0001410578-21-000557 | 6-K | XBRL Viewer

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2021
Document Information [Line Items]
Document Type	6-K
Entity Registrant Name	CureVac N.V.
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001809122
Amendment Flag	false

Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
Revenue	€ 61,765	€ 42,830
Cost of sales	(168,177)	(7,049)
Selling and distribution expenses	(1,232)	(809)
Research and development expenses	(284,728)	(76,337)
General and administrative expenses	(80,787)	(33,147)
Other operating income	66,746	11,695
Other operating expenses	(339)	(357)
Operating loss	(406,752)	(63,174)
Finance income	8,828	5,103
Finance expenses	(10,015)	(14,519)
Loss before income tax	(407,939)	(72,590)
Income tax benefit/ (expense)	(1,841)	1,615
Net loss for the period	(409,780)	(70,975)
Other comprehensive income:
Foreign currency adjustments	(62)	76
Total comprehensive loss for the period	€ (409,842)	€ (70,899)
Net loss per share (basic and diluted)	€ (2.21)	€ (0.61)

Interim Condensed Consolidated Statements of Financial Position - EUR (€) € in Thousands	Sep. 30, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	€ 13,572	€ 14,146
Property, plant and equipment	160,391	66,605
Right-of-use assets	32,352	33,984
Other assets	2,351	6,322
Deferred tax assets	367	445
Total non-current assets	209,033	121,502
Current assets
Inventories	140,880	14,531
Trade receivables	2,452	1,014
Contract assets	7,180	808
Other financial assets	7,712	2,619
Prepaid expenses and other assets	234,899	48,289
Cash and cash equivalents	1,060,971	1,322,593
Total current assets	1,454,094	1,389,854
Total assets	1,663,127	1,511,356
Equity
Issued capital	22,446	21,655
Capital reserve	1,727,913	1,334,704
Treasury Shares	(211)
Accumulated deficit	(1,054,849)	(645,069)
Other comprehensive income	(5)	57
Total equity	695,294	711,347
Non-current liabilities
Finance liabilities	27,543	25,189
Lease liabilities	25,667	26,853
Contract liabilities	100,283	500,061
Other liabilities	284	284
Total non-current liabilities	153,777	552,387
Current liabilities
Lease liabilities	3,310	3,234
Trade and other payables	60,280	21,685
Other liabilities	103,890	64,326
Income taxes payable	311	392
Contract liabilities	646,265	157,985
Total current liabilities	814,056	247,622
Total liabilities	967,833	800,009
Total equity and liabilities	€ 1,663,127	€ 1,511,356

Interim Condensed Consolidated Statements of Changes in Shareholders' Equity - EUR (€)	Issued capital	Capital reserve	Treasury share	Accumulated deficit	Currency translation reserve	Total
Balance at the beginning at Dec. 31, 2019	€ 11,603,000	€ 461,520,000		€ (515,947,000)	€ 22,000	€ (42,802,000)
Net loss				(70,975,000)		(70,975,000)
Other comprehensive income (loss)					76,000	76,000
Total comprehensive income (loss)				(70,975,000)	(76,000)	(71,051,000)
Issuance of share capital	9,669,000	858,048,000				867,717,000
Convertible Loan		87,000				87,000
Share-based payment expense		7,399,000				7,399,000
Exercise of options	288,000	(288,000)
Profit (loss)						(70,975,000)
Balance at the end at Sep. 30, 2020	21,560,000	1,326,766,000		(586,922,000)	(54,000)	761,350,000
Balance at the beginning at Dec. 31, 2020	21,655,000	1,334,704,000		(645,069,000)	57,000	711,347,000
Net loss				(409,780,000)		(409,780,000)
Other comprehensive income (loss)					(62,000)	(62,000)
Total comprehensive income (loss)				(409,780,000)	(62,000)	(409,842,000)
Share-based payment expense (Net of Taxes)		12,965				12,965,000
Issuance of share capital (net of transaction costs)	690,000	403,372,000				404,062,000
Exercise of options	101,000	2,422,000				2,523,000
Profit (loss)						(409,780,000)
Repurchase of common shares (Treasury Shares)		(25,550,000)	€ (211,000)			(25,761,000)
Balance at the end at Sep. 30, 2021	€ 22,446	€ 1,727,913,000	€ (211,000)	€ (1,054,849,000)	€ (5,000)	€ 695,294,000
Balance at the end (in shares) at Sep. 30, 2021			(3,032)

Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Loss before income tax	€ (407,939)	€ (72,590)
Adjustments to reconcile loss before tax to net cash flows
Finance income	(8,828)	(5,103)
Finance expense	10,015	14,519
Depreciation and amortization	11,342	7,244
Loss on disposal of fixed assets	0	357
Impairments of inventory and prepayments	39,142
Share-based payment expense	11,470	7,399
Working capital changes
Decrease / (increase) in trade receivables and contract assets	(7,810)	16,662
Decrease / (increase) in inventory	(143,638)	4,775
Decrease / (increase) in other assets	(214,621)	(19,336)
Receipts from grants from government agencies and similar bodies	38,349	17,630
(Decrease) / increase in trade and other payables and contract liabilities	130,022	116,457
(Decrease) / Increase in other current financial and other liabilities	78
Decrease / (increase) in deferred taxes	(100)	(65)
Income taxes paid	(352)	(98)
Interest received	25
Interest paid	(7,212)	(6,869)
Net cash flow (used in) operating activities	(550,057)	80,982
Investing activities
Purchase of property, plant and equipment	(91,032)	(15,149)
Purchase of intangible assets	(2,273)	(5,883)
Proceeds from asset related grants		3,237
Proceeds from sale of other financial assets		329
Net cash flow (used in) investing activities	(93,305)	(17,466)
Financing activities
Payments on lease obligations	(2,346)	(3,478)
Proceeds from the convertible loans		24,860
Repayment of convertible loans		(94,749)
Payments on treasury shares	(23,339)
Proceeds from the issuance of shares (net of transaction costs)	404,164	867,717
Net cash flow (used in) provided by financing activities	378,479	794,350
Net increase (decrease) in cash and cash equivalents	(264,883)	857,866
Currency translation gains (losses) on cash and cash equivalents	3,261	3,849
Cash and cash equivalents, beginning of period	1,322,593	30,684
Cash and cash equivalents, end of period	€ 1,060,971	€ 892,399

Corporate Information

9 Months Ended

Sep. 30, 2021

Corporate Information

Corporate Information

1. Corporate Information

CureVac N.V. (“CureVac” or “CV” or the “Company”) is the parent company of CureVac Group (“Group”) and, along with its subsidiaries, is a global biopharmaceutical company developing a new class of transformative medicines based on the messenger ribonucleic acid (mRNA) that has the potential to improve the lives of people.

The Company is incorporated in the Netherlands and is registered in the commercial register at the Netherlands Chamber of Commerce under RSIN 861149336. The Company’s registered headquarters is Friedrich-Miescher-Strasse 15, 72076 Tuebingen, Germany. The major shareholder and ultimate parent company of the Group is dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences.

On August 14, 2020, the Company completed an initial public offering (IPO) on the Nasdaq Global Market; in connection with the IPO, the Company underwent a corporate reorganization by which CureVac N.V. became the parent holding company with 100% interest in CureVac AG. Prior to the reorganization, CureVac AG was the parent holding company of the Group; as part of the reorganization, CureVac B.V. was formed and existing shareholders of CureVac AG subscribed for new common shares in CureVac B.V. and agreed to transfer their respective shares in CureVac AG to CureVac B.V. as a contribution in kind against issuance of the common shares in CureVac B.V. shares (share split) on a 1-to-133.0778 basis. As a result, CureVac B.V. became the holding company of CureVac AG, while the existing shareholders had a 100% shareholding in CureVac B.V. Effective with the IPO, CureVac B.V. changed its legal form and became CureVac N.V. and the common shares of CureVac B.V. were converted to common shares of CureVac N.V. These interim condensed consolidated financial statements and corresponding financial statement notes reflect the retrospective effect of the share split, where applicable.

