclonal antibodies, which are antibodies that are cloned from
a single parent cell, that target specific biological molecules in the human body that play a role in rapid cell growth and the
spread of cancer. Included in this category are small molecule drugs as well as large molecule drugs, also known as biologics.
With heightened vigilance and new diagnostic tests, targeted therapies (including monoclonal antibodies such as Herceptin&reg;,
Rituxan &reg;, Erbitux&reg; and Avastin&reg; as well as small molecules such as Nexavar &reg; and Tarceva&reg;), have resulted
in improvements in overall survival for many cancer patients. More recently, antibodies have been developed that are optimized
regarding their effector function, also known as Fc optimized antibody drugs, for example obinutuzumab. These molecules are designed
to engage NK cells and macrophages more effectively in the elimination of cancer cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cancer immunotherapy plays an increasing role among emerging
cancer drug therapies. The intention is to harness the body&rsquo;s own immune system to fight tumor cells or in some cases reestablish
or remove certain blockades or signaling cascades. There are different approaches: vaccinations, checkpoint modulators that target
co-stimulatory signals of the immune system, T cell and NK cell engagers, for example, bispecific antibodies, or cellular therapies
involving transforming a patient&rsquo;s own T cells to express chimeric antigen receptors (CARs). Ipilimumab (Yervoy), sipuleucel-T
(Provenge), and more recently nivolumab (Opdivo), pembrolizumab (Keytruda), and blinatumomab</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Blincyto) were the first cancer immunotherapies
to enter the market. Our platforms of bi- and trispecific antibodies add further promise to the field of immuno-oncology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Technologies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generate our pipeline of product candidates from four proprietary
platform technologies based on our proprietary tetravalent antibody architecture characterized by four binding domains, creating
bispecific NK cell and T cell TandAbs (binding to two different targets), trispecific Abs (binding to three different targets)
and novel <FONT STYLE="font-family: Times New Roman, Times, Serif">tetravalent bispecific antibody formats </FONT>offering varying
PK/PD profiles relevant to certain diseases. These molecules bind to specific targets on a tumor cell and to NK cells or T cells
and thereby direct the immune cell to eliminate the tumor cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>TandAbs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our TandAbs are designed with two binding domains for immune
cell targeting and two for tumor cell targeting and can be engineered to engage two different types of immune cells, either NK
cells or T cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, they are designed to have the following properties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>bispecific
or trispecific targeting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>binding
with high specificity, or selectivity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>binding
with high affinity/avidity, or strength;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>molecular
weight allowing for intravenous bolus administration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>stable
structure conducive to efficient and cost-effective manufacturing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Trispecific Antibodies (TriFlex)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Like TandAbs, trispecific Abs also have two domains for immune
cell targeting and two for tumor cell targeting, but their two tumor binding domains or effector cell binding domains can be distinct,
each one designed to bind a different target on the tumor cell or effector cell, respectively (see illustration below). We are
developing our trispecific Abs as both NK cell and T cell engagers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B>Schematic representation of TandAbs (left and
middle) and trispecific Abs (right)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 137px; width: 604px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Schematic representation of the mode
of action of tetravalent bispecific immune cell engager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead candidate NK cell TandAb, AFM13,
binds to CD30, a receptor found on the tumor cells of patients with HL and other CD30+ malignancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 167px; width: 624px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%">Immune cell with receptors and tumor cell with receptors </TD>
    <TD STYLE="width: 25%">Immune cell engager redirects the immune cell to the tumor cell, forming an immunological synapse </TD>
    <TD STYLE="width: 23%">Immune cell releases perforin, creating pores in tumor cell membrane through which granzyme enters, triggering caspase cascade</TD>
    <TD STYLE="width: 25%">Granzyme and caspase action trigger apoptosis of tumor cell. Immune cell engager is released</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Novel Tetravalent Bispecific Antibody Formats</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The strategy of our novel <FONT STYLE="font-family: Times New Roman, Times, Serif">tetravalent
bispecific antibody format </FONT>platform is based on tetravalent, bispecific immune cell engagement. We have explored various
formats designed to prolong both serum PK and pharmacodynamics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Comparison of conventional and TandAb antibodies
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Native, or naturally occurring, antibodies are Y-shaped proteins
that are used by the immune system to target pathogens. Antibodies are comprised of two identical heavy chains and two identical
light chains. The binding sites for target molecules are formed by the two variable domains of the heavy and light chains at the
tips of the two arms, also referred to as Fv regions. The two Fv regions target the same antigen, and this bivalent binding to
a receptor on the surface of a cell leads to an increase in binding strength. The Fc region can bind, recruit and activate immune
system cells, including NK cells, but not T cells, to amplify the immune response to antigen bound by the Fv regions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><B>Conventional Antibody</B></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><B>TandAb</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_015.jpg" ALT="" STYLE="height: 396px; width: 624px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our TandAbs consist of four FV domain fragments derived from
two different parent antibodies. Two FV fragments bind specifically to a disease target, such as CD30 on a tumor cell, and the
other two FV regions bind specifically to receptors of an immune cell, such as an NK cell. In this way, our TandAbs are designed
to bind with specificity to two different cells, a target cell and an effector cell. The FV domain fragments are connected by short
peptide linkers. TandAbs are expressed from a single gene construct, and two chains of the resulting polypeptides assemble spontaneously
in an intermolecular fashion to form the biologically active structure (a homodimer). Like the parent antibodies, a TandAb has
two binding sites for each target: two domains bind to a receptor on an NK cell or T cell, and two bind to a receptor on tumor
cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have three proprietary platform technologies based on our
proprietary tetravalent antibody architecture characterized by four binding domains:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>NK
cell TandAbs - These bispecific antibodies are designed to bind with high affinity to a specific target on a tumor cell and to
NK cells and thereby direct the NK cell to eliminate the tumor cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>T
cell TandAbs - These bispecific antibodies are designed to bind with high affinity to a specific target on a tumor cell and to
T cells and thereby direct the T cell to eliminate the tumor cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>Trispecific
Abs for dual targeting of tumor cells - These antibodies are designed to bind to two different targets on the tumor cell and to
either T cells or NK cells and thereby direct the T cell or NK cell to eliminate the tumor cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have established robust and efficient manufacturing processes
for our TandAbs using a mammalian cell system, and they show good product stability. TandAbs are formulated as lyophilized powder
and are reconstituted for infusion. The mean half-life (t1/2) of our lead TandAb AFM13 for dose cohorts = 1.5 mg/kg was 9-19 hours
in humans, and AFM13 is administered one to three times weekly by intravenous infusion over a one to four hour period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>NK cell TandAbs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NK cells distinguish between healthy cells
and foreign or aberrant cells through a process that is governed by a complex interaction of activating and inhibitory receptors
that regulate their activity. While NK cells can bind to the Fc regions of native full-length antibodies to induce a cytotoxic
effect, our NK cell TandAbs are designed to enhance the activity of NK cells in killing targeted tumor cells because they bind
the Fc&gamma;RIIIA (CD16A) receptor on NK cells with high specificity and approximately 1,000-fold higher affinity than IgG-based
antibodies, and greater than 25-fold higher affinity than typical Fc-optimized IgG antibodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CD16A is an integral membrane glycoprotein
found on the surface of NK cells, but not neutrophils. Other therapeutic antibodies bind not only to CD16A, but, to our knowledge,
also to the highly homologous CD16B, an isoform differing from CD16A by only a few amino acids. CD16B is expressed on neutrophils,
which are the most numerous white blood cells (leukocytes), and blood plasma contains high levels of soluble CD16B cleaved from
the daily turnover of apoptotic neutrophils. Thus CD16B, being readily available to bind to any Fc-based antibody formats, represents
an antibody sink by neutralizing such antibodies. To engage and activate NK cells, we have generated a highly effective and specific
human antibody that targets the CD16A receptor and does not cross-react with CD16B (see figure below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Binding of NK cell TandAb to CD16A (high-and low affinity
genetic variants (allotypes) 158V and 158F, respectively) and to CD16B (SH, NA1 and NA2 allotypes), the latter showing zero response
(no binding)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.8pt"><IMG SRC="image_016.jpg" ALT="" STYLE="height: 397px; width: 545px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>T cell TandAbs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CD4+ or CD8+ T-lymphocytes (T cells) are
primary effectors of adaptive immunity and launch an attack only once foreign or aberrant material is processed and small pieces
thereof are presented to them. Our T cell TandAbs are designed to tether a T cell directly to a target on a tumor cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our T cell TandAbs bind with high affinity
to the CD3 protein of the T cell receptor and a target molecule on the tumor cell. Once our T cell TandAbs recruit a T cell to
the tumor cell, the T cell generates a strong activation signal that induces the release of cytotoxic proteins perforin and granzyme
and results in the destruction of the cancer cell. Our T cell TandAbs have demonstrated in preclinical studies target-dependent
cytotoxicity at low picomolar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">concentrations, which we believe may allow us to achieve therapeutic doses in the microgram range.
In the absence of a tumor cell, the binding to CD3 on the T cells by the TandAbs is not sufficient to activate the T cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our T cell lead candidate, AFM11, binds
to CD3 and CD19, a B cell receptor found on malignant cells that cause leukemia or lymphoma, including NHL. The high potency of
AFM11 has also been measured at low T cell counts, which may be of particular benefit to patients whose immune systems are compromised,
for example by chemotherapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Trispecific Antibodies (TriFlex)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our trispecific antibody platform could pave the way for cancer
products with a substantially widened therapeutic window. Through our proprietary tetravalent domain structure, we have the ability
to generate antibodies that exhibit three different binding specificities. Such structures are normally challenging to make, but
we have succeeded in generating such molecules and have found that they have all the features to be used as drug candidates, such
as manufacturability and stability. Our initial work is aimed at targeting two different tumor targets, and with a third functionality,
engaging T cells or NK cells to exert a cytotoxic effect. Targeting two tumor targets allows for greater selectivity for cancer
cells, sparing healthy tissue and resulting in a wider therapeutic window by opening up the potential target space, or dose range
within which the drug can be effective in eradicating cancer cells without causing unacceptable levels of side effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January 2015, we were awarded a &euro;2.4 million ($3 million)
grant program from the German Federal Ministry of Education and Research (BMBF). The grant, awarded under the BMBF&rsquo;s &ldquo;KMU-innovative:
Biotechnology &ndash; BioChance&rdquo; program, will cover approximately 40% of funding for a research and development program
to develop multi-specific antibodies for the treatment of multiple myeloma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Novel Tetravalent Bispecific Antibody Formats)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our alternative antibody format platform is based on tetravalent,
bispecific immune cell engagement. We have explored various formats designed to prolong both serum PK and pharmacodynamics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Target Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>HL and CD30-positive Malignancies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HL is a type of lymphoma, which is a cancer originating from
white blood cells called lymphocytes. CD30 is a cell membrane protein and tumor marker of different hematological malignancies
of which HL is one of the more prevalent. There are approximately 9,000 new cases of HL in the United States every year and about
23,000 new cases in North America, the European Union and Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patients with newly diagnosed HL, depending on disease stage,
are treated primarily with chemotherapy, sometimes in combination with radiotherapy. The current initial standard regimens are
highly effective, but associated with acute and chronic toxicity. A number of patients are either refractory to or relapsing from
standard therapy that included chemotherapy followed by Adcetris, and we believe these represent a total of approximately 4,000-5,000
patients every year in North America, the European Union and Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adcetris is the first approved targeted therapy for HL patients
that are relapsed/refractory to second line treatments. Adcetris targets CD30, the same target as AFM13, but has a different mode
of action, acting as a targeted chemotherapy, rather than as a targeted immunotherapy. As an antibody drug conjugate, Adcetris
delivers a toxin (monomethyl auristatin E) to the cells that carry the CD30 receptor. The toxin is internalized by the tumor cell,
which is then destroyed. In a phase 2 clinical study, Adcetris treatment in relapsed/ refractory HL patients resulted in an overall
response rate of 75% and a complete response rate of 34%. However, the median progression free survival after Adcetris is only
9.3 months. In addition, the treatment is associated with considerable adverse events like neutropenia (low neutrophils) and neuropathy
(damage to the peripheral nervous system).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FDA and EMA have approved nivolumab in classical HL that has
relapsed or progressed after autologous hematopoietic stem cell transplantation and brentuximab vedotin in 2016. Recently, the
FDA has approved pembrolizumab for the treatment of adult and pediatric patients with refractory classical Hodgkin lymphoma (cHL),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or who have relapsed after three or more prior lines of therapy. Overall response rates for both anti-PD-1 antibodies are similar
(58-65%), with a complete remission rate of 9-22%. Other CD30+ hematological malignancies include CD30+ T cell lymphoma, or TCL,
and CD30+ diffuse large B cell lymphoma, or DLBCL (approximately 25% of DLBCL tumors express CD30), which together contribute approximately
6,000-8,000 relapsed/refractory cancer cases per year in North America, the European Union and Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>NHL</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Among a large group of lymphomas, approximately 80% belong to
the NHL group. These cancers can originate from either malignant B cells or T cells, whereby B cell derived NHL comprises the vast
majority. NHL includes precursor B cell tumors and 12 distinctly-defined mature B cell tumors, among them DLBCL, follicular lymphoma,
or FL, and mantle cell lymphoma, or MCL. The latter three subtypes are the focus of the clinical development of AFM11. The total
annual incidence of all B cell lymphoma subtypes in North America, the European Union and Japan is about 160,000 cases, of which
70,000 are in the United States. DLBCL alone represents about 46,000 new patients in North America, the European Union and Japan
every year, and currently some 20,000 patients with DLBCL relapse from or become refractory to a series of standard treatments
every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is a high medical need for new treatment options in NHL,
especially in the relapsed/refractory setting. Standard first line treatment of patients with NHL consists of the CHOP chemotherapy
regimen. The regimen is usually combined with rituximab (an anti CD20 monoclonal antibody) and called R-CHOP. While this regimen
results in a durable response for the majority of patients with aggressive disease, in patients with indolent, or slowly progressing,
disease, the chemotherapy is less effective. The effect of treatments in relapsed/refractory NHL also depends on the type of disease.
For instance, response rates achieved with new targeted therapies in follicular lymphoma (FL) or mantle cell lymphoma (MCL) are
at least partially promising and ibrutinib (Impruvica&reg;) was approved in the United States for MCL in 2013 based on phase 2
data showing an overall response rate of 66%. However, in diffuse large B cell lymphoma (DLBCL), data are less promising with response
rates usually not exceeding 45%. Promising results for this patient population were seen with blinatumomab, a bispecific antibody
with the same disease target and immune cell target as AFM11 (CD19/CD3). In a dose-escalation study, patients (n=35) treated with
the maximum tolerated dose (MTD) showed an overall response rate of 69%. In addition, the FDA has recently approved two CAR-T
cell therapies: Kymriah for the treatment of B-cell ALL and Yescarta for patients suffering from B cell NHL, demonstrating ORRs
of 83% and 72%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Other CD19-positive Malignancies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALL, an aggressive type of leukemia characterized by an overproduction
of lymphocytes in the bone marrow and the peripheral blood, is also primarily a B cell disease and exhibits the CD19 receptor.
According to the National Cancer Institute, in 2013 an estimated number of 6,000 ALL cases were newly diagnosed in the United States,
more than half in children and adolescents. Treatment of patients with ALL usually consists of a regimen that includes vincristine,
prednisone, and an anthracycline, with or without asparaginase, and results in a complete response rate of up to 80% in patients
aged 1-18 years; for adults, complete response rates are considerably lower (about 30% for patients above 40 years of age). Blincyto
(blinatumomab) has been approved in the United States and in the EU for Philadelphia chromosome-negative relapsed or refractory
B cell precursor acute lymphoblastic leukemia (ALL). This product is a bifunctional molecule similar to AFM11 in its targeting
features and has demonstrated a moderate response rate of about 42% in the labelled adult population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are many studies with investigational drugs ongoing in
CD19+ malignancies, including CARs that are in early-stage development for several CD19+ malignancies. CARs are showing high response
rates in early clinical studies, however their clinical use seems to be limited by multiple factors including potential significant
side effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>EGFR-positive Malignancies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current treatment options for solid tumors consist of a mix
of surgery, chemotherapy, radiotherapy and targeted therapies. While historically chemotherapy or radiotherapy regimens were standard,
now tumor specific biomarkers guide decision-making for the optimal treatment of the individual patient. This has led to the implementation
of innovative treatments as standard of care in many solid tumors, in particular monoclonal antibodies and tyrosine kinase inhibitors
are frequently used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EGFR is one of the important targets which is exploited by these
targeted therapies. It is expressed in a wide range of solid tumors and is considered a validated target for their treatment. Erbitux
and Vectibix are anti-EGFR monoclonal antibodies which are approved for the treatment of RAS-wildtype metastatic colorectal cancer.
This represents ~ 45-50% of all colorectal cancer patients. However, the treatment of RAS mutant colorectal cancer is not effective
as the down-stream signaling cascade is constitutively activated and thereby confers resistance to both Erbitux and Vectibix. In
addition, Erbitux is also approved for the treatment of locally advanced and recurrent/metastatic head and neck cancer (HNSCC).
The anti-EGFR mAb Necitumumab is approved for squamous cell carcinoma of the lung. Herceptin is considered standard treatment for
HER2-positive breast cancer and HER2-positive gastric cancer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beyond these approved indications, there are signals of clinical
activity of anti-EGFR mAbs from early clinical studies in a wide range of different indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Immunotherapies play an increasing role in solid tumors. PD-1
checkpoint inhibitors have been approved for the treatment of melanoma, lung cancer, renal cancer, bladder cancer and head and
neck cancer. Many studies with cancer immunotherapies are ongoing. It is expected that immunotherapies will play an increasing
role in the standard therapy of solid tumors. However, even with these advances, cure is still the exception for the majority of
late stage tumors, in particular metastatic tumors, and the medical need for new and safe treatment approaches remains generally
high for solid tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is a broad spectrum of development opportunities for our
tetravalent bispecifc EGFR-targeting antibody.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>RAS</I> mutant colorectal cancer: The main mode-of-action of Erbitux and Vectibix seems to be the inhibition of the down-streaming
signaling cascade, which results in a lack of activity in RAS mutant colorectal cancer. Recent data also indicate that other mutations
in the down-stream signaling cascade like BRAF mutations might also confer resistance to Erbitux and Vectibix. In contrast, our
EGFR-antibody confers a dual mode-of-action: it inhibits down-stream signaling and induces direct NK cell mediated killing of EGFR-positive
cells. It might therefore be able to overcome these limitations and be clinically active, regardless of RAS mutation status.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Combination therapy: Preclinical data combining the NK cell engager AFM13 with anti-PD1 therapy suggest strong synergism for
the combination of a NK cell engager with a checkpoint inhibitor. This supports the combination of AFM24 with a checkpoint inhibitor
in several EGFR-positive tumors, in which the checkpoint inhibitors are approved, e.g. NSCLC and HNSCC.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Improved benefit/risk profile versus the established EGFR-targeting mAbs: By its dual mode-of-action our antibody might be
more efficacious than the available EGFR mAbs in their approved indications (mCRC RAS WT, HNSCC, squamous NSCLC) and might exhibit
an improved safety profile, especially with respect to skin toxicity, which is the most common side effect of Vectibix and Erbitux.
The improved safety profile could be the result of a different biodistribution of our compound compared to the available mAbs.
Eventually an improved benefit/risk profile could result in a replacement of the existing therapies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Development on EGFR-positive solid tumors, in which no other EGFR mAbs are approved: Clinical signals of anti-tumor activity
have been observed in a broad range of indications aside from the approved ones, among those are for example triple negative breast
cancer and esophageal cancer. These indications might be further pursued with the EGFR antibody.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Product Candidates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our development pipeline currently comprises four distinct product
candidates for which we retain full commercial rights. Initially, we will pursue indications in which the medical need is high
and for which there is a significant population of patients needing treatment in the salvage setting in the hope to expedite the
time to market. If and when we obtain approval for our product candidates as salvage therapies, we plan to explore whether they
could also be used as first- or second-line treatments, most likely in combination with one or more treatments that comprise the
existing standard of care. All of our product candidates have the potential to target several indications, which could represent
significant incremental commercial opportunities in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AFM13</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AFM13 is a first-in-class NK cell TandAb that we have engineered
to bind with high affinity to CD30 expressing tumor cells while at the same time binding to CD16A surface proteins to activate
NK cells. AFM13 is intravenously administered in order to recruit NK cells in peripheral blood and transport them to the tumor
by binding to CD30. AFM13 has several advantageous characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>By
targeting CD16A, AFM13 binds with NK cells but not neutrophils and is therefore more selective than full-length antibodies that
bind to both CD16A and B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>Preclinical
experiments have demonstrated that the cytotoxic potency of AFM13 is consistently higher than native and Fc-enhanced anti-CD30
full-length antibodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>AFM13
has the potential to be effective for all existing, known and relevant genetic variants of CD16A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The clinical and preclinical data that we have accumulated to
date suggest that AFM13 appears to be well differentiated from Adcetris, the first approved targeted therapy for HL patients that
are relapsed/refractory to second line treatments. Although AFM13 employs the same disease target as Adcetris (CD30), the two compounds
are fundamentally different in their mechanism of action: Adcetris is a targeted chemotherapy, while AFM13 is a targeted immunotherapy.
Adcetris delivers a toxin (monomethyl auristatin E) to the cells that carry the CD30 receptor, and the cell is killed by the action
of the toxin after its internalization and release from the antibody. In contrast, AFM13 does not need to enter the cell, but serves
as a connector on the cell surface between the CD30 receptor and an NK cell. Once the cells are in contact, the killing activity
of the NK cell is triggered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tumor cells have the ability to activate a multi-drug resistance
system, or MDR, which we believe may contribute to the development of resistance to Adcetris. The MDR, however, does not affect
the efficacy of an immunotherapy like AFM13. We believe that this difference may not only translate into efficacy of AFM13 in patients
relapsing from Adcetris therapy, but ultimately into a longer clinical benefit. In addition, the off-target toxicity of Adcetris&rsquo;
toxin monomethyl auristatin E causes severe neutropenia (low neutrophils) and neuropathy (damage to the peripheral nervous system).
We believe AFM13 may avoid these side effects because it does not introduce a toxin such as monomethyl auristatin E into the cells.
Hence, AFM13 may address Adcetris&rsquo; safety limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Clinical development of AFM13</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A phase 2a clinical study of AFM13 in patients with HL started
recruitment in the second quarter of 2015. Due to delays in opening trial sites and the availability of anti-PD-1 antibodies for
the treatment of relapsed/refractory HL patients, in the past we have experienced slower recruitment into the study than anticipated.
Consequently, the overall study design was revised in order to adapt to the changing treatment landscape, namely the availability
of anti-PD-1 antibodies. The study now includes HL patients relapsed or refractory to treatment with both brentuximab vedotin (Adcetris)
and anti-PD-1 antibodies. Different dosing protocols of AFM13 are being explored to allow for improved exposure in more heavily
pretreated patient populations. The study is open and recruiting under the new study design. AFM13 has been granted orphan drug
status for the treatment of HL in the United States and the European Union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2016 we initiated a phase 1b clinical study investigating
the combination of AFM13 with Merck&rsquo;s anti-PD-1 antibody Keytruda (pembrolizumab) in HL patients that have relapsed after
or are refractory to chemotherapy and Adcetris. The study is designed to establish a dosing regimen for the combination therapy
and assess its safety and efficacy. In this study, we have completed recruitment of a total of 30 patients, comprising a dose escalation
cohort of 12 patients as well as an expansion cohort of an additional 18 patients. The LLS has committed to co-fund the development
of AFM13 with the focus having been shifted towards combination therapy in June 2016 following the greater focus of combination
therapies in immuno-oncology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also supporting a phase 1b/2a study of AFM13 as an IST
in patients with relapsed or refractory CD30+ lymphoma as an IST led by Columbia University in New York. In addition to determining
clinical efficacy, this is also a translational study in patients with cutaneous manifestations and is designed to allow for serial
biopsies, thereby enabling assessment of NK cell biology and tumor cell killing within the tumor microenvironment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, we entered into a clinical
development and commercialization collaboration with MD Anderson to evaluate AFM13 in combination with MD Anderson&rsquo;s NK cell
product. MD Anderson will be responsible for conducting preclinical research activities aimed at investigating its NK cells derived
from umbilical cord blood in combination with AFM13, which are intended to be followed by a phase 1 study. We will fund research
and development expenses for this collaboration and hold an option to exclusive worldwide rights to develop and commercialize any
product developed under the collaboration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Together with our collaboration partner,
the German Cancer Research Center (DKFZ), we recently published data presenting evidence of AFM13 modulating NK cells by sensitizing
them to IL-2 and/or IL-15 stimulation. In this study, after exposure to AFM13, the NK cells showed improved IL-2- and IL-15-mediated
proliferation and cytotoxicity. These data support the strategy of combining our NK -cell engagers with IL-2- or IL-15 to potentially
achieve deeper clinical responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM13-101 phase 1 dose escalation clinical study</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have conducted a phase 1 clinical study of AFM13, AFM13-101,
in patients with HL. All patients in this study suffered from heavily pretreated relapsed/refractory disease and had documented
progression of disease at study entry. The objectives of the study were: to determine the safety and tolerability of increasing
doses of single cycles of AFM13 as a monotherapy; to determine the maximum tolerated dose and optimal biological dose of AFM13;
to determine the pharmacokinetic (PK) profile of AFM13; to analyze immunological markers, NK cell activity, NK cell markers, serum
outcome markers and cytokine release; to assess the immunogenicity, or ability to provoke an immune response, of AFM13; and to
assess the activity of AFM13. The phase 1 study was conducted in Germany and the United States. We submitted a CTA for the phase
1 study to the PEI in May 2010 and an IND application to the FDA in June 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The study enrolled 28 patients (16 males, 12 females) in eight
dose cohorts. In the dose escalation part, 24 patients received increasing doses of AFM13 ranging from 0.01 mg/kg to 7.0 mg/kg
on a weekly dosing schedule for four weeks. In addition, four patients were treated with 4.5 mg/kg twice weekly for four weeks.
Of the 28 patients, 14 had refractory disease and the remainder had relapsed disease. The patients had received a median of six
(range three to 11) previous lines of therapy for HL. Nine patients had previously received Adcetris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The clinical results were first presented to the medical community
by Professor Andreas Engert, University Hospital of Cologne, the lead investigator for the study, at the Lugano International Meeting
on Malignant Lymphoma in 2013. AFM13 showed an acceptable safety profile. An independent data monitoring committee, or IDMC, was
responsible for the review of safety data on an ongoing basis. It was concluded that the maximum feasible single dose of 7 mg/kg
was reached without any toxicity concerns, and consequently the maximum tolerated dose was not reached. The four patients who were
treated with 4.5 mg/kg twice weekly completed treatment without raising any toxicity concerns for the IDMC. The most common adverse
events were fever and chills, and in general, they were of mild to moderate severity. Overall, less than 30% of all adverse events
were severe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Twenty-six of 28 patients were eligible for efficacy evaluation.
For the remaining two patients, efficacy assessments have not been performed. Of the 26 patients, three had a partial remission,
13 had stable disease and 10 had disease progression as best overall response. With the exception of the 0.04 mg/kg dose cohort,
anti-tumor activity was observed at all dose levels tested but was more pronounced at or above 1.5 mg/kg. In this subgroup (n=13),
3 partial responses (=50% tumor shrinkage) and 7 cases with stable disease were observed, with an overall response rate of 23%
(3/13) and a disease control rate of 77%. The chart below shows for these 13 individual patients the best overall response measured
as a percentage change in tumor volume from baseline (baseline = 0 at the y-axis) The volume is calculated as sum of perpendicular
diameters (SPD) for selected lesions of the tumors based on CT-scans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AFM13-101 Best Overall Response in %
Change in Tumor Volume from Baseline in 13 Patients who Received </B><IMG SRC="image_017.jpg" ALT="" STYLE="height: 16px; width: 10px">
<B>1.5 mg/kg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_018.jpg" ALT="" STYLE="height: 364px; width: 543px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Six of seven patients refractory to Adcetris as their most recent
treatment experienced stabilization of disease, or SD, following AFM13 treatment. One experienced progressive disease, or PD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AFM13-101 Data for Patients Refractory
to Adcetris as Immediate Prior Therapy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt"><B>PATIENT</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AFM13 DOSE (mg/kg)</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B># PRIOR TREATMENTS</B></FONT></TD>
    <TD STYLE="width: 27%; text-align: center"><FONT STYLE="font-size: 10pt"><B>MOST RECENT TREATMENT</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>TIME LAST ADCETRIS-FIRST AFM13</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AFM BEST RESPONSE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-01</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.01 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 5 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1 month</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-02</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.01 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 8 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1 month</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-07</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.15 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 7 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3 months</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-11</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.5 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 5 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3 months</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.5 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 9 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1 month</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">003-01</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.5 weekly</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 4 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.5 months</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">001-21</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.5 twice</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Adcetris, 8 cycles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.5 months</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">PD</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain biomarkers indicated dose-dependent effects suggesting
most active doses at or above 1.5 mg/kg. PK data were assessed in patients of all dosing cohorts. A dose proportional increase
of systemic exposure (AUC0-<IMG SRC="image_019.jpg" ALT="" STYLE="height: 16px; width: 11px"> (or Area Under the Curve from zero
to infinity in a plot of the concentration of the drug in blood plasma against time, which represents the total drug exposure
over time) and Cmax (or the maximum (or peak) concentration of the drug measured in plasma after the drug has been administered))
was observed. AFM13 was detectable in peripheral blood up to 168 hours post infusion in the highest dosing cohort. The mean half-life
(t1/2) for dose cohorts <IMG SRC="image_020.jpg" ALT="" STYLE="height: 16px; width: 10px"> 1.5 mg/kg was 9-19 hours. AFM13 treatment
resulted in an increase of activated NK cells, which are characterized by CD69 expression at their surface. There was a trend
showing that higher doses result in a more pronounced increase of CD69+ NK cells. Moreover, CD69 levels rose after AFM13 administration
and fell to about baseline prior to the next dose (see figure below), indicating a pattern that reflected the PK of AFM13. All
28 patients in the study had measurable levels of soluble CD30, or sCD30, at the start of AFM13 treatment. sCD30 is shed by the
tumor and measurable in peripheral blood. In 24 patients the level was decreased at the end of treatment. Patients treated in
dosing cohorts <SUP><IMG SRC="image_020.jpg" ALT="" STYLE="height: 16px; width: 10px"></SUP>1.5 mg/kg all had a marked decrease
of sCD30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AFM13-101: Relative number of activated
(CD69+) NK cells in patients receiving 7 mg/kg AFM13</B><BR>
<B>(mean, n=3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><IMG SRC="image_021.jpg" ALT="" STYLE="height: 365px; width: 539px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the phase 1 data we concluded, together with experts
and authorities, that AFM13 has a favorable safety profile. In addition, AFM13 showed activity in terms of tumor response and pharmacodynamics
(PD), even in Adcetris refractory patients. However, PK and PD indicate that the dose regimen has to be optimized and that the
measured clinical effect is likely to underestimate the potency of AFM13 in HL. Consequently, in the phase 2a proof of concept
study, the dose has to be <IMG SRC="image_020.jpg" ALT="" STYLE="height: 16px; width: 10px"> 1.5 mg/kg; AFM13 has to be administered
more frequently, at least for a certain time; the treatment duration has to be longer than four weeks; and a second cycle has to
be mandatory in patients that showed benefit from AFM13 treatment in the first cycle, i.e. complete response, partial response
or SD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Relapsed/refractory Hodgkin Lymphoma after
failure of standard treatments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Subsequent clinical development for AFM13</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If proof of concept is demonstrated in the phase 2a study of
AFM13 as a monotherapy in relapsed/refractory HL or relapsed/refractory CD30-positive lymphoma, we intend to initiate a phase 2b
study. The exact nature and design of this study would depend on the results of the phase 2a studies and the end-of-phase-2 meetings
with the FDA and European authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that the phase 2b study could support an application
for registration in relapsed/refractory HL or CD30-positive lymphoma. This belief is based on the fact that AFM13 is being developed
in salvage settings with high medical need and currently very limited treatment options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competent authorities, including the FDA, have regulations in
place that allow for an accelerated approval procedure in indications with high medical need. Recently, Janet Woodcock, Director
of the FDA&rsquo;s Center for Drug Evaluation and Research, summarized the intention of the FDA to help patients by streamlining
drug approval procedures under certain circumstances. There are also numerous precedents for such approval strategies. For example,
Adcetris received accelerated approval in 2011 based on data from an open label phase 2 study in 102 patients with relapsed/refractory
HL. In addition, the FDA in 2014 approved Blincyto (blinatumomab) under breakthrough designation and accelerated review after only
2.5 months review time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We discussed the development strategy of AFM13 with the FDA
in a Scientific Advice Meeting held on February 19, 2014. The FDA stated that although it is possible to attain accelerated approval
based on the strategy we outlined, more data from our clinical development program are needed to assess whether an accelerated
approval procedure is reasonable. Once we are in possession of those data after the conclusion of our phase 2a study, we intend
to agree with the FDA on the precise requirements for approval in the context of an end-of-phase 2 meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on its safety profile, AFM13 is suitable not only for
monotherapy, but also as combination therapy. We have performed preclinical studies investigating the combination of AFM13 with
checkpoint modulators. Based on the preclinical data, we entered into a collaboration with Merck and have initiated a clinical
phase 1b study investigating the combination of AFM13 with Merck&rsquo;s anti-PD-1 antibody Keytruda (pembrolizumab) in patients
with relapsed/refractory HL in mid-2016. The study is designed to establish a dosing regimen for the combination therapy and assess
its safety and efficacy. Following the completion of the study, we will determine the appropriate development path based on available
data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also entered into a clinical development and commercialization
collaboration with MD Anderson in January 2017 to evaluate AFM13 in combination with MD Anderson&rsquo;s NK cell product. MD Anderson
will conduct preclinical research activities aimed at investigating its NK cells derived from umbilical cord blood in combination
with AFM13, which are intended to be followed by a phase 1 study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AFM11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AFM11 is a T cell TandAb that we have engineered to bind with
high affinity to both the CD19 receptor on certain tumor cells and CD3, a component of the T cell receptor complex. CD19 is expressed
on multiple B cell malignancies, including various forms of NHL, ALL and CLL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AFM11 has three advantageous characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>AFM11
is characterized by a high affinity to CD3, resulting in greater cytotoxic potency as determined in <I>in vitro</I> cytotoxicity
assays, especially at low T cell counts, which may be important in immunocompromised patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>AFM11
will not activate T cells alone by binding to CD3; it needs to bind to both targets. Thus, if there is a lack of CD19+ cells, no
T cell activation can be expected, which represents an important safety consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>AFM11
has a molecular weight of 104 kDa. As shown for AFM13, which has a similar molecular weight, we believe AFM11 should have a half-life
that allows for administration through intravenous infusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most promising clinical data for patients with relapsed/refractory
B cell malignancies is with Blincyto (blinatumomab), a bispecific antibody with the same disease target and immune cell target
as AFM11 (CD19/CD3). Blincyto has meanwhile been approved for the treatment of Philadelphia chromosome-negative relapsed or refractory
B cell precursor acute lymphoblastic leukemia (ALL). The response rates observed with this molecule in clinical studies with patients
with ALL are higher than those obtained with other experimental and approved treatments used currently in the salvage setting.
Moreover, in ALL studies 75% of patients achieving a complete response were MRD (minimal residual disease) negative which implies
a complete ablation of the malignant clone. Negative MRD status is a predictor of long-term outcome. In the meantime, the pivotal
&ldquo;TOWER&rdquo; trial has confirmed an extended progression-free survival and overall survival for patients treated with blinatumomab
compared to standard chemotherapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preclinical data that we have accumulated to date suggest
that AFM11 may be well differentiated from blinatumomab. AFM11 has a molecular mass of 104kD, which might allow intravenous administration
as a continuous infusion of shorter duration compared to blinatumomab, which is administered continuously over four weeks and up
to five cycles. In preclinical studies comparing AFM11 to a reference molecule made with the same sequence as blinatumomab, AFM11
showed a 100-fold higher affinity to the CD3 receptor, resulting in greater <I>in vitro </I>cytotoxic potency. Unlike the reference
compound for blinatumomab, for which cytotoxic potency decreases at lower effector cell to tumor cell ratios, AFM11&rsquo;s cytotoxic
potency remains constant. Specifically, when tumor cells </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">are 5x the number of T cells (effector cell to tumor cell
or E:T = 0.2), AFM11&rsquo;s potency is 40-fold higher than that of blinatumomab (figure below, left). In another experiment,
AFM11 led to more complete tumor cell lysis (death) at low T cell counts when compared to a blinatumomab reference compound
(figure below, right). These findings may be of clinical importance because patients that have been treated with chemotherapy
suffer from lymphopenia with a significant reduction in absolute T cell numbers. These findings could theoretically also be
of significance in tumor masses, which are poorly vascularized and to which T cells have limited access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cytotoxic potency (effective concentration
(EC) for 50% cell lysis) of AFM11 in comparison to a reference compound with the same sequence as blinatumomab at various effector
cell (T cell) to tumor cell ratios. Left: cytotoxicity (stronger, if lower EC50); right: % cell lysis at 10 pM antibody concentration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><IMG SRC="image_022.jpg" ALT="" STYLE="height: 175px; width: 623px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Clinical Development of AFM11</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM11-101 phase 1 dose escalation clinical study</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In May 2014 we initiated a phase 1 clinical study to assess
the safety of AFM11 originally in patients with relapsed/ refractory CD19+ NHL and ALL. AFM11 is being administered using doses
from 0.0003 up to 2.5 &micro;g/kg per infusion. Patients with several subtypes of NHL will be included as long as they have received
at least one rituximab-based chemotherapy regimen. In the third quarter of 2015 the study was amended and recruitment is ongoing
investigating a modified dosing regimen in NHL. We believe that the new, less frequent dosing regimen provides a better opportunity
to investigate potential benefits of AFM11 related to the molecular characteristics of TandAbs, i.e. the longer half-life compared
to BITEs and the higher affinity to T cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, patients with NHL and ALL are now being investigated
in two separate studies using different dosing regimens. A phase 1 clinical study of AFM11 in patients with ALL commenced in the
third quarter of 2016 and is enrolling The NHL trial has recently completed the third dose cohort and the ALL trial is currently
enrolling into the fifth dose cohort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The objectives of the studies are to determine the safety and
tolerability of increasing doses of a single cycle of AFM11 monotherapy; to determine the maximum tolerated dose or optimal biological
dose; to assess the PK of AFM11 in plasma; to assess the biological activity of AFM11; to assess PD markers in blood; to assess
the anti-tumor activity of AFM11; and to recommend the dose for phase 2a studies in NHL and ALL patients, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The duration of the studies and number of patients treated will
vary depending on the number of dose escalations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Subsequent development plan for AFM11</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our phase 1 clinical studies of AFM11 are successful, we
may consider a number of options for the clinical development of AFM11. Following the completion of the studies, we will determine
the appropriate development path based on available data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AFM24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are generating high affinity tetravalent, bispecific lead
candidates binding to CD16A and the extracellular domain of EGFR with varying half-lives. We believe these antibodies are differentiated
from other EGFR-targeting therapies such as cetuximab due to the very limited competition of NK cell-binding by circulating IgG.
Moreover, our antibodies showed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> superior potency and efficacy compared to classical or Fc-enhanced antibodies, as well as the ability
to kill tumor cells when they express mutated proto-oncogene RAS, a negative predictive biomarker for EGFR-targeting monoclonal
antibodies. Based on the preclinical efficacy and safety data in cynomolgus monkey, we expect to provide an update on the program
in the second quarter of 2018. Following the completion of IND-enabling studies, we intend to file an IND or equivalent application
to initiate phase 1 clinical studies. We anticipate completing IND-enabling studies for AFM24 by mid-year 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AFM26</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also developing AFM26, an NK cell-engaging bispecific
antibody targeting B cell maturation antigen (BCMA) to address the medical need for a novel approach to treat multiple myeloma.
In particular, we aim to leverage BCMA as a target in autologous stem cell transplant (ASCT)-eligible patients, with treatment
at or shortly after ASCT offering the potential to eliminate minimal residual disease (MRD), avoiding relapse. We believe BCMA
is a highly promising target for therapeutic intervention based on early clinical data (CAR-T and ADCs), but low expression of
BCMA is a significant hurdle to eliminate malignant cells. NK cells are the first population of lymphocytes to recover post-transplant,
offering the opportunity to exploit AFM26 in the ASCT setting. Preclinical development of AFM26 is ongoing; we are developing different
tetravalent bispecific antibody formats and have selected the final candidate. AFM26 employs a unique mechanism of action through
high affinity engagement of NK cells, <I>in vitro</I> efficacy against cells expressing low levels of BCMA and NK cell binding
largely unaffected by IgG competition. In addition, AFM26 offers the opportunity for combination with adoptive NK cell transfer,
as it appears to have a favorable safety profile with lower cytokine release as compared to BiTE. AFM26 is currently being evaluated
in preclinical studies which will determine its future development path.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Antibody generation at AbCheck</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck is our wholly owned, independently operated proprietary
antibody screening platform company. AbCheck combines three different technologies to supply high-quality antibodies to us as well
as others on a fee-for-service basis. AbCheck offers phage display antibody libraries, yeast display and affinity maturation algorithm
technologies. AbCheck is recognized for its expertise in antibody discovery throughout the United States and Europe and has been
working with globally active pharmaceutical and biotechnology companies such as Tusk Therapeutics, bluebird bio, Eli Lilly, Daiichi
Sankyo, Pierre Fabre and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Phage display antibody libraries</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck owns three phage display antibody libraries: a natural
library, a synthetic library and a semisynthetic library, the latter designed to achieve reliable folding and high expression.
These proprietary and validated libraries comprise a total of about 10<SUP>10</SUP> sequentially and structurally diverse antibodies
and ensure the fast and reliable discovery of highly specific and highly affine human antibodies for virtually every possible target
protein. AbCheck has conducted more than 30 successful antibody discovery projects, including antibodies against complex cell surface
receptors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Yeast display</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck uses yeast display to screen for enhanced expression
levels and stability of antibodies and thereby select candidates that can be manufactured with high yield and are stable. The yeast
system guarantees expression of the product candidate in customary cell culture systems. Furthermore, yeast display in combination
with fluorescence activated cell sorting allows real-time monitoring and full control over the selection process. Screening in
the final drug format, including full-length IgGs and novel antibody formats, ensures a fast and efficient lead discovery process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Affinity maturation algorithm</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck has a proprietary algorithm, AbAccel, for incorporating
the results of high-throughput antibody sequencing, structural analysis and therapeutic biochemistry to optimize antibodies with
regard to affinity, immunogenicity, stability and expression levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>SuperHuman Library</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck uses the SuperHuman library, an engineered library that
aims to overcome current limitations of both fully synthetic and natural antibody libraries. The used design principles aim at
providing a curated diversity that enriches drug-worthy frameworks in the resulting library and excludes frameworks that carry
known biochemical liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Mass Humanization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AbCheck has developed the mass humanization technology in partnership
with Distributed Bio. It is an entirely new approach for multi-parameter engineering and optimization of monoclonal therapeutics.
By analyzing the mutated repertoire of rabbits and humans, AbCheck was able to pre-compute and pre-encode the complete humanization
landscape in a &ldquo;mass humanization&rdquo; technology, in which they humanize the <I>in vivo</I> immune response of a rabbit
in a single experiment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Collaborations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into strategic collaborations for some of our
therapeutic programs. As part of our business development strategy, we aim to increase the number of our research collaborations
in order to derive further value from our platforms and additionally exploit their potential. Key terms of our current material
collaborations are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amphivena</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Overview</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2013, we entered into a license and development agreement,
which amended and restated a 2012 license agreement, with Amphivena Therapeutics, Inc., or Amphivena, based in San Francisco, CA,
to develop a CD33xCD3 Tandab Antibody to be used in patients suffering from AML in exchange for an interest in Amphivena and certain
milestone payments. Amphivena received funding from MPM Capital, Calibrium (formerly Aeris Capital) and us. Amphivena had entered
into an agreement with Janssen that gave Janssen the option to acquire Amphivena upon predetermined terms following acceptance
by the FDA of an IND filing for the product candidate, but Janssen declined to exercise this option in July 2016 and Amphivena
retains full rights to the product candidate. We successfully reached our first three milestones, up to the generation and acceptance
of a CD33xCD3 development candidate TandAb meeting certain target features. The third milestone was reached in the first quarter
of 2015. Following the achievement of the third milestone of the Amphivena collaboration we were eligible to receive a milestone
payment of &euro;7.5 million payable in three installments. The first installment of &euro;1.3 million was paid in the first quarter
of 2015, and the second installment of &euro;4.2 million was paid in October 2015. An additional amount of &euro;0.5 million was
received in October 2016, which comprised &euro;1.5 million as partial payment for the third installment, net of &euro;1.0 million
of additional financing we provided to Amphivena to support the future clinical development of its product candidate, AMV564. Following
the expiration of the license and development agreement with Amphivena&nbsp;when the IND became effective, we continued to provide services
on a smaller scale to complete the deliverables required under the agreement, and have been financially supporting the future clinical
development of AMV564 with &euro;1.9 million in financing, &euro;1.0 million of which was invested in Amphivena in October 2016,
&euro;0.6 million of which was invested in March 2017 and &euro;0.3 million of which was invested in December 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In exchange for the technology license to Amphivena, we received
shares of stock of Amphivena, and, in connection with an equity financing involving us and other third-party investors, we made
cash investments in Amphivena in exchange for additional shares of stock and entered into certain related agreements governing
our rights as a shareholder of Amphivena. As of December 31, 2017, those cash investments totaled $3.0 million (&euro;2.6 million),
and we owned approximately 18.5% of the outstanding equity of Amphivena on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amphivena has separately entered into a warrant agreement with
Janssen Biotech Inc. that gave Janssen the option to acquire Amphivena following IND acceptance by the FDA of such product candidate,
upon predetermined terms, in exchange for payments under the warrant. Upon effectiveness of such IND application in July 2016,
Janssen decided to not exercise its option. We have received payments for research and development services provided by us under
the license and development agreement entered into with Amphivena prior to its expiration. Through December 31, 2017, &euro;14.5
million (net of our share in funding Amphivena) was paid to us under the license and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">development agreement. We do not expect to
provide any additional significant services or generate significant additional revenues under the license and development agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>License and development agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the July 2013 license and development agreement
with Amphivena, we historically performed certain services for Amphivena related to the development of a product candidate for
hematological malignancies. The license and development agreement with Amphivena expired when the IND became effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Licenses</I>. Pursuant to the license and development agreement,
we have granted Amphivena certain product and technology licenses, each of which includes the right to grant sublicenses to its
affiliates or third parties through multiple tiers, subject to certain notice requirements, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>an
exclusive, worldwide, royalty-free license under the TandAb technology to research, develop, make, have made, use and commercialize
any TandAb developed under the agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>a
non-exclusive, worldwide, royalty-free license under other antibody-specific intellectual property we control to research, develop,
make, have made, use and commercialize any TandAb developed under the agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>an
exclusive, worldwide, royalty-free license under certain antibody-specific intellectual property we control to research, develop,
make, have made, use and import certain antibodies and portions thereof or products derived therefrom developed under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we have assigned our right and interest to certain
intellectual property specifically related to certain antibodies covered under the agreement to Amphivena, and Amphivena solely
owns all right, title and interest in certain intellectual property that specifically relates to such antibodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We and Amphivena have granted exclusive, worldwide, royalty-free
cross-licenses to each other&rsquo;s know-how that is disclosed while the Janssen warrant agreement is in effect and otherwise
not covered by patent rights, for use in connection with the development plan and on certain occasions in which the development
plan continues to be carried out surviving termination of the license and development agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exclusivity</I>. We and our affiliates, including AbCheck,
are subject to restrictions on researching, developing, manufacturing, using or commercializing antibodies developed under the
agreement for specified periods of time. These restrictions survived the expiration of the agreement in July 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Term and termination. </I>The license and development agreement
terminated upon the completion of all services to be performed by us under the license and development agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>The Leukemia &amp; Lymphoma Society</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Overview</I>. In 2013, we entered into a research funding
agreement with The Leukemia &amp; Lymphoma Society, or LLS, for the clinical development of AFM13. Pursuant to the research funding
agreement, LLS agreed to co-fund the clinical phase 2a development of AFM13 and to contribute up to approximately $4.4 million
over two years to support the project. We have agreed to match LLS&rsquo;s contributions toward the project budget. Our receipt
of the $4.4 million total that LLS has agreed to contribute is conditioned on the achievement of certain milestones in connection
with the development of AFM13, five of which have been met. As a result, we have already received $3.8 million in funds from LLS.
We must use the funding provided by LLS exclusively with the development program, and return any excess funding to LLS. We are
solely responsible for and have control over all development work and are obligated to use commercially reasonable efforts, as
defined in the research funding agreement, in our conduct of the development program to achieve the specified milestones. We also
have retained exclusive commercialization and distribution rights to AFM13. The research funding agreement was amended in April
2014 to amend the projected milestone event dates and modify certain aspects of the agreement regarding the phase 2a study design.
The research funding agreement was further amended in June 2016 to reflect a shift in development focus of AFM13. Recent changes
within the rapidly evolving cancer immunotherapy treatment landscape have resulted in a shift to development of combination therapeutic
approaches. Having successfully established a collaboration with Merck in January 2016 to test AFM13 in combination with Keytruda
in relapsed/refractory Hodgkin lymphoma patients, we</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">have prioritized the development of AFM13 as a combination therapy. Consequently,
we have agreed with LLS to amend the research funding agreement so that the milestones now relate primarily to the development
of AFM13 as a combination therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Intellectual property and licenses.</I> Each party owns inventions
made and data and know-how generated exclusively by such party or its affiliates prior to and during the term of the research funding
agreement relating to the AFM13 development program. If any of such data, inventions and know-how is jointly made, it is jointly
owned. LLS grants us an exclusive, worldwide, fully paid-up license to its rights in any such joint inventions and any invention
made by any LLS employee resulting from the AFM13 development program for purposes specified in the research funding agreement.
We have granted LLS an exclusive license to AFM13 that is only effective if we have ceased, or ceased commercially reasonable efforts
with respect to, research, development and commercialization of all AFM13 products for a specified period, which period may be
extended. As an alternative to this license, we may elect to pay LLS a payment equal to the amount that LLS actually funded to
us plus interest. LLS has agreed to make reasonable adjustments and accommodations to this license in the event it impedes our
ability to seek a partner to commercialize AFM13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Royalties</I>. In consideration of LLS&rsquo;s payments to
us, we have agreed to pay LLS a mid-single digit royalty on net sales of products containing AFM13 until we have paid LLS a low
single digit multiple of the funding they provided to us. After we have reached this initial royalty cap, we will pay LLS a sub-single
digit royalty on net sales until the earlier of (i) the expiration of the last to expire patent covering the AFM13 products and
(ii) ten years after the initial royalty cap is satisfied. These royalty payments are calculated on a country-by-country and product-by-product
basis. We have also agreed to make certain low-to-mid-single digit royalty payments to LLS in the event of certain transfers of
rights to any product containing AFM13 or in the event we undergo certain change of control transactions, in each case up to the
royalty cap described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Term and termination.</I> Unless earlier terminated pursuant
to the terms of the agreement, the research funding agreement terminates when there are no longer any payment obligations owing
from one party to another. The research funding agreement may be terminated by either party for the other party&rsquo;s material
breach, material violation of applicable law, or if a representation or warranty made by the other party in the research funding
agreement is not true in any material respect, subject to a specified cure period. If LLS terminates for our default, our royalty
obligations and the interruption license will survive such termination. Either party may terminate if the other party undergoes
specified bankruptcy or insolvency-related events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>License Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>DKFZ</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Overview.</I> In June 2006, we amended a 2001 license agreement
with Deutsches Krebsforschungszentrum, Heidelberg, or DKFZ. Under the agreement, as amended, we obtained a worldwide, royalty-bearing
license under specified DKFZ patent rights to make, have made, use, sell and have sold licensed products and to practice licensed
commercial services, which specifically excludes services that are paid for with government grant funding. We have developed our
TandAb technology under the licensed patent rights. In connection with the agreement, as amended, we issued DKFZ 350 shares of
our Series C preferred shares, which were subsequently converted into Series D preferred shares in the equivalent amount of &euro;50,000
and made a &euro;35,000 cash payment to DKFZ. We are also required to pay DKFZ a low single digit royalty on net sales, as defined
in the agreement, of licensed products and services and a mid-single digit percentage of income we receive in connection with granting
a third party a sublicense of our rights under the license agreement. If we grant a sublicense in connection with entering into
a cross-licensing arrangement with one or more third parties, we are obligated to make a lump-sum payment of DM 70,000 (&euro;35,790)
to DKFZ following the execution of each such sublicense. We are obligated to make the above royalty payments to DKFZ during the
term of the licensed patents and for the two years following the expiration of the licensed patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Patent rights.</I> DKFZ retains the right to use the licensed
patent rights for scientific purposes. We are obligated to inform DKFZ of improvements relating to or similar to the licensed patent
rights, licensed products or licensed services and DKFZ has the right to use these improvements for scientific purposes. DKFZ retains
responsibility for the prosecution and maintenance of the licensed patent rights, but we are obligated to reimburse DKFZ for costs
and expenses incurred in connection with the prosecution, maintenance and defense of the licensed patent rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exclusivity.</I> DKFZ originally granted us an exclusive
license to the licensed patent rights for an already-expired initial period. The validity of the exclusive license automatically
renews for subsequent one year terms unless either party provides written notice of a modification at least three months prior
to the expiration of the then-current one-year term. No such modification has been issued by either party to date, and the license
is in force on an exclusive basis with respect to the licensed patent rights that relate to our TandAb antibody platform including
our key product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Term and termination.</I> The license agreement will terminate
with the expiration of the last to expire licensed patent unless terminated earlier. Either party may terminate the license agreement
for the other party&rsquo;s material breach, subject to a cure period. DKFZ may terminate the license agreement if we fail to meet
certain diligence milestones with respect to commercialization, subject to certain exceptions. DKFZ may terminate by providing
a specified period of prior written notice if we undergo certain insolvency or bankruptcy-related events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>XOMA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Overview and research license granted to us</I>. In September
2006, we entered into a license agreement with Xoma Ireland Limited, or XOMA. Pursuant to the agreement, XOMA granted us a worldwide,
fully paid-up, royalty-free, non-exclusive and non-transferable license to conduct research on immunoglobulins under certain patent
rights and know-how owned or otherwise controlled by XOMA. We refer to this research-only license grant as the &ldquo;research
license.&rdquo; The research license grants us the right to identify, select, isolate, purify, characterize, study and/or test
immunoglobulins using XOMA&rsquo;s antibody phage display technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Options to license granted to us</I>. XOMA also granted us
options, exercisable on an immunoglobulin-by-immunoglobulin basis, to obtain certain additional manufacturing or commercialization
rights, including an option to obtain a worldwide, non-exclusive, non-transferable license under the licensed XOMA patent rights
and know-how to make or have made (in a prokaryote and without use of a dicistronic construct), use, sell, offer to sell, import
and otherwise commercialize immunoglobulins discovered, isolated or optimized under the research license for the diagnosis, treatment,
prevention or prophylaxis of any human condition or disease. Unless XOMA grants us such a license, we are prohibited from commercializing,
licensing or developing any immunoglobulin discovered, isolated or optimized under the research license. XOMA is not required to
grant us a license upon our exercise of the option, unless the other provisions of the license agreement are complied with, including
the requirement that we provide XOMA a specified form of prior written notice detailing the immunoglobulin with respect to which
we wish to obtain a license. In addition, XOMA is not required to grant us such a license if the relevant immunoglobulin is already
the subject of an exclusive license granted by XOMA to a third party or if XOMA can provide evidence of a bona fide development
program for any immunoglobulin that binds to the same target as the immunoglobulin that is the subject of our request for a license
pursuant to the option. For each immunoglobulin for which we obtain such a commercialization license pursuant to our exercise of
the option, we are obligated to make milestone payments upon the occurrence of certain clinical and regulatory events. For each
immunoglobulin, if all milestone events under the commercialization license are achieved, the aggregate milestone payments could
total $350,000. In addition, we are obligated to pay XOMA a low single digit percentage royalty on net sales on a country-by-country
and immunoglobulin-by-immunoglobulin basis, until the later of the expiration of the last-to-expire valid patent claim in the relevant
country or the tenth anniversary of the first commercial sale of the corresponding product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Our obligations.</I> We are required to use commercially
reasonable efforts until phase 3 clinical studies to exploit the licensed patent rights in order to maximize the potential payments
to XOMA under the license agreement. Both the research license and the license to commercialize specific immunoglobulins, if granted,
would also extend to certain of our third-party collaboration partners, subject to the satisfaction of specified requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>License granted to XOMA.</I> Pursuant to the agreement, we
granted XOMA, its third-party development partners and its qualifying third-party licensees and licensors, a fully paid-up, non-exclusive,
royalty-free, worldwide license (or sublicense, as the case may be) under certain of our patent rights relating to antibody phage
display and certain patents that we in-license pursuant to specified license agreements to engage in research and to discover,
isolate, optimize, develop, offer to use, use, offer for sale, sell, make, have made, export and import immunoglobulins or any
product containing or comprising an immunoglobulin. XOMA may grant sublicenses to the extent reasonably necessary for XOMA, its
development partners, and its licensees to license, develop, commercialize or otherwise enjoy the benefit of an immunoglobulin
or other composition of matter or article of manufacture discovered, isolated, characterized or optimized by XOMA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Term.</I> The licenses we receive from XOMA under the agreement
will remain in effect until the later of (i) ten years from the first commercial sale of the last immunoglobulin to be launched
pursuant to a commercialization license granted by XOMA following our option exercise, or (ii) the expiration of the last to expire
of the licensed XOMA patent rights. The licenses we grant to XOMA and any XOMA development partners or licensees remain in effect
until the last of the licensed patent rights expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Termination.</I> Either party may terminate the licenses
granted to the other party pursuant to the agreement for the other party&rsquo;s uncured material breach or insolvency. XOMA may
elect to terminate our license rights if we undergo a qualifying change in control or sell substantially all assets related to
antibody discovery, subject to certain limited exceptions. Termination of the agreement does not alter the rights or licenses granted
to XOMA, its third-party development partners, any XOMA licensee or any applicable third-party licensees and licensors with respect
to immunoglobulins, compositions of matter and other articles of manufacturing existing as of the effective date of termination,
which would continue to be licensed pursuant to the terms of the agreement until the expiration of the last to expire of the applicable
patent rights. In addition, our obligation to make the milestone and royalty payments, if applicable, will survive termination
of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We strive to protect the proprietary technologies that we believe
are important to our business, including seeking and maintaining patent protection intended to protect, for example, the composition
of matter of our product candidates, their methods of use, the technology platforms used to generate them, related technologies
and/or other aspects of the inventions that are important to our business. We also rely on trade secrets and careful monitoring
of our proprietary information to protect aspects of our business that are not amenable to, or that we do not consider appropriate
for, patent protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We plan to continue to expand our intellectual property estate
by filing patent applications directed to dosage forms, methods of treatment and additional compositions created or identified
from our technology platforms and ongoing development of our product candidates. Specifically, we seek patent protection in the
United States and internationally for novel compositions of matter directed to aspects of the molecules, basic structures and processes
for manufacturing these molecules and the use of these molecules in a variety of therapies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success will depend significantly on our ability to obtain
and maintain patent and other proprietary protection for commercially important technology, inventions and know-how related to
our business, defend and enforce our patents, maintain our licenses to use intellectual property owned by third parties, preserve
the confidentiality of our trade secrets and operate without infringing the valid and enforceable patents and other proprietary
rights of third parties. We also rely on know-how, continuing technological innovation and in-licensing opportunities to develop,
strengthen, and maintain our proprietary positions. To date, we have not identified any potential infringement of our patents by
third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A third party may hold intellectual property, including patent
rights that are important or necessary to the development of our product candidates or use of our technology platforms. It may
be necessary for us to use the patented or proprietary technology of third parties to commercialize our product candidates, in
which case we would be required to obtain a license from these third parties on commercially reasonable terms, or our business
could be harmed, possibly materially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Our Platforms and Programs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The patent portfolios for our most advanced programs are summarized
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM13</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control our AFM13 (CD30 NK cell TandAb) patent
portfolio, which includes three patent families. Our first patent family is issued and relates to the engineered antibody format,
which is called TandAb, and the methods of making or using such bispecific, tetravalent domain antibodies. This patent family will
expire in 2019. The patents are granted in several major markets, including Australia, Canada, Europe (Austria, Belgium, Denmark,
France, Germany, Great Britain, Italy, the Netherlands, Spain, Sweden and Switzerland/Liechtenstein), Japan and the United States.
