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Consolidated Statements of Financial Position - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Intangible assets and goodwill	€ 28,347	€ 31,778
Property, plant and equipment	236,782	197,941
Right-of-use assets	41,843	43,761
Other assets	1,702	1,666
Deferred tax assets	1,194	1,297
Total non-current assets	309,868	276,443
Current assets
Assets held for sale	2,419	10,467
Inventories	24,801	23,989
Trade receivables	14,326	6,295
Contract assets	2,758	2,707
Other financial assets	2,661	4,487
Prepaid expenses and other assets	23,763	40,002
Current tax assets	5,201	285
Cash and cash equivalents	402,452	495,797
Total current assets	478,381	584,029
Total assets	788,249	860,472
Equity
Issued capital	26,879	23,400
Capital reserve	2,056,110	1,817,287
Treasury Shares		(1,481)
Accumulated deficit	(1,565,981)	(1,305,814)
Other comprehensive income	(67)	(139)
Total equity	516,941	533,253
Non-current liabilities
Lease liabilities	36,819	37,106
Contract liabilities	48,100	72,549
Provisions		61,320
Other liabilities		19
Total non-current liabilities	84,919	170,994
Current liabilities
Lease liabilities	5,005	4,980
Trade and other payables	48,033	73,463
Provisions	37,400	1,922
Other liabilities	50,717	40,491
Income taxes payable	654	610
Contract liabilities	44,580	34,759
Total current liabilities	186,389	156,225
Total liabilities	271,308	327,219
Total equity and liabilities	€ 788,249	€ 860,472

Equity

12 Months Ended

Dec. 31, 2023

Equity

Equity

9. Equity

Overview

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 December 31, 2023, no preferred shares had been issued and all issued common shares issued and outstanding were fully paid.

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.

The number of shares issued and outstanding in fiscal 2023 are as follows:


Common shares issued and outstanding at December 31, 2020		180,460,565
Follow-on public offering, incl. Greenshoe		5,750,000
Share option exercises		910,163
Common shares issued and outstanding at December 31, 2021		187,120,728
Shares issued as part of the at-the-market offering program		6,908,493
Shares issued to former shareholders of Frame Pharmaceuticals		858,496
Shares issued for LTIP option exercises and RSU deliveries		109,374
Common shares issued and outstanding at December 31, 2022		194,997,091
Shares issued as part of the at-the-market offering program		1,748,218
Shares issued as part of the public offering		27,027,028
Shares issued for LTIP option exercises and RSU releases		216,338
Common shares issued and outstanding at December 31, 2023		223,988,675

Refer to Note 21 for additional information on share transactions occurring after December 31, 2023. The share transactions which occurred in 2021, 2022 and 2023 are as described below.

Follow-on public offering

In February 2021, the Company 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 Company from these transactions were EUR 426,652k. 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.

At-the-market offering

On September 17, 2021, CureVac filed a prospectus for an “at-the-market” (ATM) offering program to raise additional cash of up to USD 600 million. The program was activated in June 2022. Through December 31, 2022, CureVac has issued 6,908,493 shares and raised gross proceeds of USD 69,139k. In the first quarter of 2023, 1,748,218 shares were issued under the ATM program, raising USD 18,023k million in gross proceeds. Offering costs for legal, accounting, printing and registration fees were recognized as reduction to capital reserve against the proceeds from the offering. Following these issuances, the remaining value authorized for sale under the at - the - market program amounts to USD 513 million.

Follow-on public offering 2023

In February 2023, the Company completed a follow - on public offering whereby it sold 27,027,028 common shares at a price of USD 9.25 per share. The aggregate proceeds, net of underwriting discounts, received by the Company from these transactions were EUR 219,832k. Offering costs for legal, accounting, printing and registration fees of EUR 14,580k were recognized as reduction to capital reserve against the proceeds from the offering.

Frame Pharmaceuticals acquisition

On June 8, 2022, CureVac entered into a Share Purchase Agreement (SPA) to acquire all of the issued and outstanding shares of Frame Pharmaceuticals B.V., a research company focused on advanced genomics and bioinformatics, based in Amsterdam, Netherlands. Under the SPA, the total consideration for the the purchase was up to EUR 34 million, conditioned on the meeting of certain development milestone payments. On the date of acquisition, July 1, 2022, CureVac issued 858,496 shares to the former shareholders of Frame Pharmaceuticals. Refer to Note 20 for additional information.

Exercises of share options under the prior VSOP plan

The IPO in August 2020 triggered an exercise event under the set terms of the prior VSOP plan (see Note 10). In March 2021, CureVac received 759,677 shares from the old shareholders and transferred 390,023 shares to the participants of the old VSOP plan. CureVac withheld 369,654 shares equaling the amount to be paid for income tax and social security tax. A second triggering event, “liquidity after IPO” was met one year after IPO. In October 2021, CureVac received 765,223 shares from the old shareholders and transferred 523,897 shares to the participants of the VSOP plan. CureVac withheld 241,326 shares equaling the amount to be paid for income tax and social security tax.

A third triggering event, again “liquidity after IPO”, was met on the second anniversary of the IPO. In December 2022, CureVac received 777,260 shares from the old shareholders. All shares were transferred to the participants of the prior VSOP plan and the portion of shares equaling the amount to be paid for income tax and social security tax were sold to pay for these taxes and social security amounts. In 2022, CureVac recorded a receivable for income tax and social security tax for former employees and received these amounts in Q1 2023. A fourth triggering event, again “liquidity after IPO”, was met on the third anniversary of the IPO. CureVac will receive 786,746 shares from the old shareholders and will transfer these to the participants of the old VSOP plan in March 2024.

Exercises of share options under the new VSOP plan

Participants of the new VSOP plan (see Note 10) were able to continue to exercise their options throughout the year of 2023. In 2023 69,246 shares (2022: 147,620 shares) were issued upon exercise of options and no options were forfeited (2022: 96,785).

Fixed Assets - Intangible assets (Details) € in Thousands		12 Months Ended
Fixed Assets - Intangible assets (Details) € in Thousands	Dec. 29, 2023 $ / shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)
Fixed Assets
Beginning balance		€ 31,778	€ 13,238
Ending balance		28,347	31,778
Share price \| $ / shares	$ 4.21
Software
Fixed Assets
Beginning balance		6,906	6,661
Ending balance		1,878	6,906
Licenses
Fixed Assets
Beginning balance		6,532	5,612
Ending balance		8,920	6,532
Technology
Fixed Assets
Beginning balance		5,866
Ending balance		5,084	5,866
Goodwil
Fixed Assets
Beginning balance		12,463
Ending balance		12,463	12,463
Advance payments
Fixed Assets
Beginning balance		11	965
Ending balance			11
Cumulative amortization and impairment charges
Fixed Assets
Beginning balance		12,361	10,612
Amortization		5,059	5,079
Disposals		(5,135)	(3,331)
Currency translation			1
Ending balance		12,285	12,361
Cumulative amortization and impairment charges \| Software
Fixed Assets
Beginning balance		5,479	5,965
Amortization		820	1,730
Disposals		(1,841)	(2,217)
Reclassifications		(2,493)
Currency translation			1
Ending balance		1,965	5,479
Cumulative amortization and impairment charges \| Licenses
Fixed Assets
Beginning balance		6,398	4,647
Amortization		3,457	2,865
Disposals		(3,294)	(1,114)
Reclassifications		2,493
Ending balance		9,054	6,398
Cumulative amortization and impairment charges \| Technology
Fixed Assets
Beginning balance		484
Amortization		782	484
Ending balance		1,266	484
Acquisition costs
Fixed Assets
Beginning balance		44,139	23,850
Additions		2,880	24,454
Disposals		(6,388)	(4,166)
Currency translation			1
Ending balance		40,630	44,139
Acquisition costs \| Software
Fixed Assets
Beginning balance		12,385	12,626
Additions		201	1,433
Disposals		(1,946)	(2,331)
Reclassifications		(6,797)	656
Currency translation			1
Ending balance		3,843	12,385
Acquisition costs \| Licenses
Fixed Assets
Beginning balance		12,930	10,259
Additions		2,679	4,208
Disposals		(4,432)	(1,537)
Reclassifications		6,797
Ending balance		17,974	12,930
Acquisition costs \| Technology
Fixed Assets
Beginning balance		6,350
Additions			6,350
Ending balance		6,350	6,350
Acquisition costs \| Goodwil
Fixed Assets
Beginning balance		12,463
Additions			12,463
Ending balance		12,463	12,463
Acquisition costs \| Advance payments
Fixed Assets
Beginning balance		11	965
Disposals		€ (11)	(298)
Reclassifications			(656)
Ending balance			€ 11

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings per share

Earnings per share

14. Earnings per share

Earnings per share is calculated by dividing the consolidated net loss of CureVac by the weighted average number of shares outstanding in the fiscal period.

The weighted average number of shares outstanding in fiscal 2021, 2022 and 2023 was 186,012,586, 189,074,911 and 220,833,271, respectively. This has led to basic loss per share of EUR 2.21, EUR 1.32 and EUR 1.18 for fiscal 2021, 2022 and 2023, respectively.

Diluted earnings per share is calculated using CureVac’s weighted-average outstanding common shares including the dilutive effect of share-based payment awards as determined under the treasury stock method. In periods when CureVac has a net loss, share-based payment awards are excluded from the calculation of earnings per share as their inclusion would have an antidilutive effect. Share options and RSUs of 1.217.526 and 1,788,206 as of December 31,2022 and 2023 respectively, were excluded from the computation of diluted weighted average number of shares because their effect would have been antidilutive.

Assets held for sale (Details) - EUR (€) € in Thousands	12 Months Ended
Assets held for sale (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets held for sale
Net book value Of CMO-Equipment held for sale		€ 29,531
Impairment of assets held for sale		19,064
Fair value less anticipated costs	€ 2,419	€ 10,467
Assets held for sale with a net book value sold	167
Assets held for sale, net book value direct sold	1,505
Decrease through classified as held for sale	€ 6,711

Notes to the consolidated financial statements - Operative Expenses (Details) - Operative expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Personnel	€ (113,422)	€ (99,924)	€ (94,655)
Materials	(78,767)	(121,873)	(278,542)
Third-party services	(67,905)	(39,501)	(708,636)
Maintenance and lease	(15,356)	(9,381)	(7,528)
Amortization and depreciation	(27,229)	(26,641)	(17,232)
Impairment of equipment	(8,085)	(24,948)	(22,810)
Patents and fees to register a legal right	(6,666)	(3,813)	(3,199)
Legal and other professional services	(10,160)	(10,394)	(9,230)
Other	(8,170)	(17,064)	(14,415)
Total	€ (335,760)	€ (353,539)	€ (1,156,247)

Fixed Assets - Property, plant and equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed Assets
Beginning balance	€ 197,941	€ 168,264
Impairment	1,374	5,884	€ 22,810
Ending balance	236,782	197,941	168,264
Borrowing costs capitalized	€ 2,375	€ 2,291	€ 2,932
Weighted average borrowing costs (as a percent)	5.76%	5.78%	7.17%
Buildings
Fixed Assets
Beginning balance	€ 17,757	€ 21,924
Ending balance	14,623	17,757	€ 21,924
Technical equipment and machines
Fixed Assets
Beginning balance	37,416	40,248
Ending balance	40,669	37,416	40,248
Other equipment, furniture and fixtures
Fixed Assets
Beginning balance	5,137	4,359
Ending balance	4,698	5,137	4,359
Assets under construction
Fixed Assets
Beginning balance	137,631	101,733
Ending balance	176,790	137,631	101,733
Cumulative Amortization And Impairment
Fixed Assets
Beginning balance	29,568	47,019
Depreciation	12,432	13,394
Impairment	1,374	5,884
Disposals	(5,941)	(36,747)
Currency translation	(9)	18
Ending balance	37,424	29,568	47,019
Cumulative Amortization And Impairment \| Buildings
Fixed Assets
Beginning balance	8,710	5,348
Depreciation	4,216	4,445
Disposals	(12)	(1,083)
Ending balance	12,914	8,710	5,348
Cumulative Amortization And Impairment \| Technical equipment and machines
Fixed Assets
Beginning balance	12,617	11,726
Depreciation	5,925	6,999
Impairment		3,830
Disposals	(4,270)	(9,938)
Ending balance	14,272	12,617	11,726
Cumulative Amortization And Impairment \| Other equipment, furniture and fixtures
Fixed Assets
Beginning balance	7,415	7,135
Depreciation	2,291	1,950
Disposals	(1,659)	(1,688)
Currency translation	(9)	18
Ending balance	8,038	7,415	7,135
Cumulative Amortization And Impairment \| Assets under construction
Fixed Assets
Beginning balance	826	22,810
Impairment	1,374	2,054
Disposals		(24,038)
Ending balance	2,200	826	22,810
Acquisition costs
Fixed Assets
Beginning balance	227,509	215,283
Additions	54,873	89,620
Assets held for sale		(57,570)
Reclassifications	1
Disposals	(8,165)	(19,854)
Currency translation	(13)	30
Ending balance	274,205	227,509	215,283
Acquisition costs \| Buildings
Fixed Assets
Beginning balance	26,467	27,272
Additions	551	377
Reclassifications	533
Disposals	(14)	(1,182)
Ending balance	27,537	26,467	27,272
Acquisition costs \| Technical equipment and machines
Fixed Assets
Beginning balance	50,033	51,974
Additions	9,171	9,710
Assets held for sale		(6,719)
Reclassifications	828	7,652
Disposals	(5,090)	(12,584)
Ending balance	54,941	50,033	51,974
Acquisition costs \| Other equipment, furniture and fixtures
Fixed Assets
Beginning balance	12,552	11,494
Additions	2,024	2,760
Reclassifications	(2)
Disposals	(1,825)	(1,732)
Currency translation	(13)	30
Ending balance	12,736	12,552	11,494
Acquisition costs \| Assets under construction
Fixed Assets
Beginning balance	138,457	124,543
Additions	43,126	76,773
Assets held for sale		(50,851)
Reclassifications	(1,358)	(7,652)
Disposals	(1,235)	(4,356)
Ending balance	€ 178,990	€ 138,457	€ 124,543

Business Combinations - Goodwill recognized as a result of the acquisition (Details) - Frame Pharmaceuticals B.V., Amsterdam, Netherlands - EUR (€) € in Thousands	Dec. 31, 2023	Jun. 08, 2022
Business Combinations
Consideration transferred	€ 19,481	€ 34,000
Net Assets acquired	(7,018)
Goodwill	€ (12,463)

Other financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other financial assets
Other current financial assets	€ 2,661	€ 4,487
Deposits held by third parties	1,936	1,936
Other receivables	€ 726	€ 2,551

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies

Schedule of estimated useful lives for intangible asset class


Software		3 to 10 years
Licenses		8 to 20 years
Technology		8 years

Schedule of estimated useful lives for property, plant and equipment


Leasehold improvements		1 to 15 years
Technical equipment and machines:		3 to 14 years
Other equipment, furniture and fixtures:		3 to 14 years

Schedule of estimated useful lives for right of use assets


Land, Buildings and supply installations		1 to 15 years
Vehicles		3 to 4 years
Other equipment		2 to 5 years

Fixed Assets - Right-of-use assets and lease liabilities (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) item	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Fixed Assets
Balance at the beginning	€ 43,761	€ 32,129
Additions	4,988	17,244
Depreciation expense	(5,772)	(5,053)	€ (3,901)
Impairment	(1,100)	(710)
Foreign currency translation	(34)	151
Balance at the end	€ 41,843	43,761	32,129
Right of use assets, number of extension option \| item	1
Lessee, operating lease, renewal term	5 years
Tbingen
Fixed Assets
Additions	€ 2,452
Number of rental agreements \| item	6
Wiesbaden
Fixed Assets
Additions	€ 510
Number of rental agreements \| item	1
Land and Buildings
Fixed Assets
Balance at the beginning	€ 41,183	31,547
Additions	4,788	14,834
Depreciation expense	(5,264)	(4,639)
Impairment	(1,100)	(710)
Foreign currency translation	(33)	151
Balance at the end	39,574	41,183	31,547
Vehicles
Fixed Assets
Balance at the beginning	275	142
Additions	200	231
Depreciation expense	(156)	(98)
Balance at the end	319	275	142
Other equipment, furniture and fixtures
Fixed Assets
Balance at the beginning	2,303	440
Additions		2,179
Depreciation expense	(352)	(316)
Balance at the end	€ 1,950	€ 2,303	€ 440

Other liabilities and provisions (Tables)

12 Months Ended

Dec. 31, 2023

Other liabilities and provisions

Schedule of provision


	2022	2023
	EUR k	EUR k
Contract termination provisions	61,320	—
Provisions (non-current)	61,320	—
Provision for onerous contracts	1,922	184
Contract termination provisions	—	37,216
Provisions (current)	1,922	37,400
Total Provisions (current & non-current)	63,242	37,400

Schedule of movements in provisions


		EUR k

As of January 1, 2023		63,242
additions		980
used (amounts charged against the provision)		(1,174)
unused amounts reversed		(25,648)
As of December 31, 2023		37,400
Current		37,400
Non-current		—

Schedule of Other liabilities and provisions


	2022	2023
	EUR k	EUR k
Deferred Tax Liability	19	—
Other liabilities (non-current)	19	—
Personnel accrued liabilities (e.g. bonus, vacation)	7,778	10,543
Grants from government agencies and similar bodies	2,021	1,735
Outstanding invoices	28,146	36,081
Professional fees	1,344	1,116
Other taxes	924	1,042
Other	278	200
Other liabilities (current)	40,491	50,717
Total other liabilities (current & non-current)	40,510	50,717

Remuneration of the Company's key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Management Board
Remuneration of the Company's key management personnel
Short-term benefits	€ 3,757	€ 3,067	€ 3,098
Termination benefits	1,871
Share-based payments	4,300	6,689	12,673
Total	9,928	9,756	15,771
Supervisory Board
Remuneration of the Company's key management personnel
Short-term benefits	674	669	646
Share-based payments	652	478	566
Total	€ 1,326	€ 1,147	€ 1,212

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-based payments

Schedule for expense recognized for the equity-settled programs

The expense recognized for share-based payments during the years ended December 31 is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Prior VSOP	(624)	(131)	(10)
New VSOP	(572)	95	(19)
LTIP Stock Options	(12,472)	(5,562)	(2,944)
LTIP RSUs	(705)	(3,108)	(4,072)
RSU Supervisory board	(566)	(478)	(652)
Total	(14,939)	(9,184)	(7,697)

Prior VSOP

Share-based payments

Schedule of reconciliation of outstanding awards


	2021	2022	2023
Outstanding at the beginning of the period	7,951,265	6,426,365	5,614,246
Granted during the period	—	—	—
Forfeited during the period	—	(34,859)	(11,091)
Exercised during the period	(1,524,900)	(777,260)	—
Outstanding at the end of the period	6,426,365	5,614,246	5,603,155
Thereof vested	6,365,422	5,509,886	5,588,513
Thereof exercisable	none	none	none

Schedule of share-based payments expenses

The expense recognized for this share-based payment plan during the years ended December 31 is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Cost of Sales	—	—	(9)
Selling and distribution expenses	(25)	(8)	(6)
Research and development expenses	(369)	(45)	46
General and administrative expenses	(230)	(78)	(41)
Total	(624)	(131)	(10)

New VSOP

Share-based payments

Schedule of reconciliation of outstanding awards

The number of awards in the New VSOP program granted to key employees developed as follows:


	2021	2022	2023
Outstanding at the beginning of the period	906,595	349,424	102,108
Granted during the period	—	—	—
Forfeited during the period		(99,696)	—
Exercised during the period	(557,171)	(147,620)	(69,246)
Outstanding at the end of the period	349,424	102,108	32,862
Thereof vested	88,464	59,942	32,862

Thereof exercisable	88,464	59,942	—

Schedule of share-based payments expenses

The expense recognized for employee services received during the years ended December 31, 2023, 2022, and 2021 is shown in the following table:


	2021	2022	2023
	EUR k	EUR k	EUR k
Research and development expenses	(349)	69	(31)
Selling and distribution expenses	(188)	23	—
General and administrative expenses	(35)	3	12
Total	(572)	95	(19)

Former Chief Executive Officer Grant

Share-based payments

Schedule of inputs used in the measurement of the fair value at grant date


Weighted average fair value per option	EUR 57.40
Weighted average share price (10-days VWAP before grant date)	EUR 50.01
Exercise price (USD 11.90)	EUR 10.04
Expected volatility (%)	62.06	%
Expected life (years)	1.82
Risk-free interest rate (%)	0.07 - 1.48	%

First tranche:


Weighted average fair value per option	EUR 48.27
Weighted average share price (actual 10-days VWAP before grant date, USD 81.03)	EUR 67.12
Exercise price (USD 52.96)	EUR 43.87
Expected volatility (%)	62.27	%
Expected life (years)	1.78
Risk-free interest rate (%)	0.07 - 1.50	%

Second tranche:


Weighted average fair value per option	EUR 24.36
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.36)	EUR 81.48
Exercise price (estimated by Monte Carlo simulation to be USD 98.36)	EUR 81.48
Expected volatility (%)	62.27	%
Expected life (years)	2.23
Risk-free interest rate (%)	0.07 - 1.50	%

Third tranche:


Weighted average fair value per option	EUR 20.01
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.57)	EUR 81.65
Exercise price (estimated by Monte Carlo simulation to be USD 98.57)	EUR 81.65
Expected volatility (%)	62.27	%
Expected life (years)	2.66
Risk-free interest rate (%)	0.07 - 1.50	%


Weighted average fair value per option	EUR 0.65
Weighted average share price (30-days VWAP after grant date)	EUR 77.73
Exercise price (USD 88.16)	EUR 77.73
Expected volatility (%)	73.00	%
Expected life (years)	2.15
Risk-free interest rate (%)	0.08 - 0.49	%


Weighted average fair value per option	EUR 17.56
Weighted average share price (20-day VWAP before grant date)	EUR 56.51
Exercise price (USD 84.03)	EUR 70.92
Expected volatility (%)	70.95	%
Expected life (years)	4.5
Risk-free interest rate (%)	0.099 – 0.903	%


Weighted average fair value per option	EUR 17.56
Weighted average share price (20-days VWAP before grant date)	EUR 41.81
Exercise price (USD 84.03)	EUR 46.16
Expected volatility (%)	75.13	%
Expected life (years)	4.6
Risk-free interest rate (%)	0.075 – 0.704	%


Weighted average fair value per option	EUR 14.31
Weighted average share price (30-days VWAP after grant date)	EUR 30.67
Exercise price (USD 34.87)	EUR 30.67
Expected volatility (%)	72.17	%
Expected life (years)	2.16
Risk-free interest rate (%)	0.40 - 1.15	%


Weighted average fair value per option	EUR 4.86
Weighted average share price (10 - day VWAP before grant date)	EUR 15.07
Exercise price (USD 19.35)	EUR 18.37
Expected volatility (%)	73.87 - 86.09	%
Expected life (years)	2.33
Risk-free interest rate (%)	2.34 - 3.21	%


Weighted average fair value per option	EUR 6.81
Weighted average share price (10-days VWAP before grant date)	EUR 17.45
Exercise price (USD 19.28)	EUR 17.45
Expected volatility (%)	50.91	%
Expected life (years)	2.16
Risk-free interest rate (%)	2.67	%


Weighted average fair value per option	EUR 3.55
Weighted average share price (10-day VWAP before grant date)	EUR 6.12
Exercise price (USD 6.66)	EUR 6.12
Expected volatility (%)	75.0	%
Expected life (years)	3.39
Risk-free interest rate (%)	3.70	%

Restricted Stock Units

Share-based payments

Schedule of share-based payments expenses


	2021	2022	2023
	EUR k	EUR k	EUR k
Cost of Sales	—	—	(331)
Research and development expenses	(240)	(909)	(1,719)
Selling and distribution expenses	(82)	(199)	(269)
General and administrative expenses	(383)	(2,000)	(1,753)
Total	(705)	(3,108)	(4,072)

Corporate Information (Details) - Dievini	Dec. 31, 2023	Dec. 31, 2022
Minimum
Corporate Information
Voting interests held	37.00%	43.00%
Maximum
Corporate Information
Voting interests held	43.00%	46.00%

Income tax

12 Months Ended

Dec. 31, 2023

Income tax

Income tax

13. Income tax

In fiscal 2023, the Group recorded a consolidated income tax expense of EUR 198k, in fiscal 2022 and 2021, the Group recorded a consolidated income tax benefit of EUR 126k and EUR 782k, respectively. The income tax expense in fiscal 2023 results from current income tax expenses (2022 income and 2021 expenses) of EUR 118k (2022: EUR 106k and 2021: EUR 1,033k) and deferred tax expenses (2022 income and 2021 income) of EUR 80k (2022: EUR 20k and 2021: EUR 1,815k), thereof from taxable temporary differences EUR 3,225k (2022: EUR 1,090k and 2021: EUR (1,540)k). In fiscal 2023, the Group further recorded deferred tax liabilities of EUR 0k (2022: EUR 20k and 2021: EUR 0k). In fiscal 2023 and 2022 an amount of EUR (2,094)k was accounted in equity. The basis for outside basis differences is EUR 168k (2022: EUR 1,120k and 2021: EUR 3,713k), which create a taxable outside base difference of EUR 8k (2022: EUR 56k and 2021: EUR 186k), which are indefinitely reinvested and associated with investments in subsidiaries, deferred tax liabilities have not been recognized.

A reconciliation between actual income taxes and the expected tax benefit from the loss before tax multiplied by the Group’s applicable tax rate of 29.48% (15.0% corporate income tax, 0.825% solidary surcharge and 13.65% trade tax) is presented below for the years ended December 31:


	2021	2022	2023
	EUR k	EUR k	EUR k
Loss before tax	(412,498)	(249,155)	(259,969)
Expected tax benefit (based on statutory tax rate of 29.48% in 2023, 2022 and 2021)	121,584	73,426	76,626
Recognition of tax loss carryforwards recognized in prior years	—	327	—
Effects from differences between Group and local tax rates	(8)	(2)	(2)
Non-recognition of tax loss carryforwards	(114,999)	(69,724)	(81,392)
Non-recognition of deferred tax assets	(7,363)	(626)	—
Recognition of deferred tax assets	—	—	3,717
Non-deductible expenses for tax purposes	—	(119)	(706)
Additions for local trade taxes	(176)	(330)	—
Other non-deductible expenses	(101)	—	—
Other effects	1,845	(2,826)	1,599
Effective tax benefit / (expense)	782	126	(198)

Deferred tax assets and deferred tax liabilities consist of the following:


	January 01, 2023	Recognized in		Acquired in	December 31, 2023
	Net balance	profit and loss	Equity	Business combination	Net balance	DTA	DTL
	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k
Non-current assets
Intangible assets	(1,412)	188	—	—	(1,224)	—	(1,224)
Property, plant and equipment	(2,774)	(665)	—	—	(3,439)	—	(3,439)
Right-of-use assets	(12,364)	312	—	—	(12,052)	—	(12,052)
Other assets	(90)	90	—	—	—	—	—

Current assets
Inventories	—	52	—	—	52	52	—
Trade receivables	(47)	62	—	—	15	15	—
Prepaid expenses and other assets	1,428	—	—	—	1,428	1,428	—
Cash and cash equivalents	(1,014)	1,003	—	—	(11)	1	(12)

Non - current liabilities
Lease liabilities (Non-current )	10,514	(14)	—	—	10,500	10,500	—
Other liabilities (Non-current)	51	(118)	—	—	(67)	—	(67)

Current liabilities
Lease liabilities (Current)	1,345	(152)	—	—	1,193	1,193	—
Trade and other payables	(184)	42	—	—	(142)	—	(142)
Other liabilities (Current)	420	(508)	—	—	(88)	49	(137)
Tax losses carried forward	1,411	3,122	—	—	4,533	4,533	—
Share-based payments	3,994	(3,498)	—	—	496	496	—
Netting	—	—	—	—	—	(10,490)	10,490
Deferred Taxes Total	1,278	(84)	—	—	1,194	7,777	(6,583)


	January 01,2022	Recognized in		Acquired in	December 31, 2022
	Net balance	profit and loss	Equity	Business combination	Net balance	DTA	DTL
	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k
Non-current assets
Intangible assets	—	—	—	(1,412)	(1,412)	—	(1,412)
Property, plant and equipment	(5)	(2,769)	—	—	(2,774)	34	(2,808)
Right-of-use assets	(663)	(11,701)	—	—	(12,364)	—	(12,364)
Other assets	—	(90)	—	—	(90)	—	(90)

Current assets
Inventories	(9)	9	—	—	—	—	—
Trade receivables	97	(144)	—	—	(47)	—	(47)
Prepaid expenses and other assets	(181)	1,609	—	—	1,428	1,428	—
Cash and cash equivalents	(87)	(927)	—	—	(1,014)	—	(1,014)

Non - current liabilities
Lease liabilities (Non-current)	622	9,892	—	—	10,514	10,514	—
Other liabilities (Non-current)	(129)	180	—	—	51	84	(33)

Current liabilities
Lease liabilities (Current)	156	1,189	—	—	1,345	1,345	—
Trade and other payables	(23)	(161)	—	—	(184)	—	(184)
Other liabilities (Current)	20	400	—	—	420	625	(205)
Tax losses carried forward	294	(276)	—	1,393	1,411	1,411	—
Share-based payments	2,769	2,815	(1,590)	—	3,994	3,994	—
Netting	—	—	—	—	—	(11,466)	11,466
Deferred Taxes Total	2,861	26	(1,590)	(19)	1,278	7,969	(6,691)

Deferred Tax Assets for CureVac Corporate Services, which incurred a tax loss in the current or prior year, are recognized in the amount of EUR 1,172k as the company is expected to generate taxable profits due to its support function remuneration in the group (IAS 12.82).