Basis of preparation

9 Months Ended

Sep. 30, 2021

Basis of preparation

Basis of preparation

2. Basis of preparation

The interim condensed consolidated financial statements for the nine months ended September 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as at December 31, 2020 and 2019 and for the three years ended December 31, 2020. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on December 16, 2021. The Group’s interim condensed consolidated financial statements are presented in Euros (“EUR”). Unless otherwise stated, amounts are rounded to thousands of Euros, except per share amounts.

New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements as at December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group as of and for the nine months ended September 30, 2021. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Impact of COVID-19

On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the United States, the European Union and around the world. In response, the Group began development of CVnCoV, its mRNA-based COVID-19 vaccine candidate, for which it initiated a Phase 1 clinical trial in healthy volunteers in June 2020, a Phase 2a clinical trial in older adults in September 2020 and a Phase 2b/3 clinical trial in December 2020. The connection with the CVnCoV development, the Group signed agreements providing for government grants and for future supply of vaccine. Additionally, in the first half of 2021, the Group signed agreements to expand its existing manufacturing capacities at its headquarters in Tuebingen, thereby allowing for broad-scale manufacturing of CVnCoV and other mRNA-based vaccines, and to collaborate with pharmaceutical partners to develop and manufacture vaccines against SARS-CoV-2 variants. In February 2021, the Group announced initiation of a rolling submission with the European Medicines Agency (EMA) for CVnCoV and was in late-stage clinical testing. In April 2021, CureVac initiated a rolling submission to Swissmedic, the Swiss regulator for therapeutic products including vaccines, of CVnCoV for use in Switzerland.

In June 2021, the Group reported the final analysis for its Phase 2b/3 HERALD study in which CVnCoV demonstrated an overall vaccine efficacy of 48% against COVID-19 disease of any severity.

Later in 2021, the European Medicines Agency (EMA) informed the Company that it would not start reviewing the file before 2022. As a result, CureVac estimated that the earliest possible approval of CVnCoV would come in the second quarter of 2022. By this time, CureVac and GSK expect candidates from the second-generation vaccine program will be progressing through clinical development. On October 12, 2021, CureVac announced the strategic decision to focus its COVID-19 vaccine program on the development of second-generation mRNA vaccine candidates in collaboration with GSK and to withdraw its first-generation COVID-19 vaccine candidate, CVnCoV, from the approval process with the EMA. The decision is aligned with the evolving dynamics of the pandemic response toward greater need for differentiated vaccines with the gradual transition from an acute pandemic to an endemic SARS-CoV2 environment.

Current clinical studies with CVnCoV, including a Phase 1 study in Germany, a Phase 2a study in Peru and Panama, a Phase 2b/3 (HERALD) study in Europe and Latin America, and a Phase 3 study in participants with comorbidities in Belgium, continue with the scheduled safety follow-up times for all trial participants as per the respective trial protocols.

As a direct consequence of CureVac’s notification of the European Commission (EC) of the withdrawal of the application with the EMA for CVnCoV, the EC Advanced Purchase Agreement, which was predicated on employing CVnCoV to address the acute pandemic need, was automatically terminated. CureVac remains in contact with the European Commission and is supportive of its public health efforts.

CureVac remains committed to the long-term fight against COVID-19 and aims to leverage CVnCoV learnings and infrastructure to be at the forefront of delivering advanced second-generation vaccines together with GSK. These are expected to provide more flexible protection against emerging COVID-19 variants and to offer new mRNA approaches to other infectious disease vaccines such as flu, as well as potential combination vaccines against different viruses. Second-generation clinical development is expected to start within the next few months.

As the Group is currently devoting significant resources to the development of COVID vaccines, such development may impair the ability to timely progress other product candidates in clinical trials or into clinical trials from their current preclinical stage. In addition, enrollment in other programs may be delayed as a result of the COVID-19 pandemic and could have a negative impact on revenue recognition related to non-COVID-19 collaborations. For instance, the Group’s flu program with Bill & Melinda Gates Foundation was delayed. The partial disruption, even temporary, may negatively impact the Company’s operations and overall business by delaying the progress of its clinical trials and preclinical studies. The Group’s operations, including research and manufacturing, could also be disrupted due to the potential of the impact of staff absences as a result of self-isolation procedures or extended illness. However, the Group has taken a series of actions aimed at safeguarding its employees and business associates, including implementing a work-from-home policy for employees except for those related to its laboratory and production operations. The Group has been running COVID PCR (polymerase chain reaction) tests on a weekly basis for employees on the premises.

Notes to the consolidated financial statements

9 Months Ended

Sep. 30, 2021

Notes to the consolidated financial statements

Notes to the consolidated financial statements

3. Notes to the consolidated financial statements

3.1 Revenue from contract with customers

The Group recognized the following revenues:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Belgium
GSK	4,047	49,621
Germany
Boehringer Ingelheim	1,418	9,990
Netherlands
Genmab	1,893	1,323
Switzerland
CRISPR	618	831
United States
Eli Lilly	34,854	—
Total	42,830	61,765

Of these revenues, all of which were recognized over time as part of collaboration agreements, during the nine months ended September 30, 2021, EUR 49,878k (September 30, 2020: EUR 41,545k) related to delivery of research services combined with an IP license (recognized from the upfront payments as further illustrated in the table below), EUR 1,400k(September 30, 2020: EUR 401k) related to delivery of products and EUR 10,488k (September 30, 2020: EUR 884k) were recognized from those research and development services considered distinct within the agreements.

In the nine months ended September 30, 2020, revenue primarily consisted of EUR 34,854k recognized upon termination of the collaboration with Eli Lilly.As a result, and on the termination date of the License and Collaboration Agreement, EUR 33.1 million in contract liabilities from the upfront payment were recognized as revenue as no further performance obligation remained.

In the nine months ended September 30, 2021, EUR 20,470k in revenue was recognized under the collaboration agreement with GSK, entered into in July 2020, for the research, development, manufacturing and commercialization of mRNA-based vaccines and monoclonal antibodies targeting infectious disease pathogens. Another EUR 17,845k in revenue was recognized under a new collaboration with GSK, entered in April 2021, for the developing next generation mRNA vaccines for COVID-19 with the potential for a multi-valent approach to address multiple emerging variants in one vaccine, and under which GSK paid the Group an upfront payment of EUR 75,000k in May 2021.

In August 2014, the Group entered into an Exclusive Collaboration and License Agreement, which it refers to as the Boehringer Agreement, with Boehringer Ingelheim, whereby it granted Boehringer Ingelheim exclusive global rights for development and commercialization of its investigational therapeutic mRNA vaccine BI 1361849 (formerly CV9202) formulated with a legacy protamine technology. The Group received an upfront payment of EUR 30,000K, as well as, an option fee payment of EUR 5,000K and an additional EUR 7,000K in development milestone payments, all of which are non-refundable and non-creditable in the event of expiry or termination of the agreement. In June 2021, Boehringer Ingelheim provided notice of its intention to terminate the Boehringer Agreement, with such termination to become effective on November 17, 2021. Refer to Note 17, for additional information regarding this termination subsequent to September 30, 2021. Upon termination of the Boehringer Agreement, the rights and licenses granted by the Group to Boehringer Ingelheim will revert back to the Group, provided that Boehringer Ingelheim has the right to sell off existing inventory of BI 1361849 for a certain period. In addition, Boehringer Ingelheim must assign to us all regulatory approvals or applications and grant us a non-exclusive, cost-free, perpetual and worldwide license to intellectual property held by Boehringer Ingelheim that has been used in the development, manufacture or commercialization of BI 1361849 or any other product developed under the Boehringer Agreement. As of the date of these interim financial statements, the Group and Boehringer Ingelheim are assessing options to continue an R&D collaboration based on the exchange of the legacy protamine technology with state-of-the-art LNP based formulations. As a result of the announced termination, the remaining contract liability, related to the upfront payment, is being recognized over a shorter period through the termination date. For the nine months ended September 30, 2021, EUR 9,990k (September 30, 2020: EUR 1,400k) was recognized as revenue related to this agreement.