The second patent family on AFM13 is granted for the use of the specific target combination for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the treatment of cancer using a
bispecific molecule. This patent family is granted in Europe (Austria, Belgium, France, Germany, Great Britain, Ireland, Italy,
the Netherlands, Spain and Switzerland/Liechtenstein) and will expire in 2020. Our third patent family relates to the mode of action
of AFM13, the recruitment of immune effector cells via a specific receptor. These patents will expire in 2026. We filed a related
PCT application which entered the national phases in Brazil, Canada, China, Europe, Japan and the United States. Any patents resulting
from these patent applications, if issued, also will expire in 2026. Patents have been granted in Australia, India, Japan, Russia,
Europe (France, Great Britain, Germany, Switzerland and Liechtenstein, Belgium, the Netherlands, Italy, Spain, Austria, Denmark
and Sweden) and certain claims have been allowed in the United States. The latest patent application on AFM13 relates to its combination
with PD-1 antibodies, and was filed in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM11</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control our AFM11 patent portfolio. This portfolio
includes one patent family granted in Australia, Canada, Europe, Japan and the United States and one patent family pending in Australia,
Brazil, Canada, China, Europe, Japan, Mexico, Russia and the United States. As in the case of AFM13, our issued patents relate
to the engineered antibody format, which is called TandAb, and on which the AFM11 compound is based upon. These patents will expire
in 2019. The patent application family in our AFM11 patent portfolio claims a new TandAb structure which was specifically used
in AFM11 to increase its potency. This patent family was granted in Australia, China, Japan, Mexico, Russia and certain countries
in Europe, and is pending in other countries. The issued patents in this family will expire in 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM24</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control the patents which cover our EGFRwt/CD16A
compound. These include one granted patent family which is, comparable to AFM11 and AFM13, the patents on the TandAb format issued
in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Great Britain, Italy, Japan, the Netherlands, Spain, Sweden,
Switzerland/Liechtenstein and the United States. As for AFM13, another patent family relates to the recruiting of immune effector
cells via a specific receptor, and will expire in 2026. Patents have been granted in Australia, India, Russia, Europe (France,
Great Britain, Germany, Switzerland and Liechtenstein, Belgium, the Netherlands, Italy, Spain, Austria, Denmark and Sweden) and
certain claims have been allowed in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>AFM26</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control the patents which cover our BCMA/CD16A
compound. These include one granted patent family which is, comparable to AFM11, AFM13 and AFM24, the patents on the TandAb format
issued in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Great Britain, Italy, Japan, the Netherlands, Spain, Sweden,
Switzerland/Liechtenstein and the United States. In addition, we recently filed another patent application which will cover specific
aspects of certain TandAb molecules. If granted, this application will cover BCMA/CD16A TandAbs claims until 2037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>TandAb platform</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We own and/or control our TandAb platform patent portfolio.
This includes a patent family that covers multivalent antibody constructs comprised of four variable domains which are fused by
linkers in different length. The claims with regard to use of such TandAb antibodies cover general diagnostic and therapeutic use,
in particular for viral, bacterial or tumoral diseases. These patents will expire in 2019 and are granted in Australia, Canada,
certain countries in Europe, Japan and the United States. Another pending patent application covers TandAbs that have a different
TandAb structure which shows increased potency. The application is currently pending in Australia, Brazil, Canada, China, Europe,
Japan, Mexico, Russia and the United States and if issued the patent will expire in 2030. Closely related to the TandAb platform
is the Flexibody format, which is covered by a patent family fully owned by us, granted in Europe and Japan. A U.S. application
in this family is still pending. These patents and applications (if issued) will expire in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Trispecific Antibodies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Another platform development effort resulted in the successful
generation of a trispecific antibody format, for which we submitted patent applications in Australia, Brazil, Canada, China, Europe,
India, Japan, Mexico, Russia, South Africa, South Korea and the U.S. in 2015. Another International PCT-application was filed in
2016 for further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">trispecific antibody formats. These patent applications were submitted to cover several, dimeric and trispecific
antibody formats which are based on variable domains characterized by a common specific dimerization pattern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Novel Tetravalent Bispecific Antibody Formats</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are exploring various tetravalent, bispecific immune cell
engagement formats designed to prolong both serum PK and pharmacodynamics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>In-Licensed Intellectual Property</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into exclusive as well as non-exclusive patent
and know-how license agreements which grant us the right to develop, use and commercialize our TandAb antibody platform and product
candidates derived thereof. The licenses include obligations to pay development milestones and sales royalties on products we develop
and commercialize that were generated using the patented technologies. Please see &ldquo;&mdash;License Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>FDA Regulatory Review Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hatch-Waxman Act permits a patent term extension for FDA-approved
drugs of up to five years beyond the expiration of the patent. The length of the patent term extension is related to the length
of time the drug is under regulatory review. Patent extension cannot extend the remaining term of a patent beyond a total of 14
years from the date of product approval and only one patent applicable to an approved drug may be extended. Similar provisions
are available in other jurisdictions to extend the term of a patent that covers an approved drug, or to offer similar protection
for an extended period, as is the case in the European Union. In the future, if and when our pharmaceutical product candidates
receive FDA approval, we expect to apply for patent term extensions on patents covering those products. We intend to seek patent
term extensions to any of our issued patents in any jurisdiction where these are available, however there is no guarantee that
the applicable authorities, including the FDA in the United States, will agree with our assessment of whether such extensions should
be granted, and even if granted, the length of such extensions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Trade Secrets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also rely on trade secret protection for our confidential
and proprietary information. Included in our trade secrets are various aspects of our manufacturing process that we conduct in
cooperation with contract manufacturers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we take steps to protect our proprietary information
and trade secrets, including through contractual means with our employees, contractors and consultants, third parties may independently
develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets or disclose
our technology. Thus, we may not be able to meaningfully protect our trade secrets. It is our policy to require our employees,
contractors, consultants, outside scientific collaborators, sponsored researchers and other advisors to execute confidentiality
agreements upon the commencement of employment or consulting relationships with us. These agreements provide that all confidential
information concerning our business or financial affairs developed or made known to the individual during the course of the individual&rsquo;s
relationship with us is to be kept confidential and not disclosed to third parties except in specific circumstances. German law
provides that all inventions conceived by the individual, and which are related to our current or planned business or research
and development or made during normal working hours, on our premises or using our equipment or proprietary information, are our
exclusive property. In many cases our confidentiality and other agreements with consultants, outside scientific collaborators,
sponsored researchers and other advisors require them to assign or grant us licenses to inventions they invent as a result of the
work or services they render under such agreements or grant us an option to negotiate a license to use such inventions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Manufacturing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We express our TandAb product candidates in mammalian cells
and develop our production processes on a laboratory scale. The research grade material made in our laboratories is suitable for
conducting compound profiling activities. In the course of preclinical development we transfer the process to external manufacturers
(Contract Manufacturing Organizations, or CMOs) which we select according to experience, track record and cost. Before and during
the cooperation with a CMO we conduct audits to assess compliance with the mutually agreed process descriptions and current Good
Manufacturing Practice, or cGMP regulations. Our manufacturers themselves are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">controlled by their in-house quality assurance functions
and inspected by regulatory agencies, including European national agencies and the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The technology transfer generally includes the development of
a production cell line, the establishment of master and working cell banks, the development and qualification of upstream and downstream
processes, the development of the drug product process and the development of suitable analytical methods for test and release,
as well as stability testing. During the development of our drug candidates, our CMOs scale the manufacturing process to suitable
size. Such upscaling typically takes several steps and may involve modification of the process, in which case comparability of
the resulting material to earlier preclinical and clinical material must be demonstrated to the relevant authorities before proceeding
with further clinical studies. From our CMOs we receive process development-derived material for preclinical testing and material
meeting cGMP standards for clinical supplies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on and will continue to rely on CMOs for both drug substance
and drug product. We seek to establish a good relationship in order to expeditiously solve problems should they arise. Our contract
manufacturers have extensive capacities and a certain flexibility to adjust to demand. Likewise, our manufacturers purchase and
stock materials required for production usually from multiple sources and should therefore be less vulnerable to potential shortages.
Generally, we need to commit to certain manufacturing slots and capacities in advance, which typically involves the payment of
reservation fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have successfully scaled up the AFM13 process and manufacturing
material to meet the clinical drug demands for our clinical studies. We are currently working with several external companies to
establish a manufacturing process with a productivity adequate for the commercial phase. For AFM11 we may need a larger scale process
as well, depending on the dose and regimen that will be determined in our phase 1 study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commercialization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not yet established a sales, marketing or product distribution
infrastructure because our lead product candidate is still at an early stage in clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to receiving marketing approvals, we plan to build a focused
sales and marketing organization to sell our products if and when marketing approval is granted. We believe that such an organization
will be able to address the community of oncologists who are the key specialists in treating the patient populations for which
our product candidates are being developed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also plan to build a marketing and sales management organization
to create and implement marketing strategies for any products that we market through our own sales organization and to oversee
and support our sales force. The responsibilities of the marketing organization would include developing educational initiatives
with respect to approved products and establishing relationships with thought leaders in relevant fields of medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The biopharmaceutical industry is characterized by rapidly advancing
technologies, intense competition and a strong emphasis on proprietary products. While we believe that our technology, knowledge,
experience and scientific resources provide us with competitive advantages, we face potential competition from many different sources,
including major pharmaceutical, specialty pharmaceutical and biotechnology companies, academic institutions and governmental agencies
and public and private research institutions. Any product candidates that we successfully develop and commercialize will compete
with existing therapies and new therapies that may become available in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are a large number of companies developing or marketing
treatments for cancer disorders, including many major pharmaceutical and biotechnology companies. These treatments consist both
of small molecule drug products, as well as biologic therapeutics that work, among others, either by using next-generation antibody
technology platforms or by new immunological approaches to address specific cancer targets. These treatments are often combined
with one another in an attempt to maximize the response rate. In addition, several companies are developing therapeutics that work
by targeting multiple specificities using a single recombinant molecule, as we are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adcetris, an antibody-drug conjugate targeting CD30, was approved
by the FDA in relapsed/refractory HL in 2011. In addition, Adcetris was approved by the FDA in 2015 for the treatment of patients
with HL <FONT STYLE="color: #040404">at high risk of relapse or progression following autologous hematopoietic stem cell transplantation
as consolidation treatment. </FONT>In the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">European Union, Adcetris is approved for the same indications. Adcetris is currently
being investigated in different settings and in various combinations in HL. Recent data indicate high complete response rates when
combined with ipilimumab or bendamustine in relapsed/refractory HL. As we develop AFM13 for earlier-line therapies, for example
in combination with other therapies, we would compete with Adcetris, which is in development for such indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical phase 1 data with the anti-PD-1 CPIs nivolumab and
pembrolizumab in HL was published in the New England Journal of Medicine and at several conferences. This early data indicates
the potential of anti-PD-1 antibodies to cause high response rates in the salvage setting of HL. The FDA granted conditional accelerated
approval for nivolumab in 2016 in classical HL patients relapsed or progressed after autologous hematopoietic stem cell transplantation
and brentuximab vedotin. The FDA also granted conditional accelerated approval for pembrolizumab in 2017 in adult and pediatric
patients with refractory cHL who have relapsed after 3 or more prior lines of therapy. Adcetris phase 2 and phase 3 studies are
reported to be ongoing in combination with nivolumab. If AFM13 were to be approved for HL, we would be in competition with these
therapies, as well as any other therapies or combination regimens that comprise the standard of care that AFM13 could potentially
displace. Several other agents have reached proof of concept clinical studies in HL, including Afinitor (Novartis AG), ferritarg
(MABLife), panobinostat (Novartis) and lenalidomide (Celgene).<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to competitors for AFM11, rituximab has been approved
to treat certain types of NHL in both the United States and Europe and is generally combined with a chemotherapy regimen (typically
CHOP or bendamustine). Imbruvica, a small molecule drug targeting malignant B cells, was approved by the FDA in 2013 to treat the
mantle cell variant of NHL (MCL). Amgen develops cancer product candidates that work by targeting receptors both on immune cells
and cancer cells, like our TandAbs. Amgen&rsquo;s blinatumomab, a product based on the BiTE (bispecific T cell engager) technology,
is an antibody construct similar to AFM11 and was approved by the FDA and EMA to treat patients with relapsed and refractory Philadelphia
chromosome-negative precursor B cell acute lymphoblastic leukemia (B cell ALL). In addition, Amgen launched a pivotal study of
blinatumomab in aggressive NHL in late 2016. MacroGenics&rsquo; MGD011, a CD19xCD3 DART in development with partner Janssen Biotech
had entered phase 1 in B-NHL and ALL but the development was terminated in 2017 and the rights were returned to MacroGenics by
Janssen. Morphosys is developing an Fc-enhanced anti-CD19 monoclonal antibody, MOR208 in combination studies. Phase 2 studies are
ongoing in DLBCL in combination with lenalidomide (initial results were presented at the end of 2017). MOR208 is also being tested
in a phase 2/3 study in combination with bendamustine for DLBCL patients. Roche is developing a triple combination of tituximab,
bendamastine and polatuzumab vedotin in DLBCL and presented results of a phase 2 study at the end of 2017. Roche (BTCT4465A), Xencor
(XmAb13676) and Regeneron (REGN1979) are all developing bispecific CD20xCD3 antibodies for the treatment of NHL, each of which
is currently in phase 1. The first interim results of REGN1979 development were presented at the end of 2017. In October 2015,
the FDA granted breakthrough designation to Pfizer`s CD22-targeting antibody-drug conjugate inotuzumab ozogamizin for the treatment
of relapsed and refractory B-ALL. A second CD19-targeting antibody-drug conjugate is being developed by Seattle Genetics and has
entered phase 2 in NHL. Juno Therapeutics, Novartis, Bellicum, Cellectis, Bluebird Bio and Kite Pharma, amongst others, are each
developing therapies using T cells reengineered with chimeric antigen receptors (CARs) against CD19-positive B cells. This therapeutic
approach utilizes a patient&rsquo;s own T cells after <I>ex vivo</I> genetic modification or modified allogenic T cells. In August
2017, Novartis&rsquo; Kymriah (tisagenlecleucel) was granted conditional approval for the treatment of certain pediatric and young
adult patients with a form of ALL, and in October 2017, Kite Pharma&rsquo;s Yescarta (axicabtagene ciloleucel) was granted conditional
approval for the treatment of patients with large-B cell lymphomas whose cancer has progressed after receiving at least two prior
treatment regimens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that our antibody platforms will serve as the basis
for future product candidates and collaborations with pharmaceutical companies. Other companies also have developed platform technologies
that compete with us. For example, Macrogenics is developing its DART platform, which enables the targeting of multiple receptors
or cells by using a single molecule with an antibody-like structure. Ablynx is also developing such a platform aimed at multi-receptor
targeting, which to date has not reached clinical testing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of our competitors have significantly greater financial,
manufacturing, marketing, drug development, technical and human resources than we do. Mergers and acquisitions in the pharmaceutical,
biotechnology and diagnostic industries may result in even more resources being concentrated among a smaller number of our competitors.
Smaller or early stage companies may also prove to be significant competitors, particularly through collaborative arrangements
with large and established companies. These competitors also compete with us in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">recruiting and retaining top qualified scientific
and management personnel and establishing clinical study sites and patient registration for clinical studies, as well as in acquiring
technologies complementary to, or necessary for, our programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The key competitive factors affecting the success of all of
our therapeutic product candidates, if approved, are likely to be their efficacy, safety, dosing convenience, price, the effectiveness
of companion diagnostics in guiding the use of related therapeutics, our marketing capabilities, the level of generic competition
and the availability of reimbursement from government and other third-party payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our commercial opportunity could be reduced or eliminated if
our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are
more convenient or are less expensive than any products that we may develop. Our competitors also may obtain FDA or other regulatory
approval for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing
a strong market position before we are able to enter the market. In addition, our ability to compete may be affected in many cases
by insurers or other third-party payors seeking to encourage the use of biosimilar products. Biosimilar products are expected to
become available over the coming years. The regulatory requirements in the United States remain to be resolved, although Europe
has already created the regulatory framework to approve biosimilar products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most common methods of treating patients with cancer are
surgery, radiation and drug therapy. There are a variety of available drug therapies marketed for cancer. In many cases, these
drugs are administered in combination to enhance efficacy. While our product candidates may compete with many existing drug and
other therapies, to the extent they are ultimately used in combination with or as an adjunct to these therapies, our product candidates
will not be competitive with them as such. Some of the currently approved drug therapies are branded and subject to patent protection,
and others are available on a generic basis. Many of these approved drugs are well established therapies and are widely accepted
by physicians, patients and third-party payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to currently marketed therapies, there are also
a number of products in late stage clinical development to treat cancer. These product candidates in development may provide efficacy,
safety, dosing convenience and other benefits that are not provided by currently marketed therapies or our drugs. As a result,
they may provide significant competition for any of our product candidates for which we obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our lead product candidates are approved for the indications
for which we are currently undertaking clinical studies, they will compete with the therapies and currently marketed drugs discussed
elsewhere in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government Regulation and Product Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Government authorities in all major pharmaceutical markets extensively
regulate, among other things, the research, development, testing, manufacture, packaging, storage, recordkeeping, labeling, advertising,
promotion, distribution, marketing and import and export of pharmaceutical products such as those we are developing. Although our
initial focus will be on the United States and Europe, we will develop and seek marketing approval for our products also in other
countries and territories, such as Canada or Japan, and for markets that follow the leading authorities, such as Brazil or South
Korea. The processes for obtaining regulatory approvals in the United States, Europe and in other countries, along with subsequent
compliance with applicable statutes and regulations, require the expenditure of substantial time and financial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>International Conference on Harmonization (ICH)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The International Conference on Harmonization of Technical Requirements
for Registration of Pharmaceuticals for Human Use, or the ICH, is a project that brings together the regulatory authorities of
Europe, Japan and the United States and experts from the pharmaceutical industry in the three regions to discuss scientific and
technical aspects of pharmaceutical product registration. The purpose of ICH is to reduce or obviate the need to duplicate the
testing carried out during the research and development of new medicines by recommending ways to achieve greater harmonization
in the interpretation and application of technical guidelines and requirements for product registration. Harmonization would lead
to a more economical use of human, animal and material resources, the elimination of unnecessary delay in the global development
and availability of new medicines while maintaining safeguards on quality, safety, and efficacy, and regulatory obligations to
protect public health.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ICH guidelines have been adopted as law in several countries,
but are only used as guidance for the FDA. Nevertheless, in many areas of drug regulation ICH has resulted in comparable requirements,
for instance with respect to the Common Technical Document, or the CTD, which has become the core document for filings for market
authorization in several jurisdictions. Thus, ICH has facilitated a more efficient path to markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>FDA Approval Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of our current product candidates are subject to regulation
in the United States by the FDA as biological products, or biologics. The FDA subjects biologics to extensive pre- and post-market
regulation. The Public Health Service Act (PHSA), the Federal Food, Drug, and Cosmetic Act and other federal and state statutes
and regulations govern, among other things, the research, development, testing, manufacture, storage, recordkeeping, approval,
labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling, and import and export of biologics.
Failure to comply with applicable U.S. requirements may subject a company to a variety of administrative or judicial sanctions,
such as FDA refusal to approve pending BLAs, withdrawal of approvals, clinical holds, warning letters, product recalls, product
seizures, total or partial suspension of production or distribution, injunctions, fines or civil or criminal penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The PHSA emphasizes the importance of manufacturing control
for products whose attributes cannot be precisely defined. The PHSA also provides authority to the FDA to immediately suspend licenses
in situations where there exists a danger to public health, to prepare or procure products in the event of shortages and critical
public health needs, and to authorize the creation and enforcement of regulations to prevent the introduction or spread of communicable
diseases in the United States and between states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process required by the FDA before a new biologic may be
marketed in the United States is long, expensive, and inherently uncertain. Biologics development in the United States typically
involves preclinical laboratory and animal tests, the submission to the FDA of an IND (which must become effective before clinical
testing may commence) and adequate and well-controlled clinical studies to establish the safety and effectiveness of the biologic
for each indication for which FDA approval is sought. Developing the data to satisfy FDA pre-market approval requirements typically
takes many years and the actual time required may vary substantially based upon the type, complexity, and novelty of the product
or disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preclinical tests include laboratory evaluation of product chemistry,
formulation, and toxicity, as well as animal studies to assess the characteristics and potential safety and efficacy of the product.
The conduct of the preclinical tests must comply with federal regulations and requirements, including good laboratory practices.
The results of preclinical testing are submitted to the FDA as part of an IND along with other information, including information
about product chemistry, manufacturing and controls, and a proposed clinical study protocol. Long term preclinical tests, such
as animal tests of reproductive toxicity and carcinogenicity, may continue after the IND is submitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An IND must become effective before United States clinical studies
may begin. A 30-day waiting period after the submission of each IND is required prior to the commencement of clinical testing in
humans. If the FDA has neither commented on nor questioned the IND within this 30-day period, the clinical study proposed in the
IND may begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical studies involve the administration of the investigational
new drug or biologic to healthy volunteers or patients with the condition under investigation, all under the supervision of a qualified
investigator. Clinical studies must be conducted: (i) in compliance with federal regulations; (ii) in compliance with good clinical
practice, or GCP, an international standard meant to protect the rights and health of patients and to define the roles of clinical
study sponsors, administrators, and monitors; as well as (iii) under protocols detailing the objectives of the study, the parameters
to be used in monitoring safety, and the effectiveness criteria to be evaluated. Each protocol involving testing on U.S. patients
and subsequent protocol amendments must be submitted to the FDA as part of the IND.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA may order the temporary, or permanent, discontinuation
of a clinical study at any time, or impose other sanctions, if it believes that the clinical study either is not being conducted
in accordance with FDA requirements or presents an unacceptable risk to the clinical study patients. The study protocol and informed
consent information for patients in clinical studies must also be submitted to an institutional review board (IRB) for approval.
An IRB may also require the clinical study at the site to be halted, either temporarily or permanently, for failure to comply with
the IRB&rsquo;s requirements, or may impose other conditions. The study sponsor may also suspend a clinical study at any time on
various grounds, including a determination that the subjects or patients are being exposed to an unacceptable health risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical studies to support BLAs for marketing approval are
typically conducted in three sequential phases, but the phases may overlap or be combined. In phase 1, the biologic is initially
introduced into healthy human subjects or patients and is tested to assess PK, pharmacological actions, side effects associated
with increasing doses, and, if possible, early evidence on effectiveness. In the case of some products for severe or life-threatening
diseases, such as cancer treatments, initial human testing may be conducted in the intended patient population. Phase 2 usually
involves studies in a limited patient population to determine the effectiveness of the biologic for a particular indication, dosage
tolerance, and optimum dosage, and to identify common adverse effects and safety risks. If a compound demonstrates evidence of
effectiveness and an acceptable safety profile in phase 2 evaluations, phase 3 studies are undertaken to obtain additional information
about clinical efficacy and safety in a larger number of patients, typically at geographically dispersed clinical study sites.
These phase 3 clinical studies are intended to establish data sufficient to demonstrate substantial evidence of the efficacy and
safety of the product to permit the FDA to evaluate the overall benefit-risk relationship of the biologic and to provide adequate
information for the labeling of the biologic. Studies conducted outside of the US under similar, GCP-compliant conditions in accordance
with local applicable laws may also be acceptable to the FDA in support of product licensing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sponsors of clinical studies for investigational drugs must
publicly disclose certain clinical study information, including detailed study design and study results in FDA public databases.
These requirements are subject to specific timelines and apply to most controlled clinical studies of FDA-regulated products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After completion of the required clinical testing, a BLA is
prepared and submitted to the FDA. FDA review and approval of the BLA is required before marketing of the product may begin in
the United States. The BLA must include the results of all preclinical, clinical, and other testing and a compilation of data relating
to the product&rsquo;s pharmacology, chemistry, manufacture and controls and must demonstrate the safety and efficacy of the product
based on these results. The BLA must also contain extensive manufacturing information. The cost of preparing and submitting a BLA
is substantial. Under federal law, the submission of most BLAs is additionally subject to a substantial application user fee, as
well as annual product and establishment user fees, which may total several million dollars and are typically increased annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA has 60 days from its receipt of a BLA to determine whether
the application will be accepted for filing based on the agency&rsquo;s threshold determination that it is sufficiently complete
to permit substantive review. Once the submission is accepted for filing, the FDA begins an in-depth review. The FDA has agreed
to certain performance goals in the review of BLAs. Most such applications for standard review biologics are reviewed within ten
months from the date the application is accepted for filing. Although the FDA often meets its user fee performance goals, it can
extend these timelines if necessary, and its review may not occur on a timely basis at all. The FDA usually refers applications
for novel biologics, or biologics which present difficult questions of safety or efficacy, to an advisory committee&mdash;typically
a panel that includes clinicians and other experts&mdash;for review, evaluation, and a recommendation as to whether the application
should be approved. The FDA is not bound by the recommendation of an advisory committee, but it generally follows such recommendations.
Before approving a BLA, the FDA will typically inspect one or more clinical sites to assure compliance with GCP. Additionally,
the FDA will inspect the facility or the facilities at which the biologic is manufactured. The FDA will not approve the product
unless it verifies that compliance with cGMP standards is satisfactory and the BLA contains data that provide substantial evidence
that the biologic is safe and effective in the indication studied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After the FDA evaluates the BLA and the manufacturing facilities,
it issues either an approval letter or a complete response letter. A complete response letter generally outlines the deficiencies
in the submission and may require substantial additional testing, or information, in order for the FDA to reconsider the application.
If, or when, those deficiencies have been addressed to the FDA&rsquo;s satisfaction in a resubmission of the BLA, the FDA will
issue an approval letter. The FDA has committed to reviewing such resubmissions in two or six months depending on the type of information
included. The FDA approval is never guaranteed, and the FDA may refuse to approve a BLA if applicable regulatory criteria are not
satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the PHSA, the FDA may approve a BLA if it determines that
the product is safe, pure and potent and the facility where the product will be manufactured meets standards designed to ensure
that it continues to be safe, pure, and potent. An approval letter authorizes commercial marketing of the biologic with specific
prescribing information for specific indications. The approval for a biologic may be significantly more limited than requested
in the application, including limitations on the specific diseases and dosages or the indications for use, which could restrict
the commercial value of the product. The FDA may also require that certain contraindications, warnings, or precautions be included
in the product labeling. In addition, as a condition of BLA approval, the FDA may require a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">risk evaluation and mitigation strategy,
or REMS, to help ensure that the benefits of the biologic outweigh the potential risks. REMS can include medication guides, communication
plans for healthcare professionals, and elements to assure safe use, or ETASU. ETASU can include, but are not limited to, special
training or certification for prescribing or dispensing, dispensing only under certain circumstances, special monitoring, and the
use of patient registries. The requirement for a REMS or use of a companion diagnostic with a biologic can materially affect the
potential market and profitability of the biologic. Moreover, product approval may require, as a condition of approval, substantial
post-approval testing and surveillance to monitor the biologic&rsquo;s safety or efficacy. Once granted, product approvals may
be withdrawn if compliance with regulatory standards is not maintained or problems are identified following initial marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After a BLA is approved, the product may also be subject to
official lot release. As part of the manufacturing process, the manufacturer is required to perform certain tests on each lot of
the product before it is released for distribution. If the product is subject to official lot release by the FDA, the manufacturer
submits samples of each lot of product to the FDA together with a release protocol showing a summary of the history of manufacture
of the lot and the results of all of the manufacturer&rsquo;s tests performed on the lot. The FDA may also perform certain confirmatory
tests on lots of some products, such as viral vaccines, before releasing the lots for distribution by the manufacturer. In addition,
the FDA conducts laboratory research related to the regulatory standards on the safety, purity, potency, and effectiveness of biological
products. After approval of biologics, manufacturers must address any safety issues that arise, are subject to recalls or a halt
in manufacturing, and are subject to periodic inspection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Fast track</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fast Track program, a provision of the FDA Modernization
Act of 1997, is designed to facilitate interactions between a sponsoring company and the FDA before and during submission of a
BLA for an investigational agent that, alone or in combination with one or more other drugs, is intended to treat a serious or
life-threatening disease or condition, and which demonstrates the potential to address an unmet medical need for that disease or
condition. Under the Fast Track program, the FDA may consider reviewing portions of a marketing application before the sponsor
submits the complete application if the FDA determines, after a preliminary evaluation of the clinical data, that a fast track
product may be effective. A Fast Track designation provides the opportunity for more frequent interactions with the FDA, and a
fast track product could be eligible for priority review if supported by clinical data at the time of submission of the BLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Biosimilars</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Patient Protection and Affordable Care Act, which we refer
to as the Affordable Care Act, signed into law on March 23, 2010, includes a subtitle called the Biologics Price Competition and
Innovation Act of 2009. That Act created an approval pathway authorizing the FDA to approve biosimilars and interchangeable biosimilars.
Biosimilars are biological products which are &ldquo;highly similar&rdquo; to a previously approved biologic product or &ldquo;reference
product&rdquo; and for which there are no meaningful differences between the biosimilar product and the reference product in terms
of analytics, safety, purity, potency and clinical efficacy. To date, several biosimilars have been licensed under the BPCIA framework.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Advertising and promotion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once a BLA is approved, a product will be subject to continuing
post-approval regulatory requirements. For instance, the FDA closely regulates the post-approval marketing and promotion of biologics,
including standards and regulations for direct-to-consumer advertising, off-label promotion, industry-sponsored scientific and
educational activities and promotional activities involving the internet. Failure to comply with these regulations can result in
significant penalties, including the issuance of warning letters directing a company to correct deviations from FDA standards,
a requirement that future advertising and promotional materials be pre-cleared by the FDA, and federal and state civil and criminal
investigations and prosecutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biologics may be marketed only for the approved indications
and in accordance with the provisions of the approved labeling. Changes to some of the conditions established in an approved application,
including changes in indications, labeling, or manufacturing processes or facilities, require submission and FDA approval of a
new BLA or BLA supplement before the change can be implemented. A BLA supplement for a new indication typically requires</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">clinical
data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing BLA supplements
as it does in reviewing BLAs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Adverse event reporting and cGMP compliance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adverse event reporting and submission of periodic reports are
required following FDA approval of a BLA. The FDA also may require post-marketing testing, known as phase 4 testing, REMS, and
surveillance to monitor the effects of an approved product, or the FDA may place conditions on an approval that could restrict
the distribution or use of the product. In addition, manufacture, packaging, labeling, storage and distribution procedures must
continue to conform to current cGMPs after approval. Biologics manufacturers and certain of their subcontractors are required to
register their establishments with the FDA and certain state agencies. Registration with the FDA subjects entities to periodic
unannounced inspections by the FDA, during which the agency inspects manufacturing facilities to assess compliance with cGMPs.
Accordingly, manufacturers must continue to expend time, money, and effort in the areas of production and quality control to maintain
compliance with cGMPs. Regulatory authorities may withdraw product approvals, request product recalls, or impose marketing restrictions
through labeling changes or product removals if a company fails to comply with regulatory standards, if it encounters problems
following initial marketing, or if previously unrecognized problems are subsequently discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Orphan drug</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Orphan Drug Act, the FDA may grant orphan drug designation
to biologics intended to treat a rare disease or condition&mdash;generally a disease or condition that affects fewer than 200,000
individuals in the United States. Orphan drug designation must be requested before submitting a BLA. After the FDA grants orphan
drug designation, the generic identity of the biologic and its potential orphan use are disclosed publicly by the FDA. Orphan drug
designation does not necessarily convey any advantage in, or shorten the duration of, the regulatory review and approval process.
The first BLA applicant to receive FDA approval for a particular product to treat a particular disease with FDA orphan drug designation
is entitled to a seven-year exclusive marketing period in the United States for that product, for that indication. During the seven-year
exclusivity period, the FDA may not approve any other applications to market the same drug for the same disease, except in limited
circumstances, such as a showing of clinical superiority to the product with orphan drug exclusivity. Orphan drug exclusivity does
not prevent the FDA from approving a different biologic for the same disease or condition, or the same biologic for a different
disease or condition. Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of
the BLA application user fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have received orphan drug designation for AFM13 for the treatment
of HL in the United States and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Other healthcare laws and compliance requirements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the United States, our activities are potentially subject
to regulation by federal, state, and local authorities in addition to the FDA, including the Centers for Medicare and Medicaid
Services, other divisions of the U.S. Department of Health and Human Services (for example, the Office of Inspector General), the
U.S. Department of Justice and individual U.S. Attorney offices within the Department of Justice, and state and local governments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>EU Approval Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The European Medicines Agency, or EMA, is a decentralized scientific
agency of the European Union. It coordinates the evaluation and monitoring of centrally-authorized medicinal products. It is responsible
for the scientific evaluation of applications for EU marketing authorizations, as well as the development of technical guidance
and the provision of scientific advice to sponsors. The EMA decentralizes its scientific assessment of medicines by working through
a network of about 4,500 experts throughout the European Union, nominated by the member states. The EMA draws on resources of over
40 National Competent Authorities (the NCAs) of EU member states. The Paul Ehrlich Institute, or PEI, is one of the NCAs for Germany,
and regulates, among others, antibody products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process regarding approval of medicinal products in the
European Union follows roughly the same lines as in the United States and likewise generally involves satisfactorily completing
each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>preclinical
laboratory tests, animal studies and formulation studies all performed in accordance with the applicable EU Good Laboratory Practice
regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>submission
to the relevant national authorities of a clinical study application or CTA for each study in humans, which must be approved before
the study may begin;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>performance
of adequate and well-controlled clinical studies to establish the safety and efficacy of the product for each proposed indication;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>submission
to the relevant competent authorities of a Marketing Authorization Application or MAA, which includes the data supporting safety
and efficacy as well as detailed information on the manufacture and composition of the product in clinical development and proposed
labelling;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>satisfactory
completion of an inspection by the relevant national authorities of the manufacturing facility or facilities, including those of
third parties, at which the product is produced to assess compliance with strictly enforced current Good Manufacturing Practices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>potential
audits of the non-clinical and clinical study sites that generated the data in support of the MAA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>review
and approval by the relevant competent authority of the MAA before any commercial marketing, sale or shipment of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Preclinical studies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preclinical tests include laboratory evaluations of product
chemistry, formulation and stability, as well as studies to evaluate toxicity in animal studies, in order to assess the potential
safety and efficacy of the product. The conduct of the preclinical tests and formulation of the compounds for testing must comply
with the relevant EU regulations and requirements. The results of the preclinical tests, together with relevant manufacturing information
and analytical data, are submitted as part of the CTA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Clinical study approval</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Clinical Trials Directive 2001/20/EC, as amended,
a system for the approval of clinical studies in the European Union has been implemented through national legislation of the member
states. Under this system, approval must be obtained from the competent national authority of each EU member state in which a study
is planned to be conducted. To this end, a CTA is submitted, which must be supported by an investigational medicinal product dossier,
or IMPD, and further supporting information prescribed by the Clinical Trials Directive and other applicable guidance documents.
Furthermore, a clinical study may only be started after a competent ethics committee has issued a favorable opinion on the clinical
study application in that country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Manufacturing and import into the EU of investigational medicinal
products is subject to the holding of appropriate authorizations and must be carried out in accordance with current Good Manufacturing
Practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Health authority interactions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the development of a medicinal product, frequent interactions
with the health authorities are important to ensure all relevant input and guidelines/regulations are taken into account in the
overall program. We have established an ongoing dialogue with the PEI, the national competent authority in Germany regulating,
among others, antibody products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><I>Informal
interactions:</I> We have had several informal discussions by phone with the PEI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><I>Formal
CHMP scientific advice:</I> We have not yet had a formal scientific advice meeting with the Committee for Medicinal Products for
Human Use or CHMP, but plan to do so in time to discuss the further clinical development of AFM13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><I>Formal
national feedback:</I> We have had several scientific advice meetings with the PEI on AFM13 and AFM11. We also received written
scientific advice from the PEI on special questions of the non-clinical development of AFM13 and AFM11. In the most recent scientific
advice meeting the planned phase 2 study with AFM13 was reviewed and guidance was received which has been incorporated in our clinical
development plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT><I>Business
pipeline meetings:</I> We have not yet sought business pipeline meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Paediatric studies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 1901/2006, which came into force on January
26, 2007, aims to facilitate the development and accessibility of medical products for use in children without subjecting children
to unnecessary studies, or delaying the authorization of medicinal products for use in adults. The regulation established the Paediatric
Committee, or PDCO, which is responsible for coordinating the EMA&rsquo;s activities regarding medicines for children. The PDCO&rsquo;s
main role is to determine all the studies that marketing authorization applicants need to do in the pediatric population as part
of the so-called Paediatric Investigation Plans, or PIPs. All applications for marketing authorization for new medicines that were
not authorized in the European Union before January 26, 2007 have to include either the results of studies carried out in children
of different ages (as agreed with the PDCO), or proof that a waiver or a deferral of these studies has been obtained from the PDCO.
As indicated, the PDCO determines what pediatric studies are necessary and describes them in a PIP. This requirement for pediatric
studies also applies when a company wants to add a new indication, pharmaceutical form or route of administration for a medicine
that is already authorized. The PDCO can grant deferrals for some medicines, allowing a company to delay development of the medicine
in children until there is enough information to demonstrate its effectiveness and safety in adults and can also grant waivers
when development of a medicine in children is not needed or is not appropriate, such as for diseases that only affect the elderly
population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Before a MAA can be filed, or an existing marketing authorization
can be varied, the EMA checks that companies are in compliance with the agreed studies and measures listed in each relevant PIP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 1901/2006 also introduced several incentives
for the development of medicines for children in the EU:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>medicines
that have been authorized across the European Union in compliance with an agreed PIP are eligible for an extension of their patent
protection by six months. This is the case even when the pediatric studies&rsquo; results are negative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>for
orphan medicines, the incentive is an additional two years of market exclusivity, extending the typical 10-year period to 12 years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>scientific
advice and protocol assistance at the EMA are free of charge for questions relating to the development of medicines for children;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&sect;&#9;</FONT>medicines
developed specifically for children that are already authorized but are not protected by a patent or supplementary protection certificate
may be eligible for a paediatric use marketing authorization, or PUMA. If a PUMA is granted, the product will benefit from 10 years
of market protection as an incentive for the development of the product for use in children.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indications we pursue, especially those in certain hematologic
malignancies, involve pediatric patients and we shall prepare PIPs at the appropriate time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Marketing authorization application</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authorization to market a product in the EU member states proceeds
under one of four procedures: a centralized authorization procedure, a mutual recognition procedure, a decentralized procedure
or a national procedure. Since our products by their virtue of being antibody-based biologics fall under the centralized procedure,
only this procedure will be described here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Centralized authorization procedure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain drugs, including medicinal products developed by means
of biotechnological processes, must be approved via the centralized authorization procedure for marketing authorization. A successful
application under the centralized authorization procedure results in a marketing authorization from the European Commission, which
is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">automatically valid in all EU member states. The other European Economic Area member states (namely Norway, Iceland and Liechtenstein)
are also obligated to recognize the Commission decision. The EMA and the European Commission administer the centralized authorization
procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the centralized authorization procedure, the CHMP serves
as the scientific committee that renders opinions about the safety, efficacy and quality of human products on behalf of the EMA.
The CHMP is composed of experts nominated by each member state&rsquo;s national drug authority, with one of them appointed to act
as Rapporteur for the co-ordination of the evaluation with the possible assistance of a further member of the Committee acting
as a Co-Rapporteur. After approval, the Rapporteur(s) continue to monitor the product throughout its life cycle. The CHMP is required
to issue an opinion within 210 days of receipt of a valid application, though the clock is stopped if it is necessary to ask the
applicant for clarification or further supporting data. The process is complex and involves extensive consultation with the regulatory
authorities of member states and a number of experts. Once the procedure is completed, a European Public Assessment Report, or
EPAR, is produced. If the CHMP concludes that the quality, safety and efficacy of the medicinal product are sufficiently proven,
it adopts a positive opinion. The CHMP&rsquo;s opinion is sent to the European Commission, which uses the opinion as the basis
for its decision whether or not to grant a marketing authorization. If the opinion is negative, information is given as to the
grounds on which this conclusion was reached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After a drug has been authorized and launched, it is a condition
of maintaining the marketing authorization that all aspects relating to its quality, safety and efficacy must be kept under review.
Sanctions may be imposed for failure to adhere to the conditions of the marketing authorization. In extreme cases, the authorization
may be revoked, resulting in withdrawal of the product from sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Accelerated assessment procedure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When an application is submitted for a marketing authorization
in respect of a drug for human use which is of major interest from the point of view of public health and in particular from the
viewpoint of therapeutic innovation, the applicant may request an accelerated assessment procedure pursuant to Article 14(9) of
Regulation (EC) 726/2004. Under the accelerated assessment procedure, the CHMP is required to issue an opinion within 150 days
of receipt of a valid application, subject to clock stops. We believe that many of our product candidates may qualify for this
provision and we will take advantage of this provision as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Conditional approval</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As per Article 14(7) of Regulation (EC) 726/2004, a medicine
that would fulfill an unmet medical need may, if its immediate availability is in the interest of public health, be granted a conditional
marketing authorization on the basis of less complete clinical data than are normally required, subject to specific obligations
being imposed on the authorization holder. These specific obligations are to be reviewed annually by the EMA. The list of these
obligations shall be made publicly accessible. Such an authorization shall be valid for one year, on a renewable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Period of authorization and renewals</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A marketing authorization is initially valid for five years
and may then be renewed on the basis of a re-evaluation of the risk-benefit balance by the EMA or by the competent authority of
the authorizing member state. To this end, the marketing authorization holder shall provide the EMA or the competent authority
with a consolidated version of the file in respect of quality, safety and efficacy, including all variants introduced since the
marketing authorization was granted, at least six months before the marketing authorization ceases to be valid. Once renewed, the
marketing authorization shall be valid for an unlimited period, unless the Commission or the competent authority decides, on justified
grounds relating to pharmacovigilance, to proceed with one additional five-year renewal. Any authorization which is not followed
by the actual placing of the drug on the EU market (in case of centralized procedure) or on the market of the authorizing member
state within three years after authorization shall cease to be valid (the so-called sunset clause).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Orphan drug designation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 141/2000 states that a drug shall be designated
as an orphan drug if its sponsor can establish:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(i)</TD><TD>that it is intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition
affecting not more than five in 10,000 persons in the European Union when the application is made, or;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(ii)</TD><TD>that it is intended for the diagnosis, prevention or treatment of a life-threatening, seriously debilitating or serious and
chronic condition in the European Union and that without incentives it is unlikely that the marketing of the drug in the European
Union would generate sufficient return to justify the necessary investment; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>that there exists no satisfactory method of diagnosis, prevention or treatment of the condition in question that has been authorized
in the European Union or, if such method exists, the drug will be of significant benefit to those affected by that condition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Regulation (EC) 847/2000 sets
out criteria for the designation of orphan drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An application for designation as an orphan product can be made
any time prior to the filing of an application for approval to market the product. Marketing authorization for an orphan drug leads
to a ten-year period of market exclusivity. This period may, however, be reduced to six years if, at the end of the fifth year,
it is established that the product no longer meets the criteria for orphan drug designation, for example because the product is
sufficiently profitable not to justify continued market exclusivity. Market exclusivity can be revoked only in very selected cases,
such as consent from the marketing authorization holder, inability to supply sufficient quantities of the product, demonstration
of &ldquo;clinically relevant superiority&rdquo; by a similar medicinal product, or, after a review by the Committee for Orphan
Medicinal Products, requested by a member state in the fifth year of the marketing exclusivity period (if the designation criteria
are believed to no longer apply). Medicinal products designated as orphan drugs pursuant to Regulation (EC) 141/2000 shall be eligible
for incentives made available by the European Union and by the member states to support research into, and the development and
availability of, orphan drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have applied for and been granted orphan status in the European
Union for AFM13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Regulatory data protection</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the law on the protection of industrial
and commercial property, marketing authorizations for new medicinal products benefit from an 8+2+1 year period of regulatory protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This regime consists of a regulatory data protection period
of eight years plus a concurrent market exclusivity of ten years plus an additional market exclusivity of one further year if,
during the first eight years of those ten years, the marketing approval holder obtains an approval for one or more new therapeutic
indications which, during the scientific evaluation prior to their approval, are determined to bring a significant clinical benefit
in comparison with existing therapies. Under the current rules, a third party may reference the preclinical and clinical data of
the reference product beginning eight years after first approval, but the third party may market a generic version after only ten
(or eleven) years have lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As indicated, additional regulatory data protection can be applied
for when an applicant has complied with all requirements as set forth in an approved PIP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>International Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to regulations in the United States and Europe,
a variety of foreign regulations govern clinical studies, commercial sales, and distribution of product candidates. The approval
process varies from country to country and the time to approval may be longer or shorter than that required for FDA or European
Commission approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pharmaceutical Coverage, Pricing, and Reimbursement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the United States and other countries, sales of any products
for which we receive regulatory approval for commercial sale will depend in part on the availability of reimbursement from third-party
payors, including government health administrative authorities, managed care providers, private health insurers, and other organizations.
Third-party payors are increasingly examining the medical necessity and cost effectiveness of medical products and services in
addition to safety and efficacy and, accordingly, significant uncertainty exists as to the reimbursement status of newly approved
therapeutics. Third-party reimbursement adequate to enable us to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">realize an appropriate return on our investment in research and
product development may not be available for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The division of competences within the European Union leaves
to Member States the power to organize their own social security systems, including health care policies to promote the financial
stability of their health care insurance systems. According to Article 168 of the Treaty on the Functioning of the European Union
or TFEU, &ldquo;Union action shall respect the responsibilities of the Member States for the definition of their health policy
and for the organization and delivery of health services and medical care.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In this context, the national authorities are free to set the
prices of medicinal products and to designate the treatments that they wish to reimburse under their social security system. However,
the European Union has defined a common procedural framework through the adoption of Council Directive 89/105/EEC, which is generally
known as the &ldquo;Transparency Directive.&rdquo; This instrument aims to ensure that national pricing and reimbursement decisions
are made in a transparent manner and do not disrupt the operation of the internal market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Pharmaceutical Pricing and Reimbursement systems established
by Member States are usually quite complex. Each country uses different schemes and policies, adapted to its own economic and health
needs. We would have to develop or access special expertise in this field to prepare health economic dossiers on our medicinal
products if we would market our products, if and when approved, in the EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i4c"></A>Organizational structure</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The registrant corporation Affimed N.V. has
three direct or indirect wholly owned subsidiaries &ndash; Affimed GmbH, AbCheck s.r.o. and Affimed, Inc. that are each listed
in Exhibit 8.1 filed hereto. We primarily operate our business out of our operating subsidiary, Affimed GmbH. AbCheck s.r.o. and
Affimed, Inc. are direct subsidiaries of the operating subsidiary Affimed GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i4d"></A>Property, plant and equipment</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our headquarters are in Heidelberg, Germany,
where we occupy office and laboratory space at the Technologiepark (Technology Park). Approximately 75% of this space is under
a revolving 24-month lease period, with a 12-month termination period. The lease could expire in 2021 if notice to terminate is
provided by either party by February 2020. The remaining 25% of this facility is under a fixed term lease period until February
2021. This facility serves as the corporate headquarters and central laboratory facility. We also lease office and laboratory space
in the Czech Republic that is contracted until 2020 with a period of notice of three months. We believe that our existing facilities
are adequate to meet current needs and that suitable additional alternative spaces will be available in the future on commercially
reasonable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i4a1"></A>ITEM 4A. UNRESOLVED STAFF COMMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i5"></A>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You should read the following discussion and
analysis of our financial condition and results of operations together with the information under &ldquo;Selected Financial Data&rdquo;
and our consolidated audited financial statements, including the notes thereto, included in this Annual Report. The following discussion
is based on our financial information prepared in accordance with IFRS as issued by the IASB, which might differ in material respects
from generally accepted accounting principles in other jurisdictions. The following discussion includes forward-looking statements
that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking
statements as a result of many factors, including, but not limited to, those described under &ldquo;Risk Factors&rdquo; and elsewhere
in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i5a"></A>Operating results</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a clinical-stage biopharmaceutical company focused on
discovering and developing highly targeted cancer immunotherapies. Our product candidates are being developed in the field of immuno-oncology,
which represents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">an innovative approach to cancer treatment that seeks to harness the body&rsquo;s own immune defenses to fight
tumor cells. The most potent cells of the human defense arsenal are types of white blood cells called Natural Killer cells, or
NK cells, and T cells. Our proprietary, next-generation bispecific antibodies, which we call TandAbs because of their tandem antibody
structure, are designed to direct and establish a bridge between either NK cells or T cells and cancer cells. Our TandAbs have
the ability to bring NK cells or T cells into proximity and trigger a signal cascade that leads to the destruction of cancer cells.
Due to their novel tetravalent architecture (which provides for four binding domains), our TandAbs bind to their targets with high
affinity and have half-lives that allow regular intravenous administration. We believe, based on their mechanism of action and
the preclinical and clinical data we have generated to date, that our product candidates, alone or in combination, may ultimately
improve response rates, clinical outcomes and survival in cancer patients and could eventually become a cornerstone of modern targeted
oncology care. <FONT STYLE="font-family: Times New Roman, Times, Serif">Building on our leadership in the NK cell space, we are
also developing novel tetravalent, bispecific antibody formats with the potential to tailor immune-engaging therapy to different
indications and settings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To date, we have financed our operations primarily through our
public offerings of our common shares, private placements of equity securities, the incurrence of loans including convertible loans
and through government grants and milestone payments for collaborative research and development services. Through December 31,
2017, we have raised an aggregate of &euro;201.9 million through the issuance of equity and incurrence of loans. To date, we have
not generated any revenues from product sales or royalties. Based on our current plans, we do not expect to generate product or
royalty revenues unless and until we or any collaboration partner obtain marketing approval for, and commercialize, any of our
product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have generated losses since we began our drug development
operations in 2000. For the year ended December 31, 2017, we incurred a net loss of &euro;30.2 million. As of December 31, 2017,
we had an accumulated deficit of &euro;182.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to continue incurring losses as we continue our preclinical
and clinical development programs, apply for marketing approval for our product candidates and, subject to obtaining regulatory
approval for our product candidates, build a marketing and sales team to commercialize our product candidates. Our profitability
is dependent upon the successful development, approval, and commercialization of our product candidates and achieving a level of
revenues adequate to support our cost structure. We may never achieve profitability, and unless and until we do, we will continue
to need to raise additional cash. We intend to fund future operations through additional equity and debt financings, and we may
seek additional capital through arrangements with strategic partners or from other sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collaboration Agreements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into strategic collaborations for some of our
therapeutic programs. As part of our business development strategy, we aim to increase the number of our research collaborations
in order to derive further value from our platforms and more fully exploit their potential. Key terms of our current material collaborations
are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Amphivena</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a July 2013 license and development agreement, which
amended and restated a 2012 license agreement between us and Amphivena Therapeutics, Inc., or Amphivena, based in San Francisco,
California, we licensed certain technology to Amphivena that enables Amphivena to develop a product candidate for hematologic malignancies.
In exchange for the technology license to Amphivena, we received shares of stock of Amphivena, and, in connection with an equity
financing involving us and other third-party investors, we made cash investments in Amphivena in exchange for additional shares
of stock and entered into certain related agreements governing our rights as a shareholder of Amphivena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amphivena separately entered into a warrant agreement with Janssen
Biotech Inc. that gave Janssen the option to acquire Amphivena following IND acceptance by the FDA of such product candidate. Amphivena
retains full rights to the product candidate following the decision by Janssen not to exercise its option to acquire Amphivena
upon effectiveness of the product candidate&rsquo;s IND application in July 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the July 2013 license and development agreement
with Amphivena, we historically performed certain services for Amphivena related to the development of a product candidate for
hematological malignancies, and granted Amphivena certain product and technology licenses, each of which included the right to
grant sublicenses to its affiliates or third parties through multiple tiers, subject to certain notice requirements. In consideration
for the research and development work that was performed prior to IND acceptance, Amphivena paid us service fees totaling approximately
&euro;14.5 million (net of our share in funding Amphivena) upon the achievement of milestones and phase progressions as described
under the license and development agreement. We do not expect to provide any additional significant services or generate significant
additional revenues under the license and development agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We recognized revenues of &euro;1.8 million, &euro;4.8 million,
&euro;3.4 million and &euro;0.2 million in 2014, 2015, 2016 and 2017 respectively (net of our total investments of &euro;2.3 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are paid in euros under the license and development agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The license and development agreement with Amphivena
expired when the IND became effective. Following the expiration, we continued to provide services on a smaller scale to
complete the remaining deliverables (i.e. material transfer) required under the agreement, and have been financially
supporting the future clinical development of AMV564 with &euro;1.9 million in financing, &euro;1.0 million of which was
invested in Amphivena in October 2016 and &euro;0.6 million of which was invested in March 2017 and &euro;0.3 million of
which was invested in December 2017. As of December 31, 2017, the cash investments in relation to the July 2013 license and
development agreement and cash investments made in October 2016, March 2017 and December 2017 totaled $3.0 million (&euro;2.6
million), and we owned approximately 18.5% of the outstanding equity of Amphivena on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Leukemia &amp; Lymphoma Society</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2013, we entered into a research funding agreement
with The Leukemia &amp; Lymphoma Society, or LLS, for the clinical development of AFM13. Pursuant to the research funding agreement,
LLS agreed to co-fund the clinical phase 2a development of AFM13 and to contribute up to approximately $4.4 million over two years
to support the project. We have agreed to match LLS&rsquo;s contributions toward the project budget. Our receipt of the $4.4 million
total that LLS has agreed to contribute is conditioned on the achievement of certain milestones in connection with the development
of AFM13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The research funding agreement was amended in June 2016 to reflect
a shift in development focus of AFM13 due to recent changes within the rapidly evolving cancer immunotherapy treatment landscape
resulting in a shift to development of combination therapeutic approaches. Having successfully established a collaboration with
Merck in January 2016 to test AFM13 in combination with Keytruda in relapsed/refractory Hodgkin lymphoma patients, we have prioritized
the development of AFM13 as a combination therapy. Consequently, we have agreed with LLS to amend the research funding agreement
so that the milestones now relate primarily to the development of AFM13 as a combination therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2017 we have met six milestones and we recognized
revenues of &euro;1.6 million, &euro;0.4 million and &euro;0.2 million in 2015, 2016 and 2017, respectively. We must use the funding
provided by LLS exclusively with the development program, and return any excess funding to LLS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In consideration of LLS&rsquo;s payments to us, we have agreed
to pay LLS a mid-single digit royalty on net sales of products containing AFM13 until we have paid LLS a low single digit multiple
of the funding they provided to us. After we have reached this initial royalty cap, we will pay LLS a sub-single digit royalty
on net sales until the earlier of (i) the expiration of the last to expire patent covering the AFM13 products and (ii) ten years
after the initial royalty cap is satisfied. These royalty payments are calculated on a country-by-country and product-by-product
basis. We have also agreed to make certain low-to-mid-single digit royalty payments to LLS in the event of certain transfers of
rights to any product containing AFM13 or in the event we undergo certain change of control transactions, in each case up to the
royalty cap described above. Amounts paid to us under our agreement with LLS are paid in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Merck</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January 2016, we entered into a collaboration
with Merck Sharp &amp; Dohme B.V., or Merck, based in Haarlem, The Netherlands, to evaluate AFM13 in combination
with Merck&rsquo;s anti PD-1 therapy, Keytruda (pembrolizumab). Under the terms of the agreement, Affimed will fund and
conduct a phase 1b clinical trial to investigate the combination of Keytruda with Affimed&rsquo;s proprietary drug candidate
AFM13 for the treatment of patients with relapsed/refractory HL. Merck has been supplying Affimed with Keytruda for the
clinical trial. Each party is responsible for its own internal costs and expenses to support the clinical trial (including
the costs for the respective trial compound), while we are bearing all other costs associated with the trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of the study is to establish a dosing regimen for
this combination therapy and assess its safety and efficacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">MD Anderson</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In January 2017, we entered into a clinical
development and commercialization collaboration with The University of Texas MD Anderson Cancer Center, or MD Anderson, to evaluate
AFM13 in combination with MD Anderson&rsquo;s NKcell product.&nbsp;MD Anderson will be responsible for conducting preclinical
research activities aimed at investigating its NKcells derived from umbilical cord blood in combination with AFM13, which are
intended to be followed by a phase 1 trial. We will fund research and development expenses for this collaboration and hold an option
to exclusive worldwide rights to develop and commercialize any product developed under the collaboration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">License Agreements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">DKFZ</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June 2006, we amended a 2001 license agreement with Deutsches
Krebsforschungszentrum, Heidelberg, or DKFZ. Under the agreement, as amended, we obtained a worldwide, royalty-bearing license
under specified DKFZ patent rights to make, have made, use, sell and have sold licensed products and to practice licensed commercial
services, which specifically excludes services that are paid for with government grant funding. We have developed our TandAb technology
under the licensed patent rights. In connection with the agreement, as amended, we issued DKFZ 350 shares of our Series C preferred
shares, which were subsequently converted into Series D preferred shares in the equivalent amount of &euro;50,000 and made a &euro;35,000
cash payment to DKFZ. We are also required to pay DKFZ a low single digit royalty on net sales, as defined in the agreement, of
licensed products and services and a mid-single digit percentage of income we receive in connection with granting a third party
a sublicense of our rights under the license agreement. If we grant a sublicense in connection with entering into a cross-licensing
arrangement with one or more third parties, we are obligated to make a lump-sum payment of DM 70,000 (&euro;35,790) to DKFZ following
the execution of each such sublicense. We are obligated to make the above royalty payments to DKFZ during the term of the licensed
patents and for the two years following the expiration of the licensed patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">XOMA</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In September 2006, we entered into a license agreement with
Xoma Ireland Limited, or XOMA. Pursuant to the agreement, XOMA granted us a worldwide, fully paid-up, royalty-free, non-exclusive
and non-transferable license to conduct research on immunoglobulins under certain patent rights and know-how owned or otherwise
controlled by XOMA. We refer to this research-only license grant as the &ldquo;research license.&rdquo; XOMA also granted us options,
exercisable on an immunoglobulin-by-immunoglobulin basis, to obtain certain additional manufacturing or commercialization rights,
including an option to obtain a worldwide, non-exclusive, non-transferable license under the licensed XOMA patent rights and know-how
to make or have made (in a prokaryote and without use of a dicistronic construct), use, sell, offer to sell, import and otherwise
commercialize immunoglobulins discovered, isolated or optimized under the research license for the diagnosis, treatment, prevention
or prophylaxis of any human condition or disease. Unless XOMA grants us such a license, we are prohibited from commercializing,
licensing or developing any immunoglobulin discovered, isolated or optimized under the research license. XOMA is not required to
grant us a license upon our exercise of the option, unless the other provisions of the license agreement are complied with. For
each immunoglobulin for which we obtain such a commercialization license pursuant to our exercise of the option, we are obligated
to make milestone payments upon the occurrence of certain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">clinical and regulatory events. For each immunoglobulin, if all milestone
events under the commercialization license are achieved, the aggregate milestone payments could total $350,000 (&euro;291,900).
In addition, we are obligated to pay XOMA a low single digit percentage royalty on net sales on a country-by-country and immunoglobulin-by-immunoglobulin
basis, until the later of the expiration of the last-to-expire valid patent claim in the relevant country or the tenth anniversary
of the first commercial sale of the corresponding product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Operations Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenue</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To date, our revenues have consisted principally of collaboration
and service revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Collaboration revenue.</I> Collaboration revenue of &euro;6.3
million for the year ended December 31, 2015 was from the achievement of the third milestone under the license and development
agreement with Amphivena (&euro;2.4 million), from research and development services under the license and development agreement
with Amphivena (&euro;2.3 million) and from the LLS collaboration (&euro;1.6 million). Collaboration revenue of &euro;3.8 million
for the year ended December 31, 2016 was from research and development services under the license and development agreement with
Amphivena (&euro;3.4 million) and from the LLS collaboration (&euro;0.4 million). Collaboration revenue of &euro;0.4 million for
the year ended December 31, 2017 was from research and development services under the license and development agreement with Amphivena
(&euro;0.2 million) and from the LLS collaboration (&euro;0.2 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Service revenue.</I> Service revenue is primarily revenue
from service contracts entered into by AbCheck, our wholly owned, independently operated antibody screening platform. We recognized
&euro;1.3 million, &euro;2.4 million and &euro;1.6 million of service revenue in 2015, 2016 and 2017, respectively. Service revenue
of AbCheck is dependent from third party contracts as well as from the utilization of the Unit by Affimed. The increase or decrease
of the use of AbCheck&rsquo;s service capabilities by Affimed has an impact on AbCheck&rsquo;s ability to generate third party
revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the future, the timing of our revenue may vary significantly
from the receipt of the related cash flows, as the revenue from some upfront or initiation payments is deferred and recognized
as revenue over the estimated service period, while other revenue is earned when received, such as milestone payments or service
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our revenue has varied substantially, especially due to the
impact of collaboration revenue received from Amphivena. The amount of future revenue is dependent on our ability to conclude new
collaboration arrangements and the terms we are able to negotiate with our partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Income</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Income in 2015, 2016 and 2017 primarily relates to earned
income through several grants and/or contracts with the German government, the European Union and other educational institutions
on behalf of the German government, primarily with respect to research and development activities related to the use of the TandAb
technology in various indication areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Research and Development Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research and development expenses consist principally of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>salaries for research and development staff and related expenses, including management benefits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>costs for production of preclinical compounds and drug substances by contract manufacturers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>fees and other costs paid to contract research organizations in connection with additional preclinical testing and the performance
of clinical trials;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>costs of related facilities, materials and equipment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>costs associated with obtaining and maintaining patents and other intellectual property;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>amortization and depreciation of tangible and intangible fixed assets used to develop our product candidates; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>expenses for share-based payments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on our current budget we expect that our total research
and development expenses in 2018 will be in the range of &euro;25 to &euro;30 million. Our research and development expenses primarily
relate to the following key programs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM13. </I>We initiated a phase 1b study investigating the combination of AFM13 with Merck&rsquo;s anti-PD-1 antibody Keytruda
(pembrolizumab) in patients with relapsed/refractory HL in 2016. Different dosing protocols are being explored in the investigator-initiated
monotherapeutic phase 2a clinical trial of AFM13 in relapsed/refractory Hodgkin Lymphoma, or relapsed/refractory HL, to allow for
improved exposure in more heavily pretreated patient populations. The study is open and recruiting under the new study design.