The following unused tax losses for which no deferred tax asset is recognized in the statement of financial position had been carried forward as of the end of the reporting periods:


Tax loss carryforwards	2021	2022	2023
	EUR k	EUR k	EUR k
Unused tax losses for corporate income tax	1,180,227	1,427,735	1,700,475
Unused tax losses for trade tax	1,175,846	1,419,217	1,685,517
Unused interest carryforward ("Zinsschranke")	2,879	—	—

CureVac has tax losses in Germany and Netherlands that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. In Germany and Netherlands tax losses carryforwards are unlimited.

DTA’s for temporary differences in the amount of EUR 20.9 million (2022: EUR 21.8 million) are not capitalized at year end 2023 because they are not recoverable.

Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than EUR 750 million.

Current tax assets of EUR 5,201k (2022: 285k) consists of withholding tax receivables.

Prepaid expenses and other current assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Prepaid expenses and other current assets	€ 23,763	€ 40,002
Prepayments for compensation	4,344	5,595
Prepayments for future service agreements and goods	1,075	4,507
Tax claims	12,881	24,555
Current prepaid expenses	€ 5,463	€ 5,345

Share-based payments - New VSOP - Expense recognized in the statement of operations and other comprehensive income (loss) (Details) - New VSOP $ / shares in Units, € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) Option	Dec. 31, 2023 $ / shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) EUR (€) $ / shares	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2021 USD ($) EUR (€) $ / shares	Dec. 31, 2020 USD ($)
Share-based payments
Number of awards exercisable				59,942		88,464
Number of options exercised	69,246		147,620		557,171
Average share price \| $ / shares		$ 9.90		$ 16.81		$ 61.28
Employer taxes payable \| $				$ 45		$ 51	$ 493
Provision for employer taxes \| $							$ 981
Research and development expenses	€ (31)		€ 69		€ (349)
Selling and distribution expenses			23		(188)
General and administrative expenses	12		3		(35)
Total	€ (19)		€ 95		€ (572)
Exercise of options
Share-based payments
Number of options exercised \| shares			147,620

Consolidated Statements of Changes in Shareholders' Equity - EUR (€) € in Thousands	Issued capital	Capital reserve	Treasury Shares	Accumulated deficit	Currency translation reserve	Total
Balance at the beginning at Dec. 31, 2020	€ 21,655	€ 1,334,704		€ (645,069)	€ 57	€ 711,347
Net loss				(411,716)		(411,716)
Other comprehensive income (loss)					(91)	(91)
Total comprehensive income (loss)				(411,716)	(91)	(411,807)
Share-based payment expense		15,789				15,789
Exercise of options	109	3,077				3,186
Issuance of share capital (net of transaction costs)	690	403,372				404,062
Repurchase of common shares		(28,284)	€ (5,817)			(34,101)
Balance at the end at Dec. 31, 2021	22,454	1,728,658	(5,817)	(1,056,785)	(34)	688,476
Net loss				(249,029)		(249,029)
Other comprehensive income (loss)					(105)	(105)
Total comprehensive income (loss)				(249,029)	(105)	(249,134)
Share-based payment expense		7,539				7,539
Issuance of share capital (net of transaction costs)	829	65,552				66,381
Share issuances and contingent consideration from business combination	103	18,978				19,081
Exercise of options / Settlement of share-based payment awards	14	(3,440)	4,336			910
Balance at the end at Dec. 31, 2022	23,400	1,817,287	(1,481)	(1,305,814)	(139)	533,253
Net loss				(260,167)		(260,167)
Other comprehensive income (loss)					72	72
Total comprehensive income (loss)				(260,167)	72	(260,095)
Share-based payment expense		7,697				7,697
Issuance of share capital (net of transaction costs)	3,453	232,387				235,840
Settlement of share-based payment awards	26	(1,261)	€ 1,481			246
Balance at the end at Dec. 31, 2023	€ 26,879	€ 2,056,110		€ (1,565,981)	€ (67)	€ 516,941

Remuneration of the Company's key management personnel - Additional information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Restricted Stock Units
Remuneration of the Company's key management personnel
Number of instruments granted	207,481
Management Board
Remuneration of the Company's key management personnel
Total remuneration	€ 1,551	€ 852	€ 1,323
Supervisory Board
Remuneration of the Company's key management personnel
Total remuneration	€ 158	€ 0	€ 0
Number of instruments granted	105,260
Number of share options expired	21,413
Executive Board
Remuneration of the Company's key management personnel
Number of instruments granted	144,379
Executive Board \| Restricted Stock Units
Remuneration of the Company's key management personnel
Number of share options expired	139,027

Accounting Policies - Additional Information (Details)	12 Months Ended
Accounting Policies - Additional Information (Details)	Dec. 31, 2023 EUR (€) segment	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Accounting Policies
Revenue	€ 53,758,000	€ 67,420,000	€ 102,990,000
Residual values	0
Contract termination provisions in prior year	37,216,000
Provision for onerous contracts	184,000	1,922,000
Borrowing costs capitalized	€ 2,375,000	€ 2,291,000	€ 2,932,000
Weighted average borrowing costs (as a percent)	5.76%	5.78%	7.17%
Impairment to property, plant and equipment	€ 1,374,000	€ 5,884,000	€ 22,810,000
No impairment of goodwill	€ 0
Number of operating segment \| segment	1
Number of reportable segment \| segment	1
Minimum
Accounting Policies
Estimated risk percentage for not accepting the transfer pricing set up	10.00%
Maximum
Accounting Policies
Estimated risk percentage for not accepting the transfer pricing set up	50.00%
Product
Accounting Policies
Revenue	€ 11,395,000	€ 19,571,000	€ 22,706,000

Disclosure of financial instruments and management of financial risks - Maturity profile of the group's financial liabilities based on contractual undiscounted payments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial instruments and management of financial risks
Contractual commitments	€ (3,269)	€ (74,300)
Lease liabilities	(53,656)	(54,723)
Other liabilities and provisions	(88,117)	(103,753)
Trade and other payables	(48,033)	(73,463)
Total	(193,075)	(306,239)
Less than 1 year
Disclosure of financial instruments and management of financial risks
Contractual commitments	(3,269)	(49,923)
Lease liabilities	(7,254)	(7,247)
Other liabilities and provisions	(88,117)	(41,447)
Trade and other payables	(48,033)	(73,463)
Total	(146,673)	(172,080)
1 to 5 years
Disclosure of financial instruments and management of financial risks
Contractual commitments		(24,377)
Lease liabilities	(23,581)	(25,693)
Other liabilities and provisions		(62,286)
Total	(23,581)	(112,356)
Greater than 5 years
Disclosure of financial instruments and management of financial risks
Lease liabilities	(22,821)	(21,783)
Other liabilities and provisions		(20)
Total	€ (22,821)	€ (21,803)

Notes to the consolidated financial statements - Research and development (R&D) expenses (Details) - Operative Expenses [Member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Materials	€ (78,767)	€ (121,873)	€ (278,542)
Personnel	(113,422)	(99,924)	(94,655)
Amortization and depreciation	(27,229)	(26,641)	(17,232)
Patents and fees to register a legal right	(6,666)	(3,813)	(3,199)
Third-party services	(67,905)	(39,501)	(708,636)
Maintenance and lease	(15,356)	(9,381)	(7,528)
Other	(8,170)	(17,064)	(14,415)
Total	(335,760)	(353,539)	(1,156,247)
Research and development expenses
Notes to the Consolidated Statements of Operations
Materials	(19,126)	(32,982)	(232,292)
Personnel	(43,267)	(33,944)	(33,733)
Amortization and depreciation	(8,539)	(8,650)	(4,259)
Patents and fees to register a legal right	(6,666)	(3,813)	(3,199)
Third-party services	(28,587)	20,499	(539,786)
Maintenance and lease	(7,287)	(1,069)	(347)
Other	(2,252)	(2,591)	(2,291)
Total	(115,724)	€ (62,550)	€ (815,907)
Reversal of provision for onerous contracts	38,533
Estimated contract termination provisions	€ 25,059

Share-based payments

12 Months Ended

Dec. 31, 2023

Share-based payments

Share-based payments

10. Share-based payments

During the years ended December 31, 2023, 2022, and 2021, the Group operated the following share-based plans for members of management and other key employees of the Group, as well as members of the supervisory board:

●

Prior VSOP

●

New VSOP — for US employees (from 2019 onwards)

●

LTIP Stock Options

●

LTIP RSUs (from 2021 onwards)

All programs were accounted for as equity-settled share-based payment awards.

Measurement of the grant date fair value is based on valuation techniques appropriate in the circumstances, such as Black Scholes option pricing models or a Monte Carlo simulation. Expected volatility, a key input to such models, was based on an evaluation of the historical volatilities of comparable listed biotech-companies over the historical period commensurate with the expected option life. Regarding the expected option life of the stock option programs, this was based on the assumptions that the beneficiary would exercise his option in equal installments from the date of the first time possible (taking into account lock-up and potential trading windows restrictions) until maturity. The risk-free interest was derived from German or US-Government bonds, as appropriate.

The expense recognized for share-based payments during the years ended December 31 is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Prior VSOP	(624)	(131)	(10)
New VSOP	(572)	95	(19)
LTIP Stock Options	(12,472)	(5,562)	(2,944)
LTIP RSUs	(705)	(3,108)	(4,072)
RSU Supervisory board	(566)	(478)	(652)
Total	(14,939)	(9,184)	(7,697)

Prior VSOP

The development of the virtual shares in the Prior VSOP program granted to management and key employees was as follows:


	2021	2022	2023
Outstanding at the beginning of the period	7,951,265	6,426,365	5,614,246
Granted during the period	—	—	—
Forfeited during the period	—	(34,859)	(11,091)
Exercised during the period	(1,524,900)	(777,260)	—
Outstanding at the end of the period	6,426,365	5,614,246	5,603,155
Thereof vested	6,365,422	5,509,886	5,588,513
Thereof exercisable	none	none	none

The IPO on August 14, 2020, triggered the right to exercise 10 % of the vested virtual shares at the end of the lock-up period, which ended on February 10, 2021. By March 10, 2021, the beneficiaries declared the exercise of all their exercisable 759,677 virtual shares and CureVac received 759,677 shares from their former major shareholders as of 2015, on that day. On March 11, 2021, CureVac transferred 390,023 shares to the exercising beneficiaries and withheld 369,654 (treasury) shares equal to the monetary value (approximately EUR 26 million) of the beneficiaries (wage) tax and social security obligations, which CureVac transferred to the relevant authorities on the exercising employee’s behalf in cash. The share price of CureVac on March 11, 2021, was EUR 69.69.

A second 10 % portion of the (vested) virtual shares became exercisable on the first anniversary after IPO i. e., on August 14, 2021, because certain minimum trading volumes of the CureVac N.V. shares and liquidity levels were reached. The beneficiaries declared the exercise of their exercisable 765,223 virtual shares by October 18, 2021 and CureVac received 765,223 shares from the old shareholders on that day. On October 19, 2021, CureVac transferred 523,897 shares to the exercising beneficiaries and withheld 241,326 (treasury) shares equal to the monetary value (approximately EUR 8 million) of the beneficiaries (wage) tax and social security obligations, which CureVac transferred to the relevant authorities on the exercising employee´s behalf in cash. The share price of CureVac on October 19, 2021, was EUR 34.56.

A third 10 % portion of the (vested) virtual shares became exercisable on the second anniversary after IPO i. e., on August 14, 2022, because certain minimum trading volumes of the CureVac N.V. shares and liquidity levels were again reached. The beneficiaries declared the exercise of their then exercisable 777,260 virtual shares by December 12, 2022 and CureVac received 777,260 shares from the old shareholders on that day. On December 14, 2022, CureVac transferred 777,260 shares to the exercising beneficiaries. The portion of shares equaling the amount to be paid for (wage) tax and social security obligations were sold to pay for these amounts. For former employees CureVac shows a receivable position equaling the amount to be paid for (wage) tax and social security obligations. The share price of CureVac on December 14, 2022, was EUR 6.96.

A fourth 10% portion of the (vested) virtual shares became exercisable on the third anniversary after IPO i. e., on August 14, 2023, because certain minimum trading volumes of the CureVac N.V. shares and liquidity levels were again reached. The beneficiaries declared the exercise of their then exercisable 786,746 virtual shares by March 22, 2024 and CureVac received 786,746 shares from the old shareholders on that day. On March 26, 2024, CureVac transferred 786,746 shares to the exercising beneficiaries.

Expense recognized in the statement of operations and other comprehensive income (loss)

The expense recognized for this share-based payment plan during the years ended December 31 is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Cost of Sales	—	—	(9)
Selling and distribution expenses	(25)	(8)	(6)
Research and development expenses	(369)	(45)	46
General and administrative expenses	(230)	(78)	(41)
Total	(624)	(131)	(10)

New VSOP

The number of awards in the New VSOP program granted to key employees developed as follows:


	2021	2022	2023
Outstanding at the beginning of the period	906,595	349,424	102,108
Granted during the period	—	—	—
Forfeited during the period		(99,696)	—
Exercised during the period	(557,171)	(147,620)	(69,246)
Outstanding at the end of the period	349,424	102,108	32,862
Thereof vested	88,464	59,942	32,862

Thereof exercisable	88,464	59,942	—

The remaining life of the option awards as of December 31, 2023 is between 4.5 and 5.7 years (2022: range between 5.5 and 6.9 years).

In 2021 multiple exercises happened throughout the year. In total 557,171 options were exercised with an average share price of USD 61.28. These exercises led to CureVac having to pay an amount of USD 493k employer taxes and to use USD 981k of the provision recorded in 2020.In 2022, a number of exercises were carried out throughout the year. In total, 147,620 options were exercised with an average share price of USD 16.81. These exercises led to CureVac having to pay an amount of USD 45k employer taxes and to use USD 51k of the provision recorded in 2021.

In 2023, a number of exercises were carried out throughout the year. In total, 69,246 options were exercised with an average share price of USD 9.90.

Expense recognized in the statement of operations and other comprehensive income (loss)

The expense recognized for employee services received during the years ended December 31, 2023, 2022, and 2021 is shown in the following table:


	2021	2022	2023
	EUR k	EUR k	EUR k
Research and development expenses	(349)	69	(31)
Selling and distribution expenses	(188)	23	—
General and administrative expenses	(35)	3	12
Total	(572)	95	(19)

Long-Term Incentive Plan (LTIP) - Options

On November 16, 2020, CureVac granted 266,155 options to the former Chief Scientific Officer (CSO). Furthermore, on December 1, 2020, CureVac granted 266,156 options (in 3 tranches) to the company`s former Chief Business Officer (CBO) / Chief Commercial Officer (CCO). All grants were made at no cost under the terms of a new long-term incentive plan put in place by CureVac.Options will be settled in shares of CureVac.

Options granted to the former CSO have an exercise price of EUR 10.04 per share option and an expiration date of July 14, 2030. The exercise price was based on value of the shares at entry date of the former CSO. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter . Exercise is contingent upon the stock price increasing by +20% from the grant date to the date of exercise, based on the 10-day VWAP at time of exercise.

For the grant to the former CSO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 57.40
Weighted average share price (10-days VWAP before grant date)	EUR 50.01
Exercise price (USD 11.90)	EUR 10.04
Expected volatility (%)	62.06	%
Expected life (years)	1.82
Risk-free interest rate (%)	0.07 - 1.48	%

At December 31, 2022, 6,303 options granted to the former CSO had been exercised. No options granted to the former CSO had been exercised in 2023. As the former CSO left the Group as of July 14, 2023, all remaining unvested awards were subject to accelerated vesting.

Options granted to the former CBO / CCO have been granted in 3 tranches vesting over 1 to 3 years, with exercise prices applicable to future tranches being estimated. The exercise price of the first tranche is EUR 43.87 (USD 52.96), The exercise prices for future installments, 2021 and 2022, were estimated to be EUR 81.48 (USD 98.36) and EUR 81.65 (USD 98.57). For the second tranche the actual exercise price in fiscal year 2021 was determined to be EUR 33.07 (USD 39.92) and of the third tranche the actual exercise price in fiscal year 2022 was determined to be EUR 7.35 (USD 7.68). The tranches each have a term of 10 years. Exercise of all three tranches is contingent on a share price increase of 10 %, based on a 10 - day VWAP at the time of each exercise.

For the grant to the former CBO/CCO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant date. The inputs used in the measurement of the fair value at grant date were as follows:

First tranche:


Weighted average fair value per option	EUR 48.27
Weighted average share price (actual 10-days VWAP before grant date, USD 81.03)	EUR 67.12
Exercise price (USD 52.96)	EUR 43.87
Expected volatility (%)	62.27	%
Expected life (years)	1.78
Risk-free interest rate (%)	0.07 - 1.50	%

Second tranche:


Weighted average fair value per option	EUR 24.36
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.36)	EUR 81.48
Exercise price (estimated by Monte Carlo simulation to be USD 98.36)	EUR 81.48
Expected volatility (%)	62.27	%
Expected life (years)	2.23
Risk-free interest rate (%)	0.07 - 1.50	%

Third tranche:


Weighted average fair value per option	EUR 20.01
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.57)	EUR 81.65
Exercise price (estimated by Monte Carlo simulation to be USD 98.57)	EUR 81.65
Expected volatility (%)	62.27	%
Expected life (years)	2.66
Risk-free interest rate (%)	0.07 - 1.50	%

As the former CBO/CCO left the Company as of November 30, 2023, all remaining unvested awards were subject to accelerated vesting.

On March 1, 2021, CureVac granted 2,000 options to a key employee. Options granted to this key employee have an exercise price of EUR 77.73 (USD 88.16) per share option and an expiration date of February 28, 2031. The exercise price was based on the 30 - day volume - weighted average price (VWAP) of March 1 – March 31, 2021 of the shares. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +10%, based on the 10 - day VWAP at time of exercise.

For the grant to the key employee, a Monte Carlo simulation has been used to measure the fair value at the relevant grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 0.65
Weighted average share price (30-days VWAP after grant date)	EUR 77.73
Exercise price (USD 88.16)	EUR 77.73
Expected volatility (%)	73.00	%
Expected life (years)	2.15
Risk-free interest rate (%)	0.08 - 0.49	%

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 former Chief Development Officer (CDO). Both grants were made at no cost under the terms of the new long-term incentive plan (LTIP) put in place by CureVac N.V. Options will be settled in shares of CureVac N.V.

Options granted to the COO have an exercise price of EUR 70.92 (USD 84.03) per share option and an expiration date of July 2, 2026. The exercise price was based on the 20 - day VWAP of the shares at entry date of the COO. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 - day VWAP at time of exercise.

For the grant to the COO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 17.56
Weighted average share price (20-day VWAP before grant date)	EUR 56.51
Exercise price (USD 84.03)	EUR 70.92
Expected volatility (%)	70.95	%
Expected life (years)	4.5
Risk-free interest rate (%)	0.099 – 0.903	%

Options granted to the former CDO have an exercise price: EUR 46.16 (USD 54.79) per share option and an expiration date: August 2,2026. The exercise price was based on the 20 - days VWAP of the shares at entry date of the former CDO. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 - day VWAP at time of exercise.

For the grant to the former CDO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 17.56
Weighted average share price (20-days VWAP before grant date)	EUR 41.81
Exercise price (USD 84.03)	EUR 46.16
Expected volatility (%)	75.13	%
Expected life (years)	4.6
Risk-free interest rate (%)	0.075 – 0.704	%

The former CDO has since left the company and, under the terms of his LTIP agreement, his options had expired as of December 31, 2022.

On January 1, 2022, CureVac granted 9,500 options to a key employee. Options granted to this key employee have an exercise price of EUR 30.67 (USD 33.87) per share option and an expiration date of December 31, 2031. The exercise price was based on the 30 - day VWAP of January 1 – January 31, 2022 of the shares. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 - day VWAP at time of exercise.


Weighted average fair value per option	EUR 14.31
Weighted average share price (30-days VWAP after grant date)	EUR 30.67
Exercise price (USD 34.87)	EUR 30.67
Expected volatility (%)	72.17	%
Expected life (years)	2.16
Risk-free interest rate (%)	0.40 - 1.15	%

The key employee has left the company and, under the terms of his LTIP agreement, his unvested options have been forfeited as of January 31, 2024.

On March 1, 2022, CureVac granted 130,000 supplemental options to the Company’s management board. 30,000 options were granted to the former CEO, and 25,000 options were granted to each of the CFO, former CSO, COO and former CBO/CCO. All grants were made at no cost under the terms of a new long-term incentive plan put in place by CureVac.

The options granted to the management board have an exercise price of USD 19.35 per share option and an expiration date of March 1, 2032. The exercise price was based on the 10day VWAP as of March 1, 2022 + a performance criteria of 15%. The award has a vesting of 25% on each of Dec 31, 2022, Dec 31, 2023, Dec 31, 2024, Dec 31, 2025.

For the grants to the management board, a Monte Carlo simulation has been used to measure the fair value at the grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 4.86
Weighted average share price (10 - day VWAP before grant date)	EUR 15.07
Exercise price (USD 19.35)	EUR 18.37
Expected volatility (%)	73.87 - 86.09	%
Expected life (years)	2.33
Risk-free interest rate (%)	2.34 - 3.21	%

As the former CEO, former CSO and former CBO/CCO left the Group, in 2023, all of their remaining unvested awards were subject to accelerated vesting. As of December 31, 2023 none of these options had been exercised.

On April 1, 2022, CureVac granted 700 options to a key employee. Options granted to this key employee have an exercise price of EUR 17.45 (USD 19.28) per share option and an expiration date of March 31, 2032. The exercise price was based on the 10 - day VWAP of March 21 – March 31, 2022 of the shares. The award vests over a period of four years, with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 - day VWAP at time of exercise.

For the grant to the key employee, a Monte Carlo simulation has been used to measure the fair value at the grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 6.81
Weighted average share price (10-days VWAP before grant date)	EUR 17.45
Exercise price (USD 19.28)	EUR 17.45
Expected volatility (%)	50.91	%
Expected life (years)	2.16
Risk-free interest rate (%)	2.67	%

On April 1, 2023, CureVac granted 144,379 options to the current CEO. All grants were made under the terms of the new long - term incentive plan (LTIP) put in place by CureVac N.V. Options will be settled in shares of CureVac N.V. As of December 31, 2023, none of the options were exercised.

For the grant to the CEO, a Monte Carlo simulation has been used to measure the fair value at the grant date. The inputs used in the measurement of the fair value at grant date were as follows:


Weighted average fair value per option	EUR 3.55
Weighted average share price (10-day VWAP before grant date)	EUR 6.12
Exercise price (USD 6.66)	EUR 6.12
Expected volatility (%)	75.0	%
Expected life (years)	3.39
Risk-free interest rate (%)	3.70	%

The expense recognized for employee services received under the LTIP – options during the year ended December 31, 2023, in an amount of EUR 2,944k (2022:EUR 5,564k) is mainly included in general and administration expenses.

Long-Term Incentive Plan (LTIP) - Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

In 2021, as part of the LTIP program, the group awarded RSUs (restricted stock units) to senior executives as well as supervisory board members.

On June 24, 2021, the group awarded 10,956 RSUs to supervisory board members and on December 23, 2021, the group awarded 63,095 RSUs to the executive board and various key employees. These RSU awards vest over 3 years with one third vesting taking place each year on December 31. All RSU awards from 2021 had vested as of December 31, 2023.

In addition, on July 1, 2021, the group also awarded 4,691 special RSU awards. These special RSU awards vest over 12 months and are fully vested as of December 31, 2021.

In 2022, as part of the LTIP program, the group awarded RSUs (RSU Award 2022) to senior executives as well as supervisory board members.

On June 22, 2022 the group awarded 225,888 RSU awards as part of the “LTIP - RSU Award 2022” to members of the supervisory board, executive board and various key employees. On November 30, 2022, the group awarded a further 7,633 RSU awards to key employees who joined the company during fiscal 2022. These RSU awards vest with one third vesting taking place each year on December 31, 2022, December 31, 2023 and December 31, 2024. One third of these RSU awards had vested as of December 31, 2022, one further third as of December 31, 2023.

In addition, on January 1, 2022, the group awarded 36,000 supplemental RSU awards to the former CEO. This RSU award vests over 12 months and is fully vested as of December 31, 2022.

On January 31, 2022, the group also awarded 5,000 supplemental RSU awards to the COO and 30,000 supplemental RSU awards to the former CBO/CCO. These RSU awards vest in 2 tranches (50% on December 31 2022 and 50% on December 31, 2023). In order for the RSUs to settle and be delivered, the share price must reach 19.16 USD on or after vesting. As of December 31, 2023, all of these RSUs had vested but had not been settled or delivered.

On July 1, 2022, the group awarded 89,655 RSU awards to former Frame employees to replace existing share-based payment awards of Frame Pharmaceuticals. These RSU awards vest with one third vesting taking place each year on June 30, 2023, June 30, 2024 and June 30, 2025. The RSU program is accounted for by recognizing the related expense over the vesting period of the award, with corresponding increases recorded in equity. The expense is based on the fair value determined at the grant date of the award and the number of awards expected to vest. The fair value remains unchanged after grant date. Once the award has vested, there is no reversal of expense related to the award.

On March 31, 2023, the Group awarded 92,701 RSUs to the Supervisory Board members and 646,914 RSUs to the Executive Board and various key employees. On December 15, 2023, the group awarded a further 32,783 RSU awards to Supervisory Board members and key employees who joined the company during fiscal 2023. The related RSU expense is recorded in the functional cost category to which the award recipient’s costs are classified. One third of these RSU awards had vested as of December 31, 2023. The RSU expense related to Supervisory Board members recognized during the year ended December 31, 2023, in an amount of EUR 652k (2022: EUR 478k) is included in other operating expenses.

On September 30, 2023 the group also awarded 25,000 supplemental RSU awards to the COO. This RSU award vests with one third vesting taking place each year on December 31, 2023, December 31, 2024 and December 31, 2025. One third of these RSU awards had vested as of December 31, 2023.

As the former CEO, former CSO and former CBO/CCO left the Group in 2023, all of their remaining unvested awards were subject to accelerated vesting. As a Supervisory Board member left the Group as of June 19, 2023, all remaining unvested awards were subject to accelerated vesting.

Expenses for employer taxes arising upon the delivery of RSUs are recognized in profit or loss.

The related RSU expense is recorded in the functional cost category to which the award recipient’s costs are classified.


