Shares of CureVac N.V. (CVAC) tumbled 5.03% in pre-market trading on Thursday following the release of the company's fourth quarter and full-year 2024 financial results. The German biopharmaceutical firm, known for its mRNA technology, reported wider losses and a decline in revenue for the fourth quarter, disappointing investors.
CureVac announced a pre-tax loss of €38.6 million for the three months ended December 31, 2024, compared to a loss of €86.5 million in the same period of 2023. While the loss narrowed year-over-year, it was accompanied by a significant drop in revenue. The company reported Q4 2024 revenue of €14.5 million, down from €22.6 million in the previous year, representing a decrease of €8.1 million.
Despite the challenging quarter, CureVac highlighted some positive aspects in its report. The company's cash and cash equivalents position improved to €481.7 million at the end of December 2024, up from €402.5 million at the end of 2023. However, this increase was largely attributed to extraordinary payments, including a €400 million upfront payment from a new licensing agreement with GSK. CureVac reaffirmed its expected cash runway into 2028, which may provide some reassurance to long-term investors. Nevertheless, the market's immediate reaction suggests concerns about the company's current financial performance and near-term prospects.
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