CureVac (CVAC) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformational year with strategic restructuring, a sharpened focus on R&D in oncology and infectious diseases, and confirmation of foundational mRNA technology patents.

• A new licensing agreement with GSK, valued up to EUR 1.45 billion plus royalties, provided significant capital and validated the mRNA platform.

• The company streamlined operations, reducing headcount by 30% and focusing on high-value clinical programs, extending the cash runway into 2028.

• Key leadership changes included new Chief Business Officer and Chief Financial Officer appointments.

• Achieved key clinical milestones in oncology and infectious diseases, including full enrollment in the glioblastoma Phase I study and IND/CTA filings for the sqNSCLC program.

Financial highlights

• Closed 2024 with a cash position of EUR 481.7 million, up from EUR 402.5 million at end of 2023, ensuring a financial runway into 2028.

• Full-year 2024 revenue reached EUR 535.2 million, driven by a EUR 400 million GSK upfront payment, EUR 80.4 million contract liability release, and a EUR 10 million milestone payment.

• Operating profit for 2024 was EUR 177.7 million, compared to a EUR 274.2 million operating loss in 2023.

• Extraordinary payments related to COVID-19 vaccine, restructuring, and patent litigation totaled EUR 137 million in 2024.

• Pre-tax profit for 2024 was EUR 190.9 million, compared to pre-tax losses in 2023.

Outlook and guidance

• Cash runway guidance extends into 2028, supported by reduced operating expenses and milestone payments from GSK collaborations.

• Key catalysts in 2025 include data from the Phase I glioblastoma study and first patient dosing in the sqNSCLC program.

• IND submission for the UTI vaccine program expected in H2 2025, with Phase I to start in 2026.

• Expects continued reduction in operating expenses by over 30% from 2025, including a EUR 25 million reduction in personnel costs.

• Additional oncology candidate selection and personalized immunotherapy Phase I to begin in 2026.