CureVac(CVAC) - 2024 Q1 - Quarterly Report

Financial Performance - Total revenue for the three months ended March 31, 2024, was EUR 12,373k, an increase from EUR 7,129k in the same period of 2023, representing a growth of approximately 74.5%[55]. - The basic loss per share for the three months ended March 31, 2024, was EUR 0.31, compared to EUR 0.27 for the same period in 2023[20]. - Net loss for the period increased to EUR 70,553k for the three months ended March 31, 2024, from EUR 57,419k in the same period of 2023, representing an increase of about 22.8%[55]. - Total comprehensive loss for the period was EUR 70,609k for the three months ended March 31, 2024, compared to EUR 57,400k in the same period of 2023, indicating an increase of approximately 22.9%[55]. - The operating loss for the three months ended March 31, 2024, was EUR 73,317k, compared to an operating loss of EUR 60,355k in the same period of 2023, indicating a deterioration of approximately 21.5%[55]. Cash and Cash Equivalents - Cash and cash equivalents decreased from EUR 402,452k as of December 31, 2023, to EUR 300,152k as of March 31, 2024, a decline of 25.5%[36]. - Cash and cash equivalents at the end of the period were EUR 617,519k, up from EUR 300,152k at the end of the same period in 2023, marking an increase of approximately 105.8%[39]. - The company reported a net cash flow used in operating activities of EUR (99,586)k for the three months ended March 31, 2024, compared to EUR (96,554)k in the same period of 2023, showing a slight increase in cash outflow[39]. Share Issuance and Equity - The company issued 317,005 common shares between January and March 2024, increasing total outstanding shares to 224,305,680 as of March 31, 2024[7]. - The follow-on public offering in February 2023 raised EUR 219,832k from the sale of 27,027,028 common shares at USD 9.25 per share, with additional offering costs of EUR 14,580k[8]. - The total equity decreased from EUR 516,941k as of December 31, 2023, to EUR 446,913k as of March 31, 2024, a decline of 13.5%[36]. - CureVac's total equity as of March 31, 2024, was EUR 446,913k, a decrease from EUR 713,399k as of March 31, 2023[59]. Expenses and Provisions - Research and development expenses increased to EUR 27,825k for the three months ended March 31, 2024, compared to EUR 24,251k in the same period of 2023, reflecting a rise of about 10.6%[55]. - Research and development expenses decreased to EUR 19,119k for the three months ended March 31, 2024, from EUR 23,287k in the prior year, primarily due to reimbursements from GSK[96][95]. - The company recognized an increase in provisions related to arbitration claims by EUR 17,000k, following a ruling that awarded 65% of Celonic's claims[17]. - Other liabilities and provisions increased by EUR 8,960k during the three months ended March 31, 2024, mainly due to higher provisions[82]. Assets and Liabilities - The company reported a decrease in trade and other payables from EUR 48,033k as of December 31, 2023, to EUR 18,457k as of March 31, 2024, a reduction of 61.6%[16]. - Inventories increased from EUR 24,801k as of December 31, 2023, to EUR 26,207k as of March 31, 2024, an increase of 5.7%[36]. - Trade receivables increased to EUR 14,644k as of March 31, 2024, from EUR 14,326k as of December 31, 2023, reflecting a growth of about 2.2%[45]. - Prepaid expenses and other current assets as of March 31, 2024, amounted to EUR 22,820k, a decrease from EUR 23,763k as of December 31, 2023[105]. - The Company had tax receivables of EUR 6,813k as of March 31, 2024, down from EUR 12,881k as of December 31, 2023[105]. Agreements and Collaborations - The company invoiced EUR 5,000k to GSK for a development milestone related to a Phase 1 study of an investigational influenza A vaccine candidate[27]. - Revenue recognized under collaboration agreements with GSK for the three months ended March 31, 2024, was EUR 8,895k, compared to EUR 6,473k in the same period of 2023, reflecting an increase of about 37.3%[44]. - The company entered into a co-development and licensing agreement with The University of Texas MD Anderson Cancer Center in April 2024 to develop novel mRNA-based cancer vaccines[92]. Share-Based Payments and RSUs - Share-based payment expenses for the three months ended March 31, 2024, were EUR 487k, down from EUR 1,578k in the same period of 2023[99]. - As of March 31, 2024, the Group awarded a total of 92,701 RSUs to Supervisory Board members and 646,914 RSUs to the Executive Board and various key employees[102]. - A total of 295,390 RSUs were settled up to March 31, 2024[102]. - No options were exercised under the New VSOP plan within the three months ended March 31, 2024[103]. - Diluted earnings per share calculations excluded share options and RSUs of 1,413,112 as of March 31, 2024, due to their antidilutive effect[109]. Other Financial Information - The company acquired intangible assets amounting to EUR 4,078k during the three months ended March 31, 2024, significantly higher than EUR 134k in the same period of 2023[78]. - The increase in property, plant, and equipment during the three months ended March 31, 2024, was EUR 1,284k, compared to EUR 3,206k for the same period in 2023[104]. - The Group incurred a cost of EUR 107k related to a settlement agreement with former executive Antony Blanc in 2023, with EUR 76k paid during the three months ended March 31, 2024[111].