CureVac(CVAC)2024-08-15 20:25Revenue Performance - Revenue for Q2 2024 was €14,436 thousand, a 90.2% increase from €7,579 thousand in Q2 2023[1] - Total revenue for the first half of 2024 reached €26,809 thousand, compared to €14,708 thousand in the same period of 2023, marking an 82.0% increase[1] - Revenue from collaboration agreements with GSK accounted for EUR 17,622k in the first half of 2024, up from EUR 12,756k in the same period of 2023, reflecting a 38.5% increase[13] - For the six months ended June 30, 2024, the Company recognized total revenues of EUR 26,809k, a 82.2% increase compared to EUR 14,708k for the same period in 2023[12] Losses and Expenses - Operating loss for Q2 2024 was €73,620 thousand, slightly higher than €71,801 thousand in Q2 2023[1] - Net loss for Q2 2024 was €72,543 thousand, compared to €67,414 thousand in Q2 2023, reflecting a 7.5% increase in losses[1] - Total comprehensive loss for Q2 2024 was €72,566 thousand, compared to €67,416 thousand in Q2 2023, reflecting a 7.5% increase in comprehensive losses[1] - Research and development expenses for Q2 2024 were €31,093 thousand, compared to €30,868 thousand in Q2 2023, indicating a slight increase[1] - The Company reported finance income of €2,533 thousand in Q2 2024, down from €6,197 thousand in Q2 2023[1] - The Company reported a total cost of sales of EUR 82,412k for the six months ended June 30, 2024, compared to EUR 46,489k for the same period in 2023, representing a 77.2% increase[16] - Research and development expenses increased to EUR 58,918k for the six months ended June 30, 2024, from EUR 55,118k in the same period of 2023, marking a 5.1% increase[18] - Share-based payment expenses for the six months ended June 30, 2024, totaled EUR 1,731k, down 62% from EUR 4,572k in the same period of 2023[24] Financial Position - Cash and cash equivalents decreased to €202,515 thousand as of June 30, 2024, down from €402,452 thousand at the end of 2023[3] - Total assets decreased to €556,836 thousand as of June 30, 2024, from €788,249 thousand at the end of 2023[3] - The accumulated deficit increased to €1,709,077 thousand as of June 30, 2024, compared to €1,565,981 thousand at the end of 2023[3] - The Company had contract liabilities of EUR 84,815k as of June 30, 2024, down from EUR 92,680k at December 31, 2023, indicating an 8.5% decrease[15] - The Group's trade receivables increased to EUR 18,769k as of June 30, 2024, compared to EUR 14,326k at December 31, 2023, reflecting a 31.4% increase[15] - Trade and other payables decreased by EUR 40,520k to EUR 7,513k as of June 30, 2024, from EUR 48,033k as of December 31, 2023[35] Strategic Developments - A new licensing agreement with GSK was entered into in July 2024, granting GSK full control over developing and manufacturing vaccine candidates for seasonal influenza and COVID-19[13] - CureVac and GSK entered a new licensing agreement, with CureVac receiving an upfront payment of EUR 400m and potential additional payments of up to EUR 1,050m in milestones and royalties[47] - The new agreement with GSK allows CureVac to retain exclusive rights to additional undisclosed infectious disease targets and the freedom to independently develop mRNA vaccines[47] - CureVac announced a strategic restructuring, including a workforce reduction of approximately 30%, aimed at focusing on high-value mRNA projects in oncology and other areas[48] - The restructuring is expected to decrease operational expenses by more than 30% from 2025 onward, including a reduction of personnel costs by approximately EUR 25m[48] - CureVac anticipates incurring one-time restructuring charges of approximately EUR 15m, subject to various assumptions[48] Milestones and Agreements - The Company achieved a development milestone of EUR 5,000k under the GSK I collaboration in Q2 2024, contributing EUR 1,711k to revenue recognition for the first half of 2024[13] - In August 2024, CureVac invoiced a EUR 10m development milestone payment to GSK for the start of a Phase 2 study of an investigational influenza A (H5N1) vaccine candidate[49] - The avian influenza program is fully controlled by GSK under the new licensing agreement, with the vaccine candidate based on CureVac's proprietary second-generation mRNA backbone[49] Shareholder Information - The number of common shares issued and outstanding as of June 30, 2024, was 224,314,013, an increase from 223,988,675 as of December 31, 2023[23] - Dievini Hopp BioTech holding GmbH & Co. KG holds approximately 37% of CureVac's shares and voting rights, making it the de facto parent of the Group[43] Tax and Other Expenses - The effective income tax rate for the six months ended June 30, 2024, was approximately 6.1%, reflecting the use of loss carryforwards[39] - Basic loss per share for the three months ended June 30, 2024, was EUR 0.32, compared to EUR 0.30 for the same period in 2023[41] - The impairment expense recognized due to the termination of a license agreement amounted to EUR 3,248k, included in research and development expenses[29] - CureVac incurred a cost of EUR 107k related to a settlement agreement with former executive Antony Blanc, with EUR 92k paid during the six months ended June 30, 2024[46]