CureVac B.V. (NASDAQ: CVAC) shares surged 5.07% in pre-market trading on Friday, following the release of the company's impressive fourth-quarter and full-year 2024 financial results, along with updates on its pipeline progress.
The German biopharmaceutical company reported a robust cash position of EUR481.7 million at the end of 2024, providing an expected financial runway into 2028. This financial strength was bolstered by a EUR400 million upfront payment from a new licensing agreement with GSK. CureVac also posted an operating profit of EUR177.7 million for the full year 2024, a significant turnaround from the operating loss of EUR274.2 million in 2023.
Investors were likely encouraged by CureVac's progress in its oncology and infectious disease programs. The company's glioblastoma program has completed enrollment for Part B of its Phase 1 study, with data expected in the second half of 2025. Additionally, CureVac received FDA clearance for its squamous non-small cell lung cancer program, with the first patient expected to be dosed in the second half of 2025. In infectious diseases, the company is advancing a vaccine candidate against urinary tract infections caused by E. coli. Further boosting investor confidence, the European Patent Office recently upheld the validity of CureVac's key mRNA technology patent, strengthening its position in ongoing litigation with Pfizer and BioNTech.
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