	2021	2022	2023
	EUR k	EUR k	EUR k
Cost of Sales	—	—	(331)
Research and development expenses	(240)	(909)	(1,719)
Selling and distribution expenses	(82)	(199)	(269)
General and administrative expenses	(383)	(2,000)	(1,753)
Total	(705)	(3,108)	(4,072)

Notes to the consolidated statements of cash flows (Tables)

12 Months Ended

Dec. 31, 2023

Notes to the consolidated statements of cash flows

Schedule of changes in liabilities arising from financing activities

Foreign

January 1,

Other

Accrued

Paid

Exchange

December 31,

in thousands of EUR

2023

Cash flows

Reclassification

Disposals

Changes

interest

Interest

Movements

2023

Payment of lease liabilities (Note 4.2)

42,086

(7,568)

—

(2,998)

7,986

—

2,375

(57)

41,824

Total liabilities from financing activities

42,086

(7,568)

—

(2,998)

7,986

—

2,375

(57)

41,824

Foreign

January 1,

Other

Accrued

Paid

Exchange

December 31,

in thousands of EUR

2022

Cash flows

Reclassification

Disposals

Changes

interest

Interest

Movements

2022

Payment of lease liabilities (Note 4. 2)

28,892

(6,439)

—

17,241

—

2,218

174

42,086

Total liabilities from financing activities

28,892

(6,439)

—

17,241

—

2,218

174

42,086

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies

Accounting Policies

2. Accounting Policies

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and were authorized by the Management Board for presentation to the Supervisory Board on April 23, 2024. The Group’s consolidated financial statements are presented in Euros (EUR), which is also the parent company’s functional currency. Unless otherwise stated, the numbers are rounded to thousands of Euros, except per share amounts.Due to rounding, differences may arise when individual amounts or percentages are added together.

The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern. No commercial products have been marketed yet as CureVac is still in the development phase. Hence, the Group is raising capital to perform research & development activities and to advance its technologies up to a successful development and regulatory approval of its products. To reach its development and commercialization objectives, the Group will seek additional funding through collaboration or licensing agreements or other financing activities. While the Group’s business projections could be unfavorably affected by being unable to obtain funding or enter into collaboration or license agreements on acceptable terms, CureVac’s cash and cash equivalents will be sufficient to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the financial statements. This anticipates, that for the foreseeable future the Group will continue to operate. Thus, no adjustments to the consolidated financial statements have been made related to the Group not being able to continue as a going concern.

Details of the Group’s accounting policies, including changes thereto are described below. The accounting policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

Subsidiaries are entities controlled by the Group. The Group “controls” an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

The consolidated financial statements include the Company’s wholly-owned subsidiaries CureVac SE (until September 26, 2022: CureVac AG, Tuebingen, Germany), CureVac Inc. (Boston, Massachusetts, USA), CureVac Manufacturing GmbH (prior years: CureVac Real Estate GmbH, Tuebingen, Germany), CureVac Corporate Services GmbH (Tuebingen, Germany), CureVac RNA Printer GmbH (Tuebingen, Germany), CureVac Swiss AG (Basel, Switzerland – incorporated in 2021) and CureVac Belgium SA (Ottignies-Louvain-la-Neuve, Belgium – incorporated in 2022). Effective July 1, 2022, we acquired Frame Pharmaceuticals B.V., Amsterdam, Netherlands (Frame Pharmaceuticals), which was renamed to CureVac Netherlands B.V.; refer to Note 20 for additional information about this business combination.

The fiscal year of all Group entities corresponds to the calendar year ending December 31.

Material accounting policies

Business combinations and goodwill

The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs.

Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of operations in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in the statement of operations.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred over the fair value of net identifiable assets acquired and liabilities assumed).

After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Revenue recognition

Revenue from the sale of products and services is recognized when the Group transfers control to the customer. Control generally transfers when the customer gains the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If the contract contains more than one performance obligation, the consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-along selling price method. Revenue is recognized at the amount of consideration that the Group is expected to receive in exchange for these goods or services.

The Group primarily generates revenue from its licensing and development agreements with its customers, which include collaboration partners for the development of mRNA medicines against a variety of targets in diseases and conditions. These arrangements contain multiple contractual promises, including (i) licenses, or options to obtain licenses to the Group’s mRNA technology, as well as related research and development technology services, (ii) delivery of products, and (iii) research and development services. Such arrangements provide for various types of payments to the Group, including upfront fees, funding of research and development services, payment for delivered products, development, regulatory and commercial milestone payments, license fees, and royalties on product sales, all of which may be satisfied at different points in time. Outlicensing agreements may be entered into with or without any further significant contractual obligations.

Goods or services promised in collaborative arrangements are accounted for as separate performance obligations if such promises are distinct (i.e., if the customer can benefit from the good or service on its own or together with other resources readily available to it and if the promise is separately identifiable from other promises in the contract).

In determining whether contractual promises are separately identifiable, the Group considers whether:

●

It provides a significant service of integrating the goods or services with other goods or services that represent the combined output or outputs for which the other party has contracted.

●

One or more of the goods or services significantly modifies or customizes one or more of the other goods or services promised in the agreement.

●

The goods or services the Group promised to transfer or to provide are highly interdependent or highly interrelated.

Based on these criteria, management evaluates whether the intellectual property (IP) licenses granted, and to which further research and development activities may apply under the terms of a collaboration agreement, are distinct from the unperformed obligations to the collaboration partner, considering the relevant facts and circumstances of each arrangement. Factors considered in this determination include the nature of the IP license, the stage of development of the IP license granted, the research capabilities of the partner, and the availability of mRNA technology research expertise in the general marketplace.

When an IP license is not considered to be distinct from research services, the Group generally recognizes revenue, including any upfront payment, attributable to the license on a straight-line basis, which reflects the performance of services by the Group towards satisfaction of the obligation, over the contractual or estimated performance period, which is typically from the effective date of the related collaboration agreement through to the estimated date of Marketing Authorization Application (MAA) or Biologics License Application (BLA) for a product developed under the agreement. The determination of the estimated date of MAA or BLA is a significant estimate given the uncertainty inherent in developing innovative pharmaceutical products and is based upon development plans with the customer, which are subject to change, clinical trials, and approval of regulatory authorities Changes in the estimated date of market entry could have a material impact on the amount and timing of revenue the Group records in future periods.

Sometimes an IP license is granted together with research and development services relating to the technology. In this case, the services are not considered distinct from the licenses and form a bundle for which revenue is recognized on a straight line basis over the time of services, as the services are determined predominant.

When an IP license is considered to be distinct, the Group determines whether it provides the customer with either (1) a right to access the IP throughout the license period (for which revenue is recognized over the license period) or (2) a right to use the IP as it exists at the point in time that the license is granted (for which revenue is recognized at a point in time where the customer can first use and benefit from the license).

Some of the collaboration arrangements include rights and obligations that are considered outside the scope of a customer-vendor relationship as they are more akin to the activities that joint operators perform. CureVac decided that the nature of these types of activities is best reflected by applying joint arrangements accounting which, as the main effect, usually leads to revenue recognition at a later point in time.

If the transaction price in an agreement includes a variable amount, the Group estimates the amount of consideration to which the Group will be entitled in exchange for transferring the goods to the customer. At contract inception, the variable consideration is estimated based on the most likely amount of consideration expected from the transaction and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with respect to the variable consideration is subsequently resolved. The estimated deferred contract liability is updated at each reporting date to reflect the current facts and circumstances.

Collaboration agreements may also provide a customer with the option to acquire additional goods or services. In these cases, the Group determines as to whether the customer was granted a material right.

Product sales related to collaboration agreements include RNA products and are recognized over time as goods are produced because such goods have no alternative use. Otherwise, revenue for product sales is recognized at a point in time. In 2023 revenue for produced LNP batches were recognized on a point-in-time basis. No product revenue was recognized in 2022 and 2021. Revenue from certain research and development services, delivered as a distinct performance obligation under the collaboration agreements, are recognized over time as the services are provided.

A receivable is recognized when the consideration is unconditional and only the passage of time is required before payment is due. Amounts received prior to satisfying the above revenue recognition criteria are recorded as contract liability in the statements of financial position.

The Group may present the following contract balances:

●

Contract assets — Represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to the customer when that right is conditioned on something other than the passage of time

●

Trade receivables — Represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due)

●

Contract liabilities — Represents the Group’s obligations to transfer goods or services to a customer for which the Group has received consideration (or consideration is due) from the customer

The Group recognizes revenue from contracts with customers relating to its core business. All other operating proceeds are presented as other operating income in the statements of operations.

Grants from government agencies and similar bodies

The Group receives grants from government agencies and similar bodies for the active participation in specific research and development projects. Each grant agreement is assessed to determine whether there are elements of the supply of products from the group to the grantor that are recognized separately from the grant. For the supply of products, the standalone selling price is determined by reference to observed prices with other customers. The grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased, they are recorded as a liability in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income on a systematic basis over the period in which the corresponding expenses are incurred. If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. According to the terms of the grants, grantors generally have the right to audit qualifying expenses submitted by the Group.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

i) Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified into four categories:

●

financial assets at amortized cost (debt instruments);

●

financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments);

●

financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); or

●

financial assets at fair value through profit or loss.

In fiscal 2021, 2022, and 2023, the Group only had the following financial assets to be measured at amortized cost:

●

Cash and cash equivalents

●

Trade receivables

●

Other financial assets

Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the statement of operations when the asset is derecognized, modified, or impaired.

Impairment of financial assets

An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss including contract assets.

For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12- months (a 12- month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For financial assets being due more than 30 days, a significant increase in credit risk is assumed.

For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date.

The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

ii) Financial liabilities

The Group’s material financial liabilities consists of lease liabilities and trade payables.

Trade payables at initial recognition are accounted for at fair value and subsequently at amortized costs. The material accounting policy information regarding accounting of leases is described below.

Acquired intangible assets

Acquired intangible assets are mainly comprised of software and licenses. Regarding the acquired intangible assets (i.e., technology and goodwill) in the business combination with Frame Pharmaceuticals, refer to Note 20.

The estimated useful lives for each intangible asset class are as follows:


Software		3 to 10 years
Licenses		8 to 20 years
Technology		8 years

With the exception of goodwill, the Group does not have any intangible assets with indefinite useful lives.

Research and development costs

Research costs are expensed as incurred. Since our own development projects are mostly subject to regulatory approval and all studies are at an early phase, where the outcome of reaching the next phases is uncertain, the conditions for the capitalization of expenditures incurred prior to approval are not met.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairments. These costs also comprise the costs for replacement parts, which are recognized at the time they are incurred, providing they meet the recognition criteria. All other repair and maintenance costs are expensed as incurred. Depreciation is recognized on a straight-line basis over the estimated useful lives as follows:


Leasehold improvements		1 to 15 years
Technical equipment and machines:		3 to 14 years
Other equipment, furniture and fixtures:		3 to 14 years

The estimated useful lives are reviewed regularly and revised if necessary. The depreciation method remained unchanged from 2021 through 2023. The residual values of the assets are generally considered to be zero.

Impairment of non-financial non-current assets

At each reporting date, the Group assesses whether there is an indication that a non-financial asset may be impaired. If there is any indication of impairment (triggering event) or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset’s or CGU’s fair value less costs of disposal and its value-in-use. It is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit (CGU). If the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and written down to its recoverable amount. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

In principle, the recoverable amount has to be determined for each individual asset where such asset generates cash flows that are largely independent of those generated by other assets. Where it is not possible, the recoverable amount has been determined on the basis of a group of assets representing a cash generating unit.

In assessing whether the cash flows are largely independent, CureVac considers various factors, including how management manages the company activities and how the CureVac companies are linked in business operations. As management decisions are centralized on group level and the CureVac companies are closely linked in business operations, the Group operates as one cash-generating unit. Therefore, for the purpose of annual goodwill impairment testing in 2022 and 2023, goodwill was allocated at Group level. The recoverable amount for the Company’s cash-generating unit based on fair values less costs of disposal using market capitalization derived from public quotations of CureVac stock. Management believes that no reasonably foreseeable change in the price of CureVac stock would cause the carrying amount of our one cash-generating unit to exceed its recoverable amount.Impairment losses of continuing operations are recognized in the statement of operations in expense categories consistent with the function of the impaired asset.

In fiscal year 2021, impairment of EUR 22,810k were recognized. These pertained largely to machinery and technical equipment recorded as assets under construction and resulted from the partial impairment of production lines which were obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV, see Note 4.1.

Beginning in year 2022, goodwill is tested for impairment annually as of December 31 and when circumstances indicate that the carrying value may be impaired.

For 2023, impairment was evaluated for goodwill by assessing the recoverable amount on Group level. Impairment losses relating to goodwill cannot be reversed in future periods.

There was no impairment of goodwill in 2023. However, there were impairments of technical equipment amounting to EUR 1,374k; refer to Note 4.1 for additional information.

Non-current assets held for sale

The Group classifies non-current assets as held for sale if their carrying amount is expected to be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expenses. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management is committed to the plan to sell the assets. Property, plant and equipment are not depreciated or amortized once classified as held for sale.

Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received as well as any estimated costs to be incurred by the lessee for dismantling and removing the underlying asset. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life, indicated below, and the lease term. Right-of-use assets are subject to impairment. Refer to the section above “Impairment of non-financial assets”.


Land, Buildings and supply installations		1 to 15 years
Vehicles		3 to 4 years
Other equipment		2 to 5 years

Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments, or a change in the assessment to purchase the underlying asset. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption. Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.

Inventories

Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Inventories are comprised of raw materials, work in progress, and finished goods.

Costs incurred in bringing each product to its present location and condition are accounted for, as follows:

●

Raw materials: purchase cost on a first-in/first-out basis

●

Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overhead based on normal operating capacity, but excluding borrowing costs

Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank balances on-demand, and short-term deposits with original maturities of three months or less.

Onerous contracts

An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).

If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract.

Share-based payment awards

The Group operates several share-based payment programs.

An equity-settled share-based payment award is accounted for by recognizing the related expense over the vesting period of the award, with a corresponding increase recorded in equity. The expense is based on the fair value determined at the grant date of the award and the number of awards expected to vest. The fair value remains unchanged after grant date. Once the award has vested, there is no reversal of expense related to the award.

When a share-based payment award provides for different ways of settlement (i.e. cash versus shares) depending on the occurrence of contingent events, CureVac has the right to choose the manner of settlement and accounts the award based on this.

The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified.

Income Taxes

Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years.

Tax loss carryforwards

Tax loss carryforwards are examined by the German taxation authorities and may be adjusted. Furthermore, significant changes in the shareholder and company structure can lead to a reduction in the loss carryforwards under the current provisions of German tax law, which can be used to calculate the annual amount for offsetting against the future taxable income.

CureVac assesses whether it is likely that a tax authority will accept an uncertain tax treatment. The amount of the expected tax liability or tax receivable reflects the amount, which represents the best estimation taken into account tax uncertainties. Based on management’s estimation, no provisions for uncertain tax treatments need to be accounted for.

Deferred income taxes

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that future taxable income will allow the deferred tax asset to be realized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Segment Reporting

An operating segment is defined as a component of an entity for which discrete financial information is available and whose operating results are regularly reviewed by our Management Board as the Chief Operating Decision Maker (CODM). The Group operates as a single segment dedicated to the discovery and development of biotechnological applications and the CODM makes decisions about allocating resources and assessing performance based on the Group as a whole. Accordingly, the Group has determined it operates in one operating and reportable segment.

Significant accounting judgments, estimates and assumptions

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgments and estimates in relation to assets, liabilities, contingent liabilities, uncertain tax position, revenues, and expenses. Management bases its judgments and estimates on historical experience and other various factors, which it believes to be reasonable under the circumstances, the result of which forms the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. CureVac assesses whether it is likely that a tax authority will accept an uncertain tax treatment. Based on management’s estimation, no provisions for uncertain tax treatments need to be accounted for. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods.

Judgments

In the process of applying the accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements.

Revenue recognition and collaboration agreements

The Group applied the following judgments in determining the amount and timing of revenue from collaboration agreements:

●

Identification and determination of the nature of performance obligations in collaboration and license agreements.

The Group generates revenues from collaboration and license agreements under which the Group grants licenses to use, research, develop, manufacture, and commercialize candidates and products. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. If these promises are not distinct, they are combined until the bundle of promised goods and services is distinct. For some agreements, this results in the Group accounting for all goods and services promised in a collaboration and license agreement as a single performance obligation with a single measure of progress.

For these combined performance obligations, it must be assessed which of these promises is the predominant promise to determine the nature of the performance obligation. The Group determined that the research and development technology services for the grant of the license is the predominant promise within the (combined) performance obligation.

If the Group shares the risks and benefits of a development project in such a way that the nature of the arrangement is not considered to be purely a customer-vendor-relationship, activities that are determined to be outside of a customer-vendor-relationship are accounted for in consideration of the principles of a joint operation accounting.

As a result, the promise of the research and development technology services for granting a license is accounted for as a performance obligation satisfied over time as the Group’s customer simultaneously receives and consumes the benefits from the Group’s performance.

Estimates

Revenue recognition and collaboration agreements

•

Estimation of variable consideration and assessment of the constraint when determining the amount of revenue of which to defer recognition

The Group’s collaboration and license agreements comprise variable considerations which are contingent on the occurrence or non-occurrence of a future event (i.e., reaching a certain milestone). When determining the deferral of revenue in a collaboration and license agreement, the Group is required to estimate the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer.

As there are usually only two possible outcomes (i.e., a milestone is reached or not), the Group has assessed that the method of the most likely amount is the best method to predict the amount of consideration to which the Group will be entitled.

The most likely amount of these milestone payments (i.e., the full milestone payment) is only included in the transaction price if the occurrence of reaching a future milestone is highly probable. The Group has assessed that the likelihood of achieving the respective milestone decreases depending on how far the expected date of achieving the milestone lies in the future.

The Group has concluded that future milestone payments are fully constrained at each of the fiscal years. Future milestone payments would become unconstrained at the satisfaction of the milestone event, specifically a development event, regulatory approval, or achievement of a sales milestone.

•Estimation of determination of date of market authorization application for revenue release over-time

A significant amount of judgment given the uncertainty inherent in developing innovative pharmaceutical products is being used in the determination of the estimated date of the Marketing Authorization Application or Biologics License Applications. The group regularly reviews the timelines and changes are reflected in the release of revenue amount when they become effective.

Accounting for non - current assets held for sale

Non-current assets are classified as asset held for sale if their carrying amount will be recovered through a sale transaction rather than through continued use; the carrying value of such assets is measured at the lower of their previous carrying value and their fair value less costs to sell. In evaluating whether the criterion, for classification as assets held for sale, of a sale being highly probable, the Group considered that a plan to sell the assets was committed to and an active program to locate a buyer was initiated with an equipment reseller. By estimating the fair value less costs to sell the Group considered various indicative prices of expected auction proceeds quoted by the equipment reseller. Additionally, the Group estimated, whether the plan to sell the assets could be completed within one year from the date of classification and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Accounting for share-based payments

The Group has multiple share-based payment programs. Significant estimates are included in the determination of the grant date fair value of the awards.

Accounting for onerous contract provisions

The Group has entered into binding legal agreements for the supply of services by contract research organizations (CROs) to the Group for clinical trials of its first-generation COVID-19 vaccine candidate, CVnCoV. Such services are generally associated with the ongoing monitoring and care for enrolled participants in the clinical trials. Due to the discontinuation of the CVnCoV program, the remaining services, which the Group is obligated to procure, do not have a value for the Group anymore. In estimating the cost of the remaining services, judgment is required, particularly in estimating the number of participants completing the clinical trials, when measuring provisions for such contracts with clinical research organizations.

Accounting for contract termination provisions

Contract termination provisions are established under certain conditions in the case of legal risks. Settlement and legal proceedings often raise complex issues and are subject to many uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case. The outcome of any current or future proceedings cannot normally be predicted. The Group considers the need for accounting measures in respect of pending or future settlements for terminated contracts on the basis of the information available to its legal department and in close consultation with legal counsel acting for the Group. Where it is more likely than not that such settlement will result in an outflow of resources that is already reasonably estimable, a provision for settling terminated contracts is recorded in the amount of the present value of the expected cash outflows.

Current income tax

CureVac assesses whether it is likely that a tax authority will accept an uncertain tax treatment. Based on management’s estimation, no provisions for uncertain tax treatments need to be accounted for. The risk for the assessment regarding i) the deferral of upfront payments, ii) the cooperation between CureVac and GlaxoSmithKline Biologicals SA (GSK), and iii) the transfer pricing setup not to be accepted by the tax authorities is estimated to be between 10% and 50%.

Changes in accounting policies and disclosures

New and amended standards and interpretations

The Group has not early adopted any standards, interpretations, or amendments that have been issued but are not yet effective.

Standards issued but not yet effective

The following amendments will be adopted effective January 1, 2024, or at a later effective date:

●

Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants

●

Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements

●

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

●

Amendments to IAS 21: Lack of Exchangeability

CureVac does not expect these standards to have an impact on the Group´s consolidated financial statements.

Notes to the consolidated financial statements - Summary of upfront payments and related revenues recognized (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Jul. 31, 2020 EUR (€)
Notes to the Consolidated Statements of Operations
Upfront and milestones payments included in contract liabilities	€ 92,680	€ 107,308
Revenue recognized from upfront and milestones payments	31,051	44,787	€ 67,828
GSK
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	220,000				€ 120,000
Upfront and milestones payments included in contract liabilities	88,715	102,804
Revenue recognized from upfront and milestones payments	29,089	42,690	51,728
Boehringer Ingelheim
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	30,000
Revenue recognized from upfront and milestones payments			14,003
Genmab
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	8,937			$ 10,000
Upfront and milestones payments included in contract liabilities	2,383	3,575
Revenue recognized from upfront and milestones payments	1,192	1,787	1,787
CRISPR
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	3,947			$ 4,500
Upfront and milestones payments included in contract liabilities	1,582	929
Revenue recognized from upfront and milestones payments	€ 770	€ 310	€ 310

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

17. Commitments and contingencies

No material contingent liabilities resulting from claims and legal proceedings exist as of December 31, 2023. Refer to Note 12 for provisions recognized for contract terminations. For contractual commitments, refer to Note 15.

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2023

Fixed Assets

Schedule of development of intangible assets


					Advance
(in thousands of EUR)	Software	Licenses	Technology	Goodwill	payments	Total
Acquisition costs
As of January 1, 2022	12,626	10,259	—	—	965	23,850
Additions	1,433	4,208	6,350	12,463	—	24,454
Disposals	(2,331)	(1,537)	—	—	(298)	(4,166)
Reclassifications	656	—	—	—	(656)	—
Currency translation	1	—	—	—	—	1
As of December 31, 2022	12,385	12,930	6,350	12,463	11	44,139
Accumulated amortization and impairment charges
As of January 1, 2022	5,965	4,647	—	—	—	10,612
Amortization	1,730	2,865	484	—	—	5,079
Disposals	(2,217)	(1,114)	—	—	—	(3,331)
Currency translation	1	—	—	—	—	1
As of December 31, 2022	5,479	6,398	484	—	—	12,361
Acquisition costs
As of January 1, 2023	12,385	12,930	6,350	12,463	11	44,139
Additions	201	2,679	—	—	—	2,880
Disposals	(1,946)	(4,432)	—	—	(11)	(6,388)
Reclassifications	(6,797)	6,797	—	—	—	—
Currency translation	—	—	—	—	—	—
As of December 31, 2023	3,843	17,974	6,350	12,463	—	40,630
Accumulated amortization and impairment charges
As of January 1, 2023	5,479	6,398	484	—	—	12,361
Amortization	820	3,457	782	—	—	5,059
Disposals	(1,841)	(3,294)	—	—	—	(5,135)
Reclassifications	(2,493)	2,493	—	—	—	—
Currency translation	—	—	—	—	—	—
As of December 31, 2023	1,965	9,054	1,266	—	—	12,285
Carrying amount
As of January 1, 2022	6,661	5,612	—	—	965	13,238
As of December 31, 2022	6,906	6,532	5,866	12,463	11	31,778
As of December 31, 2023	1,878	8,920	5,084	12,463	—	28,347

Schedule of development of property, plant and equipment


			Other
			equipment,
		Technical	furniture	Assets
		equipment	and	under
(in thousands of EUR)	Buildings	and machines	fixtures	construction	Total
Acquisition costs
As of January 1, 2022	27,272	51,974	11,494	124,543	215,283
Additions	377	9,710	2,760	76,773	89,620
Assets held for sale	—	(6,719)	—	(50,851)	(57,570)
Disposals	(1,182)	(12,584)	(1,732)	(4,356)	(19,854)
Reclassifications	—	7,652	—	(7,652)	—
Currency translation	—	—	30	—	30
As of December 31, 2022	26,467	50,033	12,552	138,457	227,509
Accumulated depreciation and impairment charges
As of January 1, 2022	5,348	11,726	7,135	22,810	47,019
Depreciation	4,445	6,999	1,950	—	13,394
Impairment	—	3,830	—	2,054	5,884
Disposals	(1,083)	(9,938)	(1,688)	(24,038)	(36,747)
Currency translation	—	—	18	—	18
As of December 31, 2022	8,710	12,617	7,415	826	29,568
Acquisition costs
As of January 1, 2023	26,467	50,033	12,552	138,457	227,509
Additions	551	9,171	2,024	43,126	54,873
Disposals	(14)	(5,090)	(1,825)	(1,235)	(8,165)
Reclassifications	533	828	(2)	(1,358)	1
Currency translation	—	—	(13)	—	(13)
As of December 31, 2023	27,537	54,941	12,736	178,990	274,205
Accumulated depreciation and impairment charges
As of January 1, 2023	8,710	12,617	7,415	826	29,568
Depreciation	4,216	5,925	2,291	—	12,432
Impairment	—	—	—	1,374	1,374
Disposals	(12)	(4,270)	(1,659)	—	(5,941)
Currency translation	—	—	(9)	—	(9)
As of December 31, 2023	12,914	14,272	8,038	2,200	37,424
Carrying amount
As of January 1, 2022	21,924	40,248	4,359	101,733	168,264
As of December 31, 2022	17,757	37,416	5,137	137,631	197,941
As of December 31, 2023	14,623	40,669	4,698	176,790	236,782

Summary of carrying amounts of the Group's right-of-use assets and the movements during the period


	Right-of-use assets
	Land and		Other
	Buildings	Vehicles	equipment	Total
	EURk	EURk	EURk	EURk
As of January 1, 2023	41,183	275	2,303	43,761
Additions (new leases and reassessment of existing leases)	4,788	200	—	4,988
Depreciation expense	(5,264)	(156)	(352)	(5,772)
Impairment	(1,100)	—	—	(1,100)
Foreign currency translation	(33)	—	—	(34)
As of December 31, 2023	39,574	319	1,950	41,843


	Right-of-use assets
	Land and		Other
	Buildings	Vehicles	equipment	Total
	EURk	EURk	EURk	EURk
As of January 1, 2022	31,547	142	440	32,129
Additions	14,834	231	2,179	17,244
Depreciation expense	(4,639)	(98)	(316)	(5,053)
Impairment	(710)	—	—	(710)
Foreign currency translation	151	—	—	151
As of December 31, 2022	41,183	275	2,303	43,761

Summary of carrying amounts of lease liabilities and the movements during the period


		EUR k

As of January 1, 2023		42,086
Additions (new leases and reassessment of existing leases)		4,988
Accretion of interest		2,375
Payments		(7,568)
Foreign currency translation		(57)
As of December 31, 2023		41,824
Current		5,005
Non-current		36,819


		EUR k

As of January 1, 2022		28,892
Additions		17,241
Accretion of interest		2,218
Payments		(6,439)
Foreign currency translation		174
As of December 31, 2022		42,086
Current		4,980
Non-current		37,106

Summary of amounts recognized in the statement of operations related to leases


	2021	2022	2023
	EUR k	EUR k	EUR k
Depreciation expense of right-of-use assets	(3,901)	(5,053)	(5,772)
Impairment expense / reversal of impairment	—	(710)	(1,100)
Interest expense on lease liabilities	(1,729)	(2,218)	(2,375)
Expense relating to short-term leases (included in cost of sales)	(119)	(76)	(70)
Expense relating to leases of low-value assets (included in general and administrative expenses)	(39)	(66)	(55)
Income from sub-leasing right-of-use assets presented in “other operating income”	—	—	51

Business Combinations (Details) - Frame Pharmaceuticals B.v.Amsterdam Netherlands € / shares in Units, € in Thousands		12 Months Ended
	Jun. 08, 2022 EUR (€)	Dec. 31, 2023 EUR (€) Option shares Milestone item € / shares	Jul. 01, 2022 shares
Business Combinations
Amount of fair value	€ 32,000
Net amount of discharging contractual obligations	1,560	€ 1,560
Number of payments in which the total consideration is to be paid \| item		3
Contingent consideration, Number of payments considered \| item		2
Issuance and transfer of shares to former Frame shareholders \| shares		810,242
Value of shares issued to former Frame shareholders		€ 11,040
Closing Share Price \| € / shares		€ 13.63
Issuance and transfer of shares as consideration for discharging the contractual obligations for the outstanding advisory agreements \| shares		48,254
Value of shares issued as consideration for discharging the contractual obligations for the outstanding advisory agreements		€ 658
Cash payments		585
Consideration paid in cash for the settlement of the vested employee options		335
Additional cash consideration		€ 250
Contingent consideration, Percentage of total consideration		50.00%
Contingent consideration, Number of milestones \| Milestone		2
Number of shares issued upon the achievement of the successful investigational new drug application filing \| shares		194,644
Percentage of consideration transferred upon the achievement of the successful investigational new drug application filing		10.00%
Value of shares issued upon the achievement of the successful investigational new drug application filing		€ 1,831
Number of shares issued upon successful proof of mechanism in humans \| shares		778,575
Percentage of consideration transferred upon successful proof of mechanism in humans		40.00%
Value of shares issued upon successful proof of mechanism in humans		€ 5,367
Contingent consideration, fair value		7,198
Total purchase price	€ 34,000	€ 19,481
Aggregate consideration in shares \| shares		858,496	858,496
Value of aggregate consideration in shares		€ 11,697
Value of shares issued to former Frame shareholders		€ 11,697
Contingent Consideration, Maximum shares issuable \| shares		973,236
RSUs issued to certain former employees \| Option		89,655
Total fair value of the RSU grant		€ 1,218
Number of tranches for vesting of RSUs granted \| item		3
Transactions costs		€ 500
Provisional fair value		6,216
Signing share price representing 10%		32,000
Signing share price representing 40%		32,000
net deferred tax liability		€ 20

Equity - At-the-market offering (Details) € in Thousands, $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 17, 2021 USD ($)	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 EUR (€)
Issued Capital and Reserves
Cash received from issuance of shares \| €			€ 235,840		€ 404,062
ATM Offering Program
Issued Capital and Reserves
Cash received from issuance of shares \| $	$ 600
Number of shares issued \| shares		1,748,218	6,908,493	6,908,493
Aggregate gross proceeds \| $		$ 18,023		$ 69,139
Number of shares authorized \| shares			513,000,000	513,000,000

Trade and other payables (Details) - EUR (€) € in Thousands	12 Months Ended
Trade and other payables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables.
Trade payables	€ 46,365	€ 68,246
Miscellaneous liabilities	1,668	5,217
Trade and other payables	48,033	73,463
Amount of decrease in trade and other payables	25,430
Payroll-related taxes and social-security liabilities	€ 1,496	€ 5,027

Disclosure of financial instruments and management of financial risks

12 Months Ended

Dec. 31, 2023

Disclosure of financial instruments and management of financial risks

Disclosure of financial instruments and management of financial risks

15. Disclosure of financial instruments and management of financial risks

General information

CureVac is exposed to certain financial risks with respect to its assets and liabilities and the transactions associated with its business model. These risks generally relate to credit risks, liquidity risks and market risks (including currency risk, interest rate risk and price risk).

