0001410578-22-001837 | 6-K | XBRL Viewer

Other liabilities (Details) € in Thousands	3 Months Ended
Other liabilities (Details) € in Thousands	Mar. 31, 2022 EUR (€)
Disclosure of Other liabilities [Line Items]
Decrease in other liabilities	€ 57,209

Basis of preparation	3 Months Ended
Mar. 31, 2022
Basis of preparation
Basis of preparation	2. Basis of preparation The interim condensed consolidated financial statements for the three months ended March 31, 2022 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, 2021 and 2020 and for the three years in the period ended December 31, 2021. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on May 25, 2022. 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, 2021. The new and amended standards and interpretations applied for the first time as of January 1, 2022, as disclosed in the notes to the consolidated financial statements as at December 31, 2021, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three months ended March 31, 2022. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Impact of COVID-19 and the Russia-Ukraine Conflict 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 is running COVID antigen tests on a weekly basis for employees on the premises. The ongoing military conflict between Russia and Ukraine has not and is not expected to have a material direct or indirect effect on the Group’s operations or financial condition: however, the Group is currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. The Group’s business, financial condition and results of operations could be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

Basis of preparation

3 Months Ended

Mar. 31, 2022

Basis of preparation

Basis of preparation

2. Basis of preparation

The interim condensed consolidated financial statements for the three months ended March 31, 2022 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, 2021 and 2020 and for the three years in the period ended December 31, 2021. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on May 25, 2022. 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, 2021. The new and amended standards and interpretations applied for the first time as of January 1, 2022, as disclosed in the notes to the consolidated financial statements as at December 31, 2021, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three months ended March 31, 2022. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Impact of COVID-19 and the Russia-Ukraine Conflict

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 is running COVID antigen tests on a weekly basis for employees on the premises.

The ongoing military conflict between Russia and Ukraine has not and is not expected to have a material direct or indirect effect on the Group’s operations or financial condition: however, the Group is currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. The Group’s business, financial condition and results of operations could be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

Basis of preparation (Policies)	3 Months Ended
Basis of preparation (Policies)	Mar. 31, 2022
Basis of preparation
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, 2021. The new and amended standards and interpretations applied for the first time as of January 1, 2022, as disclosed in the notes to the consolidated financial statements as at December 31, 2021, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three months ended March 31, 2022. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Impact of COVID-19 and the Russia-Ukraine Conflict	Impact of COVID-19 and the Russia-Ukraine Conflict 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 is running COVID antigen tests on a weekly basis for employees on the premises. The ongoing military conflict between Russia and Ukraine has not and is not expected to have a material direct or indirect effect on the Group’s operations or financial condition: however, the Group is currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. The Group’s business, financial condition and results of operations could be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

Notes to the consolidated financial statements - Grants with government agencies and similar bodies (Details) € in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	May 31, 2020 USD ($)	Jan. 31, 2020 USD ($)
Disclosure Of Government Grants
Reversal of provision recognized		€ 25,059
GSK
Disclosure Of Government Grants
Compensation consist for set-up activities	€ 20,500
Compensation consist of Manufacturing Interim Period Reimbursable Expenses	€ 12,000
Coalition for Epidemic Preparedness Innovations
Disclosure Of Government Grants
Maximum grant \| $			$ 15,300	$ 8,300

Corporate Information	3 Months Ended
Mar. 31, 2022
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. During 2021 until now, Dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, is the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between appr. 46 – 49 % during that period. dievini is thus considered to be the de facto parent of the Group. Dietmar Hopp, Daniel Hopp and Oliver Hopp are the ultimate controlling persons (of the main shareholders) of dievini, and, therefore, control the voting and investment decisions of dievini.

Corporate Information

3 Months Ended

Mar. 31, 2022

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. During 2021 until now, Dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, is the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between appr. 46 – 49 % during that period. dievini is thus considered to be the de facto parent of the Group. Dietmar Hopp, Daniel Hopp and Oliver Hopp are the ultimate controlling persons (of the main shareholders) of dievini, and, therefore, control the voting and investment decisions of dievini.