The Group has received upfront payments which were initially deferred and are subsequently recognized as revenue as the Group renders services over the performance period. Below is a summary of such payments and the related revenues recognized:


				Revenue recognized from
		Upfront payments	Upfront payments	upfront payments in the
		included	included	nine months ended
	Upfront payments	in contract liabilities at	in contract liabilities at	September 30,	September 30,
		December 31, 2020	September 30, 2021	2020	2021

Customer		(EUR k)	(EUR k)	(EUR k)
Eli Lilly	USD 50,000k (EUR 42,200)*	—	—	34,854	—
CRISPR	USD 3,000k (EUR 2,524)*	1,549	1,317	232	232
Boehringer Ingelheim	EUR 30,000k	14,003	4,012	1,400	9,990
Genmab	USD 10,000k (EUR 8,937)*	7,150	5,809	1,341	1,341
GSK	EUR 120,000k	112,222	91,842	3,718	20,470
GSK 2nd Gen	EUR 75,000k	—	57,155	—	17,845
BMBF	EUR 124,502k	61,122	124,502	—	—
EU APA	EUR 450,000k	450,000	450,000	—	—
Total		646,046	734,637	41,545	49,878

* Translated at the currency exchange rate prevailing on the transaction date.

Contract balances:


	December 31,	September 30,
	2020	2021
	EUR k	EUR k
Trade receivables	1,014	2,452
Contract assets	808	7,180
Contract liabilities**	658,046	746,548

Trade receivables are non-interest bearing and are generally settled within 30 to 45 days. Besides the upfront payments, under the collaboration agreements, contract liabilities also contain an option fee payment and an additional development milestone payment of EUR 12 million, in total, from Boehringer Ingelheim; refer to Note 17 for additional information relating to these amounts following September 30, 2021.

**As of September 30, 2021, €450 million in contract liabilities relating to the EU APA were classified as current assets due to the expectation for them to be recognized within one year from this date (non-current assets at December 31, 2020); refer to Note 17 for additional information relating to these amounts following September 30, 2021

3.2 Cost of sales

The cost of sales consists of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(2,171)	(14,897)
Materials	(1,380)	(13,945)
Third-party services	(2,432)	(130,795)
Maintenance and lease	(752)	(3,227)
Amortization and depreciation	(250)	(2,944)
Other	(64)	(2,369)
Total	(7,049)	(168,177)

During the nine months ended September 30, 2021, cost of sales increased compared to the same period of 2020 mainly due to activities for production processes for the Group’s CVnCoV vaccine candidate. The increase of EUR 161,128k in cost of sales was also driven by recognition of expenses related to ineffective set-up activities and settlement costs related to the termination of several CMO contracts.

3.3 Selling and distribution expenses

Selling and distribution expenses consist of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(755)	(943)
Amortization and depreciation	(77)	(65)
Third-party services	—	(200)
Other	23	(24)
Total	(809)	(1,232)

Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021 of EUR 777k (September 30, 2020: 288k) and share-based payment expense of EUR 166k (September 30, 2020: 467k).

3.4 Research and development expenses

R&D expenses consists of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(16,213)	(25,209)
Materials	(21,595)	(5,893)
Amortization and depreciation	(2,589)	(3,051)
Patents and fees to register a legal right	(3,525)	(10,209)
Third-party services	(27,973)	(238,348)
Maintenance and lease	(560)	(291)
Other	(3,882)	(1,727)
Total	(76,337)	(284,728)

During the nine months ended September 30, 2021, research and development expenses increased in comparison to the same period of 2020 mainly due to an increase in development expenses from the Group´s CVnCoV program. These expenses consist primarily of cost incurred to CROs involved in the CVnCoV development. As of September 30, 2021, the Group had no development expenditures that met the requirements for capitalization. Under the grant from BMBF, the Group earns income (recognized in other operating income) for certain eligible expenses incurred for COVID-19 vaccine development; refer to Note 3.6 for more information on amounts recognized from this grant in the nine months ended September 30, 2021.

Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021 of EUR 24,637k (September 30, 2020: 13,227k) and share-based payment expense of EUR 572k (September 30, 2020: 2,986k).

3.5 General and administrative expenses

General and administrative expenses consist of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(15,847)	(30,039)
Maintenance and lease	(1,571)	(2,106)
Third-party services	(5,097)	(28,699)
Legal and other professional services	(2,276)	(6,394)
Amortization and depreciation	(4,382)	(5,575)
Other	(3,974)	(7,974)
Total	(33,147)	(80,787)

Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021, of EUR 19,492k (September 30, 2020: 11,900k) and share-based payment expense of EUR 10,547k (September 30, 2020: 3,947k). During the nine months ended September 30, 2021, third-party services expenses increased, compared to the same period of 2020, mainly due to consulting services for product launch readiness. The increase in “Other” mainly result from insurance costs of EUR 5,256k, mainly related to director and officer liability insurance (September 30, 2020: EUR 742k):

3.6 Other operating income


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Grants and other cost reimbursements from government agencies and similar bodies	11,313	64,307
Other	382	2,439
Total	11,695	66,746

During the nine months ended September 30, 2021 and 2020, income from grants with government agencies and similar bodies resulted from the following:

German Federal Ministry of Education and Research (BMBF)

In 2020, the Company received a grant from BMBF to support the development of its COVID-19 vaccine candidate for which it was determined that the arrangement contained two components: a grant component (in the scope of IAS 20) and a supply component (in the scope of IFRS 15). With regard to the grant component, during the nine months ended September 30, 2021, the Group has recognized grant income in the amount of EUR 64,031k (September 30, 2020: nil). As of September 30, 2021, the unrecognized grant component of EUR 1,187k (December 31, 2020: EUR 28,630k) is presented in (current) other liabilities. Refer to Note 17 for additional information regarding this grant subsequent September 30, 2021.

Coalition for Epidemic Preparedness Innovations (CEPI)

In January 2020, CureVac and CEPI entered into a collaboration to develop a vaccine against the new coronavirus SARS-CoV-2. The aim of the cooperation is to safely advance vaccine candidates into clinical testing as quickly as possible. The agreement builds upon the existing partnership between CureVac and CEPI to develop a rapid-response vaccine platform and included additional initial funding of up to USD 8,300k. In May 2020, CEPI increased its grant award to the Group for SARS-CoV-2 vaccine development to up to USD 15,300k.

For the nine months ended September 30, 2021, CureVac recognized the reimbursement by CEPI of approved expenses of EUR 30k (September 30, 2020: EUR 10,565k). As of September 30, 2021, EUR 1,294k in grant funds received have been deferred and are presented within other liabilities (December 31, 2020: EUR 1,325k).

Bill & Melinda Gates Foundation (BMGF)

For the nine months ended September 30, 2021, CureVac recognized EUR 246k (September 30, 2020: EUR 449k) from the amortization of the grants on a straight-line basis. As of September 30, 2021, 1,918k in grant funds received have been deferred and presented within other liabilities (December 31, 2020: EUR 2,164k).

Issued Capital and Reserves

9 Months Ended

Sep. 30, 2021

Issued Capital and Reserves

Issued Capital and Reserves

4. Issued Capital and Reserves

According to the Company’s articles of association, the Company’s authorized shares are divided into 386,250,000 common shares and 386,250,000 preferred shares, each having a nominal value of EUR 0.12.

As of September 30, 2021, no preferred shares had been issued and all issued common shares issued and outstanding were fully paid. However, in certain events, BMGF has the right to require the Company to redeem or facilitate the purchase by a third-party of all common shares it holds and Genmab has the right to subscribe once for common shares at a certain price under an anti-dilution and down round-protection clause effective through February 2022.

All payments received from shareholders in excess of the nominal value of the shares issued and net of transaction costs are recognized in capital reserves. Capital reserves also consists of recognition of share-based payments and the equity components of convertible loans. The Company may only make distributions, whether a distribution of profits or of freely distributable reserves, to shareholders to the extent shareholders’ equity exceeds the sum of the paid-in and called-up share capital plus any reserves required by Dutch law or by the Company’s articles of association.

In February 2021, the Group completed a follow-on public offering whereby it sold 5,000,000 common shares at a price of USD 90.00 per share. In addition, the underwriters exercised their option to purchase an additional 750,000 common shares at this same price less the underwriting discount. The aggregate proceeds, net of underwriting discounts, received by the Group from these transactions were EUR 426,652k. Additional offering costs for legal, accounting, printing and registration fees of EUR 22,590k were recognized as reduction to capital reserve against the proceeds from the offering.