The aim of risk management is to limit the potential negative impact on expected cash flows and take advantage of any opportunities that arise. As a result, the management of CureVac assesses at least once a year whether risks have changed and whether the measures in place to limit risk are still sufficient.

Finance Income / Finance Expenses

During the year ended December 31, 2023, finance income was EUR 16,731k (2022: EUR 4,009k, 2021: EUR 10,103k) and related mainly to interest income on cash investments EUR 15,411k (2022: EUR 1,733k, 2021: EUR 81k) and foreign exchange gains EUR 1,062k (2022: EUR 2,188k, 2021: EUR 10,092k).

During the year ended December 31, 2023, finance expenses were EUR 2,493k (2022: EUR 3,707k, 2021: EUR 10,338k) and related mainly to foreign exchange losses EUR 2,272k (2022: EUR 1,319k, 2021: EUR 3,939k) and negative interest on cash of EUR 0k (2022: EUR 2,299k, 2021: EUR 6,793k).

Credit risk

Credit risk is managed by CureVac’s finance department. Credit risk arises from cash and cash equivalents and other financial assets, including deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and contract assets.

CureVac is exposed to bank default and concentration risk as its cash is concentrated at few financial institutions. Management distributed the cash to decrease concentration risk as of December 31, 2023, deciding to allocate 12% of the cash at one of Europe’s largest private bank, 7% at Germany’s largest private bank and 71% at a major German Landesbank; the remaining cash balance is maintained at other banks. The focused cash management structure with few banks allows enhanced bank risk supervision. The market capitalization of all banks mentioned above is regularly reviewed. Credit risk is further limited by investing only in liquid instruments.

CureVac is also exposed to a credit risk for its receivables and contract assets. The risk of default is considered to be low because the structure of customers consists of reputable collaborating parties and government grantors. Receivables management and financial accounting incorporates monitoring of payments received and any overdue receivables. The risk of counterparty nonperformance is not material.

The carrying amount of other financial assets recognized determines the maximum theoretical credit risk. As of the end of fiscal 2023, available funds are deposited at three reputable financial institutions.

As of December 31, 2023, the loss allowance for the “expected credit losses” totaled to EUR 71k (2022: EUR 99k, 2021: EUR 105k), resulting in an effect recognized in fiscal 2023 in finance income EUR 248k (2022: EUR 57k, 2021: EUR 149k) and finance expense EUR 220k (2022: EUR 51k, 2021: EUR 71k).

Liquidity risk / Capital management

For the purpose of CureVac’s capital management, capital includes share capital and all other equity reserves attributable to the equity holders. The primary objective of CureVac’s capital management is to maximize the shareholder value through investment in the development activities of the Group.

Based on its business as an active research group, CureVac has historically relied almost exclusively on equity funding by its shareholders and lenders as a means of financing itself prior to successful development and sales of a marketable product.

The Group’s finance department reviews the total amount of cash of the Group on a weekly basis. As part of this review, the finance department considers the total cash and cash equivalents, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year.

In meeting its financing objectives, the Group negotiates and enters into research cooperation agreements. In general, the aim is to maximize the financial resources available for further research and development projects.

CureVac is not subject to externally imposed capital requirements. However, certain grant funds received may be required to be returned if qualifying costs are not incurred or are not incurred in accordance with the grant terms (see also Note 3.7. and Note 3.8.).

As described in Note 9, the Group has an at-the-market offering program through which, from time to time, may be able to raise additional capital through the issuance of common shares.

No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2023 and 2022.

In order to safeguard liquidity, the Group invests funds not required immediately for operating purposes in call-deposit accounts with original maturities up to three months. Liquidity risks are therefore expected to be low. The Group does not enter into trading of financial instruments and monitors its risk of a shortage of funds using a liquidity planning tool.

Historically, CureVac has relied on financing from shareholders, grant income and collaborators in order to ensure sufficient liquidity. Lack of external financial support could pose a risk of going concern. The liquidity management of CureVac ensures the availability of cash and cash equivalents for operational activities and further investments through appropriate budget planning.

Ultimately, the responsibility for liquidity risk management lies with management, who has established an appropriate approach to managing short-, medium- and long-term financing and liquidity requirements. CureVac manages liquidity risks by holding appropriate reserves, as well as by monitoring forecasted and actual cash flows and reconciling the maturity profiles of financial assets and liabilities.

The table below summarizes the maturity profile of the Group’s liabilities based on contractual undiscounted payments:


	<1 year	1 to 5 years	> 5 years	Total
2023	EUR k	EUR k	EUR k	EUR k
Contractual commitments	(3,269)	—	—	(3,269)
Lease liabilities (Note 4.2)	(7,254)	(23,581)	(22,821)	(53,656)
Other liabilities and provisions (Note 12)	(88,117)	—	—	(88,117)
Trade and other payables (Note 11)	(48,033)	—	—	(48,033)
Total	(146,673)	(23,581)	(22,821)	(193,075)


	< 1 year	1 to 5years	> 5 years	Total
2022	EUR k	EUR k	EUR k	EUR k
Contractual commitments	(49,923)	(24,377)	—	(74,300)
Lease liabilities (Note 4.2)	(7,247)	(25,693)	(21,783)	(54,723)
Other liabilities and provisions (Note 12)	(41,447)	(62,286)	(20)	(103,753)
Trade and other payables (Note 11)	(73,463)	—	—	(73,463)
Total	(172,080)	(112,356)	(21,803)	(306,239)

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CureVac’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency) and the amounts held as cash and cash equivalents.

For all CureVac entities except of CureVac Inc. and CureVac Swiss AG the functional currency is EUR. The functional currency of CureVac Inc. is the USD and of CureVac Swiss AG the CHF. CureVac SE’s exposure in foreign currency at the end of 2023 and 2022 is as follows:


	2023 (in thousands)
Cash and cash equivalents	57,061	EUR	63,052	USD
	221	EUR	205	CHF
Trade and other receivables	1,550	EUR	1,713	USD
Total monetary assets in foreign currency	58,832	EUR
Trade and other payables	13,991	EUR	15,460	USD
	54	EUR	47	GBP
	2	EUR	2	CHF
Total monetary liabilities in foreign currency	14,047	EUR


	2022 (in thousands)
Cash and cash equivalents	106,566	EUR	113,664	USD
Trade and other receivables	—	EUR	—	USD
Total monetary assets in foreign currency	106,566	EUR	113,664	USD
Trade and other payables	26,232	EUR	27,979	USD
	87	EUR	77	GBP
	13	EUR	13	CHF
Total monetary liabilities in foreign currency	26,332	EUR

As shown in the tables above, CureVac N.V. is exposed to a currency risk only in relation to the USD. Therefore, a foreign currency sensitivity analysis is only presented in respect to the net exposure in USD at fiscal year ends. CureVac’s net exposure in USD is the difference between monetary assets in USD and monetary liabilities in USD and developed as follows:

Net exposure in USD


2022 (1 EUR= 1.0666 USD)		2023 (1 EUR = 1.1050 USD)
EUR 77,649k from USD 82,822k		EUR 72,015k from USD 79,576k

At December 31, 2023, if the EUR had weakened and conversely, had strengthened, 10 per cent against the US dollar, with all other variables held constant, pre-tax loss and post-tax loss would have been affected as follows:


	Effect on pre-tax profit or loss		Effect on post-tax profit or loss
	Strengthening	Weakening	Strengthening	Weakening
31.12.2023 EUR against USD 10% movement	6,547	(8,002)	4,617	(5,644)
31.12.2022 EUR against USD 10% movement	7,059	(8,628)	4,978	(6,085)

CureVac did not have derivatives in 2023 and 2022.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. CureVac’s exposure to the risk of changes in market interest rates relates primarily to CureVac’s cash and cash equivalents with floating interest rates.

If interest rates as of December 31, 2023 had been 1% higher while all other variables had remained the same, the net loss for the year (before and after tax) would have been EUR 4,025k (2022: EUR 4,959k) lower because the higher interest income would have been generated from floating rates on invested cash and cash equivalents.

Fair value measurement

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized with the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

●

Level 1 — Inputs use quoted prices in active markets for identical assets or liabilities

●

Level 2 — Inputs are inputs, other than quoted prices included in Level 1, which are directly or indirectly observable

●

Level 3 — Inputs for the asset or liability that are not based on observable market data (unobservable inputs)

All financial instruments are measured at amortized cost at December 31, 2023 and December 31, 2022.

The group measures assets held for sale at fair value less cost of disposals. For all short term liabilities and receivables the book value approximates the fair value.

Fixed Assets

12 Months Ended

Dec. 31, 2023

Fixed Assets

Fixed Assets

4. Fixed Assets

4.1 Development of intangible assets and property, plant and equipment

The development of intangible assets and property, plant and equipment for the years ended December 31, 2023 and 2022 were as follows:

Intangible assets


					Advance
(in thousands of EUR)	Software	Licenses	Technology	Goodwill	payments	Total
Acquisition costs
As of January 1, 2022	12,626	10,259	—	—	965	23,850
Additions	1,433	4,208	6,350	12,463	—	24,454
Disposals	(2,331)	(1,537)	—	—	(298)	(4,166)
Reclassifications	656	—	—	—	(656)	—
Currency translation	1	—	—	—	—	1
As of December 31, 2022	12,385	12,930	6,350	12,463	11	44,139
Accumulated amortization and impairment charges
As of January 1, 2022	5,965	4,647	—	—	—	10,612
Amortization	1,730	2,865	484	—	—	5,079
Disposals	(2,217)	(1,114)	—	—	—	(3,331)
Currency translation	1	—	—	—	—	1
As of December 31, 2022	5,479	6,398	484	—	—	12,361
Acquisition costs
As of January 1, 2023	12,385	12,930	6,350	12,463	11	44,139
Additions	201	2,679	—	—	—	2,880
Disposals	(1,946)	(4,432)	—	—	(11)	(6,388)
Reclassifications	(6,797)	6,797	—	—	—	—
Currency translation	—	—	—	—	—	—
As of December 31, 2023	3,843	17,974	6,350	12,463	—	40,630
Accumulated amortization and impairment charges
As of January 1, 2023	5,479	6,398	484	—	—	12,361
Amortization	820	3,457	782	—	—	5,059
Disposals	(1,841)	(3,294)	—	—	—	(5,135)
Reclassifications	(2,493)	2,493	—	—	—	—
Currency translation	—	—	—	—	—	—
As of December 31, 2023	1,965	9,054	1,266	—	—	12,285
Carrying amount
As of January 1, 2022	6,661	5,612	—	—	965	13,238
As of December 31, 2022	6,906	6,532	5,866	12,463	11	31,778
As of December 31, 2023	1,878	8,920	5,084	12,463	—	28,347

As the Group operates as one cash-generating unit, for the purpose of impairment testing in 2023, goodwill was allocated at Group level. For the impairment test the market capitalization was compared to the Group’s equity; the Goodwill was covered by the exceeding amount. The market capitalization derived from public quotations of CureVac stock (Nasdaq Dec 29, 2023: USD 4.21). Based on this, CureVac has concluded, that there are no indications of potential impairment in the goodwill of its one cash-generating unit.

Property, plant and equipment


			Other
			equipment,
		Technical	furniture	Assets
		equipment	and	under
(in thousands of EUR)	Buildings	and machines	fixtures	construction	Total
Acquisition costs
As of January 1, 2022	27,272	51,974	11,494	124,543	215,283
Additions	377	9,710	2,760	76,773	89,620
Assets held for sale	—	(6,719)	—	(50,851)	(57,570)
Disposals	(1,182)	(12,584)	(1,732)	(4,356)	(19,854)
Reclassifications	—	7,652	—	(7,652)	—
Currency translation	—	—	30	—	30
As of December 31, 2022	26,467	50,033	12,552	138,457	227,509
Accumulated depreciation and impairment charges
As of January 1, 2022	5,348	11,726	7,135	22,810	47,019
Depreciation	4,445	6,999	1,950	—	13,394
Impairment	—	3,830	—	2,054	5,884
Disposals	(1,083)	(9,938)	(1,688)	(24,038)	(36,747)
Currency translation	—	—	18	—	18
As of December 31, 2022	8,710	12,617	7,415	826	29,568
Acquisition costs
As of January 1, 2023	26,467	50,033	12,552	138,457	227,509
Additions	551	9,171	2,024	43,126	54,873
Disposals	(14)	(5,090)	(1,825)	(1,235)	(8,165)
Reclassifications	533	828	(2)	(1,358)	1
Currency translation	—	—	(13)	—	(13)
As of December 31, 2023	27,537	54,941	12,736	178,990	274,205
Accumulated depreciation and impairment charges
As of January 1, 2023	8,710	12,617	7,415	826	29,568
Depreciation	4,216	5,925	2,291	—	12,432
Impairment	—	—	—	1,374	1,374
Disposals	(12)	(4,270)	(1,659)	—	(5,941)
Currency translation	—	—	(9)	—	(9)
As of December 31, 2023	12,914	14,272	8,038	2,200	37,424
Carrying amount
As of January 1, 2022	21,924	40,248	4,359	101,733	168,264
As of December 31, 2022	17,757	37,416	5,137	137,631	197,941
As of December 31, 2023	14,623	40,669	4,698	176,790	236,782

In fiscal 2023, impairments of EUR 1,374k were recognized (2022: EUR 5,884k). These were recognized in cost of sales as they pertained to machinery and technical equipment recorded under assets under construction and resulted from the partial impairment of equipment which are obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV. In fiscal 2022, assets were reclassified as ‘assets held for sale’ (Refer to Note 5 for additional information).

The Group capitalized EUR 2,375k borrowing costs during fiscal 2023 (2022: EUR 2,291k, 2021: EUR 2,932k). The capitalization rate used to determine the amount of the borrowing costs eligible for capitalization during fiscal 2023 was a weighted average of 5.76% (2022: 5.78%, 2021: 7.17%).

4.2 Right-of-use assets and lease liabilities

Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements during the period:


	Right-of-use assets
	Land and		Other
	Buildings	Vehicles	equipment	Total
	EURk	EURk	EURk	EURk
As of January 1, 2023	41,183	275	2,303	43,761
Additions (new leases and reassessment of existing leases)	4,788	200	—	4,988
Depreciation expense	(5,264)	(156)	(352)	(5,772)
Impairment	(1,100)	—	—	(1,100)
Foreign currency translation	(33)	—	—	(34)
As of December 31, 2023	39,574	319	1,950	41,843

The most significant lease agreements that have been initiated relate to several buildings in Tübingen, a building in Wiesbaden and Frankfurt am Main, a building in Amsterdam/Netherlands and a building in Boston/USA.

The additions mainly relate to six rental agreements in Tübingen (EUR 2,452k) and one rental agreement in Wiesbaden (EUR 510k). In addition, CureVac assessed one extension option of 5 years to be reasonably certain.

Below are the carrying amounts of lease liabilities and the movements during the period:


		EUR k

As of January 1, 2023		42,086
Additions (new leases and reassessment of existing leases)		4,988
Accretion of interest		2,375
Payments		(7,568)
Foreign currency translation		(57)
As of December 31, 2023		41,824
Current		5,005
Non-current		36,819

A maturity analysis of lease liabilities is disclosed in Note 15.

The following are the amounts recognized in the statement of operations:


	2021	2022	2023
	EUR k	EUR k	EUR k
Depreciation expense of right-of-use assets	(3,901)	(5,053)	(5,772)
Impairment expense / reversal of impairment	—	(710)	(1,100)
Interest expense on lease liabilities	(1,729)	(2,218)	(2,375)
Expense relating to short-term leases (included in cost of sales)	(119)	(76)	(70)
Expense relating to leases of low-value assets (included in general and administrative expenses)	(39)	(66)	(55)
Income from sub-leasing right-of-use assets presented in “other operating income”	—	—	51

Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements of prior period:


	Right-of-use assets
	Land and		Other
	Buildings	Vehicles	equipment	Total
	EURk	EURk	EURk	EURk
As of January 1, 2022	31,547	142	440	32,129
Additions	14,834	231	2,179	17,244
Depreciation expense	(4,639)	(98)	(316)	(5,053)
Impairment	(710)	—	—	(710)
Foreign currency translation	151	—	—	151
As of December 31, 2022	41,183	275	2,303	43,761

Below are the carrying amounts of lease liabilities and the movements during the period 2022:


		EUR k

As of January 1, 2022		28,892
Additions		17,241
Accretion of interest		2,218
Payments		(6,439)
Foreign currency translation		174
As of December 31, 2022		42,086
Current		4,980
Non-current		37,106

A maturity analysis of lease liabilities is disclosed in Note 15.

There are no commitments for leases not yet commenced as of December 31, 2023. Commitments for leases not yet commenced as of December 31, 2022, related to two lease agreements of buildings in Tübingen, Germany that have been signed in 2021 and one lease agreement of a building in Wiesbaden, Germany that has been signed in 2022.

Optional lease payments from using extension options not included in the measurement of the lease liability exist in a gross amount of EUR 39,325k.

Other liabilities and provisions (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other liabilities and provisions.
Contract termination provisions		€ 61,320
Provisions (non-current)		61,320
Provision for onerous contracts	€ 184	1,922
Contract termination provisions	37,216
Provisions (current)	37,400	1,922
Total Provisions (current & non-current)	€ 37,400	€ 63,242

Other liabilities and provisions - Current and Non Current liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other liabilities and provisions.
Other (e.g. license liabilities, Deferred Tax Liability)		€ 19
Other liabilities (non-current)		19
Personnel accrued liabilities (e.g. bonus, vacation)	€ 10,543	7,778
Grants from government agencies and similar bodies	1,735	2,021
Outstanding invoices	36,081	28,146
Professional fees	1,116	1,344
VAT and other taxes (real estate transfer taxes)	1,042	924
Other	200	278
Other liabilities (current)	50,717	40,491
Total other liabilities (current & non-current)	50,717	40,510
Grants and other reimbursements from government agencies and similar bodies	€ 3,566	€ 440	€ 66,394

Disclosure of financial instruments and management of financial risks (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial instruments and management of financial risks
Finance income	€ 16,731	€ 4,009	€ 10,103
Interest income on cash investments	15,411	1,733	81
Foreign exchange gains	1,062	2,188	10,092
Finance expenses	2,493	3,707	10,338
Foreign exchange losses	2,272	1,319	3,939
Interest on cash	0	2,299	6,793
Allowance for expected credit losses	71	99	105
Loss Allowance
Disclosure of financial instruments and management of financial risks
Finance income	248	57	149
Finance expenses	€ 220	€ 51	€ 71
Germany's largest private bank
Disclosure of financial instruments and management of financial risks
Concentration of risk	7.00%
German Landesbank
Disclosure of financial instruments and management of financial risks
Concentration of risk	71.00%
Europe's largest private bank
Disclosure of financial instruments and management of financial risks
Concentration of risk	12.00%

Trade and other payables

12 Months Ended

Dec. 31, 2023

Trade and other payables.

Trade and other payables

11. Trade and other payables

Trade payables and other payables are all due within one year and include the following:


	2022	2023
	EUR k	EUR k
Trade payables	68,246	46,365
Miscellaneous liabilities	5,217	1,668
Total	73,463	48,033

Trade and other payables are all due within one year. The prior year was highly impacted by received invoices of raw material suppliers before December 31, 2022. Thus, during the year ended December 31, 2023, Trade and other payables decreased by EUR 25,430k. Miscellaneous liabilities consist mainly of payroll-related taxes and social security liabilities of EUR 1,496k (2022: EUR 5,027k).

Disclosure of financial instruments and management of financial risks - Additional information (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) $ / €	Dec. 31, 2022 EUR (€) $ / €	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of financial instruments and management of financial risks
Exchange rate \| $ / €	1.1050	1.0666
Net exposure	€ 72,015	€ 77,649	$ 79,576	$ 82,822
Pre-tax loss if EUR weakened	€ (8,002)	€ (8,628)
Percentage of EUR weakened	10.00%	10.00%
Post-tax loss if EUR weakened	€ (5,644)	€ (6,085)
Percentage of EUR strengthened	10.00%
Pre-tax loss if EUR strengthened	€ 6,547	7,059
Post-tax loss if EUR strengthened	€ 4,617	4,978
Percentage of Interest higher	1.00%
Net loss before tax	€ 4,025	€ 4,959

Remuneration of the Company's key management personnel

12 Months Ended

Dec. 31, 2023

Remuneration of the Company's key management personnel

Remuneration of the Company's key management personnel

18. Remuneration of the Company’s key management personnel

Total remuneration of key management personnel

Remuneration of the Company’s key management personnel was as follows :

2021

2022

2023

Management

Supervisory

Management

Supervisory

Management

Supervisory

Remuneration of key management

Board

EUR k

Short-term benefits

3,098

646

3,067

669

3,757

674

Termination benefits

—

1,871

—

Share-based payments

12,673

566

6,689

478

4,300

652

Total

15,771

1,212

9,756

1,147

9,928

1,326

Out of the total remuneration, for Management Board EUR 1,551k (2022: EUR 852k, 2021: EUR 1,323k) and for the Supervisory Board EUR 158k (2022: EUR 0k, 2021: EUR 0k) are outstanding, as of December 31, 2023.

In 2023, 105,260 RSUs were granted to the Supervisory Board and 207,481 RSUs and 144,379 options were granted to the Executive Board. During the year, 21,413 RSUs were transferred to the Supervisory Board and 139,027 RSUs were transferred to the Executive Board. No options were exercised from the Key Management Personnel. For more detailed information we refer to Note 10.

Notes to the consolidated financial statements - Grants with government agencies and similar bodies (Details) € in Thousands, $ in Thousands, item in Millions	1 Months Ended												12 Months Ended				24 Months Ended
	Oct. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Nov. 30, 2020 EUR (€) item	Nov. 30, 2020 USD ($) item	Aug. 31, 2019 EUR (€)	Aug. 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Nov. 30, 2017 EUR (€)	Nov. 30, 2017 USD ($)	Nov. 30, 2016 EUR (€)	Nov. 30, 2016 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Jul. 31, 2020 EUR (€)	May 31, 2020 USD ($)	Jan. 31, 2020 USD ($)
Notes to the consolidated financial statements
Income from release of governmental contract liabilities	€ 574,502															€ 574,502
Receipts from grants from government agencies and similar bodies																93,531
Advance Purchase Agreement with European Commission
Notes to the consolidated financial statements
Number of doses of SARS-CoV-2 advance purchase by the Member States under agreement \| item				225	225
Upfront Payment Received	450,000			€ 450,000
Payment of accrued other liabilities of upfront payment													€ 4,114
Maximum grant	€ 0
Accrued other liability for up-front payment															€ 4,114
GSK
Notes to the consolidated financial statements
Compensation consist for set-up activities															20,500
Reimbursement of prepayments															12,000
German Federal Ministry of Education and Research
Notes to the consolidated financial statements
Remaining grant income																65,000
Income from release of governmental contract liabilities													0		0	65,218
Maximum grant																		€ 252,000
Milestone payment received																	€ 196,300
German Federal Ministry of Education and Research \| Miscellaneous other operating income
Notes to the consolidated financial statements
Remaining grant income													3,064
Coalition for Epidemic Preparedness Innovations
Notes to the consolidated financial statements
Maximum grant \| $																			$ 15,300	$ 8,300
Maximum amount under the partnership agreement \| $								$ 34,000
Term of the partnership agreement								3 years
Period for which the costs are to be covered								6 months
Reimbursement of approved expenses													3		42	688
Grants received and deferred													305		309
Maximum unspent funds reimbursable \| $														$ 1,000
Bill & Melinda Gates Foundation (BMGF)
Notes to the consolidated financial statements
Receipts from grants from government agencies and similar bodies											€ 614	$ 653
Number of additional grants received									2	2
Amortization of the grants																488
Repayment of grant received from government													217
Grants received and deferred													1,430
Bill & Melinda Gates Foundation (BMGF), Grant for development of a universal influenza vaccine
Notes to the consolidated financial statements
Receipts from grants from government agencies and similar bodies				280	$ 322	€ 486	$ 540		€ 852	$ 1,000
Bill & Melinda Gates Foundation (BMGF), Grant for malaria vaccine
Notes to the consolidated financial statements
Receipts from grants from government agencies and similar bodies		€ 1,208	$ 1,449	€ 1,208	$ 1,449				€ 673	$ 800
Amortization of the grants													€ 66		167
Grants received and deferred															€ 1,712
Bundesministerium fr Bildung und Forschung
Notes to the consolidated financial statements
Income from release of governmental contract liabilities																€ 124,000

Equity - Overview and General Remarks (Details)	Dec. 31, 2023 € / shares shares
Common shares
Issued Capital and Reserves
Number of shares authorized	386,250,000
Notional value per share \| € / shares	€ 0.12
Preferred shares
Issued Capital and Reserves
Number of shares authorized	386,250,000
Number of shares issued	0

Share-based payments - Long-Term Incentive Plan (LTIP) (Details)												1 Months Ended	12 Months Ended
	Apr. 01, 2023 Option	Mar. 31, 2023 shares	Apr. 01, 2022 Option € / shares	Mar. 31, 2022	Mar. 01, 2022 $ / shares	Jan. 01, 2022 Option € / shares	Aug. 01, 2021 Option	Jul. 01, 2021 Option € / shares	Mar. 01, 2021 Option € / shares	Dec. 01, 2020 Option	Nov. 16, 2020 Option € / shares	Jan. 31, 2022	Dec. 31, 2023 Option	Dec. 31, 2022 Option € / shares	Dec. 31, 2022 $ / shares	Apr. 01, 2022 $ / shares	Jan. 01, 2022 $ / shares	Dec. 31, 2021 € / shares	Dec. 31, 2021 $ / shares	Jul. 01, 2021 $ / shares	Mar. 01, 2021 $ / shares	Nov. 16, 2020 $ / shares
Share-based payments
Exercise price of options granted \| $ / shares					$ 19.35
Vesting percentage (as a percent)					25.00%
Number of days increase related to percentage of stock price													10 days
LTIP Stock Options
Share-based payments
Number of share options granted					130,000
LTIP Stock Options \| Chief Scientific Officer
Share-based payments
Number of share options granted					25,000						266,155
Exercise price of options granted \| € / shares											€ 10.04
Threshold duration of volume weighted average price											10 days
Vesting period (in years)											4 years
Vesting percentage (as a percent)											25.00%
Percentage of increase in share price											20.00%
Exercised during the period													0	(6,303)
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer
Share-based payments
Number of share options granted					25,000					266,156
Vesting period (in years)											10 years
Percentage of increase in share price											10.00%
Number of days increase related to percentage of stock price														10 days
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Minimum
Share-based payments
Vesting period (in years)											1 year
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Maximum
Share-based payments
Vesting period (in years)											3 years
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| First tranche
Share-based payments
Exercise price of options granted \| (per share)											€ 43.87			€ 81.65	$ 98.57			€ 81.48	$ 98.36			$ 52.96
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Second tranche
Share-based payments
Exercise price of options granted \| (per share)																		€ 33.07	$ 39.92
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Third tranche
Share-based payments
Exercise price of options granted \| (per share)														€ 7.35	$ 7.68
LTIP Stock Options \| Key employees
Share-based payments
Number of share options granted			700			9,500			2,000
Exercise price of options granted \| (per share)			€ 17.45			€ 30.67			€ 77.73							$ 19.28	$ 33.87				$ 88.16
Threshold duration of volume weighted average price			10 days	10 years		30 days			10 days
Vesting period (in years)			4 years			4 years			4 years
Vesting percentage (as a percent)			25.00%						25.00%			25.00%
Percentage of increase in share price			20.00%						10.00%			20.00%
Number of days increase related to percentage of stock price												10 days
LTIP Stock Options \| Chief Operating Officer
Share-based payments
Number of share options granted					25,000
Exercise price of options granted \| (per share)								€ 70.92												$ 84.03
Threshold duration of volume weighted average price								20 days
Vesting period (in years)								4 years
Vesting percentage (as a percent)								25.00%
Percentage of increase in share price								20.00%
Number of days increase related to percentage of stock price								10 days
Exercised during the period								(20,000)
LTIP Stock Options \| Chief Development Officer
Share-based payments
Exercise price of options granted \| (per share)								€ 46.16												$ 54.79
Vesting period (in years)								4 years
Vesting percentage (as a percent)								25.00%
Percentage of increase in share price								20.00%
Number of days increase related to percentage of stock price								10 days
Exercised during the period							(30,000)
LTIP Stock Options \| Chief Financial Officer
Share-based payments
Number of share options granted					25,000
LTIP Stock Options \| the Chief Executive Officer
Share-based payments
Number of share options granted	144,379				30,000
Restricted Stock Units
Share-based payments
Vesting percentage (as a percent)													0.33%
Restricted Stock Units \| LTIP Stock Options
Share-based payments
Vesting period (in years)														3 years
Vesting percentage (as a percent)													0.33%
Restricted Stock Units \| Members of supervisory board \| LTIP Stock Options
Share-based payments
Number of share options granted \| shares		92,701

Other financial assets

12 Months Ended

Dec. 31, 2023

Other financial assets

Other financial assets

7. Other financial assets

Other financial assets as of December 31, 2023 amounted to EUR 2,661k (2022: EUR 4,487k) mainly include deposits held by third parties in amount of EUR 1,936k (2022: EUR 1,936k) and other receivables in the amount of EUR 726k (2022: EUR 2,551k).