In addition, we are conducting a clinical study of AFM13 in patients with CD30+ lymphoma. We anticipate that our research and development
expenses in 2018 for AFM13 will be higher than in 2017 due to the recruitment of additional patients in our study of AFM13 in patients
with CD30+ lymphoma and the preparation of the production of AFM13 for commercial purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM11</I>. The phase 1 clinical trial of AFM11 in patients with non-Hodgkin Lymphoma, or NHL, is ongoing and recruiting
with a modified dose regimen. A phase 1 clinical study of AFM11 in patients with ALL commenced in the third quarter of 2016 and
is enrolling. In addition we are expecting additional costs for AFM11 clinical trial material. Therefore, we anticipate that our
research and development expense for the AFM11 program will increase in 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>Other development programs.</I> Our other research and development expenses relate to our preclinical studies of our solid
tumor candidate, AFM24, our multiple myeloma program AFM26, our Amphivena collaboration (through the third quarter of 2016) and
early stage development / discovery activities. We have allocated a material amount of our resources to such discovery activities.
The expenses mainly consist of salaries and manufacturing costs for pre-clinical and clinical study material and will be on approximately
the same level in 2018 as in 2017.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>Infrastructure costs</I>. We incur a significant amount of costs associated with our research and development that are non-project
specific, including intellectual property-related expenses, depreciation expenses and facility costs. Because these are less dependent
on individual ongoing programs, they are not allocated to specific projects. We assume that facility costs for further laboratory
space and IP related expenses may increase over time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since January 1, 2012, we have cumulatively spent &euro;106.4
million on research and development. In the years ended December 31, 2015, 2016 and 2017, we spent &euro;22.0 million, &euro;30.2
million and &euro;21.5 million on research and development; &euro;10.0 million, &euro;11.8 million and &euro;5.6 million thereof
on AFM13; and &euro;0.8 million, &euro;2.5 million and &euro;2.8 million thereof on AFM11. Our research and development expenses
may vary substantially from period to period based on the timing of our research and development activities, including due to timing
of initiation of clinical trials and enrollment of patients in clinical trials. Research and development expenses are expected
to increase as we advance and broaden the clinical development of AFM13 and AFM11 and further advance the research and development
of our preclinical product candidates. The successful development of our product candidates is highly uncertain. At this time we
cannot reasonably estimate the nature, timing and estimated costs of the efforts that will be necessary to complete the development
of, or the period, if any, in which material net cash inflows may commence from, any of our product candidates. This is due to
numerous risks and uncertainties associated with developing drugs, including the uncertainty of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the scope, rate of progress, results and cost of our clinical trials, nonclinical testing, and other related activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost of manufacturing clinical supplies and establishing commercial supplies of our product candidates and any products
that we may develop;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the number and characteristics of product candidates that we pursue;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost, timing, and outcomes of regulatory approvals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost and timing of establishing sales, marketing, and distribution capabilities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the terms and timing of any collaborative, licensing, and other arrangements that we may establish, including any milestone
and royalty payments thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A change in the outcome of any of these variables with respect
to the development of AFM13, AFM11 or any other product candidate that we may develop could mean a significant change in the costs
and timing associated with the development of such product candidate. For example, if the U.S. Food and Drug Administration, or
FDA, or other regulatory authority were to require us to conduct preclinical and clinical studies beyond those which we currently
anticipate will be required for the completion of clinical development, if we experience significant delays in enrollment in any
clinical trials or if we encounter difficulties in manufacturing our clinical supplies, we could be required to expend significant
additional financial resources and time on the completion of the clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General and Administrative Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our general and administrative expenses consist principally
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>salaries for employees other than research and development staff, including benefits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>business development expenses, including travel expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>professional fees for auditors and other consulting expenses not related to research and development activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>professional fees for lawyers not related to the protection and maintenance of our intellectual property;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>cost of facilities, communication and office expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>IT expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>amortization and depreciation of tangible and intangible fixed assets not related to research and development activities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>expenses for share-based payments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that our general and administrative expenses in 2018
will be on approximately the same level compared to the expenses in 2017, and will increase in the future as our business expands.
These public company-related increases will likely include costs of additional personnel, additional legal fees, accounting and
audit fees, managing directors&rsquo; and supervisory directors&rsquo; liability insurance premiums and costs related to investor
relations. In addition, we may grant share-based compensation awards to key management personnel and other employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The numbers below have been derived from our audited consolidated
financial statements for the years ended December 31, 2015, 2016 and 2017. The discussion below should be read along with these
financial statements, and it is qualified in its entirety by reference to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Comparison of the years ended December
31, 2016 and 2017</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; font-weight: bold; text-align: left">Total Revenue:</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">6,314</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">2,010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income/(expenses)&mdash;net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,180</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,489</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,323</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,986</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating income/(loss)&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,044</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(27,260</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Finance income/(costs)&mdash;net&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(230</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,983</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income/(Loss) before tax&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,274</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,243</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Income/(loss) for the period&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,216</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(30,223</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive income/(loss)&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,216</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(30,223</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Earnings/(loss) per common share in &euro; per share&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.97</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.69</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Revenue</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue decreased 68% from &euro;6.3 million in the year ended
December 31, 2016 to &euro;2.0 million for the year ended December 31, 2017, mainly due to the expiration of the Amphivena collaboration
in 2016. Revenue for the year ended December 31, 2017 mainly consisted of service revenues at AbCheck of &euro;1.6 million (December
31, 2016: &euro;2.4 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Research and development expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">R&amp;D Expenses by Project</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change %</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Project</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 67%">AFM13&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11,847</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(53</TD><TD STYLE="width: 1%; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>AFM11&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other projects and infrastructure costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Share-based payment expense&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,489</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29</TD><TD STYLE="text-align: left">%)</TD></TR>
</TABLE>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research and development expenses decreased 29% from &euro;30.2
million in the year ended December 31, 2016 to &euro;21.5 million in the year ended December 31, 2017, mainly due to lower expenses
for AFM13 and for other projects and infrastructure. The variances in project related expenses between the year ended December
31, 2016 and the corresponding period in 2017 are mainly due to the following projects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM13.</I> In the year ended December 31, 2017, we incurred lower expenses than in the year ended December 31, 2016 primarily
due to decreased manufacturing activities for clinical trial material.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM11.</I> In the year ended December 31, 2017, clinical expenses were slightly higher than in the year ended December 31,
2016 primarily due to higher expenses for the ongoing phase 1 clinical study in NHL and the phase 1 dose-finding study in ALL.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>Other projects and infrastructure costs.</I> In the year ended December 31, 2017, expenses decreased compared to the year
ended December 31, 2016 primarily due to lower expenses incurred in relation to our discovery/early stage development activities.
We also incurred lower costs associated with our research and development that are non-project specific, including intellectual
property-related expenses, depreciation expenses and facility costs. Because these costs are less dependent on individual ongoing
programs, they are not allocated to specific projects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General and administrative expenses decreased 4% from &euro;8.3
million in the year ended December 31, 2016 to &euro;8.0 million in the year ended December 31, 2017. In 2017, general and administrative
expenses were largely affected by personnel expenses (&euro;4.5 million) and legal, consulting and audit costs (&euro;1.9 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance income / (costs)-net</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We recognized finance costs net for the year ended December
31, 2017 of &euro;3.0 million compared with finance costs of &euro;0.2 million for the year ended December 31, 2016. The year ended
December 31, 2017 was primarily affected by foreign exchange losses of &euro;2.4 million (2016: foreign exchange gains of &euro;0.7
million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Income tax expense</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December 31, 2017, we recorded income
tax of &euro;20,000 due to changes in deferred taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Comparison of the years ended December
31, 2015 and 2016</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; font-weight: bold; text-align: left">Total Revenue:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7,562</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income&mdash;net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,008</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,180</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,548</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,323</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating income/(loss)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,044</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Finance income/(costs)&mdash;net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(230</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income/(Loss) before tax&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,239</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,274</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Income/(loss) for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,239</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,216</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive income/(loss)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,239</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,216</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Earnings/(loss) per common share in &euro; per share&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.71</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.97</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Revenue</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue decreased 17% from &euro;7.6 million in the year ended
December 31, 2015 to &euro;6.3 million for the year ended December 31, 2016. In 2016 and 2015, &euro;3.4 million and &euro;4.8
million of revenue related to the Amphivena collaboration, net of funding Amphivena with &euro;1.0 million (2015: funding of &euro;0.3
million). Additional revenue of &euro;2.4 million related to AbCheck services (2015: &euro;1.1 million), and &euro;0.4 million
(2015: &euro;1.6 million) to the LLS collaboration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Research and development expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">R&amp;D Expenses by Project</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change %</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Project</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 67%">AFM13&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">10,004</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11,847</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">18</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>AFM11&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other projects and infrastructure costs &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Share-based payment expense&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,008</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">37</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research and development expenses increased 37% from &euro;22.0
million in the year ended December 31, 2015 to &euro;30.2 million in the year ended December 31, 2016, mainly due to higher expenses
for AFM13, AFM11 and other projects and infrastructure. For the year 2017, we anticipate research and development expenses to be
on approximately the same level due to ongoing clinical trials with AFM13 (phase 1b combination trial of AFM13 with Merck&rsquo;s
anti-PD-1 antibody Keytruda in patients with relapsed/refractory HL and phase 2a clinical trial of AFM13 in relapsed/refractory
HL), the expected start of a clinical trial of AFM13 in patients with CD30+ lymphoma, an additional clinical trial with AFM11 (phase
1 dose ranging study with AFM11 in ALL patients), production of clinical trial material and preclinical research activities. The
variances in project related expenses between the year ended December 31, 2015 and the corresponding period in 2016 are mainly
due to the following projects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM13.</I> In<I>&nbsp;</I>the year ended December 31, 2016, we incurred higher expenses than in the year ended December
31, 2015 primarily due to the ongoing phase 2a study and our ongoing manufacturing activities for clinical trial material including
material for our additional clinical trials with AFM13, as well as the conduct and preparation of the phase 1b combination trial
of AFM13 with Merck&rsquo;s anti PD-1 antibody Keytruda in patients with relapsed/refractory HL.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>AFM11.</I> In the year ended December 31, 2016, research and development expenses were significantly higher than in the
year ended December 31, 2015, primarily due to expenses inter alia of the opening of new sites in Central and Eastern Europe for
our ongoing phase 1 study in NHL and additional expenses associated with the preparation and initiation of a phase 1 dose-finding
study in ALL.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><I>Other projects and infrastructure costs. </I> In the year ended December 31, 2016, expenses were significantly higher than
in the year ended December 31, 2015 primarily due to higher expenses incurred in relation to our discovery/early stage development
activities including manufacturing costs for pre-clinical and clinical </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">study material and preclinical activities for AFM24 and
AFM26. We also incurred higher costs associated with our research and development that are non-project specific, including intellectual
property-related expenses, depreciation expenses and facility costs. Because these costs are less dependent on individual ongoing
programs, they are not allocated to specific projects.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses increased
10% from &euro;7.5 million in the year ended December 31, 2015 to &euro;8.3 million in the year ended December 31, 2016. The increase
is primarily related to higher expenses for share-based payments of &euro;2.4 million (2015: &euro;1.6 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance income / (costs)-net</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs for the year ended December
31, 2016 were &euro;0.2 million, compared with finance income of &euro;1.1 million for the year ended December 31, 2015. Finance
costs in the year ended December 31, 2016 include foreign exchange gains of &euro;0.7 million while finance income for the year
ended December 31, 2015 include foreign exchange gains of &euro;1.8 million. Finance costs relate primarily to our loan facility
with Silicon Valley Bank and our former loan facility with Perceptive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Income tax expense</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2016,
we recorded a tax income of &euro;58,000 due to changes in deferred taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Judgments and Accounting Estimates</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information about assumptions and estimation uncertainties that
have a significant risk of resulting in a material adjustment within the next financial year are included in note 3 to our consolidated
financial statements included elsewhere in this Annual Report and below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Share-Based Payments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We issue share-based payment awards under the terms of our Equity
Incentive Plan 2014. We determine the compensation expense by estimating the fair value of a stock option as of the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fair value of stock options issued by Affimed N.V. is estimated
using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value
of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest
rate and the time to maturity of the option. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenue Recognition</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Elements of consideration in collaboration and license agreements
are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally, we have continuing
performance obligations and therefore up-front payments are deferred and the related revenues recognized in the period of the expected
performance. Technology access fees are generally deferred and recognized over the expected term of the research service agreement
on a straight line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that the achievement of a milestone reflects a stage
of completion under the terms of the agreements and recognizes revenue when a milestone is achieved. If the research service is
cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recent Accounting Pronouncements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We refer to note 3 to our consolidated financial
statements as of and for the year ended December 31, 2017 with regard to new standards and interpretations not yet adopted by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">JOBS Act Exemptions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 5, 2012, the JOBS Act was signed into law. The JOBS
Act contains provisions that, among other things, reduce certain reporting requirements for an &ldquo;emerging growth company.&rdquo;
As an emerging growth company, we are electing to take advantage of the following exemptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>not providing an auditor attestation report on our system of internal controls over financial reporting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>not providing all of the compensation disclosure that may be required of non-emerging growth public companies under the U.S.
Dodd-Frank Wall Street Reform and Consumer Protection Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>not disclosing certain executive compensation-related items such as the correlation between executive compensation and performance
and comparisons of the Chief Executive Officer&rsquo;s compensation to median employee compensation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>not complying with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory
audit firm rotation or a supplement to the auditor&rsquo;s report providing additional information about the audit and the financial
statements (auditor discussion and analysis).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These exemptions will apply for a period of five years following
the completion of our initial public offering (through 2019) or until we no longer meet the requirements of being an &ldquo;emerging
growth company,&rdquo; whichever is earlier. We would cease to be an emerging growth company if we were to have more than $1.0
billion in annual revenue or have more than $700 million in market value of our common shares held by non-affiliates or issue more
than $1.0 billion of non-convertible debt over a three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i5b"></A>Liquidity and Capital Resources</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since inception, we have incurred significant operating losses.
For the years ended December 31, 2015, 2016 and 2017, we incurred net losses of &euro;20.2 million, &euro;32.2 million and &euro;30.2
million, respectively. To date, we have financed our operations primarily through public offerings of our common shares, private
placements of equity securities and loans, grants and revenues from collaboration partners. As of December 31, 2017, we had cash
and cash equivalents of &euro;39.8 million. We subsequently raised approximately $24.5 million (&euro;19.7 million) net proceeds
from a public offering of our common shares in February 2018 and approximately $4.7 million (&euro;3.8 million) from our sale of
2.4 million common shares pursuant to our at-the-market sales agreement as of March 15, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our cash and cash equivalents as of December 31, 2017 consist
primarily of deposits in savings and deposit accounts with original maturities of three months or less which generate a small amount
of interest income. We expect to continue this investment philosophy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cash Flows</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Comparison of the years ended December 31,
2016 and 2017</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes our consolidated statement of cash
flows for the years ended December 31, 2016 and 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">Net cash used in operating activities&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(32,127</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(25,549</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash used for investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,149</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash generated from financing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(236</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net changes to cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,512</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exchange-rate related changes of cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,867</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at the end of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decrease in net cash used in operating activities by 20%
from &euro;32.1 million in the year ended December 31, 2016 to &euro;25.5 million in the year ended December 31, 2017 was mainly
due to lower cash expenditure for research and development efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Net cash used for investing activities amounted
to &euro;9.1 million in the year ended December 31, 2016, while we generated cash from investing activities of &euro;8.1 million
in the year ended December 31, 2017. The investing activities primarily relate to investments in and proceeds from the sale or
maturity of financial assets. In the year ended December 31, 2017, we obtained net proceeds from the sale or maturity of financial
assets of &euro;9.0 million while we had invested a net amount of &euro;8.9 million in the comparative period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Net cash generated from financing activities
in the year ended December 31, 2017 amounted to &euro;23.8 million and relate to the proceeds from the public offering in January
and February 2017, the drawdown of a second tranche of the existing SVB credit facility in May 2017 and the issuance of shares
in connection with our at-the-market sales agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Comparison of the years ended December 31,
2015 and 2016</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes our consolidated statement of cash
flows for the years ended December 31, 2015 and 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">Net cash used in operating activities&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(18,535</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(32,127</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash used for investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(277</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,149</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash generated from financing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(236</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net changes to cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,512</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exchange-rate related changes of cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at the end of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The increase in net cash used in operating
activities by 73% from &euro;18.5 million in the year ended December 31, 2015 to &euro;32.1 million in the year ended December
31, 2016 was mainly due to higher cash expenditure for research and development efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The increase in net cash used for investing
activities from &euro;0.3 million in the year ended December 31, 2015 to &euro;9.1 million in the year ended December 31, 2016
was due to net cash paid for investments in financial assets (certificates of deposit) amounting to &euro;8.9 million (amount of
cash paid for investments less cash received from maturity of investments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Net cash generated from financing activities
amounted to &euro;53.5 million in the year ended December 31, 2015 while net cash used in financing activities was &euro;0.2 million
in the year ended December 31, 2016. The 2016 amount includes the early repayment of the Perceptive Credit Facility and the borrowing
of funds under the SVB Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cash and Funding Sources</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our liquidity as of December 31, 2017 was &euro;39.8 million.
Funding sources generally comprise proceeds from the issuance of equity instruments, loans, revenues from collaboration agreements
and government grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2015, we announced that we had
been awarded a &euro;2.4 million ($3 million) grant from the German Federal Ministry of Education and Research (BMBF). The grant,
awarded under the BMBF&rsquo;s &ldquo;KMU-innovative: Biotechnology&ndash;BioChance&rdquo; program, will cover approximately 40%
of expenses for a research and development program to develop multi-specific antibodies for the treatment of multiple myeloma.
The grant payments are scheduled to be made periodically through the end of 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 12, 2015, we announced the closing
of our offering of 5,750,000 common shares at a public offering price of $7.15 per common share. The total amount includes 750,000
common shares issued pursuant to the underwriters&rsquo; option to purchase additional shares which was exercised on May 7, 2015.
After deducting the underwriting discounts and other offering expenses, the net proceeds of the public offering were &euro;33.5
million ($37.5 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 14, 2015, we sold 3.3 million
shares to SGR Sagittarius Holding AG, an existing shareholder affiliated with Calibrium AG (formerly Aeris Capital AG), in a private
placement exempt from registration, resulting in net proceeds to us of &euro;19.1 million ($21.8 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2015, we entered into an at-the-market
sales agreement (&ldquo;Sales Agreement&rdquo;) with Cowen &amp; Company, LLC (&ldquo;Cowen&rdquo;) pursuant to which we may from
time to time, at our option, offer and sell our common shares having an aggregate offering price of up to $50 million through Cowen,
acting as our sales agent. As of March 15, 2018, we had sold 5.3 million of our common shares under the Sales Agreement at a volume
weighted-average price of $2.10 per share for net proceeds of approximately $10.7 million. We plan to use proceeds from the Sales
Agreement for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 30, 2016, our subsidiary Affimed
GmbH entered into a loan agreement with Silicon Valley Bank, a California corporation (&ldquo;SVB&rdquo;), as lender, which we
fully guarantee. The loan agreement provides us with a senior secured term loan facility (the &ldquo;SVB Credit Facility&rdquo;)
for up to &euro;10.0 million, which agreement was amended in May 2017 to provide that such amount would be available in three tranches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 8, 2016, we drew down the initial
tranche of &euro;5.0 million, and on May 31, 2017 we drew down the second tranche of &euro;2.5 million; the availability of the
third tranche expired in September 2017 with such amount remaining undrawn. In connection with such drawdowns, we issued SVB warrants
to purchase 219,692 of our common shares, at a weighted-average exercise price of $2.07 per common share (&euro;1.73 per common
share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate on amounts borrowed under
the SVB Credit Facility is calculated as the sum of (i) one-month EURIBOR plus (ii) an applicable margin of 5.5%, with EURIBOR
deemed to equal zero percent if EURIBOR is less than zero percent. The SVB Credit Facility has a maturity date of May 31, 2020
with an interest-only period through December 1, 2017 with amortized payments of principal and interest thereafter in equal monthly
installments. Borrowings under the SVB Credit Facility are secured by a pledge of 100% of our shares in Affimed GmbH, all intercompany
accounts receivables owed by our subsidiaries to us and a security assignment of essentially all our bank accounts, inventory,
trade receivables and payment claims as specified in the loan agreement governing the facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 25, 2017, we sold 10,000,000
of our common shares at a price of $1.80 per share in an underwritten public offering and received $16.6 million in net proceeds,
after deducting underwriting discounts and commissions and other offering expenses. The underwriters partially executed an option
to purchase additional shares and on February 9, 2017 we sold an additional 646,762 shares at a price of $1.80 per share and received
$1.1 million, after deducting underwriting discounts and commissions and other offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 15, 2018, we sold an additional
13,225,000 of our common shares at a price of $2.00 per share in an underwritten public offering and received $24.5 million in
net proceeds, after deducting underwriting discounts and commissions and other offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Funding Requirements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that we will require additional funding to complete
the development of our product candidates and to continue to advance the development of our other product candidates. In addition,
we expect that we will require additional capital to commercialize our product candidates AFM13, AFM11, AFM24 and AFM26. If we
receive regulatory approval for AFM13, AFM11, AFM24 or AFM26, and if we choose not to grant any licenses to partners, we expect
to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending
on where we choose to commercialize. We also expect to incur additional costs associated with operating as a public company. Additional
funds may not be available on a timely basis, on favorable terms, or at all, and such funds, if raised, may not be sufficient to
enable us to continue to implement our long-term business strategy. If we are not able to raise capital when needed, we could be
forced to delay, reduce or eliminate our product development programs or commercialization efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that our existing cash and cash equivalents including
the proceeds from the February 2018 offering will enable us to fund our operating expenses and capital expenditure requirements
at least until the fourth quarter of 2019. We have based this estimate on assumptions that may prove to be incorrect, and we could
use our capital resources sooner than we currently expect. Our future funding requirements will depend on many factors, including
but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the scope, rate of progress, results and cost of our clinical trials, nonclinical testing, and other related activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost of manufacturing clinical supplies, and establishing commercial supplies, of our product candidates and any products
that we may develop;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the number and characteristics of product candidates that we pursue;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost, timing, and outcomes of regulatory approvals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the cost and timing of establishing sales, marketing, and distribution capabilities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the terms and timing of any collaborative, licensing, and other arrangements that we may establish, including any required
milestone and royalty payments thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To address our financing needs, we may raise additional capital
through the sale of equity or convertible debt securities. In such an event, your ownership interest will be diluted, and the terms
of these securities may include liquidation or other preferences that adversely affect your rights as a holder of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information as to the risks associated with our future
funding needs, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Our Financial Position and Need
for Additional Capital&mdash;We will require substantial additional funding, which may not be available to us on acceptable terms,
or at all, and, if not available, may require us to delay, scale back, or cease our product development programs or operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i5c"></A>Research and development, patents and licenses, etc.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">See &ldquo;Item 4. Information on the Company&mdash;A.
History and Development of the Company&rdquo; and &ldquo;Item 4. Information on the Company&mdash;B. Business Overview.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i5d"></A>Trend information</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">See &ldquo;Item 5. Operating and Financial
Review and Prospects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD><A NAME="i5e"></A>Off-balance sheet arrangements</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As of the date of this Annual Report, we do
not have any off-balance sheet arrangements other than operating leases as described under &ldquo;Item 5. Operating and Financial
Review and Prospects&mdash;F. Tabular disclosure of contractual obligations&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">F.</TD><TD><A NAME="i5f"></A>Tabular disclosure of contractual obligations</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth our contractual obligations and commercial
commitments as of December 31, 2017 that are expected to have an impact on liquidity and cash flow in future periods. In addition
to license agreements with fixed payment obligations, we have entered into various collaboration and license agreements that may
trigger milestone payments and royalty payments upon the achievement of certain milestones and net sales in the future. Because
the achievement and timing of these milestones and net sales is not fixed or determinable, our commitments under these agreements
have not been included in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payments Due by Period</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less than 1 year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between<BR> 1 and 3 years</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between<BR> 3 and 5 years</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than 5 years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="18" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(in &euro; thousand)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left">Operating lease obligations&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">808</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">445</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">348</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fixed license payments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">SVB Credit Facility&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,581</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,406</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,175</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,414</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,876</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,523</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Operating lease obligations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operating lease obligations consist of payments pursuant to
non-cancellable operating lease agreements relating to our lease of office space. The lease term of our premises in the Czech Republic
is contracted until the year 2020 with a period of notice of three months. Approximately 75% of the premises in Germany is under
a revolving 24-month lease period, with a 12-month termination period. The lease could expire in 2021 if notice to terminate is
provided by either party by February 2020. The remaining 25% of the German facility is under a fixed term lease period until February
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Contingencies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into various license agreements that contingently
trigger on-off payments upon achievement of certain milestones and royalty payments in the future. Because the achievement and
timing of these milestones and net sales is not fixed and determinable, our commitments under these agreements have not been included
in the Contractual Obligations table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">G.</TD><TD><A NAME="i5g"></A>Safe harbor</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Forward Looking Statements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i6"></A>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i6a"></A>Directors and senior management</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have a two-tier board structure consisting of our supervisory
board (<I>raad van commissarissen</I>) and a separate management board (<I>raad van bestuur</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our supervisory board supervises the policies of the management
board and the general course of the affairs of our business. The supervisory board gives advice to the management board and is
guided by the interests of the business when performing its duties. The management board is in charge of managing us under the
supervision of the supervisory board. The management board provides the supervisory board with such necessary information as the
supervisory board requires to perform its duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table presents our supervisory directors. Bernhard
R.M. Ehmer was appointed by the general meeting of shareholders on January 21, 2016. Ulrich M. Grau was appointed by the general
meeting of shareholders on June 9, 2015, and his term was effective as of July 1, 2015. Our other supervisory directors were appointed
by the general meeting of shareholders on September 12, 2014, with effect from September 17, 2014; Richard B. Stead was reappointed
by the general meeting of shareholders on June 21, 2016 and Thomas Hecht, Berndt Modig and Ferdinand Verdonck were reappointed
by the general meeting of shareholders on June 20, 2017. Thomas Hecht is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the chairman of our supervisory board. The term of each of
our supervisory directors will terminate on the date of the annual general meeting of shareholders in the year indicated below.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Thomas Hecht</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Bernhard R.M. Ehmer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Ulrich M. Grau</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">69</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Berndt Modig</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Richard B. Stead</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Ferdinand Verdonck</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a brief summary of the business experience
of our supervisory directors. Each director&rsquo;s tenure reflects their tenure on the board of our predecessor Affimed Therapeutics
AG. Unless otherwise indicated, the current business address for each of our supervisory directors is Affimed N.V., c/o Affimed
GmbH, Technologiepark, Im Neuenheimer Feld 582, 69120 Heidelberg, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Thomas Hecht, Chairman.</I></B> Dr. Hecht has been the
chairman of our supervisory board since 2014, and previously had been the chairman of the supervisory board of our German operating
subsidiary since 2007. He is head of Hecht Healthcare Consulting in K&uuml;ssnacht, Switzerland, a biopharmaceutical consulting
company founded in 2002. Dr. Hecht also serves as member of the board of directors of Cell Medica Ltd. and as chairman of the board
of directors of Vaximm AG and Aelix Therapeutics S.L. Until the beginning of March 2015, he served as chairman of the supervisory
council of SuppreMol GmbH and until June 2016, of Delenex AG. Dr. Hecht was previously Vice President Marketing at Amgen Europe.
A seasoned manager and industry professional, he held various positions of increasing responsibility in clinical development, medical
affairs and marketing at Amgen between 1989 and 2002. Prior to joining the biopharmaceutical industry, he was certified in internal
medicine and served as Co-Head of the Program for Bone Marrow Transplantation at the University of Freiburg, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Bernhard R.M. Ehmer, Director</I>. </B>Dr. Ehmer has been
a member of our supervisory board since 2016. He has been chairman of the board of management of Biotest AG since January 2015.
Prior to this, he worked for the Imclone Group, a wholly owned subsidiary of Eli Lilly, as president of Imclone Systems Corporation
in the United States and as managing director in Germany. In 2007/2008 he was CEO of Fresenius Biotech, Germany and before this,
Dr. Ehmer headed the Business Area Oncology of Merck KGaA, Darmstadt and served as head of Global Clinical Operations at Merck.
Between 1986 and 1998 he held various functions at Boehringer Mannheim in Germany, Italy and Singapore. Dr. Ehmer holds a degree
in medicine and worked in the Department of Internal Medicine at the Academic Teaching Hospital of the University of Heidelberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ulrich M. Grau, Director</I>.</B> Dr. Grau has been a
member of our supervisory board since July 2015. Prior to that, he served as an advisor to the management board of our German operating
subsidiary beginning in May 2013. He has over 30 years of experience in the biotechnology and pharmaceutical industries including
in general management, business development, corporate strategy and the development of new products and technologies. Dr. Grau
was Chief Operating Officer at Micromet from 2011 to 2012. Between 2006 and 2010, Dr. Grau was a founder, President and CEO of
Lux Biosciences, Inc., a clinical stage ophthalmic company. Previously, Dr. Grau served as President of Research and Development
at BASF Pharma/ Knoll where he directed a global R&amp;D organization with a development pipeline which included Humira. The majority
of his career was at Aventis Pharma (now Sanofi), where he last held the position of Senior Vice President of global late stage
development. Sanofi&rsquo;s product Lantus<SUP>&reg;</SUP> for the treatment of type 2 and type 1 diabetes is based on his inventions
made during his early years as a scientist with Hoechst AG. Dr. Grau received his Ph.D. in chemistry and biochemistry from the
University of Stuttgart and spent three years as a post-doctoral fellow at Purdue University in the field of protein crystallography.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Berndt Modig, Director.</I></B> Mr. Modig has been a member
of our supervisory board since 2014. He has been CEO of Pharvaris B.V. since April 2016. Prior to this, he has served as Chief
Financial Officer of Prosensa Holding N.V. from March 2010 through January 2015 when Prosensa was acquired by BioMarin Pharmaceutical
Inc. Mr. Modig also serves as member of the board of directors and chairman of the audit committee of Auris Medical Holding AG
and Axovant Sciences Ltd and as vice chairman of the supervisory board and chairman of the audit committee of Kiadis Pharma N.V.
Mr. Modig has more than 25 years of international experience in finance and operations, private equity and mergers and acquisitions.
Before joining Prosensa, Mr. Modig was Chief Financial Officer at Jerini AG from October 2003 to November 2008, where he directed
private financing rounds, its initial public offering in 2005 and its acquisition by Shire plc in 2008. Prior to Jerini, Mr. Modig
served as Chief Financial Officer at Surplex AG from 2001 to 2003 and as Finance Director Europe of U.S.-based Hayward Industrial
Products Inc. from 1999 to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2001. In previous positions, Mr. Modig was a partner in the Brussels-based private equity firm Agra
Industria from 1994 to 1999 and a Senior Manager in the Financial Services Industry Group of Price Waterhouse LLP in New York from
1991 to 1994. Mr. Modig served as a director of Mobile Loyalty plc from 2012 to 2013. Mr. Modig has a bachelor&rsquo;s degree in
business administration, economics and German from the University of Lund, Sweden and an M.B.A. degree from INSEAD, Fontainebleau,
France and is a Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Richard B. Stead, Director.</I></B> Dr. Stead has been
a member of our supervisory board since 2014, and previously had been a member of the supervisory board of our German operating
subsidiary since 2007. He has more than 25 years of experience in the biotechnology and pharmaceutical industries, designing and
directing clinical trials, regulatory strategy and licensing activities. He is currently Founder and Principal of BioPharma Consulting
Services, where he is involved in the development of a number of oncology products including different strategies for cancer immunotherapy.
Previously, he was Vice President, Clinical Research of Immunex Corporation, responsible for oncology and neurology product development.
Dr. Stead has served in various positions in clinical development and played a key role in the FDA approval and commercialization
of Amgen&rsquo;s first two products, Epogen and Neupogen. Dr. Stead graduated from the University of Wisconsin and earned an M.D.
from Stanford University. He completed his internship and residency as well as a fellowship in Hematology at Harvard Medical School
and the Brigham and Women&rsquo;s Hospital followed by post-doctoral research in the Laboratory of Molecular Biology at the National
Cancer institute. He also serves on the boards of Ascend Biopharmaceuticals Ltd. and the Seattle Reparatory Theatre.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ferdinand Verdonck, Director.</I></B> Mr. Verdonck has
been a member of our supervisory board since July 2014. He is a director of Laco Information Services. In recent years he was director
and member of the audit committee of Virtus Funds and J.P. Morgan European Investment Trust, director of Groupe SNEF, and director
and chairman of the audit committee of biotechnology companies: uniQure N.V. in the Netherlands, of which he was also the chairman,
and Movetis and Galapagos in Belgium. He has previously served as chairman of Banco Urquijo and of Nasdaq Europe and as a director
of Dictaphone Corporation. From 1992 to 2003, he was the managing director of Almanij NV, a financial services company which has
since merged with KBC, and his responsibilities included strategy, financial control, supervision of executive management and corporate
governance, including board participation in publicly-traded and privately-held affiliated companies in many countries. Mr. Verdonck
holds a law degree from KU Leuven and degrees in economics from KU Leuven and the University of Chicago.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table lists the members of our current management
board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Adi Hoess</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Florian Fischer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Wolfgang Fischer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a brief summary of the business experience
of the members of our management board. Unless otherwise indicated, the current business addresses for the members of our management
board is Affimed N.V., c/o Affimed GmbH, Technologiepark, Im Neuenheimer Feld 582, 69120 Heidelberg, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Adi Hoess, Chief Executive Officer.</I></B> Dr. Hoess
joined us in October 2010 as Chief Commercial Officer and since September 2011 has served as our Chief Executive Officer. He has
more than 20 years of professional experience with an extensive background in general management, business development, product
commercialization, fund raising and M&amp;A. Prior to joining us, Dr. Hoess was Chief Commercial Officer at Jerini AG and Chief
Executive Officer of Jenowis AG. At Jerini AG he was responsible for business development, marketing and sales and the market introduction
of Firazyr. He also played a major role in the sale of Jerini to Shire plc. Dr. Hoess began his professional career in 1993 at
MorphoSys. Dr. Hoess received his Ph.D. in chemistry and biochemistry from the University of Munich in 1991 and an M.D. from the
Technical University of Munich in 1997.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Florian Fischer, Chief Financial Officer.</I></B> Dr.
Fischer joined us in 2005 as Chief Financial Officer on a part-time basis, which has increased over time to a full time position
since September 2014. Dr. Fischer is founder and Chief Executive Officer of MedVenture Partners, a Munich-based corporate finance
and strategy advisory company focusing on the life sciences and health care industry. Dr. Fischer was the Chief Financial Officer
of Activaero GmbH from 2002 until 2011 and has been involved with corporate development since 2011. He also served as the Chief
Financial Officer of Vivendy Ltd. from 2008 until 2013 and as a managing director of AbCheck in 2009. Prior to founding MedVenture
Partners, Dr. Fischer worked with KPMG for more than six years until 2002, where he was</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">responsible for biotech and healthcare
assignments. Before joining KPMG, he worked for Deutsche Bank AG. Dr. Fischer is also a director of Amphivena. He holds a graduate
degree in business administration from Humboldt University, Berlin and a Ph.D. in public health from the University of Bielefeld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Wolfgang Fischer, Chief Operating Officer.</I></B> Dr.
Fischer joined us in 2017 from Sandoz Biopharmaceuticals (Novartis Group). He has 20 years of experience in research and drug development
with a focus on oncology, immunology and pharmacology. At Sandoz he managed the development and registration of Sandoz&rsquo; biosimilar
pipeline assets since 2012 and served as Global Head of Program and Project Management since 2014. Prior to joining Sandoz, he
held various positions of increasing responsibility within the Novartis Group since 2003, including Medical Director Oncology for
Novartis Pharma Switzerland AG as well as Regional Medical Director Hematology (Emerging Growth Markets), where he was responsible
for the Hematology Medical Affairs program and supported the launch of several products in various countries. Dr. Fischer holds
a Ph.D. in Cancer Research from the Swiss Federal Institute of Technology (ETH), Zurich, Switzerland. Thereafter, he completed
postdoctoral fellowships at the Swiss Institute of Experimental Cancer Research, Lausanne, Switzerland and at the Scripps Research
Institute, Department of Immunology, La Jolla, CA, USA, followed by a state doctorate (Habilitation) in Pharmacology and Toxicology
at the Medical School of the University of W&uuml;rzburg in Germany in 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a brief summary of the business experience
of certain other key employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Leila Alland, Chief Medical Officer. </I></B>We have
entered into an agreement with Leila Alland, M.D. who will join Affimed as CMO on March 26, 2018. Dr. Alland brings to
the Company more than 20 years of pharmaceutical drug development experience. Over the span of her industry career, she
has successfully led teams within AstraZeneca, Bristol-Myers Squibb, Novartis and Schering-Plough to advance numerous
oncology and immuno-oncology products through early and late stage clinical development to regulatory approval and
commercialization. Dr. Alland has played key roles in the development and approval of Tagrisso&reg;, Opdivo&reg;,
Tasigna&reg;, and Caelyx&reg;/Doxil&reg;. For the past two years, Dr. Alland has served as CMO of Tarveda Therapeutics, Inc.,
a biopharmaceutical company developing miniature drug conjugates for the treatment of solid tumors. Dr. Alland began her
career as a pediatric oncologist, having trained at the Children&rsquo;s Hospital of Philadelphia and Memorial Sloan
Kettering Cancer Center in New York, and then serving as Assistant Professor of Pediatrics at Albert Einstein College of
Medicine in New York, during which time she pursued clinical and basic cancer research and was awarded the prestigious James
S. McDonnell Foundation Scholar Award. Currently, she also serves as a grant reviewer for the Cancer Prevention Research
Institute of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Denise Mueller, Head of Commercial Strategy and Business
Development, President Affimed Inc. </I></B>Ms. Mueller joined us in 2016 following a 17 year career at Wyeth and Pfizer Inc. She
has held leadership roles in U.S. and global marketing including launch of new products and line extensions in-line and globally.
Ms. Mueller has also held the position of Disease Area Lead for multiple therapeutic areas where she was responsible for disease
area strategy, indication strategy for multiple assets, early commercial development and market shaping. In addition to broad and
extensive commercial experience, Ms. Mueller led and managed two of Pfizer&rsquo;s largest alliances and was the business development
lead for Pfizer&rsquo;s rare disease business unit. Prior to joining pharmaceuticals, Ms. Mueller worked in hospital management
running Emergency Medicine, Critical Care, in-house Pediatrics and hospitalist programs. Ms. Mueller holds a B.A. in Mathematics
from Virginia Polytechnic and State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Martin Treder, Chief Scientific Officer.</I></B> Dr. Treder
joined us in 2015 and has 15 years of professional experience in the field of biotherapeutics research and development. Before
joining Affimed, he was Chief Scientific Officer at CT Atlantic AG where he was responsible for establishing a broad research pipeline
of various preclinical and clinical development programs. Prior to CT Atlantic, Dr. Treder held the position of Program Director
at U3 Pharma AG, a German biotech company developing targeted cancer therapeutics, where he headed the company&rsquo;s portfolio
of innovative anti-HER3 therapeutic antibodies. Dr. Treder graduated with Honors from Monash University in Melbourne, Australia
and obtained a diploma in Biology at the University of W&uuml;rzburg, Germany. He earned his Ph.D. working in Prof. Axel Ullrich's
group at the Max Planck Institute of Biochemistry in Martinsried-Munich, receiving his doctorate from the Technical University
of Munich, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i6b"></A>Compensation</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management services agreements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our managing directors have entered into management services
agreements with us. The management services agreements of Adi Hoess and Florian Fischer became effective upon the consummation
of our initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The management services agreement of Wolfgang Fischer became effective upon his appointment by
the general meeting of shareholders on June 20, 2017. These agreements comprise the following elements: fixed salary, bonus payments,
earmarked pension and social security payments and share based compensation components. In addition these agreements provide for
benefits upon a termination of service. Adi Hoess and Florian Fischer were reappointed as managing directors by the general meeting
of shareholders on June 20, 2017, which prolonged their management services agreements until 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long-term incentive plans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Equity Incentive Plan 2014</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In conjunction with the closing of our initial public offering,
we established the Affimed N.V. Equity Incentive Plan 2014 (&ldquo;the 2014 Plan&rdquo;) with the purpose of advancing the interests
of our shareholders by enhancing our ability to attract, retain and motivate individuals who are expected to make important contributions
to us. The maximum number of shares available for issuance under the 2014 Plan equals 7% of the total outstanding common shares
on September 17, 2014, or approximately 1.7 million common shares. On January 1 of any calendar year thereafter (including January
1, 2018), an additional 5% of the total outstanding common shares on that date becomes available for issuance under the 2014 Plan.
As of January 1, 2018, we had approximately 4.8 million common shares available for issuance, and approximately 4.9 million common
shares subject to issuance under outstanding awards. The absolute number of shares available for issuance under the 2014 Plan will
increase automatically upon the issuance of additional shares by the Company. The option exercise price for options under the 2014
Plan is the fair market value of a share as defined in the 2014 Plan on the relevant grant date. We are following home country
rules relating to the re-pricing of stock options. Under applicable Dutch law, re-pricing is permissible, provided this falls within
the framework set by the remuneration policy for the Management Board and the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Plan administration.</I> The 2014 Plan is administered by
our compensation committee. Approval of the compensation committee is required for all grants of awards under the 2014 Plan. The
compensation committee may delegate to the managing directors the authority to grant equity awards under the 2014 Plan to our employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Eligibility.</I> Supervisory directors, managing directors
and other employees and consultants of the Company are eligible for awards under the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Awards.</I> Awards include options and restricted stock units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Vesting period.</I> Subject to any additional vesting conditions
that may be specified in an individual grant agreement, and the accelerated vesting conditions below, the plan provides for three
year vesting of stock options. One-third of the stock options granted to participants in connection with the start of their employment
vest on the first anniversary of the grant date, with the remainder vesting in equal tranches at the end of each 3-month period
thereafter. Stock options granted to other participants vest in equal tranches at the end of each 3-month period after the grant
date over the course of the vesting period. The compensation committee will establish a vesting schedule for awards granted to
supervisory directors as well as for any awards in the form of restricted stock units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Accelerated vesting.</I> Unless otherwise specified in an
individual grant agreement, the 2014 Plan provides that upon a change of control of the Company (as defined in the 2014 Plan) all
then outstanding equity awards will vest and become immediately exercisable. It also provides that upon a participant&rsquo;s termination
of service due to (i) retirement (or after reaching the statutory retirement age), (ii) permanent disability rendering the relevant
participant incapable of continuing employment or (iii) death, all outstanding equity awards that would have vested during a 12
month period following such termination of service will vest and become immediately exercisable. Otherwise at termination all unvested
awards will be forfeited. If a participant experiences a termination of service without &ldquo;cause&rdquo; or for &ldquo;good
reason&rdquo; (in each case, as defined in the 2014 Plan) within six months prior to a change of control, the Company will make
a cash payment equivalent to the economic value that the participant would have realized in connection with the change of control
upon the exercise and sale of the equity awards that such participant forfeited upon his or her termination of service. In connection
with a change of control and subject to the approval of the supervisory board, the management board may amend the exercise provisions
of the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock Option Equity Incentive Plan 2007</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Stock Option Equity Incentive Plan 2007 (the &ldquo;2007
SOP&rdquo;), we granted options that were exercisable for preferred shares. In conjunction with the corporate reorganization in
connection with our initial public offering, all outstanding awards granted under the 2007 SOP were converted into awards exercisable
for common shares of Affimed N.V., and no additional grants will be made under the 2007 SOP. All awards are fully vested. The 2007
SOP is administered by the management board, or with respect to awards to our officers, by the supervisory board. The respective
board determines the participants, the amount of the award, the exercise period and any other matters arising under the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation of Managing Directors and Supervisory Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The compensation, including benefits in kind, accrued or paid
to our managing directors and supervisory directors with respect to the year ended December 31, 2017, for services in all capacities
is shown below on an individual basis. Further details for the compensation for our managing directors and supervisory directors
are given in notes 16 and 21 to our consolidated financial statements as of and for the year ending December 31, 2017. As of December
31, 2017, we have no amounts set aside or accrued to provide pension, retirement or similar benefits to our managing directors
and supervisory directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Directors compensation 2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hoess</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">F. Fischer</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">W. Fischer</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Periodically paid compensation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">443</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">336</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">106</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">885</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Bonuses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">94</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">172</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash compensation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">537</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">395</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">125</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,057</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2014 Plan share-based payment expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">348</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,269</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total share-based payment expense</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">867</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">348</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">54</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,269</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Supervisory directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hecht</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ehmer</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grau</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Modig</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stead</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Verdonck</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 23%; text-align: left; padding-bottom: 1pt">Periodically paid compensation</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">116</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">42</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">57</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">54</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">44</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">62</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">375</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total cash compensation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">116</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">42</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">57</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">44</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">62</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">375</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2014 Plan share-based payment expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">144</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total share-based payment expense</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">35</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">144</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock options granted under the Equity Incentive Plan 2014</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Beneficiary</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grant date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of options</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Strike price USD</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; text-align: left">Adi Hoess</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: right">June 20, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">2.05</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Florian Fischer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Wolfgang Fischer</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">September 11, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.05</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">September 11, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">830,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Supervisory directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Beneficiary</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grant date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of options</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Strike price USD</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; text-align: left">Thomas Hecht</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: right">June 20, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">20,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">2.05</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bernhard Ehmer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ulrich M. Grau</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Berndt Modig</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Richard Stead</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Ferdinand Verdonck</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">June 20, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.05</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">June 20, 2027</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">70,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dutch law provides that we must establish a policy in respect
of the remuneration of our managing directors and supervisory directors. With respect to remuneration in the form of plans for
shares or rights to shares (such as the Equity Incentive Plan 2014 mentioned above) the policy for managing directors must set
out the maximum number of shares or rights to shares to be granted as well as the criteria for grants and for amending existing
grants. The remuneration policies for the supervisory board and for the managing directors were adopted and approved by the general
meeting of shareholders prior to the consummation of our initial public offering. The remuneration policy for the supervisory board
established the compensation for our supervisory directors. The remuneration policy for the managing directors provides the supervisory
board with a framework within which the supervisory board determines the remuneration of the managing directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our remuneration policy for our managing directors provides
the supervisory board with the authority to enter into management services agreements with managing directors that provide for
compensation consisting of base compensation, performance-related variable compensation, long-term equity incentive compensation
(as detailed in the terms of the Equity Incentive Plan 2014 described above), pension and other benefits and severance pay and
benefits. The remuneration policy for the managing directors provides that the annual cash bonus payable to managing directors
may not exceed 100% of the annual base gross salary and will be based upon the achievement of set financial and operating goals
for the period. The bonus payments may be increased in any given year by the supervisory board upon a proposal of the compensation
committee based on any exceptional achievements of that managing director. In addition, the remuneration policy for managing directors
allows for cash termination payments, which may not exceed 100% of the managing director&rsquo;s base salary. This policy also
allows for additional compensation and benefits to our managing directors following a change of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our remuneration policy for the supervisory directors provides
for payments and initial and annual equity awards. This is permissible under Dutch law, but constitutes a deviation from the DCGC.
The remuneration policy for our supervisory directors establishes that each supervisory director will be entitled to an annual
retainer of &euro;20,000, provided that the chairman of the supervisory board will be entitled to an annual retainer of &euro;75,000.
In addition, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">chairman of the audit committee is entitled to an additional
annual retainer of &euro;15,000 and the chairmen of the compensation and nomination and corporate governance committees are each
entitled to annual retainers of &euro;7,500. Supervisory directors will also be paid &euro;3,000 for each supervisory board meeting
attended in person and &euro;1,500 for each supervisory board meeting attended by telephone, provided the meeting attended by
telephone exceeds 30 minutes. For other, including non-formal Board meetings attended either in person or by phone the Company
will pay each member of the Supervisory Board &euro;500 per meeting, provided that the duration of such meeting exceeds 30 minutes.
The members of each committee will be paid &euro;1,500 for each committee meeting attended in person and &euro;750 for each committee
meeting attended by telephone, provided the meeting attended by telephone exceeds 30 minutes. In addition, we will grant any future
chairman of the supervisory board an initial award of stock options to purchase 35,000 common shares on the date of election as
the chairman. Further, under the remuneration policy we will grant any future supervisory director an initial award of stock options
to purchase 20,000 common shares on the date of election as a supervisory director. These initial stock options will vest over
a three-year period in three equal installments on the anniversaries of the grant date. In addition, the remuneration policy provides
that each supervisory director is entitled to a total annual grant of 10,000 stock options, with the chairman of the supervisory
board entitled to an annual grant of 20,000 stock options. These annual awards will vest in four quarterly installments and will
be fully vested on the first anniversary of the grant date. Initial awards and annual awards will be granted automatically on
the respective dates of issuance based on the approval by the shareholders of the remuneration policy and will not require any
further approval by the supervisory board or the company. Supervisory directors are also entitled to be reimbursed for their reasonable
expenses incurred in attending meetings of the supervisory board and its committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insurance and Indemnification</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our managing directors and supervisory directors have the benefit
of indemnification provisions in our Articles of Association. These provisions give managing directors and supervisory directors
the right, to the fullest extent permitted by law, to recover from us amounts, including but not limited to litigation expenses,
and any damages they are ordered to pay, in relation to acts or omissions in the performance of their duties. However, there is
generally no entitlement to indemnification for acts or omissions that amount to willful (<I>opzettelijk</I>), intentionally reckless
(<I>bewust roekeloos</I>) or seriously culpable (<I>ernstig verwijtbaar</I>) conduct. In addition, upon consummation of our initial
public offering, we entered into agreements with our managing directors and supervisory directors to indemnify them against expenses
and liabilities to the fullest extent permitted by law. These agreements also provide, subject to certain exceptions, for indemnification
for related expenses including, among others, attorneys&rsquo; fees, judgments, penalties, fines and settlement amounts incurred
by any of these individuals in any action or proceeding. In addition to such indemnification, we provide our managing directors
and supervisory directors with directors&rsquo; and officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification of liabilities arising under the
Securities Act may be permitted to supervisory directors, managing directors or persons controlling us pursuant to the foregoing
provisions, we have been informed that, in the opinion of the SEC such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i6c"></A>Board practices</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Supervisory board</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our supervisory board supervises the policies of the management
board and the general course of the affairs of our business. The supervisory board gives advice to the management board and is
guided by our interests and our business when performing its duties. The management board provides the supervisory board with such
necessary information as is required to perform its duties. Supervisory directors are appointed by the general meeting of shareholders
upon a binding nomination of the supervisory board for a term of up to four years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Articles of Association provide for a term of appointment
of supervisory directors of up to four years. Furthermore, our Articles of Association state that a supervisory director may be
reappointed, but that any supervisory director may be a supervisory director for no longer than twelve (12) years. Our supervisory
directors are appointed for different terms as a result of which only approximately one third of our supervisory directors will
be subject to election in any one year. Such an appointment has the effect of creating a staggered board and may deter a takeover
attempt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The supervisory board meets as often as a supervisory board
member deems necessary. In a meeting of the supervisory board, each supervisory director has a right to cast one vote. All resolutions
by the supervisory board are adopted by an absolute majority of the votes cast. In the event the votes are equally divided, the
chairman has the decisive vote. A supervisory director may grant another supervisory director a written proxy to represent him
at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our supervisory board can pass resolutions outside of meetings,
provided that the resolution is adopted in writing and all supervisory directors have consented to adopting the resolution outside
of a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our supervisory directors do not have a retirement age requirement
under our Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Management board</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The management board is in charge of managing us under the supervision
of the supervisory board. The number of managing directors is determined by our supervisory board. Managing directors are appointed
by the general meeting of shareholders upon a binding nomination of the supervisory board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At least once per year the management board informs the supervisory
board in writing of the main lines of our strategic policy, the general and financial risks and the management and control system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have a strong centralized management board led by Adi Hoess,
our Chief Executive Officer, who has a strong track record in the development and commercialization of new medicines. Our management
team has extensive experience in the biopharmaceutical industry, and key members of our team have played an important role in the
development and commercialization of approved drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Supervisory Board Committees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Audit committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The audit committee, which consists of Ferdinand Verdonck (Chairman),
Berndt Modig and Bernhard Ehmer, assists the board in overseeing our accounting and financial reporting processes and the audits
of our financial statements. In addition, the audit committee is directly responsible for the appointment, compensation, retention
and oversight of the work of our independent registered public accounting firm. Our supervisory board has determined that Ferdinand
Verdonck, Berndt Modig and Bernhard Ehmer satisfy the &ldquo;independence&rdquo; requirements set forth in Rule 10A-3 under the
Exchange Act. The supervisory board has determined that each of Ferdinand Verdonck and Berndt Modig qualifies as an &ldquo;audit
committee financial expert,&rdquo; as such term is defined in the rules of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The audit committee is responsible for recommending the appointment
of the independent auditor to the general meeting of shareholders; the appointment, compensation, retention and oversight of any
accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit services; pre-approving
the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such
services; evaluating the independent auditor&rsquo;s qualifications, performance and independence, and presenting its conclusions
to the full supervisory board on at least an annual basis and reviewing and discussing with the management board and the independent
auditor our annual audited financial statements and quarterly financial statements prior to the filing of the respective annual
and quarterly reports, among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The audit committee meets as often as one or more members of
the audit committee deem necessary, but in any event at least four times per year. The audit committee meets at least once per
year with our independent accountant, without our management board being present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Compensation committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The compensation committee, which consists of Thomas Hecht (Chairman),
Ulrich Grau and Berndt Modig, assists the supervisory board in determining management board compensation. The committee recommends
to the supervisory board for determination the compensation of each of our managing directors. Under SEC and Nasdaq rules, there
are heightened independence standards for members of the compensation committee, including a prohibition against the receipt of
any compensation from us other than standard supervisory director fees. As permitted by the listing requirements of Nasdaq, we
have opted out of Nasdaq Listing Rule 5605(d) which requires that a compensation committee consist entirely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The compensation committee is responsible for identifying, reviewing
and approving corporate goals and objectives relevant to management board compensation; analyzing the possible outcomes of the
variable remuneration components and how they may affect the remuneration of the managing directors; evaluating each managing director&rsquo;s
performance in light of such goals and objectives and determining each managing director&rsquo;s compensation based on such evaluation
and determining any long-term incentive component of each managing director&rsquo;s compensation in line with the remuneration
policy and reviewing our management board compensation and benefits policies generally, among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Nomination and corporate governance committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The nomination and corporate governance committee, which consists
of Ulrich Grau (Chairman), Thomas Hecht and Richard B. Stead, assists our supervisory board in identifying individuals qualified
to become members of our supervisory board and management board consistent with criteria established by our supervisory board and
in developing our corporate governance principles. As permitted by the listing requirements of Nasdaq, we have opted out of Nasdaq
Listing Rule 5605(e) which requires independent director oversight of director nominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i6d"></A>Employees</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 15, 2018, we had 61 personnel, approximately 60%
of whom have an advanced academic degree (Diploma/ Master, PhD, MD). Including AbCheck and Affimed Inc., our total headcount is
89 (80 full time equivalents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of our employees is subject to a collective bargaining
agreement or represented by a trade or labor union. We consider our relations with our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD><A NAME="i6e"></A>Share ownership</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;A.
Major shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i7"></A>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i7a"></A>Major shareholders</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table presents information relating to the beneficial
ownership of our common shares as of March 15, 2018, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>each person, or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding common shares (as
of the date of such stockholder&rsquo;s Schedule 13D or Schedule 13G filing for Affimed N.V. with the SEC);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>each of our managing directors and supervisory directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>all managing directors and supervisory directors as a group.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of common shares beneficially owned by each entity,
person, managing director or supervisory director is determined in accordance with the rules of the SEC, and the information is
not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any common
shares over which the individual has sole or shared voting power or investment power as well as any common shares that the individual
has the right to acquire within 60 days of March 15, 2018 through the exercise of any option, warrant or other right. Except as
otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment
power with respect to all common shares held by that person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The percentage of shares beneficially owned is computed on the
basis of 62,390,068 of our common shares outstanding as of March 15, 2018. Common shares that a person has the right to acquire
within 60 days of March 15, 2018 are deemed outstanding for purposes of computing the percentage ownership of the person holding
such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with
respect to the percentage ownership of all managing directors and supervisory directors as a group. Each common share confers the
right on the holder to cast one vote at the general meeting of shareholders and no shareholder has different voting rights. Unless
otherwise indicated below, the address for each beneficial owner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">listed is c/o Affimed N.V., c/o Affimed GmbH, Technologiepark,
Im Neuenheimer Feld 582, 69120 Heidelberg, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">Shares beneficially owned</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Name and address of beneficial owner</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Number</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">5% Shareholders</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">Entities affiliated with Calibrium AG (formerly Aeris Capital AG)(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">8,924,563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">14.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Wellington Management Group LLP(2) &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,347,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Entities affiliated with New Enterprise Associates, Inc.(3) &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,138,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Entities affiliated with Brookside Capital Trading Fund, L.P.(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,209,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; width: 78%">Managing Directors and Supervisory Directors</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 8%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 8%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Adi Hoess(5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Florian Fischer(5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Wolfgang Fischer&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thomas Hecht&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bernhard R.M. Ehmer&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ulrich M. Grau&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Berndt Modig&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Richard B. Stead&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ferdinand Verdonck&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All managing directors and supervisory directors as a group (9 persons)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,667,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Consists of 8,894,437 shares held by SGR Sagittarius Holding AG (&ldquo;Sagittarius&rdquo;) and 30,126 shares held by AGUTH
Holding GmbH (&ldquo;AGUTH&rdquo;). Voting and investment power over the shares held by SGR Sagittarius Holding AG is exercised
by the Board of Directors of SGR Sagittarius Holding AG, Manuel Werder and Bernd Kammerlander. The address for SGR Sagittarius
Holding AG is Br&uuml;gglistrasse 2, 8852 Altendorf, Switzerland. Voting and investment power over the shares held by AGUTH is
exercised by the Board of Directors of AGUTH, Harald Tschira and Udo Tschira. The address for AGUTH is Schlo&szlig;-Wolfsbrunnenweg
33, 69118 Heidelberg, Germany. This information is based on a statement filed on Schedule 13D with the SEC on February 21, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents shares beneficially owned by clients of Wellington Management Company LLP, Wellington Management Canada LLC, Wellington
Management Singapore Pte Ltd, Wellington Management Hong Kong Ltd, Wellington Management International Ltd, Wellington Management
Japan Pte Ltd and Wellington Management Australia Pty Ltd (collectively, the &ldquo;Wellington Investment Advisors&rdquo;). Wellington
Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd., the Wellington
Investment Advisors. Wellington Investment Advisors Holdings LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings
LLP is owned by Wellington Management Group LLP. The address for Wellington Management Group LLP, Wellington Group Holdings LLP,
Wellington Investment Advisors Holdings LLP and Wellington Management Company LLP is c/o Wellington Management Company LLP, 280
Congress Street, Boston, MA 02210. This information is based on a statement filed on Schedule 13G with the SEC on February 8, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>New Enterprise Associates 15, L.P. (&ldquo;NEA 15&rdquo;) is the sole member of Growth Equity Opportunities Fund IV, LLC (&ldquo;GEO&rdquo;).