Under the Prior VSOP plan, and following the Group’s IPO and corporate reorganization, upon vesting of virtual shares granted under the plan, the holder is able to exchange his or her virtual shares (in whole or in part) for cash or shares of CureVac N.V., at the discretion of the Company, subject to the occurrence of certain predefined events. The economic burden of such an exchange was to be borne exclusively by those shareholders already invested in CureVac AG as of October 1, 2015 (“Funding Shareholders”); as such, these Funding Shareholders were required to transfer to the Company, in exchange for no consideration, sufficient common shares for the Company to issue against exercises of virtual shares. With the Company’s IPO having taken place on August 14, 2020, an exit event was triggered with 10% of the vested virtual shares becoming exercisable at the end of the lock-up period, which is 180 days after the initial listing, i.e. on February 10, 2021. As of March 10, 2021, the beneficiaries (i.e., holders of virtual shares) exercised all of their 759,677 exercisable virtual shares and the Company received 759,677 common shares from the Funding Shareholders on that day. During the nine months ended September 30, 2021, 366,622 shares were transferred to beneficiaries upon exercise of options under the Company’s various equity plans. At September 30, 2021, the Company still held 3,032 treasury shares.

The number of shares issued and outstanding developed as follows:


Common shares issued and outstanding at December 31, 2020		180,460,565
Follow-on Public Offering		5,750,000
Share option exercises between January and September 2021		845,091
Treasury shares		(3,032)
Common shares issued and outstanding at September 30, 2021		187,052,624

Share-based payments

9 Months Ended

Sep. 30, 2021

Share-based payments

Share-based payments

5. Share-based payments

During the nine months ended September 30, 2021 and 2020, the Group recognized share-based payments expenses of EUR 11,285k and EUR 7,399k, respectively, as follows:

Nine months ended September 30,


	2020	2021
	EUR k	EUR k
Research and development expenses	2,985	572
Selling and distribution expenses	467	166
General and administrative expenses	3,947	10,547
Total	7,399	11,285

Expense recognized for the equity-settled programs was as follows:

Nine months ended September 30:


	2020	2021
Program	EUR k	EUR k
LTIP	—	10,075
RSU for supervisory board	—	250
Former Chief Executive Officer Grant	2,551	—
New VSOP	1,327	441
Prior VSOP	3,521	519
Total	7,399	11,285

On November 16, 2020, CureVac granted 266,155 options to the Chief Scientific Officer (CSO). Furthermore, on December 1, 2020, CureVac granted 266,156 options (in 3 tranches) to the company`s Chief Business Officer (CBO) and Chief Commercial Officer (CCO). All grants were made at no cost under the terms of a new long-term incentive plan (LTIP) put in place by Curevac N.V. Options will be settled in shares of Curevac N.V. At September 30, 2021 none of the options granted to the CSO and CBO/CCO under the LTIP were exercised at that date. On July 1, 2021, CureVac granted 20,000 options to the Chief Operations Officer (COO). Furthermore on August 1, 2021, CureVac granted 30,000 options to the Chief Development Officer (CDO). All grants were made at no cost under the terms of the long-term incentive plan (LTIP) put in place by Curevac N.V. Options will be settled in shares of Curevac N.V. At September 30, 2021 none of the options granted to the COO and CDO under the LTIP were vested and hence, were not exercisable at that date. The expenses recognized for employee services received under the LTIP during the nine months ended September 30, 2021, is in an amount of EUR 10,075k and is included in general and administrative expenses.

For the nine months ended September 30, 2020, share based payment expenses of EUR 2,551k recognized in general and administrative expenses resulted from the 805,520 unvested awards, granted to the former Chief Executive Officer (CEO), immediately vesting in March 2020 due to the discontinuation of his service contract. The remaining expense results from additional grants under the New VSOP and continued vesting of grants under the Prior VSOP.

On August 14, 2020, the Company filed with the SEC a registration statement on Form S-8 registering common shares, issuable pursuant to the CureVac N.V. Long-Term Incentive Plan (“the LTIP”), New VSOP and Prior VSOP.

At the Annual General Meeting in June 2021, grants to two supervisory board members for their outstanding work and advice in connection with the clinical development of CVnCoV were approved. The supervisory board members will receive RSU's equal to a EUR value of 100K and 150K. The related share-based payments expense is recognized in general and administrative expense.

Exercise of share-based payments

Also, for the New VSOP plan, the IPO was a triggering event, by which all outstanding options, under the plan, became exercisable; 55,932 options were exercised on February 11, 2021 at an average share price of USD 114.17 (EUR 94.15). Shares to the value of the participant’s personal tax obligation are withheld and shown as repurchase of those shares. From April up to September a total of 425,203 options were exercised with a weighted average share price of USD 58.13.

Fixed Assets

9 Months Ended

Sep. 30, 2021

Fixed Assets

Fixed Assets

6. Fixed Assets

6.1 Intangible assets

During the nine months ended September 30, 2021, the Group acquired intangible assets of EUR 2,273k (nine months ended September 30, 2020: EUR 5,879k). The acquisitions during the nine months ended September 30, 2021 and 2020 mainly related to licenses, software and prepayments made to acquire those.

6.2 Property, plant and equipment

During the nine months ended September 30, 2021, property, plant and equipment increased by 93,786k from the balance at December 31, 2020. This increase was due primarily to the purchase of technical equipment and machines and other equipment of EUR 8,907k (September 30, 2020: EUR 5,013k) as well as additional amounts recognized as construction in progress of EUR 84,384k for Company-owned equipment physically located at CMO facilities in Germany and the remaining amount mainly for Company’s GMP facilities.

Inventories

9 Months Ended

Sep. 30, 2021

Inventories.

Inventories

7. Inventories

Inventories include the following:


	December 31, 2020	September 30, 2021
	EUR k	EUR k
Raw materials	13,790	115,838
Unfinished goods	—	21,079
Finished goods	741	3,963
Total	14,531	140,880

During 2021, the Company began production of vaccine doses which are recorded in inventory as of September 30, 2021 as the costs were determined to be recoverable under existing arrangements regardless of whether regulatory approval is obtained.

During the nine months ended September 30, 2021, the increase in inventory of EUR 126,499k is due primarily to unfinished products in CVnCOV inventory and increased stock of raw material required for the production of CVnCOV.

Other financial assets

9 Months Ended

Sep. 30, 2021

Other financial assets

Other financial assets

8. Other financial assets

Other current financial assets as of September 30, 2021 amounted to EUR 7,712k (December 31, 2020: EUR 2,619k) mainly include deposits held by third parties in amount of EUR 1,936k (December 31, 2020: EUR 430k) and other receivables in the amount of EUR 5,776k (December 31, 2020: 2,189).

Prepaid expenses and other assets (current)

9 Months Ended

Sep. 30, 2021

Prepaid expenses and other assets (current)

Prepaid expenses and other assets (current)

9. Prepaid expenses and other assets (current)

Prepaid expenses and other current assets as of September 30, 2021 amounted to EUR 234,899k (December 31, 2020: 48,289k) mainly include prepayments for service agreements (e.g. for the CROs and CMOs) in the amount of EUR 120,920k (December 31, 2020: EUR 40,054k) and a receivable due to the Group under the BMBF grant in the amount of EUR 55,183k (December 31, 2020: 8,235k) and VAT amount of EUR 47,234k. At December 31, 2020, the net amount of VAT is reflected in the other current liabilities. These net amounts of VAT refund claims and VAT payables do not bear interest and are reported to the tax authorities on a monthly basis.

Financial assets and financial liabilities

9 Months Ended

Sep. 30, 2021

Financial assets and financial liabilities

Financial assets and financial liabilities

10. Financial assets and financial liabilities

Fair values of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into or out of Level 3 fair value measurements during the nine months ended September 30, 2021 and 2020.

Trade and other payables

9 Months Ended

Sep. 30, 2021

Trade and other payables

Trade and other payables

11. Trade and other payables

During the nine months ended September 30, 2021, the increase of EUR 38,595k in trade and other payables was primarily due to billings from and accrued liabilities due to CROs and CMOs involved in the CVnCoV development and taxes collected upon share-based payments option exercises and which are to be remitted to taxing authorities.