Accounting Policies - Estimated useful life of right-of-use assets (Details)	12 Months Ended
	Dec. 31, 2023
Land, Buildings and supply installations \| Minimum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	1 year
Land, Buildings and supply installations \| Maximum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	15 years
Vehicles \| Minimum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	3 years
Vehicles \| Maximum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	4 years
Other equipment \| Minimum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	2 years
Other equipment \| Maximum
Disclosure of quantitative information about right-of-use assets
Estimated useful lives of right-of-use assets (in years)	5 years

Notes to the consolidated financial statements - Other operating income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the consolidated financial statements
Compensation for CMO/Materials transfer	€ 2,429	€ 35,393
Reimbursement claim	860	610
Sale of equipment	1,195	785
Grants and other reimbursements from government agencies and similar bodies	3,566	440	€ 66,394
Other	1,101	704	1,308
Total	€ 9,151	€ 37,932	€ 67,702

Equity - Impact of share split (Details) - shares	12 Months Ended
Equity - Impact of share split (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Issued Capital and Reserves
Common shares issued and outstanding beginning	194,997,091	187,120,728	180,460,565
Share option exercises			910,163
Shares issued to former shareholders of Frame Pharmaceuticals		858,496
Shares issued for LTIP option exercises and RSU deliveries	216,338	109,374
Common shares issued and outstanding ending	223,988,675	194,997,091	187,120,728
Follow-on public offering, incl. Greenshoe
Issued Capital and Reserves
Capital Investment			5,750,000
ATM Offering Program
Issued Capital and Reserves
Shares issued	1,748,218	6,908,493
Public offering of common shares
Issued Capital and Reserves
Shares issued	27,027,028

Share-based payments - Restricted Stock Units expense (Details) - Restricted Stock Units - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cost of Sales	€ (331)
Research and development expenses	(1,719)	€ (909)	€ (240)
Selling and distribution expenses	(269)	(199)	(82)
General and administrative expenses	(1,753)	(2,000)	(383)
Total	€ (4,072)	€ (3,108)	€ (705)

Subsequent events (Details) - VSOP - EUR (€) € in Millions			1 Months Ended
Subsequent events (Details) - VSOP - EUR (€) € in Millions	Mar. 26, 2024	Mar. 22, 2024	Mar. 31, 2024
Subsequent events
Number of shares issued for exercise of stock options		786,746
Number of shares received		786,746
Beneficiaries declared the exercise of all their exercisable	786,746
Minimum
Subsequent events
Distribution costs			€ 2
Maximum
Subsequent events
Distribution costs			€ 3

Remuneration of the Company's key management personnel (Tables)

12 Months Ended

Dec. 31, 2023

Remuneration of the Company's key management personnel

Schedule of remuneration of company's key management personnel

2021

2022

2023

Management

Supervisory

Management

Supervisory

Management

Supervisory

Remuneration of key management

Board

EUR k

Short-term benefits

3,098

646

3,067

669

3,757

674

Termination benefits

—

1,871

—

Share-based payments

12,673

566

6,689

478

4,300

652

Total

15,771

1,212

9,756

1,147

9,928

1,326

Notes to the consolidated financial statements - Additional Information (Details) € in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2020 EUR (€) item	Aug. 31, 2014 EUR (€)	Dec. 31, 2023 EUR (€) item	Dec. 31, 2022 EUR (€) item	Dec. 31, 2021 EUR (€)	Apr. 30, 2021 EUR (€)	Dec. 31, 2019 USD ($)	Nov. 30, 2017 USD ($)
Notes to the Consolidated Statements of Operations
Revenue recognized			€ 53,758	€ 67,420	€ 102,990
Proceeds from issuing shares			€ 235,840		404,062
Number of collaboration partners that owed 100% of all the receivables and contract assets outstanding \| item			2	2
Number of collaboration partners with balances greater than 10% of the total amounts of receivable and contract assets \| item			2	1
Research And Development Services Combined With Ip License Member
Notes to the Consolidated Statements of Operations
Revenue recognized			€ 31,051	€ 44,787	79,827
Product
Notes to the Consolidated Statements of Operations
Revenue recognized			11,395	19,571	22,706
Research and development services
Notes to the Consolidated Statements of Operations
Revenue recognized			11,312	3,062	457
Boehringer Ingelheim
Notes to the Consolidated Statements of Operations
Revenue recognized			0	0	26,003
Upfront Payments Received Or Receivable		€ 30,000
Option Fee payment		5,000
Additional development milestone payments		€ 7,000
Upfront Payment Revenue Recognized From Termination Of Agreement			14,003
Ifrs Option Fee Payment Included In Contract Liabilities			5,000
Development milestone payment included in contract liabilities			7,000
CRISPR Therapeutics
Notes to the Consolidated Statements of Operations
Revenue recognized			5,425	3,370	919
Upfront Payments Received Or Receivable \| $								$ 3
Genmab \| Collaboration and License Agreement
Notes to the Consolidated Statements of Operations
Revenue recognized			1,197	1,787	1,770
Upfront Payments Received Or Receivable \| $							$ 10
Equity investment \| $							$ 20
GSK [Member] \| Collaboration Agreement For Research, Development, Manufacturing And Commercialization Of mRNA-based Vaccines
Notes to the Consolidated Statements of Operations
Revenue recognized			27,740	41,379
GSK [Member] \| GlaxoSmithKline COVID Agreement
Notes to the Consolidated Statements of Operations
Revenue recognized			10,530	20,884
Upfront Payments Received Or Receivable						€ 75,000
GSK [Member]
Notes to the Consolidated Statements of Operations
Proceeds from issuing shares	€ 150,000
Upfront Payments Received Or Receivable	120,000		220,000
Amount Eligible To Receive As One Time Reimbursable Payment For Manufacturing Capacity Reservation	30,000
Amount Eligible To Receive As Development And Regulatory Milestone Payments	320,000
Amount Eligible To Receive As Commercial Milestone Payments	€ 380,000
Number of performance obligations \| item	2
GSK [Member] \| Belgium
Notes to the Consolidated Statements of Operations
Revenue recognized			€ 47,128	€ 62,263	€ 74,298

Notes to the consolidated financial statements (Tables)

12 Months Ended

Dec. 31, 2023

Notes to the consolidated financial statements

Schedule of revenue from contract with customers recognized


	December 31
	2021	2022	2023
	EUR k	EUR k	EUR k
Belgium
GSK	74,298	62,263	47,128
Germany
Boehringer Ingelheim	26,003	—	—
Netherlands
Genmab	1,770	1,787	1,197
Switzerland
CRISPR	919	3,370	5,425
Others
Others	—	—	8
Total	102,990	67,420	53,758

Summary of upfront payments and related revenues recognized


		Upfront and milestone payments included
	Upfront and milestone payments	in contract liabilities at		Revenue recognized from upfront and milestone payments
Customer		December 31, 2022	December 31, 2023	2021	2022	2023

	(in k)	EUR k	EUR k	EUR k
GSK	EUR 220,000	102,804	88,715	51,728	42,690	29,089
Boehringer Ingelheim	EUR 30,000	—	—	14,003	—	—
Genmab	USD 10,000 (EUR 8,937) *	3,575	2,383	1,787	1,787	1,192
CRISPR	USD 4,500 (EUR 3,947)*	929	1,582	310	310	770
Total		107,308	92,680	67,828	44,787	31,051

Schedule of contract balances


	December 31,	December 31,
	2022	2023
	EUR k	EUR k
Trade receivables	6,295	14,326
Contract assets	2,707	2,758
Contract liabilities	107,308	92,680

Schedule of contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end


	Year ended December 31,
	2022	2023
	EUR k	EUR k
Within one year	34,759	44,580
More than one year	72,549	48,100
Total	107,308	92,680

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:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(22,159)	(27,185)	(37,734)
Materials	(46,250)	(88,891)	(59,641)
Third-party services	(139,975)	(32,331)	(9,398)
Maintenance and lease	(2,874)	(2,425)	(2,672)
Amortization and depreciation	(3,992)	(6,295)	(4,850)
Impairment of equipment	(22,810)	(24,948)	(8,085)
Other	(135)	(1,918)	(1,986)
Total	(238,195)	(183,993)	(124,366)

Selling and distribution expenses consist of the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(1,369)	(2,029)	(3,425)
Maintenance and lease	(1)	(35)	(45)
Amortization and depreciation	(86)	(336)	(18)
Other	(287)	(417)	(424)
Total	(1,743)	(2,817)	(3,912)

R&D expenses consist of the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Materials	(232,292)	(32,982)	(19,126)
Personnel	(33,733)	(33,944)	(43,267)
Amortization and depreciation	(4,259)	(8,650)	(8,539)
Patents and fees to register a legal right	(3,199)	(3,813)	(6,666)
Third-party services	(539,786)	20,499	(28,587)
Maintenance and lease	(347)	(1,069)	(7,287)
Other	(2,291)	(2,591)	(2,252)
Total	(815,907)	(62,550)	(115,724)

General and administrative expenses include the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(37,393)	(36,765)	(28,996)
Maintenance and lease	(4,306)	(5,853)	(5,353)
Third-party services	(28,875)	(27,669)	(29,920)
Legal and other professional services	(9,230)	(10,394)	(10,160)
Amortization and depreciation	(8,895)	(11,360)	(13,821)
Other	(11,703)	(12,137)	(3,508)
Total	(100,402)	(104,178)	(91,758)

Schedule of nature of expenses

The nature of the expenses is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(94,655)	(99,924)	(113,422)
Materials	(278,542)	(121,873)	(78,767)
Third-party services	(708,636)	(39,501)	(67,905)
Maintenance and lease	(7,528)	(9,381)	(15,356)
Amortization and depreciation	(17,232)	(26,641)	(27,229)
Impairment of equipment	(22,810)	(24,948)	(8,085)
Patents and fees to register a legal right	(3,199)	(3,813)	(6,666)
Legal and other professional services	(9,230)	(10,394)	(10,160)
Other	(14,415)	(17,064)	(8,170)
Total	(1,156,247)	(353,539)	(335,760)

Schedule of other operating income


	2021	2022	2023
	EUR k	EUR k	EUR k
Compensation for CMO/Materials transfer	—	35,393	2,429
Reimbursement claim	—	610	860
Sale of equipment	—	785	1,195
Grants and other reimbursements from government agencies and similar bodies	66,394	440	3,566
Other	1,308	704	1,101
Total	67,702	37,932	9,151

Income tax - Schedule of deferred taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Recognized profit and loss	€ (84)	€ 26
Recognized Equity		(1,590)
Acquired in Business combination		(19)
Deferred tax assets	7,777	7,969
Deferred tax liability	(6,583)	(6,691)
Deferred Taxes Total	1,194	1,278	€ 2,861
CureVac Corporate Services
Income tax
Recognized profit and loss	1,172
Intangible assets
Income tax
Net balance	(1,412)
Recognized profit and loss	188
Acquired in Business combination		(1,412)
Net balance	(1,224)	(1,412)
Deferred tax liability	(1,224)	(1,412)
Property, plant and equipment
Income tax
Net balance	(2,774)	(5)
Recognized profit and loss	(665)	(2,769)
Net balance	(3,439)	(2,774)
Deferred tax assets		34
Deferred tax liability	(3,439)	(2,808)
Right of use-assets
Income tax
Net balance	(12,364)	(663)
Recognized profit and loss	312	(11,701)
Net balance	(12,052)	(12,364)
Deferred tax liability	(12,052)	(12,364)
Other assets
Income tax
Net balance	(90)
Recognized profit and loss	90	(90)
Net balance		(90)
Deferred tax liability		(90)
Inventories
Income tax
Net balance		(9)
Recognized profit and loss	52	9
Net balance	52
Deferred tax assets	52
Prepaid expenses and other assets
Income tax
Net balance	1,428	(181)
Recognized profit and loss		1,609
Net balance	1,428	1,428
Deferred tax assets	1,428	1,428
Trade receivables
Income tax
Net balance	(47)	97
Recognized profit and loss	62	(144)
Net balance	15	(47)
Deferred tax assets	15
Deferred tax liability		(47)
Cash and cash equivalents
Income tax
Net balance	(1,014)	(87)
Recognized profit and loss	1,003	(927)
Net balance	(11)	(1,014)
Deferred tax assets	1
Deferred tax liability	(12)	(1,014)
Share-based payments
Income tax
Net balance	3,994	2,769
Recognized profit and loss	(3,498)	2,815
Recognized Equity		(1,590)
Net balance	496	3,994
Deferred tax assets	496	3,994
Lease liabilities (Non-current)
Income tax
Net balance	10,514	622
Recognized profit and loss	(14)	9,892
Net balance	10,500	10,514
Deferred tax assets	10,500	10,514
Other liabilities (Non-current)
Income tax
Net balance	51	(129)
Recognized profit and loss	(118)	180
Net balance	(67)	51
Deferred tax assets		84
Deferred tax liability	(67)	(33)
Trade and other payables
Income tax
Net balance	(184)	(23)
Recognized profit and loss	42	(161)
Net balance	(142)	(184)
Deferred tax liability	(142)	(184)
Lease liabilities (Current)
Income tax
Net balance	1,345	156
Recognized profit and loss	(152)	1,189
Net balance	1,193	1,345
Deferred tax assets	1,193	1,345
Other liabilities (Current)
Income tax
Net balance	420	20
Recognized profit and loss	(508)	400
Net balance	(88)	420
Deferred tax assets	49	625
Deferred tax liability	(137)	(205)
Tax losses carried forward
Income tax
Net balance	1,411	294
Recognized profit and loss	3,122	(276)
Acquired in Business combination		1,393
Net balance	4,533	1,411
Deferred tax assets	4,533	1,411
Netting
Income tax
Deferred tax assets	10,490	11,466
Deferred tax liability	€ (10,490)	€ (11,466)

Related party disclosures

12 Months Ended

Dec. 31, 2023

Related party disclosures

Related party disclosures

19. Related party disclosures

Parent and ultimate controlling party

As disclosed in Note 1, during fiscal 2023, dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, was the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between approximately 37-43 % during that period. dievini is thus 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.

Transfer of shares from the former major shareholders

As discussed in Note 10, due to certain virtual share exercises under the Prior VSOP during the year 2023: 0 (2022:777,260) common shares were transferred to the Company by the former major shareholders, with no consideration paid in exchange, and all of these shares were subsequently transferred to fulfill obligations from option exercises.

Dietmar Hopp

During 2019, Dietmar Hopp, principal of dievini Hopp BioTech holding GmbH & Co. KG (dievini), the majority shareholder of the Group, granted two convertible loans to the Group which were terminated in July 2020 and fully repaid in August 2020. Additionally, in 2020, DH-LT Investments GmbH, a company beneficially owned by Dietmar Hopp, managing director of dievini, the Groups largest shareholder, purchased EUR 100,000k of the Group’s common shares at the price of USD 16 per share. In 2023 a total of EUR 1k (2022: EUR 58k) was paid to dievini Hopp BioTech Holding GmbH & Co. KG as a reimbursement of travel cost.

Immatics Biotechnologies GmbH

In August 2023, a purchase agreement between CureVac Manufacturing GmbH and Immatics Biotechnologies GmbH was entered into. CureVac purchased technical equipment of containers which CureVac will use as a facility in the future. dievini held 16.7% of the shares in Immatics N.V. (Immatics) as of December 31^st, 2023 per the Form 20-F of Immatics filed in March 2024. CureVac paid EUR 178k under this agreement.

Key management personnel compensation

Referring to key management personnel compensation we refer to Note 18.

Key management personnel transactions

Franz-Werner Haas

In Q1 2023, a consulting agreement between CureVac SE and Franz-Werner Haas was executed. In 2023 CureVac paid EUR 65k under this agreement. The payment was partially compensated by Franz-Werner Haas taking over his former company car for EUR 40k.

Alexander Zehnder

In Q1 2023, a first addendum to the future service agreement was entered into to ensure a smooth transition from CEO Franz-Werner Haas to the new CEO Alexander Zehnder. Total compensation amounted to EUR 51k during the month of March.

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 which amounted to EUR 100k was made to fulfil a contractual obligation from the consulting agreement in place before Antony Blanc joined the Management Board. In addition to his Management Board position at CureVac, Antony also took over the role as Management Director at CureVac Belgium SA. He executed this function by using Clarentis SRL. As it relates to these services in 2023, CureVac paid EUR 85k in 2023 (2022: EUR 69k, 2021: EUR 0k). The amounts invoiced for this function/services are offset/deducted from his base compensation for his function on the Board of Management of CureVac. As Antony Blanc has left the company as of November 30, 2023, CureVac and Antony Blanc signed a settlement agreement as of September 26, 2023. Under this agreement CureVac incurred cost of EUR 107k for Clarentis SRL entity in 2023.

Dr. Ingmar Hörr

Due to the exercise of the Prior VSOP award in December 2022, CureVac had a receivable position of EUR 573k as per year-end for the income tax and social security liability. CureVac has received the money in February 2023.

Florian von der Mülbe

Due to the exercise of the Prior VSOP award in December 2022, CureVac had a receivable position of EUR 559k as per year-end for the income tax and social security liability. CureVac has received the money in February 2023.

Consulting agreements between CureVac Printer GmbH and Florian von der Mülbe related to the years 2022 to 2024 have been executed. In 2023 CureVac paid EUR 146k under such agreement related to 2022.

Mariola Fotin-Mleczek

In 2022, a consulting agreement between CureVac and Mariola Fotin-Mleczek was made. In 2023 a total amount of EUR 2k (2022: EUR 20k) was paid.

Due to the exercise of the Prior VSOP award in December 2022, CureVac had a receivable position of EUR 131k as per year-end for the income tax and social security liability. CureVac has received the money in February 2023.

Barker BioMedical GmbH

In Q1 2023, a consulting agreement between CureVac SE and Barker BioMedical GmbH was executed. Barker BioMedical GmBH is a wholly owned consulting company of Debra Barker, Supervisory Board member of CureVac. In 2023 CureVac paid EUR 14k under this agreement.

Craig Tooman

In Q1 2023, a consulting agreement between CureVac SE and Craig Tooman was executed. In 2023, CureVac paid EUR 5k under this agreement.

Ralf Clemens

In Q3 2023, a consulting agreement between CureVac and GRID EUROPE was executed. GRID EUROPE is a wholly owned consulting company of Ralf Clemens, who was a member of the supervisory board up to September 30, 2023. CureVac incurred EUR 23k under this agreement in 2023.

Indemnification Agreements

The Company’s articles of association require it to indemnify its current and former managing directors and supervisory directors in relation to acts or omissions in the performance of their duties to the fullest extent permitted by law, subject to certain exceptions. We entered into indemnification agreements with all our managing directors and supervisory directors.

Other related party transactions

Rittershaus Rechtsanwaelte

Since December 15, 2005, a consultant agreement is in place for an indefinite term with Rittershaus. The agreement can be terminated without notice by CureVac and with notice of three months to the end of the quarter by Rittershaus. In fiscal 2023, consulting fees of EUR 212k (2022: EUR 518k, 2021: EUR 757k) were paid to the Rittershaus. Additionally, EUR 16k were owed for services rendered in 2023 and paid in 2024. Prof. Dr. Christof Hettich is managing director of Rittershaus and was managing director at dievini until June 2022 as well.

BePharBel Manufacturing S.A.

In December 2020, CureVac Manufacturing GmbH (formerly CureVac Real Estate GmbH) and BePharBel Manufacturing S.A., entered into a commercial supply agreement to develop and manufacture the diluent that was expected to be used to dilute the Group’s first concentrated COVID-19 vaccine candidate, CVnCoV, to the amount specified by each dose level. Pursuant to the terms of the agreement, it was intended that BePharBel Manufacturing would manufacture and deliver to CureVac Manufacturing GmbH a low seven figure amount of commercial batches of diluent per year, in 2021 and 2022. Following the withdrawal of the CVnCoV in October 2021 due to COVID-19 virus drift, WHO COVID vaccine efficiency recommendation and market expectations, CureVac Manufacturing GmbH terminated the commercial and supply agreement with BePharBel and entered into negotiations on a structured and rapid wind-down of the ordered production. The Parties agreed on a settlement in May 2022 of all claims resulting from the commercial and supply agreement for an amount of EUR 3,900k, which had been recognized in provisions, based on estimate, as of December 31, 2021. In total an amount of EUR 4,016k was paid. Baron Jean Stéphenne, our Supervisory Board member, holds directly and indirectly 15.61% of BePharBel Manufacturing’s equity and is a director of BePharBel Manufacturing, and Baron Jean Stéphenne’s son, Vincent Stéphenne, holds 1.43% of BePharBel Manufacturing’s equity and is a managing director of BePharBel Manufacturing.

Notes to the consolidated statements of cash flows

12 Months Ended

Dec. 31, 2023

Notes to the consolidated statements of cash flows

Notes to the consolidated statements of cash flows

16. Notes to the consolidated statements of cash flows

Changes in liabilities arising from financing activities

Foreign

January 1,

Other

Accrued

Paid

Exchange

December 31,

in thousands of EUR

2023

Cash flows

Reclassification

Disposals

Changes

interest

Interest

Movements

2023

Payment of lease liabilities (Note 4.2)

42,086

(7,568)

—

(2,998)

7,986

—

2,375

(57)

41,824

Total liabilities from financing activities

42,086

(7,568)

—

(2,998)

7,986

—

2,375

(57)

41,824

Foreign

January 1,

Other

Accrued

Paid

Exchange

December 31,

in thousands of EUR

2022

Cash flows

Reclassification

Disposals

Changes

interest

Interest

Movements

2022

Payment of lease liabilities (Note 4. 2)

28,892

(6,439)

—

17,241

—

2,218

174

42,086

Total liabilities from financing activities

28,892

(6,439)

—

17,241

—

2,218

174

42,086

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
Inventories (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	€ 24,801	€ 23,989
Increase in inventory	811
Raw materials write-off	47,129	€ 80,021	€ 185,832
Inventory piling for pandemic preparedness agreement	€ 62,082

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2023

Prepaid expenses and other current assets

Prepaid expenses and other current assets

8. Prepaid expenses and other current assets

Prepaid expenses and other current assets of EUR 23,763k (2022: EUR 40,002k) include prepayments for future service agreements and material in the amount of EUR 1,075k (2022: EUR 4,507k), deferred charges of EUR 5,463k (2022: EUR 5,345k) and receivables of EUR 4,344k (2022: EUR 5,595k). For more details, refer to Note 3.8. As of December 31, 2023, we had tax receivables, mainly VAT refund claims, of EUR 12,881k in other current assets (2022: EUR 24,555k).