NEA Partners 15, L.P. (&ldquo;NEA Partners 15&rdquo;) is the sole general partner of NEA 15. NEA 15 GP, LLC (&ldquo;NEA 15 LLC&rdquo;)
is the sole general partner of NEA Partners 15. Peter J. Barris, Forest Baskett, Anthony A Florence, Jr., Krishna S. Joshua Makower,
David M. Mott, Jon M. Sakoda, Scott D. Sandell, Peter W. Sonsini and Ravi Viswanathan are the managers of NEA 15 LLC. The address
for GEO, NEA Partners 15 and NEA 15 LLC is New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, MD 21093. This
information is based on a statement filed on Schedule 13D with the SEC on February 22, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Represents shares beneficially owned by Brookside Capital Trading Fund, L.P., a Delaware limited partnership (&ldquo;Trading
Fund&rdquo;), whose sole general partner is Brookside Capital Investors II, L.P., a Delaware limited partnership (&ldquo;Brookside
Investors II&rdquo;), whose sole general partner is Bain Capital Public Equity Management, LLC, a Delaware limited liability company
(&ldquo;BCPE Management&rdquo;). The information is based on a statement filed on Schedule 13G with the SEC on February 14, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Indicates that the director is entitled to receive common shares in connection with the carve-out plan described in Note 2
to our consolidated financial statements for the year ended December 31, 2016 pursuant to which 7.78% of the common shares of the
Company outstanding immediately prior to the initial public offering owned by pre-IPO existing shareholders will be transferred
to the beneficiaries upon the conditions set forth therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Significant Changes in Ownership by Major Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have experienced significant changes in the percentage ownership
held by major shareholders as a result of our initial public offering and subsequent offerings. Immediately prior to our initial
public offering in September 2014, our principal shareholders were entities affiliated with Calibrium AG (formerly Aeris Capital
AG, 32.2% ownership), entities affiliated with OrbiMed Advisors LLC (30.7% ownership), Novo Nordisk A/S (14.3% ownership), BioMedInvestI
Ltd. (9.2% ownership) and entities affiliated with Life Sciences Partners (9.2% ownership).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 17, 2014, we completed our initial public offering
and listed our common shares on the Nasdaq Global Market. In the initial public offering, we sold 8,000,000 common shares. Certain
of our pre-IPO investors purchased approximately $23.7 million of our common shares in the initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 12, 2015 we completed a public offering and sold 5,750,000
common shares to new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 14, 2015 we sold 3.3 million shares to SGR Sagittarius
Holding AG, an existing shareholder affiliated with Calibrium AG (formerly Aeris Capital AG).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January and February 2017, we completed a public offering
and sold 10,646,762 common shares primarily to new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 15, 2018, we completed a public
offering and sold 13,225,000 common shares primarily to new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 15, 2018, we had approximately 8 shareholders of
record of our common shares; two of those shareholders of record are in the United States and hold a total of 53,294,933 common
shares in the aggregate, or approximately 85% of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i7b"></A>Related party transactions</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a description of related party transactions
we have entered into since January 1, 2017 with any of our members of our supervisory board or management board and the holders
of more than 5% of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreements with Supervisory Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We had a consulting agreement with Ulrich
M. Grau, whose term as a supervisory director became effective as of July 1, 2015. Dr. Grau&rsquo;s remuneration under the agreement
consisted of service fees for business development, corporate strategy and the development of new products. In June 2015, this
consulting agreement was terminated and all associated rights and obligations ceased. Also, according to a services agreement with
i-novion Inc., of which Dr. Grau serves as Chairman of the Board of Directors, i-novion Inc. conducted certain preclinical services
for us. In 2017, i-novion Inc. did not receive any related payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreements with former Managing Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In 2016, we entered into a consulting agreement
with our former Managing Director Jens-Peter Marschner consisting of services for the support of clinical trials and other activities
in the field of clinical development. In 2017, Dr. Marschner received related payments of &euro;11,000. The consulting agreement
with Dr. Marschner was terminated end of May 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In 2017, we entered into a consulting agreement
with our former Managing Director J&ouml;rg Windisch consisting of high level consultancy and strategic guidance in the field of
clinical manufacturing. In 2017, Dr. Windisch provided no services and received no payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreements with Amphivena</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2013, we entered into a license and development
agreement, which amended and restated a 2012 license agreement, with Amphivena Therapeutics, Inc., or Amphivena, based in San
Francisco, to develop an undisclosed product candidate for hematologic malignancies in exchange for an interest in Amphivena
and certain milestone payments. We also assigned and licensed certain technology to Amphivena and provided it with funding.
The license and development agreement with Amphivena expired when the product candidate&rsquo;s IND became effective in July
2016. Following the expiration, we continued to provide services on a smaller scale to complete the deliverables required
under the agreement, and have been financially supporting the future clinical development of AMV564 with &euro;1.9 million in
financing, &euro;1.0 million of which was invested in Amphivena in October 2016, &euro;0.6 million of which was invested in
March 2017 and &euro;0.3 million of which was invested in December 2017. See &ldquo;Item</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. Information on the Company&mdash; B. Business overview&mdash;Amphivena&rdquo; and &ldquo;Item
5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Collaboration Agreements&mdash;Amphivena&rdquo;
for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registration rights agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the consummation of our IPO, we entered into a registration
rights agreement with certain of our existing shareholders pursuant to which we granted them the rights set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Demand registration rights</I>. Certain of our shareholders
that are party to the Registration Rights Agreement (the &ldquo;RRA Shareholders&rdquo;) are entitled to request that we effect
up to an aggregate of four demand registrations under the Registration Rights Agreement, and no more than one demand registration
within any six-month period, covering the RRA Shareholders&rsquo; common shares that are subject to transfer restrictions under
Rule 144 (&ldquo;registrable securities&rdquo;). The demand registration rights are subject to certain customary conditions and
limitations, including customary underwriter cutback rights and deferral rights. No demand registration rights exist while a shelf
registration is in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Piggyback registration rights</I>. If we propose to register
any common shares (other than in a shelf registration or on a registration statement on Form F-4, S-4 or S-8), the RRA Shareholders
are entitled to notice of such registration and to include their registrable securities in that registration. The registration
of RRA Shareholders&rsquo; registrable securities pursuant to a piggyback registration does not relieve us of the obligation to
effect a demand registration. The managing underwriter has the right to limit the number of registrable securities included in
a piggyback registration if the managing underwriter believes it would interfere with the successful marketing of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Form F-3 registration rights</I>. When we are eligible to
use Form F-3, one or more RRA Shareholders have the right to request that we file a registration statement on Form F-3. RRA Shareholders
will have the right to cause us to undertake underwritten offerings from the shelf registration, but no more than one underwritten
offering in a six-month period. Each underwritten takedown constitutes a demand registration for purposes of the maximum number
of demand registrations we are obligated to effectuate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to limited exceptions, the Registration Rights Agreement
provides that we must pay all registration expenses in connection with a demand, piggyback or shelf registration. The Registration
Rights Agreement contains customary indemnification and contribution provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indemnification Agreements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into indemnification agreements with our managing
directors and supervisory directors. The indemnification agreements and our Articles of Association require us to indemnify our
managing directors and supervisory directors to the fullest extent permitted by law. See &ldquo;Item 6B. Compensation&mdash;Insurance
and Indemnification&rdquo; for a description of these indemnification agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Agreements with Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Item 6. Directors, Senior Management and Employees&mdash;B.
Compensation&rdquo; for a description of other agreements with our managing directors and supervisory directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i7c"></A>Interests of Experts and Counsel</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i8"></A>ITEM 8. FINANCIAL INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i8a"></A>Consolidated statements and other financial information</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">See &ldquo;Item 18. Financial Statements,&rdquo;
which contains our financial statements prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Proceedings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">From time to time we are involved in legal
proceedings that arise in the ordinary course of business. We believe that the outcome of these proceedings, if determined adversely,
will not have a material adverse effect on our financial position. During the period covered by the audited and approved financial
statements contained herein, we have not been a party to or paid any damages in connection with litigation that has had a material
adverse effect on our financial position. Any future litigation may result in substantial costs and be a distraction to management
and employer. No assurance can be given that future litigation will not have a material adverse effect on our financial position.
See &ldquo;Item 3. Key Information&mdash;D. Risk factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and Dividend Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have not declared cash dividends on our
common shares in the years 2015, 2016 or 2017. We currently expect to retain future earnings, if any, to finance the operation
and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination
related to our dividend policy will be made at the discretion of our supervisory board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i8b"></A>Significant changes</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">A discussion of the significant changes in
our business can be found under &ldquo;Item 4. Information on the Company&mdash;A. History and development of the company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i9"></A>ITEM 9. THE OFFER AND LISTING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i9a"></A>Offering and listing details</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i9b"></A></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD>Plan of distribution</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i9c"></A>Markets</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our common shares began trading on the Nasdaq
Global Market on September 12, 2014 under the symbol AFMD. The following table sets forth the high and low sales prices as reported
by Nasdaq for each period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Year Ended December 31:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">2014 (since September 12, 2014) &#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">8.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">3.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; width: 78%; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 8%"><FONT STYLE="font-size: 10pt">High</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 8%"><FONT STYLE="font-size: 10pt">Low</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Year Ended December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Year Ended December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">First Quarter &#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2.77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Year Ended December 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">First Quarter &#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1.65</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; width: 78%; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 8%"><FONT STYLE="font-size: 10pt">High</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 8%"><FONT STYLE="font-size: 10pt">Low</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Month Ended:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September 30, 2017 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October 31, 2017 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>November 30, 2017 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>December 31, 2017 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 31, 2018 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>February 28, 2018 &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>March 31, 2018 (though March 15, 2018) &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i9d"></A>Selling shareholders</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD><A NAME="i9e"></A>Dilution</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">F.</TD><TD><A NAME="i9f"></A>Expenses of the issue</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i10"></A>ITEM 10. ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD><A NAME="i10a"></A>Share capital</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD><A NAME="i10b"></A>Memorandum and articles of association</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our shareholders adopted the Articles of Association
filed as Exhibit 3.1 to our registration statement on Form F-1 (file no. 333-197097) with the SEC on September 17, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We incorporate by reference into this Annual
Report on Form 20-F the description of our Articles of Association effective upon the closing of our IPO contained in our F-1 registration
statement (File No. 333-197097) originally filed with the SEC on June 27, 2014, as amended. Such description sets forth a summary
of certain provisions of our articles of association as currently in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD><A NAME="i10c"></A>Material contracts</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Except as otherwise disclosed in this Annual
Report on Form 20-F (including the Exhibits), we are not currently, and have not been in the last two years, party to any material
contract, other than contracts entered into in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i10d"></A>Exchange controls</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Cash dividends payable on our common shares
and cash interest payments to holders of our debt securities may be remitted from the Netherlands to non-residents without legal
restrictions imposed by the laws of the Netherlands, except that (i) such payments must be reported, if requested, to the Dutch
Central Bank for statistical purposes only and (ii) the transfer of funds to jurisdictions subject to general economic sanctions
adopted in connection with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">policies of the United Nations, European Commission or similar measures imposed directly by the Government
of the Netherlands may be restricted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD><A NAME="i10e"></A>Taxation</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The following summary contains a description
of material German, Dutch and U.S. federal income tax consequences of the acquisition, ownership and disposition of common shares,
but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase
common shares. The summary is based upon the tax laws of Germany, the Netherlands and the United States and regulations thereunder
as of the date hereof, which are subject to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">German Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is a summary of the material German
tax considerations which&mdash;as the Company has its place of management in Germany and is therefore tax resident in Germany&mdash;relate
to the purchase, ownership and disposition of our common shares both by a shareholder (an individual, a partnership or corporation)
that has a tax domicile in Germany (that is, whose place of residence, habitual abode, registered office or place of management
is in Germany) and by a shareholder without a tax domicile in Germany. This discussion does not cover the treatment of certain
special companies such as those engaged in the financial and insurance sectors and pension funds. The information is not exhaustive
and does not constitute a definitive explanation of all possible aspects of taxation that could be relevant for shareholders. The
information is based on the tax law in force in Germany as of the date hereof (and its interpretation by administrative directives
and courts) as well as typical provisions of double taxation treaties that Germany has concluded with other countries. Tax law
can change&mdash;sometimes retrospectively. Moreover, it cannot be ruled out that the German tax authorities or courts may consider
an alternative assessment to be correct that differs from the one described in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This section cannot replace tailored tax advice to individual
shareholders. They are therefore advised to consult their tax advisors regarding the tax implications of the acquisition, holding
or transfer of shares and regarding the procedures to be followed to achieve a possible reimbursement of German withholding tax.
Only such advisors are in a position to take the specific tax-relevant circumstances of individual shareholders into due account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income Tax Implications of the Purchase, Holding and Disposal
of Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In terms of the taxation of shareholders of the Company, a distinction
must be made between taxation in connection with the holding of shares (&ldquo;Taxation of Dividends&rdquo;), taxation in connection
with the sale of shares (&ldquo;Taxation of Capital Gains&rdquo;) and taxation in connection with the mortis causa or inter vivos
(munificent) transfer of shares (&ldquo;Inheritance and Gift Tax&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Taxation of Dividends</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Withholding tax</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a general rule, the dividends distributed to the shareholder
are subject to a withholding tax (<I>Kapitalertragsteuer</I>) of 25% and a solidarity surcharge of 5.5% thereon (i.e., 26.375%
in total plus church tax, if applicable). The withholding tax is withheld and discharged for the account of the shareholders by
the Company. Dividend payments that are funded from the Company&rsquo;s contribution account for tax purposes (<I>steuerliches
Einlagekonto</I>; &sect; 27 K&ouml;rperschaftsteuergesetz, German Corporation Income Tax Act) are generally not taxable in Germany
and are not subject to withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, the withholding tax must be withheld regardless
of whether and to which extent the dividend is exempt from tax at the level of the shareholder and whether the shareholder is domiciled
in Germany or abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, withholding tax on dividends distributed to a company
domiciled in another EU Member State within the meaning of Article 2 of the Parent-Subsidiary Directive may be refunded or exempted
upon application and subject to further conditions. This also applies to dividends distributed to a permanent establishment of
such a parent company resident in another Member State of the European Union or to a parent company that is subject to unlimited
tax liability in Germany, provided that the participation in the Company actually forms part of such permanent establishment&rsquo;s
business assets. As further requirements for the refund or exemption of withholding tax under the Parent-Subsidiary Directive,
the shareholder needs to hold at least a 10% direct stake in the company&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">registered capital for one year and to file a
respective application with the German Federal Central Tax Office (<I>Bundeszentralamt f&uuml;r Steuern, Hauptdienstsitz Bonn-Beuel,
An der K&uuml;ppe 1, 53225 Bonn</I>) using an official form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to distributions made to other shareholders without
a tax domicile in Germany, the withholding tax rate can be reduced in accordance with a double taxation treaty if Germany has entered
into a double taxation treaty with the shareholder&rsquo;s state of residence and if the shares neither form part of the assets
of a permanent establishment or a fixed place of business in Germany, nor form part of business assets for which a permanent representative
in Germany has been appointed. Pursuant to most German tax treaties, including the income tax treaty between Germany and the United
States, the German withholding tax rate is reduced to 15% (or, in certain cases, to a lower rate) with respect to distributions
received by shareholders eligible for treaty benefits. The withholding tax reduction is generally granted by the German Federal
Central Tax Office (<I>Bundeszentralamt f&uuml;r Steuern</I>) upon application in such a manner that the difference between the
total amount withheld, including the solidarity surcharge, and the reduced withholding tax actually owed under the relevant double
taxation treaty is refunded by the German Federal Central Tax Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forms for the reimbursement and exemption from the withholding
at source procedure are available at the German Federal Central Tax Office (<I>http://www.bzst.bund.de</I>) as well as at German
embassies and consulates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If dividends are distributed to corporations subject to limited
tax liability, i.e., corporations with no registered office or place of management in Germany and if the shares neither belong
to the assets of a permanent establishment or fixed place of business in Germany nor form part of business assets for which a permanent
representative in Germany has been appointed, two-fifths of the tax withheld at the source can generally be refunded even if the
prerequisites for a refund under the Parent-Subsidiary Directive or the relevant double taxation treaty are not fulfilled. The
relevant application forms are available at the German Federal Central Tax Office (at the address specified above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exemption from withholding tax under the Parent-Subsidiary
Directive as well as the aforementioned possibilities for a refund of withholding tax depend on certain other conditions being
met (particularly the fulfillment of so-called substance requirements&mdash;<I>Substanzerfordernisse</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Taxation of dividends of shareholders with
a tax domicile in Germany</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Shares held as non-business assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends distributed to shareholders with a tax domicile in
Germany whose shares are held as non-business assets form part of their taxable capital investment income, which is subject to
a flat tax at a rate of 25% plus solidarity surcharge of 5.5% thereon (i.e., 26.375% in total plus church tax, if applicable).
The income tax owed for this dividend income is in general discharged by the withholding tax levied by the Company (flat tax&mdash;<I>Abgeltungsteuer</I>).
Income-related expenses cannot be deducted from the capital investment income, except for an annual lump-sum deduction (<I>Sparer-Pauschbetrag</I>)
of &euro;801 (&euro;1,602 for married couples filing jointly). However, the shareholder may request that his capital investment
income (including dividends) along with his other taxable income is taxed at his individual progressive income tax rate (instead
of the flat tax on capital investment income) if this results in a lower tax burden. In this case the withholding tax will be credited
against the individual progressive income tax and any excess amount will be refunded. In this case as well income-related expenses
cannot be deducted from the capital investment income, except for the aforementioned annual lump-sum deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exceptions from the flat tax apply upon application for shareholders
who have a shareholding of at least 25% in the Company and for shareholders who have a shareholding of at least 1% in the Company
and work for the Company in a professional capacity. In this case 60 % of the dividend income is taxed at the individual progressive
income tax rate and 60% of the expenses in relation to the shareholding are deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Shares held as business assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends from shares held as business assets by a shareholder
with a tax domicile in Germany are not subject to the flat tax. The taxation depends on whether the shareholder is a corporation,
a sole proprietor or a partnership (co-entrepreneurship). The withholding tax (including the solidarity surcharge thereon and church
tax, if applicable) withheld and paid by the Company will be credited against the shareholder&rsquo;s income tax or corporate income
tax liability (including the solidarity surcharge thereon and church tax, if applicable) or refunded in the amount of any excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Corporations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shareholder is a corporation with a tax domicile in Germany,
the dividends are in general effectively 95% exempt from corporate income tax and the solidarity surcharge. Five percent of the
dividends are treated as non-deductible business expenses and are therefore subject to corporate income tax (plus the solidarity
surcharge thereon) at a total tax rate of 15.825%. In other respects, business expenses actually incurred in direct relation to
the dividends may be deducted. However dividends are not exempt from corporate income tax (including solidarity surcharge thereon),
if the shareholder only held (or holds) a direct participation of less than 10% in the share capital of the distributing corporation
at the beginning of the calendar year (hereinafter in all cases, a &ldquo;Portfolio Participation&rdquo; (<I>Streubesitzbeteiligung</I>)).
Participations of at least 10% acquired during a calendar year are deemed to have been acquired at the beginning of the calendar
year. Participations which a corporate shareholder holds through a partnership (including those that are co-entrepreneurships (<I>Mitunternehmerschaften</I>))
are attributable to the shareholder only on a <I>pro rata</I> basis at the ratio of the interest share of the shareholder in the
assets of the relevant partnership. Shareholders affected by the rules for the taxation of dividends from Portfolio Participations
are recommended to discuss the potential consequences with their tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, the dividends (after deducting business expenses economically
related to the dividends) are subject to trade tax in the full amount, unless the participation amounts to at least 15% and the
requirements of the trade tax participation exemption privilege are fulfilled. In this latter case, the dividends are not subject
to trade tax; however, trade tax is levied on amounts considered to be non-deductible business expenses (amounting to 5% of the
dividend). Trade tax ranges from 7% to approximately 18% depending on the municipal trade tax multiplier applied by the relevant
municipal authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Sole proprietors</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shares are held as business assets by a sole proprietor
with a tax domicile in Germany, only 60% of the dividends are subject to progressive income tax (plus the solidarity surcharge
thereon) at a total tax rate of up to approximately 47.5% (plus church tax, if applicable), under the so-called partial income
method (<I>Teileink&uuml;nfteverfahren</I>). Only 60% of the business expenses economically related to the dividends are tax-deductible.
If the shares belong to a domestic permanent establishment in Germany of a business operation of the shareholder, the dividend
income (after deducting business expenses economically related thereto) is fully subject to trade tax, unless the prerequisites
of the trade tax participation exemption privilege are fulfilled. In this latter case the net amount of dividends, i.e. after deducting
directly related expenses, is exempt from trade tax. As a rule, trade tax can be credited against the shareholder&rsquo;s personal
income tax, either in full or in part, by means of a lump-sum tax credit method&mdash;depending on the level of the municipal trade
tax multiplier and certain individual tax-relevant circumstances of the taxpayer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Partnerships</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shareholder is a genuine business partnership or a deemed
business partnership (co-entrepreneurship) with a permanent establishment in Germany, the income tax or corporate income tax is
not levied at the level of the partnership but at the level of the respective partner. The taxation of every partner depends on
whether the partner is a corporation or an individual. If the partner is a corporation, the dividends contained in the profit share
of the partner will be taxed in accordance with the rules applicable for corporations (see &ldquo;<I>Corporations</I>&rdquo; above).
If the partner is an individual, the taxation follows the rules described for sole proprietors, (see &ldquo;<I>Sole proprietors</I>&rdquo;
above). Upon application and subject to further conditions, an individual as a partner can have his personal income tax rate reduced
for earnings retained at the level of the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the dividends are generally subject to trade tax
in the full amount at the partnership level if the shares are attributed to a German permanent establishment of the partnership.
If a partner of the partnership is an individual, the portion of the trade tax paid by the partnership pertaining to his profit
share will generally be credited, either in full or in part, against his personal income tax by means of a lump-sum method&mdash;depending
on the level of the municipal trade tax multiplier and certain individual tax-relevant circumstances of the taxpayer. Due to a
lack of case law and administrative guidance, it is currently unclear how the rules for the taxation of dividends from Portfolio
Participations (see &ldquo;<I>Corporations</I>&rdquo; above) might impact the trade tax treatment at the level of the partnership.
Shareholders are strongly recommended to consult their tax advisors. Under a literal reading of the law, if the partnership qualifies
for the trade tax exemption privilege at the beginning of the relevant assessment period, the dividends should generally not be
subject to trade tax. However, in this case, trade tax should be levied on 5% of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the dividends to the extent they are attributable
to the profit share of such corporate partners to whom at least 10% of the shares in the Company are attributable on a look-through
basis, since such portion of the dividends should be deemed to be non-deductible business expenses. The remaining portion of the
dividend income attributable to other than such specific corporate partners (which includes individual partners and should, under
a literal reading of the law, also include corporate partners to whom, on a look-through basis, only Portfolio Participations are
attributable) should (after the deduction of business expenses economically related thereto) not be subject to trade tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Taxation of dividends of shareholders without
a tax domicile in Germany</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders without a tax domicile in Germany whose shares
are attributable to a German permanent establishment or fixed place of business or are part of business assets for which a permanent
representative in Germany has been appointed, are also subject to tax in Germany on their dividend income. In this respect the
provisions outlined above for shareholders with a tax domicile in Germany whose shares are held as business assets apply accordingly
(&ldquo;&mdash;<I>Taxation of dividends of shareholders with a tax domicile in Germany&mdash;Shares held as business assets</I>&rdquo;).
The withholding tax (including the solidarity surcharge thereon) withheld and passed on will be credited against the income or
corporate income tax liability or refunded in the amount of any excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In all other cases, any German limited tax liability on dividends
is discharged by withholding tax imposed by the Company. Withholding tax is only reimbursed in the cases and to the extent described
above under &ldquo;&mdash;<I>Withholding tax</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Taxation of Capital Gains</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Taxation of capital gains of shareholders
with a tax domicile in Germany</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Shares held as non-business assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gains from the disposal of shares acquired after December 31,
2008 by a shareholder with a tax domicile in Germany and held as non-business assets are generally&mdash;regardless of the holding
period&mdash;subject to a flat tax on capital investment income at a rate of 25% (plus the solidarity surcharge of 5.5% thereon,
i.e., 26.375% in total plus church tax, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The taxable capital gain is computed as the difference between
(a) the sale proceeds and (b) the acquisition costs of the shares and the expenses related directly and economically to the disposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only an annual lump-sum deduction of &euro;801 (&euro;1,602
for married couples filing jointly) may be deducted from the entire capital investments income. It is not possible to deduct income-related
expenses in connection with capital gains, except for the expenses directly related in substance to the disposal which can be deducted
when calculating the capital gains. Losses from disposals of shares may only be offset against capital gains from the disposal
of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the disposal of the shares is executed by a domestic credit
institution, or domestic financial services institution (<I>inl&auml;ndisches Kredit-oder Finanzdienstleistungsinstitut</I>) (including
domestic branches of foreign credit and financial services institutions), domestic securities trading company (<I>inl&auml;ndisches
Wertpapierhandelsunternehmen</I>) or a domestic securities trading bank (<I>inl&auml;ndische Wertpapierhandelsbank</I>), and such
office pays out or credits the capital gains (a &ldquo;Domestic Paying Agent&rdquo;), the tax on the capital gains will in general
be discharged for the account of the seller by the Domestic Paying Agent imposing the withholding tax on investment income at the
rate of 26.375% (including the solidarity surcharge thereon plus church tax, if applicable) on the capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, the shareholder can apply for his total capital investment
income together with his other taxable income to be subject to his progressive income tax rate, as opposed to the flat tax on investment
income, if this results in a lower tax liability. In this case the withholding tax is credited against the individual progressive
income tax and any resulting excess amount will be refunded. In this case as well income-related expenses cannot be deducted from
the capital investment income, except for the aforementioned annual lump-sum deduction. Further, the limitations on offsetting
losses are also applicable under the income tax assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the withholding tax or, if applicable, the church tax on
capital gains, is not withheld by a Domestic Paying Agent, the shareholder is required to declare the capital gains in his income
tax return. The income tax and any applicable church tax on the capital gains will then be collected by way of assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regardless of the holding period and the time of acquisition,
gains from the disposal of shares are not subject to the flat tax but to individual progressive income tax if a shareholder domiciled
in Germany, or, in the event of a munificent transfer, their legal predecessor, or, if the shares have been munificently transferred
several times in succession, one of his legal predecessors at any point during the five years preceding the disposal directly or
indirectly held at least 1% of the share capital of the Company (a &ldquo;Qualified Holding&rdquo;). In this case the partial income
method applies to gains from the disposal of shares, which means that only 60% of the capital gains are subject to tax and only
60% of the losses on the disposal and expenses economically related thereto are tax deductible. Even though withholding tax has
to be withheld by a Domestic Paying Agent in the case of a Qualified Holding, this does not discharge the tax liability of the
shareholder. Consequently, a shareholder must declare his capital gains in his income tax return. The withholding tax (including
the solidarity surcharge thereon and church tax, if applicable) levied and paid will be credited against the shareholder&rsquo;s
income tax liability as assessed (including the solidarity surcharge thereon and any church tax, if applicable) or refunded in
the amount of any excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Shares held as business assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gains from the sale of shares held as business assets of a shareholder
with a tax domicile in Germany are not subject to the flat tax. The taxation of the capital gains depends on whether the shareholder
is a corporation, a sole proprietor or a partnership (co-entrepreneurship).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Corporations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shareholder is a corporation with a tax domicile in Germany,
the gains from the disposal of shares are in general effectively 95% exempt from corporate income tax (including the solidarity
surcharge thereon) and trade tax, regardless of the size of the participation and the holding period, and 5% of the gains are treated
as non-deductible business expenses and are therefore subject to corporate income tax (plus the solidarity surcharge thereon) at
a rate of 15.825% and trade tax (at a rate depending on the municipal trade tax multiplier applied by the municipal authority,
generally between 7% and approximately 18%). As a rule, capital losses and other profit reductions in connection with shares (e.g.,
from a write-down) cannot be deducted for tax purposes. Currently, there are no specific rules for the taxation of gains arising
from the disposal of Portfolio Participations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Sole proprietors</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shares are held as business assets by a sole proprietor
with a tax domicile in Germany, only 60% of the gains from the disposal of the shares are subject to progressive income tax (plus
the solidarity surcharge thereon) at a total tax rate of up to approximately 47.5%, and, if applicable, church tax (partial-income
method). Only 60% of the losses on the disposal and expenses economically related thereto are tax deductible. If the shares belong
to a German permanent establishment of a business operation of the sole proprietor, 60% of the gains of the disposal of the shares
are, in addition, subject to trade tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trade tax can be credited against the shareholder&rsquo;s personal
income tax liability, either in full or in part, by means of a lump-sum tax credit method&mdash;depending on the level of the municipal
trade tax multiplier and certain individual tax-relevant circumstances of the taxpayer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Partnerships</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shareholder is a genuine business partnership or a deemed
business partnership (co-entrepreneurship) with a permanent establishment in Germany, the income or corporate income tax is not
levied at the level of the partnership but at the level of the respective partner. The taxation depends on whether the partner
is a corporation or an individual. If the partner is a corporation, the capital gains from the shares as contained in the profit
share of the partner will be taxed in accordance with the rules applicable to corporations (see &ldquo;<I>Corporations</I>&rdquo;
above). For capital gains in the profit share of a partner that is an individual, the principles outlined above for sole proprietors
apply accordingly (partial-income method, see above under &ldquo;<I>Sole proprietors</I>&rdquo;). Upon application and subject
to further conditions, a partner that is an individual can obtain a reduction of his personal income tax rate for earnings retained
at the level of the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, capital gains from the shares are subject to trade
tax at the level of the partnership if the shares are attributed to a domestic permanent establishment of a business operation
of the partnership generally, (i) at 60% as far as they are attributable to the profit share of an individual partner, and (ii)
currently, at 5% as far as they are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attributable to the profit share of a corporate partner. Capital losses and other profit reductions
in connection with the shares are currently not deductible for trade tax purposes if they are attributable to the profit share
of a corporation; however, 60% of the capital losses are deductible, subject to general limitations, to the extent such losses
are attributable to the profit share of an individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the partner is an individual, the portion of the trade tax
paid by the partnership attributable to his profit share will generally be credited, either in full or in part, against his personal
income tax by means of a lump-sum method&mdash;depending on the level of the municipal trade tax multiplier and certain individual
tax-relevant circumstances of the taxpayer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Withholding tax</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of a Domestic Paying Agent, the capital gains from shares
held as business assets are not subject to withholding tax in the same way as shares held as non-business assets by a shareholder
(see &ldquo;<I>&mdash;Taxation of capital gains of shareholders with a tax domicile in Germany&mdash;Shares held as non-business
assets</I>&rdquo;). Instead, the Domestic Paying Agent will not levy the withholding tax, provided that (i) the shareholder is
a corporation, association of persons or estate with a tax domicile in Germany, or (ii) the shares belong to the domestic business
assets of a shareholder, and the shareholder declares so to the Domestic Paying Agent using the designated official form and certain
other requirements are met. If withholding tax is imposed by a Domestic Paying Agent, the withholding tax (including the solidarity
surcharge thereon and church tax, if applicable) imposed and discharged will be credited against the income tax or corporate income
tax liability (including the solidarity surcharge thereon and church tax, if applicable) or will be refunded in the amount of any
excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Taxation of capital gains of shareholders
without a tax domicile in Germany</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital gains derived by shareholders not tax resident in Germany
are only subject to German tax if the shareholder has a Qualified Holding in the Company or the shares belong to a domestic permanent
establishment or fixed place of business or are part of business assets for which a permanent representative in Germany has been
appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of a Qualified Holding (as defined in &ldquo;<I>&mdash;Taxation
of capital gains of shareholders with a tax domicile in Germany&mdash;Shares held as non-business assets</I>&rdquo;), 5% of the
gains from the disposal of the shares should currently be subject to corporate income tax plus the solidarity surcharge thereon,
if the shareholder is a corporation. If the shareholder is a private individual, only 60% of the gains from the disposal of the
shares are subject to progressive income tax plus the solidarity surcharge thereon (partial-income method). However, most double
taxation treaties provide for exemption from German taxation and attribute the right of taxation to the shareholder&rsquo;s state
of residence. According to the tax authorities there is no obligation to levy withholding tax at source in the case of a Qualified
Holding if the shareholder submits to the Domestic Paying Agent a certificate of residence issued by a competent foreign tax authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to capital gains or losses from shares attributable
to a domestic permanent establishment or fixed place of business or which form part of business assets for which a permanent representative
in Germany has been appointed, the above-mentioned provisions pertaining to shareholders with a tax domicile in Germany whose shares
are business assets apply mutatis mutandis (see &ldquo;<I>Taxation of capital gains of shareholders with a tax domicile in Germany&mdash;Shares
held as business assets</I>&rdquo;). The Domestic Paying Agent can refrain from deducting the withholding tax if the shareholder
declares to the Domestic Paying Agent on an official form that the shares form part of domestic business assets and certain other
requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Inheritance and Gift Tax</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer of shares to another person <I>mortis causa</I>
or by way of munificent donation is generally subject to German inheritance or gift tax if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the place of residence, habitual abode, place of management or registered office of the decedent, the donor, the heir, the
donee or another acquirer is, at the time of the asset transfer, in Germany, or such person, as a German national, has not spent
more than five continuous years outside of Germany without maintaining a place of residence in Germany, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the decedent&rsquo;s or donor&rsquo;s shares belonged to business assets for which there had been a permanent establishment
in Germany or a permanent representative had been appointed, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the decedent or the donor, at the time of the succession or gift, held a direct or indirect interest of at least 10% of the
Company&rsquo;s share capital either alone or jointly with other related parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The small number of double taxation treaties in respect of inheritance
and gift tax which Germany has concluded to date usually provide for German inheritance or gift tax only to be levied in the cases
under (i) and, subject to certain restrictions, in the cases under (ii). Special provisions apply to certain German nationals living
outside of Germany and to former German nationals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Taxes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No German financial transfer taxes, VAT, stamp duties or similar
taxes are currently levied on the purchase or disposal or other forms of transfer of the shares. However, for VAT purposes, an
entrepreneur may opt for taxation in relation to disposals of shares, which are in principle exempt from value-added-tax, if the
sale is made to another entrepreneur for the entrepreneur&rsquo;s business. Wealth tax is currently not levied in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dutch Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following does not purport to present a comprehensive or
complete description of all aspects of Dutch tax law which could be of relevance to a holder of common shares (a &ldquo;Shareholder&rdquo;).
For Dutch tax purposes, a Shareholder may include an individual who or an entity that does not hold the legal title of the common
shares in the capital of the Company (the &ldquo;Shares&rdquo;), but to whom nevertheless the Shares, or the income thereof, are
attributed based either on such individual or entity owning a beneficial interest in the Shares or based on specific statutory
provisions. These include statutory provisions pursuant to which Shares are attributed to an individual who is, or who has directly
or indirectly inherited from a person who was, the settlor, grantor or similar originator of a trust, foundation or similar entity
that holds the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is intended as general information only. Shareholders
or prospective Shareholders should therefore consult their tax adviser regarding the tax consequences of any purchase, ownership
or disposal of common Shares in their particular circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following summary is based on the Dutch tax law as applied
and interpreted by Dutch tax courts and as published and in effect on the date hereof, including for the avoidance of doubt the
tax rates applicable on the date hereof, without prejudice to any amendments introduced at a later date and implemented with or
without retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any reference in this section to Dutch taxes, Dutch tax or Dutch
tax law must be construed as a reference to taxes of whatever nature levied by or on behalf of the Netherlands or any of its subdivisions
or taxing authorities or to the law governing such taxes, respectively. The Netherlands means the part of the Kingdom of the Netherlands
that is located in Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any reference hereafter made to a treaty for the avoidance of
double taxation concluded by the Netherlands, includes the Tax Regulation for the Kingdom of the Netherlands (<I>Belastingregeling
voor het Koninkrijk</I>), the Tax Regulation for the country of the Netherlands (<I>Belastingregeling voor het land Nederland</I>),
the Tax Regulation for the Netherlands Curacao (<I>Belastingregeling Nederland Curacao</I>), the Tax Regulation for the Netherlands
Saint Martin (<I>Belastingregeling Nederland Sint Maarten</I>) and the agreement between the Taipei Representative Office in the
Netherlands and the Netherlands Trade and Investment Office in Taipei for the avoidance of double taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Withholding Tax on Dividend Payments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Shareholder is generally subject to Dutch dividend withholding
tax at a rate of 15% on dividends distributed by the Company. Generally, the Company is responsible for the withholding of such
dividend withholding tax at source; the dividend withholding tax is for the account of the Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 1, 2016 the convention between Germany and the Netherlands
for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, concluded on April 12,
2012 (the &ldquo;2012 Germany-Netherlands Treaty&rdquo;), entered into force. Under the 2012 Germany-Netherlands Treaty, a Shareholder,
other than a Dutch individual (as defined below) or a Dutch Corporate Entity (as defined below), will not be subject to Dutch dividend
withholding tax on dividends distributed by the Company, irrespective of the nature or form of such dividend, if and for as long
as the Company is resident solely in Germany for purposes of the 2012 Germany-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Netherlands Treaty. A Shareholder that is resident
in the Netherlands will generally be subject to Dutch dividend withholding tax on dividends distributed by the Company, irrespective
of the nature or form of such dividend, at a rate of 15%. The Company intends to be resident solely in Germany for purposes of
the 2012 Germany-Netherlands Treaty on a continuous basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends distributed by the Company include, but are not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distributions
of profits in cash or in kind, deemed or constructive distributions, whatever they might be named or in whatever form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;proceeds
from the liquidation of the Company, or proceeds from the redemption or the repurchase of Shares by the Company or one of its direct
or indirect subsidiaries, other than as a temporary portfolio investment (<I>tijdelijke belegging</I>), in excess of the average
paid-in capital recognized for Dutch dividend withholding tax purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the
nominal value of Shares issued to a Shareholder or an increase in the nominal value of the Shares, to the extent that no contribution,
recognized for Dutch dividend withholding tax purposes, has been made or will be made; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;partial
repayment of paid-in capital, that is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD>not recognized for Dutch dividend withholding tax
purposes, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD>recognized for Dutch dividend withholding tax purposes,
to the extent that the Company has &ldquo;net profits&rdquo; (<I>zuivere winst</I>), unless</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">*</TD><TD>the general meeting of Shareholders has resolved in advance to make such repayment, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">*</TD><TD>the nominal value of the Shares concerned has been reduced with an equal amount by way of an amendment to the Articles of Association
of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The term &ldquo;net profits&rdquo; includes anticipated profits
that have yet to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the above, no withholding is required in the
event of a repurchase of Shares, if certain conditions are fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a Shareholder is resident or deemed to be resident in the
Netherlands, such Shareholder is generally entitled to an exemption or a full credit for any Dutch dividend withholding tax against
his Dutch tax liability and to a refund of any residual Dutch dividend withholding tax. The same generally applies if a Shareholder
is neither resident nor deemed to be resident in the Netherlands yet derives profits from an enterprise, whether as an entrepreneur
or pursuant to a co-entitlement to the net worth of such enterprise other than as an entrepreneur or a shareholder, which enterprise
is, in whole or in part, carried on through a permanent establishment (<I>vaste inrichting</I>) or a permanent representative (<I>vaste
vertegenwoordiger</I>) in the Netherlands, to which the Shares are attributable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending on his specific circumstances, a Shareholder resident
in a country other than the Netherlands, may be entitled to exemptions from, reduction of, or full or partial refund of, Dutch
dividend withholding tax pursuant to Dutch law, European Union (&ldquo;EU&rdquo;) law or treaties for the avoidance of double taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to Dutch domestic anti-dividend stripping rules, no
credit against Dutch tax, exemption from, reduction or refund of Dutch dividend withholding tax will be granted if the recipient
of the dividends paid by the Company is not considered to be the beneficial owner (<I>uiteindelijk gerechtigde</I>) of such dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Taxes on Income and Capital Gains</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This paragraph does not purport to describe the possible Dutch
tax considerations or consequences that may be relevant to a Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>who is an individual and for whom the income or capital gains derived from the Shares are attributable to employment activities,
the income from which is taxable in the Netherlands;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>that is an entity which is, pursuant to the Dutch Corporate Income Tax Act of 1969 (<I>Wet op de vennootschapsbelasting 1969</I>)
(the &ldquo;CITA&rdquo;), not subject to Dutch corporate income tax or is in full or in part exempt from Dutch corporate income
tax (such as a qualifying pension fund);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>that is or, in case of a Shareholder that is not resident in the Netherlands, carries out duties and responsibilities comparable
to an investment institution (<I>beleggingsinstelling</I>) as described in Section 6a or 28 CITA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>that is entitled to the participation exemption (<I>deelnemingsvrijstelling</I>) with respect to the Shares (as defined in
Section 13 CITA). Generally, a Shareholder is entitled to the participation exemption if it is subject to Dutch corporate income
tax and it, or a related entity, holds an interest of 5% or more of the nominal paid-up share capital in the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Residents of the Netherlands</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The description of certain Dutch tax consequences in this paragraph
is only intended for the following Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>individuals who are resident or deemed to be resident in the Netherlands (&ldquo;Dutch Individuals&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>entities or enterprises that are subject to the CITA and are resident or deemed to be resident in the Netherlands (&ldquo;Dutch
Corporate Entities&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Dutch Individuals engaged or deemed to be
engaged in an enterprise or in miscellaneous activities</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dutch Individuals engaged or deemed to be engaged in an enterprise
or in miscellaneous activities (<I>resultaat uit overige werkzaamheden</I>) are generally subject to income tax at statutory progressive
rates with a maximum of 51.95% with respect to any benefits derived or deemed to be derived from the Shares, including any capital
gains realized on the disposal thereof, that are attributable to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>an enterprise from which a Dutch Individual derives profits, whether as an entrepreneur (<I>ondernemer</I>) or pursuant to
a co-entitlement (<I>medegerechtigde</I>) to the net worth of such enterprise (other than as an entrepreneur or a shareholder;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii) miscellaneous activities,
including, without limitation, activities which are beyond the scope of active portfolio investment activities (<I>meer dan normaal
vermogensbeheer</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Dutch Individuals holding a substantial interest
or fictitious substantial interest</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, a Dutch Individual who is not engaged in an enterprise
or miscellaneous activities and who has a substantial, or fictitious substantial, interest in the Company is subject to income
tax at a statutory rate of 25% with respect to any benefits derived or deemed to be derived from the Shares, including any capital
gains realized on the disposal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, a Shareholder has a substantial interest if such
Shareholder, alone or - in case of an individual - together with his partner, directly or indirectly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>owns, or holds certain rights on, shares representing five percent or more of the total issued and outstanding capital of the
Company, or of the issued and outstanding capital of any class of shares of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>holds rights to, directly or indirectly, acquire shares, whether or not already issued, representing five percent or more of
the total issued and outstanding capital of the Company, or of the issued and outstanding capital of any class of shares of the
Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>owns, or holds certain rights on, profit participating certificates that relate to five percent or more of the annual profit
of the Company or to five percent or more of the liquidation proceeds of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Shareholder who is an individual and has ownership of shares
of the Company will also have a substantial interest if his partner or one of certain relatives of the Shareholder or of his partner
has a substantial interest. If a Shareholder who has a substantial interest in the Company holds other shares in the Company, including
shares of a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">different class, or holds profit-sharing certificates of the Company, these will also become part of the substantial
interest of the Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, a Shareholder has a fictitious substantial interest
if, without having an actual substantial interest in the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>an enterprise has been contributed to the Company in exchange for shares on an elective non-recognition basis;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>the shares have been obtained on a non-recognition basis under matrimonial law or, by election, under gift law or inheritance
law,, while the previous shareholder had a substantial interest in the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the shares have been acquired pursuant to a share merger, legal merger or legal demerger, on an elective non-recognition basis,
while the Shareholder prior to this transaction had a substantial interest in an entity that was party thereto; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>the shares were part of a substantial interest, and at the time the shares were no longer part of such substantial interest,
the Shareholder elected not to recognize any gains with respect to the shares that the Shareholder continued to hold.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Dutch Individuals not engaged or deemed to
be engaged in an enterprise or in miscellaneous activities and not having a substantial interest or fictitious substantial interest</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, the Shares held by a Dutch Individual who is not
engaged or deemed to be engaged in an enterprise or in miscellaneous activities and who does not have a substantial, or fictitious
substantial, interest in the Company, will be subject annually to an income tax imposed on a fictitious yield on such Shares. The
Shares held by such Dutch Individual will be taxed under the regime for savings and investments (<I>inkomen uit sparen en beleggen</I>).
Irrespective of the actual income or capital gains realized, the annual taxable benefit of the assets and liabilities of a Dutch
Individual that are taxed under this regime, including the Shares, is set at a percentage of the positive balance of the fair market
value of such assets, including the Shares, over the fair market value of such liabilities. The percentage increases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>from 2.02% of such positive balance up to EUR 70,800;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>to 4.33% of such positive balance of EUR 70,800 up to EUR 978,000; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>to a maximum of 5.38% of such positive balance of EUR 978,000 or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">No taxation occurs if such positive balance does
not exceed a certain threshold (<I>heffingvrije vermogen</I>). The fair market value of assets, including the Shares, and liabilities
that are taxed under this regime is measured, in general, exclusively on 1 January of every calendar year. The tax rate under the
regime for savings and investments is a flat rate of 30% (2018).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Dutch Corporate Entities</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dutch Corporate Entities are generally subject to corporate
income tax at statutory rates up to 25% with respect to any benefits derived or deemed to be derived from the Shares, including
any capital gains realized on the disposal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Non-residents of the Netherlands</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The description of certain Dutch tax consequences in the following
statement is only intended for Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>who are individuals not resident and not deemed to be resident in the Netherlands (&ldquo;Non-Dutch Individuals&rdquo;); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>that are entities not resident and not deemed to be resident in the Netherlands (&ldquo;Non-Dutch Corporate Entities&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Non-Dutch Individual or a Non-Dutch Corporate Entity will
not be subject to any Dutch Taxes on income or capital gains in respect of the purchase, ownership and disposal or transfer of
the Shares, other than withholding tax as described above, except if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>the Non-Dutch Individual or Non-Dutch Corporate Entity derives profits from an enterprise, whether as an entrepreneur or pursuant
to a co-entitlement to the net worth of such enterprise other than as an entrepreneur or a shareholder, which enterprise is, in
whole or in part, carried on through a permanent establishment (<I>vaste inrichting</I>) or a permanent representative (<I>vaste
vertegenwoordiger</I>) in the Netherlands, to which the Shares are attributable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>the Non-Dutch Individual has a substantial, or fictitious substantial, interest, in the Company which is not attributable to
an enterprise or derives benefits from miscellaneous activities carried out in the Netherlands in respect of the Shares, including
(without limitation) activities which are beyond the scope of active portfolio investment activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the Non-Dutch Corporate Entity holds a substantial, or fictitious substantial, interest in the Company with the main purpose,
or one of the main purposes, of avoiding that another individual or corporate entity would be subject to income or dividend withholding
tax and artificial arrangements are used to achieve such purpose;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>the Non-Dutch Individual is entitled to a share in the profits of an enterprise, other than by way of securities, which enterprise
is effectively managed in the Netherlands and to which enterprise the Shares are attributable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>the Non-Dutch Corporate Entity is entitled to a share in the profits of an enterprise or a co-entitlement to the net worth
of an enterprise, other than by way of securities, which enterprise is effectively managed in the Netherlands and to which enterprise
the Shares are attributable; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD>the Non-Dutch Corporate Entity is resident in Aruba, Curacao, or Saint Martin having an enterprise which is, in whole or in
part, carried on through a permanent establishment or a permanent representative in Bonaire, Sint Eustatius or Saba, to which the
Shares are attributable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, if and for as long as the Company is resident solely
in Germany for the purposes of the 2012 Germany-Netherlands Treaty, a Non-Dutch Individual or Non-Dutch Corporate Entity holding
a substantial interest, or fictitious substantial interest, in the Company will not be subject to Dutch Taxes on income or capital
gains in respect of the ownership and disposal of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Gift Tax and Inheritance Tax</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Dutch gift tax or inheritance tax is due in respect of any
gift of the Shares by, or inheritance of the Shares on the death of, a Shareholder, except if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>at the time of the gift or death of the Shareholder, the Shareholder is resident, or is deemed to be resident, in the Netherlands;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>the Shareholder passes away within 180 days after the date of the gift of the Shares while being, or being deemed to be, resident
in the Netherlands at the time of his death but not at the time of the gift; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the gift of the Shares is made under a condition precedent and the Shareholder is resident, or is deemed to be resident, in
the Netherlands at the time the condition is fulfilled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of Dutch gift tax or inheritance tax, an individual
who is of Dutch nationality will be deemed to be resident in the Netherlands if such individual has been resident in the Netherlands
at any time during the 10 years preceding the date of the gift or his death. For purposes of Dutch gift tax, any individual, irrespective
of his nationality, will be deemed to be resident in the Netherlands if such individual has been resident in the Netherlands at
any time during the 12 months preceding the date of the gift.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Taxes and Duties</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Dutch value added tax or Dutch taxes of a documentary nature,
such as stamp or registration tax or other similar tax or duty, are payable by or on behalf of a Shareholder by reason only of
the purchase, ownership and disposal of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Residency</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Shareholder will not become resident, or deemed resident,
in the Netherlands for tax purposes by reason only of holding the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Federal Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a description of the material U.S. federal
income tax consequences to the U.S. Holders described below of owning and disposing of common shares. It does not describe all
tax considerations that may be relevant to a particular person&rsquo;s decision to hold the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion applies only to a U.S. Holder that holds common
shares as capital assets for tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in
light of the U.S. Holder&rsquo;s particular circumstances, including alternative minimum tax consequences, the potential application
of the provisions of the Code known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to
special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>certain financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>persons holding common shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated
transaction or persons entering into a constructive sale with respect to the common shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>entities classified as partnerships for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>tax-exempt entities, including an &ldquo;individual retirement account&rdquo; or &ldquo;Roth IRA&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>persons that own or are deemed to own ten percent or more of our shares (by vote or value);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>persons who acquired our common shares pursuant to the exercise of an employee stock option or otherwise as compensation; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>persons holding common shares in connection with a trade or business conducted outside of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an entity that is classified as a partnership for U.S. federal
income tax purposes holds common shares, the U.S. federal income tax treatment of a partner will generally depend on the status
of the partner and the activities of the partnership. Partnerships holding common shares and partners in such partnerships should
consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is based on the Code, administrative pronouncements,
judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Germany and the United
States (the &ldquo;Treaty&rdquo;) all as of the date hereof, any of which is subject to change or differing interpretations, possibly
with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;U.S. Holder&rdquo; is a holder who, for U.S. federal
income tax purposes, is a beneficial owner of common shares who is eligible for the benefits of the Treaty and is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>a citizen or individual resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any
state therein or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Holders should consult their tax advisers concerning the
U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of common shares in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Taxation of Distributions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the passive foreign investment company rules described
below, distributions paid on common shares, other than certain pro rata distributions of common shares, will generally be treated
as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income
tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles,
we expect that distributions generally will be reported to U.S. Holders as dividends. Subject to applicable limitations and the
passive foreign investment company rules described below, for so long as our common shares are listed on Nasdaq or another established
securities market in the United States or we are eligible for benefits under the Treaty, dividends paid to certain non-corporate
U.S. Holders will be eligible for taxation as &ldquo;qualified dividend income&rdquo; and therefore will be taxable at rates not
in excess of the long-term capital gain rate applicable to such U.S. Holders. U.S. Holders should consult their tax advisers regarding
the availability of the reduced tax rate on dividends in their particular circumstances. The amount of a dividend will include
any amounts withheld by us in respect of German income taxes. The amount of the dividend generally will be treated as foreign-source
dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations
under the Code. Dividends will be included in a U.S. Holder&rsquo;s income on the date of the U.S. Holder&rsquo;s receipt of the
dividend. The amount of any dividend income paid in euros will be the U.S. dollar amount calculated by reference to the exchange
rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S.
dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize
foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend
is converted into U.S. dollars after the date of receipt. Generally, any gain or loss resulting from foreign currency exchange
fluctuations during the period from the date the dividend payment is included in a U.S. Holder's income to the date the payment
is converted into U.S. dollars will be treated as ordinary income or loss and will not be eligible for taxation as &quot;qualified
dividend income.&quot; Such gain or loss generally will be treated as foreign-source income to U.S. Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to applicable limitations, some of which vary depending
upon the U.S. Holder&rsquo;s particular circumstances, German income taxes withheld from dividends on common shares at a rate not
exceeding the rate provided by the Treaty will be creditable against the U.S. Holder&rsquo;s U.S. federal income tax liability.
German taxes withheld in excess of the rate applicable under the Treaty will not be eligible for credit against a U.S. Holder&rsquo;s
federal income tax liability. See &quot;German Tax Considerations &ndash; Taxation of Dividends&rdquo; for a discussion of how
to obtain the applicable Treaty rate. The rules governing foreign tax credits are complex, and U.S. Holders should consult their
tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax
credit, U.S. Holders may, at their election, deduct foreign taxes, including any German income tax, in computing their taxable
income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign
tax credits applies to all foreign taxes paid or accrued in the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Sale or Other Disposition of Common Shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the passive foreign investment company rules described
below, for U.S. federal income tax purposes gain or loss realized on the sale or other disposition of common shares will be capital
gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the common shares for more than one year. The
amount of the gain or loss will equal the difference between the U.S. Holder&rsquo;s tax basis in the common shares disposed of
and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source
gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Passive Foreign Investment Company Rules</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">Under
the Code, we will be a PFIC for any taxable year in which, after the application of certain &ldquo;look-through&rdquo; rules with
respect to subsidiaries, either (i) 75% or more of our gross income consists of &ldquo;passive income,&rdquo; or (ii) 50% or more
of the average quarterly value of our assets consist of assets that produce, or are held for the production of, &ldquo;passive
income.&rdquo; Passive income generally includes interest, dividends, rents, certain non-active royalties and capital gains. Because
(i) we currently own a substantial amount of passive assets, including cash, and (ii) the valuation of our assets, including our
intangible assets, that generate non-passive income as implied by our market capitalization on various dates during 2017 has been
less than the value of our passive assets on such dates, we were likely a PFIC in 2017 and may continue to be a PFIC in future
taxable years. The average quarterly value of our assets for purposes of determining our PFIC status for any taxable year will
generally be determined in part by reference to our market capitalization, which may fluctuate significantly over time.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we may, directly or indirectly, hold equity interests
in Lower-tier PFICs. Under attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate shares of
Lower-tier PFICs and will be subject to U.S. federal income tax according to the rules described in the following paragraphs on
(i) certain distributions by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S.
Holders held such shares directly, even though the U.S. Holders have not received the proceeds of those distributions or dispositions
directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we were a PFIC for any taxable year during which a U.S. Holder
held common shares (assuming such U.S. Holder has not made a timely mark-to-market election or QEF Election, each as described
below), gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the common shares or on
an indirect disposition of shares of a Lower-tier PFIC would be allocated ratably over the U.S. Holder&rsquo;s holding period for
the common shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became
a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest
rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge generally applicable
for underpayments of tax would be imposed on the amount allocated to that taxable year. Further, to the extent that any distribution
received by a U.S. Holder on its common shares (or a distribution by a Lower-tier PFIC to its shareholder that is deemed to be
received by a U.S. Holder) exceeds 125% of the average of the annual distributions on the common shares received during the preceding
three years or the U.S. Holder&rsquo;s holding period, whichever is shorter, that distribution would be subject to taxation in
the same manner as gain, described immediately above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are a PFIC for any taxable year during which a U.S. Holder
holds common shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years
during which the U.S. Holder holds common shares, even if we cease to meet the threshold requirements for PFIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A U.S. Holder can avoid certain of the adverse rules
described above by making a mark-to-market election with respect to its common shares, provided that the common shares are
&ldquo;marketable.&rdquo; Common shares will be marketable if they are &ldquo;regularly traded&rdquo; on a &ldquo;qualified
exchange&rdquo; or other market within the meaning of applicable Treasury regulations. If a U.S. Holder makes the
mark-to-market election, it generally will recognize as ordinary income any excess of the fair market value of the common
shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any
excess of the adjusted tax basis of the common shares over their fair market value at the end of the taxable year (but only
to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder
makes the election, the U.S. Holder&rsquo;s tax basis in the common shares will be adjusted to reflect the income or loss
amounts recognized. Any gain recognized on the sale or other disposition of common shares in a year when we are a PFIC will
be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of
income previously included as a result of the mark-to-market election). U.S. Holders should consult their tax advisers
regarding the availability and advisability of making a mark-to-market election in their particular circumstances. In
particular, U.S. Holders should consider carefully the impact of a mark-to-market election with respect to their common
shares because we may have Lower-tier PFICs for which a mark-to-market election may not be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in order to avoid the application of the foregoing
rules, a U.S. Holder can make QEF Elections with respect to us and each Lower-tier PFIC in the first taxable year that we and each
Lower-tier PFIC are treated as PFICs with respect to the U.S. Holder. A U.S. Holder must make the QEF Election for each PFIC by
attaching a properly completed U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) Form 8621 for each PFIC to the U.S. Holder&rsquo;s
timely</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">filed U.S. federal income tax return. We currently intend to provide the information necessary for a U.S. Holder to make
a QEF Election with respect to us and each Lower-tier PFIC that we control for 2017 and for any future years with respect to which
we determine that we or any Lower-tier PFIC that we control are or are likely to be a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are a PFIC for any year and a U.S. Holder makes a QEF
Election with respect to us and any Lower-tier PFIC in the first taxable year that we and each Lower-tier PFIC are treated as PFICs
with respect to the U.S. Holder, the U.S. Holder will be currently taxable on its pro rata share of the relevant PFIC&rsquo;s ordinary
earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each taxable year that the entity is
classified as a PFIC. If a U.S. Holder makes a QEF Election with respect to us, any distributions paid by us out of our earnings
and profits that were previously included in the U.S. Holder&rsquo;s income under the QEF Election will not be taxable to the U.S.
Holder. A U.S. Holder will increase its tax basis in its common shares by an amount equal to any income included under the QEF
Election and will decrease its tax basis by any amount distributed on the common shares that is not included in the U.S. Holder&rsquo;s
income. In addition, a U.S. Holder will recognize capital gain or loss on the disposition of common shares in an amount equal to
the difference between the amount realized and the U.S. Holder&rsquo;s adjusted tax basis in the common shares, as determined in
U.S. dollars. U.S. Holders should note that if they make QEF Elections with respect to us and any Lower-tier PFICs, they may be
required to pay U.S. federal income tax with respect to their common shares for any taxable year significantly in excess of any
cash distributions received on the common shares for such taxable year. U.S. Holders should consult their tax advisers regarding
making QEF Elections in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if we were a PFIC or, with respect to a particular
U.S. Holder, were treated as a PFIC for the taxable year in which we paid a dividend or for the prior taxable year, the preferential
dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">If
a U.S. Holder owns common shares during any year in which we are a PFIC, the U.S. Holder generally must file annual reports containing
such information as the U.S. Treasury may require on IRS Form 8621 (or any successor form) with respect to us (regardless of whether
a mark-to-market election or QEF Election is made), generally with the U.S. Holder&rsquo;s federal income tax return for that year.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Holders should consult their tax advisers regarding whether
we are or were a PFIC and the potential application of the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payments of dividends and sales proceeds that are made within
the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and
may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case
of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to
backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount of any backup withholding from a payment to a U.S.