As of September 30, 2021, the Company had non-cancellable contractual obligations of EUR 112,902k relating to CMO services, for which no amounts are recorded in the statement of financial position.

Loans

9 Months Ended

Sep. 30, 2021

Loans

Loans

12. Loans

During the nine months ended September 30, 2020, EUR 11,008k of interest expense, inclusive of EUR 5,194k which resulted from the early termination, was recognized on two convertible loan facilities from Dietmar Hopp which were terminated later in 2020; as such, no amounts from these loan facilities were recognized in the same period of 2021. As of September 30, 2021, CureVac had drawn the first of the three tranches of the EIB loan received in December 2020 and, thus, EUR 25 million (plus accrued interest of EUR 2,543k) was outstanding on the loan as of that date. Refer to Note 17 for additional information regarding this loan following September 30, 2021.

Income tax

9 Months Ended

Sep. 30, 2021

Income tax

Income tax

13. Income tax

The Group calculates the interim income tax benefit or expense using the best estimate of the weighted average annual effective income tax rate expected for the full financial year.

For the nine months ended September 30, 2021 and 2020, the Group recorded a consolidated income tax expense of EUR 1,841k (September 30, 2020: EUR 1,615k benefit). The consolidated income tax expenses for the nine months ended September 30, 2021, resulted from income tax expenses from CureVac Inc. of EUR 220k (September 30, 2020: EUR 115k) and deferred tax expenses on taxable temporary differences of EUR 1,672k (September 30, 2020: EUR 2,539k benefit) as well as a recognition of a deferred tax benefit on tax loss carryforwards of EUR 52k (September 30, 2020: tax expense of EUR 809k).

Disclosure of financial instruments and risk management

9 Months Ended

Sep. 30, 2021

Disclosure of financial instruments and risk management

Disclosure of financial instruments and risk management

14. Disclosure of financial instruments and risk management

As the Group requires significant liquid funds available for the financing of its COVID-19 research and development activities, during the nine months ended September 30, 2021, it has maintained funds as cash and cash equivalents and not in less liquid financial instruments. The Group has distributed the cash amongst several banks and amongst the legal entities in the Group in order to reduce negative interest penalties.

Refer to note 15 to the consolidated financial statements as of December 31, 2020 for additional information on the Group’s risk management activities. As of September 30, 2021, the Group held cash and cash equivalents of USD 4,321k and CHF 98k, which are exposed to foreign currency exchange risk. The Group intends to settle expenses arising in US dollars or CHF using these US dollar or CHF funds.

Earnings per share

9 Months Ended

Sep. 30, 2021

Earnings per share

Earnings per share

15. Earnings per share

Earnings per share is calculated pursuant to IAS 33 Earnings per Share by dividing the consolidated net loss in CureVac N.V. by the average weighted number of shares outstanding in the fiscal period, retrospectively adjusted for the effect of the corporate reorganization.

The weighted number of shares outstanding for the nine months ended September 30, 2021 was 185,702,736 (September 30, 2020: 116,023,286). This has led to a basic loss per share for the nine months ended September 30, 2021 and 2020 of EUR 2.21 and EUR 0.61, respectively. Since the conversion of options to ordinary shares would decrease loss per share, they are considered antidilutive. Therefore, the diluted earnings per share equals basic earnings per share for the nine months ended September 30, 2021 and 2020.

Related party disclosures

9 Months Ended

Sep. 30, 2021

Related party disclosures

Related party disclosures

16. Related party disclosures

Transfer of shares from the Funding Shareholders

As discussed in Note 4, due to certain virtual share exercises under the Prior VSOP during the nine months ended September 30, 2021, 759,677 common shares were transferred to the Company by the Funding Shareholders, with no consideration paid in exchange, and some of these shares were subsequently reissued to fulfill obligations from option exercises.

Dietmar Hopp

During fiscal 2019, Dietmar Hopp, principal of dievini Hopp BioTech holding GmbH & Co. KG (dievini), the largest shareholder of the Group, granted two convertible loans to the Group, which were repaid in 2020; see Note 11 for further information.

Antony Blanc

In 2020, a consulting agreement between CureVac AG and Clarentis SRL was made. Clarentis SRL is a wholly owned consulting company of Antony Blanc, PhD, the CBO of CureVac. After the transition of Antony Blanc to the Management Board in February 2021, the contract was no longer active and no new orders were placed. In Q3 2021, a milestone payment, which related to the submission of the EMA dossier for CVnCoV, and amounts to EUR 100k was made to fulfil a contractual obligation from the consulting agreement in place before Antony Blanc joined the Management Board.

Subsequent events

9 Months Ended

Sep. 30, 2021

Subsequent events

Subsequent events

17. Subsequent events

On November 30, 2020, CureVac entered into an Advanced Purchase Agreement (APA) with the European Commission (EC), which was acting on behalf and in the name of all Member States of the European Union to deliver 225 million doses of CVnCoV. In order to support our accelerated efforts to develop a safe and effective vaccine, the EC structured the APA to share the financial risk with CureVac and to support the development of CureVac’s operations in the form of an upfront payment of EUR 450 million, which is recognized as a contract liability as of September 30, 2021. Upon notification of the EC of the withdrawal of CureVac’s regulatory approval application for CVnCoV in October 2021, the APA automatically terminated. According to the EU APA, in such case of termination, CureVac must return only the unspent amount of the prepayment. CureVac is in the process of submitting to the EC a report of qualified expenditures incurred or committed to using the upfront payment and do not expect that it will be required to return any portion of it; the unreturned portion will be recognized into income in the fourth quarter of 2021.

The value of certain assets, semi-finished and finished goods that will have no future use will be assessed in the fourth quarter of 2021.

CureVac is currently coordinating with the EC to evaluate whether the EC will exercise its option to recover some raw materials and/or primary components paid for with the upfront as allowed for under the APA.

Due to the withdrawal of the EMA regulatory approval application for CVnCoV, CureVac will not be able to reach all predefined milestones for 2021 under the BMBF grant. From 2020 through December 2021, CureVac has received EUR 196.3 million. In November 2021, CureVac notified BMG of the inability to supply CVnCoV, therefore triggering automatic termination of the supply agreement. As a result, the contract liability amounting to EUR 124 million will be recognized into income in the fourth quarter of 2021.

As of September 30, 2021, all assets on the statement of financial position, which relate to CVnCoV and which are unable to be repurposed, were recoverable under either the APA or the BMBF grant.

As discussed in Note 3.1, in June 2021, Boehringer Ingelheim provided notice of its intention to terminate the Boehringer Agreement. The termination became effective on November 17, 2021 and, as a result, the remaining EUR 4,000K of the upfront payment, an option fee payment of EUR 5,000K and an additional EUR 7,000K in development

milestone payments were recognized as revenue in the fourth quarter of 2021 as no further performance obligations remained.

In November 2021, CureVac issued a prepayment request and cancellation notice to the EIB under which it requested to voluntarily prepay, in December 2021, the EUR 25 million in principal in addition to accrued interest and to cancel the remaining EUR 50 million available under the EIB loan.