Share-based payments - Prior VSOP - Expenses (Details) - Prior VSOP - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Cost of Sales	€ (9)
Selling and distribution expenses	(6)	€ (8)	€ (25)
Research and development expenses	46	(45)	(369)
General and administrative expenses	(41)	(78)	(230)
Total	€ (10)	€ (131)	€ (624)

Equity - Follow-on public offering (Details) € in Thousands	1 Months Ended				12 Months Ended
Equity - Follow-on public offering (Details) € in Thousands	Feb. 28, 2023 EUR (€) shares	Feb. 28, 2023 $ / shares	Feb. 28, 2021 EUR (€) shares	Feb. 28, 2021 $ / shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2021 EUR (€)
Issued Capital and Reserves
Proceeds from issuing shares					€ 235,840	€ 404,062
Closing of public offering of common shares
Issued Capital and Reserves
Capital increase (in shares) \| shares	27,027,028		5,000,000
Weighted average share price \| $ / shares		$ 9.25		$ 90.00
Proceeds from issuing shares	€ 219,832		€ 426,652
Share issue related cost	€ 14,580		€ 22,590
Over-Allotment Option
Issued Capital and Reserves
Capital increase (in shares) \| shares			750,000

Equity - Exercises of share options under the VSOP plan and legacy program (Details)	1 Months Ended		12 Months Ended
	Oct. 31, 2021 shares	Aug. 31, 2020 shares	Dec. 31, 2023 shares	Dec. 31, 2022 Option shares
Old VSOP Plan
Equity
Number of shares received	765,223	759,677	777,260	786,746
Number of shares held for payable of tax liabilities	523,897	390,023
Number of shares issued for exercise of stock options	241,326	369,654
New VSOP Plan
Equity
Number of shares issued for exercise of stock options			69,246	147,620
Forfeiteded during the period \| Option				96,785
Legacy plan
Equity
Number of share options granted			0

Accounting Policies - Estimated useful lives Intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
Software \| Minimum
Disclosure of detailed information about intangible assets
Estimated useful lives (in years)	3 years
Software \| Maximum
Disclosure of detailed information about intangible assets
Estimated useful lives (in years)	10 years
Licenses \| Minimum
Disclosure of detailed information about intangible assets
Estimated useful lives (in years)	8 years
Licenses \| Maximum
Disclosure of detailed information about intangible assets
Estimated useful lives (in years)	20 years
Technology
Disclosure of detailed information about intangible assets
Estimated useful lives (in years)	8 years

Related party disclosures (Details) € in Thousands					1 Months Ended		3 Months Ended	12 Months Ended
Related party disclosures (Details) € in Thousands	Mar. 22, 2024 shares	Dec. 12, 2022 shares	Oct. 18, 2021 shares	Mar. 10, 2021 shares	Aug. 31, 2023 EUR (€)	May 31, 2022 EUR (€)	Mar. 31, 2023 EUR (€)	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2019 loan	Sep. 30, 2021 EUR (€)
Related party disclosures
Consulting fees								€ 212	€ 518
Amount paid										€ 25,000
Common shares
Related party disclosures
Price per share \| $ / shares											$ 16
Prior VSOP
Related party disclosures
Number of shares received \| shares	786,746	777,260	765,223	759,677				0	777,260
Dietmar Hopp
Related party disclosures
Number of convertible loans \| loan												2
Dietmar Hopp \| Common shares
Related party disclosures
Number of shares issued \| shares										100,000,000	100,000,000
Dievini Hopp BioTech holding GmbH & Co. KG
Related party disclosures
Reimbursement of travel cost								€ 1	€ 58
Clarentis SRL
Related party disclosures
Contractual obligation amount													€ 100
Expense recognized from related party transaction								107
BePharBel Manufacturing S.A
Related party disclosures
Settlement amount						€ 3,900
Amount paid										€ 4,016
Franz-Werner Haas
Related party disclosures
Expense recognized from related party transaction								65
Payment compensated								40
Alexander Zehnder
Related party disclosures
Expenses to handle future service agreement							€ 51
Barker BioMedical GmbH
Related party disclosures
Expense recognized from related party transaction								14
Craig Tooman
Related party disclosures
Expense recognized from related party transaction								€ 5
Rittershaus Rechtsanwaelte
Related party disclosures
Notice period for termination at the option								3 months
Consulting fees										€ 757
Service rendered issue								€ 16
Mariola Fotin-Mleczek
Related party disclosures
Consulting fees								2	20
Income tax and social security liability receivable									131
Florian von der Mlbe
Related party disclosures
Income tax and social security liability receivable									559
Dr. Ingmar Hrr
Related party disclosures
Income tax and social security liability receivable									573
Immatics Biotechnologies GmbH
Related party disclosures
Equity interest held					16.70%
Purchases of related party					€ 178
CureVac Printer GmbH
Related party disclosures
Consulting fees								146
Grid Europe
Related party disclosures
Expense recognized from related party transaction								23
Baron Jean Stephenne
Related party disclosures
Equity interest held										15.61%
Vincent Stephenne
Related party disclosures
Equity interest held										1.43%
Antony Blanc \| Clarentis SRL
Related party disclosures
Consulting fees								€ 85	€ 69	€ 0

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other payables.

Schedule of trade and other payables


	2022	2023
	EUR k	EUR k
Trade payables	68,246	46,365
Miscellaneous liabilities	5,217	1,668
Total	73,463	48,033

Share-based payments - Long-Term Incentive Plan (LTIP) - Inputs used in the measurement of the fair value at grant date (Details)																	12 Months Ended
	Apr. 01, 2023 Y € / shares	Apr. 01, 2023 Y $ / shares	Apr. 01, 2022 € / shares	Apr. 01, 2022 $ / shares	Mar. 01, 2022 Y € / shares	Jan. 01, 2022 Y € / shares	Jan. 01, 2022 Y $ / shares	Aug. 01, 2021 € / shares	Aug. 01, 2021 $ / shares	Jul. 01, 2021 € / shares	Jul. 01, 2021 $ / shares	Mar. 01, 2021 € / shares	Dec. 01, 2020 Y € / shares	Dec. 01, 2020 Y $ / shares	Nov. 16, 2020 Y € / shares	Nov. 16, 2020 Y $ / shares	Dec. 31, 2023 $ / shares
Share-based payments
Exercise price						€ 30.67
Expected life (years) \| Y					2.33
LTIP Stock Options
Share-based payments
Weighted average fair value per option					€ 4.86
Weighted average share price					15.07
Exercise price					€ 18.37
LTIP Stock Options \| Minimum
Share-based payments
Expected volatility (%)					73.87%
Risk-free interest rate (%)					2.34%
LTIP Stock Options \| Maximum
Share-based payments
Expected volatility (%)					86.09%
Risk-free interest rate (%)					3.21%
LTIP Stock Options \| Chief Scientific Officer
Share-based payments
Weighted average fair value per option															€ 57.40
Weighted average share price															50.01
Exercise price \| (per share)															€ 10.04	$ 11.90
Expected volatility (%)															62.06%	62.06%
Expected life (years) \| Y															1.82	1.82
LTIP Stock Options \| Chief Scientific Officer \| Minimum
Share-based payments
Risk-free interest rate (%)															0.07%	0.07%
LTIP Stock Options \| Chief Scientific Officer \| Maximum
Share-based payments
Risk-free interest rate (%)															1.48%	1.48%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| First tranche
Share-based payments
Weighted average fair value per option													€ 48.27
Weighted average share price \| (per share)													67.12	$ 81.03
Exercise price \| (per share)													€ 43.87	$ 52.96
Expected volatility (%)													62.27%	62.27%
Expected life (years) \| Y													1.78	1.78
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| First tranche \| Minimum
Share-based payments
Risk-free interest rate (%)													0.07%	0.07%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| First tranche \| Maximum
Share-based payments
Risk-free interest rate (%)													1.50%	1.50%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Second tranche
Share-based payments
Weighted average fair value per option													€ 24.36
Weighted average share price \| (per share)													81.48	$ 98.36
Exercise price \| (per share)													€ 81.48	$ 98.36
Expected volatility (%)													62.27%	62.27%
Expected life (years) \| Y													2.23	2.23
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Second tranche \| Minimum
Share-based payments
Risk-free interest rate (%)													0.07%	0.07%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Second tranche \| Maximum
Share-based payments
Risk-free interest rate (%)													1.50%	1.50%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Third tranche
Share-based payments
Weighted average fair value per option													€ 20.01
Weighted average share price \| (per share)													81.65	$ 98.57
Exercise price \| (per share)													€ 81.65	$ 98.57
Expected volatility (%)													62.27%	62.27%
Expected life (years) \| Y													2.66	2.66
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Third tranche \| Minimum
Share-based payments
Risk-free interest rate (%)													0.07%	0.07%
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer \| Third tranche \| Maximum
Share-based payments
Risk-free interest rate (%)													1.50%	1.50%
LTIP Stock Options \| Key employees
Share-based payments
Weighted average fair value per option			€ 6.81			14.31						€ 0.65
Weighted average share price			17.45			€ 30.67						77.73
Exercise price \| (per share)			€ 17.45	$ 19.28			$ 34.87					€ 77.73					$ 88.16
Expected volatility (%)			50.91%	50.91%		72.17%	72.17%					73.00%
Expected life (years)			2.16	2.16		2.16	2.16					2.15
Risk-free interest rate (%)			2.67%	2.67%
LTIP Stock Options \| Key employees \| Minimum
Share-based payments
Risk-free interest rate (%)						0.40%	0.40%					0.08%
LTIP Stock Options \| Key employees \| Maximum
Share-based payments
Risk-free interest rate (%)						1.15%	1.15%					0.49%
LTIP Stock Options \| Chief Operating Officer
Share-based payments
Weighted average fair value per option										€ 17.56
Weighted average share price										56.51
Exercise price \| (per share)										€ 70.92	$ 84.03
Expected volatility (%)										70.95%	70.95%
Expected life (years)										4.5	4.5
LTIP Stock Options \| Chief Operating Officer \| Minimum
Share-based payments
Risk-free interest rate (%)										0.099%	0.099%
LTIP Stock Options \| Chief Operating Officer \| Maximum
Share-based payments
Risk-free interest rate (%)										0.903%	0.903%
LTIP Stock Options \| Chief Development Officer
Share-based payments
Weighted average fair value per option								€ 17.56
Weighted average share price								41.81
Exercise price \| (per share)								€ 46.16	$ 84.03
Expected volatility (%)								75.13%	75.13%
Expected life (years)								4.6	4.6
LTIP Stock Options \| Chief Development Officer \| Minimum
Share-based payments
Risk-free interest rate (%)								0.075%	0.075%
LTIP Stock Options \| Chief Development Officer \| Maximum
Share-based payments
Risk-free interest rate (%)								0.704%	0.704%
Former Chief Executive Officer Grant
Share-based payments
Weighted average fair value per option	€ 3.55
Weighted average share price	6.12
Exercise price \| (per share)	€ 6.12	$ 6.66
Expected volatility (%)	75.00%	75.00%
Expected life (years) \| Y	3.39	3.39
Risk-free interest rate (%)	3.70%	3.70%

Notes to the consolidated financial statements

12 Months Ended

Dec. 31, 2023

Notes to the consolidated financial statements

Notes to the Consolidated Statements of Operations

3. Notes to the consolidated financial statements

3.1 Revenue from contract with customers

The Group recognized the following revenues in 2021, 2022 and 2023:


	December 31
	2021	2022	2023
	EUR k	EUR k	EUR k
Belgium
GSK	74,298	62,263	47,128
Germany
Boehringer Ingelheim	26,003	—	—
Netherlands
Genmab	1,770	1,787	1,197
Switzerland
CRISPR	919	3,370	5,425
Others
Others	—	—	8
Total	102,990	67,420	53,758

During the fiscal year ended December 31, 2023, the Company recognized revenues over-time (i) EUR 31,051k (2022: EUR 44,787k, 2021: EUR 79,827k) related to delivery of research and development services combined with an IP license (recognized from the upfront payments and achievement of certain milestones as further illustrated in the table below) and (ii) EUR 11,395k (2022: EUR 19,571k, 2021: EUR 22,706k) from those research and development services considered distinct within the agreements and recognized revenues at point-in-time (iii) EUR 11,312k (2022: EUR 3,062k, 2021: EUR 457k) related to delivery of products.

GlaxoSmithKline

In July 2020, the Group entered a collaboration with GSK for the research, development, manufacture and commercialization of mRNA-based vaccines and monoclonal antibodies targeting infectious disease pathogens. In addition to an equity investment of EUR 150,000k as part of the 2020 Private Investment, GSK made a non-refundable upfront cash payment of EUR 120,000k which was deferred upon receipt and recognized as a contract liability. Additionally, the Group is eligible to receive a one-time reimbursable payment of EUR 30,000k for manufacturing capacity reservation, upon certification of CureVac’s commercial scale manufacturing facility currently under construction in Germany as well as to receive development and regulatory milestone payments of up to EUR 320,000k, commercial milestone payments of up to EUR 380,000k and tiered royalties on product sales. GSK will fund R&D activities incurred by CureVac related to the development projects covered by the collaboration. CureVac will be responsible for the research and development in collaboration with GSK up to the submission to authorities, after which GSK will be responsible, including commercialization. CureVac will be responsible for the manufacturing of the product candidates, including for commercialization, and will retain commercialization rights for selected countries for all product candidates. This contract consists of two performance obligations. Performance obligation one consists of a combined performance where CureVac grants its customer a license which is bundled with research and development services relating to the technology. The group accounts for this as a single obligation overtime. The second performance obligation consists of research and development project work which is recognized over-time. The upfront payment, attributable to the IP license, is being recognized straight-line from the effective date of the collaboration agreement through to the agreed estimated submission date for authority approval. In the year ended December 31, 2023, EUR 27,740k (2022: EUR 41,379k) 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. In 2023, less revenue was released than originally anticipated, due to changes of the estimated project timelines.

Additionally, in April 2021, the Group entered into a new collaboration agreement with GSK, which we refer to as the GSK COVID Agreement, pursuant to which we are collaborating with GSK to research, develop and manufacture next-generation mRNA vaccines targeting the original SARS-CoV-2 strain as well as emerging variants, including multivalent and monovalent approaches (“GSK COVID Products”), such as the CureVac’s second-generation COVID-19 vaccine candidate, CV2CoV. These vaccine candidates may either be used to protect unvaccinated individuals or to serve as boosters in the event that SARS-CoV-2 immunity gained from an initial vaccination reduces over time. The GSK COVID Agreement was amended and restated in September 2021. Pursuant to the amendment in September 2021, CureVac and GSK are required to complete certain development activities with respect to the GSK COVID Products set forth in updated development plans. CureVac and GSK agree to decide whether the GSK COVID Products required for clinical studies will be manufactured by CureVac, GSK or jointly.

Under the GSK COVID Agreement, GSK has paid CureVac an upfront payment of EUR 75,000k in 2021. Under the terms of the 2020 GSK Agreement, CureVac granted GSK a worldwide exclusive, sublicensable (subject to certain conditions) license under certain of our intellectual property relating to vaccines and antibodies encoded by our proprietary mRNA targeting certain selected pathogens, or GSK Program Products, and a non-exclusive license under certain LNP technology to develop, manufacture and commercialize a certain number of such GSK Program Products for use in connection with the infectious diseases targeted under the 2020 GSK Agreement. CureVac also granted GSK an exclusive option, after a certain date, to obtain exclusive licenses to develop, manufacture and commercialize CVnCoV and boosters for such vaccine. CureVac and GSK agreed to equally share all development costs for GSK COVID Products, subject to certain exceptions. CureVac and GSK will share all net profits generated from sales of GSK COVID Products, other than certain products defined in the agreement as “Combination Products”, under profit sharing arrangements that in certain cases vary depending upon the GSK COVID Product in question, the time of sale, the number of doses sold and the party to whom the sale is made. This contract consists of a bundled performance obligation where CureVac grants its customer a license which is bundle with research and development services relating to the technology. The group accounts for this as a single obligation overtime. For the equally shared development costs CureVac accounts for the GSK share as a research and development expense and reimbursements from GSK for CureVac’s share are offset against research and development expense. CureVac is eligible to receive tiered royalty payments ranging from a low-teen percentage to a mid-teen percentage of net sales of Combination Products, subject to certain customary reductions. Under the GSK COVID Agreement, CureVac has the right to commercialize GSK COVID Products in Austria, Germany and Switzerland and if CureVac exercises such right, CureVac’s sales of GSK COVID Products, other than Combination Products will be subject to the profit share and CureVac will be required to pay GSK a high-teen percentage royalty on net sales of all Combination Products in such countries. In the year ended December 31, 2023, EUR 10,530k (2022: EUR 20,884k) in revenue was recognized under the GSK COVID Agreement.

Boehringer Ingelheim

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, in 2014, an upfront payment of EUR 30,000K, as well as, an option fee payment of EUR 5,000K and in 2018 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. Upon termination of the Boehringer Agreement, the rights and licenses granted by the Group to Boehringer Ingelheim reverted 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 assigned 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 a result of the termination in 2021, the remaining contract liability, related to the upfront payment, EUR 14,003k was recognized over a shorter period through the termination date. In addition, the option fee payment of EUR 5,000k and the additional EUR 7,000k development milestone were recognized in 2021. Therefore, for the year ended December 31, 2023, EUR 0k (2022: EUR 0k, 2021: 26,003k) was recognized related to this agreement.

CRISPR Therapeutics Development and License Agreement

In November 2017, we entered into a Development and License Agreement with CRISPR Therapeutics, which, as amended by amendments entered into in June 2020 and in October 2023, we refer to as the CRISPR Therapeutics Agreement, pursuant to which we will develop novel Cas9 mRNA constructs for use in gene editing therapeutics. CureVac and CRISPR confirmed to stop working on two programs under the CRISPR Therapeutics Agreement and added three new programs. CRISPR Therapeutics has paid us an upfront one-time technology access fee of USD 3 million and certain additional amounts under the second amendment, which are recognized straight-line from the effective date of the collaboration agreement through to the date of market entry of a product developed under the agreement. In the year ended December 31, 2023, EUR 5,425k (2022: EUR 3,370k, 2021: EUR 919k) in revenue was recognized under this agreement.

Genmab Collaboration and License Agreement

In December 2019, the Group entered into a Collaboration and License Agreement with Genmab, which we refer to as the Genmab Agreement, to research and develop up to four potential differentiated mRNA-based antibody products, to be selected by Genmab, based on the combination of our proprietary RNAntibody technology with Genmab’s proprietary antibody technology for the treatment of human diseases.

In June 2023, Genmab notified the Group of its intent to terminate the Genmab First Program under the Genmab Agreement effective in September 2023. Such termination did not terminate the Genmab Agreement in its entirety, but rather only with respect to certain license and exclusivity provisions related to the Genmab First Program. Under the Genmab Agreement, the Group further grants Genmab a license for the preclinical development of up to four additional mRNA antibody product concepts and options to obtain commercial licenses under CureVac’s mRNA technology to develop, manufacture and commercialize product candidates for up to three of such product concepts.

In partial consideration for entering into the Genmab Agreement, in 2019 Genmab made a USD 20 million equity investment and paid us an upfront fee of USD 10 million, which was recognized through the date of market entry of a product developed under the agreement until August 2023 (no recognition from September 2023 onwards). In the year ended December 31, 2023, EUR 1,197k (2022: EUR 1,787k, 2021: 1,770k) in revenue was recognized under 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 or upon termination of the agreement, when no services are provided anymore. Below is a summary of such payments and the related revenues recognized over-time:


		Upfront and milestone payments included
	Upfront and milestone payments	in contract liabilities at		Revenue recognized from upfront and milestone payments
Customer		December 31, 2022	December 31, 2023	2021	2022	2023

	(in k)	EUR k	EUR k	EUR k
GSK	EUR 220,000	102,804	88,715	51,728	42,690	29,089
Boehringer Ingelheim	EUR 30,000	—	—	14,003	—	—
Genmab	USD 10,000 (EUR 8,937) *	3,575	2,383	1,787	1,787	1,192
CRISPR	USD 4,500 (EUR 3,947)*	929	1,582	310	310	770
Total		107,308	92,680	67,828	44,787	31,051

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

Contract balances:


	December 31,	December 31,
	2022	2023
	EUR k	EUR k
Trade receivables	6,295	14,326
Contract assets	2,707	2,758
Contract liabilities	107,308	92,680

Contract liabilities include advances received from the Group’s license and collaboration agreements.

Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end are as follows:


	Year ended December 31,
	2022	2023
	EUR k	EUR k
Within one year	34,759	44,580
More than one year	72,549	48,100
Total	107,308	92,680

Trade receivables are non-interest bearing and are generally settled within 30 to 45 days.

As of December 31, 2023, the Group had two collaboration partners (2022: two) that owed 100% (2022: 100)% of all the receivables and contract assets outstanding. There were two collaboration partners (2022: one) with balances greater than 10% of the total amounts of receivable and contract assets.

The nature of expenses recognized in the functional categories of the statement of operations are as follows:

3.2 Cost of sales

The cost of sales consists of the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(22,159)	(27,185)	(37,734)
Materials	(46,250)	(88,891)	(59,641)
Third-party services	(139,975)	(32,331)	(9,398)
Maintenance and lease	(2,874)	(2,425)	(2,672)
Amortization and depreciation	(3,992)	(6,295)	(4,850)
Impairment of equipment	(22,810)	(24,948)	(8,085)
Other	(135)	(1,918)	(1,986)
Total	(238,195)	(183,993)	(124,366)

During the year ended December 31, 2023, cost of sales mainly decreased compared to the same period of 2022 due to higher material costs in the prior year, which were driven by write-offs of raw materials originally procured for the manufacturing of products intended to be sold to GSK. However, these raw materials were no longer expected to be sold to them (refer to Note 6 for further information). Additionally, in the prior year, the Company recognized a higher impairment of assets held for sale (refer to Note 5 for further information). Personnel expenses increased mainly due to increased workforce in the manufacturing organization.

3.3 Selling and distribution expenses

Selling and distribution expenses consist of the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(1,369)	(2,029)	(3,425)
Maintenance and lease	(1)	(35)	(45)
Amortization and depreciation	(86)	(336)	(18)
Other	(287)	(417)	(424)
Total	(1,743)	(2,817)	(3,912)

During the year ended December 31, 2023, selling and distribution expenses increased compared to the same period of 2022. The increase was primarily attributable to higher personnel expenses mainly related to the satellite offices in Belgium and the US.

3.4 Research and development (R&D) expenses

R&D expenses consist of the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Materials	(232,292)	(32,982)	(19,126)
Personnel	(33,733)	(33,944)	(43,267)
Amortization and depreciation	(4,259)	(8,650)	(8,539)
Patents and fees to register a legal right	(3,199)	(3,813)	(6,666)
Third-party services	(539,786)	20,499	(28,587)
Maintenance and lease	(347)	(1,069)	(7,287)
Other	(2,291)	(2,591)	(2,252)
Total	(815,907)	(62,550)	(115,724)

During the year ended December 31, 2023, research and development expenses increased significantly in comparison to the same period of 2022, as the prior period was largely impacted by the reversal of provision for onerous contracts in the amount of EUR

38,533k as a result of more participants leaving the clinical trials, prior to completion, than originally estimated and of renegotiations of contracts with CROs. Additionally in 2022, GSK took over the Group’s committed capacity at Novartis (see Note 3.8 for additional information) which resulted in a reduction in the estimated contract termination provisions in the amount of EUR 25,059k. The net effect of these two events resulted in an overall gain within the Third-party services category. The period of 2021 was largely impacted by the Group´s CVnCoV program. These expenses consist primarily of cost incurred to CROs involved in the CVnCoV development as well as materials used in the administration of clinical trials.

Since inception through December 31, 2023, the Group had no development expenditures which met the requirements for capitalization and thus none have been capitalized. In 2021, according to the terms and conditions of the grant from the German Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung, or BMBF), the Group earned income (recognized in other operating income) for certain eligible expenses incurred for the COVID-19 vaccine development; refer to Note 3.7 for more information on amounts recognized from this grant in the year ended December 31, 2021.

Personnel expenses increased mainly due to increased workforce and the acquisition of Frame Pharmaceuticals. Additionally, share-based payment expense was higher compared to prior year period (refer to Note 10 for further details).

3.5 General and administrative expenses

General and administrative expenses include the following:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(37,393)	(36,765)	(28,996)
Maintenance and lease	(4,306)	(5,853)	(5,353)
Third-party services	(28,875)	(27,669)	(29,920)
Legal and other professional services	(9,230)	(10,394)	(10,160)
Amortization and depreciation	(8,895)	(11,360)	(13,821)
Other	(11,703)	(12,137)	(3,508)
Total	(100,402)	(104,178)	(91,758)

During the year ended December 31, 2023, general and administrative expenses decreased in comparison to the same period of 2022. The decrease was primarily attributable to less personnel expenses due to lower workforce in the corporate service functions. Others include mainly expenses for D&O insurance and allocations.

3.6 Expenses by nature

The nature of the expenses is as follows:


	2021	2022	2023
	EUR k	EUR k	EUR k
Personnel	(94,655)	(99,924)	(113,422)
Materials	(278,542)	(121,873)	(78,767)
Third-party services	(708,636)	(39,501)	(67,905)
Maintenance and lease	(7,528)	(9,381)	(15,356)
Amortization and depreciation	(17,232)	(26,641)	(27,229)
Impairment of equipment	(22,810)	(24,948)	(8,085)
Patents and fees to register a legal right	(3,199)	(3,813)	(6,666)
Legal and other professional services	(9,230)	(10,394)	(10,160)
Other	(14,415)	(17,064)	(8,170)
Total	(1,156,247)	(353,539)	(335,760)

We refer to Notes 3.2 - 3.5 for additional information.

3.7. Income from release of governmental contract liabilities

Due to the withdrawal of the EMA regulatory approval application for CVnCoV, in October 2021, CureVac recorded in 2021 “Income from release of governmental contract liabilities” amounting to EUR 574,502k, which is explained further below. There was no such event in 2022 and 2023.

Advance Purchase Agreement with European Commission

On November 30, 2020, CureVac entered into an Advance Purchase Agreement (APA) with the European Commission (EC), acting on behalf and in the name of all Member States of the European Union. The APA provided for the advance purchase by the Member States of 225 million doses of our SARS-CoV-2 vaccine. In order to support our accelerated efforts to develop a safe and effective vaccine, the APA provided support to our operations in the form of up-front payments. The first up-front payment of EUR 450 million was paid by the EC on behalf of the Member States and was included in contract liabilities as of December 31, 2020.

The second up-front payment would have had been due after the submission of the interim data package to the EMA in view of obtaining EC marketing authorization for CVnCoV. The up-front payments were designed to support the development and prepare the commercial supply of the vaccine.

In October 2021, we notified the EC of the withdrawal of our regulatory approval application for CVnCoV, which notification automatically terminated the APA. According to the APA, in such case of termination, CureVac would return the unspent amount of the up-front payment. In the context of the APA, “spent” means either costs occurred, or commitments made in relation to the purpose as set out in the APA. CureVac demonstrated that the up-front payment was used in accordance with the contract and no repayment was required.

As described above, CureVac recognized the consideration related to its delivery obligations, existing at the outset of the arrangement, as contract liabilities. Upon the automatic termination of the APA, the ability for CureVac to satisfy the contractual performance obligations of the arrangement ceased and the EC ceased to have the ability to exercise its rights for performance by the CureVac. As such, the substance of the arrangement changed from a revenue contract to that of a government grant. Due to the material magnitude of the amount, its non-recurring nature and to better enable comparability to past performance and predictability of future performance, CureVac recognized the EUR 450 million into income in an additional line item “Income from release of governmental contract liabilities” in the 2021 statement of operations. The “spent” amounts incurred by CureVac, and which demonstrate use of the up-front payment, have been included in “Research and development expenses” (refer to Note 3.4).

Additionally, CureVac was required to transfer, upon EC’s request any raw material and primary components paid for with the up-front payment and not used as of the termination date. Should the EC request any raw material and primary components or should CureVac successfully sell some of these, an applicable portion of raw material, primary components or proceeds would be remitted to the EC. This agreement expired at the end of 2022 and an amount of EUR 4,114k was accrued as ‘other liabilities’ as of December 31, 2022 for the related amount due to be remitted to the EC. As of December 31, 2023, the accrued amount of EUR 4,114k was paid to the EC.

German Federal Ministry of Education and Research

In 2020, the Company announced that the German Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung), or BMBF, a German government-related entity,had established a grant to support the development and production of its COVID-19 vaccine candidates. In July 2020, CureVac applied for this grant as part of a special program to accelerate the research and development of urgently needed vaccines against SARS-CoV-2. The grant amounted up to EUR 252 million and the payments were contingent to reaching predefined milestones. Based on the terms and conditions of the arrangement, the Company assessed the arrangement as having two components: a grant component and a supply component which were separated. The amount attributed to the supply of future deliveries was determined based on the relative stand-alone selling price of the vaccine observed in similar arrangements and is presented in contract liabilities.

The Company reached all the predefined milestones for 2020. Due to the withdrawal of the EMA regulatory approval application for CVnCoV in October 2021, CureVac was not able to reach all predefined milestones in 2021. From 2020 to December 2021, CureVac received a total of EUR 196.3 million. In November 2021, CureVac notified BMG of the inability to supply CVnCoV, triggering the automatic termination of the supply agreement.

Consistent with the rationale and treatment described above under the APA with the EC, the substance of the supply component of the BMBF arrangement changed from a revenue contract to that of a government grant and thus, consistent with the presentation of the contract liabilities under the APA, CureVac recognized the EUR 124 million in 2021 from the BMBF agreement as income in the line item “Income from release of governmental contract liabilities” and the corresponding expenses have been included in research and development expenses. The remaining amount of EUR 65 million, not related to the supply component, was reflected as grant income in “other operating income” in 2021. (Refer to Note 3.8).

3.8 Other operating income

Other operating income relates to:


	2021	2022	2023
	EUR k	EUR k	EUR k
Compensation for CMO/Materials transfer	—	35,393	2,429
Reimbursement claim	—	610	860
Sale of equipment	—	785	1,195
Grants and other reimbursements from government agencies and similar bodies	66,394	440	3,566
Other	1,308	704	1,101
Total	67,702	37,932	9,151

In March 2022, CureVac AG and GSK amended and restated the 2020 GSK agreement and the GSK COVID Agreement in connection with GSK entering into a direct agreement with Novartis for use of Novartis as a CMO at the same time as CureVac exited its CMO agreement with Novartis. Additionally, under the restated agreement, CureVac is entitled to further compensation by GSK. The compensation mainly consists of consideration for set-up activities undertaken by CureVac (EUR 20,500k) and for reimbursement of prepayments (EUR 12,000k), which were recognized in ‘Compensation for CMO/Materials transfer’ in other operating income during the year ended December 31, 2022.