Holder will be allowed as a credit against the holder&rsquo;s U.S. federal income tax liability and may entitle it to a refund,
provided that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">F.</TD><TD><A NAME="i10f"></A>Dividends and paying agents</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i10g"></A></TD><TD STYLE="width: 0.25in; text-align: left">G.</TD><TD>Statement by experts</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i10h"></A></TD><TD STYLE="width: 0.25in; text-align: left">H.</TD><TD>Documents on display</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We are subject to the informational requirements
of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including Annual Reports
on Form 20-F and reports on Form 6-K. You may inspect and copy reports and other information filed with the SEC at the Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by
calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet website that contains reports and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">other information
about issuers, like us, that file electronically with the SEC. The address of that website is <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i10i"></A>I.</TD><TD>Subsidiary information</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i11"></A>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
RISK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not subject to any significant market risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i12"></A>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i12a"></A></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>Debt securities</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i12b"></A></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD>Warrants and rights</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i12c"></A></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD>Other securities</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD><A NAME="i12d"></A>American Depositary Shares</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="part2"></A>PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i13"></A>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i13a"></A></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>Defaults</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">No matters to report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i13b"></A></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD>Arrears and delinquencies</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">No matters to report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i14"></A>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY
HOLDERS AND USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i14a"></A></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>Use of Proceeds</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 17, 2014, we completed our initial public offering
of our common shares pursuant to a Registration Statement on Form F-1, as amended (File No. 333-197097) that was declared effective
on September 12, 2014. Under the registration statement, we sold an aggregate of 8,000,000 common shares. All of these common shares
were sold at a price to the public of US$7.00 per share, yielding gross proceeds of $56.0 million or net proceeds of $52.1 million
after underwriting discounts and commissions. Jefferies LLC, Leerink Partners LLC and BMO Capital Markets Corp. were joint book-running
managers for the initial public offering. We paid the offering expenses in connection with the initial public offering, which were
approximately $3.0 million, and which included SEC registration fees, FINRA filing fees, NASDAQ listing fees and expenses, legal
fees and expenses, printing and engraving expenses, accounting fees and expenses as well as other miscellaneous fees and expenses,
but excluded the underwriting discounts and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Between the effective date of the Registration
Statement and December 31, 2017, we used all of the net proceeds to fund research and development expenses for AFM13, AFM11 and
AFM21/22/24/26. None of the net proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(other than compensation to our management board and supervisory board as disclosed in
this Annual Report) were used to make payments, directly or indirectly, to (i) any of our directors, officers or their associates,
(ii) any persons owning 10% or more of our common shares or (iii) any of our affiliates. The use of these proceeds did not change
from the information mentioned in the prospectus relating to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i15"></A>ITEM 15. CONTROLS AND PROCEDURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i15a"></A></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>Disclosure Controls and Procedures</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As of the end of the period covered by this
Annual Report, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rule 13a-15(e) under the Exchange Act) was performed under the supervision and with the participation of our managing board,
including our Chief Executive Officer and Chief Financial Officer, our principal executive officer and principal financial officer,
respectively. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including
the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective
disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Based on the evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, as of the end of the
period covered by this Annual Report, in providing a reasonable level of assurance that information we are required to disclose
in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods
in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in
such reports is accumulated and communicated to our management, including our principal executive officer and our principal financial
officer, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i15b"></A></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD>Management&rsquo;s Annual Report on Internal Control
over Financial Reporting</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our management is responsible for establishing
and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer,
we conducted an evaluation of the effectiveness of our internal control over financial reporting based upon criteria established
in <I>Internal Control &ndash; Integrated Framework</I> (2013) by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on that evaluation, our management concluded that our internal control over financial reporting was effective as of December
31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i15c"></A>C.</TD><TD>Attestation Report of the Registered Public Accounting
Firm</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Annual Report does not include an attestation report of
our registered public accounting firm due to an exemption provided to emerging growth companies under the JOBS Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i15d"></A>D.</TD><TD>Changes in Internal Control over Financial Reporting</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">No change in our internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the financial year ended December
31, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16"></A>ITEM 16. [RESERVED]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16a"></A>ITEM 16A. Audit committee financial expert</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our supervisory board has determined that
each of Ferdinand Verdonck and Berndt Modig is an audit committee financial expert, as that term is defined by the SEC, and is
independent for the purposes of SEC and Nasdaq rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16b"></A>ITEM 16B. Code of ethics</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Code of Conduct</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have adopted a Code of Conduct which covers
a broad range of matters including the handling of conflicts of interest, compliance issues and other corporate policies such as
insider trading and equal opportunity and non-discrimination standards. Our Code of Conduct applies to all of our supervisory directors,
managing directors and employees. We have published our Code of Conduct on our website, <I>www.affimed.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16c"></A>ITEM 16C. Principal Accountant Fees and Services</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i16ca"></A>a)</TD><TD>Audit Fees</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Audit fees in 2017 and 2016 amounted to &euro;191,000
and &euro;171,000, respectively, and relate to audit services provided by our principal accountants in 2017, KPMG AG Wirtschaftspr&uuml;fungsgesellschaft
and other KPMG International member firms, in connection with the audit of the consolidated financial statements and statutory
audits and, quarterly reviews. The aggregate audit fees include fees and expenses billed or accrued for professional services rendered
by the principal accountant for the audit of our annual financial statements and review of the interim condensed consolidated financial
statements and additional services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements, except for those not required by statute or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i16cb"></A>b)</TD><TD>Audit-Related Fees</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Audit-Related fees in 2017 and 2016 amounted
to &euro;50,000 and &euro;45,000, respectively, and relate to services provided by our principal accountants, KPMG AG Wirtschaftspr&uuml;fungsgesellschaft
for the review of registration statements and comfort letters for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i16cc"></A>c)</TD><TD>Tax Fees</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><A NAME="i16cd"></A>d)</TD><TD>All Other Fees</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Other fees in 2017 and 2016 amounted to &euro;3,000
and &euro;7,000, respectively, and relate to consulting services provided by our principal accountants, KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i16ce"></A></TD><TD STYLE="width: 0.25in; text-align: left">e)</TD><TD>Audit Committee's Pre-Approval Policies and Procedures</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Audit Committee is responsible for the
appointment, replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility,
the Audit Committee pre-approves all audit and non-audit services performed by the independent auditors in order to assure that
they do not impair the auditor's independence from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"><A NAME="i16cf"></A></TD><TD STYLE="width: 0.25in; text-align: left">f)</TD><TD>Audit Work Performed by Other Than Principal Accountant
if Greater Than 50%</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16d"></A>ITEM 16D. Exemptions from the listing standards for audit
committees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16e"></A>ITEM 16E. Purchases of equity securities by the issuer
and affiliated purchasers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In 2017, no purchases of our equity securities
were made by or on behalf of Affimed or any affiliated purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16f"></A>ITEM 16F. Change in registrant&rsquo;s certifying accountant</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16g"></A>ITEM 16G. Corporate governance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Summary of Significant Corporate Governance
Differences from Nasdaq Listing Standards</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our common shares are listed on the Nasdaq
Global Select Market, or Nasdaq. We are therefore required to comply with certain of the Nasdaq&rsquo;s corporate governance listing
standards, or the Nasdaq Standards. As a foreign private issuer, we may follow our home country&rsquo;s corporate governance practices
in lieu of certain of the Nasdaq Standards. Our corporate governance practices differ in certain respects from those that U.S.
companies must adopt in order to maintain a Nasdaq listing. A brief, general summary of those differences is provided as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Quorum requirements</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In accordance with Dutch law and generally
accepted business practices, our Articles of Association do not provide quorum requirements generally applicable to general meetings
of shareholders in the United States. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c),
which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than
one-third of the outstanding voting stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Solicitation of proxies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Although we must provide shareholders with
an agenda and other relevant documents for the general meeting of shareholders, Dutch law does not have a regulatory regime for
the solicitation of proxies and the solicitation of proxies is not a generally accepted business practice in the Netherlands, thus
our practice will vary from the requirement of Nasdaq Listing Rule 5620(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Compensation Committee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As permitted by the listing requirements of
Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5605(d), which requires an issuer to have a compensation
committee that, <I>inter alia</I>, consists entirely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Nominating and Corporate Governance Committee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As permitted by the listing requirements of
Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5605(e), which requires an issuer to have independent
director oversight of director nominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Director Compensation</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As permitted by the listing requirements of
Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5250(b)(3), which requires an issuer to disclose information
regarding third party compensation of its directors or director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Shareholder approval</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have opted out of shareholder approval
requirements for the issuance of securities in connection with certain events such as the acquisition of stock or assets of another
company, the establishment of or amendments to equity-based compensation plans for employees, a change of control of us and certain
private placements. To this extent, our practice varies from the requirements of Nasdaq Rule 5635, which generally requires an
issuer to obtain shareholder approval for the issuance of securities in connection with such events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i16h"></A>ITEM 16H. Mine safety disclosure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="part3"></A>PART III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i17"></A>ITEM 17. Financial statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have responded to Item 18 in lieu of this
item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i18"></A>ITEM 18. Financial statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Financial Statements are filed as part of
this Annual Report, see page F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="i19"></A>ITEM 19. Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD>The following documents are filed as part of this
registration statement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1.5pt solid"><B>Exhibit No. </B></P></TD>
    <TD STYLE="vertical-align: top; width: 85%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid"><B>Exhibit</B>&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010317005949/dp77495_ex0301.htm">1.1</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010317005949/dp77495_ex0301.htm" STYLE="color: Blue; text-decoration: underline">Articles of Association of Affimed N.V. (incorporated by reference to exhibit 3.1 of the Affimed N.V. report on Form 6-K (Registration no. 001-36619) filed with the Commission on June 21, 2017).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010314006510/dp49539_ex0401.htm">2.1</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010314006510/dp49539_ex0401.htm" STYLE="color: Blue; text-decoration: underline">Registration Rights Agreement between Affimed N.V. and the shareholders listed therein (incorporated by reference to exhibit 4.1 of the Affimed N.V. report on Form 6-K (Registration no. 001-36619) filed with the Commission on September 22, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex101.htm">4.1&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex101.htm" STYLE="color: Blue; text-decoration: underline">License Agreement, dated September 29, 2006 between Affimed Therapeutics AG and XOMA Ireland Limited (incorporated by reference to exhibit 10.1 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex102.htm">4.2&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex102.htm" STYLE="color: Blue; text-decoration: underline">License Agreement, dated March 8, 2001 between Affimed Therapeutics AG and Deutsches Krebsforschungszentrum (DKFZ) (incorporated by reference to exhibit 10.2 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex103.htm">4.3</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex103.htm" STYLE="color: Blue; text-decoration: underline">Memorandum of Clarification of License Agreement Signed Between Affimed Therapeutics AG and Deutsches Krebsforschungszentrum (DKFZ), dated March 8, 2001 (incorporated by reference to exhibit 10.3 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex104.htm">4.4&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex104.htm" STYLE="color: Blue; text-decoration: underline">Amendment to License Agreement, dated June 13, 2006 between Affimed Therapeutics AG and Deutsches Krebsforschungszentrum (DKFZ) (incorporated by reference to exhibit 10.4 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010315002323/dp54582_ex0405.htm">4.5&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010315002323/dp54582_ex0405.htm" STYLE="color: Blue; text-decoration: underline">Amended and Restated License and Development Agreement dated July 11, 2013 between Affimed Therapeutics AG and Amphivena Therapeutics, Inc. (incorporated by reference to exhibit 4.5 of the Affimed N.V. Annual Report on Form 20-F for the year ended December 31, 2014 (File no. 001-36619) filed with the Commission on March 25, 2015).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex106.htm">4.6&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex106.htm" STYLE="color: Blue; text-decoration: underline">Research Funding Agreement dated August 15, 2013 between Affimed Therapeutics AG and The Leukemia and Lymphoma Society (incorporated by reference to exhibit 10.6 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex107.htm">4.7&dagger;</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex107.htm" STYLE="color: Blue; text-decoration: underline">Amendment No. 1 to the Research Funding Agreement, dated April 29, 2014 between Affimed Therapeutics AG and The Leukemia and Lymphoma Society (incorporated by reference to exhibit 10.7 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex108.htm">4.8</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex108.htm" STYLE="color: Blue; text-decoration: underline">English language summary of Lease Agreement, dated September 19, 2000 and amendments thereto between Affimed Therapeutics AG and Technologiepark Heidelberg II GmbH &amp; Co. KG (incorporated by reference to exhibit 10.8 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014)</A>.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 14%"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex109.htm">4.9</A></TD>
    <TD STYLE="vertical-align: top; width: 85%"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex109.htm" STYLE="color: Blue; text-decoration: underline">Lease Contract dated October 1, 2009, between Abcheck s.r.o. and V&#277;deckotechnick&yacute; park Plze&#324; a.s. (incorporated by reference to exhibit 10.9 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex1010.htm">4.10</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex1010.htm" STYLE="color: Blue; text-decoration: underline">Amendment No. 4 to Lease Contract dated October 1, 2009, between Abcheck s.r.o. and V&#277;deckotechnick&yacute; park Plze&#324; a.s., dated June 30, 2011 (incorporated by reference to exhibit 10.10 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex1011.htm">4.11</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514253523/d720174dex1011.htm" STYLE="color: Blue; text-decoration: underline">Amendment No. 5 to Lease Contract dated October 1, 2009, between Abcheck s.r.o. and V&#277;deckotechnick&yacute; park Plze&#324; a.s., dated November 14, 2012 (incorporated by reference to exhibit 10.11 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on June 27, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1012.htm">4.12</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1012.htm" STYLE="color: Blue; text-decoration: underline">Investment Agreement Series D Round of Financing, Affimed Therapeutics AG, Heidelberg, Germany, dated September 24, 2012 (incorporated by reference to exhibit 10.12 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1013.htm">4.13</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1013.htm" STYLE="color: Blue; text-decoration: underline">Investment Agreement Pre-IPO Financing, Affimed Therapeutics AG, Heidelberg, Germany, dated June 24, 2014 (incorporated by reference to exhibit 10.13 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1014.htm">4.14</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1014.htm" STYLE="color: Blue; text-decoration: underline">Convertible Bridge Loan Agreement, dated June 28, 2013 by and between the shareholders party thereto and Affimed Therapeutics AG (incorporated by reference to exhibit 10.14 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1015.htm">4.15</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1015.htm" STYLE="color: Blue; text-decoration: underline">Amendment to Investment Agreement Pre-IPO Financing, Affimed Therapeutics AG, Heidelberg, Germany (incorporated by reference to exhibit 10.15 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1016.htm">4.16</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1016.htm" STYLE="color: Blue; text-decoration: underline">Form of Supervisory Director and Managing Director Indemnification Agreement (incorporated by reference to exhibit 10.16 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1017.htm">4.17</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000119312514314314/d720174dex1017.htm" STYLE="color: Blue; text-decoration: underline">Term Facility Agreement between Affimed Therapeutics AG (now Affimed GmbH) and PCOF 1, LLC dated as of 24 July 2014 (incorporated by reference to exhibit 10.17 of the Affimed N.V. registration statement on Form F-1 (Registration no. 333-197097) filed with the Commission on August 19, 2014).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0418.htm">4.18</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0418.htm" STYLE="color: Blue; text-decoration: underline">Amendment No. 1 to Term Facility Agreement, dated April 29, 2015 between Affimed GmbH and Perceptive Credit Opportunities Fund, LP (incorporated by reference to exhibit 4.18 of the Affimed N.V. Annual Report on Form 20-F for the year ended December 31, 2015 (File no. 001-36619) filed with the Commission on March 30, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0419.htm">4.19</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0419.htm" STYLE="color: Blue; text-decoration: underline">Amendment No. 2 to Term Facility Agreement, dated August 14, 2015 between Affimed GmbH and Perceptive Credit Opportunities Fund, LP (incorporated by reference to exhibit 4.19 of the Affimed N.V. Annual Report on Form 20-F for the year ended December 31, 2015 (File no. 001-36619) filed with the Commission on March 30, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0420.htm">4.20</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316012182/dp64430_ex0420.htm" STYLE="color: Blue; text-decoration: underline">Letter Agreement with respect to Term Facility Agreement, dated March 29, 2016 between Affimed GmbH and Perceptive Credit Opportunities Fund, LP (incorporated by reference to exhibit 4.20 of the Affimed N.V. Annual Report on Form 20-F for the year ended December 31, 2015 (File no. 001-36619) filed with the Commission on March 30, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 14%"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1001.htm">4.21</A></TD>
    <TD STYLE="vertical-align: top; width: 85%"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1001.htm" STYLE="color: Blue; text-decoration: underline">Loan Agreement, dated November 30, 2016 between Affimed GmbH and Silicon Valley Bank (incorporated by reference to exhibit 10.1 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1002.htm">4.22</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1002.htm" STYLE="color: Blue; text-decoration: underline">Deed of Guaranty and Indemnity, dated November 30, 2016 between Affimed N.V. and Silicon Valley Bank (incorporated by reference to exhibit 10.2 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016)</A>.</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1003.htm">4.23</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1003.htm" STYLE="color: Blue; text-decoration: underline">Omnibus Deed of Pledge, dated November 30, 2016 between Affimed N.V. and Silicon Valley Bank (incorporated by reference to exhibit 10.3 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1004.htm">4.24</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1004.htm" STYLE="color: Blue; text-decoration: underline">Share Pledge Agreement, dated November 30, 2016 between Affimed N.V. and Silicon Valley Bank (incorporated by reference to exhibit 10.4 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1005.htm">4.25</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1005.htm" STYLE="color: Blue; text-decoration: underline">Account Pledge Agreement, dated November 30, 2016 between Affimed N.V. and Silicon Valley Bank (incorporated by reference to exhibit 10.5 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1006.htm">4.26</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1006.htm" STYLE="color: Blue; text-decoration: underline">Account Pledge Agreement, dated November 30, 2016 between Affimed GmbH and Silicon Valley Bank (incorporated by reference to exhibit 10.6 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1007.htm">4.27</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1007.htm" STYLE="color: Blue; text-decoration: underline">Security Assignment Agreement, dated November 30, 2016 between Affimed GmbH and Silicon Valley Bank (incorporated by reference to exhibit 10.7 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1008.htm">4.28</A></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010316018537/dp70740_ex1008.htm" STYLE="color: Blue; text-decoration: underline">Security Transfer Agreement, dated November 30, 2016 between Affimed GmbH and Silicon Valley Bank (incorporated by reference to exhibit 10.8 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on December 6, 2016).</A></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010317007425/dp78863_ex1001.htm">4.29</A></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010317007425/dp78863_ex1001.htm" STYLE="color: Blue; text-decoration: underline">Loan Modification Agreement, dated May 31, 2017, between Affimed GmbH and Silicon Valley Bank (incorporated by reference to exhibit 10.1 of the Affimed N.V. report on Form 6-K (File no. 001-36619) filed with the Commission on August 1, 2017).</A></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010315002323/dp54582_ex0801.htm">8.1</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1608390/000095010315002323/dp54582_ex0801.htm" STYLE="color: Blue; text-decoration: underline">List of subsidiaries (incorporated by reference to exhibit 8.1 of the Affimed N.V. Annual Report on Form 20-F for the year ended December 31, 2014 (File no. 001-36619) filed with the Commission on March 25, 2015).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1201.htm">12.1*</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1201.htm" STYLE="color: Blue; text-decoration: underline">Certification of Adi Hoess pursuant to 17 CFR 240.13a-14(a).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1202.htm">12.2*</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1202.htm" STYLE="color: Blue; text-decoration: underline">Certification of Florian Fischer pursuant to 17 CFR 240.13a-14(a).</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1301.htm">13.1*</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1301.htm" STYLE="color: Blue; text-decoration: underline">Certification of Adi Hoess pursuant to 17 CFR 240.13a-14(b) and 18 U.S.C. 1350.</A></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1302.htm">13.2*</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="dp88148_ex1302.htm" STYLE="color: Blue; text-decoration: underline">Certification of Florian Fischer pursuant to 17 CFR 240.13a-14(b) and 18 U.S.C. 1350.</A></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp88148_ex1501.htm">15.1*</A></TD>
    <TD COLSPAN="2"><A HREF="dp88148_ex1501.htm" STYLE="color: Blue; text-decoration: underline">Consent of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD><FONT STYLE="font-size: 8pt">Filed herewith</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Confidential treatment requested
                                         as to portions of the exhibit. Confidential materials omitted and filed separately with
                                         the Securities and Exchange Commission.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD>Financial Statement Schedules</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signatures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form 20-F and has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in Heidelberg, Germany on March 20, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">AFFIMED N.V.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Adi Hoess</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 40%">Adi Hoess</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Florian Fischer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 40%">Florian Fischer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Index to consolidated financial statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; width: 93%; font-size: 10pt; background-color: White"><A HREF="#REPORTOFINDEPENDENT">Report of independent registered public accounting firm</A></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 12pt; text-align: right; background-color: White"><A HREF="#REPORTOFINDEPENDENT"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; background-color: White"><A HREF="#comprehensiveloss">Consolidated statements of comprehensive loss</A></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: right; background-color: White"><A HREF="#comprehensiveloss"><FONT STYLE="font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; background-color: White"><A HREF="#financialposition">Consolidated statements of financial position</A></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: right; background-color: White"><A HREF="#financialposition"><FONT STYLE="font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; background-color: White"><A HREF="#cashflows">Consolidated statements of cash flows</A></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: right; background-color: White"><A HREF="#cashflows"><FONT STYLE="font-size: 10pt">F-5</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; background-color: White"><A HREF="#changesinequity">Consolidated statements of changes in equity</A></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: right; background-color: White"><A HREF="#changesinequity"><FONT STYLE="font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; background-color: White"><A HREF="#Notes">Notes to the consolidated financial statements</A></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: right; background-color: White"><A HREF="#Notes"><FONT STYLE="font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="REPORTOFINDEPENDENT"></A><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and Supervisory Board
of Affimed N.V.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Opinions on the Consolidated Financial
Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Affimed N.V. and subsidiaries (the Company) as of December 31, 2017 and 2016, and the related
consolidated statements of comprehensive loss, changes in equity, and cash flows for each of the years in the three-year period
ended December 31, 2017, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December
31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three-year period ended December
31, 2017, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basis for Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on these consolidated financial statements based
on our audits. We are a public accounting firm registered with Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are
required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures
to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe
that our audits provide a reasonable basis for our opinions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">/s/ KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 100%; text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leipzig, Germany</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 16, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="comprehensiveloss"></A>Affimed N.V.<BR>
Consolidated statements of comprehensive loss</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; background-color: White">(in &euro; thousand)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 60%; font-weight: bold; background-color: White">Revenue&#9;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; background-color: White">5</TD><TD STYLE="width: 1%; font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right; background-color: White">7,562</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right; background-color: White">6,314</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right; background-color: White">2,010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Other income &ndash; net&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">6</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">651</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">145</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">205</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Research and development expenses&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">7</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(22,008</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(30,180</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(21,489</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">General and administrative expenses&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">8</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(7,548</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(8,323</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(7,986</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Operating loss&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(21,343</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(32,044</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(27,260</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Finance income / (costs) &ndash; net&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">10</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">1,104</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(230</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(2,983</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Loss before tax&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(20,239</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(32,274</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(30,243</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Income taxes&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">11</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">58</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">20</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: White">Loss for the period&#9;</TD><TD STYLE="padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(20,239</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(32,216</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(30,223</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: White">Total comprehensive loss&#9;</TD><TD STYLE="padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(20,239</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(32,216</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(30,223</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; background-color: White">Loss per share in &euro; per share(undiluted = diluted)&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(0.71</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(0.97</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(0.69</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are an integral part of these consolidated financial
statements.&emsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="financialposition"></A>Affimed N.V.<BR>
Consolidated statements of financial position</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">December 31, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; background-color: White">(in &euro; thousand)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: White">ASSETS</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: White">Non-current assets</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 71%; text-align: left; background-color: White">Intangible assets&#9;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">55</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">65</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Leasehold improvements and equipment&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">822</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,113</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">877</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,178</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Current assets</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Inventories&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">197</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">241</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Trade and other receivables&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">12</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,255</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,102</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Other assets&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">13</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">516</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">800</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Financial assets&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">14</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,487</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Cash and cash equivalents&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">35,407</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">39,837</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">47,862</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">41,980</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">TOTAL ASSETS&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">48,739</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">43,158</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">EQUITY AND LIABILITIES</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; background-color: White">Equity</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Issued capital&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">333</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">468</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Capital reserves&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">190,862</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">213,778</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Accumulated deficit&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(152,444</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(182,667</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Total equity&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">15</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">38,751</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">31,579</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Non current liabilities</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; background-color: White">Borrowings&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">17</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">3,617</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">4,086</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Total&nbsp;&nbsp;non-current liabilities&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">3,617</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">4,086</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Current liabilities</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Trade and other payables&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">18</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5,323</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">4,180</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Borrowings&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">17</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">973</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,083</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Deferred revenue&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">5</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">75</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">Total&nbsp;&nbsp;current liabilities&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">6,371</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">7,493</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">TOTAL EQUITY AND LIABILITIES&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">48,739</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">43,158</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are an integral part of these consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="cashflows"></A>Affimed N.V.<BR>
Consolidated statements of cash flows</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0.125in; text-indent: -0.125in; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; background-color: White">(in &euro; thousand)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash flow from operating activities</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 60%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Loss for the period&#9;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(20,239</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(32,216</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(30,223</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Adjustments for the period:</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">- Income taxes&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">11</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(58</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(20</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">- Depreciation and amortisation&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">336</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">369</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">351</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">- Net gain from disposal of leasehold improvements and equipment&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(19</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; background-color: White">- Share based payments&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">16</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,220</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,545</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,943</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">- Finance income / costs &ndash; net&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">10</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(1,104</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">2,983</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(18,787</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(28,130</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(24,985</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Change in trade and other receivables&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">12</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">24</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(1,311</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,140</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Change in inventories&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(29</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">31</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(44)</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Change in other assets&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">13</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(452</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(64</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(399</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Change in trade, other payables and deferred revenue&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">18</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,253</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(2,177</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(1,018</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash used in operating activities&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(17,991</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(31,651</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(25,306</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Interest received&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">10</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">102</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">106</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Paid interest&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(554</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(578</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(349</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Net cash used in operating activities&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(18,535</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(32,127</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(25,549</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash flow from investing activities</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Purchase of intangible assets&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(28</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(21</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(43</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Purchase of leasehold improvements and equipment&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(249</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(238</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(625</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash received from the sale of leasehold improvements and equipment&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">35</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash paid for investments in convertible note and warrants&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">13</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(296</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash paid for investments in financial assets&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">14</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(27,037</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(13,084</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash received from maturity of financial assets&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">14</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">18,147</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">22,063</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Net cash used for investing activities&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(277</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(9,149</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">8,050</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash flow from financing activities</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Proceeds from issue of common shares&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">15</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">56,615</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">23,123</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Transaction costs related to issue of common shares&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">15</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(3,117</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(1,648</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Proceeds from borrowings&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">17</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,500</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Transaction costs related to borrowings&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">17</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(105</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(11</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Repayment of borrowings&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">17</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(5,137</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(167</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash flow from financing activities&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">53,498</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">(236</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">23,797</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Exchange-rate related changes of cash and cash equivalents&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">2,329</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">179</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(1,867</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Net changes to cash and cash equivalents&#9;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">34,686</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">(41,512</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: White">6,297</TD><TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash and cash equivalents at the beginning of the period&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">39,725</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">76,740</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">35,407</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; background-color: White">Cash and cash equivalents at the end of the period&#9;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">76,740</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">35,407</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: White">39,837</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are an integral part of these consolidated financial
statements.&emsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: bold 8pt Times New Roman, Times, Serif"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="changesinequity"></A>Affimed N.V.<BR>
Consolidated statements of changes in equity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; background-color: White"><B>Notes</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Issued capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Capital reserves</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Accumulated deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">Total equity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; background-color: White">(in &euro; thousand)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 50%; font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of January 1, 2015&#9;</TD>
    <TD STYLE="width: 6%; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">240</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">131,544</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(99,989</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">31,795</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Issue of common shares&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">91</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">52,463</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">52,554</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Exercise of share based payment awards&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">16</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">942</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">944</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Equity-settled share based payment awards&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">16</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,220</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,220</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Loss for the period&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(20,239</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(20,239</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of December 31, 2015&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">187,169</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(120,228</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">67,274</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of January 1, 2016&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">187,169</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(120,228</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">67,274</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Issue of common shares(1)&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">15</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Equity-settled share based payment awards&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">16</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,545</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,545</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Issue of warrant note (loan Silicon Valley Bank)&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">17</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">142</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">142</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Loss for the period&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(32,216</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(32,216</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of December 31, 2016&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">190,862</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(152,444</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">38,751</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of January 1, 2017&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">190,862</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(152,444</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">38,751</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Issue of common shares&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">15</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">135</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">20,922</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">21,057</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Equity-settled share based payment awards&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">16</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,943</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,943</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Issue of warrant note (loan Silicon Valley Bank)&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">17</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">51</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">51</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Loss for the period&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(30,223</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(30,223</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">Balance as of December 31, 2017&#9;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">468</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">213,778</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">(182,667</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; background-color: White">31,579</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 0.25in; background-color: White">(1)</TD><TD STYLE="background-color: White">Issue of 3,341 shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are an integral part of these consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Notes"></A><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">1.</TD><TD STYLE="background-color: White">Reporting entity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affimed N.V. is a Dutch company with limited
liability (naamloze vennootschap) and has its corporate seat in Amsterdam, the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are
comprised of Affimed N.V, and its controlled (and wholly owned) subsidiaries Affimed GmbH, Heidelberg, Germany, AbCheck s.r.o.,
Plzen, Czech Republic and Affimed Inc., Delaware, USA (together &ldquo;Affimed&rdquo; or the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affimed is a clinical-stage biopharmaceutical
company focused on discovering and developing highly targeted cancer immunotherapies. The Company&rsquo;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&rsquo;s own immune defenses to fight tumor cells. Affimed has own research and development programs and collaborations, where
the Company is performing research services for third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">2.</TD><TD STYLE="background-color: White">Basis of preparation &ndash; consolidated financial statements</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Statement of compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have
been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board (IFRS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements were
authorized for issuance by the management board on March 16, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have
been prepared on the historical cost basis except for financial instruments measured at fair value (see note 13) and monetary assets
and liabilities denominated in foreign currencies, which are translated at period-end exchange rates. The Company did not opt for
a valuation of liabilities at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company controls an entity when it
has power over the investee, 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. A subsidiary is consolidated from the date on which control
is obtained by the Company. It is de-consolidated from the date control ceases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany transactions, balances and
unrealized gains on transactions between group companies are eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Functional and presentation currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are
presented in euro, which is also the subsidiaries&rsquo; functional currency. All financial information presented in euro has been
rounded to the nearest thousand (abbreviated &euro;) or million (abbreviated &euro; million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Presentation of consolidated statements
of comprehensive loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign currency transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency gains or losses that relate
to borrowings, cash and cash equivalents and financial assets are presented in the statement of comprehensive loss within &lsquo;Finance
income / (costs) - net&rsquo;. All other foreign exchange gains and losses are presented in the statement of comprehensive loss
within &lsquo;Other income &ndash; net&rsquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">3.</TD><TD STYLE="background-color: White">Significant accounting policies</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies set out below have
been applied consistently to all periods presented in these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company provides research and development
services to third parties based on both Company and third party owned intellectual property. Such services are performed on a &ldquo;best
efforts&rdquo; basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered
into collaborations with other companies that provide the Company with funding or other resources such as access to technologies.
From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Collaboration and license agreements are
evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the
Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and
development services. Accordingly, the results under the Company&rsquo;s collaboration and license agreements have not qualified
as separate units of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from collaborative or other research
service agreements is recognized according to the stage of completion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the respective agreement. Consideration
that is contingent upon achievement of a milestone is recognized in its entirety as revenue in the period in which the milestone
is achieved, but only if the consideration earned from the achievement of a milestone meets all the criteria for the milestone
to be considered substantive at the inception of the agreement. For a milestone to be considered substantive, the consideration
earned by achieving the milestone must (i) be commensurate with the Company&rsquo;s performance to achieve the milestone, (ii)
relate solely to past performance, and (iii) be reasonable relative to all results and payment terms subject to the respective
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-refundable upfront research funding
that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development
services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period
of performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Research and development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs incurred related to research activities
are expensed in the period 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 Company
considering its technological and commercial feasibility. Given the current stage of the development of the Company&rsquo;s product
candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents
are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when
incurred as long as the research and development project concerned does not meet the criteria for capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employee benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Short-term employee benefits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term employee benefit obligations
are measured on an undiscounted basis and are expensed as the related service is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A liability is recognized for the amount
expected to be paid under a short-term cash bonus, if (a) the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Share-based payment transactions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s share-based payment
awards outstanding as of December 31, 2016 and 2017, 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
with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services
are received. Fair value 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 number of stock options expected to vest is
estimated at each measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Government grants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company receives certain government
grants that support its research effort in specific projects. These grants generally provide for 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 on the statement
of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes income from government
grants under &lsquo;Other income - net&rsquo; in the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lease payments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments made under operating leases are
recognized in profit or loss on a straight-line basis over the term of the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Finance income and finance costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance income comprises interest income
from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs comprise interest expense
on borrowings and, in 2016, includes losses from early extinguishment of debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Non-derivative financial assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s non-derivative financial
assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original
maturities of more than three months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets
and are subsequently carried at amortized cost using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents comprise cash
balances and call deposits with original maturities of three months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Non-derivative financial liabilities</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s classes of financial
liabilities are borrowings and trade and other payables. The Company 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 Company
derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(iii)</TD><TD STYLE="background-color: White">Compound financial instruments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into certain loan agreements
pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note
17). The number of shares to be issued does not vary with changes in their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liability component of the loans 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 is measured at amortized cost using the effective interest method. The
equity component is not re-measured subsequent to initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2017, the Company entered into a convertible
note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion
feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on
a recurring basis in &lsquo;Finance income / (costs) &ndash; net.&rsquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(iv)</TD><TD STYLE="background-color: White">Derivatives</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acquired warrants to purchase
common shares of Amphivena Therapeutics Inc. (&ldquo;Amphivena&rdquo;) at a specified price (see note 13). Initially, the warrants
were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in &lsquo;Finance
income / (costs) &ndash; net.&rsquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impairment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Trade and other receivables</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other 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 debtor is experiencing significant financial difficulty, default or delinquency in interest or principal
payments, the probability that they will enter bankruptcy or other financial reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All receivables are assessed for specific
impairment. 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 2015, 2016 or 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Intangible assets and leasehold improvements and equipment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&rsquo;s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are
presented net if there is a legally enforceable right to offset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair Value Measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All assets and liabilities for which fair
value is recognized in the consolidated financial statements are organized 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; background-color: White">Level 1 &ndash; Prices for identical assets or liabilities quoted in active markets (non-adjusted)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; background-color: White">Level 2 &ndash; 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</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; background-color: White">Level 3 &ndash; 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</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of all trade and other
receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the
fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">warrants and the convertible note designated
at fair value through profit as well as the note disclosure for the fair value of a loan (financial liability) is based on level
2 measurement procedures (see notes 13 and 17).<SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Loss per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss per common share is calculated by
dividing the loss of the period by the weighted average number of common shares outstanding during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has granted warrants under
certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive
effect; no instruments actually had a dilutive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical judgments and accounting estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these financial statements,
the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(i)</TD><TD STYLE="text-align: justify; background-color: White">Share-based payments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of stock options issued
by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input
parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends,
the risk-free interest rate and the time to maturity of the option. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(ii)</TD><TD STYLE="text-align: justify; background-color: White">Revenue recognition</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Elements of consideration in collaboration
and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally,
the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized
in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term
of the research service agreement on a straight-line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company estimates that the achievement
of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved.
If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(iii)</TD><TD STYLE="text-align: justify; background-color: White">Accrued expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company estimates its accrued expenses
reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service
performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the
actual cost. The majority of Affimed&rsquo;s service providers invoice monthly in arrears for services performed or when contractual
milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial
statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates
with the service providers and makes adjustments as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New standards and interpretations applied
for the first time</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No new accounting standards adopted in
2017 had a material impact on Affimed&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New standards and interpretations not
yet adopted</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following new standards and amendments
to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 78%; text-align: justify; background-color: White">Standard / Amendment</TD>
    <TD STYLE="width: 22%; text-align: right; background-color: White">Effective Date <SUP>1</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; background-color: White"><FONT STYLE="font-size: 10pt">IFRS 15 Revenue from Contracts with Customers</FONT></TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2018</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; background-color: White"><FONT STYLE="font-size: 10pt">IFRS 9 Financial Instruments (2014)</FONT></TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2018</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; background-color: White">IFRS 16 Leases</TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2019</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; background-color: White">Clarifications to IFRS 15 Revenue from Contracts with Customers</TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2018</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; background-color: White">Amendments to IFRS 2: Classification and Measurement of Share-</TD>
    <TD STYLE="text-align: right; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; background-color: White">based Payment Transactions</TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2018</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; background-color: White">Annual Improvements to IFRS Standards 2014-2016 Cycle (IFRS 1, IAS 28)</TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2018</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; background-color: White">Amendments to IFRS 9: Prepayment Features with Negative Compensation </TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2019</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; background-color: White">Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures</TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2019</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; background-color: White">Annual Improvements to IFRS Standards 2015-2017 Cycle </TD>
    <TD STYLE="text-align: right; background-color: White">January 1, 2019</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> Shall apply for periods beginning
on or after the effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assessed the potential impact
that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have
a significant effect on the consolidated financial statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 9 (Financial Instruments)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Classification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The standard contains a new classification
and measurement approach for financial instruments that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reflects the business model in which assets
are managed and their cash flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred
shares in Amphivena at fair value and will increase retained earnings by approximately &euro;7 million before taxes as of January
1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hedge Accounting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The new hedge accounting requirements will
not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify
for hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The new introduced impairment rules replace
the &lsquo;incurred loss&rsquo; model in IAS 39 with a forward looking &lsquo;expected credit loss&rsquo; (&ldquo;ECL&rdquo;) model.
This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted
basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; background-color: White"></TD><TD STYLE="width: 0.25in; background-color: White">-</TD><TD STYLE="text-align: justify; background-color: White">Cash and cash equivalents and financial assets: The Company determines the counterparties&rsquo;
12-month ECLs that result from possible default events within the 12 months after the reporting date based on the probability of
default according to the Bloomberg database.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; background-color: White"></TD><TD STYLE="width: 0.25in; background-color: White">-</TD><TD STYLE="text-align: justify; background-color: White">Trade receivables: The Company determines the counterparties&rsquo; lifetime ECLs that result from
all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability
of default rates according to the Bloomberg database.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on this methodology, incurred losses
on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)
establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue
recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has
not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affimed has finalized the assessment of
all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration
and service agreements which is recognized according to the stage of completion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 16 (Leases)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The new standard specifies how to recognize,
measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize
assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed
will be required to recognize &ldquo;right-of-use&rdquo; assets related to its premises rented and certain equipment leased. During
the next year, the Company will gather and update information related to leases, assess extension and termination options as well
as possible exemptions and identify the appropriate discount rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">4.</TD><TD STYLE="background-color: White">Segment reporting</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(i)</TD><TD STYLE="text-align: justify; background-color: White">Information about reportable segment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company 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 is based
on the Company as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(ii)</TD><TD STYLE="text-align: justify; background-color: White">Geographic information</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The geographic information below analyzes
the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discovery activities and research services
are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from
Heidelberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; background-color: White">Revenues:</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; background-color: White">Germany</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">125</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">6</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">80</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Europe</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">711</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,397</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,236</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; background-color: White">USA</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">6,725</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">4,911</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">7,562</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6,314</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,010</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; background-color: White">Non-current assets as of December 31:</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Germany</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">618</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">957</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Czech Republic</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">259</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">221</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">877</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,178</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt; background-color: White"></TD><TD STYLE="width: 35.45pt; background-color: White">(iii)</TD><TD STYLE="text-align: justify; background-color: White">Major Customers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2015,
2016 and 2017, the Company&rsquo;s revenue with two, three and four customers, respectively, exceeded 10% of total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">5.</TD><TD STYLE="background-color: White">Revenue</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Collaboration agreement with
Amphivena</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until July 2016, Affimed was party to a
collaboration with Amphivena. The purpose of the collaboration was the development of a product candidate for hematological malignancies.
The collaboration included a License and Development Agreement between Amphivena and Affimed, which expired when Amphivena obtained
the approval of an investigational new drug application (IND) from the FDA in July 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the license and development
agreement between Affimed and Amphivena, Affimed granted a license to intellectual property and agreed to perform certain services
for Amphivena related to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">development of a product candidate for
hematological malignancies. In consideration for the research and development work that was performed, Amphivena was required to
pay to Affimed service fees totaling approximately &euro;16 million payable according to the achievement of milestones and phase
progressions as described under the license and development agreement. Since the expiration of the agreement, the parties have
been closing out the collaboration by exchanging documentation and transferring materials and third-party contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2015,
2016 and 2017, the Company recognized revenue upon achievement of milestones and for the performance of research and development
services (net of Affimed&rsquo;s share in funding Amphivena) totaling &euro;4.8 million, &euro;3.4 million and &euro;0.2 million,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amphivena has obtained funding solely by
issuing preferred stock and convertible notes to investors. Through December 31, 2017, Affimed participated in the financing of
Amphivena with cash investments in stock of &euro;2.3 million and in convertible notes of &nbsp;&euro;0.3 million (see note 13).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Collaboration agreement with The
Leukemia &amp; Lymphoma Society (LLS)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affimed is party to a collaboration with
LLS to fund the development of a specific product candidate (TandAb). Under the terms of the agreement, LLS has agreed to contribute
up to $4.4 million contingent upon the achievement of certain milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the research and development
is successful, Affimed must proceed with commercialization of the licensed product. If Affimed decides for business reasons not
to continue the commercialization, Affimed must at its option either repay the amount funded or grant a license to LLS to enable
LLS to continue with the development program. In addition, LLS is entitled to receive royalties from Affimed based on the Company&rsquo;s
future revenue from any licensed product, with the amount of royalties not to exceed three times the amount funded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the research funding agreement
with LLS was amended to reflect a shift to the development of combination therapeutic approaches so that the milestones now relate
primarily to the development of a combination therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2015,
2016 and 2017, the Company achieved several milestones and recognized revenue totaling &euro;1.6 million, &euro;0.4 million and
&euro;0.2 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Research service agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AbCheck has entered into certain research
service agreements. These research service agreements provide for non-refundable upfront technology access research funding or
capacity reservation fees and milestone payments. The Company recognized revenue of &euro;1.1 million, &euro;2.4 million and &euro;1.6
million during the years ended December 31, 2015, 2016 and 2017, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">6.</TD><TD STYLE="background-color: White">Other income and expenses - net</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other income and expenses, net mainly comprises
income from government grants for research and development projects of &euro;195 (2016: &euro;171, 2015: &euro;716).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">7.</TD><TD STYLE="background-color: White">Research and development expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the different
types of expenses allocated to research and development costs for the years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Third-party services</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">15,386</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">20,170</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">12,299</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Personnel expenses</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,637</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6,648</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5,639</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Legal, consulting and patent expenses</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">902</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">758</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">890</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Cost of Materials</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">902</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,028</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">994</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White"> Amortization and depreciation</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">308</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">322</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">309</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Operating lease expenses</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">267</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">297</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">345</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Other expenses</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">606</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">957</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,013</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">22,008</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">30,180</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">21,489</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">8.</TD><TD STYLE="background-color: White">General and administrative expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the different
types of expenses allocated to general and administrative costs for the years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Personnel expenses</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">3,658</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">4,729</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">4,521</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Legal, consulting and audit fees</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,468</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,210</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,945</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Operating lease expenses</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">89</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">111</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">126</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Other expenses</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,333</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,273</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,394</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">7,548</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">8,323</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">7,986</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">9.</TD><TD STYLE="background-color: White">Employee benefits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the items of
employee benefits for the years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Wages and salaries</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">5,066</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">7,445</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">7,475</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Social security costs</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">583</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">807</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">931</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5,649</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">8,252</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">8,406</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The employer's contributions to pension
insurance plans of &euro;438 (2016: &euro;362, 2015: &euro;269) are classified as payments under a defined contribution plan, and
are recognized as an expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">10.</TD><TD STYLE="background-color: White">Finance income and finance costs</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the items of
finance income and costs for the years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Interest Perceptive Loan Agreement (see note 17)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(703</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(762</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">0</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Other finance cost Perceptive Loan Agreement (see note 17)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(242</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Interest SVB Loan Agreement (see note 17)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(41</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(690</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Foreign exchange differences</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,808</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">691</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(2,378</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Interest on certificates of deposit with maturities of more than three months (see note 14)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">122</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">77</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Other finance income/finance costs</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Finance income/costs - net</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,104</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(230</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(2,983</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">11.</TD><TD STYLE="background-color: White">Income taxes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company did not incur any material
income tax in the periods presented. As of December 31, 2017 deferred tax liabilities from temporary differences result mainly
from borrowings (&euro;152; 2016: &euro;129) and in 2016 from other assets (&euro;121). Deferred tax assets from differences mainly
resulting from trade and other receivables (&euro;259; 2016: &euro;292) and intangible assets (&euro;405; 2016: &euro;49) have
not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities are available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation between actual income
taxes and the expected tax benefit from the loss before tax multiplied by the Company's applicable tax rate is presented below
for the years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Loss before tax</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(20,239</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(32,274</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(30,243</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Income tax benefit at tax rate of 29.825 %</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">6,036</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,626</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,020</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Adjustments due to impairment of deferred tax assets</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(6,251</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(8,747</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(9,036</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Permanent differences</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">199</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(948</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(93</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Adjustments for local tax rates</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">18</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">12</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">195</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Non deductible expenses</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">163</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">154</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">16</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">Other</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(165</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(38</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">(82</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Income taxes</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">58</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">20</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Germany, Affimed has tax losses carried
forward of &euro;146.8 million (2016: &euro;117.4 million) for corporate income tax purposes and of &euro;146.4 million (2016:
&euro;117.0 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). According to the provisions of this
act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated
by an excess of the fair value of equity for tax purposes above its carrying amount of the Company. The maximum amount of tax losses
at risk of being lost due to ownership changes is approximately &euro;59 million. Deferred tax assets have not been recognized
in respect of any losses carried forward as no sufficient taxable profits of Affimed are expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">12.</TD><TD STYLE="background-color: White">Trade and other receivables</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trade receivables as of December 31,
2017 and 2016, of &euro;580 and &euro;970, respectively, are all due in the short-term, do not bear interest and are not impaired.
As of December 31, 2017 and 2016, &euro;260 and &euro;219, respectively were overdue. Other receivables are all due short-term
and mainly comprise receivables for research and development grants and other government subsidies of &euro;20 (2016: &euro;14),
value-added tax receivables of &euro;186 (2016: &euro;642) and in 2016 receivables related to refunding of research and development
costs (&euro;385).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">13.</TD><TD STYLE="background-color: White">Other assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December
27, 2017, the Company signed a note purchase agreement with Amphivena pursuant to which Amphivena issued the Company  a
convertible note with a principal amount of USD 0.35 million (&euro;0.29 million) and  warrants to purchase 46,667 common
shares of Amphivena with an exercise price of USD 0.01 per common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan matures on December 27, 2018 and
bears interest at a rate of 6% per annum payable at maturity. The convertible note allows for a conversion into common shares of
Amphivena during the term of the note at a conversion price which is contingent on various conversion triggers. If no conversion
occurs prior to the maturity date the note will be converted into shares of Amphivena at a conversion price of USD 1.5 per common
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contractual life of the warrants is
five years or until the date of certain transactions, e.g. the transfer of the majority of the voting rights in Amphivena, the
transfer of substantially all of the assets of Amphivena, or an initial public offering covering the offering and sale of Amphivena&rsquo;s
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized the note and the
warrants in the consolidated financial statements as of December 31, 2017 at their respective fair values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">14.</TD><TD STYLE="background-color: White">Financial assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of December
31, 2016, financial assets consisted of U.S. Dollar denominated certificates of deposit with original maturities of more than three
months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">15.</TD><TD STYLE="background-color: White">Equity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2017, the share capital
of &euro;468 (2016: &euro;333) is composed of 46,791,352 (2016: 33,262,745) common shares with a par value of &euro;0.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first quarter of 2017, the
Company issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of
approximately &euro;16 million. In connection with its at-the-market sales agreement, the Company issued 2,881,845 common
shares for net proceeds of &euro;5.1 million in 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 20, 2017, the authorized share
capital was increased from &euro;1,100 to &euro;2,196, consisting of 109,800,000 common shares and 109,800,000 cumulative preference
shares, each with a par value of &euro;0.01 per share. As of December 31, 2017, 46,791,352 (December 31, 2016: 33,262,745) common
shares have been issued and are outstanding. Preferred shareholders are entitled to receive a fixed dividend per year in arrears
prior to any distributions to common shareholders. As of December 31, 2017, no preferred shares have been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">16.</TD><TD STYLE="background-color: White">Share based payments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Supervisory Board, non-employee consultants
and employees. The awards vest in installments over three years and can be exercised up to 10 years after the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share based payments with employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company granted 1,778,095 ESOP 2014
awards in 2016 and 1,436,075 awards in 2017 to employees, members of the Management Board and others providing similar services
(certain consultants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2017, 399,552 ESOP 2014 awards were
cancelled or forfeited due to termination of employment (2016: 83,750), and no options were exercised. As of December 31, 2017,
4,080,868 ESOP 2014 awards were outstanding (December 31, 2016: 3,044,345), 2,001,264 awards (December 31, 2016: 952,458) were
vested. The options outstanding as of December 31, 2017 had an exercise price in the range of $1.80 to $13.47 (2016: $2.51 to $13.47)
and weighted average remaining contractual life of 8.4 years (2016: 8.9 years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In
2017, an expense of &euro;1.943 was recognized affecting research and development expenses (&euro;522) and general and administrative
expenses (&euro;1,421). In 2016, an expense of &euro;3,545 was recognized affecting</FONT> research and development expenses (&euro;1,178)
and general and administrative expenses (&euro;2,367). In 2015, an expense of &euro;2,220 was recognized affecting research and
development expenses (&euro;611) and general and administrative expenses (&euro;1,609).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of options was determined
using the Black-Scholes valuation model. The significant inputs into the valuation model are as follows (weighted average):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left; background-color: White">Fair value at grant date</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White"></TD><TD STYLE="width: 8%; text-align: right; background-color: White">$1.99</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White"></TD><TD STYLE="width: 8%; text-align: right; background-color: White">$1.10</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Share price at grant date</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White"></TD><TD STYLE="text-align: right; background-color: White">$3.55</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White"></TD><TD STYLE="text-align: right; background-color: White">$2.00</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Exercise price</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White"></TD><TD STYLE="text-align: right; background-color: White">$3.57</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White"></TD><TD STYLE="text-align: right; background-color: White">$2.03</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Expected volatility</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">69</TD><TD STYLE="text-align: left; background-color: White">%</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">70</TD><TD STYLE="text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Expected life</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5.90</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">5.90</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Expected dividends</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.00</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.00</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Risk-free interest rate</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-0.32</TD><TD STYLE="text-align: left; background-color: White">%</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-0.23</TD><TD STYLE="text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expected volatility is estimated based
on the observed daily share price returns of a peer group measured over a historic period equal to the expected life of the awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share based payments with non-employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 27, 2017, Affimed entered into
a consulting agreement for business development services with a non-employee consultant. Pursuant to the agreement the consultant
received an initial award of 60,000 options to purchase common shares of Affimed N.V. with an exercise price of USD 1.25. These
options only vest with the achievement of a future event as defined in the consulting agreement. Affimed recognizes the expense related to the awards
on the conclusion of such an event which was not concluded as of December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">17.</TD><TD STYLE="background-color: White">Borrowings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Perceptive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2014, the Company entered into
a loan agreement with an affiliate of Perceptive Advisors LLC (the &ldquo;Perceptive loan&rdquo;), drawing an amount of $5.5 million.
Finance costs included interest, an arrangement fee and 106,250 warrants convertible into common shares of the Company with a strike
price of $8.80. Upon initial recognition, the fair value of the warrant of &euro;613 was recognized in equity, net of tax of &euro;183.
Fair value was determined using the Black-Scholes-Merton formula, with an expected volatility of 65% and an expected time of six
years to exercise of the warrant. The contractual maturity of the warrant is ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016 the Company repaid all outstanding
amounts under the Perceptive loan. The Company recognized early repayment fees of &euro;110 and extinguishment losses of &euro;132.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan was measured at amortized cost
using the effective interest method. In 2016, interest costs of &euro;762 (2015: &euro;703) and foreign exchange losses of &euro;86
(2015: &euro;527) were recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Silicon Valley Bank</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 30, 2016, the Company entered
into a loan agreement with Silicon Valley Bank (the &ldquo;SVB loan&rdquo;) which provides the Company with a senior secured term
loan facility for up to &euro;10.0 million, which agreement was amended in May 2017 to provide that such amount would be available
in three tranches. In December 2016, the Company drew an initial tranche of &euro;5.0 million and in May 2017, a second tranche
of &euro;2.5 million; the availability of a third tranche of &euro;2.5 million expired in September 2017 with such amount remaining
undrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs comprise the interest rate
of one-month EURIBOR plus an applicable margin of 5.5%, with a floor of 5.5%, related one-time legal and arrangement fees of &euro;236
and a final payment fee equal to 10% of the total principal amount to be paid with the last instalment. Pursuant to the loan agreement,
the Company also granted the lender 166,297 and 53,395 warrants with an exercise price of $2.00 and $2.30 per share, respectively.
Each warrant can be used to purchase common shares of Affimed at the respective exercise price for a period of ten years from the
date of grant. The fair value of the warrants of &euro;192 less deferred taxes and transaction costs of &euro;81 and &euro;8, respectively,
was recorded as an addition to capital reserves in the equity of Affimed. The fair value of the warrants was determined using the
Black-Scholes-Merton valuation model, with an expected volatility of 75-80% and an expected exercise period of five years to exercise
of the warrant. The contractual maturity of the warrants is ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2017, the Company adjusted the carrying
amount of its financial liability and recorded a gain of &euro;0.2 million upon the drawing of the second tranche due to a change
in timing of the cash flows under the original terms of the existing credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan is secured by a pledge of 100%
of Company&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; background-color: White">Book value as of December 31, 2016</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; background-color: White">Book value as of December 31, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">Consolidated financial statements</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">thereof assets pledged</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">Consolidated financial statements</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">thereof assets pledged</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: left; background-color: White">Leasehold improvements and equipment</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">822</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">542</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">1,113</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">891</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">Inventories</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">197</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">177</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">241</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">219</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Trade and other receivables</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,255</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,217</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,102</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">328</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Other assets</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">516</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">800</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">292</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Financial assets</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,487</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,487</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">35,407</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">34,674</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">39,837</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">38,726</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">48,684</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">46,096</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">43,093</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">40,457</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2017 and 2016, the fair
value of the liability did not differ significantly from its carrying amount (&euro;7,169 and &euro;4,590). The loan has a maturity
date of May 31, 2020, and repayment started in December 2017 with amortized payments of principal in equal monthly installments.
As of December 31, 2017, &euro;3,083 (2016: &euro;973) of such amount was classified as current liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">18.</TD><TD STYLE="background-color: White">Trade and other payables</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other payables comprise trade
payables of &euro;3,380 (2016: &euro;4,506). Other payables mainly comprise payroll and employee related liabilities for withholding
taxes and social security contributions of &euro;514 (2016: &euro;471) and payables due to employees for outstanding bonus, unused
holidays and other accruals. Other payables are normally settled within 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">19.</TD><TD STYLE="background-color: White">Loss per share</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss per common share is calculated by
dividing the loss of the period by the weighted average number of common shares outstanding during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Net loss</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(20,239</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(32,216</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">(30,223</TD><TD STYLE="width: 1%; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Weighted number of common shares outstanding</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">28,477,438</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">33,259,505</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">43,746,073</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">Loss per share in &euro; per share</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(0.71</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(0.97</TD><TD STYLE="text-align: left; background-color: White">)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">(0.69</TD><TD STYLE="text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No instruments had a dilutive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">20.</TD><TD STYLE="background-color: White">Operating leases and other commitments and contingencies</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 21.3pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Lease and other commitments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into rental agreements
for premises as well as into leases for vehicles and the use of licenses. These agreements have an average non-cancellable term
of between one and four years with renewal options included in some contracts. In 2017, lease expenses of &euro;472 and license
fees of &euro;174 have been recognized in consolidated statement of comprehensive income (2016: &euro;409 and &euro;405; 2015:
&euro;356 and &euro;278).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum lease payment obligations
under non-cancellable operating leases as of the reporting date are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left; background-color: White">Within one year</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">700</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">470</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Between one and five years</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">541</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">363</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">1,241</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">833</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Contingencies</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">21.</TD><TD STYLE="background-color: White">Related parties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; background-color: White"></TD><TD STYLE="width: 14.15pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Shareholders</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2017, no shareholder
(December 31, 2016: one shareholder) holds more than 20% of the voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; background-color: White"></TD><TD STYLE="width: 14.15pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Transactions with key management personnel</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation of managing directors
and other key management personnel comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; background-color: White">Short-term employee benefits</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">1,633</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">1,879</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">1,538</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Termination benefits</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">430</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: White">Share-based payments</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,474</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">2,292</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: White">1,379</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">3,107</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">4,601</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2,917</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Remuneration of Affimed&rsquo;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. In the case of an early termination, the managing directors receive severance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation for other key management personnel
comprises fixed and variable components and share-based payment awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The supervisory directors of Affimed N.V.
received compensation for their services on the supervisory board of &euro;375 (2016: &euro;350; 2015: &euro;296). In 2017, the
Company recognized expenses for share-based payments for supervisory board members of &euro;144 (2016: &euro;381, 2015: &euro;478).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selected managing directors and supervisory
directors entered into service and consulting agreements with the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dr. Ulrich Grau is a significant shareholder
and Chairman of the Board of Directors of i-novion Inc., which was engaged by the Company to conduct preclinical services. In 2016,
i-novion Inc. received related payments of &euro;86.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jens-Peter Marschner rendered consulting
services amounting to &euro;11 in 2017 and &euro;29 in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides the total
amounts of outstanding balances related to key management personnel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD COLSPAN="5" STYLE="text-align: center; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding balances</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2016</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2017</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left; background-color: White">Thomas Hecht</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">23</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: White">19</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Richard Stead</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">14</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">12</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Berndt Modig</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">8</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Ferdinand Verdonck</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">10</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">10</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Ulrich Grau</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">17</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">17</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Bernhard Ehmer</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">11</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">10</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">Jens-Peter Marschner</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">22.</TD><TD STYLE="background-color: White">Financial risk management</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(i)</TD><TD STYLE="background-color: White">Financial risk management objectives and policies</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s principal financial
instruments comprise cash and cash equivalents, certificates of deposit at commercial banks, a convertible loan, warrants and investor
loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Company's operations.
The Company has various other financial assets and liabilities such as trade and other receivables and trade and other payables,
which arise directly from its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main risks arising from the Company's
financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(ii)</TD><TD STYLE="background-color: White">Credit risk</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial assets comprise
to a large extent cash and cash equivalents. In addition, financial assets include certificates of deposit, a convertible loan,
warrants and trade and other receivables. The total carrying amount of cash and cash equivalents (&euro;39.8 million, 2016: &euro;35.4
million), trade and other receivables (&euro;1.1 million, 2016: &euro;2.3 million), convertible note and warrants of Amphivena
(&euro;0.3 million) and in 2016, certificates of deposit (&euro;9.5 million) represents the maximum credit exposure of &euro;41.2
million (2016: &euro;47.2 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash and cash equivalents and certificates
of deposit are held with banks, which are rated BBB+ to AA- based on Standard &amp; Poor&rsquo;s and Moody&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(iii)</TD><TD STYLE="background-color: White">Interest rate risk</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s interest rate risk
arises from cash accounts and long-term borrowings at variable rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affimed entered into the SVB loan pursuant
to which the Company borrowed &euro;7.5 million with a variable interest rate of an annual rate of 5.5% plus one-month EURIBOR,
with EURIBOR deemed to equal zero percent if EURIBOR is less than zero percent. The Company does not expect the EURIBOR to exceed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the floor of 0% within the foreseeable
future, and considers the interest risk to be low.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market interest rates on cash and cash
equivalents as well as on term deposits were low in 2017, resulting in interest income of &euro;93 in 2017. A shift in interest
rates (increase or decrease) would not have a material impact on the loss of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(iv)</TD><TD STYLE="background-color: White">Other price risks</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company holds warrants and a convertible
loan of Amphivena. The fair value of the convertible loan and the warrants depends on the share price. The total exposure of the
Company amounts to &euro;292.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(v)</TD><TD STYLE="background-color: White">Foreign currency risk</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign exchange risk arises when future
commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&rsquo;s functional
currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s entities are exposed
to Czech Koruna (CZK) and US Dollars (USD). The net exposure as of December 31, 2017 was &euro;18,768 (2016: &euro;18,974) and
mainly relates to US Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2017, if the Euro had weakened/strengthened
by 10% against the US dollar with all other variables held constant, the loss would have been &euro;1,877 (2016: &euro;1,897) higher/lower,
mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated financial assets. The Company considers
a shift in the exchange rates of 10% as a realistic scenario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss is less sensitive to movement in exchange
rates shifts in 2017 than in 2016 because of the decreased volume of US dollar-denominated transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following significant exchange rates
have been applied during the year:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">2017</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CZK or USD/EUR</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CZK or USD/EUR</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CZK or USD/EUR</FONT></TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; background-color: White">CZK - Average Rate</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 15%; text-align: right; background-color: White">0.03666</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 15%; text-align: right; background-color: White">0.03699</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 15%; text-align: right; background-color: White">0.03799</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">CZK - Spot rate</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.03701</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.03701</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.03916</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">USD - Average Rate</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.90190</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.90404</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.88519</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; background-color: White">USD - Spot rate</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.91853</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.94868</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">0.83382</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(vi)</TD><TD STYLE="background-color: White">Liquidity risk</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company
will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by
delivering cash. The Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affimed N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the consolidated financial statements&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(in &euro; thousand)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company 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.