Basis of preparation (Policies)	9 Months Ended
Basis of preparation (Policies)	Sep. 30, 2021
Basis of preparation
Basis of preparation	The interim condensed consolidated financial statements for the nine months ended September 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as at December 31, 2020 and 2019 and for the three years ended December 31, 2020. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on December 16, 2021. The Group’s interim condensed consolidated financial statements are presented in Euros (“EUR”). Unless otherwise stated, amounts are rounded to thousands of Euros, except per share amounts.
New standards, interpretations and amendments adopted by the Group	New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements as at December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group as of and for the nine months ended September 30, 2021. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Impact of COVID-19	Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the United States, the European Union and around the world. In response, the Group began development of CVnCoV, its mRNA-based COVID-19 vaccine candidate, for which it initiated a Phase 1 clinical trial in healthy volunteers in June 2020, a Phase 2a clinical trial in older adults in September 2020 and a Phase 2b/3 clinical trial in December 2020. The connection with the CVnCoV development, the Group signed agreements providing for government grants and for future supply of vaccine. Additionally, in the first half of 2021, the Group signed agreements to expand its existing manufacturing capacities at its headquarters in Tuebingen, thereby allowing for broad-scale manufacturing of CVnCoV and other mRNA-based vaccines, and to collaborate with pharmaceutical partners to develop and manufacture vaccines against SARS-CoV-2 variants. In February 2021, the Group announced initiation of a rolling submission with the European Medicines Agency (EMA) for CVnCoV and was in late-stage clinical testing. In April 2021, CureVac initiated a rolling submission to Swissmedic, the Swiss regulator for therapeutic products including vaccines, of CVnCoV for use in Switzerland. In June 2021, the Group reported the final analysis for its Phase 2b/3 HERALD study in which CVnCoV demonstrated an overall vaccine efficacy of 48% against COVID-19 disease of any severity. Later in 2021, the European Medicines Agency (EMA) informed the Company that it would not start reviewing the file before 2022. As a result, CureVac estimated that the earliest possible approval of CVnCoV would come in the second quarter of 2022. By this time, CureVac and GSK expect candidates from the second-generation vaccine program will be progressing through clinical development. On October 12, 2021, CureVac announced the strategic decision to focus its COVID-19 vaccine program on the development of second-generation mRNA vaccine candidates in collaboration with GSK and to withdraw its first-generation COVID-19 vaccine candidate, CVnCoV, from the approval process with the EMA. The decision is aligned with the evolving dynamics of the pandemic response toward greater need for differentiated vaccines with the gradual transition from an acute pandemic to an endemic SARS-CoV2 environment. Current clinical studies with CVnCoV, including a Phase 1 study in Germany, a Phase 2a study in Peru and Panama, a Phase 2b/3 (HERALD) study in Europe and Latin America, and a Phase 3 study in participants with comorbidities in Belgium, continue with the scheduled safety follow-up times for all trial participants as per the respective trial protocols. As a direct consequence of CureVac’s notification of the European Commission (EC) of the withdrawal of the application with the EMA for CVnCoV, the EC Advanced Purchase Agreement, which was predicated on employing CVnCoV to address the acute pandemic need, was automatically terminated. CureVac remains in contact with the European Commission and is supportive of its public health efforts. CureVac remains committed to the long-term fight against COVID-19 and aims to leverage CVnCoV learnings and infrastructure to be at the forefront of delivering advanced second-generation vaccines together with GSK. These are expected to provide more flexible protection against emerging COVID-19 variants and to offer new mRNA approaches to other infectious disease vaccines such as flu, as well as potential combination vaccines against different viruses. Second-generation clinical development is expected to start within the next few months. As the Group is currently devoting significant resources to the development of COVID vaccines, such development may impair the ability to timely progress other product candidates in clinical trials or into clinical trials from their current preclinical stage. In addition, enrollment in other programs may be delayed as a result of the COVID-19 pandemic and could have a negative impact on revenue recognition related to non-COVID-19 collaborations. For instance, the Group’s flu program with Bill & Melinda Gates Foundation was delayed. The partial disruption, even temporary, may negatively impact the Company’s operations and overall business by delaying the progress of its clinical trials and preclinical studies. The Group’s operations, including research and manufacturing, could also be disrupted due to the potential of the impact of staff absences as a result of self-isolation procedures or extended illness. However, the Group has taken a series of actions aimed at safeguarding its employees and business associates, including implementing a work-from-home policy for employees except for those related to its laboratory and production operations. The Group has been running COVID PCR (polymerase chain reaction) tests on a weekly basis for employees on the premises.

Notes to the consolidated financial statements (Tables)

9 Months Ended

Sep. 30, 2021

Notes to the consolidated financial statements

Schedule of revenue from contract with customers recognized


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Belgium
GSK	4,047	49,621
Germany
Boehringer Ingelheim	1,418	9,990
Netherlands
Genmab	1,893	1,323
Switzerland
CRISPR	618	831
United States
Eli Lilly	34,854	—
Total	42,830	61,765

Summary of upfront payments and related revenues recognized


				Revenue recognized from
		Upfront payments	Upfront payments	upfront payments in the
		included	included	nine months ended
	Upfront payments	in contract liabilities at	in contract liabilities at	September 30,	September 30,
		December 31, 2020	September 30, 2021	2020	2021

Customer		(EUR k)	(EUR k)	(EUR k)
Eli Lilly	USD 50,000k (EUR 42,200)*	—	—	34,854	—
CRISPR	USD 3,000k (EUR 2,524)*	1,549	1,317	232	232
Boehringer Ingelheim	EUR 30,000k	14,003	4,012	1,400	9,990
Genmab	USD 10,000k (EUR 8,937)*	7,150	5,809	1,341	1,341
GSK	EUR 120,000k	112,222	91,842	3,718	20,470
GSK 2nd Gen	EUR 75,000k	—	57,155	—	17,845
BMBF	EUR 124,502k	61,122	124,502	—	—
EU APA	EUR 450,000k	450,000	450,000	—	—
Total		646,046	734,637	41,545	49,878

* Translated at the currency exchange rate prevailing on the transaction date.

Schedule of contract balances


	December 31,	September 30,
	2020	2021
	EUR k	EUR k
Trade receivables	1,014	2,452
Contract assets	808	7,180
Contract liabilities**	658,046	746,548

Schedule of cost of sales, selling and distribution expenses, research and development expenses and general and administrative expenses

The cost of sales consists of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(2,171)	(14,897)
Materials	(1,380)	(13,945)
Third-party services	(2,432)	(130,795)
Maintenance and lease	(752)	(3,227)
Amortization and depreciation	(250)	(2,944)
Other	(64)	(2,369)
Total	(7,049)	(168,177)

Selling and distribution expenses consist of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(755)	(943)
Amortization and depreciation	(77)	(65)
Third-party services	—	(200)
Other	23	(24)
Total	(809)	(1,232)

R&D expenses consists of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(16,213)	(25,209)
Materials	(21,595)	(5,893)
Amortization and depreciation	(2,589)	(3,051)
Patents and fees to register a legal right	(3,525)	(10,209)
Third-party services	(27,973)	(238,348)
Maintenance and lease	(560)	(291)
Other	(3,882)	(1,727)
Total	(76,337)	(284,728)

General and administrative expenses consist of the following:


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Personnel	(15,847)	(30,039)
Maintenance and lease	(1,571)	(2,106)
Third-party services	(5,097)	(28,699)
Legal and other professional services	(2,276)	(6,394)
Amortization and depreciation	(4,382)	(5,575)
Other	(3,974)	(7,974)
Total	(33,147)	(80,787)

Schedule of other operating income


	Nine months ended September 30,
	2020	2021
	EUR k	EUR k
Grants and other cost reimbursements from government agencies and similar bodies	11,313	64,307
Other	382	2,439
Total	11,695	66,746

Issued Capital and Reserves (Tables)

9 Months Ended

Sep. 30, 2021

Issued Capital and Reserves

Schedule of number of shares issued and outstanding


Common shares issued and outstanding at December 31, 2020		180,460,565
Follow-on Public Offering		5,750,000
Share option exercises between January and September 2021		845,091
Treasury shares		(3,032)
Common shares issued and outstanding at September 30, 2021		187,052,624

Share-based payments (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense recognized for employee services received

Nine months ended September 30,


	2020	2021
	EUR k	EUR k
Research and development expenses	2,985	572
Selling and distribution expenses	467	166
General and administrative expenses	3,947	10,547
Total	7,399	11,285

Schedule for expense recognized for the programs

Nine months ended September 30:


	2020	2021
Program	EUR k	EUR k
LTIP	—	10,075
RSU for supervisory board	—	250
Former Chief Executive Officer Grant	2,551	—
New VSOP	1,327	441
Prior VSOP	3,521	519
Total	7,399	11,285

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventories.

