• Cash Position: EUR481.7 million at the end of 2024.
• Revenue: EUR535.2 million for the full year 2024, primarily driven by a new licensing agreement with GSK.
• Operating Profit: EUR177.7 million for the full year 2024, compared to an operating loss of EUR274.2 million in 2023.
• Licensing Agreement with GSK: EUR400 million upfront payment recognized as revenue in 2024.
• Development Milestone Payment: EUR10 million milestone reached under the new license agreement with GSK.
• Workforce Reduction: Approximately 30% reduction completed in 2024.
• Operating Expenses Reduction: Anticipated decrease by over 30% from 2025 onwards, including a EUR25 million reduction in personnel costs.
• Extraordinary Payments: EUR137 million related to strategic redesign and patent litigation in 2024.
• Financial Runway: Expected financial runway into 2028.

• Warning! GuruFocus has detected 4 Warning Signs with CVAC.

Release Date: April 10, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CureVac NV (NASDAQ:CVAC) reported a strong cash position of EUR482 million at the end of 2024, providing a financial runway into 2028.
• The company achieved a significant regulatory milestone with the IND clearance from the US FDA for its squamous non-small cell lung cancer program.
• CureVac NV (NASDAQ:CVAC) entered a licensing agreement with GSK valued up to EUR1.45 billion plus royalties, enhancing its financial stability and leveraging GSK's expertise.
• The European Patent Office upheld the validity of CureVac NV (NASDAQ:CVAC)'s split poly-A tail 668 patent, reinforcing its pioneering role in mRNA vaccine technology.
• CureVac NV (NASDAQ:CVAC) completed a strategic corporate restructuring, including a 30% headcount reduction, to enhance efficiency and focus on R&D priorities.

Negative Points

• CureVac NV (NASDAQ:CVAC) reported a decrease in revenues by EUR8.1 million for the fourth quarter of 2024 compared to the same period in 2023.
• The company incurred extraordinary payments related to its first-generation COVID-19 vaccine, strategic redesign, and ongoing patent litigation amounting to EUR137 million in 2024.
• There is uncertainty regarding the timeline for data readouts from the squamous non-small cell lung cancer program due to the pace of enrollment and dose escalation requirements.
• CureVac NV (NASDAQ:CVAC) terminated its collaboration with Genmab, indicating potential challenges in partnership dynamics or project progress.
• The company's operating loss for the fourth quarter of 2024 was EUR43.8 million, although it was an improvement from the previous year.

Q & A Highlights

Q: The use of antigens outside of the exome in the squamous program is unique. What early signs should we look for in the first-in-human clinical readout to indicate these antigens are having a preferential effect? Also, when can we expect a data readout from the Phase 1 trial? A: Myriam Mendila, Chief Scientific Officer & Head R&D: We use an extensive set of validation assays to ensure selected antigens are expressed on tumors and not on healthy tissue. We remain optimistic about seeing strong immune responses to these novel antigens. As for the data readout, we want to be cautious. We need to see how recruitment goes in the first cohort before providing a timeline for data release.

Q: Can you provide more detail on the regulatory path for the CVGBM asset and any impact from recent FDA changes? A: Alexander Zehnder, CEO: So far, we haven't seen any negative impact from FDA changes on our programs. Myriam Mendila, Chief Scientific Officer & Head R&D: We haven't had discussions with regulatory authorities yet for CVGBM as we await more data from Phase 1. If the data shows meaningful clinical activity, we would consider a randomized Phase 2 with an appropriate comparator arm.

Q: What criteria will determine the go/no-go decision for the glioblastoma program after Part B data? A: Myriam Mendila, Chief Scientific Officer & Head R&D: We have set a high threshold for GBM. We expect to see a median overall survival of 50 months or longer and/or an overall response rate of about 20%. If these criteria are met, it would warrant investment into a Phase 2.

Q: Regarding your cash runway guidance into 2028, how much operation is included given your ongoing and new pipeline projects? A: Axel Sven Malkomes, CFO: The current core programs, including early clinical phases, are included in the cash runway. However, not all Phase 1 and Phase 2 trials are prior to the potential cash out. We continue to focus on cost efficiency and pipeline development.

Q: What is your latest strategy on collaboration across oncology and non-respiratory infectious disease programs? A: Alexander Zehnder, CEO: We focus on technology innovation, research, and early development. We have collaborations with GSK for respiratory infectious diseases and MD Anderson Cancer Center for cancer vaccines. For large programs like oncology, we aim to partner for late-stage development and commercialization.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.