CureVac(CVAC)2024-11-12 21:24Revenue and Profitability - Revenue for Q3 2024 reached €493,902 thousand, a significant increase from €16,483 thousand in Q3 2023, representing a growth of approximately 2,895%[4] - Net profit for Q3 2024 was €338,043 thousand, compared to a net loss of €48,681 thousand in Q3 2023, indicating a turnaround in profitability[4] - The company reported a total comprehensive income of €338,167 thousand for Q3 2024, a significant improvement from a loss of €48,711 thousand in Q3 2023[4] - Operating profit for Q3 2024 was €368,379 thousand, a substantial increase from an operating loss of €54,036 thousand in Q3 2023[4] - The company recognized total revenues of €520,711 thousand for the nine months ended September 30, 2024, compared to €31,191 thousand for the same period in 2023, reflecting a growth of 1,670%[4] Research and Development - Research and development expenses increased to €49,979 thousand in Q3 2024 from €27,245 thousand in Q3 2023, reflecting a growth of 83% as the company invests in new technologies[4] - The company plans to continue investing in research and development to enhance its product pipeline and expand market presence[4] - Research and development expenses for the nine months ended September 30, 2024, increased to EUR 108,896k from EUR 82,363k in the same period of 2023, reflecting a rise of 32%[32] Financial Position - Cash and cash equivalents rose to €550,862 thousand as of September 30, 2024, up from €402,452 thousand at the end of 2023, marking an increase of 37%[9] - Total assets increased to €854,188 thousand as of September 30, 2024, compared to €788,249 thousand at the end of 2023, showing a growth of 8.34%[9] - The accumulated deficit decreased to €1,371,035 thousand as of September 30, 2024, down from €1,565,981 thousand at the end of 2023, indicating improved financial health[9] Shareholder Information - Common shares outstanding increased from 223,988,675 on December 31, 2023, to 224,338,257 on September 30, 2024, reflecting share issuances for option exercises and RSU releases[40] - The weighted-average number of diluted common shares for the three months ended September 30, 2024, was 225,219,981, an increase from 223,914,164 in the same period of 2023[71] - The weighted-average number of diluted common shares for the nine months ended September 30, 2024, was 225,380,701, compared to 219,781,884 in the same period of 2023[71] - Dievini Hopp BioTech holding GmbH & Co. KG held approximately 37% of shares and voting rights in CureVac over the last twelve months, making it the de facto parent of the Group[72] Expenses and Liabilities - General and administrative expenses decreased to EUR 51,723k for the nine months ended September 30, 2024, down from EUR 64,106k in the same period of 2023, a reduction of 19%[35] - The increase in personnel expenses for the three months ended September 30, 2024, was primarily due to restructuring costs amounting to EUR 4,823k[33] - The Group recorded restructuring accruals of EUR 9,861k as of September 30, 2024, related to a workforce reduction of approximately 30%[63] - Trade and other payables decreased by EUR 34,617k to EUR 13,416k as of September 30, 2024, primarily due to payments to raw material suppliers[58] Taxation - Tax expenses for the three months ended September 30, 2024, increased to EUR 32,529k, primarily due to current tax expenses across various entities[65] - The effective tax rate for the nine months ended September 30, 2024, was approximately 9% for CureVac N.V., 12% for CureVac SE, and 39% for CureVac Corporate Services GmbH[67] Other Financial Information - The Company received a non-refundable upfront payment of EUR 400,000k from GSK in August 2024, which was fully recognized as revenue in Q3 2024[23] - The Company recognized EUR 508,323k in revenue from agreements with GSK for the nine months ending September 30, 2024[26] - The Company reached a development milestone of EUR 10,000k under the GSK collaboration in Q3 2024, compared to EUR 1,087k in the same period of 2023[26] - A full impairment of a production line was recognized amounting to EUR 36,641k due to strategic restructuring, included in other operating expenses[51] - The decrease in inventories was EUR 24,331k, primarily due to the write-down of raw materials that would have been recoverable under a previous collaboration with GSK[54] - Cash and cash equivalents as of September 30, 2024, included USD 25,204k and CHF 142k, exposing the Group to foreign currency exchange risk[69] - The Group acquired intangible assets worth EUR 4,094k during the nine months ended September 30, 2024, compared to EUR 2,610k in the same period of 2023, indicating a 56.8% increase[47] Legal and Compliance - CureVac incurred a cost of EUR 107k related to a settlement agreement with Antony Blanc in 2023, and paid EUR 101k under this agreement during the nine months ended September 30, 2024[74] - No significant impact from entities controlled by Dievini Hopp BioTech on the unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2024[73] - No subsequent events requiring disclosure were identified after the balance sheet date up to the issuance of the financial statements[75]