The supervisory board undertakes regular reviews of the budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, 2017 and February 2018, Affimed
raised significant funding that it estimates will enable the Company to fund operating expenses and capital expenditure requirements
at least until the fourth quarter of 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into an at-the-market
sales agreement with Cowen &amp; Company, LLC under which more than &euro;5 million in net proceeds has been raised (see note 15).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first quarter of 2017, the Company
issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of approximately &euro;16
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 30, 2016, the Company entered
into a loan agreement with Silicon Valley Bank (the &ldquo;SVB loan&rdquo;) and drew the initial tranche of &euro;5.0 million in
December 2016 and a second tranche of &euro;2.5 million in May 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2018, the Company issued 13,225,000 common shares in a public offering at a price of $2.00 per common share for
net proceeds of approximately &euro;19.7 million. In addition, in February 2018 the Company issued 2,373,716 common shares
for net proceeds of approximately &euro;3.8 million in connection with its at-the-market sales agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to require additional
funding to complete the development of the existing product candidates. In addition, the Company expects to require additional
capital to commercialize the products if regulatory approval is received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">(vii)</TD><TD STYLE="background-color: White">Capital management</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary objective of the Company's
capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities
when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company manages its capital structure
primarily through equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; background-color: White"></TD><TD STYLE="width: 28.35pt; background-color: White">23.</TD><TD STYLE="background-color: White">Subsequent events</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2018, the Company issued 13,225,000
common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately &euro;19.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>dp88148_ex1201.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
12.1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">I, Adi Hoess, certify that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report
                                         on Form 20-F of Affimed N.V.;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, this report
                                         does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made, in light of the circumstances under which
                                         such statements were made, not misleading with respect to the period covered by this
                                         report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial
                                         statements, and other financial information included in this report, fairly present in
                                         all material respects the financial condition, results of operations and cash flows of
                                         the company as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying
                                         officer(s) and I are responsible for establishing and maintaining disclosure controls
                                         and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
                                         control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
                                         for the company and have:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such disclosure controls
                                         and procedures, or caused such disclosure controls and procedures to be designed under
                                         our supervision, to ensure that material information relating to the company, including
                                         its consolidated subsidiaries, is made known to us by others within those entities, particularly
                                         during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such internal control
                                         over financial reporting, or caused such internal control over financial reporting to
                                         be designed under our supervision, to provide reasonable assurance regarding the reliability
                                         of financial reporting and the preparation of financial statements for external purposes
                                         in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of
                                         the company&rsquo;s disclosure controls and procedures and presented in this report our
                                         conclusions about the effectiveness of the disclosure controls and procedures, as of
                                         the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Disclosed in this report any
                                         change in the company&rsquo;s internal control over financial reporting that occurred
                                         during the period covered by the annual report that has materially affected, or is reasonably
                                         likely to materially affect, the company&rsquo;s internal control over financial reporting;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying
                                         officer(s) and I have disclosed, based on our most recent evaluation of internal control
                                         over financial reporting, to the company&rsquo;s auditors and the audit committee of
                                         the company&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">All significant deficiencies
                                         and material weaknesses in the design or operation of internal control over financial
                                         reporting which are reasonably likely to adversely affect the company&rsquo;s ability
                                         to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Any fraud, whether or not material,
                                         that involves management or other employees who have a significant role in the company&rsquo;s
                                         internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Date: March 20, 2018</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font-size: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Adi Hoess</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Adi Hoess</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>dp88148_ex1202.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
12.2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">I, Florian Fischer, certify that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report
                                         on Form 20-F of Affimed N.V.;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, this report
                                         does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made, in light of the circumstances under which
                                         such statements were made, not misleading with respect to the period covered by this
                                         report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial
                                         statements, and other financial information included in this report, fairly present in
                                         all material respects the financial condition, results of operations and cash flows of
                                         the company as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying
                                         officer(s) and I are responsible for establishing and maintaining disclosure controls
                                         and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
                                         control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
                                         for the company and have:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such disclosure controls
                                         and procedures, or caused such disclosure controls and procedures to be designed under
                                         our supervision, to ensure that material information relating to the company, including
                                         its consolidated subsidiaries, is made known to us by others within those entities, particularly
                                         during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such internal control
                                         over financial reporting, or caused such internal control over financial reporting to
                                         be designed under our supervision, to provide reasonable assurance regarding the reliability
                                         of financial reporting and the preparation of financial statements for external purposes
                                         in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of
                                         the company&rsquo;s disclosure controls and procedures and presented in this report our
                                         conclusions about the effectiveness of the disclosure controls and procedures, as of
                                         the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Disclosed in this report any
                                         change in the company&rsquo;s internal control over financial reporting that occurred
                                         during the period covered by the annual report that has materially affected, or is reasonably
                                         likely to materially affect, the company&rsquo;s internal control over financial reporting;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying
                                         officer(s) and I have disclosed, based on our most recent evaluation of internal control
                                         over financial reporting, to the company&rsquo;s auditors and the audit committee of
                                         the company&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">All significant deficiencies
                                         and material weaknesses in the design or operation of internal control over financial
                                         reporting which are reasonably likely to adversely affect the company&rsquo;s ability
                                         to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Any fraud, whether or not material,
                                         that involves management or other employees who have a significant role in the company&rsquo;s
                                         internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Date: March 20, 2018</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font-size: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Florian Fischer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Florian Fischer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>dp88148_ex1301.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Exhibit
13.1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The certification
set forth below is being submitted in connection with Affimed N.V.&rsquo;s Annual Report on Form 20-F for the fiscal year ended
December 31, 2017 (the &ldquo;Report&rdquo;) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities
Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) and Section 1350 of Chapter 63 of Title 18 of the United States Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Adi Hoess,
Chief Executive Officer of Affimed N.V., certifies that, to the best of his knowledge:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Report fully complies with
                                         the requirements of Section 13(a) or 15(d) of the Exchange Act; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the information contained in
                                         the Report fairly presents, in all material respects, the financial condition and results
                                         of operations of Affimed N.V.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date: March
20, 2018</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Adi Hoess</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name: Adi Hoess</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>5
<FILENAME>dp88148_ex1302.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Exhibit
13.2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The certification
set forth below is being submitted in connection with Affimed N.V.&rsquo;s Annual Report on Form 20-F for the fiscal year ended
December 31, 2017 (the &ldquo;Report&rdquo;) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities
Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) and Section 1350 of Chapter 63 of Title 18 of the United States Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Florian Fischer,
Chief Financial Officer of Affimed N.V., certifies that, to the best of his knowledge:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Report fully complies with
                                         the requirements of Section 13(a) or 15(d) of the Exchange Act; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the information contained in
                                         the Report fairly presents, in all material respects, the financial condition and results
                                         of operations of Affimed N.V.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date: March
20, 2018</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Florian Fischer </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name: Florian Fischer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>6
<FILENAME>dp88148_ex1501.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 15.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public
Accounting Firm</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Supervisory Board of Affimed N.V.:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the registration statements on Form S-8 (No. 333-198812) and on Form F-3 (No. 333-207235) of Affimed N.V. of our report dated
March 16, 2018, with respect to the consolidated statements of financial position of Affimed N.V. as of December&nbsp;31, 2017
and 2016, and the related consolidated statements of comprehensive loss, cash flows and changes in equity for each of the years
in the three-year period ended December&nbsp;31, 2017, and the related notes, which report appears in the December&nbsp;31, 2017
annual report on Form 20-F of Affimed N.V.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">/s/ KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Leipzig, Germany<BR>
March 16, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>7
<FILENAME>afmd-20171231.xml
<DESCRIPTION>EXHIBIT 101.INS
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The Company did not&#13;opt for a valuation of liabilities at fair value through profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Consolidation&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company controls an entity when&#13;it has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has&#13;the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control&#13;is obtained by the Company. It is de-consolidated from the date control ceases.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Intercompany transactions, balances&#13;and unrealized gains on transactions between group companies are eliminated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Functional and presentation currency&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The consolidated financial statements&#13;are presented in euro, which is also the subsidiaries&amp;#8217; functional currency. All financial information presented in euro has&#13;been rounded to the nearest thousand (abbreviated &amp;#8364;) or million (abbreviated &amp;#8364; million).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Presentation of consolidated statements&#13;of comprehensive loss&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As a clinical-stage biopharmaceutical&#13;company with a primary focus on research and development activities, cost of sales and gross profit are not considered meaningful&#13;measures for Affimed and therefore are not presented.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Foreign currency transactions&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Transactions denominated in currencies&#13;other than the euro are translated at exchange rates at the date of the transaction. Monetary assets and liabilities denominated&#13;in currencies other than the euro are translated at the exchange rate at the date of the consolidated statement of financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The foreign currency gain or loss on&#13;monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for&#13;effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at&#13;the end of the reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Foreign currency gains or losses that&#13;relate to borrowings, cash and cash equivalents and financial assets are presented in the statement of comprehensive loss within&#13;&amp;#8216;Finance income / (costs) - net&amp;#8217;. All other foreign exchange gains and losses are presented in the statement of comprehensive&#13;loss within &amp;#8216;Other income &amp;#8211; net&amp;#8217;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accounting policies set out below have&#13;been applied consistently to all periods presented in these consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Revenue recognition&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company provides research and development&#13;services to third parties based on both Company and third party owned intellectual property. Such services are performed on a &amp;#8220;best&#13;efforts&amp;#8221; basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered&#13;into collaborations with other companies that provide the Company with funding or other resources such as access to technologies.&#13;From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Collaboration and license agreements are&#13;evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the&#13;Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and&#13;development services. Accordingly, the results under the Company&amp;#8217;s collaboration and license agreements have not qualified&#13;as separate units of accounting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from collaborative or other research&#13;service agreements is recognized according to the stage of completion.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Milestone payments are contingent upon&#13;the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting&#13;specific requirements laid out in the respective agreement. Consideration that is contingent upon achievement of a milestone is&#13;recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from&#13;the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement.&#13;For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with&#13;the Company&amp;#8217;s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative&#13;to all results and payment terms subject to the respective agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Non-refundable upfront research funding&#13;that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development&#13;services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period&#13;of performance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Research and development&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs incurred related to research activities&#13;are expensed in the period incurred. Costs incurred on development projects are recognized as intangible assets beginning on the&#13;date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Company&#13;considering its technological and commercial feasibility. Given the current stage of the development of the Company&amp;#8217;s product&#13;candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents&#13;are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when&#13;incurred as long as the research and development project concerned does not meet the criteria for capitalization.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Employee benefits&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Short-term employee benefits&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Short-term employee benefit obligations&#13;are measured on an undiscounted basis and are expensed as the related service is provided.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A liability is recognized for the amount&#13;expected to be paid under a short-term cash bonus, if (a) the Company has a present legal or constructive obligation to pay this&#13;amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Share-based payment transactions&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s share-based payment&#13;awards outstanding as of December 31, 2016 and 2017, are classified as equity-settled share-based plans. The fair value of share-based&#13;equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period&#13;with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services&#13;are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based&#13;on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns,&#13;dividends, the risk-free interest rate and the time to maturity of the option. The number of stock options expected to vest is&#13;estimated at each measurement date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Government grants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company receives certain government&#13;grants that support its research effort in specific projects. These grants generally provide for reimbursement of approved costs&#13;incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research&#13;and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the&#13;grant and the collectability of the receivable is reasonably assured.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Government grants relating to costs are&#13;deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate.&#13;When the cash in relation to recognized government grants is not yet received the amount is included as a receivable on the statement&#13;of financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes income from government&#13;grants under &amp;#8216;Other income - net&amp;#8217; in the consolidated statement of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Lease payments&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Payments made under operating leases are&#13;recognized in profit or loss on a straight-line basis over the term of the lease.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Finance income and finance costs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance income comprises interest income&#13;from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance costs comprise interest expense&#13;on borrowings and, in 2016, includes losses from early extinguishment of debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Financial instruments&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A financial instrument is any contract&#13;that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Non-derivative financial assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s non-derivative financial&#13;assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original&#13;maturities of more than three months.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loans and receivables are non-derivative&#13;financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets&#13;and are subsequently carried at amortized cost using the effective interest method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents comprise cash&#13;balances and call deposits with original maturities of three months or less.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Non-derivative financial liabilities&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s classes of financial&#13;liabilities are borrowings and trade and other payables. The Company initially recognizes non-derivative financial liabilities&#13;on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Company&#13;derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Compound financial instruments&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company entered into certain loan agreements&#13;pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note&#13;17). The number of shares to be issued does not vary with changes in their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The liability component of the loans was&#13;recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially&#13;at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component.&#13;Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The&#13;equity component is not re-measured subsequent to initial recognition.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company entered into a convertible&#13;note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion&#13;feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on&#13;a recurring basis in &amp;#8216;Finance income / (costs) &amp;#8211; net.&amp;#8217;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company acquired warrants to purchase&#13;common shares of Amphivena Therapeutics Inc. (&amp;#8220;Amphivena&amp;#8221;) at a specified price (see note 13). Initially, the warrants&#13;were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in &amp;#8216;Finance&#13;income / (costs) &amp;#8211; net.&amp;#8217;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Impairment&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Trade and other receivables&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Trade and other receivables are assessed&#13;at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are&#13;impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such&#13;loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events&#13;include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal&#13;payments, the probability that they will enter bankruptcy or other financial reorganization.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All receivables are assessed for specific&#13;impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent&#13;event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No&#13;impairments or reversals of impairments were recognized in 2015, 2016 or 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Intangible assets and leasehold improvements and equipment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Assets that are subject to depreciation&#13;or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be&#13;recoverable. An impairment loss is recognized as the amount by which an asset&amp;#8217;s carrying amount exceeds its recoverable amount.&#13;The recoverable amount is the higher of an asset&amp;#8217;s fair value less costs of disposal and value in use. Non- financial assets&#13;that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Income taxes&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes comprise current and deferred&#13;tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly&#13;in equity or in other comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Current tax is the expected tax payable&#13;or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date,&#13;and adjustments to taxes payable in respect of previous years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax is recognized in respect of&#13;temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used&#13;for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction&#13;which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting&#13;nor taxable profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax is measured at tax rates that&#13;are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively&#13;enacted by the reporting date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax assets and liabilities are&#13;presented net if there is a legally enforceable right to offset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A deferred tax asset is recognized for&#13;unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits&#13;will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to&#13;the extent that it is no longer probable that the related tax benefit will be realized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Fair Value Measurement&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All assets and liabilities for which fair&#13;value is recognized in the consolidated financial statements are organized in accordance with the following fair value hierarchy,&#13;based on the lowest level input parameter that is significant on the whole for fair value measurement:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Level 1 &amp;#8211; Prices for identical assets or liabilities quoted in active markets (non-adjusted)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Level 2 &amp;#8211; 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&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Level 3 &amp;#8211; 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&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The carrying amount of all trade and other&#13;receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the&#13;fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement&#13;of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value&#13;of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Loss per share&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss per common share is calculated by&#13;dividing the loss of the period by the weighted average number of common shares outstanding during the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has granted warrants under&#13;certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive&#13;effect; no instruments actually had a dilutive effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Critical judgments and accounting estimates&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of the consolidated financial&#13;statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application&#13;of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these&#13;estimates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Estimates and underlying assumptions are&#13;reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised&#13;and in any future periods affected.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In preparing these financial statements,&#13;the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 47px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Share-based payments&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of stock options issued&#13;by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input&#13;parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends,&#13;the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans&#13;is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity.&#13;The number of stock options expected to vest is estimated at each measurement date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 47px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Revenue recognition &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Elements of consideration in collaboration&#13;and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally,&#13;the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized&#13;in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term&#13;of the research service agreement on a straight-line basis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company estimates that the achievement&#13;of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved.&#13;If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 47px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Accrued expenses&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company estimates its accrued expenses&#13;reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service&#13;performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the&#13;actual cost. The majority of Affimed&amp;#8217;s service providers invoice monthly in arrears for services performed or when contractual&#13;milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial&#13;statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates&#13;with the service providers and makes adjustments as necessary.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;New standards and interpretations applied&#13;for the first time&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No new accounting standards adopted in&#13;2017 had a material impact on Affimed&amp;#8217;s consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;New standards and interpretations not&#13;yet adopted&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following new standards and amendments&#13;to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 45%; padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Standard / Amendment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 45%; padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Effective Date &lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 9 Financial Instruments (2014)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 16 Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Clarifications to IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IFRS&amp;#160;2:&amp;#160;Classification&amp;#160;and&amp;#160;Measurement&amp;#160;of&amp;#160;Share-based&amp;#160;Payment&amp;#160;Transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2014-2016 Cycle (IFRS 1, IAS 28)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments to IFRS 9: Prepayment Features with Negative Compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IAS&amp;#160;28:&amp;#160;Long-term&amp;#160;Interests&amp;#160;in&amp;#160;Associates&amp;#160;and&amp;#160;Joint&amp;#160;Ventures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2015-2017 Cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;sup&gt;1&lt;/sup&gt; Shall apply for periods beginning&#13;on or after the effective date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company assessed the potential impact&#13;that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have&#13;a significant effect on the consolidated financial statements of the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 9 (Financial Instruments)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Classification&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The standard contains a new classification&#13;and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash&#13;flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair&#13;value and will increase retained earnings by approximately &amp;#8364;7 million before taxes as of January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Hedge Accounting&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new hedge accounting requirements will&#13;not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify&#13;for hedge accounting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Impairment&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new introduced impairment rules replace&#13;the &amp;#8216;incurred loss&amp;#8217; model in IAS 39 with a forward looking &amp;#8216;expected credit loss&amp;#8217; (&amp;#8220;ECL&amp;#8221;) model.&#13;This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted&#13;basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Arial, Helvetica, Sans-Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Cash and cash equivalents and financial assets: The Company determines the counterparties&amp;#8217; 12-month ECLs that result from possible default events within the 12 months after the reporting date based on the probability of default according to the Bloomberg database. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Arial, Helvetica, Sans-Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Trade receivables: The Company determines the counterparties&amp;#8217; lifetime ECLs that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Based on this methodology, incurred losses&#13;on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 15 (Revenue from contracts with customers)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 15 (Revenue from contracts with customers)&#13;establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue&#13;recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has&#13;not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Affimed has finalized the assessment of&#13;all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration&#13;and service agreements which is recognized according to the stage of completion.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 16 (Leases)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new standard specifies how to recognize,&#13;measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize&#13;assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed&#13;will be required to recognize &amp;#8220;right-of-use&amp;#8221; assets related to its premises rented and certain equipment leased. During&#13;the next year, the Company will gather and update information related to leases, assess extension and termination options as well&#13;as possible exemptions and identify the appropriate discount rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Information about reportable segment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is active in the discovery,&#13;pre-clinical and clinical development of antibodies based on its core technology. The activities are either conducted as own project&#13;development or for third party companies. Management of resources and reporting to the chief operating decision maker is based&#13;on the Company as a whole.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Geographic information&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The geographic information below analyzes&#13;the Company&amp;#8217;s revenue and non-current assets by country. In presenting the following information, segment revenue has been&#13;based on the geographic location of the customers and segment assets were based on the geographic location of the assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Discovery activities and research services&#13;are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from&#13;Heidelberg.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif"&gt;Revenues:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Germany&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;125&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;80&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Europe&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;711&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,397&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,236&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3.5pt"&gt;USA&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,725&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,911&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;694&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,562&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,314&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,010&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Non-current assets as of December 31:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Germany&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;618&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;957&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Czech Republic&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;259&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;221&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;877&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,178&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Major Customers&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the years ended December 31, 2015,&#13;2016 and 2017, the Company&amp;#8217;s revenue with two, three and four customers, respectively, exceeded 10% of total revenues.&lt;/p&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
    <ifrs-full:DisclosureOfRevenueExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Collaboration agreement with Amphivena&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"&gt;Until July 2016, Affimed was party&#13;to a collaboration with Amphivena. The purpose of the collaboration was the development of a product candidate for hematological&#13;malignancies. The collaboration included a License and Development Agreement between Amphivena and Affimed, which expired when&#13;Amphivena obtained the approval of an investigational new drug application (IND) from the FDA in July 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"&gt;Pursuant to the license and development&#13;agreement between Affimed and Amphivena, Affimed granted a license to intellectual property and agreed to perform certain services&#13;for Amphivena related to the development of a product candidate for hematological malignancies. In consideration for the research&#13;and development work that was performed, Amphivena was required to pay to Affimed service fees totaling approximately &amp;#8364;16&#13;million payable according to the achievement of milestones and phase progressions as described under the license and development&#13;agreement. Since the expiration of the agreement, the parties have been closing out the collaboration by exchanging documentation&#13;and transferring materials and third-party contracts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"&gt;During the years ended December&#13;31, 2015, 2016 and 2017, the Company recognized revenue upon achievement of milestones and for the performance of research and&#13;development services (net of Affimed&amp;#8217;s share in funding Amphivena) totaling &amp;#8364;4.8 million, &amp;#8364;3.4 million and &amp;#8364;0.2&#13;million, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Amphivena has obtained funding solely by&#13;issuing preferred stock and convertible notes to investors. Through December 31, 2017, Affimed participated in the financing of&#13;Amphivena with cash investments in stock of &amp;#8364;2.3 million and in convertible notes of &amp;#8364;0.3 million ( see note 13).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Collaboration agreement with The Leukemia&#13;&amp;#38; Lymphoma Society (LLS)&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Affimed is party to a collaboration with&#13;LLS to fund the development of a specific product candidate (TandAb). Under the terms of the agreement, LLS has agreed to contribute&#13;up to $4.4 million contingent upon the achievement of certain milestones.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the event that the research and development&#13;is successful, Affimed must proceed with commercialization of the licensed product. If Affimed decides for business reasons not&#13;to continue the commercialization, Affimed must at its option either repay the amount funded or grant a license to LLS to enable&#13;LLS to continue with the development program. In addition, LLS is entitled to receive royalties from Affimed based on the Company&amp;#8217;s&#13;future revenue from any licensed product, with the amount of royalties not to exceed three times the amount funded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In June 2016, the research funding agreement&#13;with LLS was amended to reflect a shift to the development of combination therapeutic approaches so that the milestones now relate&#13;primarily to the development of a combination therapy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the years ended December 31, 2015,&#13;2016 and 2017, the Company achieved several milestones and recognized revenue totaling &amp;#8364;1.6 million, &amp;#8364;0.4 million and&#13;&amp;#8364;0.2 million, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Research service agreements&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;AbCheck has entered into certain research&#13;service agreements. These research service agreements provide for non-refundable upfront technology access research funding or&#13;capacity reservation fees and milestone payments. The Company recognized revenue of &amp;#8364;1.1 million, &amp;#8364;2.4 million and&#13;&amp;#8364;1.6 million during the years ended December 31, 2015, 2016 and 2017, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
    <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Other income and expenses, net mainly comprises&#13;income from government grants for research and development projects of &amp;#8364;195 (2016: &amp;#8364;171, 2015: &amp;#8364;716).&lt;/p&gt;</ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
    <ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table shows the different&#13;types of expenses allocated to research and development costs for the years ended December 31:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Third-party services&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;15,386&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;20,170&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12,299&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Personnel expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,637&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,648&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,639&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Legal, consulting and patent expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;902&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;758&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;890&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Cost of Materials&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;902&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,028&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;994&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Amortization and depreciation&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;308&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;322&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;309&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Operating lease expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;267&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;297&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;345&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;606&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;957&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,013&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;22,008&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;30,180&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;21,489&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory>
    <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table shows the different&#13;types of expenses allocated to general and administrative costs for the years ended December 31:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Personnel expenses&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,658&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,729&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,521&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Legal, consulting and audit fees&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,468&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,210&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,945&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Operating lease expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;89&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;111&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;126&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,333&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,273&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,394&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,548&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,323&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,986&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table shows the items of&#13;employee benefits for the years ended December 31:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Wages and salaries&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,066&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,445&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,475&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Social security costs&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;583&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;807&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;931&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,649&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,252&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,406&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table shows the items of&#13;finance income and costs for the years ended December 31:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2015&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; text-align: left; padding-left: 3.5pt"&gt;Interest Perceptive Loan Agreement (see note 17)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;(703&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;(762&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;0&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Other finance cost Perceptive Loan Agreement (see note 17)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(242&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Interest SVB Loan Agreement (see note 17)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(41&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(690&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Foreign exchange differences&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,808&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;691&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,378&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Interest on certificates of deposit with maturities of more than three months (see note 14)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;122&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;77&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other finance income/finance costs&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;2&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;8&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Finance income/costs - net&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,104&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(230&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,983&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company did not incur any material&#13;income tax in the periods presented. As of December 31, 2017 deferred tax liabilities from temporary differences result mainly&#13;from borrowings (&amp;#8364;152; 2016: &amp;#8364;129) and in 2016 from other assets (&amp;#8364;121). Deferred tax assets from differences&#13;mainly resulting from trade and other receivables (&amp;#8364;259; 2016: &amp;#8364;292) and intangible assets (&amp;#8364;405; 2016: &amp;#8364;49)&#13;have not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities&#13;are available.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A reconciliation between actual income&#13;taxes and the expected tax benefit from the loss before tax multiplied by the Company's applicable tax rate is presented below&#13;for the years ended December 31:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Loss before tax&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(20,239&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(32,274&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(30,243&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Income tax benefit at tax rate of 29.825 %&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,036&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9,626&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9,020&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Adjustments due to impairment of deferred tax assets&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(6,251&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(8,747&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(9,036&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Permanent differences&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;199&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(948&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(93&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Adjustments for local tax rates&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;18&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;195&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Non deductible expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;163&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;154&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;16&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(165&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(38&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(82&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Income taxes&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;58&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;20&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In Germany, Affimed has tax losses carried&#13;forward of &amp;#8364;146.8 million (2016: &amp;#8364;117.4 million) for corporate income tax purposes and of &amp;#8364;146.4 million (2016:&#13;&amp;#8364;117.0 million) for trade tax purposes that are available indefinitely for offsetting against future taxable profits of that&#13;entity. Restrictions on the utilization of tax losses in case of a change of control of ownership in Affimed were mitigated by&#13;the enactment of the Economic Growth Acceleration Act (Wachstumsbeschleunigungsgesetz 2009). According to the provisions of this&#13;act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated&#13;by an excess of the fair value of equity for tax purposes above its carrying amount of the Company. The maximum amount of tax losses&#13;at risk of being lost due to ownership changes is approximately &amp;#8364;59 million. Deferred tax assets have not been recognized&#13;in respect of any losses carried forward as no sufficient taxable profits of Affimed are expected.&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The trade receivables as of December 31,&#13;2017 and 2016, of &amp;#8364;580 and &amp;#8364;970, respectively, are all due in the short-term, do not bear interest and are not impaired.&#13;As of December 31, 2017 and 2016, &amp;#8364;260 and &amp;#8364;219, respectively were overdue. Other receivables are all due short-term&#13;and mainly comprise receivables for research and development grants and other government subsidies of &amp;#8364;20 (2016: &amp;#8364;14),&#13;value-added tax receivables of &amp;#8364;186 (2016: &amp;#8364;642) and in 2016 receivables related to refunding of research and development&#13;costs (&amp;#8364;385).&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DisclosureOfOtherAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;On December&#13;27, 2017, the Company signed a note purchase agreement with Amphivena pursuant to which Amphivena issued the Company a convertible&#13;note with a principal amount of USD 0.35 million (&amp;#8364;0.29 million) and warrants to purchase 46,667 common shares of Amphivena&#13;with an exercise price of USD 0.01 per common share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The loan matures on December 27, 2018&#13;and bears interest at a rate of 6% per annum payable at maturity. The convertible note allows for a conversion into common shares&#13;of Amphivena during the term of the note at a conversion price which is contingent on various conversion triggers. If no conversion&#13;occurs prior to the maturity date the note will be converted into shares of Amphivena at a conversion price of USD 1.5 per common&#13;share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The contractual life of the warrants&#13;is five years or until the date of certain transactions, e.g. the transfer of the majority of the voting rights in Amphivena, the&#13;transfer of substantially all of the assets of Amphivena, or an initial public offering covering the offering and sale of Amphivena&amp;#8217;s&#13;common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company recognized the note and&#13;the warrants in the consolidated financial statements as of December 31, 2017 at their respective fair values.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherAssetsExplanatory>
    <ifrs-full:DisclosureOfFinancialAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"&gt;As of December&#13;31, 2016, financial assets consisted of U.S. Dollar denominated certificates of deposit with original maturities of more than three&#13;months.&lt;/p&gt;</ifrs-full:DisclosureOfFinancialAssetsExplanatory>
    <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the share capital&#13;of &amp;#8364;468 (2016: &amp;#8364;333) is composed of 46,791,352 (2016: 33,262,745) common shares with a par value of &amp;#8364;0.01.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the first quarter of 2017, the&#13;Company issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of&#13;approximately &amp;#8364;16 million. In connection with its at-the-market sales agreement, the Company issued 2,881,845 common&#13;shares for net proceeds of &amp;#8364;5.1 million in 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 20, 2017, the authorized share&#13;capital was increased from &amp;#8364;1,100 to &amp;#8364;2,196, consisting of 109,800,000 common shares and 109,800,000 cumulative preference&#13;shares, each with a par value of &amp;#8364;0.01 per share. As of December 31, 2017, 46,791,352 (December 31, 2016: 33,262,745) common&#13;shares have been issued and are outstanding. Preferred shareholders are entitled to receive a fixed dividend per year in arrears&#13;prior to any distributions to common shareholders. As of December 31, 2017, no preferred shares have been issued.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
    <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2014, an equity-settled share-based&#13;payment program was established by Affimed N.V. (ESOP 2014).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under this program, the Company granted&#13;awards to certain members of the Management Board, the Supervisory Board, non-employee consultants and employees. The awards vest&#13;in installments over three years and can be exercised up to 10 years after the grant date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Share based payments with employees&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company granted 1,778,095 ESOP 2014&#13;awards in 2016 and 1,436,075 awards in 2017 to employees, members of the Management Board and others providing similar services&#13;(certain consultants).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, 399,552 ESOP 2014 awards were&#13;cancelled or forfeited due to termination of employment (2016: 83,750), and no options were exercised. As of December 31, 2017,&#13;4,080,868 ESOP 2014 awards were outstanding (December 31, 2016: 3,044,345), 2,001,264 awards (December 31, 2016: 952,458) were&#13;vested. The options outstanding as of December 31, 2017 had an exercise price in the range of $1.80 to $13.47 (2016: $2.51 to $13.47)&#13;and weighted average remaining contractual life of 8.4 years (2016: 8.9 years).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;In&#13;2017, an expense of &amp;#8364;1.943 was recognized affecting research and development expenses (&amp;#8364;522) and general and administrative&#13;expenses (&amp;#8364;1,421). In 2016, an expense of &amp;#8364;3,545 was recognized affecting&lt;/font&gt; research and development expenses&#13;(&amp;#8364;1,178) and general and administrative expenses (&amp;#8364;2,367). In 2015, an expense of &amp;#8364;2,220 was recognized affecting&#13;research and development expenses (&amp;#8364;611) and general and administrative expenses (&amp;#8364;1,609).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of options was determined&#13;using the Black-Scholes valuation model. The significant inputs into the valuation model are as follows (weighted average):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; text-align: left; padding-left: 3.5pt"&gt;Fair value at grant date&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;1.99&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;1.10&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Share price at grant date&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;3.55&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Exercise price&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;3.57&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2.03&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected volatility&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;69&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;70&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected life&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5.90&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5.90&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected dividends&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Risk-free interest rate&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;-0.32&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;-0.23&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Expected volatility is estimated based&#13;on the observed daily share price returns of a peer group measured over a historic period equal to the expected life of the awards.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Share based payments with non-employees&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 27, 2017, Affimed entered into&#13;a consulting agreement for business development services with a non-employee consultant. Pursuant to the agreement the consultant&#13;received an initial award of 60,000 options to purchase common shares of Affimed N.V. with an exercise price of USD 1.25. These&#13;options only vest with the achievement of a future event as defined in the consulting agreement. Affimed recognizes the expense&#13;related to the awards on the conclusion of such an event which was not concluded as of December 31, 2017.&lt;/p&gt;</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Perceptive&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In July 2014, the Company entered into&#13;a loan agreement with an affiliate of Perceptive Advisors LLC (the &amp;#8220;Perceptive loan&amp;#8221;), drawing an amount of $5.5 million.&#13;Finance costs included interest, an arrangement fee and 106,250 warrants convertible into common shares of the Company with a strike&#13;price of $8.80. Upon initial recognition, the fair value of the warrant of &amp;#8364;613 was recognized in equity, net of tax of &amp;#8364;183.&#13;Fair value was determined using the Black-Scholes-Merton formula, with an expected volatility of 65% and an expected time of six&#13;years to exercise of the warrant. The contractual maturity of the warrant is ten years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2016 the Company repaid all outstanding&#13;amounts under the Perceptive loan. The Company recognized early repayment fees of &amp;#8364;110 and extinguishment losses of &amp;#8364;132.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The loan was measured at amortized cost&#13;using the effective interest method. In 2016, interest costs of &amp;#8364;762 (2015: &amp;#8364;703) and foreign exchange losses of &amp;#8364;86&#13;(2015: &amp;#8364;527) were recognized in profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Silicon Valley Bank&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 30, 2016, the Company entered&#13;into a loan agreement with Silicon Valley Bank (the &amp;#8220;SVB loan&amp;#8221;) which provides the Company with a senior secured term&#13;loan facility for up to &amp;#8364;10.0 million, which agreement was amended in May 2017 to provide that such amount would be available&#13;in three tranches. In December 2016, the Company drew an initial tranche of &amp;#8364;5.0 million and in May 2017, a second tranche&#13;of &amp;#8364;2.5 million; the availability of a third tranche of &amp;#8364;2.5 million expired in September 2017 with such amount remaining&#13;undrawn.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance costs comprise the interest rate&#13;of one-month EURIBOR plus an applicable margin of 5.5%, with a floor of 5.5%, related one-time legal and arrangement fees of &amp;#8364;236&#13;and a final payment fee equal to 10% of the total principal amount to be paid with the last instalment. Pursuant to the loan agreement,&#13;the Company also granted the lender 166,297 and 53,395 warrants with an exercise price of $2.00 and $2.30 per share, respectively.&#13;Each warrant can be used to purchase common shares of Affimed at the respective exercise price for a period of ten years from the&#13;date of grant. The fair value of the warrants of &amp;#8364;192 less deferred taxes and transaction costs of &amp;#8364;81 and &amp;#8364;8,&#13;respectively, was recorded as an addition to capital reserves in the equity of Affimed. The fair value of the warrants was determined&#13;using the Black-Scholes-Merton valuation model, with an expected volatility of 75-80% and an expected exercise period of five years&#13;to exercise of the warrant. The contractual maturity of the warrants is ten years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company adjusted the carrying&#13;amount of its financial liability and recorded a gain of &amp;#8364;0.2 million upon the drawing of the second tranche due to a change&#13;in timing of the cash flows under the original terms of the existing credit facility.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The loan is secured by a pledge of 100%&#13;of Company&amp;#8217;s ownership interest in Affimed GmbH, all intercompany claims owed to Affimed N.V. by its subsidiaries, and collateral&#13;agreements for all bank accounts, inventory, trade receivables and other receivables of Affimed N.V. and Affimed GmbH recognized&#13;in the consolidated financial statements with the following book values:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;Book value as of December 31, 2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;Book value as of December 31, 2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Consolidated financial statements&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;thereof assets pledged&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Consolidated financial statements&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;thereof assets pledged&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 40%; text-align: left; padding-left: 3.5pt"&gt;Leasehold improvements and equipment&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;822&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;542&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;1,113&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;891&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Inventories&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;197&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;177&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;241&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;219&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Trade and other receivables&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;2,255&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,217&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,102&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;328&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Other assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;516&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;800&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;292&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Financial assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;9,487&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;9,487&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Cash and cash equivalents&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;35,407&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;34,674&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;39,837&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;38,726&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;48,684&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;46,096&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;43,093&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;40,457&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and 2016, the fair&#13;value of the liability did not differ significantly from its carrying amount (&amp;#8364;7,169 and &amp;#8364;4,590). The loan has a maturity&#13;date of May 31, 2020, and repayment started in December 2017 with amortized payments of principal in equal monthly installments.&#13;As of December 31, 2017, &amp;#8364;3,083 (2016: &amp;#8364;973) of such amount was classified as current liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Trade and other payables comprise trade&#13;payables of &amp;#8364;3,380 (2016: &amp;#8364;4,506). Other payables mainly comprise payroll and employee related liabilities for withholding&#13;taxes and social security contributions of &amp;#8364;514 (2016: &amp;#8364;471) and payables due to employees for outstanding bonus, unused&#13;holidays and other accruals. Other payables are normally settled within 30 days.&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss per common share is calculated by&#13;dividing the loss of the period by the weighted average number of common shares outstanding during the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Net loss&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(20,239&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(32,216&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(30,223&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Weighted number of common shares outstanding&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;28,477,438&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;33,259,505&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;43,746,073&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Loss per share in &amp;#8364; per share&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.71&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.97&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.69&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No instruments had a dilutive effect.&lt;/p&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
    <ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 21.3pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Lease and other commitments&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has entered into rental agreements&#13;for premises as well as into leases for vehicles and the use of licenses. These agreements have an average non-cancellable term&#13;of between one and four years with renewal options included in some contracts. In 2017, lease expenses of &amp;#8364;472 and license&#13;fees of &amp;#8364;174 have been recognized in consolidated statement of comprehensive income (2016: &amp;#8364;409 and &amp;#8364;405; 2015:&#13;&amp;#8364;356 and &amp;#8364;278).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future minimum lease payment obligations&#13;under non-cancellable operating leases as of the reporting date are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; text-align: left; padding-left: 3.5pt"&gt;Within one year&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;700&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;470&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Between one and five years&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;541&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;363&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,241&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;833&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Contingencies&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Affimed has entered into various license&#13;agreements that contingently trigger payments upon achievement of certain milestones and royalty payments upon commercialization&#13;of a product in the future.&lt;/p&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.05pt"&gt;&lt;/td&gt;&lt;td style="width: 14.15pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Shareholders&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, no shareholder&#13;(December 31, 2016: one shareholder) holds more than 20% of the voting rights.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.05pt"&gt;&lt;/td&gt;&lt;td style="width: 14.15pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Transactions with key management personnel&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The compensation of managing directors&#13;and other key management personnel comprised of the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Short-term employee benefits&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,633&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,879&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,538&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Termination benefits&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;430&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Share-based payments&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,474&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,292&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,379&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,107&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,601&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,917&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Remuneration of Affimed&amp;#8217;s managing&#13;directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive supplementary&#13;benefits such as fringe benefits and allowances. In the case of an early termination, the managing directors receive  severance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Compensation for other key management personnel&#13;comprises fixed and variable components and share-based payment awards.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The supervisory directors of Affimed N.V.&#13;received compensation for their services on the supervisory board of &amp;#8364;375 (2016: &amp;#8364;350; 2015: &amp;#8364;296). In 2017,&#13;the Company recognized expenses for share-based payments for supervisory board members of &amp;#8364;144 (2016: &amp;#8364;381, 2015: &amp;#8364;478).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Selected managing directors and supervisory&#13;directors entered into service and consulting agreements with the Company:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Dr. Ulrich Grau is a significant shareholder&#13;and Chairman of the Board of Directors of i-novion Inc., which was engaged by the Company to conduct preclinical services. In 2016,&#13;i-novion Inc. received related payments of &amp;#8364;86.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Jens-Peter Marschner rendered consulting&#13;services amounting to &amp;#8364;11 in 2017 and &amp;#8364;29 in 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table provides the total&#13;amounts of outstanding balances related to key management personnel:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5" style="font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Outstanding balances&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31, 2017&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Thomas Hecht&lt;/td&gt;&lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;23&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;19&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Richard Stead&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;14&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Berndt Modig&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Ferdinand Verdonck&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Ulrich Grau&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;17&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;17&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Bernhard Ehmer&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;11&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Jens-Peter Marschner&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Financial risk management objectives and policies&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s principal financial&#13;instruments comprise cash and cash equivalents, certificates of deposit at commercial banks, a convertible loan, warrants and investor&#13;loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Company's operations.&#13;The Company has various other financial assets and liabilities such as trade and other receivables and trade and other payables,&#13;which arise directly from its operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The main risks arising from the Company's&#13;financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized&#13;below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Credit risk&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s financial assets comprise&#13;to a large extent cash and cash equivalents. In addition, financial assets include certificates of deposit, a convertible loan,&#13;warrants and trade and other receivables. The total carrying amount of cash and cash equivalents (&amp;#8364;39.8 million, 2016: &amp;#8364;35.4&#13;million), trade and other receivables (&amp;#8364;1.1 million, 2016: &amp;#8364;2.3 million), convertible note and warrants of Amphivena&#13;(&amp;#8364;0.3 million) and in 2016, certificates of deposit (&amp;#8364;9.5 million) represents the maximum credit exposure of &amp;#8364;41.2&#13;million (2016: &amp;#8364;47.2 million).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cash and cash equivalents and certificates&#13;of deposit are held with banks, which are rated BBB+ to AA- based on Standard &amp;#38; Poor&amp;#8217;s and Moody&amp;#8217;s.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Interest rate risk&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s interest rate risk&#13;arises from cash accounts and long-term borrowings at variable rates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Affimed entered into the SVB loan pursuant&#13;to which the Company borrowed &amp;#8364;7.5 million with a variable interest rate of an annual rate of 5.5% plus one-month EURIBOR,&#13;with EURIBOR deemed to equal zero percent if EURIBOR is less than zero percent. The Company does not expect the EURIBOR to exceed&#13;the floor of 0% within the foreseeable future, and considers the interest risk to be low.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Market interest rates on cash and cash&#13;equivalents as well as on term deposits were low in 2017, resulting in interest income of &amp;#8364;93 in 2017. A shift in interest&#13;rates (increase or decrease) would not have a material impact on the loss of the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Other price risks&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company holds warrants and a convertible&#13;loan of Amphivena. The fair value of the convertible loan and the warrants depends on the share price. The total exposure of the&#13;Company amounts to &amp;#8364;292.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Foreign currency risk&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Foreign exchange risk arises when future&#13;commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&amp;#8217;s functional&#13;currency.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s entities are exposed&#13;to Czech Koruna (CZK) and US Dollars (USD). The net exposure as of December 31, 2017 was &amp;#8364;18,768 (2016: &amp;#8364;18,974) and&#13;mainly relates to US Dollars.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, if the Euro had weakened/strengthened&#13;by 10% against the US dollar with all other variables held constant, the loss would have been &amp;#8364;1,877 (2016: &amp;#8364;1,897)&#13;higher/lower, mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated financial assets. The&#13;Company considers a shift in the exchange rates of 10% as a realistic scenario.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss is less sensitive to movement in exchange&#13;rates shifts in 2017 than in 2016 because of the decreased volume of US dollar-denominated transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following significant exchange rates&#13;have been applied during the year:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 3.5pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 46%; padding-left: 3.5pt; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK - Average Rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03666&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03799&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 3.5pt; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK - Spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03701&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03701&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.03916&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 3.5pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 3.5pt; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD - Average Rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.90190&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.90404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.88519&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13; 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margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Liquidity risk is the risk that the Company&#13;will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by&#13;delivering cash. The Company&amp;#8217;s approach to managing liquidity is to ensure, as far as possible, that it will always have&#13;sufficient liquidity to meet its liabilities when due.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company continually monitors its risk&#13;of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities.&#13;The supervisory board undertakes regular reviews of the budget.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2016, 2017 and February 2018, Affimed&#13;raised significant funding that it estimates will enable the Company to fund operating expenses and capital expenditure requirements&#13;at least until the fourth quarter of 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has entered into an at-the-market&#13;sales agreement with Cowen &amp;#38; Company, LLC under which more than &amp;#8364;5 million in net proceeds has been raised (see note&#13;15).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the first quarter of 2017, the Company&#13;issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of approximately &amp;#8364;16&#13;million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 30, 2016, the Company entered&#13;into a loan agreement with Silicon Valley Bank (the &amp;#8220;SVB loan&amp;#8221;) and drew the initial tranche of &amp;#8364;5.0 million&#13;in December 2016 and a second tranche of &amp;#8364;2.5 million in May 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In February 2018, the Company issued 13,225,000&#13;common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately &amp;#8364;19.7 million.&#13;In addition, in February 2018 the Company issued 2,373,716 common shares for net proceeds of approximately &amp;#8364;3.8 million in&#13;connection with its at-the-market sales agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company expects to require additional&#13;funding to complete the development of the existing product candidates. In addition, the Company expects to require additional&#13;capital to commercialize the products if regulatory approval is received.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 38px; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;(vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Capital management&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The primary objective of the Company's&#13;capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities&#13;when due.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0"&gt;The Company manages its capital structure primarily through&#13;equity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In February 2018, the Company issued 13,225,000&#13;common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately &amp;#8364;19.7 million.&lt;/p&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company provides research and development&#13;services to third parties based on both Company and third party owned intellectual property. Such services are performed on a &amp;#8220;best&#13;efforts&amp;#8221; basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered&#13;into collaborations with other companies that provide the Company with funding or other resources such as access to technologies.&#13;From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Collaboration and license agreements are&#13;evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the&#13;Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and&#13;development services. Accordingly, the results under the Company&amp;#8217;s collaboration and license agreements have not qualified&#13;as separate units of accounting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from collaborative or other research&#13;service agreements is recognized according to the stage of completion.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Milestone payments are contingent upon&#13;the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting&#13;specific requirements laid out in the respective agreement. Consideration that is contingent upon achievement of a milestone is&#13;recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from&#13;the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement.&#13;For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with&#13;the Company&amp;#8217;s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative&#13;to all results and payment terms subject to the respective agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Non-refundable upfront research funding&#13;that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development&#13;services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period&#13;of performance.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs incurred related to research activities&#13;are expensed in the period incurred. Costs incurred on development projects are recognized as intangible assets beginning on the&#13;date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Company&#13;considering its technological and commercial feasibility. Given the current stage of the development of the Company&amp;#8217;s product&#13;candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents&#13;are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when&#13;incurred as long as the research and development project concerned does not meet the criteria for capitalization.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Short-term employee benefits&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Short-term employee benefit obligations&#13;are measured on an undiscounted basis and are expensed as the related service is provided.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A liability is recognized for the amount&#13;expected to be paid under a short-term cash bonus, if (a) the Company has a present legal or constructive obligation to pay this&#13;amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Share-based payment transactions&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s share-based payment&#13;awards outstanding as of December 31, 2016 and 2017, are classified as equity-settled share-based plans. The fair value of share-based&#13;equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period&#13;with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services&#13;are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based&#13;on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns,&#13;dividends, the risk-free interest rate and the time to maturity of the option. The number of stock options expected to vest is&#13;estimated at each measurement date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company receives certain government&#13;grants that support its research effort in specific projects. These grants generally provide for reimbursement of approved costs&#13;incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research&#13;and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the&#13;grant and the collectability of the receivable is reasonably assured.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Government grants relating to costs are&#13;deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate.&#13;When the cash in relation to recognized government grants is not yet received the amount is included as a receivable on the statement&#13;of financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes income from government&#13;grants under &amp;#8216;Other income - net&amp;#8217; in the consolidated statement of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants>
    <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Payments made under operating leases are&#13;recognized in profit or loss on a straight-line basis over the term of the lease.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance income comprises interest income&#13;from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance costs comprise interest expense&#13;on borrowings and, in 2016, includes losses from early extinguishment of debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A financial instrument is any contract&#13;that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Non-derivative financial assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s non-derivative financial&#13;assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original&#13;maturities of more than three months.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loans and receivables are non-derivative&#13;financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets&#13;and are subsequently carried at amortized cost using the effective interest method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents comprise cash&#13;balances and call deposits with original maturities of three months or less.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Non-derivative financial liabilities&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s classes of financial&#13;liabilities are borrowings and trade and other payables. The Company initially recognizes non-derivative financial liabilities&#13;on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Company&#13;derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Compound financial instruments&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company entered into certain loan agreements&#13;pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note&#13;17). The number of shares to be issued does not vary with changes in their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The liability component of the loans was&#13;recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially&#13;at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component.&#13;Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The&#13;equity component is not re-measured subsequent to initial recognition.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company entered into a convertible&#13;note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion&#13;feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on&#13;a recurring basis in &amp;#8216;Finance income / (costs) &amp;#8211; net.&amp;#8217;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company acquired warrants to purchase&#13;common shares of Amphivena Therapeutics Inc. (&amp;#8220;Amphivena&amp;#8221;) at a specified price (see note 13). Initially, the warrants&#13;were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in &amp;#8216;Finance&#13;income / (costs) &amp;#8211; net.&amp;#8217;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trade and other receivables&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Trade and other receivables are assessed&#13;at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are&#13;impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such&#13;loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events&#13;include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal&#13;payments, the probability that they will enter bankruptcy or other financial reorganization.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All receivables are assessed for specific&#13;impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent&#13;event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No&#13;impairments or reversals of impairments were recognized in 2015, 2016 or 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Intangible assets and leasehold improvements and equipment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Assets that are subject to depreciation&#13;or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be&#13;recoverable. An impairment loss is recognized as the amount by which an asset&amp;#8217;s carrying amount exceeds its recoverable amount.&#13;The recoverable amount is the higher of an asset&amp;#8217;s fair value less costs of disposal and value in use. Non- financial assets&#13;that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes comprise current and deferred&#13;tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly&#13;in equity or in other comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Current tax is the expected tax payable&#13;or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date,&#13;and adjustments to taxes payable in respect of previous years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax is recognized in respect of&#13;temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used&#13;for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction&#13;which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting&#13;nor taxable profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax is measured at tax rates that&#13;are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively&#13;enacted by the reporting date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred tax assets and liabilities are&#13;presented net if there is a legally enforceable right to offset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A deferred tax asset is recognized for&#13;unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits&#13;will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to&#13;the extent that it is no longer probable that the related tax benefit will be realized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All assets and liabilities for which fair&#13;value is recognized in the consolidated financial statements are organized in accordance with the following fair value hierarchy,&#13;based on the lowest level input parameter that is significant on the whole for fair value measurement:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Level 1 &amp;#8211; Prices&#13;for identical assets or liabilities quoted in active markets (non-adjusted)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Level 2 &amp;#8211; Measurement&#13;procedures, in which the lowest level input parameter significant on the whole for fair value measurement is directly or indirectly&#13;observable for on the market&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Level 3 &amp;#8211; Measurement&#13;procedures, in which the lowest level input parameter significant on the whole for fair value measurement is not directly or indirectly&#13;observable for on the market&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The carrying amount of all trade and other&#13;receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the&#13;fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement&#13;of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value&#13;of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss per common share is calculated by&#13;dividing the loss of the period by the weighted average number of common shares outstanding during the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has granted warrants under&#13;certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive&#13;effect; no instruments actually had a dilutive effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of the consolidated financial&#13;statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application&#13;of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these&#13;estimates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Estimates and underlying assumptions are&#13;reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised&#13;and in any future periods affected.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In preparing these financial statements,&#13;the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Share-based payments&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of stock options issued&#13;by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input&#13;parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends,&#13;the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans&#13;is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity.&#13;The number of stock options expected to vest is estimated at each measurement date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Revenue recognition &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Elements of consideration in collaboration&#13;and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally,&#13;the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized&#13;in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term&#13;of the research service agreement on a straight-line basis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company estimates that the achievement&#13;of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved.&#13;If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Accrued expenses&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company estimates its accrued expenses&#13;reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service&#13;performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the&#13;actual cost. The majority of Affimed&amp;#8217;s service providers invoice monthly in arrears for services performed or when contractual&#13;milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial&#13;statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates&#13;with the service providers and makes adjustments as necessary.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No new accounting standards adopted in&#13;2017 had a material impact on Affimed&amp;#8217;s consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
    <ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following new standards and amendments&#13;to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 45%; padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Standard / Amendment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 45%; padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Effective Date &lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 9 Financial Instruments (2014)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS 16 Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Clarifications to IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IFRS&amp;#160;2:&amp;#160;Classification&amp;#160;and&amp;#160;Measurement&amp;#160;of&amp;#160;Share-based&amp;#160;Payment&amp;#160;Transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2014-2016 Cycle (IFRS 1, IAS 28)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments to IFRS 9: Prepayment Features with Negative Compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IAS&amp;#160;28:&amp;#160;Long-term&amp;#160;Interests&amp;#160;in&amp;#160;Associates&amp;#160;and&amp;#160;Joint&amp;#160;Ventures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2015-2017 Cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;sup&gt;1&lt;/sup&gt; Shall apply for periods beginning&#13;on or after the effective date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company assessed the potential impact&#13;that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have&#13;a significant effect on the consolidated financial statements of the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 9 (Financial Instruments)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Classification&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The standard contains a new classification&#13;and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash&#13;flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair&#13;value and will increase retained earnings by approximately &amp;#8364;7 million before taxes as of January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Hedge Accounting&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new hedge accounting requirements will&#13;not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify&#13;for hedge accounting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Impairment&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new introduced impairment rules replace&#13;the &amp;#8216;incurred loss&amp;#8217; model in IAS 39 with a forward looking &amp;#8216;expected credit loss&amp;#8217; (&amp;#8220;ECL&amp;#8221;) model.&#13;This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted&#13;basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Arial, Helvetica, Sans-Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Cash and cash equivalents and financial assets: The Company determines the counterparties&amp;#8217; 12-month ECLs that result from possible default events within the 12 months after the reporting date based on the probability of default according to the Bloomberg database. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Arial, Helvetica, Sans-Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/120% Times New Roman, Times, Serif"&gt;Trade receivables: The Company determines the counterparties&amp;#8217; lifetime ECLs that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Based on this methodology, incurred losses&#13;on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 15 (Revenue from contracts with customers)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 15 (Revenue from contracts with customers)&#13;establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue&#13;recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has&#13;not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Affimed has finalized the assessment of&#13;all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration&#13;and service agreements which is recognized according to the stage of completion.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;IFRS 16 (Leases)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new standard specifies how to recognize,&#13;measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize&#13;assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed&#13;will be required to recognize &amp;#8220;right-of-use&amp;#8221; assets related to its premises rented and certain equipment leased. During&#13;the next year, the Company will gather and update information related to leases, assess extension and termination options as well&#13;as possible exemptions and identify the appropriate discount rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations>
    <AFMD:SummaryOfNewStandardsAndInterpretationsNotYetAdoptedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 45%; padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Standard / Amendment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 45%; padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Effective Date &lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;IFRS 9 Financial Instruments (2014)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;IFRS 16 Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Clarifications to IFRS 15 Revenue from Contracts with Customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IFRS&amp;#160;2:&amp;#160;Classification&amp;#160;and&amp;#160;Measurement&amp;#160;of&amp;#160;Share-based&amp;#160;Payment&amp;#160;Transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2014-2016 Cycle (IFRS 1, IAS 28)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Amendments to IFRS 9: Prepayment Features with Negative Compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Amendments&amp;#160;to&amp;#160;IAS&amp;#160;28:&amp;#160;Long-term&amp;#160;Interests&amp;#160;in&amp;#160;Associates&amp;#160;and&amp;#160;Joint&amp;#160;Ventures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Annual Improvements to IFRS Standards 2015-2017 Cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 11.65pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;January 1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;sup&gt;1&lt;/sup&gt; Shall apply for periods beginning&#13;on or after the effective date.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</AFMD:SummaryOfNewStandardsAndInterpretationsNotYetAdoptedTableTextBlock>
    <AFMD:SummaryOfGeographicInformationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif"&gt;Revenues:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Germany&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;125&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;80&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Europe&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;711&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,397&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,236&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3.5pt"&gt;USA&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,725&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,911&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;694&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,562&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,314&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,010&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Non-current assets as of December 31:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Germany&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;618&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;957&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Czech Republic&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;259&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;221&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;877&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,178&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfGeographicInformationTableTextBlock>
    <AFMD:SummaryOfResearchAndDevelopmentExpensesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Third-party services&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;15,386&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;20,170&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12,299&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Personnel expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,637&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,648&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,639&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Legal, consulting and patent expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;902&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;758&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;890&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Cost of Materials&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;902&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,028&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;994&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Amortization and depreciation&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;308&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;322&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;309&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Operating lease expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;267&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;297&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;345&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;606&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;957&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,013&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;22,008&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;30,180&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;21,489&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfResearchAndDevelopmentExpensesTableTextBlock>