Schedule of components of inventories


	December 31, 2020	September 30, 2021
	EUR k	EUR k
Raw materials	13,790	115,838
Unfinished goods	—	21,079
Finished goods	741	3,963
Total	14,531	140,880

Corporate Information (Details)	Aug. 14, 2020
Cure Vac B.V.
Disclosure of detailed information about business combination [line items]
Share split ratio	133.0778
Ownership percentage	100.00%
CureVac N.V.
Disclosure of detailed information about business combination [line items]
Voting interests held	100.00%

Basis of preparation (Details)	1 Months Ended
Basis of preparation (Details)	Jun. 30, 2021
Basis of preparation
Overall vaccine efficacy (In percentage)	48.00%

Notes to the consolidated financial statements - Revenue from contract with customers (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	€ 61,765	€ 42,830
Research services combined with an IP license
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	49,878	41,545
Product
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	1,400	401
Research and development services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	10,488	884
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	20,470
Belgium \| GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	49,621	4,047
Germany \| Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	9,990	1,418
Switzerland \| CRISPR
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	831	618
Netherlands \| Genmab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	€ 1,323	1,893
United States \| Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		€ 34,854

Notes to the consolidated financial statements - Summary of upfront payments and related revenues recognized (Details) € in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021 EUR (€)	Sep. 30, 2020 EUR (€)	Sep. 30, 2021 USD ($)	May 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from upfront payments	€ 33,100
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from upfront payments		€ 34,854
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable				€ 75,000
EU APA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments included in contract liabilities	450,000
Research services combined with an IP license
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments included in contract liabilities	734,637				€ 646,046
Revenue recognized from upfront payments	49,878	41,545
Research services combined with an IP license \| Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	42,200		$ 50,000
Revenue recognized from upfront payments		34,854
Research services combined with an IP license \| CRISPR
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	2,524		3,000
Upfront payments included in contract liabilities	1,317				1,549
Revenue recognized from upfront payments	232	232
Research services combined with an IP license \| Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	30,000
Upfront payments included in contract liabilities	4,012				14,003
Revenue recognized from upfront payments	9,990	1,400
Research services combined with an IP license \| Genmab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	8,937		$ 10,000
Upfront payments included in contract liabilities	5,809				7,150
Revenue recognized from upfront payments	1,341	1,341
Research services combined with an IP license \| GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	120,000
Upfront payments included in contract liabilities	91,842				112,222
Revenue recognized from upfront payments	20,470	€ 3,718
Research services combined with an IP license \| GSK 2nd Gen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	75,000
Upfront payments included in contract liabilities	57,155
Revenue recognized from upfront payments	17,845
Research services combined with an IP license \| BMBF
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	124,502
Upfront payments included in contract liabilities	124,502				61,122
Research services combined with an IP license \| EU APA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	450,000
Upfront payments included in contract liabilities	€ 450,000				€ 450,000

Notes to the consolidated financial statements - Contract liabilities allocated to the remaining performance obligations (Details) € in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2014 EUR (€)	Sep. 30, 2021 EUR (€)	Sep. 30, 2020 EUR (€)	Sep. 30, 2020 USD ($)	May 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Jul. 31, 2020 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Trade receivables		€ 2,452				€ 1,014
Contract assets		7,180				808
Contract liabilities		746,548				€ 658,046
Revenue recognized from contract liabilities		33,100
Proceeds from the issuance of shares (net of transaction costs)		404,164	€ 867,717
Total revenues		61,765	42,830
Grants and other cost reimbursements from government agencies and similar bodies		64,307	11,313
Grant amount received/eligible to receive		38,349	17,630
Option fee payment received	€ 5,000
Additional development milestone payments	7,000
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from contract liabilities			34,854
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		20,470
Upfront Payments Received Or Receivable					€ 75,000
Commercial milestone payments							€ 17,845
German Federal Ministry of Education and Research
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		9,990,000	1,400
Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Option fee payment and an additional development milestone payment		12,000
EU APA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Grant amount for supply of future deliveries		450,000
Upfront payments included in contract liabilities		450,000
German Federal Ministry of Education and Research
Disclosure of disaggregation of revenue from contracts with customers [line items]
Grants and other cost reimbursements from government agencies and similar bodies		64,031	€ 0
Upfront payment received	€ 30,000,000
Bill & Melinda Gates Foundation (BMGF)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Grants and other cost reimbursements from government agencies and similar bodies		€ 246		$ 449

Notes to the consolidated financial statements - Cost of sales (Details) - Cost of sales - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (14,897)	€ (2,171)
Materials	(13,945)	(1,380)
Third-party services	(130,795)	(2,432)
Maintenance and lease	(3,227)	(752)
Amortization and depreciation	(2,944)	(250)
Other	(2,369)	(64)
Total	(168,177)	€ (7,049)
Increase in cost of sales	€ 161,128

Notes to the consolidated financial statements - Selling and distribution expenses (Details) - Selling and distribution expenses - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (943)	€ (755)
Amortization and depreciation	(65)	(77)
Third-party services	200
Other	(24)	23
Total	(1,232)	(809)
Salary and salary-related expenses	777	288
Expenses from share-based payments	€ 166	€ 467

Notes to the consolidated financial statements - Research and development expenses (Details) - Research and development expenses - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Expenses By Nature [Line Items]
Materials	€ (5,893)	€ (21,595)
Personnel	(25,209)	(16,213)
Amortization and depreciation	(3,051)	(2,589)
Patents and fees to register a legal right	(10,209)	(3,525)
Third-party services	(238,348)	(27,973)
Maintenance and lease	(291)	(560)
Other	(1,727)	(3,882)
Total	(284,728)	(76,337)
Salary and salary-related expenses	24,637	13,227
Expenses from share-based payments	€ 572	€ 2,986

Notes to the consolidated financial statements - General and administrative expenses (Details) - General and administrative expenses - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (30,039)	€ (15,847)
Maintenance and lease	(2,106)	(1,571)
Third-party services	(28,699)	(5,097)
Legal and other professional services	(6,394)	(2,276)
Amortization and depreciation	(5,575)	(4,382)
Other	(7,974)	(3,974)
Total	(80,787)	(33,147)
Salary and salary-related expenses	19,492	11,900
Expenses from share-based payments	10,547	3,947
Insurance expense	€ 5,256	€ 742

Notes to the consolidated financial statements - Other operating income (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Notes to the consolidated financial statements
Grants and other cost reimbursements from government agencies and similar bodies	€ 64,307	€ 11,313
Other	2,439	382
Total	€ 66,746	€ 11,695

Notes to the consolidated financial statements - Grants with government agencies and similar bodies (Details) € in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021 EUR (€)	Sep. 30, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 EUR (€)	May 31, 2020 USD ($)	Jan. 31, 2020 USD ($)
Disclosure Of Government Grants
Reimbursement of approved expenses	€ 64,307	€ 11,313
German Federal Ministry of Education and Research
Disclosure Of Government Grants
Reimbursement of approved expenses	64,031	0
Grants received and deferred	1,187			€ 28,630
Coalition for Epidemic Preparedness Innovations
Disclosure Of Government Grants
Maximum grant \| $					$ 15,300	$ 8,300
Reimbursement of approved expenses	30	€ 10,565
Grants received and deferred	1,294			1,325
Bill & Melinda Gates Foundation (BMGF)
Disclosure Of Government Grants
Reimbursement of approved expenses	246		$ 449
Grants received and deferred	€ 1,918			€ 2,164

Issued Capital and Reserves - Overview and General Remarks (Details) € / shares in Units, € in Thousands			1 Months Ended		9 Months Ended
	Mar. 10, 2021 shares	Aug. 14, 2020	Feb. 28, 2021 $ / shares	Feb. 28, 2021 EUR (€) shares	Sep. 30, 2021 € / shares shares
Disclosure of classes of share capital [line items]
Cash received from issuance of shares \| €				€ 426,652
Offering costs for legal, accounting, printing and registration fees \| €				€ 22,590
Decrease In Number Of Shares Outstanding Through Transfer From Shareholders to Entity					759,677
Treasury Shares					(3,032)
Treasury share
Disclosure of classes of share capital [line items]
Number of shares outstanding					(3,032)
Follow on Public Offering
Disclosure of classes of share capital [line items]
Capital Investment				5,000,000	5,750,000
Price per share \| $ / shares			$ 90.00
Over-Allotment Option
Disclosure of classes of share capital [line items]
Capital Investment				750,000
Common shares
Disclosure of classes of share capital [line items]
Number of shares authorized					386,250,000
Notional value per share \| € / shares					€ 0.12
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares authorized					386,250,000
Notional value per share \| € / shares					€ 0.12
Number of shares issued					0
Prior VSOP
Disclosure of classes of share capital [line items]
Right to exercise percentage of vested virtual shares		10.00%
Decrease In Number Of Shares Outstanding Through Transfer From Shareholders to Entity	759,677
Lock-up period		180 days
Number of shares transferred to the exercising beneficiaries					366,622