Notes to the consolidated financial statements - Research and development expenses (Details) - Research and development expenses - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (7,054)	€ (5,619)
Patents and fees to register a legal right	(1,855)	(2,950)
Third-party services	16,800	(91,617)
Maintenance and lease	(36)	(243)
Other	(341)	€ (688)
Reversal of provision of onerous contracts	€ 6,800

Notes to the consolidated financial statements - Other operating income (Details) - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Notes to the consolidated financial statements
Compensation for CMO transfer	€ 33,326
Grants and other cost reimbursements from government agencies and similar bodies	69	€ 16,668
Other	€ 41	€ 28

Notes to the consolidated financial statements (Tables)

3 Months Ended

Mar. 31, 2022

Notes to the consolidated financial statements

Summary of upfront payments and related revenues recognized


		Upfront and	Upfront and	Revenue recognized from
		milestones payments included	milestones payments included	upfront and milestones payments
		in contract	in contract	for three months ended
	Upfront payments	liabilities at	liabilities at	March 31,
Customer	March 31, 2022	December 31, 2021	March 31, 2022	2021	2022

		(EUR k)	(EUR k)	(EUR k)
GSK	EUR 205,000k (EUR 10,000k milestone payment included)	135,494	127,776	6,662	17,719
CRISPR	USD 3,000k (EUR 2,524k)*	1,239	1,162	77	77
Boehringer Ingelheim	EUR 30,000k	—	—	467	—
Genmab	USD 10,000k (EUR 8,937k)*	5,362	4,915	447	447
Total		142,095	133,853	7,653	18,243

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

Prepaid expenses and other current assets (Details) - EUR (€) € in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepayments for compensation for CMO transfer	€ 42,366	€ 0

Notes to the consolidated financial statements - General and administrative expenses (Details) - General and administrative expenses - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (9,781)	€ (9,093)
Maintenance and lease	(1,300)	(380)
Third-party services	(5,283)	(6,745)
Other	€ (2,939)	€ (2,074)

Label

Element

Value

Collaboration Agreement, Milestone Payment

cvac_CollaborationAgreementMilestonePayment

€ 100,000

Adjustments For Non Cash Income From Release Of Provisions

cvac_AdjustmentsForNonCashIncomeFromReleaseOfProvisions

31,858,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

135,494,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

127,776,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

1,239,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

1,162,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

5,362,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

4,915,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

142,095,000

Upfront Payments Included In Contract Liabilities

cvac_UpfrontPaymentsIncludedInContractLiabilities

133,853,000

Share-based payment expense (incl. deferred taxes)

cvac_ShareBasedPaymentExpenseIncl.DeferredTaxes

5,735,000

Share-based payment expense (incl. deferred taxes)

cvac_ShareBasedPaymentExpenseIncl.DeferredTaxes

5,735,000

Share-based payment expense (incl. deferred taxes)

cvac_ShareBasedPaymentExpenseIncl.DeferredTaxes

1,090,000

Share-based payment expense (incl. deferred taxes)

cvac_ShareBasedPaymentExpenseIncl.DeferredTaxes

€ 1,090,000

Schedule of Expense Recognized for the Programs [Table Text Block]

cvac_ScheduleOfExpenseRecognizedForProgramsTableTextBlock

Three months ended March 31:


Program	2021	2022
	EUR k	EUR k
LTIP	3,645	1,824
RSU	—	253
New VSOP	183	103
Prior VSOP	310	92
Total	4,138	2,273

Settlement Of Share Based Payment Awards , Amount

cvac_SettlementOfShareBasedPaymentAwardsAmount

€ (2,277,000)

Settlement Of Share Based Payment Awards , Amount

cvac_SettlementOfShareBasedPaymentAwardsAmount

2,721,000

Settlement Of Share Based Payment Awards , Amount

cvac_SettlementOfShareBasedPaymentAwardsAmount

444,000

Line of Credit Accrued Interest Payable

cvac_LineOfCreditAccruedInterestPayable

€ 942,000

Schedule of Inventory, Current, Explanatory

cvac_ScheduleOfInventoryCurrentExplanatory


	December 31, 2021	March 31, 2022
	EUR k	EUR k
Raw materials	56,159	26,116
Finished goods	—	—
Total	56,159	26,116

Expense Recognized For Employee Services