CureVac (CVAC) Q1 2025 earnings summary

Executive summary

• FDA cleared IND for CVHNLC (lung cancer), with US clinical study to begin H2 2025; European CTA decision expected Q2 2025.

• Glioblastoma Phase 1 trial fully enrolled; Phase 2 go/no-go decision planned for H2 2025.

• First urinary tract infection vaccine advancing, with US IND filing planned for H2 2025.

• Core mRNA patents upheld by European Patent Office; infringement hearing against BioNTech/Pfizer set for July 2025.

• Cash and cash equivalents of €438.3 million as of March 31, 2025, with expected cash runway into 2028.

Financial highlights

• Revenues for Q1 2025 were €0.9 million, down from €12.4 million in Q1 2024, mainly due to lower GSK and CRISPR Therapeutics revenues after partnership restructuring.

• Operating loss for Q1 2025 was €54.7 million, an improvement from €73.3 million in Q1 2024, driven by cost reductions from strategic restructuring.

• Pre-tax loss for Q1 2025 was €51.7 million, compared to €69.9 million in Q1 2024.

• Cash and cash equivalents decreased from €481.7 million at December 31, 2024, to €438.3 million at March 31, 2025.

Outlook and guidance

• Cash runway reaffirmed into 2028, supported by cost discipline and restructuring.

• Multiple pipeline catalysts expected in H2 2025, including clinical trial initiations and patent litigation outcomes.