In 2023, 2022 and 2021 income from grants with government agencies and similar bodies resulted from the following:

German Federal Ministry of Education and Research

As discussed in Note 3.7, in 2020 the Company received a grant from BMBF to support the development of its COVID-19 vaccine candidate for which it was determined the arrangement contained two components: a grant component (in the scope of IAS 20) and a supply component (in the scope of IFRS 15). The Group recognized grant income of EUR 65,218k from this grant. As the grant ended in 2021, no such income was recognized in 2022 and 2023.

In January 2024, CureVac has been granted the positive research allowance notice by the German Federal Ministry of Education and Research for the years 2020 - 2026. The research allowance is an instrument that provides tax relief for research expenditure by companies subject to tax in Germany - regardless of size, legal form and sector - and is intended to create incentives to invest in R&D. During the year ended December 31, 2023 the Group recognized EUR 3,064k for R&D projects as other operating income.

Coalition for Epidemic Preparedness Innovations

The Coalition for Epidemic Preparedness Innovations (CEPI) is an innovative partnership between public, private, philanthropic, and civil organizations, launched at the World Economic Forum in Davos in 2017, to develop vaccines to stop future epidemics. CEPI’s priority diseases include Ebola virus, Lassa virus, Middle East Respiratory Syndrome coronavirus, Nipah virus, Rift Valley Fever and Chikungunya virus. CEPI also invests in platform technologies that can be used for rapid vaccine and immunoprophylactic development against unknown pathogens (i.e., Disease X).

In February 2019, CureVac entered into a partnership agreement worth up to USD 34,000k with CEPI to further develop CureVac’s The RNA Printer™ prototype. Under the three-year partnership agreement, CureVac used its mRNA platform for the preclinical development of a Lassa virus vaccine (a high-priority disease on the World Health Organization R&D list), a yellow fever vaccine and CureVac’s rabies virus vaccine. Funds are received semi-annually in advance, to cover costs for the next six months. These payments are allocated to the agreed and signed statements of work. Management concluded that the arrangement should be accounted for by analogy to IAS 20.

CureVac is required to use reasonable efforts to achieve certain development milestones and is responsible for conducting certain clinical trials. In the event of an infectious disease outbreak, where such outbreak can be addressed by a Lassa virus, SARS-CoV-2 or future vaccine developed under the agreement, CureVac must manufacture such vaccine for use in the area affected by the outbreak on economic terms that satisfy CEPI’s equitable access guidelines or otherwise allow CEPI or a third party to supply such vaccine in the affected area.

CureVac is required to grant certain approved manufacturers all necessary rights to use certain of CureVac’s pre-existing IP and IP developed under the CEPI Agreement to further develop CureVac’s automation solution and manufacture products for the treatment of certain diseases in geographic areas where there is an outbreak on economic terms that satisfy CEPI’s equitable access guidelines. CureVac must provide all necessary commercially reasonable support to such approved manufacturers to facilitate such efforts.

CureVac solely owns all IP developed under the CEPI Agreement but is required to obtain CEPI’s consent prior to exploiting any IP developed under the CEPI Agreement if such exploitation is in conflict with or goes against CEPI´s mission or policies.

In the event that CEPI terminates the agreement, CureVac will grant CEPI a license under CureVac’s background IP and IP developed under the agreement to, among other things, develop and use CureVac’s RNA Printer for use in treating certain infectious diseases and to manufacture products developed under the agreement.

In January 2020, CureVac and CEPI entered 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.

During the year ended December 31, 2023, CureVac recognized the reimbursement of approved expenses of EUR 3k (2022: EUR 42k; 2021: EUR 688k) as “other operating income”.

As of December 31, 2023, EUR 305k in grant funds received have been deferred and are presented within other liabilities (2022: EUR 309k). Following the completion of the partnership agreement of February 2019 between CureVac and CEPI in May 2022, CEPI requested a partial reimbursement of the unspent funds up to USD 1,000k. Those were reclassified from other liabilities to trade and other payables as of December 31, 2022. As of December 31, 2023, these unspent funds were repaid to CEPI.

Bill & Melinda Gates Foundation (BMGF)

BMGF finances, in the form of grants, various programs that CureVac operates for the development of vaccines, hence promoting and accelerating the development of CureVac’s technology platform. Through its equity investment, BMGF supports mainly the development of CureVac’s technology platform including the construction of a production plant in accordance with the GMP (Good Manufacturing Practice) standard on an industrial scale.

In 2015, CureVac entered into a Global Access Commitments Agreement with the Bill & Melinda Gates Foundation pursuant to which the Company is required to take certain actions to support the Bill & Melinda Gates Foundation’s mission.

In November 2016, in connection with the Global Access Agreement, CureVac received a grant of USD 653k (EUR 614k) in funding for the development of a vaccine for picornaviruses. In November 2017, also in connection with the Global Access Agreement, the company received two additional grants: an amount of USD 1,000k (EUR 852k) was received for the development of a universal influenza vaccine and an amount of USD 800k (EUR 673k) was received for a malaria vaccine. In August 2019, the Company received a second payment for the universal influenza program amounting to USD 540k (EUR 486k). In November 2020, the Company received a third payment for the universal influenza program amounting to USD 322k (EUR 280k). In November and December 2020, the Company received further payment for the malaria program amounting to USD 1,449k (EUR 1,208k).

During the year ended December 31, 2023 CureVac recognized EUR 66k (2022: EUR 167k, 2021: EUR 488k) for services as other operating income. In addition, EUR 217k were repaid in 2023 to the Bill & Melinda Gates Foundation due to the closure of one project. The grant is released on a cost occurred basis.

As of December 31, 2023, EUR 1,430k in grant funds received have been deferred and presented within other liabilities (2022: EUR 1,712k).

Inventories

12 Months Ended

Dec. 31, 2023

Inventories

Inventories

6. Inventories

The inventories include only raw materials and supplies amounting to EUR 24,801k (December 31, 2022: EUR 23,989k), which are recoverable under the Company’s agreements with its collaboration partners. During the year ended December 31, 2023, the increase in inventory of EUR 811k is primarily due to purchases of raw material for R&D collaborations and for stockpiling towards the PPA of EUR 62,082k.

Timelines related to the Pandemic Preparedness Agreement were ambitious with the aim of providing acute pandemic preparedness in Germany in the context of emerging COVID-19 variants. In 2023, CureVac identified a risk that necessary regulatory approvals needed to meet these timelines may not be achieved within the contractually agreed timeframe. After consultation with ZEPAI, CureVac applied for a timeline extension as foreseen under the agreement to avoid procurement of further substantial amounts of raw material at risk. As of December 31, 2023, it was considered unlikely that the extension would be granted. Additionally, a rapidly changing epidemiological environment did no longer prompt an acute pandemic threat. Accordingly, inventories which had been stockpiled as required by the PPA, were written down to their net realizable value. Ultimately, the extension was not granted, whereupon CureVac and GSK jointly decided to terminate the agreement. For more detailed information we refer to Note 21. In total, inventory in the amount of EUR 47,129k was written - off as of year-end including write-off of materials received as part of Gen1 commitments. The residual amount was consumed.

The expense recognized related to the write-offs, scraps and consumption are mainly included in ‘Cost of Sales’. In the year 2022 EUR 80,021k were written off.

Corporate Information

12 Months Ended

Dec. 31, 2023

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.

With in - house manufacturing capabilities and expertise we are an integrated biopharmaceutical company. We consider our manufacturing process an important part of our strategy that allows us to continuously improve our technology platform and maintain flexibility in clinical development and allow us to manufacture potential future commercial products. The close interaction of our technical development and research teams enables us to rapidly implement innovations and robustness to the manufacturing process.

We were incorporated pursuant to the laws of the Netherlands as CureVac B.V. on April 7, 2020 to become a holding company for CureVac AG prior to our initial public offering. Pursuant to the terms of a corporate reorganization (the “Corporate Reorganization”), all of the outstanding shares in CureVac AG were contributed and transferred to CureVac B.V. in a capital increase in exchange for common shares of CureVac B.V. and, as a result, CureVac AG became a wholly-owned subsidiary of CureVac B.V. and then current shareholders of CureVac AG became the shareholders of CureVac B.V. Immediately following such exchange, and prior to the listing of our common shares on Nasdaq, we converted into a public company (naamloze vennootschap) under Dutch law pursuant to a Dutch notarial deed of amendment and conversion, following which our legal name became CureVac N.V. As part of our Corporate Reorganization, outstanding shares of all series in CureVac AG were exchanged for common shares in CureVac N.V.

We are registered in the commercial register at the Netherlands Chamber of Commerce under company number 77798031 (RSIN 861149336). Our principal executive offices are located at Friedrich-Miescher-Strasse 15, 72076 Tübingen, Germany.

During fiscal 2023, dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, was the largest shareholder of CureVac. Together with its related parties, dievini held shares and voting rights in CureVac between appr. 37 – 43 % (prior year: 43 – 46 %) 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 statements of cash flows - Financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes to the consolidated statements of cash flows
Beginning balance	€ 42,086	€ 28,892
Cash flows	(7,568)	(6,439)
Disposals	(2,998)
New leases	7,986	17,241
Paid Interest	2,375	2,218
Foreign Exchange Movements	(57)	174
Ending balance	41,824	42,086
Payment of lease liabilities
Notes to the consolidated statements of cash flows
Beginning balance	42,086	28,892
Cash flows	(7,568)	(6,439)
Disposals	(2,998)
New leases	7,986	17,241
Paid Interest	2,375	2,218
Foreign Exchange Movements	(57)	174
Ending balance	€ 41,824	€ 42,086

Earnings per share (Details) - € / shares	12 Months Ended
Earnings per share (Details) - € / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Weighted number of shares outstanding	220,833,271	189,074,911	186,012,586
Net loss per share basic (in dollars per share)	€ (1.18)	€ (1.32)	€ (2.21)
Dilutive share-based payment awards	1,788,206

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent events

Subsequent events

21. Subsequent events

In January 2024, positive interim data from the ongoing Phase 2 clinical program assessing monovalent and bivalent modified vaccine candidates against COVID-19 in comparison with a licensed bivalent mRNA-based comparator vaccine were published. The tested vaccine candidates are being developed in collaboration with GSK. Results from the interim analysis showed that both vaccine candidates using CureVac’s proprietary second-generation mRNA backbone produced meaningful immune responses and favorable tolerability profiles across all tested doses, including the lowest tested dose. All three tested dose levels were below those used in mRNA-based COVID-19 vaccines licensed in the U.S. and EU.

In March 2024, the beneficiaries of the Prior VSOP plan declared their intent to exercise their exercisable shares. The shares became exercisable on the third anniversary after IPO (August 14, 2023), because certain minimum trading volumes of the CureVac N.V. shares and liquidity levels had been reached. 786,746 virtual shares were exercised by March 22, 2024 and CureVac received 786,746 shares from the Prior VSOP holders on that day. On March 26, 2024, CureVac transferred 786,746 shares to the exercising beneficiaries.

In March 2024, the Company started a voluntary leaver program intended to align the workforce to the Company’s business scope and priorities. The business goal is to reduce 150 positions by year-end, including natural attrition. Unnecessary residual pandemic infrastructure is being adapted to significantly increase efficiency and performance while maintaining a strong focus on innovation and R&D activities. For this program we anticipate costs in a range between EUR 2 and 3 million.

In April 2024, promising interim data from the ongoing Phase 2 part of the combined Phase 1/2 study of a seasonal influenza vaccine candidate were reported. The multivalent candidate was designed for broad antigen coverage, encoding antigens matched to all four WHO-recommended flu strains. Results from the planned interim analysis showed that the multivalent vaccine candidate boosted antibody titers against all encoded flu strains and across all age groups and tested dose levels, including the lowest tested dose. The vaccine candidate was shown to have an acceptable safety and tolerability profile, with the majority of solicited adverse events reported as either grade 1 (mild) or grade 2 (moderate) within seven days of dosing. Among younger and older adults, geometric mean titers generated by the vaccine candidate against influenza A strains numerically exceeded the geometric mean titers of the licensed comparator vaccines consistently across all tested dose levels. For influenza B strains geometric mean titers were lower than those elicited by the licensed comparator vaccines across both age groups and tested dose levels. Targeted optimizations to further improve immune responses against influenza B strains will be assessed in an additional Phase 2 study.

In April 2024, the Company entered into a co-development and licensing agreement with The University of Texas MD Anderson Cancer Center for the development of novel mRNA-based cancer vaccines. The collaboration creates strong synergies between CureVac’s unique end-to-end capabilities for cancer antigen discovery, mRNA design, and manufacturing and MD Anderson’s expertise in cancer antigen discovery and validation, translational drug development, and clinical research. The collaboration will focus on the development of differentiated cancer vaccine candidates in selected hematological and solid tumor indications with high unmet medical need. Both parties will contribute to the identification of differentiated cancer antigens based on whole genome sequencing, combined with long- and short-read RNA sequencing and cutting-edge bioinformatics followed by joint preclinical validation of the highest-quality cancer antigens and selection of the most promising clinical-lead candidates for conducting initial Phase 1/2 studies in appropriate clinical indications.

In 2022, Curevac and GSK entered into a Pandemic Preparedness Agreement with the Federal Republic of Germany. Timelines related to the Pandemic Preparedness Agreement were ambitious with the aim of providing acute pandemic preparedness in Germany in the context of emerging COVID-19 variants. In 2023, CureVac identified a risk that necessary regulatory approvals needed to meet these timelines may not be achieved within the contractually agreed timeframe. After consultation with ZEPAI, CureVac applied for a timeline extension as foreseen under the agreement to avoid procurement of further substantial amounts of raw material at risk. As of December 31, 2023, it was considered unlikely that the extension would be granted. Additionally, a rapidly changing epidemiological environment did no longer prompt an acute pandemic threat. Accordingly, inventories which had been stockpiled as required by the PPA, were written down to their net realizable value. Ultimately, the extension was not granted, whereupon CureVac and GSK jointly decided to terminate the agreement. Despite the termination, CureVac’s GMP IV manufacturing plant for the large-scale production of mRNA-based vaccines will be completed. Contingent upon regulatory approval, the facility is expected to be certified mid-2024.

In April 2024, the Company announced the start of the Phase 1 part of a combined Phase 1/2 study of an investigational influenza A (H5N1) pre-pandemic vaccine candidate developed in collaboration with GSK. The H5N1 avian influenza virus is considered a potential future pandemic threat, able to cross species from its original bird host to humans. The monovalent vaccine candidate is based on CureVac’s proprietary second-generation mRNA backbone and encodes an influenza A H5-antigen. Avian influenza represents latest program progressing to clinical trials under broad infectious disease collaboration agreement with GSK.

In April 2024, the Company had the first ruling in one of its CMO arbitration. In August 2022, Rentschler Biopharma SE initiated arbitration proceedings according to the procedural rules of the German Arbitration Institute against the Company. Rentschler’s claims are based on the assumption that certain agreements between Rentschler and CureVac Manufacturing GmbH (then: CureVac Real Estate GmbH) have been terminated due to the withdrawal of the EMA dossier for CVnCoV or alternatively that CureVac would have been obliged to terminate these agreements. CureVac’s position always was that the agreements had ended upon expiration of their term. We did not believe that there was a legal basis for Rentschler’s claims and therefore defended ourselves against these claims in written submissions and the oral hearing in October 2023. In its final award rendered, the arbitration tribunal followed CureVac’s arguments and dismissed Rentschler’s claims in their entirety. The totality of Rentschler Biopharma SE related provision was reversed as of December 31, 2023.

Disclosure of financial instruments and management of financial risks - Foreign currency risk (Details) - Foreign currency risk € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
EUR \| Cash and cash equivalents
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			€ 57,061				€ 106,566
EUR \| Cash And Cash Equivalents, One
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			221
EUR \| Trade and other receivables
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			1,550
EUR \| Total monetary assets in foreign currency
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			58,832				106,566
EUR \| Trade and other payables
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			13,991				26,232
EUR \| Trade and other payables, One
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			54				87
EUR \| Trade and other payables, Two
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			2				13
EUR \| Total monetary liabilities in foreign currency
Disclosure of financial instruments and risk management
Exposure in (foreign) currency			€ 14,047				€ 26,332
USD \| Cash and cash equivalents
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $				$ 63,052				$ 113,664
USD \| Trade and other receivables
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $				1,713
USD \| Total monetary assets in foreign currency
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $								113,664
USD \| Trade and other payables
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $				$ 15,460				$ 27,979
CHF \| Cash And Cash Equivalents, One
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| SFr		SFr 205
CHF \| Trade and other payables, Two
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| SFr		SFr 2				SFr 13
GBP \| Trade and other payables, One
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| £	£ 47				£ 77

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies

Basis of preparation

Basis of preparation

Details of the Group’s accounting policies, including changes thereto are described below. The accounting policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

Basis of consolidation

The fiscal year of all Group entities corresponds to the calendar year ending December 31.

Business combinations and goodwill

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred over the fair value of net identifiable assets acquired and liabilities assumed).

After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Revenue recognition

In determining whether contractual promises are separately identifiable, the Group considers whether:

●

It provides a significant service of integrating the goods or services with other goods or services that represent the combined output or outputs for which the other party has contracted.

●

One or more of the goods or services significantly modifies or customizes one or more of the other goods or services promised in the agreement.

●

The goods or services the Group promised to transfer or to provide are highly interdependent or highly interrelated.

The Group may present the following contract balances:

●

Trade receivables — Represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due)

●

Contract liabilities — Represents the Group’s obligations to transfer goods or services to a customer for which the Group has received consideration (or consideration is due) from the customer

The Group recognizes revenue from contracts with customers relating to its core business. All other operating proceeds are presented as other operating income in the statements of operations.

Grants from government agencies and similar bodies

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

i) Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified into four categories:

●

financial assets at amortized cost (debt instruments);

●

financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments);

●

financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); or

●

financial assets at fair value through profit or loss.

In fiscal 2021, 2022, and 2023, the Group only had the following financial assets to be measured at amortized cost:

●

Cash and cash equivalents

●

Trade receivables

●

Other financial assets

Impairment of financial assets

An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss including contract assets.

For financial assets being due more than 30 days, a significant increase in credit risk is assumed.

ii) Financial liabilities

The Group’s material financial liabilities consists of lease liabilities and trade payables.

Acquired intangible assets

The estimated useful lives for each intangible asset class are as follows:


Software		3 to 10 years
Licenses		8 to 20 years
Technology		8 years

With the exception of goodwill, the Group does not have any intangible assets with indefinite useful lives.

Research and development costs

Property, plant and equipment


Leasehold improvements		1 to 15 years
Technical equipment and machines:		3 to 14 years
Other equipment, furniture and fixtures:		3 to 14 years

Impairment of non-financial non-current assets

Beginning in year 2022, goodwill is tested for impairment annually as of December 31 and when circumstances indicate that the carrying value may be impaired.

For 2023, impairment was evaluated for goodwill by assessing the recoverable amount on Group level. Impairment losses relating to goodwill cannot be reversed in future periods.

There was no impairment of goodwill in 2023. However, there were impairments of technical equipment amounting to EUR 1,374k; refer to Note 4.1 for additional information.

Non-current assets held for sale

Right-of-use assets


Land, Buildings and supply installations		1 to 15 years
Vehicles		3 to 4 years
Other equipment		2 to 5 years

Lease liabilities

Short-term leases and leases of low-value assets

Inventories

Costs incurred in bringing each product to its present location and condition are accounted for, as follows:

●

Raw materials: purchase cost on a first-in/first-out basis

●

Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overhead based on normal operating capacity, but excluding borrowing costs

Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank balances on-demand, and short-term deposits with original maturities of three months or less.

Onerous contracts

Share-based payment awards

The Group operates several share-based payment programs.

The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified.

Income Taxes

Tax loss carryforwards

Deferred income taxes

Current income tax

Segment Reporting

Significant accounting judgments, estimates and assumptions

Significant accounting judgments, estimates and assumptions

Judgments

Revenue recognition and collaboration agreements

The Group applied the following judgments in determining the amount and timing of revenue from collaboration agreements:

●

Identification and determination of the nature of performance obligations in collaboration and license agreements.

Estimates

Revenue recognition and collaboration agreements

•

Estimation of variable consideration and assessment of the constraint when determining the amount of revenue of which to defer recognition

•Estimation of determination of date of market authorization application for revenue release over-time

Accounting for non - current assets held for sale

Accounting for share-based payments

The Group has multiple share-based payment programs. Significant estimates are included in the determination of the grant date fair value of the awards.

Accounting for onerous contract provisions

Accounting for contract termination provisions

Changes in accounting policies and disclosures

New and amended standards and interpretations

The Group has not early adopted any standards, interpretations, or amendments that have been issued but are not yet effective.

Standards issued but not yet effective

The following amendments will be adopted effective January 1, 2024, or at a later effective date:

●

Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants

●

Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements

●

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

●

Amendments to IAS 21: Lack of Exchangeability

CureVac does not expect these standards to have an impact on the Group´s consolidated financial statements.

Income tax - Schedule of unused tax losses carried forward (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Unused tax losses for corporate income tax	€ 1,700,475	€ 1,427,735	€ 1,180,227
Unused tax losses for trade tax	1,685,517	1,419,217	1,175,846
Unused interest carryforward ("Zinsschranke")			2,879
Deferred tax assets, temporary differences	20,900	21,800
Temporary differences valuation of deferred tax assets	0	0	€ 0
Current tax assets	€ 5,201	€ 285

Other liabilities and provisions - Movements (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other liabilities and provisions
Beginning balance	€ 63,242
additions	980
used (amounts charged against the provision)	(1,174)
unused amounts reversed	(25,648)
Ending balance	37,400
Current	€ 37,400	€ 1,922
Non-current		€ 61,320

Disclosure of financial instruments and management of financial risks (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of financial instruments and management of financial risks

Schedule of maturity profile of the financial liabilities based on contractual undiscounted payments


	<1 year	1 to 5 years	> 5 years	Total
2023	EUR k	EUR k	EUR k	EUR k
Contractual commitments	(3,269)	—	—	(3,269)
Lease liabilities (Note 4.2)	(7,254)	(23,581)	(22,821)	(53,656)
Other liabilities and provisions (Note 12)	(88,117)	—	—	(88,117)
Trade and other payables (Note 11)	(48,033)	—	—	(48,033)
Total	(146,673)	(23,581)	(22,821)	(193,075)


	< 1 year	1 to 5years	> 5 years	Total
2022	EUR k	EUR k	EUR k	EUR k
Contractual commitments	(49,923)	(24,377)	—	(74,300)
Lease liabilities (Note 4.2)	(7,247)	(25,693)	(21,783)	(54,723)
Other liabilities and provisions (Note 12)	(41,447)	(62,286)	(20)	(103,753)
Trade and other payables (Note 11)	(73,463)	—	—	(73,463)
Total	(172,080)	(112,356)	(21,803)	(306,239)

Schedule of exposure in (foreign) currency


	2023 (in thousands)
Cash and cash equivalents	57,061	EUR	63,052	USD
	221	EUR	205	CHF
Trade and other receivables	1,550	EUR	1,713	USD
Total monetary assets in foreign currency	58,832	EUR
Trade and other payables	13,991	EUR	15,460	USD
	54	EUR	47	GBP
	2	EUR	2	CHF
Total monetary liabilities in foreign currency	14,047	EUR


	2022 (in thousands)
Cash and cash equivalents	106,566	EUR	113,664	USD
Trade and other receivables	—	EUR	—	USD
Total monetary assets in foreign currency	106,566	EUR	113,664	USD
Trade and other payables	26,232	EUR	27,979	USD
	87	EUR	77	GBP
	13	EUR	13	CHF
Total monetary liabilities in foreign currency	26,332	EUR

Net exposure in USD


2022 (1 EUR= 1.0666 USD)		2023 (1 EUR = 1.1050 USD)
EUR 77,649k from USD 82,822k		EUR 72,015k from USD 79,576k

Schedule of other variables held constant, pre-tax loss and post-tax loss


	Effect on pre-tax profit or loss		Effect on post-tax profit or loss
	Strengthening	Weakening	Strengthening	Weakening
31.12.2023 EUR against USD 10% movement	6,547	(8,002)	4,617	(5,644)
31.12.2022 EUR against USD 10% movement	7,059	(8,628)	4,978	(6,085)

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations

Schedule of fair value recognized on acquisition


in EUR thousands		Fair value recognized on acquisition
Non-current assets		6,592
Property, plant and equipment		206
Right-of-use assets		170
Intangible asset (Technology)		6,216
Current assets		966
Trade and other receivables		658
Cash and cash equivalents		308
Total assets		7,558
Non-current liabilities		134
Lease liabilities		114
Deferred tax liabilities (net of deferred tax assets)		20
Current liabilities		406
Lease liabilities		55
Accounts Payables		346
Other current liabilities		5
Total liabilities		540
Net assets acquired		7,018

Schedule of goodwill recognized as a result of the acquisition


in EURk
Consideration transferred		19,481
Net Assets acquired		(7,018)
Goodwill		12,463

Consolidated Statements of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Loss before income tax	€ (259,969)	€ (249,155)	€ (412,498)
Adjustments to reconcile loss before tax to net cash flows
Finance income	(16,731)	(4,009)	(10,103)
Finance expense	2,493	3,707	10,338
Depreciation and amortization	23,386	23,741	15,674
Impairment of property, plant and equipment	2,466	6,594	22,810
Loss on disposal of fixed assets	3,477	11,981	587
Impairment of assets held for sale	6,711	19,064
Impairment of inventory	47,129	80,021	185,832
Share-based payment expense	7,697	9,185	14,956
Income from release of governmental contract liabilities			(574,502)
Changes of provisions	(25,842)	(58,799)
Working capital changes
Decrease / (increase) in asset held for sale	1,337
Decrease / (increase) in trade receivables and contract assets	(8,082)	9,502	(16,682)
Decrease / (increase) in inventory	(47,940)	(47,851)	(227,460)
Decrease / (increase) in prepaid expenses and other assets	16,494	8,968	(3,118)
Receipts from grants from government agencies and similar bodies			93,531
(Decrease) / increase in trade and other payables and contract liabilities	(29,984)	(96,186)	179,316
(Decrease) / increase in other current financial and other liabilities			(20)
Decrease / (increase) in deferred taxes	(115)	4	(1,583)
Income taxes paid	(3,891)	(128)	(502)
Interest received	15,852	1,790	81
Interest paid	(2,375)	(4,606)	(9,785)
Net cash flow provided by (used in) operating activities	(267,887)	(286,177)	(733,128)
Investing activities
Purchase of property, plant and equipment	(52,320)	(88,023)	(124,222)
Purchase of intangible assets	(2,880)	(5,199)	(3,679)
Acquisition of subsidiary, net of cash acquired		(277)
Net cash flow provided by (used in) investing activities	(55,200)	(93,499)	(127,901)
Financing activities
Payments on lease obligations	(5,193)	(4,221)	(3,183)
Proceeds from the issuance of shares (net of transaction costs)	235,840		404,062
Payment on / proceeds from treasury shares/exercise of options	246	910	(30,915)
Proceeds from at-the-market offering program (net of transaction costs)		66,484
Repayment of the EIB loan			(25,000)
Net cash flow provided by financing activities	230,893	63,173	344,964
Net increase (decrease) in cash and cash equivalents	(92,194)	(316,503)	(516,065)
Effect of currency translation gains on cash and cash equivalents	(1,151)	836	4,936
Cash and cash equivalents, beginning of period	495,797	811,464	1,322,593
Cash and cash equivalents, end of period	€ 402,452	€ 495,797	€ 811,464

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity

Schedule of total shares


Common shares issued and outstanding at December 31, 2020		180,460,565
Follow-on public offering, incl. Greenshoe		5,750,000
Share option exercises		910,163
Common shares issued and outstanding at December 31, 2021		187,120,728
Shares issued as part of the at-the-market offering program		6,908,493
Shares issued to former shareholders of Frame Pharmaceuticals		858,496
Shares issued for LTIP option exercises and RSU deliveries		109,374
Common shares issued and outstanding at December 31, 2022		194,997,091
Shares issued as part of the at-the-market offering program		1,748,218
Shares issued as part of the public offering		27,027,028
Shares issued for LTIP option exercises and RSU releases		216,338
Common shares issued and outstanding at December 31, 2023		223,988,675

Other liabilities and provisions

12 Months Ended

Dec. 31, 2023

Other liabilities and provisions

Other liabilities and provisions

12. Other liabilities and provisions

Provisions include the following:


	2022	2023
	EUR k	EUR k
Contract termination provisions	61,320	—
Provisions (non-current)	61,320	—
Provision for onerous contracts	1,922	184
Contract termination provisions	—	37,216
Provisions (current)	1,922	37,400
Total Provisions (current & non-current)	63,242	37,400

Below are movements during the period:


		EUR k

As of January 1, 2023		63,242
additions		980
used (amounts charged against the provision)		(1,174)
unused amounts reversed		(25,648)
As of December 31, 2023		37,400
Current		37,400
Non-current		—

The provision for onerous contracts relates to CRO agreements and are expected to be settled within one year from December 31, 2023. All amounts recognized as of December 31, 2022 arose during 2021. During the year ended December 31, 2023, EUR 184k additional provisions were made, EUR 1,174k were utilized and EUR 748k were reversed. As described in Note 2, when initially measuring onerous contract provisions relating to CRO agreements, judgment was required in estimating the cost of the remaining services, particularly in estimating the number of participants completing the clinical trials.

