CureVac(US:CVAC)2023-11-14 20:15Financial Data and Key Metrics Changes - Revenues increased by €5.3 million to €16.5 million in Q3 2023 but decreased by €24.5 million to €31.2 million in the first nine months of 2023 compared to the same period in 2022, primarily due to lower revenues from GSK collaboration agreements [19][120] - Operating loss was €54 million for Q3 2023, an increase of €1.6 million compared to Q3 2022, while the operating loss for the first nine months of 2023 increased by €58.3 million to €186.2 million compared to the same period in 2022 [145] - Financial results showed a profit of €5.4 million in Q3 2023, an increase of €0.6 million, and a profit of €12.7 million for the first nine months of 2023, an increase of €5.2 million compared to the same period in 2022, mainly driven by interest income [146] Business Line Data and Key Metrics Changes - The company is advancing its clinical development programs in infectious diseases and oncology, with Phase 2 studies in COVID-19 and seasonal flu ongoing, and a Phase 1 trial in glioblastoma progressing well [170] - The oncology strategy is supported by the mRNA Printer, which has achieved its first manufacturing license for an mRNA cancer vaccine candidate [4][11] Market Data and Key Metrics Changes - The company is focusing on the core vaccine market, which is expected to fluctuate, but there is a belief in the competitive potential of their COVID-19 vaccine candidate due to good immunogenicity and low reactogenicity [180] - The seasonal flu vaccination market remains significant, especially for elderly populations, with an expectation for annual vaccinations [182] Company Strategy and Development Direction - The company aims to maintain momentum in 2024 with key clinical data readouts from ongoing studies and plans to advance to Phase 3 developments in infectious diseases [170] - The oncology program is focused on both off-the-shelf vaccines and personalized cancer vaccines, leveraging a sophisticated antigen discovery platform [186][167] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the intellectual property portfolio and the ongoing litigation against Pfizer and BioNTech, with favorable developments noted in the German court [191] - The company is optimistic about the upcoming interim data from Phase 2 studies and the potential for a combination vaccine approach for COVID-19 and flu [158][180] Other Important Information - The cash position at the end of Q3 2023 was €464.1 million, providing a solid basis for executing programs and priorities until mid-2025 [87] - The company is actively involved in ongoing litigation regarding intellectual property rights, with a significant ruling expected on December 19, 2023 [140] Q&A Session Summary Question: What are the implications of the upcoming German ruling on IP? - The company is confident in its IP rights and believes the ruling will positively impact its litigation strategy [175] Question: How will the €15 million milestone from GSK be booked? - The milestone is expected to be booked in Q4 2023, not in Q3 [63] Question: What is the timeline for the glioblastoma trial and its potential progression? - The glioblastoma trial is designed to show proof of principle, with plans for candidate nomination towards the end of this year or early next year [70][72] Question: How does the company view the core vaccine market? - The company acknowledges fluctuations in the market but believes in the ongoing need for vaccinations, particularly for vulnerable populations [182] Question: What is the strategy for the cancer vaccine program? - The focus is on both shared cancer vaccines and personalized cancer vaccines, utilizing a new antigen discovery platform [186][167]