Issued Capital and Reserves - Impact of Share Split (Details) - shares	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021
Disclosure of classes of share capital [line items]
Common shares issued and outstanding beginning		180,460,565
Share option exercises		845,091
Treasury Shares		(3,032)
Common shares issued and outstanding ending		187,052,624
Follow on Public Offering
Disclosure of classes of share capital [line items]
Capital Investment	5,000,000	5,750,000

Share-based payments - Expenses (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Research and development expenses	€ 572	€ 2,985
Sales and marketing expenses	166	467
General and administrative expenses	10,547	3,947
Total	€ 11,285	€ 7,399

Share-based payments - Expense recognized for the program (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services	€ 11,285	€ 7,399
LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services	10,075
RSU for supervisory board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services	250
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services		2,551
New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services	441	1,327
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense Recognized For Employee Services	€ 519	€ 3,521

Share-based payments - Additional information (Details) € / shares in Units, € in Thousands								6 Months Ended	9 Months Ended
	Aug. 01, 2021 Option	Jul. 01, 2021 Option	Feb. 11, 2021 Option $ / shares	Feb. 11, 2021 Option € / shares	Dec. 01, 2020 Option	Nov. 06, 2020 Option	Aug. 14, 2020	Sep. 30, 2021 Option $ / shares	Sep. 30, 2021 EUR (€)	Sep. 30, 2020 EUR (€) item
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based based payments expenses \| €									€ 11,285	€ 7,399
General and administrative expenses \| €									10,547	€ 3,947
Number of options exercised \| Option								425,203
Amount of Restricted Stock Units Received \| €									100
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards granted \| item										805,520
General and administrative expenses \| €										€ 2,551
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Right To Exercise Percentage Of Vested Virtual Shares							10.00%
Lock-up period							180 days
New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options exercisable \| Option			55,932	55,932
Average share price \| (per share)			$ 114.17	€ 94.15				$ 58,130,000
Chief Scientific Officer \| LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted \| Option						266,155
General and administrative expenses \| €									10,075
Chief Business Officer and Chief Commercial Officer \| LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted \| Option					266,156
Chief Operating Officer \| LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted \| Option		20,000
Chief Development Officer \| LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted \| Option	30,000
Exercise of options \| New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of Restricted Stock Units Received \| €									€ 150

Fixed Assets - Intangible assets (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Acquisition costs \| licenses, software and prepayments
Disclosure of detailed information about intangible assets [line items]
Additions	€ 2,273	€ 5,879

Fixed Assets - Property, plant and equipment (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Increase (decrease) through transfers, property, plant and equipment	€ 93,786
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Additions	84,384
Acquisition costs \| Technical equipment and machines and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Additions	€ 8,907	€ 5,013

Inventories (Details) - EUR (€) € in Thousands	9 Months Ended
Inventories (Details) - EUR (€) € in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventories.
Raw materials	€ 115,838	€ 13,790
Unfinished goods	21,079
Finished goods	3,963	741
Total	140,880	€ 14,531
Amount of increase in inventory	€ 126,499

Other financial assets (Details) - EUR (€) € in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other financial assets
Other Current finacial assets	€ 7,712	€ 2,619
Deposits held by third parties	1,936	430
Other receivables	€ 5,776	€ 2,189

Prepaid expenses and other assets (current) (Details) - EUR (€) € in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid expenses and other assets (current)
Prepaid expenses and other current assets	€ 234,899	€ 48,289
Current grant receivable	55,183	8,235
Prepayments for future service agreements and goods	120,920	€ 40,054
Outstanding VAT refund claims	€ 47,234

Financial assets and financial liabilities (Details) - EUR (€)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financial assets and financial liabilities
Transfer from Level 1 to Level 2, Assets	€ 0	€ 0
Transfer from Level 2 to Level 1, Assets	0	0
Transfer from Level 1 to Level 2, Liabilities	0	0
Transfer from Level 2 to Level 1, Liabilities	0	0
Transfers into Level 3, Assets	0	0
Transfers out of Level 3, Assets	0	0
Transfers into Level 3, Liabilities	0	0
Transfers out of Level 3, Liabilities	€ 0	€ 0

Trade and other payables (Details) € in Thousands	9 Months Ended
Trade and other payables (Details) € in Thousands	Sep. 30, 2021 EUR (€)
Trade and other payables
Amount of increase in trade and other payables	€ 38,595
Non-cancellable contractual obligations	€ 112,902

Loans (Details) € in Thousands	9 Months Ended
Loans (Details) € in Thousands	Sep. 30, 2021 loan	Sep. 30, 2020 EUR (€)
Disclosure of detailed information about borrowings [line items]
Interest expense recognized		€ 11,008
Convertible loan, second loan tranche two
Disclosure of detailed information about borrowings [line items]
Number of convertible loan facilities \| loan	2
Loss from early termination of loan		€ 5,194

Loans - Financing arrangement with the European investment Bank (Details)	9 Months Ended
	Sep. 30, 2021 EUR (€)
Disclosure of detailed information about borrowings [line items]
Amount drawn	€ 0
Line of credit
Disclosure of detailed information about borrowings [line items]
Amount drawn	25,000,000
Accrued interest	€ 2,543,000

Income tax (Details) - EUR (€) € in Thousands	9 Months Ended
Income tax (Details) - EUR (€) € in Thousands	Sep. 30, 2021	Sep. 30, 2020
Income tax benefit/ (expense)	€ (1,841)	€ 1,615
Income tax expenses	220	115
Deferred tax (income) expenses on taxable temporary differences	1,672	2,539
Deferred tax benefits (expense) from net operating loss carryforwards	€ 52	€ 809

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Disclosure of financial instruments and risk management (Details) - Sep. 30, 2021 - Foreign currency risk - Cash and cash equivalents SFr in Thousands, $ in Thousands	USD ($)	CHF (SFr)
USD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency \| $	$ 4,321
CHF
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency \| SFr		SFr 98

Earnings per share (Details) - € / shares	9 Months Ended
Earnings per share (Details) - € / shares	Sep. 30, 2021	Sep. 30, 2020
Earnings per share
Weighted number of shares outstanding	185,702,736	116,023,286
Basic loss per share	€ 2.21	€ 0.61

Related party disclosures (Details) € in Thousands	9 Months Ended	12 Months Ended
Related party disclosures (Details) € in Thousands	Sep. 30, 2021 EUR (€) shares	Dec. 31, 2019 loan
Disclosure of transactions between related parties [line items]
Decrease In Number Of Shares Outstanding Through Transfer From Shareholders to Entity \| shares	759,677
Dietmar Hopp
Disclosure of transactions between related parties [line items]
Number of convertible loans \| loan		2
Clarentis SRL
Disclosure of transactions between related parties [line items]
Milestone payment \| €	€ 100

Subsequent events (Details) € in Thousands, item in Millions			1 Months Ended	9 Months Ended
	Nov. 17, 2021 EUR (€)	Nov. 30, 2020 item	Aug. 31, 2014 EUR (€)	Sep. 30, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Nov. 30, 2021 EUR (€)
Disclosure of non-adjusting events after reporting period [line items]
Prepayments						€ 25,000
Loan amount requested to be cancelled						€ 50,000
Revenue recognized from upfront payments				€ 33,100
Option fee payment received			€ 5,000
Additional development milestone payments			€ 7,000
EU APA
Disclosure of non-adjusting events after reporting period [line items]
Number of doses \| item		225
Upfront payments included in contract liabilities				€ 450,000
Milestone payment					€ 196,300
Contract liability					€ 124,000
Termination of Boehringer Agreement \| Boehringer Ingelheim
Disclosure of non-adjusting events after reporting period [line items]
Revenue recognized from upfront payments	€ 4,000
Option fee payment received	5,000
Additional development milestone payments	€ 7,000