    <AFMD:SummaryOfGeneralAndAdministrativeExpensesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Personnel expenses&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,658&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,729&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,521&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Legal, consulting and audit fees&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,468&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,210&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,945&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Operating lease expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;89&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;111&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;126&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,333&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,273&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,394&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,548&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,323&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,986&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfGeneralAndAdministrativeExpensesTableTextBlock>
    <AFMD:SummaryOfEmployeeBenefitsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Wages and salaries&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,066&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,445&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;7,475&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Social security costs&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;583&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;807&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;931&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;5,649&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,252&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8,406&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfEmployeeBenefitsTableTextBlock>
    <AFMD:SummaryOfFinanceIncomeAndFinanceCostsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2015&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; text-align: left; padding-left: 3.5pt"&gt;Interest Perceptive Loan Agreement (see note 17)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;(703&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;(762&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;0&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Other finance cost Perceptive Loan Agreement (see note 17)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(242&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Interest SVB Loan Agreement (see note 17)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(41&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(690&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Foreign exchange differences&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,808&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;691&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,378&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Interest on certificates of deposit with maturities of more than three months (see note 14)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;122&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;77&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other finance income/finance costs&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;2&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;8&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Finance income/costs - net&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,104&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(230&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,983&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfFinanceIncomeAndFinanceCostsTableTextBlock>
    <AFMD:SummaryOfIncomeTaxReconciliationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Loss before tax&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(20,239&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(32,274&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(30,243&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Income tax benefit at tax rate of 29.825 %&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;6,036&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9,626&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9,020&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Adjustments due to impairment of deferred tax assets&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(6,251&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(8,747&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(9,036&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Permanent differences&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;199&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(948&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(93&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Adjustments for local tax rates&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;18&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;195&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Non deductible expenses&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;163&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;154&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;16&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Other&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(165&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(38&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(82&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Income taxes&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;58&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;20&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfIncomeTaxReconciliationTableTextBlock>
    <AFMD:SummaryOfAssumptionsOfOptionsGrantedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; text-align: left; padding-left: 3.5pt"&gt;Fair value at grant date&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;1.99&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;1.10&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Share price at grant date&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;3.55&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Exercise price&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;3.57&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2.03&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected volatility&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;69&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;70&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected life&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5.90&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5.90&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Expected dividends&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Risk-free interest rate&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;-0.32&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;-0.23&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfAssumptionsOfOptionsGrantedTableTextBlock>
    <AFMD:SummaryOfFairValueOfAssetsPledgedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;Book value as of December 31, 2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;Book value as of December 31, 2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Consolidated financial statements&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;thereof assets pledged&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Consolidated financial statements&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;thereof assets pledged&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 11pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 40%; text-align: left; padding-left: 3.5pt"&gt;Leasehold improvements and equipment&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;822&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;542&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;1,113&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;891&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;Inventories&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;197&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;177&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;241&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;219&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Trade and other receivables&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;2,255&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,217&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,102&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;328&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Other assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;516&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;800&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;292&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 3.5pt"&gt;Financial assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;9,487&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;9,487&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Cash and cash equivalents&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;35,407&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;34,674&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;39,837&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;38,726&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;48,684&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;46,096&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;43,093&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;40,457&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfFairValueOfAssetsPledgedTableTextBlock>
    <AFMD:SummaryOfEarningsPerShareTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Net loss&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(20,239&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(32,216&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(30,223&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Weighted number of common shares outstanding&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;28,477,438&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;33,259,505&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;43,746,073&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt"&gt;Loss per share in &amp;#8364; per share&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.71&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.97&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;(0.69&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfEarningsPerShareTableTextBlock>
    <AFMD:SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2016&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; text-align: left; padding-left: 3.5pt"&gt;Within one year&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;700&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;470&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Between one and five years&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;541&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;363&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-size: 11pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,241&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;833&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock>
    <AFMD:SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Short-term employee benefits&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,633&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,879&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 5%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,538&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Termination benefits&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;430&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"&gt;Share-based payments&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,474&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,292&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;1,379&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;3,107&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;4,601&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2,917&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock>
    <AFMD:SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5" style="font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Outstanding balances&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31, 2017&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Thomas Hecht&lt;/td&gt;&lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;23&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;19&lt;/td&gt;&lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Richard Stead&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;14&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;12&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Berndt Modig&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;8&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;9&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Ferdinand Verdonck&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Ulrich Grau&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;17&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;17&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Bernhard Ehmer&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;11&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt"&gt;Jens-Peter Marschner&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;2&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;0&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</AFMD:SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock>
    <AFMD:SummaryOfExchangeRatesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2016&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;2017&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CZK or USD/EUR&lt;/font&gt;&lt;/td&gt;&lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/BasisOfPreparationConsolidatedFinancialStatements" id="BasisOfPreparationConsolidatedFinancialStatements">
	  <link:definition>00000007 - Disclosure - 2. Basis of Preparation &#8211; Consolidated Financial Statements</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SignificantAccountingPolicies" id="SignificantAccountingPolicies">
	  <link:definition>00000008 - Disclosure - 3. Significant Accounting Policies</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SegmentReporting" id="SegmentReporting">
	  <link:definition>00000009 - Disclosure - 4. Segment Reporting</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/Revenue" id="Revenue">
	  <link:definition>00000010 - Disclosure - 5. Revenue</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/OtherIncomeAndExpensesNet" id="OtherIncomeAndExpensesNet">
	  <link:definition>00000011 - Disclosure - 6. Other Income and Expenses &#8211; Net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/ResearchAndDevelopmentExpenses" id="ResearchAndDevelopmentExpenses">
	  <link:definition>00000012 - Disclosure - 7. Research and Development Expenses</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/GeneralAndAdministrativeExpenses" id="GeneralAndAdministrativeExpenses">
	  <link:definition>00000013 - Disclosure - 8. General and Administrative Expenses</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/EmployeeBenefits" id="EmployeeBenefits">
	  <link:definition>00000014 - Disclosure - 9. Employee Benefits</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/FinanceIncomeAndFinanceCosts" id="FinanceIncomeAndFinanceCosts">
	  <link:definition>00000015 - Disclosure - 10. Finance Income and Finance Costs</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/IncomeTaxes" id="IncomeTaxes">
	  <link:definition>00000016 - Disclosure - 11. Income Taxes</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/TradeAndOtherReceivables" id="TradeAndOtherReceivables">
	  <link:definition>00000017 - Disclosure - 12. Trade and Other Receivables</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/OtherAssets" id="OtherAssets">
	  <link:definition>00000018 - Disclosure - 13. Other assets</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/FinancialAssets" id="FinancialAssets">
	  <link:definition>00000019 - Disclosure - 14. Financial Assets</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/Equity" id="Equity">
	  <link:definition>00000020 - Disclosure - 15. Equity</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/ShareBasedPayments" id="ShareBasedPayments">
	  <link:definition>00000021 - Disclosure - 16. Share Based Payments</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/Borrowings" id="Borrowings">
	  <link:definition>00000022 - Disclosure - 17. Borrowings</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/TradeAndOtherPayables" id="TradeAndOtherPayables">
	  <link:definition>00000023 - Disclosure - 18. Trade and Other Payables</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/LossPerShare" id="LossPerShare">
	  <link:definition>00000024 - Disclosure - 19. Loss Per Share</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/OperatingLeasesAndOtherCommitmentsAndContingencies" id="OperatingLeasesAndOtherCommitmentsAndContingencies">
	  <link:definition>00000025 - Disclosure - 20. Operating Leases and Other Commitments and Contingencies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/RelatedParties" id="RelatedParties">
	  <link:definition>00000026 - Disclosure - 21. Related Parties</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/FinancialRiskManagement" id="FinancialRiskManagement">
	  <link:definition>00000027 - Disclosure - 22. Financial Risk Management</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SubsequentEvents" id="SubsequentEvents">
	  <link:definition>00000028 - Disclosure - 23. Subsequent Events</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SignificantAccountingPoliciesPolicies" id="SignificantAccountingPoliciesPolicies">
	  <link:definition>00000029 - Disclosure - 3. Significant Accounting Policies (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SignificantAccountingPoliciesTables" id="SignificantAccountingPoliciesTables">
	  <link:definition>00000030 - Disclosure - 3. Significant Accounting Policies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/SegmentReportingTables" id="SegmentReportingTables">
	  <link:definition>00000031 - Disclosure - 4. Segment Reporting (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/ResearchAndDevelopmentExpensesTables" id="ResearchAndDevelopmentExpensesTables">
	  <link:definition>00000032 - Disclosure - 7. Research and Development Expenses (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/GeneralAndAdministrativeExpensesTables" id="GeneralAndAdministrativeExpensesTables">
	  <link:definition>00000033 - Disclosure - 8. General and Administrative Expenses (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/EmployeeBenefitsTables" id="EmployeeBenefitsTables">
	  <link:definition>00000034 - Disclosure - 9. Employee Benefits (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/FinanceIncomeAndFinanceCostsTables" id="FinanceIncomeAndFinanceCostsTables">
	  <link:definition>00000035 - Disclosure - 10. Finance Income and Finance Costs (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/IncomeTaxesTables" id="IncomeTaxesTables">
	  <link:definition>00000036 - Disclosure - 11. Income Taxes (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/ShareBasedPaymentsTables" id="ShareBasedPaymentsTables">
	  <link:definition>00000037 - Disclosure - 16. Share Based Payments (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/BorrowingsTables" id="BorrowingsTables">
	  <link:definition>00000038 - Disclosure - 17. Borrowings (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/LossPerShareTables" id="LossPerShareTables">
	  <link:definition>00000039 - Disclosure - 19. Loss Per Share (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/OperatingLeasesAndOtherCommitmentsAndContingenciesTables" id="OperatingLeasesAndOtherCommitmentsAndContingenciesTables">
	  <link:definition>00000040 - Disclosure - 20. Operating Leases and Other Commitments and Contingencies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/RelatedPartiesTables" id="RelatedPartiesTables">
	  <link:definition>00000041 - Disclosure - 21. Related Parties (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/FinancialRiskManagementTables" id="FinancialRiskManagementTables">
	  <link:definition>00000042 - Disclosure - 22. Financial Risk Management (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/SignificantAccountingPoliciesDetails" id="SignificantAccountingPoliciesDetails">
	  <link:definition>00000043 - Disclosure - 3. Significant Accounting Policies (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/SegmentReportingDetails" id="SegmentReportingDetails">
	  <link:definition>00000044 - Disclosure - 4. Segment Reporting (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/RevenueDetailsNarrative" id="RevenueDetailsNarrative">
	  <link:definition>00000045 - Disclosure - 5. Revenue (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/OtherIncomeAndExpensesNetDetailsNarrative" id="OtherIncomeAndExpensesNetDetailsNarrative">
	  <link:definition>00000046 - Disclosure - 6. Other Income and Expenses &#8211; Net (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/ResearchAndDevelopmentExpensesDetails" id="ResearchAndDevelopmentExpensesDetails">
	  <link:definition>00000047 - Disclosure - 7. Research and Development Expenses (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/GeneralAndAdministrativeExpensesDetails" id="GeneralAndAdministrativeExpensesDetails">
	  <link:definition>00000048 - Disclosure - 8. General and Administrative Expenses (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/EmployeeBenefitsDetails" id="EmployeeBenefitsDetails">
	  <link:definition>00000049 - Disclosure - 9. Employee Benefits (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/EmployeeBenefitsDetailsNarrative" id="EmployeeBenefitsDetailsNarrative">
	  <link:definition>00000050 - Disclosure - 9. Employee Benefits (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/FinanceIncomeAndFinanceCostsDetails" id="FinanceIncomeAndFinanceCostsDetails">
	  <link:definition>00000051 - Disclosure - 10. Finance Income and Finance Costs (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/IncomeTaxesDetails" id="IncomeTaxesDetails">
	  <link:definition>00000052 - Disclosure - 11. Income Taxes (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://affimed.com/role/IncomeTaxesDetailsNarrative" id="IncomeTaxesDetailsNarrative">
	  <link:definition>00000053 - Disclosure - 11. Income Taxes (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/TradeAndOtherReceivablesDetailsNarrative" id="TradeAndOtherReceivablesDetailsNarrative">
	  <link:definition>00000054 - Disclosure - 12. Trade and Other Receivables (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/EquityDetails" id="EquityDetails">
	  <link:definition>00000055 - Disclosure - 15. Equity (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/ShareBasedPaymentsDetails" id="ShareBasedPaymentsDetails">
	  <link:definition>00000056 - Disclosure - 16. Share Based Payments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/ShareBasedPaymentsDetailsNarrative" id="ShareBasedPaymentsDetailsNarrative">
	  <link:definition>00000057 - Disclosure - 16. Share Based Payments (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/BorrowingsDetails" id="BorrowingsDetails">
	  <link:definition>00000058 - Disclosure - 17. Borrowings (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/BorrowingsDetailsNarrative" id="BorrowingsDetailsNarrative">
	  <link:definition>00000059 - Disclosure - 17. Borrowings (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/TradeAndOtherPayablesDetailsNarrative" id="TradeAndOtherPayablesDetailsNarrative">
	  <link:definition>00000060 - Disclosure - 18. Trade and Other Payables (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/LossPerShareDetails" id="LossPerShareDetails">
	  <link:definition>00000061 - Disclosure - 19. Loss Per Share (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/OperatingLeasesAndOtherCommitmentsAndContingenciesDetails" id="OperatingLeasesAndOtherCommitmentsAndContingenciesDetails">
	  <link:definition>00000062 - Disclosure - 20. Operating Leases and Other Commitments and Contingencies (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrative" id="OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrative">
	  <link:definition>00000063 - Disclosure - 20. Operating Leases and Other Commitments and Contingencies (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/RelatedPartiesDetails" id="RelatedPartiesDetails">
	  <link:definition>00000064 - Disclosure - 21. Related Parties (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/RelatedPartiesDetails1" id="RelatedPartiesDetails1">
	  <link:definition>00000065 - Disclosure - 21. Related Parties (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://affimed.com/role/RelatedPartiesDetailsNarrative" id="RelatedPartiesDetailsNarrative">
	  <link:definition>00000066 - Disclosure - 21. Related Parties (Details Narrative)</link:definition>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>9
<FILENAME>afmd-20171231_cal.xml
<DESCRIPTION>EXHIBIT 101.CAL
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<FILENAME>afmd-20171231_def.xml
<DESCRIPTION>EXHIBIT 101.DEF
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>11
<FILENAME>afmd-20171231_lab.xml
<DESCRIPTION>EXHIBIT 101.LAB
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_AmphivenaMember_lbl" xml:lang="en-US">Amphivena</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_LeukemiaAndLymphomaSocietyMember" xlink:label="AFMD_LeukemiaAndLymphomaSocietyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_LeukemiaAndLymphomaSocietyMember" xlink:to="AFMD_LeukemiaAndLymphomaSocietyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_LeukemiaAndLymphomaSocietyMember_lbl" xml:lang="en-US">Leukemia &amp; Lymphoma Society</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_AbCheckMember" xlink:label="AFMD_AbCheckMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_AbCheckMember" xlink:to="AFMD_AbCheckMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_AbCheckMember_lbl" xml:lang="en-US">AbCheck</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_NatureOfExpensesAxis" xlink:label="AFMD_NatureOfExpensesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_NatureOfExpensesAxis" xlink:to="AFMD_NatureOfExpensesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_NatureOfExpensesAxis_lbl" xml:lang="en-US">Nature of expenses [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ThirdPartyServicesMember" xlink:label="AFMD_ThirdPartyServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ThirdPartyServicesMember" xlink:to="AFMD_ThirdPartyServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ThirdPartyServicesMember_lbl" xml:lang="en-US">Third-party services</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_PersonnelExpensesMember" xlink:label="AFMD_PersonnelExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_PersonnelExpensesMember" xlink:to="AFMD_PersonnelExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_PersonnelExpensesMember_lbl" xml:lang="en-US">Personnel expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_LegalConsultingAndPatentExpensesMember" xlink:label="AFMD_LegalConsultingAndPatentExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_LegalConsultingAndPatentExpensesMember" xlink:to="AFMD_LegalConsultingAndPatentExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_LegalConsultingAndPatentExpensesMember_lbl" xml:lang="en-US">Legal, consulting and patent expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_CostsOfMaterialsMember" xlink:label="AFMD_CostsOfMaterialsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_CostsOfMaterialsMember" xlink:to="AFMD_CostsOfMaterialsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_CostsOfMaterialsMember_lbl" xml:lang="en-US">Costs of Materials</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US">Amortization and depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OperatingLeaseExpensesMember" xlink:label="AFMD_OperatingLeaseExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OperatingLeaseExpensesMember" xlink:to="AFMD_OperatingLeaseExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OperatingLeaseExpensesMember_lbl" xml:lang="en-US">Operating lease expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OtherExpensesMember" xlink:label="AFMD_OtherExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OtherExpensesMember" xlink:to="AFMD_OtherExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OtherExpensesMember_lbl" xml:lang="en-US">Other expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_LegalConsultingAndAuditFeesMember" xlink:label="AFMD_LegalConsultingAndAuditFeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_LegalConsultingAndAuditFeesMember" xlink:to="AFMD_LegalConsultingAndAuditFeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_LegalConsultingAndAuditFeesMember_lbl" xml:lang="en-US">Legal, consulting and audit fees</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_NatureOfIncomeExpenseAxis" xlink:label="AFMD_NatureOfIncomeExpenseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_NatureOfIncomeExpenseAxis" xlink:to="AFMD_NatureOfIncomeExpenseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_NatureOfIncomeExpenseAxis_lbl" xml:lang="en-US">Nature of icome expense [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_InterestPerceptiveLoanAgreementMember" xlink:label="AFMD_InterestPerceptiveLoanAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_InterestPerceptiveLoanAgreementMember" xlink:to="AFMD_InterestPerceptiveLoanAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_InterestPerceptiveLoanAgreementMember_lbl" xml:lang="en-US">Interest Perceptive Loan Agreement (see note 17)</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OtherFinanceCostPerceptiveLoanAgreementMember" xlink:label="AFMD_OtherFinanceCostPerceptiveLoanAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OtherFinanceCostPerceptiveLoanAgreementMember" xlink:to="AFMD_OtherFinanceCostPerceptiveLoanAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OtherFinanceCostPerceptiveLoanAgreementMember_lbl" xml:lang="en-US">Other finance cost Perceptive Loan Agreement (see note 17)</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_InterestSVBLoanAgreementMember" xlink:label="AFMD_InterestSVBLoanAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_InterestSVBLoanAgreementMember" xlink:to="AFMD_InterestSVBLoanAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_InterestSVBLoanAgreementMember_lbl" xml:lang="en-US">Interest SVB Loan Agreement (see note 17)</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ForeignExchangeDifferencesMember" xlink:label="AFMD_ForeignExchangeDifferencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ForeignExchangeDifferencesMember" xlink:to="AFMD_ForeignExchangeDifferencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ForeignExchangeDifferencesMember_lbl" xml:lang="en-US">Foreign exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_InterestCertificatesOfDepositMember" xlink:label="AFMD_InterestCertificatesOfDepositMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_InterestCertificatesOfDepositMember" xlink:to="AFMD_InterestCertificatesOfDepositMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_InterestCertificatesOfDepositMember_lbl" xml:lang="en-US">Interest certificates of deposit with maturities of more than three months (see not 14)</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OtherFinanceIncomeFinanceCostsMember" xlink:label="AFMD_OtherFinanceIncomeFinanceCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OtherFinanceIncomeFinanceCostsMember" xlink:to="AFMD_OtherFinanceIncomeFinanceCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OtherFinanceIncomeFinanceCostsMember_lbl" xml:lang="en-US">Other finance income/finance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AssetsAndLiabilitiesAxis" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xml:lang="en-US">Assets and liabilities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherAssetsMember" xlink:label="ifrs-full_OtherAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssetsMember" xlink:to="ifrs-full_OtherAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAssetsMember_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TradeAndOtherReceivablesMember" xlink:label="AFMD_TradeAndOtherReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TradeAndOtherReceivablesMember" xlink:to="AFMD_TradeAndOtherReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TradeAndOtherReceivablesMember_lbl" xml:lang="en-US">Trade and other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US">Classes of liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember" xlink:label="AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember" xlink:to="AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember_lbl" xml:lang="en-US">Research and development grants and other government subsidies</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ValueAddedTaxReceivablesMember" xlink:label="AFMD_ValueAddedTaxReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ValueAddedTaxReceivablesMember" xlink:to="AFMD_ValueAddedTaxReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ValueAddedTaxReceivablesMember_lbl" xml:lang="en-US">Value-added tax receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_RefundingOfResearchAndDevelopmentCostsMember" xlink:label="AFMD_RefundingOfResearchAndDevelopmentCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_RefundingOfResearchAndDevelopmentCostsMember" xlink:to="AFMD_RefundingOfResearchAndDevelopmentCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_RefundingOfResearchAndDevelopmentCostsMember_lbl" xml:lang="en-US">Refunding of research and development costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_lbl" xml:lang="en-US">Types of share-based payment arrangements [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_Esop2014Member" xlink:label="AFMD_Esop2014Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_Esop2014Member" xlink:to="AFMD_Esop2014Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_Esop2014Member_lbl" xml:lang="en-US">ESOP 2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ThereofAssetsPledgedMember" xlink:label="AFMD_ThereofAssetsPledgedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ThereofAssetsPledgedMember" xlink:to="AFMD_ThereofAssetsPledgedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ThereofAssetsPledgedMember_lbl" xml:lang="en-US">Thereof Assets Pledged</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">Within one year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">Between one and five years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ThomasHechtMember" xlink:label="AFMD_ThomasHechtMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ThomasHechtMember" xlink:to="AFMD_ThomasHechtMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ThomasHechtMember_lbl" xml:lang="en-US">Thomas Hecht</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_RichardSteadMember" xlink:label="AFMD_RichardSteadMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_RichardSteadMember" xlink:to="AFMD_RichardSteadMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_RichardSteadMember_lbl" xml:lang="en-US">Richard Stead</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_BemdtModigMember" xlink:label="AFMD_BemdtModigMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_BemdtModigMember" xlink:to="AFMD_BemdtModigMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_BemdtModigMember_lbl" xml:lang="en-US">Bemdt Modig</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_FerdinandVerdonckMember" xlink:label="AFMD_FerdinandVerdonckMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_FerdinandVerdonckMember" xlink:to="AFMD_FerdinandVerdonckMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_FerdinandVerdonckMember_lbl" xml:lang="en-US">Ferdinand Verdonck</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_UlrichGrauMember" xlink:label="AFMD_UlrichGrauMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_UlrichGrauMember" xlink:to="AFMD_UlrichGrauMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_UlrichGrauMember_lbl" xml:lang="en-US">Ulrich Grau</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_BernhardEhmerMember" xlink:label="AFMD_BernhardEhmerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_BernhardEhmerMember" xlink:to="AFMD_BernhardEhmerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_BernhardEhmerMember_lbl" xml:lang="en-US">Bernhard Ehmer</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_JensPeterMarschnerMember" xlink:label="AFMD_JensPeterMarschnerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_JensPeterMarschnerMember" xlink:to="AFMD_JensPeterMarschnerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_JensPeterMarschnerMember_lbl" xml:lang="en-US">Jens-Peter Marschner</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US">Types of risks [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_CZKMember" xlink:label="AFMD_CZKMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_CZKMember" xlink:to="AFMD_CZKMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_CZKMember_lbl" xml:lang="en-US">CZK</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_USDMember" xlink:label="AFMD_USDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_USDMember" xlink:to="AFMD_USDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_USDMember_lbl" xml:lang="en-US">USD</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TemporaryDifferenceBorrowingsMember" xlink:label="AFMD_TemporaryDifferenceBorrowingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TemporaryDifferenceBorrowingsMember" xlink:to="AFMD_TemporaryDifferenceBorrowingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TemporaryDifferenceBorrowingsMember_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_InitiallyAppliedIFRSsAxis" xlink:label="ifrs-full_InitiallyAppliedIFRSsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InitiallyAppliedIFRSsAxis" xlink:to="ifrs-full_InitiallyAppliedIFRSsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InitiallyAppliedIFRSsAxis_lbl" xml:lang="en-US">Initially applied IFRSs [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment1Member" xlink:label="AFMD_StandardAmendment1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment1Member" xlink:to="AFMD_StandardAmendment1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment1Member_lbl" xml:lang="en-US">Standard/Amendment 1</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment2Member" xlink:label="AFMD_StandardAmendment2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment2Member" xlink:to="AFMD_StandardAmendment2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment2Member_lbl" xml:lang="en-US">Standard/Amendment 2</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment3Member" xlink:label="AFMD_StandardAmendment3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment3Member" xlink:to="AFMD_StandardAmendment3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment3Member_lbl" xml:lang="en-US">Standard/Amendment 3</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment4Member" xlink:label="AFMD_StandardAmendment4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment4Member" xlink:to="AFMD_StandardAmendment4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment4Member_lbl" xml:lang="en-US">Standard/Amendment 4</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment5Member" xlink:label="AFMD_StandardAmendment5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment5Member" xlink:to="AFMD_StandardAmendment5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment5Member_lbl" xml:lang="en-US">Standard/Amendment 5</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment6Member" xlink:label="AFMD_StandardAmendment6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment6Member" xlink:to="AFMD_StandardAmendment6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment6Member_lbl" xml:lang="en-US">Standard/Amendment 6</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment7Member" xlink:label="AFMD_StandardAmendment7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment7Member" xlink:to="AFMD_StandardAmendment7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment7Member_lbl" xml:lang="en-US">Standard/Amendment 7</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment8Member" xlink:label="AFMD_StandardAmendment8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment8Member" xlink:to="AFMD_StandardAmendment8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment8Member_lbl" xml:lang="en-US">Standard/Amendment 8</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_StandardAmendment9Member" xlink:label="AFMD_StandardAmendment9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_StandardAmendment9Member" xlink:to="AFMD_StandardAmendment9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_StandardAmendment9Member_lbl" xml:lang="en-US">Standard/Amendment 9</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ResearchAndDevelopmentMember" xlink:label="AFMD_ResearchAndDevelopmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ResearchAndDevelopmentMember" xlink:to="AFMD_ResearchAndDevelopmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ResearchAndDevelopmentMember_lbl" xml:lang="en-US">Research and Development</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_GeneralAndAdministrativeMember" xlink:label="AFMD_GeneralAndAdministrativeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_GeneralAndAdministrativeMember" xlink:to="AFMD_GeneralAndAdministrativeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_GeneralAndAdministrativeMember_lbl" xml:lang="en-US">General and Administrative</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SupervisoryBoardDirectorsMember" xlink:label="AFMD_SupervisoryBoardDirectorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SupervisoryBoardDirectorsMember" xlink:to="AFMD_SupervisoryBoardDirectorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SupervisoryBoardDirectorsMember_lbl" xml:lang="en-US">Supervisory Board Directors</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DocumentAndEntityInformationAbstract" xlink:label="AFMD_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DocumentAndEntityInformationAbstract" xlink:to="AFMD_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement of comprehensive income [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US">Other income &#8211; net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ResearchAndDevelopmentExpense" xlink:label="ifrs-full_ResearchAndDevelopmentExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ResearchAndDevelopmentExpense" xlink:to="ifrs-full_ResearchAndDevelopmentExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ResearchAndDevelopmentExpense_lbl" xml:lang="en-US">Research and development expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US">Operating loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US">Finance income / (costs) &#8211; net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Loss before tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Loss for the period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Total comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US">Loss per share in &#8364; per share (undiluted = diluted)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Leasehold improvements and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade and other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssets" xlink:to="ifrs-full_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherCurrentFinancialAssets" xlink:label="ifrs-full_OtherCurrentFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialAssets" xlink:to="ifrs-full_OtherCurrentFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentFinancialAssets_lbl" xml:lang="en-US">Financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US">EQUITY AND LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Issued capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherReserves" xlink:label="ifrs-full_OtherReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReserves" xlink:to="ifrs-full_OtherReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReserves_lbl" xml:lang="en-US">Capital reserves</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Non current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">TOTAL EQUITY AND LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flow from operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_2_lbl" xml:lang="en-US">Loss for the period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments for the period:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortisation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Net gain from disposal of leasehold improvements and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xml:lang="en-US">Share based payments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:label="ifrs-full_AdjustmentsForFinanceIncomeCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:to="ifrs-full_AdjustmentsForFinanceIncomeCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceIncomeCost_lbl" xml:lang="en-US">Finance income / costs &#8211; net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:label="ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:to="ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xml:lang="en-US">Change in trade and other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Change in inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xml:lang="en-US">Change in other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xml:lang="en-US">Change in trade, other payables and deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="ifrs-full_CashFlowsFromUsedInOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperations" xlink:to="ifrs-full_CashFlowsFromUsedInOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US">Cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Interest received</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Paid interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flow from investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of leasehold improvements and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Cash received from the sale of leasehold improvements and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Cash paid for investments in convertible note and warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_PurchaseOfAvailableforsaleFinancialAssets" xlink:label="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets" xlink:to="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Cash paid for investments in financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" xlink:label="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" xlink:to="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Cash received from maturity of financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromIssueOfOrdinaryShares_lbl" xml:lang="en-US">Proceeds from issue of common shares</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareIssueRelatedCost_lbl" xml:lang="en-US">Transactions cost</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US">Transaction costs related to borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayment of borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Cash flow from financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US">Exchange-rate related changes of cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xml:lang="en-US">Net changes to cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_3_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ComponentsOfEquityAxis_2_lbl" xml:lang="en-US">Components of equity [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_2_lbl" xml:lang="en-US">Balance, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IssueOfEquity" xlink:label="ifrs-full_IssueOfEquity" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US">Issue of common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:to="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_lbl" xml:lang="en-US">Exercise of share based payment awards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" xml:lang="en-US">Equity-settled share based payment awards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_IssueOfConvertibleInstruments" xlink:label="ifrs-full_IssueOfConvertibleInstruments" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfConvertibleInstruments_lbl" xml:lang="en-US">Issue of warrant note (loan Silicon Valley Bank)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_3_lbl" xml:lang="en-US">Balance, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ReportingEntityAbstract" xlink:label="AFMD_ReportingEntityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ReportingEntityAbstract" xlink:to="AFMD_ReportingEntityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ReportingEntityAbstract_lbl" xml:lang="en-US">Reporting Entity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:to="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xml:lang="en-US">Reporting Entity</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_BasisOfPreparationConsolidatedFinancialStatementsAbstract" xlink:label="AFMD_BasisOfPreparationConsolidatedFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_BasisOfPreparationConsolidatedFinancialStatementsAbstract" xlink:to="AFMD_BasisOfPreparationConsolidatedFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_BasisOfPreparationConsolidatedFinancialStatementsAbstract_lbl" xml:lang="en-US">Basis Of Preparation Consolidated Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
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      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SignificantAccountingPoliciesAbstract" xlink:label="AFMD_SignificantAccountingPoliciesAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SegmentReportingAbstract" xlink:label="AFMD_SegmentReportingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SegmentReportingAbstract" xlink:to="AFMD_SegmentReportingAbstract_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US">Revenue [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OtherIncomeAndExpensesNetAbstract" xlink:label="AFMD_OtherIncomeAndExpensesNetAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SummaryOfEarningsPerShareTableTextBlock" xlink:to="AFMD_SummaryOfEarningsPerShareTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SummaryOfEarningsPerShareTableTextBlock_lbl" xml:lang="en-US">Earnings Per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesTablesAbstract" xlink:label="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesTablesAbstract" xlink:to="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesTablesAbstract_lbl" xml:lang="en-US">Operating Leases And Other Commitments And Contingencies Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock" xlink:label="AFMD_SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock" xlink:to="AFMD_SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SummaryOfFutureMinimumLeasePaymentObligationsTableTextBlock_lbl" xml:lang="en-US">Future Minimum Lease Payment Obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_RelatedPartiesTablesAbstract" xlink:label="AFMD_RelatedPartiesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_RelatedPartiesTablesAbstract" xlink:to="AFMD_RelatedPartiesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_RelatedPartiesTablesAbstract_lbl" xml:lang="en-US">Related Parties Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock" xlink:label="AFMD_SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock" xlink:to="AFMD_SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SummaryOfCompensationOfManagingDirectorsAndOtherKeyManagementPersonnelTableTextBlock_lbl" xml:lang="en-US">Compensation of Managing Directors and Other Key Management Personnel</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock" xlink:label="AFMD_SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock" xlink:to="AFMD_SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SummaryOfOutstandingBalancesRelatedToKeyManagementPersonnelTableTextBlock_lbl" xml:lang="en-US">Outstanding Balances Related to Key Management Personnel</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_FinancialRiskManagementTablesAbstract" xlink:label="AFMD_FinancialRiskManagementTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_FinancialRiskManagementTablesAbstract" xlink:to="AFMD_FinancialRiskManagementTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_FinancialRiskManagementTablesAbstract_lbl" xml:lang="en-US">Financial Risk Management Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_SummaryOfExchangeRatesTableTextBlock" xlink:label="AFMD_SummaryOfExchangeRatesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_SummaryOfExchangeRatesTableTextBlock" xlink:to="AFMD_SummaryOfExchangeRatesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_SummaryOfExchangeRatesTableTextBlock_lbl" xml:lang="en-US">Exchange Rates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" xlink:to="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable_lbl" xml:lang="en-US">Disclosure of initial application of standards or interpretations [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:to="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US">Disclosure of initial application of standards or interpretations [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InitiallyAppliedIFRSsAxis" xlink:to="ifrs-full_InitiallyAppliedIFRSsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InitiallyAppliedIFRSsAxis_2_lbl" xml:lang="en-US">Initially applied IFRSs [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TitleOfNewIFRS" xlink:label="ifrs-full_TitleOfNewIFRS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TitleOfNewIFRS" xlink:to="ifrs-full_TitleOfNewIFRS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TitleOfNewIFRS_lbl" xml:lang="en-US">Standard/amendment</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:to="ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially_lbl" xml:lang="en-US">Effective date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US">Disclosure of operating segments [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GeographicalAreasAxis_2_lbl" xml:lang="en-US">Geographical areas [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Revenue_2_lbl" xml:lang="en-US">Revenues</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentAssets_2_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CounterpartiesAxis_2_lbl" xml:lang="en-US">Counterparties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="ifrs-full_RevenueFromRenderingOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServices" xlink:to="ifrs-full_RevenueFromRenderingOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServices_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract" xlink:label="AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract" xlink:to="AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract_lbl" xml:lang="en-US">Other Income And Expenses Net Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_RevenueFromGovernmentGrants" xlink:label="ifrs-full_RevenueFromGovernmentGrants" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromGovernmentGrants_lbl" xml:lang="en-US">Government grants</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfResearchAndDevelopmentExpensesTable" xlink:label="AFMD_DisclosureOfResearchAndDevelopmentExpensesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfResearchAndDevelopmentExpensesTable" xlink:to="AFMD_DisclosureOfResearchAndDevelopmentExpensesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfResearchAndDevelopmentExpensesTable_lbl" xml:lang="en-US">DisclosureOfResearchAndDevelopmentExpensesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems" xlink:label="AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems" xlink:to="AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems_lbl" xml:lang="en-US">DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_NatureOfExpensesAxis" xlink:to="AFMD_NatureOfExpensesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AFMD_NatureOfExpensesAxis_2_lbl" xml:lang="en-US">NatureOfExpensesAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ResearchAndDevelopmentExpense" xlink:to="ifrs-full_ResearchAndDevelopmentExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ResearchAndDevelopmentExpense_2_lbl" xml:lang="en-US">Research and development expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfGeneralAndAdministrativeExpensesTable" xlink:label="AFMD_DisclosureOfGeneralAndAdministrativeExpensesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfGeneralAndAdministrativeExpensesTable" xlink:to="AFMD_DisclosureOfGeneralAndAdministrativeExpensesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfGeneralAndAdministrativeExpensesTable_lbl" xml:lang="en-US">DisclosureOfGeneralAndAdministrativeExpensesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems" xlink:label="AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems" xlink:to="AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems_lbl" xml:lang="en-US">DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ifrs-full_SellingGeneralAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SellingGeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_EmployeeBenefitsDetailsAbstract" xlink:label="AFMD_EmployeeBenefitsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_EmployeeBenefitsDetailsAbstract" xlink:to="AFMD_EmployeeBenefitsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_EmployeeBenefitsDetailsAbstract_lbl" xml:lang="en-US">Employee Benefits Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_WagesAndSalaries" xlink:label="ifrs-full_WagesAndSalaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WagesAndSalaries" xlink:to="ifrs-full_WagesAndSalaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US">Wages and salaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_SocialSecurityContributions" xlink:label="ifrs-full_SocialSecurityContributions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SocialSecurityContributions" xlink:to="ifrs-full_SocialSecurityContributions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SocialSecurityContributions_lbl" xml:lang="en-US">Social security costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="ifrs-full_EmployeeBenefitsExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EmployeeBenefitsExpense" xlink:to="ifrs-full_EmployeeBenefitsExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US">Employee benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_EmployeeBenefitsDetailsNarrativeAbstract" xlink:label="AFMD_EmployeeBenefitsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_EmployeeBenefitsDetailsNarrativeAbstract" xlink:to="AFMD_EmployeeBenefitsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_EmployeeBenefitsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Employee Benefits Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_EmployerContributions" xlink:label="ifrs-full_EmployerContributions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EmployerContributions" xlink:to="ifrs-full_EmployerContributions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EmployerContributions_lbl" xml:lang="en-US">Employer's contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfFinanceIncomeCostsTable" xlink:label="AFMD_DisclosureOfFinanceIncomeCostsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfFinanceIncomeCostsTable" xlink:to="AFMD_DisclosureOfFinanceIncomeCostsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfFinanceIncomeCostsTable_lbl" xml:lang="en-US">DisclosureOfFinanceIncomeCostsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfFinanceIncomeCostsLineItems" xlink:label="AFMD_DisclosureOfFinanceIncomeCostsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfFinanceIncomeCostsLineItems" xlink:to="AFMD_DisclosureOfFinanceIncomeCostsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfFinanceIncomeCostsLineItems_lbl" xml:lang="en-US">DisclosureOfFinanceIncomeCostsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_NatureOfIncomeExpenseAxis" xlink:to="AFMD_NatureOfIncomeExpenseAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AFMD_NatureOfIncomeExpenseAxis_2_lbl" xml:lang="en-US">NatureOfIncomeExpenseAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_IncomeTaxesDetailsAbstract" xlink:label="AFMD_IncomeTaxesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_IncomeTaxesDetailsAbstract" xlink:to="AFMD_IncomeTaxesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_IncomeTaxesDetailsAbstract_lbl" xml:lang="en-US">Income Taxes Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_2_lbl" xml:lang="en-US">Loss before tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US">Income tax benefit at tax rate of 29.825 %</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets" xlink:label="AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets" xlink:to="AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets_lbl" xml:lang="en-US">Adjustments due to impairment of deferred tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TaxEffectOfPermanentDifferences" xlink:label="AFMD_TaxEffectOfPermanentDifferences" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TaxEffectOfPermanentDifferences" xlink:to="AFMD_TaxEffectOfPermanentDifferences_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TaxEffectOfPermanentDifferences_lbl" xml:lang="en-US">Permanent differences</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TaxEffectOfLocalTaxRates" xlink:label="AFMD_TaxEffectOfLocalTaxRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TaxEffectOfLocalTaxRates" xlink:to="AFMD_TaxEffectOfLocalTaxRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TaxEffectOfLocalTaxRates_lbl" xml:lang="en-US">Adjustments for local tax rates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:label="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:to="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_lbl" xml:lang="en-US">Non deductible expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfIncomeTaxesTable" xlink:label="AFMD_DisclosureOfIncomeTaxesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfIncomeTaxesTable" xlink:to="AFMD_DisclosureOfIncomeTaxesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfIncomeTaxesTable_lbl" xml:lang="en-US">DisclosureOfIncomeTaxesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfIncomeTaxesLineItems" xlink:label="AFMD_DisclosureOfIncomeTaxesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfIncomeTaxesLineItems" xlink:to="AFMD_DisclosureOfIncomeTaxesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfIncomeTaxesLineItems_lbl" xml:lang="en-US">DisclosureOfIncomeTaxesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis_2_lbl" xml:lang="en-US">Assets and liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes" xlink:label="AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes" xlink:to="AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes_lbl" xml:lang="en-US">Tax loss carryforward for corporate income tax purposes</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OperatingLossCarryforwardsForTradeTaxPurposes" xlink:label="AFMD_OperatingLossCarryforwardsForTradeTaxPurposes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OperatingLossCarryforwardsForTradeTaxPurposes" xlink:to="AFMD_OperatingLossCarryforwardsForTradeTaxPurposes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OperatingLossCarryforwardsForTradeTaxPurposes_lbl" xml:lang="en-US">Tax loss carryforward for trade tax purposes</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfTradeAndOtherReceivablesTable" xlink:label="AFMD_DisclosureOfTradeAndOtherReceivablesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfTradeAndOtherReceivablesTable" xlink:to="AFMD_DisclosureOfTradeAndOtherReceivablesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfTradeAndOtherReceivablesTable_lbl" xml:lang="en-US">DisclosureOfTradeAndOtherReceivablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfTradeAndOtherReceivablesLineItems" xlink:label="AFMD_DisclosureOfTradeAndOtherReceivablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfTradeAndOtherReceivablesLineItems" xlink:to="AFMD_DisclosureOfTradeAndOtherReceivablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfTradeAndOtherReceivablesLineItems_lbl" xml:lang="en-US">DisclosureOfTradeAndOtherReceivablesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OverdueTradeReceivables" xlink:label="AFMD_OverdueTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OverdueTradeReceivables" xlink:to="AFMD_OverdueTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OverdueTradeReceivables_lbl" xml:lang="en-US">Overdue trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_EquityDetailsAbstract" xlink:label="AFMD_EquityDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_EquityDetailsAbstract" xlink:to="AFMD_EquityDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_EquityDetailsAbstract_lbl" xml:lang="en-US">Equity Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US">Par value</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ShareBasedPaymentsDetailsAbstract" xlink:label="AFMD_ShareBasedPaymentsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ShareBasedPaymentsDetailsAbstract" xlink:to="AFMD_ShareBasedPaymentsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ShareBasedPaymentsDetailsAbstract_lbl" xml:lang="en-US">Share Based Payments Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_lbl" xml:lang="en-US">Fair value at grant date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_WeightedAverageSharePrice" xlink:label="ifrs-full_WeightedAverageSharePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageSharePrice" xlink:to="ifrs-full_WeightedAverageSharePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageSharePrice_lbl" xml:lang="en-US">Share price at grant date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ExercisePriceShareOptionsGranted" xlink:label="ifrs-full_ExercisePriceShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExercisePriceShareOptionsGranted" xlink:to="ifrs-full_ExercisePriceShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExercisePriceShareOptionsGranted_lbl" xml:lang="en-US">Exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl" xml:lang="en-US">Expected volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_lbl" xml:lang="en-US">Expected life</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ExpectedDividendShareOptionsGranted" xlink:label="ifrs-full_ExpectedDividendShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpectedDividendShareOptionsGranted" xlink:to="ifrs-full_ExpectedDividendShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpectedDividendShareOptionsGranted_lbl" xml:lang="en-US">Expected dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_lbl" xml:lang="en-US">Risk-free interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_lbl" xml:lang="en-US">Awards granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Awards cancelled or forfeited</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Awards outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Awards vested</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions" xlink:to="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_lbl" xml:lang="en-US">Weighted average remaining contractual life</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" xml:lang="en-US">Share based expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US">Financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:label="ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:to="ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_BorrowingsDetailsNarrativeAbstract" xlink:label="AFMD_BorrowingsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_BorrowingsDetailsNarrativeAbstract" xlink:to="AFMD_BorrowingsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_BorrowingsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Borrowings Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_InterestCostsIncurred" xlink:label="ifrs-full_InterestCostsIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestCostsIncurred" xlink:to="ifrs-full_InterestCostsIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestCostsIncurred_lbl" xml:lang="en-US">Interest costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_NetForeignExchangeLoss" xlink:label="ifrs-full_NetForeignExchangeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeLoss" xlink:to="ifrs-full_NetForeignExchangeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeLoss_lbl" xml:lang="en-US">Foreign exchange losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentPayables_lbl" xml:lang="en-US">Loan payable, current</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract" xlink:label="AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract" xlink:to="AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Trade And Other Payables Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_TradeAndOtherPayables" xlink:label="ifrs-full_TradeAndOtherPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayables" xlink:to="ifrs-full_TradeAndOtherPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherPayables" xlink:label="ifrs-full_OtherPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPayables" xlink:to="ifrs-full_OtherPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_LossPerShareDetailsAbstract" xlink:label="AFMD_LossPerShareDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_LossPerShareDetailsAbstract" xlink:to="AFMD_LossPerShareDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_LossPerShareDetailsAbstract_lbl" xml:lang="en-US">Loss Per Share Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_3_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US">Weighted number of common shares outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_2_lbl" xml:lang="en-US">Loss per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfContingentLiabilitiesTable" xlink:label="ifrs-full_DisclosureOfContingentLiabilitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfContingentLiabilitiesTable" xlink:to="ifrs-full_DisclosureOfContingentLiabilitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfContingentLiabilitiesTable_lbl" xml:lang="en-US">Disclosure of contingent liabilities [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfContingentLiabilitiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfContingentLiabilitiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfContingentLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of contingent liabilities [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RangeAxis_2_lbl" xml:lang="en-US">Range [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US">Future minimum lease payment obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract" xlink:label="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract" xlink:to="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Operating Leases And Other Commitments And Contingencies Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" xlink:label="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" xlink:to="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense_lbl" xml:lang="en-US">Lease expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_OtherFeeAndCommissionExpense" xlink:label="ifrs-full_OtherFeeAndCommissionExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFeeAndCommissionExpense" xlink:to="ifrs-full_OtherFeeAndCommissionExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFeeAndCommissionExpense_lbl" xml:lang="en-US">License fees</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_RelatedPartiesDetailsAbstract" xlink:label="AFMD_RelatedPartiesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_RelatedPartiesDetailsAbstract" xlink:to="AFMD_RelatedPartiesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_RelatedPartiesDetailsAbstract_lbl" xml:lang="en-US">Related Parties Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US">Short-term employee benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xml:lang="en-US">Termination benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US">Share-based payments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US">Key management personnel compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_2_lbl" xml:lang="en-US">Key management personnel outstanding balance</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_KeyManagementPersonnelCompensationForServices" xlink:label="AFMD_KeyManagementPersonnelCompensationForServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_KeyManagementPersonnelCompensationForServices" xlink:to="AFMD_KeyManagementPersonnelCompensationForServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_KeyManagementPersonnelCompensationForServices_lbl" xml:lang="en-US">Compensation received by directors for their services</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_2_lbl" xml:lang="en-US">Share-based expense</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfSignificantExchangeRatesTable" xlink:label="AFMD_DisclosureOfSignificantExchangeRatesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfSignificantExchangeRatesTable" xlink:to="AFMD_DisclosureOfSignificantExchangeRatesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfSignificantExchangeRatesTable_lbl" xml:lang="en-US">DisclosureOfSignificantExchangeRatesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_DisclosureOfSignificantExchangeRatesLineItems" xlink:label="AFMD_DisclosureOfSignificantExchangeRatesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_DisclosureOfSignificantExchangeRatesLineItems" xlink:to="AFMD_DisclosureOfSignificantExchangeRatesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_DisclosureOfSignificantExchangeRatesLineItems_lbl" xml:lang="en-US">DisclosureOfSignificantExchangeRatesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_AverageForeignExchangeRate" xlink:label="ifrs-full_AverageForeignExchangeRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageForeignExchangeRate" xlink:to="ifrs-full_AverageForeignExchangeRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US">Average rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Spot rate</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_FinancialRiskManagementDetailsNarrativeAbstract" xlink:label="AFMD_FinancialRiskManagementDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_FinancialRiskManagementDetailsNarrativeAbstract" xlink:to="AFMD_FinancialRiskManagementDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_FinancialRiskManagementDetailsNarrativeAbstract_lbl" xml:lang="en-US">Financial Risk Management Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_ConvertibleNoteAndWarrants" xlink:label="AFMD_ConvertibleNoteAndWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_ConvertibleNoteAndWarrants" xlink:to="AFMD_ConvertibleNoteAndWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_ConvertibleNoteAndWarrants_lbl" xml:lang="en-US">Convertible note and warrants of Amphivena</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_LongtermDeposits" xlink:label="ifrs-full_LongtermDeposits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermDeposits" xlink:to="ifrs-full_LongtermDeposits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermDeposits_lbl" xml:lang="en-US">Certificates of deposit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2016-03-31/full_ifrs/full_ifrs-cor_2016-03-31.xsd#ifrs-full_MaximumExposureToCreditRisk" xlink:label="ifrs-full_MaximumExposureToCreditRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaximumExposureToCreditRisk" xlink:to="ifrs-full_MaximumExposureToCreditRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US">Maximum credit exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="afmd-20171231.xsd#AFMD_MaximumExposureToForeignCurrencyRisk" xlink:label="AFMD_MaximumExposureToForeignCurrencyRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AFMD_MaximumExposureToForeignCurrencyRisk" xlink:to="AFMD_MaximumExposureToForeignCurrencyRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AFMD_MaximumExposureToForeignCurrencyRisk_lbl" xml:lang="en-US">Maximum foreign currency exposure</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_2_lbl" xml:lang="en-US">Profit (loss) from operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xml:lang="en-US">Tax expense (income), continuing operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_2_lbl" xml:lang="en-US">Intangible assets other than goodwill</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_3_lbl" xml:lang="en-US">Non-current assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_2_lbl" xml:lang="en-US">Trade and other current receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssets" xlink:to="ifrs-full_OtherAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAssets_2_lbl" xml:lang="en-US">Other assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_2_lbl" xml:lang="en-US">Current assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_4_lbl" xml:lang="en-US">Equity [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_2_lbl" xml:lang="en-US">Non-current portion of non-current borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_2_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_2_lbl" xml:lang="en-US">Borrowings [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_2_lbl" xml:lang="en-US">Current liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_2_lbl" xml:lang="en-US">Equity and liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperations" xlink:to="ifrs-full_CashFlowsFromUsedInOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_2_lbl" xml:lang="en-US">Cash flows from (used in) operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_2_lbl" xml:lang="en-US">Interest paid, classified as operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Purchase of intangible assets, classified as investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2_lbl" xml:lang="en-US">Purchase of investments other than investments accounted for using equity method</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets" xlink:to="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfAvailableforsaleFinancialAssets_2_lbl" xml:lang="en-US">Purchase of available-for-sale financial assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Repayments of borrowings, classified as financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2_lbl" xml:lang="en-US">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_2_lbl" xml:lang="en-US">Description of nature of entity's operations and principal activities</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>12
<FILENAME>afmd-20171231_pre.xml
<DESCRIPTION>EXHIBIT 101.PRE
<TEXT>
<XBRL>
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<DOCUMENT>
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<DOCUMENT>
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6699357408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Affimed N.V.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001608390<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">46,791,352<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701167248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statement of Comprehensive Loss - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Statement of comprehensive income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue</a></td>
<td class="nump">&#8364; 2,010<span></span>
</td>
<td class="nump">&#8364; 6,314<span></span>
</td>
<td class="nump">&#8364; 7,562<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income &#8211; net</a></td>
<td class="nump">205<span></span>
</td>
<td class="nump">145<span></span>
</td>
<td class="nump">651<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="num">(21,489)<span></span>
</td>
<td class="num">(30,180)<span></span>
</td>
<td class="num">(22,008)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(7,986)<span></span>
</td>
<td class="num">(8,323)<span></span>
</td>
<td class="num">(7,548)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating loss</a></td>
<td class="num">(27,260)<span></span>
</td>
<td class="num">(32,044)<span></span>
</td>
<td class="num">(21,343)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="num">(2,983)<span></span>
</td>
<td class="num">(230)<span></span>
</td>
<td class="nump">1,104<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Loss before tax</a></td>
<td class="num">(30,243)<span></span>
</td>
<td class="num">(32,274)<span></span>
</td>
<td class="num">(20,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income taxes</a></td>
<td class="nump">20<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the period</a></td>
<td class="num">(30,223)<span></span>
</td>
<td class="num">(32,216)<span></span>
</td>
<td class="num">(20,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive loss</a></td>
<td class="num">&#8364; (30,223)<span></span>
</td>
<td class="num">&#8364; (32,216)<span></span>
</td>
<td class="num">&#8364; (20,239)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Loss per share in &#8364; per share (undiluted = diluted)</a></td>
<td class="num">&#8364; (.69)<span></span>
</td>
<td class="num">&#8364; (0.97)<span></span>
</td>
<td class="num">&#8364; (0.71)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2016-03-30&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2016-03-30&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2016-01-13<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2016-03-30&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure directly attributable to research or development activities, recognised in profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2016-01-13<br> -Paragraph 126<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2016-03-30&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2016-03-30&amp;anchor=para_35_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701398560">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statement of Financial Position - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">&#8364; 65<span></span>
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<td class="nump">1,178<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">241<span></span>
</td>
<td class="nump">197<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade and other receivables</a></td>
<td class="nump">1,102<span></span>
</td>
<td class="nump">2,255<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other assets</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">516<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialAssets', window );">Financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,487<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">39,837<span></span>
</td>
<td class="nump">35,407<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">41,980<span></span>
</td>
<td class="nump">47,862<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">43,158<span></span>
</td>
<td class="nump">48,739<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="nump">468<span></span>
</td>
<td class="nump">333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReserves', window );">Capital reserves</a></td>
<td class="nump">213,778<span></span>
</td>
<td class="nump">190,862<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated deficit</a></td>
<td class="num">(182,667)<span></span>
</td>
<td class="num">(152,444)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">31,579<span></span>
</td>
<td class="nump">38,751<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">4,086<span></span>
</td>
<td class="nump">3,617<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">4,086<span></span>
</td>
<td class="nump">3,617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade and other payables</a></td>
<td class="nump">4,180<span></span>
</td>
<td class="nump">5,323<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">3,083<span></span>
</td>
<td class="nump">973<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Deferred revenue</a></td>
<td class="nump">230<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">7,493<span></span>
</td>
<td class="nump">6,371<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="nump">&#8364; 43,158<span></span>
</td>
<td class="nump">&#8364; 48,739<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2016-01-13<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2016-03-30&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets; Current financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2016-01-13<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2016-03-30&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701817888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statement of Cash Flows - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flow from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the period</a></td>
<td class="num">&#8364; (30,223)<span></span>
</td>
<td class="num">&#8364; (32,216)<span></span>
</td>
<td class="num">&#8364; (20,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for the period:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Income taxes</a></td>
<td class="num">(20)<span></span>
</td>
<td class="num">(58)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortisation</a></td>
<td class="nump">351<span></span>
</td>
<td class="nump">369<span></span>
</td>
<td class="nump">336<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment', window );">Net gain from disposal of leasehold improvements and equipment</a></td>
<td class="num">(19)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share based payments</a></td>
<td class="nump">1,943<span></span>
</td>
<td class="nump">3,545<span></span>
</td>
<td class="nump">2,220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Finance income / costs &#8211; net</a></td>
<td class="nump">2,983<span></span>
</td>
<td class="nump">230<span></span>
</td>
<td class="num">(1,104)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital', window );">Total</a></td>
<td class="num">(24,985)<span></span>
</td>
<td class="num">(28,130)<span></span>
</td>
<td class="num">(18,787)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Change in trade and other receivables</a></td>
<td class="nump">1,140<span></span>
</td>
<td class="num">(1,311)<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Change in inventories</a></td>
<td class="num">(44)<span></span>
</td>
<td class="nump">31<span></span>
</td>
<td class="num">(29)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets', window );">Change in other assets</a></td>
<td class="num">(399)<span></span>
</td>
<td class="num">(64)<span></span>
</td>
<td class="num">(452)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Change in trade, other payables and deferred revenue</a></td>
<td class="num">(1,018)<span></span>
</td>
<td class="num">(2,177)<span></span>
</td>
<td class="nump">1,253<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperations', window );">Cash used in operating activities</a></td>
<td class="num">(25,306)<span></span>
</td>
<td class="num">(31,651)<span></span>
</td>
<td class="num">(17,991)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities', window );">Interest received</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">102<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Paid interest</a></td>
<td class="num">(349)<span></span>
</td>
<td class="num">(578)<span></span>
</td>
<td class="num">(554)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
<td class="num">(25,549)<span></span>
</td>
<td class="num">(32,127)<span></span>
</td>
<td class="num">(18,535)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flow from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Purchase of intangible assets</a></td>
<td class="num">(43)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
<td class="num">(28)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase of leasehold improvements and equipment</a></td>
<td class="num">(625)<span></span>
</td>
<td class="num">(238)<span></span>
</td>
<td class="num">(249)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Cash received from the sale of leasehold improvements and equipment</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Cash paid for investments in convertible note and warrants</a></td>
<td class="num">(296)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfAvailableforsaleFinancialAssets', window );">Cash paid for investments in financial assets</a></td>
<td class="num">(13,084)<span></span>
</td>
<td class="num">(27,037)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets', window );">Cash received from maturity of financial assets</a></td>
<td class="nump">22,063<span></span>
</td>
<td class="nump">18,147<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used for investing activities</a></td>
<td class="nump">8,050<span></span>
</td>
<td class="num">(9,149)<span></span>
</td>
<td class="num">(277)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flow from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares', window );">Proceeds from issue of common shares</a></td>
<td class="nump">23,123<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">56,615<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Transactions cost</a></td>
<td class="num">(1,648)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,117)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">2,500<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Transaction costs related to borrowings</a></td>
<td class="num">(11)<span></span>
</td>
<td class="num">(105)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayment of borrowings</a></td>
<td class="num">(167)<span></span>
</td>
<td class="num">(5,137)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Cash flow from financing activities</a></td>
<td class="nump">23,797<span></span>
</td>
<td class="num">(236)<span></span>
</td>
<td class="nump">53,498<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Exchange-rate related changes of cash and cash equivalents</a></td>
<td class="num">(1,867)<span></span>
</td>
<td class="nump">179<span></span>
</td>
<td class="nump">2,329<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Net changes to cash and cash equivalents</a></td>
<td class="nump">6,297<span></span>
</td>
<td class="num">(41,512)<span></span>
</td>
<td class="nump">34,686<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the period</a></td>
<td class="nump">35,407<span></span>
</td>
<td class="nump">76,740<span></span>
</td>
<td class="nump">39,725<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the period</a></td>
<td class="nump">&#8364; 39,837<span></span>
</td>
<td class="nump">&#8364; 35,407<span></span>
</td>
<td class="nump">&#8364; 76,740<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Balance Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments, other than changes in working capital, to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash from (used in) the entity's operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=sect_AStatementofcashflowsforanentityotherthanafinancialinstitution&amp;doctype=Illustrative%20Examples<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 14<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal or maturity of available-for-sale financial assets. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of ordinary shares. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of available-for-sale financial assets. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6695725792">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statement of Changes in Equity - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Issued Capital</div></th>
<th class="th"><div>Capital Reserves</div></th>
<th class="th"><div>Accumulated Deficit</div></th>
<th class="th" colspan="2"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance, beginning at Dec. 31, 2014</a></td>
<td class="nump">&#8364; 240<span></span>
</td>
<td class="nump">&#8364; 131,544<span></span>
</td>
<td class="num">&#8364; (99,989)<span></span>
</td>
<td class="nump">&#8364; 31,795<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issue of common shares</a></td>
<td class="nump">91<span></span>
</td>
<td class="nump">52,463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52,554<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions', window );">Exercise of share based payment awards</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">944<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Equity-settled share based payment awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,220<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,239)<span></span>
</td>
<td class="num">(20,239)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance, ending at Dec. 31, 2015</a></td>
<td class="nump">333<span></span>
</td>
<td class="nump">187,169<span></span>
</td>
<td class="num">(120,228)<span></span>
</td>
<td class="nump">67,274<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issue of common shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Equity-settled share based payment awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,545<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfConvertibleInstruments', window );">Issue of warrant note (loan Silicon Valley Bank)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">142<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">142<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(32,216)<span></span>
</td>
<td class="num">(32,216)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance, ending at Dec. 31, 2016</a></td>
<td class="nump">333<span></span>
</td>
<td class="nump">190,862<span></span>
</td>
<td class="num">(152,444)<span></span>
</td>
<td class="nump">38,751<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issue of common shares</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">20,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,057<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Equity-settled share based payment awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,943<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,943<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfConvertibleInstruments', window );">Issue of warrant note (loan Silicon Valley Bank)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,223)<span></span>
</td>
<td class="num">(30,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance, ending at Dec. 31, 2017</a></td>
<td class="nump">&#8364; 468<span></span>
</td>
<td class="nump">&#8364; 213,778<span></span>
</td>
<td class="num">&#8364; (182,667)<span></span>
</td>
<td class="nump">&#8364; 31,579<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Issue of 3,341 shares</td>
</tr></table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2016-01-13<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2016-03-30&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfOptions</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in equity resulting from the issuing of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6697299680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. Reporting Entity<br></strong></div></th>
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<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed N.V. is a Dutch company with limited
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements are
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Plzen, Czech Republic and Affimed Inc., Delaware, USA (together &#8220;Affimed&#8221; or the &#8220;Company&#8221;).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed is a clinical-stage biopharmaceutical
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developed in the field of immuno-oncology, which represents an innovative approach to cancer treatment that seeks to harness the
body&#8217;s own immune defenses to fight tumor cells. Affimed has own research and development programs and collaborations, where
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the entity's operations and principal activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 138<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_138_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617869104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. Basis of Preparation &#8211; Consolidated Financial Statements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of Preparation &#8211; Consolidated Financial Statements</a></td>
<td class="text"><p style="margin: 0pt"></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Statement of compliance</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board (IFRS).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
were authorized for issuance by the management board on March 16, 2018.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of measurement</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
have been prepared on the historical cost basis except for financial instruments measured at fair value (see note 13) and monetary
assets and liabilities denominated in foreign currencies, which are translated at period-end exchange rates. The Company did not
opt for a valuation of liabilities at fair value through profit or loss.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consolidation</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company controls an entity when
it has power over the investee, 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. A subsidiary is consolidated from the date on which control
is obtained by the Company. It is de-consolidated from the date control ceases.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany transactions, balances
and unrealized gains on transactions between group companies are eliminated.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Functional and presentation currency</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
are presented in euro, which is also the subsidiaries&#8217; functional currency. All financial information presented in euro has
been rounded to the nearest thousand (abbreviated &#8364;) or million (abbreviated &#8364; million).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Presentation of consolidated statements
of comprehensive loss</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign currency transactions</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency gains or losses that
relate to borrowings, cash and cash equivalents and financial assets are presented in the statement of comprehensive loss within
&#8216;Finance income / (costs) - net&#8217;. All other foreign exchange gains and losses are presented in the statement of comprehensive
loss within &#8216;Other income &#8211; net&#8217;.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>



<p style="margin: 0pt"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for the preparation of the financial statements.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6624257504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_SignificantAccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Significant Accounting Policies</a></td>
<td class="text"><p style="margin: 0pt"></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies set out below have
been applied consistently to all periods presented in these consolidated financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue recognition</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides research and development
services to third parties based on both Company and third party owned intellectual property. Such services are performed on a &#8220;best
efforts&#8221; basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered
into collaborations with other companies that provide the Company with funding or other resources such as access to technologies.
From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Collaboration and license agreements are
evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the
Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and
development services. Accordingly, the results under the Company&#8217;s collaboration and license agreements have not qualified
as separate units of accounting.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from collaborative or other research
service agreements is recognized according to the stage of completion.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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. Consideration that is contingent upon achievement of a milestone is
recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from
the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement.
For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with
the Company&#8217;s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative
to all results and payment terms subject to the respective agreement.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-refundable upfront research funding
that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development
services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period
of performance.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and development</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs incurred related to research activities
are expensed in the period 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 Company
considering its technological and commercial feasibility. Given the current stage of the development of the Company&#8217;s product
candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents
are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when
incurred as long as the research and development project concerned does not meet the criteria for capitalization.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Employee benefits</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
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    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(i)</font></td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Short-term employee benefit obligations
are measured on an undiscounted basis and are expensed as the related service is provided.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">A liability is recognized for the amount
expected to be paid under a short-term cash bonus, if (a) the Company 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
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    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(ii)</font></td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s share-based payment
awards outstanding as of December 31, 2016 and 2017, 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
with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services
are received. Fair value 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 number of stock options expected to vest is
estimated at each measurement date.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Government grants</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company receives certain government
grants that support its research effort in specific projects. These grants generally provide for 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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 on the statement
of financial position.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes income from government
grants under &#8216;Other income - net&#8217; in the consolidated statement of comprehensive loss.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Lease payments</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payments made under operating leases are
recognized in profit or loss on a straight-line basis over the term of the lease.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Finance income and finance costs</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance income comprises interest income
from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance costs comprise interest expense
on borrowings and, in 2016, includes losses from early extinguishment of debt.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial instruments</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(i)</font></td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s non-derivative financial
assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original
maturities of more than three months.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets
and are subsequently carried at amortized cost using the effective interest method.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents comprise cash
balances and call deposits with original maturities of three months or less.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(ii)</font></td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s classes of financial
liabilities are borrowings and trade and other payables. The Company 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 Company
derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
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    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(iii)</font></td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into certain loan agreements
pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note
17). The number of shares to be issued does not vary with changes in their fair value.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The liability component of the loans 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 is measured at amortized cost using the effective interest method. The
equity component is not re-measured subsequent to initial recognition.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company entered into a convertible
note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion
feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on
a recurring basis in &#8216;Finance income / (costs) &#8211; net.&#8217;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company acquired warrants to purchase
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were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in &#8216;Finance
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment</b></p>

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<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade and other receivables are assessed
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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 debtor is experiencing significant financial difficulty, default or delinquency in interest or principal
payments, the probability that they will enter bankruptcy or other financial reorganization.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">All receivables are assessed for specific
impairment. 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 2015, 2016 or 2017.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Assets that are subject to depreciation
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recoverable. An impairment loss is recognized as the amount by which an asset&#8217;s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset&#8217;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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income taxes</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value Measurement</b></p>

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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">All assets and liabilities for which fair
value is recognized in the consolidated financial statements are organized 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:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of all trade and other
receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the
fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement
of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value
of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Loss per share</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss per common share is calculated by
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has granted warrants under
certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive
effect; no instruments actually had a dilutive effect.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Critical judgments and accounting estimates</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In preparing these financial statements,
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of stock options issued
by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input
parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends,
the risk-free interest rate and the time to maturity of the option. 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Elements of consideration in collaboration
and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally,
the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized
in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term
of the research service agreement on a straight-line basis.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates that the achievement
of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved.
