CureVac(US:CVAC)2025-08-15 20:05Revenue Performance - Revenue for Q2 2025 decreased to €1,245 thousand, down 91.4% from €14,436 thousand in Q2 2024[4] - Total revenue for the three months ended June 30, 2025, was EUR 1,245k, a significant decrease from EUR 14,436k in the same period of 2024, representing a decline of approximately 91.4%[24] - For the six months ended June 30, 2025, total revenue was EUR 2,138k, down from EUR 26,809k in 2024, indicating a decrease of about 92.0%[24] - CureVac recognized EUR 493k in revenue under the new 2024 GSK Agreement during the six months ended June 30, 2025[24] Net Loss and Financial Performance - Net loss for the period in Q2 2025 was €59,560 thousand, compared to a net loss of €72,543 thousand in Q2 2024, representing a 17.8% improvement[4] - The total comprehensive loss for the six months ended June 30, 2025 was €111,988 thousand, compared to €143,175 thousand for the same period in 2024, indicating a 21.8% reduction[4] - Operating loss for the six months ended June 30, 2025 was €116,473 thousand, a decrease from €146,938 thousand in the same period of 2024, reflecting a 20.7% improvement[4] Expenses - Research and development expenses increased to €34,879 thousand in Q2 2025, up 12.5% from €31,093 thousand in Q2 2024[4] - Research and development expenses for the six months ended June 30, 2025, increased to EUR 72,473k from EUR 58,918k in 2024, reflecting a rise of approximately 23.0%[29] - General and administrative expenses rose to EUR 41,803k for the six months ended June 30, 2025, compared to EUR 35,050k in 2024, marking an increase of about 19.9%[31] - The cost of sales for the six months ended June 30, 2025, was EUR 3,087k, significantly lower than EUR 82,412k in 2024, a decrease of approximately 96.3%[28] - Total share-based payment expenses for the six months ended June 30, 2025, amounted to EUR 2,694k, an increase from EUR 1,731k in the same period of 2024, reflecting a 55.7% rise[34] Assets and Liabilities - Cash and cash equivalents decreased to €392,703 thousand as of June 30, 2025, down from €481,748 thousand at the beginning of the period[14] - Total assets decreased to €688,880 thousand as of June 30, 2025, down from €802,827 thousand at the end of 2024[9] - The accumulated deficit increased to €1,515,440 thousand as of June 30, 2025, compared to €1,403,796 thousand at the beginning of the year[9] - The Group's trade receivables decreased from EUR 14,077k at December 31, 2024, to EUR 409k by June 30, 2025[27] - An increase of EUR 8,747k in other liabilities and provisions was primarily due to higher accruals for outstanding invoices related to legal advice concerning the proposed transaction with BioNTech[37] Corporate Strategy and Restructuring - The company implemented a 30% headcount reduction as part of a strategic restructuring to focus on mRNA opportunities in oncology and infectious diseases[16] - The change in corporate strategy associated with the 2024 GSK Agreement led to a reclassification of manufacturing costs to R&D expenses, impacting overall financial performance[28] Shareholder Information - The number of common shares issued and outstanding as of June 30, 2025, was 225,172,749, a slight increase from 224,314,013 shares as of June 30, 2024[33] - The weighted average number of common shares outstanding for the six months ended June 30, 2025, was 225,168,213, compared to 224,349,720 in 2024[44] Tax and Payments - The effective tax rate for the six months ended June 30, 2025, was approximately 30%, considering the impact of loss carryforwards[43] - Upfront and milestone payments from GSK amounted to EUR 645,000k as of December 31, 2024, with no payments recognized by June 30, 2025[26] - BioNTech agreed to pay USD 370,000k to CureVac within five days of the earlier of the termination of the Purchase Agreement or the closing of the exchange offer[51] - CureVac will receive USD 50,000k from GSK for monetizing a portion of U.S. product royalties due under its existing license agreement[51] Legal and Dispute Matters - The Group's involvement in disputes with former contract manufacturing organizations affected the corresponding period in 2024, following the withdrawal of the EMA dossier for its vaccine candidate[38] - The arbitration award in May 2024 resulted in an additional charge of EUR 17,098k recorded in cost of sales for the six months ended June 30, 2024, due to claims from Celonic Deutschland GmbH[39] Options and Exercises - The Group awarded 3,163,386 options to key employees on January 1, 2025, with a weighted average fair value per option of EUR 1.71 and an expected volatility of 65%[34] - No options were exercised within the six months ended June 30, 2025[36]