Dec. 17 at 4:27 PM
$AFMD German GmbH) was deliberately let burn — cash burn was killing the whole group, €8–10 M per quarter with no revenue. The only way to stop the bleeding without torching the real value was to let the GmbH file insolvency, wipe its liabilities, pay creditors pennies, and delete it from the register (which just happened Dec 13). Meanwhile, the Dutch parent N.V. was structured from day one to hold the crown jewels: - All IP (ROCK® platform, AFM13/acimtamig, AFM24, AFM28) - All clinical trials and INDs - The
$5 B Genentech collaboration (milestones + royalties) - The U.S. subsidiary - The LEI (renewed to Sept 2026) None of that was ever in the GmbH's name, so the German fire never touched it. They sacrificed the burn-machine child so the asset-rich parent could survive debt-free, clean, and recap-ready. That's why the N.V. is still alive, the website's under tight 403 lockdown, old files are 404'ing, and there's zero volume or leaks. The child burned. The parent walked out of the fire unscathed, holding everything that actually matters. Now someone (Gilde, Roche, Artiva, or another bidder) is polishing that parent shell for the handoff.