CureVac (CVAC) Q2 2025 earnings summary

Executive summary

• Entered into a definitive agreement for acquisition by BioNTech, combining two German mRNA leaders to accelerate global mRNA-based treatments.

• Settled all pending U.S. patent litigation with Pfizer/BioNTech regarding mRNA COVID-19 vaccines, with a framework for resolving disputes outside the U.S. post-acquisition.

• Received EMA clearance for a clinical trial of CVHNLC, an off-the-shelf immunotherapy for squamous non-small cell lung cancer; glioblastoma program remains on track for H2 2025 data.

Financial highlights

• Cash and cash equivalents stood at €392.7 million as of June 30, 2025, down from €481.7 million at year-end 2024.

• Revenues for Q2 and H1 2025 were €1.2 million and €2.1 million, down 91% and 92% year-over-year, mainly due to restructuring of the GSK partnership and lower sales to CRISPR Therapeutics.

• Operating loss for Q2 and H1 2025 was €61.7 million and €116.5 million, improving from €73.6 million and €146.9 million in the prior year periods.

• Pre-tax loss for Q2 and H1 2025 was €60.0 million and €111.6 million, compared to €71.2 million and €141.1 million in the same periods of 2024.

Outlook and guidance

• Cash runway is expected to extend into 2028, supported by cost reductions and strategic restructuring.

• Phase 1 data for the glioblastoma program (CVGBM) expected in H2 2025; IND submission for infectious disease candidate planned for H2 2025, with Phase 1 trial in H1 2026.