If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates its accrued expenses
reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service
performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the
actual cost. The majority of Affimed&#8217;s service providers invoice monthly in arrears for services performed or when contractual
milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial
statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates
with the service providers and makes adjustments as necessary.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New standards and interpretations applied
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">No new accounting standards adopted in
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New standards and interpretations not
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following new standards and amendments
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financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><sup>1</sup> Shall apply for periods beginning
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed the potential impact
that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have
a significant effect on the consolidated financial statements of the Company.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 9 (Financial Instruments)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Classification</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The standard contains a new classification
and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash
flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair
value and will increase retained earnings by approximately &#8364;7 million before taxes as of January 1, 2018.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Hedge Accounting</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new hedge accounting requirements will
not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify
for hedge accounting.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new introduced impairment rules replace
the &#8216;incurred loss&#8217; model in IAS 39 with a forward looking &#8216;expected credit loss&#8217; (&#8220;ECL&#8221;) model.
This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this methodology, incurred losses
on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated
financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)
establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue
recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has
not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed has finalized the assessment of
all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration
and service agreements which is recognized according to the stage of completion.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 16 (Leases)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new standard specifies how to recognize,
measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize
assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed
will be required to recognize &#8220;right-of-use&#8221; assets related to its premises rented and certain equipment leased. During
the next year, the Company will gather and update information related to leases, assess extension and termination options as well
as possible exemptions and identify the appropriate discount rate.</p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p>



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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Segment Reporting<br></strong></div></th>
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<td style="width: 0pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(i)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Information about reportable segment</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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 is based
on the Company as a whole.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(ii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Geographic information</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The geographic information below analyzes
the Company&#8217;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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Discovery activities and research services
are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from
Heidelberg.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2015,
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6698925600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Revenue<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<tr class="ro">
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<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Collaboration agreement with Amphivena</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Until July 2016, Affimed was party
to a collaboration with Amphivena. The purpose of the collaboration was the development of a product candidate for hematological
malignancies. The collaboration included a License and Development Agreement between Amphivena and Affimed, which expired when
Amphivena obtained the approval of an investigational new drug application (IND) from the FDA in July 2016.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to the license and development
agreement between Affimed and Amphivena, Affimed granted a license to intellectual property and agreed to perform certain services
for Amphivena related to the development of a product candidate for hematological malignancies. In consideration for the research
and development work that was performed, Amphivena was required to pay to Affimed service fees totaling approximately &#8364;16
million payable according to the achievement of milestones and phase progressions as described under the license and development
agreement. Since the expiration of the agreement, the parties have been closing out the collaboration by exchanging documentation
and transferring materials and third-party contracts.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the years ended December
31, 2015, 2016 and 2017, the Company recognized revenue upon achievement of milestones and for the performance of research and
development services (net of Affimed&#8217;s share in funding Amphivena) totaling &#8364;4.8 million, &#8364;3.4 million and &#8364;0.2
million, respectively.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Amphivena has obtained funding solely by
issuing preferred stock and convertible notes to investors. Through December 31, 2017, Affimed participated in the financing of
Amphivena with cash investments in stock of &#8364;2.3 million and in convertible notes of &#8364;0.3 million ( see note 13).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Collaboration agreement with The Leukemia
&#38; Lymphoma Society (LLS)</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed is party to a collaboration with
LLS to fund the development of a specific product candidate (TandAb). Under the terms of the agreement, LLS has agreed to contribute
up to $4.4 million contingent upon the achievement of certain milestones.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the research and development
is successful, Affimed must proceed with commercialization of the licensed product. If Affimed decides for business reasons not
to continue the commercialization, Affimed must at its option either repay the amount funded or grant a license to LLS to enable
LLS to continue with the development program. In addition, LLS is entitled to receive royalties from Affimed based on the Company&#8217;s
future revenue from any licensed product, with the amount of royalties not to exceed three times the amount funded.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the research funding agreement
with LLS was amended to reflect a shift to the development of combination therapeutic approaches so that the milestones now relate
primarily to the development of a combination therapy.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended December 31, 2015,
2016 and 2017, the Company achieved several milestones and recognized revenue totaling &#8364;1.6 million, &#8364;0.4 million and
&#8364;0.2 million, respectively.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research service agreements</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">AbCheck has entered into certain research
service agreements. These research service agreements provide for non-refundable upfront technology access research funding or
capacity reservation fees and milestone payments. The Company recognized revenue of &#8364;1.1 million, &#8364;2.4 million and
&#8364;1.6 million during the years ended December 31, 2015, 2016 and 2017, respectively.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2016-01-13<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2016-03-30&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6610161504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Other Income and Expenses &#8211; Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OtherIncomeAndExpensesNetAbstract', window );"><strong>Other Income And Expenses Net</strong></a></td>
<td class="text">&#160;<span></span>
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income from government grants for research and development projects of &#8364;195 (2016: &#8364;171, 2015: &#8364;716).</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating income or expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618308336">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Research and Development Expenses<br></strong></div></th>
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</tr>
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    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">6,648</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">5,639</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of research and development expense. [Refer: Research and development expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617395536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. General and Administrative Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_GeneralAndAdministrativeExpensesAbstract', window );"><strong>General And Administrative Expenses</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the different
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,945</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt">Operating lease expenses</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,273</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,394</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 3.5pt">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">8,323</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of general and administrative expenses. [Refer: Administrative expenses]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6699315232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Employee Benefits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_EmployeeBenefitsAbstract', window );"><strong>Employee Benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Employee Benefits</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the items of
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2016-01-13<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2016-03-30&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6690074368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Finance Income and Finance Costs<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_FinanceIncomeAndFinanceCostsAbstract', window );"><strong>Finance Income And Finance Costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">Finance Income and Finance Costs</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the items of
finance income and costs for the years ended December 31:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
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    <td style="font-size: 11pt">&#160;</td><td>&#160;</td>
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    <td style="width: 46%; text-align: left; padding-left: 3.5pt">Interest Perceptive Loan Agreement (see note 17)</td><td style="width: 5%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(242</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 3.5pt">Interest SVB Loan Agreement (see note 17)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(41</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(690</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 3.5pt">Foreign exchange differences</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,808</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,378</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 3.5pt">Interest on certificates of deposit with maturities of more than three months (see note 14)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">122</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">77</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other finance income/finance costs</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 3.5pt">Finance income/costs - net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,104</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(230</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,983</td><td style="text-align: left">)</td></tr>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6699315232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Income Taxes<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_IncomeTaxesAbstract', window );"><strong>Income Taxes</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Income Taxes</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not incur any material
income tax in the periods presented. As of December 31, 2017 deferred tax liabilities from temporary differences result mainly
from borrowings (&#8364;152; 2016: &#8364;129) and in 2016 from other assets (&#8364;121). Deferred tax assets from differences
mainly resulting from trade and other receivables (&#8364;259; 2016: &#8364;292) and intangible assets (&#8364;405; 2016: &#8364;49)
have not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation between actual income
taxes and the expected tax benefit from the loss before tax multiplied by the Company's applicable tax rate is presented below
for the years ended December 31:&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
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    <td>&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: right">&#160;</td></tr>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In Germany, Affimed has tax losses carried
forward of &#8364;146.8 million (2016: &#8364;117.4 million) for corporate income tax purposes and of &#8364;146.4 million (2016:
&#8364;117.0 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). According to the provisions of this
act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated
by an excess of the fair value of equity for tax purposes above its carrying amount of the Company. The maximum amount of tax losses
at risk of being lost due to ownership changes is approximately &#8364;59 million. Deferred tax assets have not been recognized
in respect of any losses carried forward as no sufficient taxable profits of Affimed are expected.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6697831072">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Trade and Other Receivables<br></strong></div></th>
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2017 and 2016, of &#8364;580 and &#8364;970, respectively, are all due in the short-term, do not bear interest and are not impaired.
As of December 31, 2017 and 2016, &#8364;260 and &#8364;219, respectively were overdue. Other receivables are all due short-term
and mainly comprise receivables for research and development grants and other government subsidies of &#8364;20 (2016: &#8364;14),
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618239536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Other assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December
27, 2017, the Company signed a note purchase agreement with Amphivena pursuant to which Amphivena issued the Company a convertible
note with a principal amount of USD 0.35 million (&#8364;0.29 million) and warrants to purchase 46,667 common shares of Amphivena
with an exercise price of USD 0.01 per common share.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan matures on December 27, 2018
and bears interest at a rate of 6% per annum payable at maturity. The convertible note allows for a conversion into common shares
of Amphivena during the term of the note at a conversion price which is contingent on various conversion triggers. If no conversion
occurs prior to the maturity date the note will be converted into shares of Amphivena at a conversion price of USD 1.5 per common
share.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contractual life of the warrants
is five years or until the date of certain transactions, e.g. the transfer of the majority of the voting rights in Amphivena, the
transfer of substantially all of the assets of Amphivena, or an initial public offering covering the offering and sale of Amphivena&#8217;s
common stock.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized the note and
the warrants in the consolidated financial statements as of December 31, 2017 at their respective fair values.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>



<p style="margin: 0pt"></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_OtherAssetsAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other assets. [Refer: Other assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6627473808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Financial Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_FinancialAssetsAbstract', window );"><strong>Financial Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsExplanatory', window );">Financial Assets</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of December
31, 2016, financial assets consisted of U.S. Dollar denominated certificates of deposit with original maturities of more than three
months.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_FinancialAssetsAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsExplanatory</td>
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<DOCUMENT>
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<TEXT>
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<head>
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<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6627464528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Equity</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the share capital
of &#8364;468 (2016: &#8364;333) is composed of 46,791,352 (2016: 33,262,745) common shares with a par value of &#8364;0.01.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In the first quarter of 2017, the
Company issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of
approximately &#8364;16 million. In connection with its at-the-market sales agreement, the Company issued 2,881,845 common
shares for net proceeds of &#8364;5.1 million in 2017.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 20, 2017, the authorized share
capital was increased from &#8364;1,100 to &#8364;2,196, consisting of 109,800,000 common shares and 109,800,000 cumulative preference
shares, each with a par value of &#8364;0.01 per share. As of December 31, 2017, 46,791,352 (December 31, 2016: 33,262,745) common
shares have been issued and are outstanding. Preferred shareholders are entitled to receive a fixed dividend per year in arrears
prior to any distributions to common shareholders. As of December 31, 2017, no preferred shares have been issued.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617490688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Share Based Payments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_ShareBasedPaymentsAbstract', window );"><strong>Share Based Payments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory', window );">Share Based Payments</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2014, an equity-settled share-based
payment program was established by Affimed N.V. (ESOP 2014).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Under this program, the Company granted
awards to certain members of the Management Board, the Supervisory Board, non-employee consultants and employees. The awards vest
in installments over three years and can be exercised up to 10 years after the grant date.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Share based payments with employees</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company granted 1,778,095 ESOP 2014
awards in 2016 and 1,436,075 awards in 2017 to employees, members of the Management Board and others providing similar services
(certain consultants).</p>

<p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, 399,552 ESOP 2014 awards were
cancelled or forfeited due to termination of employment (2016: 83,750), and no options were exercised. As of December 31, 2017,
4,080,868 ESOP 2014 awards were outstanding (December 31, 2016: 3,044,345), 2,001,264 awards (December 31, 2016: 952,458) were
vested. The options outstanding as of December 31, 2017 had an exercise price in the range of $1.80 to $13.47 (2016: $2.51 to $13.47)
and weighted average remaining contractual life of 8.4 years (2016: 8.9 years).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In
2017, an expense of &#8364;1.943 was recognized affecting research and development expenses (&#8364;522) and general and administrative
expenses (&#8364;1,421). In 2016, an expense of &#8364;3,545 was recognized affecting</font> research and development expenses
(&#8364;1,178) and general and administrative expenses (&#8364;2,367). In 2015, an expense of &#8364;2,220 was recognized affecting
research and development expenses (&#8364;611) and general and administrative expenses (&#8364;1,609).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of options was determined
using the Black-Scholes valuation model. The significant inputs into the valuation model are as follows (weighted average):</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">2016</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="3" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="3" style="font-size: 11pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left; padding-left: 3.5pt">Fair value at grant date</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1.99</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1.10</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 3.5pt">Share price at grant date</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3.55</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2.00</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 3.5pt">Exercise price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3.57</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2.03</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 3.5pt">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">69</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 3.5pt">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.90</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Expected volatility is estimated based
on the observed daily share price returns of a peer group measured over a historic period equal to the expected life of the awards.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Share based payments with non-employees</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 27, 2017, Affimed entered into
a consulting agreement for business development services with a non-employee consultant. Pursuant to the agreement the consultant
received an initial award of 60,000 options to purchase common shares of Affimed N.V. with an exercise price of USD 1.25. These
options only vest with the achievement of a future event as defined in the consulting agreement. Affimed recognizes the expense
related to the awards on the conclusion of such an event which was not concluded as of December 31, 2017.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 44<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6627427872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Borrowings</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Perceptive</b></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2014, the Company entered into
a loan agreement with an affiliate of Perceptive Advisors LLC (the &#8220;Perceptive loan&#8221;), drawing an amount of $5.5 million.
Finance costs included interest, an arrangement fee and 106,250 warrants convertible into common shares of the Company with a strike
price of $8.80. Upon initial recognition, the fair value of the warrant of &#8364;613 was recognized in equity, net of tax of &#8364;183.
Fair value was determined using the Black-Scholes-Merton formula, with an expected volatility of 65% and an expected time of six
years to exercise of the warrant. The contractual maturity of the warrant is ten years.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016 the Company repaid all outstanding
amounts under the Perceptive loan. The Company recognized early repayment fees of &#8364;110 and extinguishment losses of &#8364;132.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The loan was measured at amortized cost
using the effective interest method. In 2016, interest costs of &#8364;762 (2015: &#8364;703) and foreign exchange losses of &#8364;86
(2015: &#8364;527) were recognized in profit or loss.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Silicon Valley Bank</b></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 30, 2016, the Company entered
into a loan agreement with Silicon Valley Bank (the &#8220;SVB loan&#8221;) which provides the Company with a senior secured term
loan facility for up to &#8364;10.0 million, which agreement was amended in May 2017 to provide that such amount would be available
in three tranches. In December 2016, the Company drew an initial tranche of &#8364;5.0 million and in May 2017, a second tranche
of &#8364;2.5 million; the availability of a third tranche of &#8364;2.5 million expired in September 2017 with such amount remaining
undrawn.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance costs comprise the interest rate
of one-month EURIBOR plus an applicable margin of 5.5%, with a floor of 5.5%, related one-time legal and arrangement fees of &#8364;236
and a final payment fee equal to 10% of the total principal amount to be paid with the last instalment. Pursuant to the loan agreement,
the Company also granted the lender 166,297 and 53,395 warrants with an exercise price of $2.00 and $2.30 per share, respectively.
Each warrant can be used to purchase common shares of Affimed at the respective exercise price for a period of ten years from the
date of grant. The fair value of the warrants of &#8364;192 less deferred taxes and transaction costs of &#8364;81 and &#8364;8,
respectively, was recorded as an addition to capital reserves in the equity of Affimed. The fair value of the warrants was determined
using the Black-Scholes-Merton valuation model, with an expected volatility of 75-80% and an expected exercise period of five years
to exercise of the warrant. The contractual maturity of the warrants is ten years.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company adjusted the carrying
amount of its financial liability and recorded a gain of &#8364;0.2 million upon the drawing of the second tranche due to a change
in timing of the cash flows under the original terms of the existing credit facility.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The loan is secured by a pledge of 100%
of Company&#8217;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:&#160;</p>

<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and 2016, the fair
value of the liability did not differ significantly from its carrying amount (&#8364;7,169 and &#8364;4,590). The loan has a maturity
date of May 31, 2020, and repayment started in December 2017 with amortized payments of principal in equal monthly installments.
As of December 31, 2017, &#8364;3,083 (2016: &#8364;973) of such amount was classified as current liabilities.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618308336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Trade and Other Payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade and other payables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Trade and Other Payables</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade and other payables comprise trade
payables of &#8364;3,380 (2016: &#8364;4,506). Other payables mainly comprise payroll and employee related liabilities for withholding
taxes and social security contributions of &#8364;514 (2016: &#8364;471) and payables due to employees for outstanding bonus, unused
holidays and other accruals. Other payables are normally settled within 30 days.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6697861392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Loss Per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_LossPerShareAbstract', window );"><strong>Loss Per Share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Loss Per Share</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss per common share is calculated by
dividing the loss of the period by the weighted average number of common shares outstanding during the period.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">2015</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">2016</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="width: 46%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 3.5pt">Net loss</td><td style="width: 5%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right">(20,239</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 5%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right">(32,216</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 5%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 11%; font: 8pt Times New Roman, Times, Serif; text-align: right">(30,223</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt">Weighted number of common shares outstanding</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">28,477,438</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">33,259,505</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">43,746,073</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 3.5pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; padding-left: 3.5pt">Loss per share in &#8364; per share</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.71</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.97</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.69</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
</table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">No instruments had a dilutive effect.</p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2016-01-13<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2016-03-30&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6627514240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Operating Leases and Other Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesAbstract', window );"><strong>Operating Leases And Other Commitments And Contingencies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory', window );">Operating Leases and Other Commitments and Contingencies</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Lease and other commitments</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into rental agreements
for premises as well as into leases for vehicles and the use of licenses. These agreements have an average non-cancellable term
of between one and four years with renewal options included in some contracts. In 2017, lease expenses of &#8364;472 and license
fees of &#8364;174 have been recognized in consolidated statement of comprehensive income (2016: &#8364;409 and &#8364;405; 2015:
&#8364;356 and &#8364;278).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum lease payment obligations
under non-cancellable operating leases as of the reporting date are as follows:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">2016</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left; padding-left: 3.5pt">Within one year</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">700</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">470</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">541</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">363</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 11pt; padding-left: 3.5pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,241</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">833</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Contingencies</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6610337728">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of managing directors
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">4,601</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Remuneration of Affimed&#8217;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. In the case of an early termination, the managing directors receive  severance.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Compensation for other key management personnel
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The supervisory directors of Affimed N.V.
received compensation for their services on the supervisory board of &#8364;375 (2016: &#8364;350; 2015: &#8364;296). In 2017,
the Company recognized expenses for share-based payments for supervisory board members of &#8364;144 (2016: &#8364;381, 2015: &#8364;478).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Selected managing directors and supervisory
directors entered into service and consulting agreements with the Company:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. Ulrich Grau is a significant shareholder
and Chairman of the Board of Directors of i-novion Inc., which was engaged by the Company to conduct preclinical services. In 2016,
i-novion Inc. received related payments of &#8364;86.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Jens-Peter Marschner rendered consulting
services amounting to &#8364;11 in 2017 and &#8364;29 in 2016.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides the total
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617934016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Financial Risk Management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_FinancialRiskManagementAbstract', window );"><strong>Financial Risk Management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial Risk Management</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(i)</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">Financial risk management objectives and policies</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s principal financial
instruments comprise cash and cash equivalents, certificates of deposit at commercial banks, a convertible loan, warrants and investor
loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Company's operations.
The Company has various other financial assets and liabilities such as trade and other receivables and trade and other payables,
which arise directly from its operations.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The main risks arising from the Company's
financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized
below.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(ii)</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">Credit risk</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial assets comprise
to a large extent cash and cash equivalents. In addition, financial assets include certificates of deposit, a convertible loan,
warrants and trade and other receivables. The total carrying amount of cash and cash equivalents (&#8364;39.8 million, 2016: &#8364;35.4
million), trade and other receivables (&#8364;1.1 million, 2016: &#8364;2.3 million), convertible note and warrants of Amphivena
(&#8364;0.3 million) and in 2016, certificates of deposit (&#8364;9.5 million) represents the maximum credit exposure of &#8364;41.2
million (2016: &#8364;47.2 million).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The cash and cash equivalents and certificates
of deposit are held with banks, which are rated BBB+ to AA- based on Standard &#38; Poor&#8217;s and Moody&#8217;s.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(iii)</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">Interest rate risk</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s interest rate risk
arises from cash accounts and long-term borrowings at variable rates.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed entered into the SVB loan pursuant
to which the Company borrowed &#8364;7.5 million with a variable interest rate of an annual rate of 5.5% plus one-month EURIBOR,
with EURIBOR deemed to equal zero percent if EURIBOR is less than zero percent. The Company does not expect the EURIBOR to exceed
the floor of 0% within the foreseeable future, and considers the interest risk to be low.</p>

<p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Market interest rates on cash and cash
equivalents as well as on term deposits were low in 2017, resulting in interest income of &#8364;93 in 2017. A shift in interest
rates (increase or decrease) would not have a material impact on the loss of the Company.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(iv)</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">Other price risks</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds warrants and a convertible
loan of Amphivena. The fair value of the convertible loan and the warrants depends on the share price. The total exposure of the
Company amounts to &#8364;292.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">(v)</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt/120% Times New Roman, Times, Serif">Foreign currency risk</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign exchange risk arises when future
commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&#8217;s functional
currency.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s entities are exposed
to Czech Koruna (CZK) and US Dollars (USD). The net exposure as of December 31, 2017 was &#8364;18,768 (2016: &#8364;18,974) and
mainly relates to US Dollars.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, if the Euro had weakened/strengthened
by 10% against the US dollar with all other variables held constant, the loss would have been &#8364;1,877 (2016: &#8364;1,897)
higher/lower, mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated financial assets. The
Company considers a shift in the exchange rates of 10% as a realistic scenario.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss is less sensitive to movement in exchange
rates shifts in 2017 than in 2016 because of the decreased volume of US dollar-denominated transactions.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following significant exchange rates
have been applied during the year:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2015</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2016</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">CZK or USD/EUR</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">CZK or USD/EUR</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">CZK or USD/EUR</font></td>
    <td style="line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 46%; padding-left: 3.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">CZK - Average Rate</font></td>
    <td style="width: 5%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.03666</font></td>
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<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 3.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">CZK - Spot rate</font></td>
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    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.03701</font></td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 3.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">USD - Average Rate</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.90190</font></td>
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    <td style="line-height: 107%">&#160;</td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.90404</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.88519</font></td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 3.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">USD - Spot rate</font></td>
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</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; line-height: 107%"><font style="font: 8pt/120% Times New Roman, Times, Serif">(vi)</font></td>
    <td style="line-height: 107%"><font style="font: 8pt/120% Times New Roman, Times, Serif">Liquidity risk</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Liquidity risk is the risk that the Company
will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by
delivering cash. The Company&#8217;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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company 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.
The supervisory board undertakes regular reviews of the budget.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016, 2017 and February 2018, Affimed
raised significant funding that it estimates will enable the Company to fund operating expenses and capital expenditure requirements
at least until the fourth quarter of 2019.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into an at-the-market
sales agreement with Cowen &#38; Company, LLC under which more than &#8364;5 million in net proceeds has been raised (see note
15).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In the first quarter of 2017, the Company
issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of approximately &#8364;16
million.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 30, 2016, the Company entered
into a loan agreement with Silicon Valley Bank (the &#8220;SVB loan&#8221;) and drew the initial tranche of &#8364;5.0 million
in December 2016 and a second tranche of &#8364;2.5 million in May 2017.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2018, the Company issued 13,225,000
common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately &#8364;19.7 million.
In addition, in February 2018 the Company issued 2,373,716 common shares for net proceeds of approximately &#8364;3.8 million in
connection with its at-the-market sales agreement.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to require additional
funding to complete the development of the existing product candidates. In addition, the Company expects to require additional
capital to commercialize the products if regulatory approval is received.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 38px; line-height: 107%"><font style="font: 8pt/120% Times New Roman, Times, Serif">(vii)</font></td>
    <td style="line-height: 107%"><font style="font: 8pt/120% Times New Roman, Times, Serif">Capital management</font></td></tr>
</table>
<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The primary objective of the Company's
capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities
when due.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0">The Company manages its capital structure primarily through
equity.</p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618411280">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2018, the Company issued 13,225,000
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2016-01-13<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=10&amp;date=2016-03-30&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701512512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_SignificantAccountingPoliciesPoliciesAbstract', window );"><strong>Significant Accounting Policies Policies</strong></a></td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue Recognition</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides research and development
services to third parties based on both Company and third party owned intellectual property. Such services are performed on a &#8220;best
efforts&#8221; basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered
into collaborations with other companies that provide the Company with funding or other resources such as access to technologies.
From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Collaboration and license agreements are
evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the
Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and
development services. Accordingly, the results under the Company&#8217;s collaboration and license agreements have not qualified
as separate units of accounting.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from collaborative or other research
service agreements is recognized according to the stage of completion.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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. Consideration that is contingent upon achievement of a milestone is
recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from
the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement.
For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with
the Company&#8217;s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative
to all results and payment terms subject to the respective agreement.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-refundable upfront research funding
that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development
services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period
of performance.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory', window );">Research and Development</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs incurred related to research activities
are expensed in the period 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 Company
considering its technological and commercial feasibility. Given the current stage of the development of the Company&#8217;s product
candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents
are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when
incurred as long as the research and development project concerned does not meet the criteria for capitalization.</p><span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee Benefits</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Short-term employee benefits</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Short-term employee benefit obligations
are measured on an undiscounted basis and are expensed as the related service is provided.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">A liability is recognized for the amount
expected to be paid under a short-term cash bonus, if (a) the Company 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(ii)</font></td><td><font style="font-size: 8pt">Share-based payment transactions</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s share-based payment
awards outstanding as of December 31, 2016 and 2017, 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
with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services
are received. Fair value 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 number of stock options expected to vest is
estimated at each measurement date.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants', window );">Government Grants</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company receives certain government
grants that support its research effort in specific projects. These grants generally provide for 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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 on the statement
of financial position.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes income from government
grants under &#8216;Other income - net&#8217; in the consolidated statement of comprehensive loss.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Lease Payments</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payments made under operating leases are
recognized in profit or loss on a straight-line basis over the term of the lease.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Finance Income and Finance Costs</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance income comprises interest income
from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance costs comprise interest expense
on borrowings and, in 2016, includes losses from early extinguishment of debt.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial Instruments</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Non-derivative financial assets</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s non-derivative financial
assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original
maturities of more than three months.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets
and are subsequently carried at amortized cost using the effective interest method.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents comprise cash
balances and call deposits with original maturities of three months or less.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(ii)</font></td><td><font style="font-size: 8pt">Non-derivative financial liabilities</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s classes of financial
liabilities are borrowings and trade and other payables. The Company 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 Company
derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(iii)</font></td><td><font style="font-size: 8pt">Compound financial instruments</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into certain loan agreements
pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note
17). The number of shares to be issued does not vary with changes in their fair value.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The liability component of the loans 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 is measured at amortized cost using the effective interest method. The
equity component is not re-measured subsequent to initial recognition.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company entered into a convertible
note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion
feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on
a recurring basis in &#8216;Finance income / (costs) &#8211; net.&#8217;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Derivatives</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company acquired warrants to purchase
common shares of Amphivena Therapeutics Inc. (&#8220;Amphivena&#8221;) at a specified price (see note 13). Initially, the warrants
were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in &#8216;Finance
income / (costs) &#8211; net.&#8217;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory', window );">Impairment</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(i)</font></td><td><font style="font-size: 8pt">Trade and other receivables</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade and other 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 debtor is experiencing significant financial difficulty, default or delinquency in interest or principal
payments, the probability that they will enter bankruptcy or other financial reorganization.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">All receivables are assessed for specific
impairment. 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 2015, 2016 or 2017.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font-size: 8pt">(ii)</font></td><td><font style="font-size: 8pt">Intangible assets and leasehold improvements and equipment</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset&#8217;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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Income Taxes</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are
presented net if there is a legally enforceable right to offset.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair Value Measurement</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">All assets and liabilities for which fair
value is recognized in the consolidated financial statements are organized 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:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 1 &#8211; Prices
for identical assets or liabilities quoted in active markets (non-adjusted)</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 2 &#8211; 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</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 3 &#8211; 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</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of all trade and other
receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the
fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement
of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value
of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Loss Per Share</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss per common share is calculated by
dividing the loss of the period by the weighted average number of common shares outstanding during the period.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has granted warrants under
certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive
effect; no instruments actually had a dilutive effect.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Critical Judgments and Accounting Estimates</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In preparing these financial statements,
the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(i)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Share-based payments</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of stock options issued
by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input
parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends,
the risk-free interest rate and the time to maturity of the option. 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.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(ii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Revenue recognition </font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: 0in">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Elements of consideration in collaboration
and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally,
the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized
in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term
of the research service agreement on a straight-line basis.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates that the achievement
of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved.
If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(iii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Accrued expenses</font></td></tr></table>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates its accrued expenses
reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service
performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the
actual cost. The majority of Affimed&#8217;s service providers invoice monthly in arrears for services performed or when contractual
milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial
statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates
with the service providers and makes adjustments as necessary.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations', window );">New Standards and Interpretations Applied for the First Time</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">No new accounting standards adopted in
2017 had a material impact on Affimed&#8217;s consolidated financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations', window );">New Standards and Interpretations Not Yet Adopted</a></td>
<td class="text"><p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following new standards and amendments
to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated
financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 45%; padding-left: 5.4pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Standard / Amendment</font></td>
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    <td style="width: 45%; padding-left: 11.65pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Effective Date <sup>1</sup></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-left: 11.65pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">January 1, 2018</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 16 Leases</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<p style="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><sup>1</sup> Shall apply for periods beginning
on or after the effective date.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed the potential impact
that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have
a significant effect on the consolidated financial statements of the Company.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 9 (Financial Instruments)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Classification</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The standard contains a new classification
and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash
flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair
value and will increase retained earnings by approximately &#8364;7 million before taxes as of January 1, 2018.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Hedge Accounting</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new hedge accounting requirements will
not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify
for hedge accounting.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new introduced impairment rules replace
the &#8216;incurred loss&#8217; model in IAS 39 with a forward looking &#8216;expected credit loss&#8217; (&#8220;ECL&#8221;) model.
This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted
basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; line-height: 107%"><font style="font: 8pt/120% Arial, Helvetica, Sans-Serif">-</font></td>
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</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; line-height: 107%"><font style="font: 8pt/120% Arial, Helvetica, Sans-Serif">-</font></td>
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt/120% Times New Roman, Times, Serif">Trade receivables: The Company determines the counterparties&#8217; lifetime ECLs that result from all possible default events over the expected life of a financial instrument based on an estimated rating and corresponding probability of default rates according to the Bloomberg database. </font></td></tr>
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<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this methodology, incurred losses
on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated
financial statements.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 15 (Revenue from contracts with customers)
establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue
recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has
not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Affimed has finalized the assessment of
all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration
and service agreements which is recognized according to the stage of completion.</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 16 (Leases)</p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The new standard specifies how to recognize,
measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize
assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed
will be required to recognize &#8220;right-of-use&#8221; assets related to its premises rented and certain equipment leased. During
the next year, the Company will gather and update information related to leases, assess extension and termination options as well
as possible exemptions and identify the appropriate discount rate.</p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617682688">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617745744">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Research and Development Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617662336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. General and Administrative Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_GeneralAndAdministrativeExpensesAbstract', window );"><strong>General And Administrative Expenses</strong></a></td>
<td class="text">&#160;<span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6697902528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Employee Benefits (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6616156080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Finance Income and Finance Costs (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6611613760">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Income Taxes (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618242992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Share Based Payments (Tables)<br></strong></div></th>
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</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_ShareBasedPaymentsTablesAbstract', window );"><strong>Share Based Payments Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618209200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Borrowings (Tables)<br></strong></div></th>
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6700284496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Loss Per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Related Parties (Tables)<br></strong></div></th>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701843936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Financial Risk Management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6702260128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Significant Accounting Policies (Details)<br></strong></div></th>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">IFRS 15 Revenue from Contracts with Customers<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment2Member', window );">Standard/Amendment 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">IFRS 9 Financial Instruments (2014)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment3Member', window );">Standard/Amendment 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">IFRS 16 Leases<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment4Member', window );">Standard/Amendment 4</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Clarifications to IFRS 15 Revenue from Contracts with Customers<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment5Member', window );">Standard/Amendment 5</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Amendments&#160;to&#160;IFRS&#160;2:&#160;Classification&#160;and&#160;Measurement&#160;of&#160;Share-based&#160;Payment&#160;Transactions<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment6Member', window );">Standard/Amendment 6</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Annual Improvements to IFRS Standards 2014-2016 Cycle (IFRS 1, IAS 28)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment7Member', window );">Standard/Amendment 7</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Amendments to IFRS 9: Prepayment Features with Negative Compensation<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment8Member', window );">Standard/Amendment 8</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Amendments&#160;to&#160;IAS&#160;28:&#160;Long-term&#160;Interests&#160;in&#160;Associates&#160;and&#160;Joint&#160;Ventures<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment9Member', window );">Standard/Amendment 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard/amendment</a></td>
<td class="text">Annual Improvements to IFRS Standards 2015-2017 Cycle<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Shall apply for periods beginning on or after the effective date.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The date on which the entity plans to apply a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 31<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_31_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The title of a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 31<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_31_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TitleOfNewIFRS</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InitiallyAppliedIFRSsAxis=AFMD_StandardAmendment3Member</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Segment Reporting (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
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<td class="text">&#160;<span></span>
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<td class="nump">877<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="nump">80<span></span>
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<td class="nump">6<span></span>
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<td class="nump">125<span></span>
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<td class="nump">957<span></span>
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<td class="nump">618<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">1,236<span></span>
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<td class="nump">1,397<span></span>
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<td class="nump">711<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">694<span></span>
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<td class="nump">4,911<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">&#8364; 221<span></span>
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<td class="nump">&#8364; 259<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2016-03-30&amp;anchor=para_35_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=AFMD_GermanyMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=AFMD_CzechRepublicMember</td>
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<td></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Revenue (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=AFMD_AmphivenaMember', window );">Amphivena</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">&#8364; 200<span></span>
</td>
<td class="nump">&#8364; 3,400<span></span>
</td>
<td class="nump">&#8364; 4,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=AFMD_LeukemiaAndLymphomaSocietyMember', window );">Leukemia &amp; Lymphoma Society</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">200<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">1,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=AFMD_AbCheckMember', window );">AbCheck</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">&#8364; 1,600<span></span>
</td>
<td class="nump">&#8364; 2,400<span></span>
</td>
<td class="nump">&#8364; 1,100<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
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<tr>
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<td>ifrs-full_</td>
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<td>xbrli:stringItemType</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2016-03-30&amp;anchor=para_35_b_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=AFMD_AmphivenaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=AFMD_LeukemiaAndLymphomaSocietyMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=AFMD_AbCheckMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701910512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Other Income and Expenses &#8211; Net (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OtherIncomeAndExpensesNetDetailsNarrativeAbstract', window );"><strong>Other Income And Expenses Net Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromGovernmentGrants', window );">Government grants</a></td>
<td class="nump">&#8364; 195<span></span>
</td>
<td class="nump">&#8364; 171<span></span>
</td>
<td class="nump">&#8364; 716<span></span>
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income recognised in relation to government grants. [Refer: Government grants]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 20<br> -IssueDate 2016-01-13<br> -Paragraph 39<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=20&amp;date=2016-03-30&amp;anchor=para_39_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6702068400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Research and Development Expenses (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">&#8364; 21,489<span></span>
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<td class="nump">&#8364; 30,180<span></span>
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<td class="nump">&#8364; 22,008<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_ThirdPartyServicesMember', window );">Third-party services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">12,299<span></span>
</td>
<td class="nump">20,170<span></span>
</td>
<td class="nump">15,386<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_PersonnelExpensesMember', window );">Personnel expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">5,639<span></span>
</td>
<td class="nump">6,648<span></span>
</td>
<td class="nump">3,637<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_LegalConsultingAndPatentExpensesMember', window );">Legal, consulting and patent expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">890<span></span>
</td>
<td class="nump">758<span></span>
</td>
<td class="nump">902<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_CostsOfMaterialsMember', window );">Costs of Materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">994<span></span>
</td>
<td class="nump">1,028<span></span>
</td>
<td class="nump">902<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Amortization and depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">322<span></span>
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<td class="nump">308<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
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<td class="nump">297<span></span>
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<td class="nump">267<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember', window );">Other expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfResearchAndDevelopmentExpensesLineItems', window );"><strong>DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">&#8364; 1,013<span></span>
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<td class="nump">&#8364; 957<span></span>
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<td class="nump">&#8364; 606<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure directly attributable to research or development activities, recognised in profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2016-01-13<br> -Paragraph 126<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2016-03-30&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_OperatingLeaseExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_OperatingLeaseExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6702480528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. General and Administrative Expenses (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems', window );"><strong>DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">&#8364; 7,986<span></span>
</td>
<td class="nump">&#8364; 8,323<span></span>
</td>
<td class="nump">&#8364; 7,548<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_PersonnelExpensesMember', window );">Personnel expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems', window );"><strong>DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">4,521<span></span>
</td>
<td class="nump">4,729<span></span>
</td>
<td class="nump">3,658<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_LegalConsultingAndAuditFeesMember', window );">Legal, consulting and audit fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems', window );"><strong>DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">1,945<span></span>
</td>
<td class="nump">2,210<span></span>
</td>
<td class="nump">2,468<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_OperatingLeaseExpensesMember', window );">Operating lease expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems', window );"><strong>DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">126<span></span>
</td>
<td class="nump">111<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember', window );">Other expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems', window );"><strong>DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">&#8364; 1,394<span></span>
</td>
<td class="nump">&#8364; 1,273<span></span>
</td>
<td class="nump">&#8364; 1,333<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DisclosureOfGeneralAndAdministrativeExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_PersonnelExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_PersonnelExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_LegalConsultingAndAuditFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_LegalConsultingAndAuditFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_OperatingLeaseExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_OperatingLeaseExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_OtherExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6622008576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Employee Benefits (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_EmployeeBenefitsDetailsAbstract', window );"><strong>Employee Benefits Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Wages and salaries</a></td>
<td class="nump">&#8364; 7,475<span></span>
</td>
<td class="nump">&#8364; 7,445<span></span>
</td>
<td class="nump">&#8364; 5,066<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SocialSecurityContributions', window );">Social security costs</a></td>
<td class="nump">931<span></span>
</td>
<td class="nump">807<span></span>
</td>
<td class="nump">583<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefits</a></td>
<td class="nump">&#8364; 8,406<span></span>
</td>
<td class="nump">&#8364; 8,252<span></span>
</td>
<td class="nump">&#8364; 5,649<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_EmployeeBenefitsDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_EmployeeBenefitsDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SocialSecurityContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2016-01-13<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2016-03-30&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SocialSecurityContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WagesAndSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2016-01-13<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2016-03-30&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701368048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Employee Benefits (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_EmployeeBenefitsDetailsNarrativeAbstract', window );"><strong>Employee Benefits Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployerContributions', window );">Employer's contributions</a></td>
<td class="nump">&#8364; 438<span></span>
</td>
<td class="nump">&#8364; 362<span></span>
</td>
<td class="nump">&#8364; 269<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_EmployeeBenefitsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_EmployeeBenefitsDetailsNarrativeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployerContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employer contributions to retirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2016-03-30&amp;anchor=para_35_b_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployerContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6702213328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Finance Income and Finance Costs (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="num">&#8364; (2,983)<span></span>
</td>
<td class="num">&#8364; (230)<span></span>
</td>
<td class="nump">&#8364; 1,104<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestPerceptiveLoanAgreementMember', window );">Interest Perceptive Loan Agreement (see note 17)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(762)<span></span>
</td>
<td class="num">(703)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceCostPerceptiveLoanAgreementMember', window );">Other finance cost Perceptive Loan Agreement (see note 17)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(242)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestSVBLoanAgreementMember', window );">Interest SVB Loan Agreement (see note 17)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="num">(690)<span></span>
</td>
<td class="num">(41)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_ForeignExchangeDifferencesMember', window );">Foreign exchange differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="num">(2,378)<span></span>
</td>
<td class="nump">691<span></span>
</td>
<td class="nump">1,808<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestCertificatesOfDepositMember', window );">Interest certificates of deposit with maturities of more than three months (see not 14)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">122<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceIncomeFinanceCostsMember', window );">Other finance income/finance costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfFinanceIncomeCostsLineItems', window );"><strong>DisclosureOfFinanceIncomeCostsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income / (costs) &#8211; net</a></td>
<td class="nump">&#8364; 8<span></span>
</td>
<td class="nump">&#8364; 2<span></span>
</td>
<td class="num">&#8364; (1)<span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DisclosureOfFinanceIncomeCostsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestPerceptiveLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestPerceptiveLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceCostPerceptiveLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceCostPerceptiveLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestSVBLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestSVBLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_ForeignExchangeDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_ForeignExchangeDifferencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestCertificatesOfDepositMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_InterestCertificatesOfDepositMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceIncomeFinanceCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfIncomeExpenseAxis=AFMD_OtherFinanceIncomeFinanceCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6696426240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Income Taxes (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_IncomeTaxesDetailsAbstract', window );"><strong>Income Taxes Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Loss before tax</a></td>
<td class="num">&#8364; (30,243)<span></span>
</td>
<td class="num">&#8364; (32,274)<span></span>
</td>
<td class="num">&#8364; (20,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Income tax benefit at tax rate of 29.825 %</a></td>
<td class="nump">9,020<span></span>
</td>
<td class="nump">9,626<span></span>
</td>
<td class="nump">6,036<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets', window );">Adjustments due to impairment of deferred tax assets</a></td>
<td class="num">(9,036)<span></span>
</td>
<td class="num">(8,747)<span></span>
</td>
<td class="num">(6,251)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_TaxEffectOfPermanentDifferences', window );">Permanent differences</a></td>
<td class="num">(93)<span></span>
</td>
<td class="num">(948)<span></span>
</td>
<td class="nump">199<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_TaxEffectOfLocalTaxRates', window );">Adjustments for local tax rates</a></td>
<td class="nump">195<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="nump">18<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss', window );">Non deductible expenses</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">154<span></span>
</td>
<td class="nump">163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Other</a></td>
<td class="num">(82)<span></span>
</td>
<td class="num">(39)<span></span>
</td>
<td class="num">(165)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income taxes</a></td>
<td class="nump">&#8364; 20<span></span>
</td>
<td class="nump">&#8364; 58<span></span>
</td>
<td class="nump">&#8364; 0<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_IncomeTaxesDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_IncomeTaxesDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_TaxEffectDueToImpairmentOfDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_TaxEffectOfLocalTaxRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_TaxEffectOfLocalTaxRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_TaxEffectOfPermanentDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_TaxEffectOfPermanentDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2016-03-30&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that the entity does not separately disclose in the same statement or note. [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining taxable profit (tax loss). [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6696618192">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>11. Income Taxes (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfIncomeTaxesLineItems', window );"><strong>DisclosureOfIncomeTaxesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes', window );">Tax loss carryforward for corporate income tax purposes</a></td>
<td class="nump">&#8364; 146,800<span></span>
</td>
<td class="nump">&#8364; 117,400<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OperatingLossCarryforwardsForTradeTaxPurposes', window );">Tax loss carryforward for trade tax purposes</a></td>
<td class="nump">146,400<span></span>
</td>
<td class="nump">117,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TemporaryDifferenceBorrowingsMember', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfIncomeTaxesLineItems', window );"><strong>DisclosureOfIncomeTaxesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">152<span></span>
</td>
<td class="nump">129<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_OtherAssetsMember', window );">Other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfIncomeTaxesLineItems', window );"><strong>DisclosureOfIncomeTaxesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">121<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TradeAndOtherReceivablesMember', window );">Trade and other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfIncomeTaxesLineItems', window );"><strong>DisclosureOfIncomeTaxesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">259<span></span>
</td>
<td class="nump">292<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsOtherThanGoodwillMember', window );">Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfIncomeTaxesLineItems', window );"><strong>DisclosureOfIncomeTaxesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">&#8364; 405<span></span>
</td>
<td class="nump">&#8364; 49<span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_DisclosureOfIncomeTaxesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DisclosureOfIncomeTaxesLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_OperatingLossCarryforwardsForCorporateIncomeTaxPurposes</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_OperatingLossCarryforwardsForTradeTaxPurposes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TemporaryDifferenceBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TemporaryDifferenceBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_OtherAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_OtherAssetsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TradeAndOtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=AFMD_TradeAndOtherReceivablesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsOtherThanGoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsOtherThanGoodwillMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6696353376">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. Trade and Other Receivables (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfTradeAndOtherReceivablesLineItems', window );"><strong>DisclosureOfTradeAndOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">&#8364; 580<span></span>
</td>
<td class="nump">&#8364; 970<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OverdueTradeReceivables', window );">Overdue trade receivables</a></td>
<td class="nump">260<span></span>
</td>
<td class="nump">219<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember', window );">Research and development grants and other government subsidies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfTradeAndOtherReceivablesLineItems', window );"><strong>DisclosureOfTradeAndOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">20<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ValueAddedTaxReceivablesMember', window );">Value-added tax receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfTradeAndOtherReceivablesLineItems', window );"><strong>DisclosureOfTradeAndOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">&#8364; 186<span></span>
</td>
<td class="nump">642<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=AFMD_RefundingOfResearchAndDevelopmentCostsMember', window );">Refunding of research and development costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfTradeAndOtherReceivablesLineItems', window );"><strong>DisclosureOfTradeAndOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 385<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_DisclosureOfTradeAndOtherReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DisclosureOfTradeAndOtherReceivablesLineItems</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_OverdueTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_OverdueTradeReceivables</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ResearchAndDevelopmentGrantsAndOtherGovernmentSubsidiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ValueAddedTaxReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=AFMD_ValueAddedTaxReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=AFMD_RefundingOfResearchAndDevelopmentCostsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6624458288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>15. Equity (Details) - EUR (&#8364;)<br> &#8364; / shares in Units, &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_EquityDetailsAbstract', window );"><strong>Equity Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="nump">&#8364; 468<span></span>
</td>
<td class="nump">&#8364; 333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common shares</a></td>
<td class="nump">46,791,352<span></span>
</td>
<td class="nump">33,262,745<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value</a></td>
<td class="nump">&#8364; .01<span></span>
</td>
<td class="nump">&#8364; .01<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_EquityDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_EquityDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6700301104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Share Based Payments (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;) </div>
<div>yr</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;) </div>
<div>yr</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_ShareBasedPaymentsDetailsAbstract', window );"><strong>Share Based Payments Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted', window );">Fair value at grant date</a></td>
<td class="nump">&#8364; 1.1<span></span>
</td>
<td class="nump">&#8364; 1.99<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageSharePrice', window );">Share price at grant date</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">3.55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExercisePriceShareOptionsGranted', window );">Exercise price</a></td>
<td class="nump">&#8364; 2.03<span></span>
</td>
<td class="nump">&#8364; 3.57<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted', window );">Expected volatility</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">69.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted', window );">Expected life | yr</a></td>
<td class="nump">5.90<span></span>
</td>
<td class="nump">5.90<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedDividendShareOptionsGranted', window );">Expected dividends</a></td>
<td class="nump">&#8364; 0<span></span>
</td>
<td class="nump">&#8364; 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted', window );">Risk-free interest rate</a></td>
<td class="num">(0.23%)<span></span>
</td>
<td class="num">(0.32%)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_ShareBasedPaymentsDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_ShareBasedPaymentsDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The option life of share options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfOptionLifeShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExercisePriceShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exercise price of share options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExercisePriceShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedDividendShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an expected dividend used to calculate the fair value of share options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedDividendShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageFairValueAtMeasurementDateShareOptionsGranted</td>
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<tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average share price. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageSharePrice</td>
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<td>xbrli:monetaryItemType</td>
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<td>na</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6702431536">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Share Based Payments (Details Narrative)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;) </div>
<div>shares </div>
<div>yr</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;) </div>
<div>shares </div>
<div>yr</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>EUR (&#8364;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share based expense | &#8364;</a></td>
<td class="nump">&#8364; 1,943<span></span>
</td>
<td class="nump">&#8364; 3,545<span></span>
</td>
<td class="nump">&#8364; 2,220<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_ResearchAndDevelopmentMember', window );">Research and Development</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share based expense | &#8364;</a></td>
<td class="nump">522<span></span>
</td>
<td class="nump">1,178<span></span>
</td>
<td class="nump">611<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_NatureOfExpensesAxis=AFMD_GeneralAndAdministrativeMember', window );">General and Administrative</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share based expense | &#8364;</a></td>
<td class="nump">&#8364; 1,421<span></span>
</td>
<td class="nump">&#8364; 2,367<span></span>
</td>
<td class="nump">&#8364; 1,609<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=AFMD_Esop2014Member', window );">ESOP 2014</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">Awards granted</a></td>
<td class="nump">1,436,075<span></span>
</td>
<td class="nump">1,778,095<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement', window );">Awards cancelled or forfeited</a></td>
<td class="nump">399,552<span></span>
</td>
<td class="nump">83,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement', window );">Awards outstanding</a></td>
<td class="nump">4,080,868<span></span>
</td>
<td class="nump">3,044,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement', window );">Awards vested</a></td>
<td class="nump">2,001,264<span></span>
</td>
<td class="nump">952,458<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions', window );">Weighted average remaining contractual life | yr</a></td>
<td class="nump">8.4<span></span>
</td>
<td class="nump">8.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from share-based payment transactions with employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_ResearchAndDevelopmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_NatureOfExpensesAxis=AFMD_GeneralAndAdministrativeMember</td>
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<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=AFMD_Esop2014Member</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701647776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>17. Borrowings (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Leasehold improvements and equipment</a></td>
<td class="nump">&#8364; 1,113<span></span>
</td>
<td class="nump">&#8364; 822<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">241<span></span>
</td>
<td class="nump">197<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade and other receivables</a></td>
<td class="nump">1,102<span></span>
</td>
<td class="nump">2,255<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other assets</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">516<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,487<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">39,837<span></span>
</td>
<td class="nump">35,407<span></span>
</td>
<td class="nump">&#8364; 76,740<span></span>
</td>
<td class="nump">&#8364; 39,725<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities', window );">Total</a></td>
<td class="nump">43,093<span></span>
</td>
<td class="nump">48,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=AFMD_ThereofAssetsPledgedMember', window );">Thereof Assets Pledged</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Leasehold improvements and equipment</a></td>
<td class="nump">891<span></span>
</td>
<td class="nump">542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">219<span></span>
</td>
<td class="nump">177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade and other receivables</a></td>
<td class="nump">328<span></span>
</td>
<td class="nump">1,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other assets</a></td>
<td class="nump">292<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,487<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">38,726<span></span>
</td>
<td class="nump">34,674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities', window );">Total</a></td>
<td class="nump">&#8364; 40,457<span></span>
</td>
<td class="nump">&#8364; 46,096<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets that the entity has pledged as collateral for liabilities or contingent liabilities, including amounts that have been reclassified in accordance with paragraph 3.2.23(a) of IFRS 9. [Refer: Contingent liabilities [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 14<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_14_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2016-01-13<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2016-03-30&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2016-01-13<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2016-03-30&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
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<tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=AFMD_ThereofAssetsPledgedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=AFMD_ThereofAssetsPledgedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617361504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Borrowings (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_BorrowingsDetailsNarrativeAbstract', window );"><strong>Borrowings Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest costs</a></td>
<td class="nump">&#8364; 762<span></span>
</td>
<td class="nump">&#8364; 703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeLoss', window );">Foreign exchange losses</a></td>
<td class="nump">86<span></span>
</td>
<td class="nump">&#8364; 527<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Loan payable, current</a></td>
<td class="nump">&#8364; 973<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 3,083<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_BorrowingsDetailsNarrativeAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_BorrowingsDetailsNarrativeAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest costs that an entity incurs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsIncurred</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net loss arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2016-01-13<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2016-03-30&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6692771424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>18. Trade and Other Payables (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract', window );"><strong>Trade And Other Payables Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables</a></td>
<td class="nump">&#8364; 3,380<span></span>
</td>
<td class="nump">&#8364; 4,506<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherPayables', window );">Other payables</a></td>
<td class="nump">&#8364; 514<span></span>
</td>
<td class="nump">&#8364; 471<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_TradeAndOtherPayablesDetailsNarrativeAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts payable that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6622110544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Loss Per Share (Details) - EUR (&#8364;)<br> &#8364; / shares in Units, &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_LossPerShareDetailsAbstract', window );"><strong>Loss Per Share Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net loss</a></td>
<td class="num">&#8364; (30,223)<span></span>
</td>
<td class="num">&#8364; (32,216)<span></span>
</td>
<td class="num">&#8364; (20,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted number of common shares outstanding</a></td>
<td class="nump">43,746,073<span></span>
</td>
<td class="nump">33,259,505<span></span>
</td>
<td class="nump">28,477,438<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Loss per share</a></td>
<td class="num">&#8364; (.69)<span></span>
</td>
<td class="num">&#8364; (0.97)<span></span>
</td>
<td class="num">&#8364; (0.71)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_LossPerShareDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_LossPerShareDetailsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2016-01-13<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2016-03-30&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
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<tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2016-01-13<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2016-03-30&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618047856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>20. Operating Leases and Other Commitments and Contingencies (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payment obligations</a></td>
<td class="nump">&#8364; 833<span></span>
</td>
<td class="nump">&#8364; 1,241<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_NotLaterThanOneYearMember', window );">Within one year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payment obligations</a></td>
<td class="nump">470<span></span>
</td>
<td class="nump">700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">Between one and five years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payment obligations</a></td>
<td class="nump">&#8364; 363<span></span>
</td>
<td class="nump">&#8364; 541<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2016-03-30&amp;anchor=para_35_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618434448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Operating Leases and Other Commitments and Contingencies (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract', window );"><strong>Operating Leases And Other Commitments And Contingencies Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense', window );">Lease expenses</a></td>
<td class="nump">&#8364; 472<span></span>
</td>
<td class="nump">&#8364; 409<span></span>
</td>
<td class="nump">&#8364; 356<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFeeAndCommissionExpense', window );">License fees</a></td>
<td class="nump">&#8364; 174<span></span>
</td>
<td class="nump">&#8364; 405<span></span>
</td>
<td class="nump">&#8364; 278<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_OperatingLeasesAndOtherCommitmentsAndContingenciesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments on leases and subleases recognised as an expense by the lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2016-01-13<br> -Paragraph 35<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2016-03-30&amp;anchor=para_35_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fee and commission expense that the entity does not separately disclose in the same statement or note. [Refer: Fee and commission expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R64.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6690091168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Related Parties (Details) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_RelatedPartiesDetailsAbstract', window );"><strong>Related Parties Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term employee benefits</a></td>
<td class="nump">&#8364; 1,538<span></span>
</td>
<td class="nump">&#8364; 1,879<span></span>
</td>
<td class="nump">&#8364; 1,633<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Termination benefits</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">430<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">1,379<span></span>
</td>
<td class="nump">2,292<span></span>
</td>
<td class="nump">1,474<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel compensation</a></td>
<td class="nump">&#8364; 2,917<span></span>
</td>
<td class="nump">&#8364; 4,601<span></span>
</td>
<td class="nump">&#8364; 3,107<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_RelatedPartiesDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_RelatedPartiesDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of termination benefits. [Refer: Termination benefits expense; Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6699273488">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Related Parties (Details 1) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">&#8364; 2,917<span></span>
</td>
<td class="nump">&#8364; 4,601<span></span>
</td>
<td class="nump">&#8364; 3,107<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_ThomasHechtMember', window );">Thomas Hecht</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">19<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_RichardSteadMember', window );">Richard Stead</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_BemdtModigMember', window );">Bemdt Modig</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">9<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_FerdinandVerdonckMember', window );">Ferdinand Verdonck</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_UlrichGrauMember', window );">Ulrich Grau</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_BernhardEhmerMember', window );">Bernhard Ehmer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_JensPeterMarschnerMember', window );">Jens-Peter Marschner</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel outstanding balance</a></td>
<td class="nump">&#8364; 0<span></span>
</td>
<td class="nump">&#8364; 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2016-01-13<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2016-03-30&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
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<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_BemdtModigMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_JensPeterMarschnerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_JensPeterMarschnerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6696692144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Related Parties (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share-based expense</a></td>
<td class="nump">&#8364; 1,943<span></span>
</td>
<td class="nump">&#8364; 3,545<span></span>
</td>
<td class="nump">&#8364; 2,220<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_SupervisoryBoardDirectorsMember', window );">Supervisory Board Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_KeyManagementPersonnelCompensationForServices', window );">Compensation received by directors for their services</a></td>
<td class="nump">375<span></span>
</td>
<td class="nump">350<span></span>
</td>
<td class="nump">296<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share-based expense</a></td>
<td class="nump">144<span></span>
</td>
<td class="nump">381<span></span>
</td>
<td class="nump">&#8364; 478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_UlrichGrauMember', window );">Ulrich Grau</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_KeyManagementPersonnelCompensationForServices', window );">Compensation received by directors for their services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_JensPeterMarschnerMember', window );">Jens-Peter Marschner</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_KeyManagementPersonnelCompensationForServices', window );">Compensation received by directors for their services</a></td>
<td class="nump">&#8364; 11<span></span>
</td>
<td class="nump">&#8364; 29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_KeyManagementPersonnelCompensationForServices</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from share-based payment transactions with employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_SupervisoryBoardDirectorsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_UlrichGrauMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=AFMD_JensPeterMarschnerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6622021264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Financial Risk Management (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>K&#269; / &#8364; </div>
<div>$ / &#8364;</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>K&#269; / &#8364; </div>
<div>$ / &#8364;</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>K&#269; / &#8364; </div>
<div>$ / &#8364;</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=AFMD_CZKMember', window );">CZK</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfSignificantExchangeRatesLineItems', window );"><strong>DisclosureOfSignificantExchangeRatesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageForeignExchangeRate', window );">Average rate | K&#269; / &#8364;</a></td>
<td class="nump">.03799<span></span>
</td>
<td class="nump">.03699<span></span>
</td>
<td class="nump">.03666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Spot rate | K&#269; / &#8364;</a></td>
<td class="nump">.03916<span></span>
</td>
<td class="nump">.03701<span></span>
</td>
<td class="nump">.03701<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=AFMD_USDMember', window );">USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_DisclosureOfSignificantExchangeRatesLineItems', window );"><strong>DisclosureOfSignificantExchangeRatesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageForeignExchangeRate', window );">Average rate | $ / &#8364;</a></td>
<td class="nump">.88519<span></span>
</td>
<td class="nump">.90404<span></span>
</td>
<td class="nump">.9019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Spot rate | $ / &#8364;</a></td>
<td class="nump">.83382<span></span>
</td>
<td class="nump">.94868<span></span>
</td>
<td class="nump">.91853<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_DisclosureOfSignificantExchangeRatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_DisclosureOfSignificantExchangeRatesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average exchange rate used by the entity. Exchange rate is the ratio of exchange for two currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=AFMD_CZKMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=AFMD_CZKMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=AFMD_USDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=AFMD_USDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6701212448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>22. Financial Risk Management (Details Narrative) - EUR (&#8364;)<br> &#8364; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_FinancialRiskManagementDetailsNarrativeAbstract', window );"><strong>Financial Risk Management Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">&#8364; 39,837<span></span>
</td>
<td class="nump">&#8364; 35,407<span></span>
</td>
<td class="nump">&#8364; 76,740<span></span>
</td>
<td class="nump">&#8364; 39,725<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade and other receivables</a></td>
<td class="nump">1,102<span></span>
</td>
<td class="nump">2,255<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_ConvertibleNoteAndWarrants', window );">Convertible note and warrants of Amphivena</a></td>
<td class="nump">300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermDeposits', window );">Certificates of deposit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Maximum credit exposure</a></td>
<td class="nump">41,200<span></span>
</td>
<td class="nump">47,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_AFMD_MaximumExposureToForeignCurrencyRisk', window );">Maximum foreign currency exposure</a></td>
<td class="nump">&#8364; 18,768<span></span>
</td>
<td class="nump">&#8364; 18,974<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_ConvertibleNoteAndWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_ConvertibleNoteAndWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_FinancialRiskManagementDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_FinancialRiskManagementDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_AFMD_MaximumExposureToForeignCurrencyRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">AFMD_MaximumExposureToForeignCurrencyRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>AFMD_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2016-01-13<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2016-03-30&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2016-03-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long-term deposits held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaximumExposureToCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 35K<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_35K_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2016-01-13<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2016-03-30&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaximumExposureToCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2016-03-31<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2016-01-13<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2016-03-30&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2016-03-31<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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*#14   P? 0    $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
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#

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