Contract termination provisions relate to amounts which the Company expects to pay out to settle its obligations under certain CMO contracts which it has terminated. All amounts recognized as of December 31, 2023 arose during 2021 and 2022 except for EUR 646k in additional provisions made in 2023 and EUR 18,000k reversed during the year. As described in Note 2, judgment is required in estimating these amounts. The amount of the outflow of resources to settle the obligations to which these provisions relate may vary from the provision amount recognized as of December 31, 2023 due to potential variability in the amount required to be paid to ultimately release the company from its remaining obligations under the CMO contracts, including as a result of arbitration decisions. In its final award rendered, the arbitration tribunal followed CureVac’s arguments and dismissed Rentschler’s claims in their entirety. The totality of Rentschler Biopharma SE related provision of EUR 6,900k was reversed as of December 31, 2023. Contract terminations provisions were reclassed from Provisions (non-current) into Provisions (current) due to an expected settlement within one year.

Other liabilities include the following:


	2022	2023
	EUR k	EUR k
Deferred Tax Liability	19	—
Other liabilities (non-current)	19	—
Personnel accrued liabilities (e.g. bonus, vacation)	7,778	10,543
Grants from government agencies and similar bodies	2,021	1,735
Outstanding invoices	28,146	36,081
Professional fees	1,344	1,116
Other taxes	924	1,042
Other	278	200
Other liabilities (current)	40,491	50,717
Total other liabilities (current & non-current)	40,510	50,717

Business Combinations - Fair value recognized on acquisition (Details) - Frame Pharmaceuticals B.V., Amsterdam, Netherlands € in Thousands	Dec. 31, 2023 EUR (€)
Business Combinations
Non-current assets	€ 6,592
Property, plant and equipment	206
Right-of-use assets	170
Intangible assets (Technology)	6,216
Current assets	966
Trade and other receivables	658
Cash and cash equivalents	308
Total assets	7,558
Non-current liabilities	134
Lease liabilities	114
Deferred tax liabilities (net of deferred tax assets)	20
Current liabilities	406
Lease liabilities	55
Accounts Payables	346
Other current liabilities	5
Total liabilities	540
Net assets acquired	€ 7,018

Fixed Assets - Amounts recognized in the statement of operations (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed Assets
Depreciation expense of right-of-use assets	€ (5,772)	€ (5,053)	€ (3,901)
Impairment expense / reversal of impairment	(1,100)	(710)
Interest expense on lease liabilities	(2,375)	(2,218)	(1,729)
Expense relating to short-term leases (included in cost of sales)	(70)	(76)	(119)
Expense relating to leases of low-value assets (included in general and administrative expenses)	(55)	€ (66)	€ (39)
Income from sub-leasing right-of-use assets presented in "other operating income"	€ 51

Fixed Assets - Carrying amounts of lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed Assets
Balance at the beginning	€ 42,086	€ 28,892
Additions	4,988	17,241
Accretion of interest	(2,375)	(2,218)	€ (1,729)
Payments	(7,568)	(6,439)
Foreign currency translation	(57)	174
Balance at the end	41,824	42,086	€ 28,892
Current	5,005	4,980
Non-current	36,819	€ 37,106
Optional lease payments	€ 39,325

Share-based payments - New VSOP - Reconciliation of outstanding awards (Details) - New VSOP $ / shares in Units, € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023 Option	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 USD ($) EUR (€) shares $ / shares	Dec. 31, 2021 USD ($) EUR (€)	Dec. 31, 2021 USD ($) EUR (€) shares	Dec. 31, 2021 USD ($) EUR (€) $ / shares	Dec. 31, 2020 USD ($) EUR (€)
Share-based payments
Outstanding at the beginning of the period			102,108			349,424	906,595
Forfeiteded during the period						99,696
Exercised during the period		(69,246)	(69,246)			(147,620)	(557,171)	(557,171)
Outstanding at the end of the period			32,862			102,108	349,424			906,595
Thereof vested \| shares				32,862,000		59,942,000		88,464,000
Thereof exercisable						59,942	88,464	88,464	88,464
Provision for employer taxes \| $										$ 981
Average share price \| $ / shares					$ 9.90	$ 16.81			$ 61.28
Employer taxes payable \| $						$ 45	$ 51	$ 51	$ 51	$ 493
Maximum
Share-based payments
Remaining life of the options	5 years 8 months 12 days					6 years 10 months 24 days
Minimum
Share-based payments
Remaining life of the options	4 years 6 months					5 years 6 months
Exercise of options
Share-based payments
Exercised during the period \| shares						(147,620)

Share-based payments - Prior VSOP - Development of the virtual shares in this program granted to management and key employees (Details) € / shares in Units, € in Millions												12 Months Ended
	Mar. 26, 2024 shares	Mar. 22, 2024 shares	Aug. 14, 2023	Dec. 14, 2022 € / shares shares	Dec. 12, 2022 shares	Aug. 14, 2022	Oct. 19, 2021 EUR (€) € / shares shares	Oct. 18, 2021 shares	Mar. 11, 2021 EUR (€) € / shares shares	Mar. 10, 2021 shares	Aug. 14, 2020	Dec. 31, 2023 Option shares	Dec. 31, 2022 Option shares	Dec. 31, 2021 Option shares
Prior VSOP
Share-based payments
Right to exercise percentage of vested virtual shares			10.00%			10.00%					10.00%	10.00%
Number of shares issued for exercise of stock options \| shares		786,746			777,260			765,223		759,677
Number of shares received \| shares		786,746			777,260			765,223		759,677		0	777,260
Transfer from shareholders to company \| shares	786,746			777,260			523,897		390,023
Treasury shares transferred \| shares							241,326		369,654
Provision for employer taxes \| €							€ 8		€ 26
Average share price \| € / shares				€ 6.96			€ 34.56		€ 69.69
Former Chief Executive Officer Grant
Share-based payments
Outstanding at the beginning of the period \| Option												5,614,246	6,426,365	7,951,265
Forfeited during the period \| Option												(11,091)	(34,859)
Exercised during the period \| Option													(777,260)	(1,524,900)
Outstanding at the end of the period \| Option												5,603,155	5,614,246	6,426,365
Thereof vested \| shares												5,588,513	5,509,886	6,365,422
Thereof exercisable \| Option												0	0	0

Accounting Policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2023
Leasehold improvements \| Minimum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	1 year
Leasehold improvements \| Maximum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	15 years
Technical equipment and machines: \| Minimum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	3 years
Technical equipment and machines: \| Maximum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	14 years
Other equipment, furniture and fixtures: \| Minimum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	3 years
Other equipment, furniture and fixtures: \| Maximum
Disclosure of detailed information about property, plant and equipment
Estimated useful lives (in years)	14 years

Assets held for sale

12 Months Ended

Dec. 31, 2023

Assets held for sale

Assets held for sale

5. Assets held for sale

In 2022, Management decided to dispose of certain equipment which had been procured for CMO activities (CMO Equipment) but that was no longer planned to be used by the Company. An external service-provider was appointed on June 14, 2022 to organize the sale of the CMO Equipment. As of December 31, 2022, the CMO Equipment identified for sale had a gross book value of EUR 29,531k and was written down by EUR 19,064k (with the corresponding expense recognized in cost of sales) to EUR 10,467k, the fair value less anticipated costs to sell.

During fiscal year 2023 assets with a net book value of EUR 167k were classified as assets held for sale and assets held for sale with a net book value of EUR 1,505k were sold through direct sales and an external service provider, indicating the remaining assets held for sale’s carrying value might be further impaired. Based on fair value less costs of disposal calculations, and taking into account the most recent sales projections, including Q1 of 2024, the external service provider’s market expertise, and an assessment to date as prepared by management, the fair value at December 31, 2023 was lowered to EUR 2,419k by a decrease of EUR 6,711k (with the corresponding expense recognized in cost of sales). The assets held for sale have been valued taking into account the current market circumstances and demand for secondhand equipment for assets outside of warranty periods. Criteria for the determination of the fair value were defined based on certain sales scenarios and considering different sales campaigns, where valuation techniques applied have remained consistent to the prior year.

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations

Business Combinations

20. Business Combinations

Business Combination and Goodwill – Frame Acquisition

Effective July 1, 2022 (‘closing date’), CureVac acquired all shares of Frame Pharmaceuticals B.V., Amsterdam, Netherlands (‘Frame Pharmaceuticals’ or ‘Frame’). Frame Pharmaceuticals focuses on the development of a proprietary platform enabling the identification of structural changes within the cancer genome and has strong competencies in antigen discovery as well as validation for personalized cancer vaccines. In July 2022, Frame Pharmaceuticals was renamed CureVac Netherlands B.V.

In the purchase price agreement (‘SPA’) dated June 8, 2022, total consideration of up to EUR 32.0 million, subject to certain adjustments for vested and non-vested employee options of the acquiree plus an amount of EUR 1.56 million for the assumption of an outstanding obligation resulting from advisory services, was agreed. The consideration consisted of the transfer of shares in CureVac (‘CureVac Shares’) and minor cash payments.

The total consideration is split into three payments, two of which are contingent upon the achievement of defined milestones (contingent consideration). At the closing date, the consideration transferred was comprised of the following:

●

Issuance and transfer of 810,242 shares (EUR 11,040k) to former Frame shareholders. The respective share price of one CureVac Share was EUR 13.63 (‘Closing Share Price’).

●

Issuance and transfer of further 48,254 shares (EUR 658k, valued at the Closing Share Price) as consideration for discharging the contractual obligations for the outstanding advisory agreements of EUR 1,560k before deducting strike prices.

●

Payment of EUR 585k in cash, consisting of EUR 335k being the consideration for the settlement of the vested employee options, and an additional EUR 250k.

Payment of the remaining 50% of the total consideration is contingent upon the achievement of two milestones. A further 194,644 shares (representing 10% of EUR 32.0 million divided by the Signing Share Price) are issuable upon the achievement of a successful investigational new drug application filing for a product candidate of the Group that consists of at least one antigen based on frameshift-mutation identified by Frame’s algorithms; (“Milestone 1”) and a further 778,575 shares (representing 40% of EUR 32.0 million divided by the Signing Share Price) are issuable upon successful proof of mechanism in humans of that or another product candidate (“Milestone 2”). The fair value of these contingent payments was determined by considering the likelihood of the events occurring and totaled, based on the Closing Share Price, EUR 7,198k (Milestone 1: EUR 1,831k and Milestone 2: EUR 5,367k).

Consequently, the total consideration transferred for the business combination was determined to be EUR 19,481k, consisting of:

●

Issuance and transfer of 858,496 CureVac shares with a fair value of EUR 11,697k,

●

Payment of EUR 585k in cash, and

●

Contingent consideration, classified as equity, with a fair value of EUR 7,198k. The contingent consideration will be settled by the issuance of a maximum of further 973,236 CureVac shares.

The contingent consideration of EUR 7,198k was valued by applying an estimated probability of the milestone being achieved to the payments due upon achievement. These probabilities were derived from third-party clinical development success rate studies.

In addition, 89,655 restricted stock unit awards (RSUs) were issued to certain employees to replace existing share-based payment awards of Frame Pharmaceuticals. This element is accounted for as a separately from the business combination as an equity-settled share-based transaction according to IFRS 2 (see Note 10). The total fair value of the grant was determined to be EUR 1,218k and will be expensed in the functional cost category to which the award recipient’s costs are allocated (i.e., general and administrative expenses or research and development expenses) over the individual vesting periods for the 3 tranches, which run through June 30, 2023, June 30, 2024, and June 30, 2025.

The final fair values in accordance with IFRS 3 of the identifiable net assets as of the date of acquisition were as follows:


in EUR thousands		Fair value recognized on acquisition
Non-current assets		6,592
Property, plant and equipment		206
Right-of-use assets		170
Intangible asset (Technology)		6,216
Current assets		966
Trade and other receivables		658
Cash and cash equivalents		308
Total assets		7,558
Non-current liabilities		134
Lease liabilities		114
Deferred tax liabilities (net of deferred tax assets)		20
Current liabilities		406
Lease liabilities		55
Accounts Payables		346
Other current liabilities		5
Total liabilities		540
Net assets acquired		7,018

The technology intangible asset consists of a bioinformatical platform for cancer antigen discovery and validation for off-the-shelf and personalized cancer vaccines. The fair value of the technology of EUR 6,216k was determined by applying the replacement cost approach due to its early stage. The replacement cost was derived from historical costs incurred to create the technology.

Goodwill was recognized as a result of the acquisition as follows:


in EURk
Consideration transferred		19,481
Net Assets acquired		(7,018)
Goodwill		12,463

The goodwill is mainly attributable to the synergies and an assembled workforce as well as the strategic benefits to the Group. The goodwill is not deductible for tax purposes.

Transactions costs in relation to the business combination amounting to EUR 500k were expensed and recognized within general and administrative expenses.

The consolidated statements of profit or loss include the results of Frame Pharmaceuticals (meanwhile: CureVac Netherlands B.V.) since the acquisition date. From the date of acquisition through December 31, 2022 Frame Pharmaceuticals did not have any significant impact on the operating income or revenues of the Group. The same applies if the transaction had occurred at the beginning of the reporting period.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	CureVac N.V.
Document Period End Date	Dec. 31, 2023
Entity Incorporation, State or Country Code	P7
Entity Address, Address Line One	Friedrich-Miescher-Strasse 15
Entity Address, City or Town	Tübingen
Entity Address, Country	DE
Entity Address, Postal Zip Code	72076
Title of 12(b) Security	Common shares, par value €0.12 per share
Trading Symbol	CVAC
Security Exchange Name	NASDAQ
Entity File Number	001-39446
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	223,988,675
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001809122
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Voluntary Filers	No
Auditor Name	KPMG AG Wirtschaftsprüfungsgesellschaft
Auditor Firm ID	1021
Auditor Location	Mannheim, Germany
Business Contact
Document and Entity Information
Entity Address, Address Line One	Friedrich-Miescher-Strasse 15
Entity Address, City or Town	Tübingen
Entity Address, Country	DE
Entity Address, Postal Zip Code	72076
Contact Personnel Name	Alexander Zehnder
Contact Personnel Email Address	info@curevac.com

Notes to the consolidated financial statements - Contract liabilities allocated to the remaining performance obligations (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract liabilities allocated to the remaining performance obligations
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	€ 92,680	€ 107,308
Within one year
Contract liabilities allocated to the remaining performance obligations
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	44,580	34,759
More than one year
Contract liabilities allocated to the remaining performance obligations
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	€ 48,100	€ 72,549

Income tax (Details) - EUR (€) € in Thousands	12 Months Ended
Income tax (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Income tax benefit/ (expense)	€ (198)	€ 126	€ 782
Deferred tax benefits (expense) from net operating loss carryforwards	0	20	0
Income tax expenses	118	106	1,033
Deferred tax expense	80	20	1,815
Deferred tax (income) expenses on taxable temporary differences	3,225	1,090	(1,540)
The amount of deferred tax assets related to items credited (charged) directly to equity	(2,094)	168
Indefinetly reinvested and associated with invested in subsadiries, deferred tax liabilities have not been recognized		1,120	€ 3,713
Deferred tax liability	€ 6,583	€ 6,691
Applicable tax rate	29.48%	29.48%	29.48%
Corporate income tax	15.00%
Percentage of solidary surcharge	0.825%
Percentage of trade tax	13.65%
Subsidiaries
Income tax
Deferred tax liability	€ 8	€ 56	€ 186

Share-based payments - Restricted Stock Units (Details) - shares						12 Months Ended
	Mar. 31, 2023	Jun. 22, 2022	Mar. 01, 2022	Jul. 01, 2021	Jun. 24, 2021	Dec. 31, 2023	Dec. 31, 2022
Share-based payments
Vesting percentage			25.00%
LTIP Stock Options \| Members of executive board and various key employees
Share-based payments
Number of RSU's awarded		225,888
Restricted Stock Units
Share-based payments
Vesting percentage						0.33%
Restricted Stock Units \| LTIP Stock Options
Share-based payments
Number of RSU's awarded				4,691
Vesting period							3 years
Vesting percentage						0.33%
Restricted Stock Units \| LTIP Stock Options \| Members of executive board and various key employees
Share-based payments
Number of RSU's awarded	646,914				63,095
Restricted Stock Units \| LTIP Stock Options \| Members of supervisory board
Share-based payments
Number of share options granted	92,701
Number of RSU's awarded					10,956

Share-based payments - Expense recognized for the share-based payments (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Expenses from share-based payments	€ (7,697)	€ (9,184)	€ (14,939)
Prior VSOP
Share-based payments
Expenses from share-based payments	(10)	(131)	(624)
New VSOP
Share-based payments
Expenses from share-based payments	(19)	95	(572)
LTIP Stock Options
Share-based payments
Expenses from share-based payments	(2,944)	(5,562)	(12,472)
LTIP RSUs
Share-based payments
Expenses from share-based payments	(4,072)	(3,108)	(705)
RSU Supervisory board
Share-based payments
Expenses from share-based payments	€ (652)	€ (478)	€ (566)

Share-based payments- Long-Term Incentive Plan (LTIP) - Restricted Stock Units (RSUs) (Details) € in Thousands															1 Months Ended	12 Months Ended
	Dec. 15, 2023 shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 shares	Nov. 30, 2022 shares	Jul. 01, 2022 shares	Jun. 22, 2022 shares	Apr. 01, 2022	Mar. 01, 2022	Jan. 31, 2022 shares $ / shares	Jan. 01, 2022 shares	Jul. 01, 2021 shares	Jun. 24, 2021 shares	Mar. 01, 2021	Nov. 16, 2020	Jan. 31, 2022 tranche $ / shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Share-based payments
Expenses from share-based payments \| €																€ (7,697)	€ (9,184)	€ (14,939)
Vesting percentage								25.00%
LTIP Stock Options \| Members of executive board and various key employees
Share-based payments
Number of RSU's awarded						225,888
LTIP Stock Options \| Key employees
Share-based payments
Number of RSU's awarded				7,633
Restricted Stock Units
Share-based payments
Vesting percentage																0.33%
General and administrative expenses \| €																€ (1,753)	€ (2,000)	€ (383)
Restricted Stock Units \| LTIP Stock Options
Share-based payments
Number of RSU's awarded											4,691
Vesting percentage																0.33%
Vesting period (in years)																	3 years
Number of tranches for vesting of RSUs granted \| tranche															2
Minimum share price on or after vesting to settle and deliver the RSUs \| $ / shares									$ 19.16						$ 19.16
Restricted Stock Units \| LTIP Stock Options \| Members of supervisory board
Share-based payments
Number of RSU's awarded												10,956
Expenses from share-based payments \| €																€ 652	€ 478
Restricted Stock Units \| LTIP Stock Options \| Members of executive board and various key employees
Share-based payments
Number of RSU's awarded			646,914									63,095
Restricted Stock Units \| LTIP Stock Options \| Key employees
Share-based payments
Number of RSU's awarded	32,783
Restricted Stock Units \| LTIP Stock Options \| CEO
Share-based payments
Number of RSU's awarded		25,000								36,000
Restricted Stock Units \| LTIP Stock Options \| COO
Share-based payments
Number of RSU's awarded									5,000
Restricted Stock Units \| LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer
Share-based payments
Number of RSU's awarded									30,000
Restricted Stock Units \| LTIP Stock Options \| Former Frame employees
Share-based payments
Number of RSU's awarded					89,655
LTIP Stock Options
Share-based payments
General and administrative expenses \| €																€ 2,944	€ 5,564
LTIP Stock Options \| Key employees
Share-based payments
Vesting percentage							25.00%						25.00%		25.00%
Vesting period (in years)							4 years			4 years			4 years
LTIP Stock Options \| COO
Share-based payments
Vesting percentage											25.00%
Vesting period (in years)											4 years
LTIP Stock Options \| Chief Business Officer and Chief Commercial Officer
Share-based payments
Vesting period (in years)														10 years

Notes to the consolidated financial statements - Cost of sales (Details) - Operative Expenses [Member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Personnel	€ (113,422)	€ (99,924)	€ (94,655)
Materials	(78,767)	(121,873)	(278,542)
Third-party services	(67,905)	(39,501)	(708,636)
Maintenance and lease	(15,356)	(9,381)	(7,528)
Amortization and depreciation	(27,229)	(26,641)	(17,232)
Impairment of equipment	(8,085)	(24,948)	(22,810)
Other	(8,170)	(17,064)	(14,415)
Total	(335,760)	(353,539)	(1,156,247)
Cost of sales
Notes to the Consolidated Statements of Operations
Personnel	(37,734)	(27,185)	(22,159)
Materials	(59,641)	(88,891)	(46,250)
Third-party services	(9,398)	(32,331)	(139,975)
Maintenance and lease	(2,672)	(2,425)	(2,874)
Amortization and depreciation	(4,850)	(6,295)	(3,992)
Impairment of equipment	(8,085)	(24,948)	(22,810)
Other	(1,986)	(1,918)	(135)
Total	€ (124,366)	€ (183,993)	€ (238,195)

Share-based payments - Former Chief Executive Officer Grant - Reconciliation of outstanding awards (Details) - Former Chief Executive Officer Grant - Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Outstanding at the beginning of the period	5,614,246	6,426,365	7,951,265
Forfeited during the period	(11,091)	(34,859)
Exercised during the period		(777,260)	(1,524,900)
Outstanding at the end of the period	5,603,155	5,614,246	6,426,365

Other liabilities and provisions - Additional Information (Details) - 12 months ended Dec. 31, 2023 € in Thousands, $ in Thousands	EUR (€)	USD ($)
Other liabilities and provisions
additions	€ 980
Reversed	25,648
Provisions utilized	1,174
Coalition for Epidemic Preparedness Innovations
Other liabilities and provisions
Maximum Unspent Funds Reimbursable \| $		$ 1,000
Onerous Contract Provisions
Other liabilities and provisions
additions	184
Reversed	748
Provisions utilized	1,174
Contract Termination Provisions
Other liabilities and provisions
additions	646
Reversed	18,000
Increase (decrease) through Reclassifications, Provisions	€ 6,900

Notes to the consolidated financial statements - General and administrative expenses (Details) - Operative Expenses [Member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Personnel	€ (113,422)	€ (99,924)	€ (94,655)
Maintenance and lease	(15,356)	(9,381)	(7,528)
Third-party services	(67,905)	(39,501)	(708,636)
Legal and other professional services	(10,160)	(10,394)	(9,230)
Amortization and depreciation	(27,229)	(26,641)	(17,232)
Other	(8,170)	(17,064)	(14,415)
Total	(335,760)	(353,539)	(1,156,247)
General and administrative expenses
Notes to the Consolidated Statements of Operations
Personnel	(28,996)	(36,765)	(37,393)
Maintenance and lease	(5,353)	(5,853)	(4,306)
Third-party services	(29,920)	(27,669)	(28,875)
Legal and other professional services	(10,160)	(10,394)	(9,230)
Amortization and depreciation	(13,821)	(11,360)	(8,895)
Other	(3,508)	(12,137)	(11,703)
Total	€ (91,758)	€ (104,178)	€ (100,402)

Notes to the consolidated financial statements - Contract balances (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notes to the consolidated financial statements
Trade receivables	€ 14,326	€ 6,295
Contract assets	2,758	2,707
Contract liabilities	€ 92,680	€ 107,308

Income tax - Schedule of tax reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax reconciliation
Loss before tax	€ (259,969)	€ (249,155)	€ (412,498)
Expected tax benefit (based on statutory tax rate of 29.48% in 2023, 2022 and 2021)	76,626	73,426	121,584
Recognition of tax loss carryforwards recognized in prior years		327
Effects from differences between Group and local tax rates	(2)	(2)	(8)
Non-recognition of tax loss carryforwards	(81,392)	(69,724)	(114,999)
Non-recognition of deferred tax assets		(626)	(7,363)
Recognition of deferred tax assets	3,717
Non-deductible expenses for tax purposes	(706)	(119)
Non-deductible expences for tax purposes
Additions for local trade taxes		(330)	(176)
Other non-deductible expenses			(101)
Other effects	1,599	(2,826)	1,845
Effective tax benefit / (expense)	€ (198)	€ 126	€ 782
Applicable tax rate	29.48%	29.48%	29.48%

Equity - Frame acquisition (Details) - Frame Pharmaceuticals B.V., Amsterdam, Netherlands € in Thousands	Dec. 31, 2023 EUR (€) shares	Jul. 01, 2022 shares	Jun. 08, 2022 EUR (€)
Issued Capital and Reserves
Consideration transferred \| €	€ 19,481		€ 34,000
Shares issued for consideration \| shares	858,496	858,496

Notes to the Consolidated Statements of Operations - Revenue from contract with customers (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Total revenues	€ 53,758	€ 67,420	€ 102,990
Belgium \| GSK
Notes to the Consolidated Statements of Operations
Total revenues	47,128	62,263	74,298
Switzerland \| CRISPR
Notes to the Consolidated Statements of Operations
Total revenues	5,425	3,370	919
Netherlands \| Genmab
Notes to the Consolidated Statements of Operations
Total revenues	1,197	€ 1,787	1,770
Germany \| Boehringer Ingelheim
Notes to the Consolidated Statements of Operations
Total revenues			€ 26,003
Countries other than Belgium, Germany, Netherlands and Switzerland \| Others
Notes to the Consolidated Statements of Operations
Total revenues	€ 8

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Income tax

Schedule of tax reconciliation


	2021	2022	2023
	EUR k	EUR k	EUR k
Loss before tax	(412,498)	(249,155)	(259,969)
Expected tax benefit (based on statutory tax rate of 29.48% in 2023, 2022 and 2021)	121,584	73,426	76,626
Recognition of tax loss carryforwards recognized in prior years	—	327	—
Effects from differences between Group and local tax rates	(8)	(2)	(2)
Non-recognition of tax loss carryforwards	(114,999)	(69,724)	(81,392)
Non-recognition of deferred tax assets	(7,363)	(626)	—
Recognition of deferred tax assets	—	—	3,717
Non-deductible expenses for tax purposes	—	(119)	(706)
Additions for local trade taxes	(176)	(330)	—
Other non-deductible expenses	(101)	—	—
Other effects	1,845	(2,826)	1,599
Effective tax benefit / (expense)	782	126	(198)

Schedule of deferred taxes


	January 01, 2023	Recognized in		Acquired in	December 31, 2023
	Net balance	profit and loss	Equity	Business combination	Net balance	DTA	DTL
	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k
Non-current assets
Intangible assets	(1,412)	188	—	—	(1,224)	—	(1,224)
Property, plant and equipment	(2,774)	(665)	—	—	(3,439)	—	(3,439)
Right-of-use assets	(12,364)	312	—	—	(12,052)	—	(12,052)
Other assets	(90)	90	—	—	—	—	—

Current assets
Inventories	—	52	—	—	52	52	—
Trade receivables	(47)	62	—	—	15	15	—
Prepaid expenses and other assets	1,428	—	—	—	1,428	1,428	—
Cash and cash equivalents	(1,014)	1,003	—	—	(11)	1	(12)

Non - current liabilities
Lease liabilities (Non-current )	10,514	(14)	—	—	10,500	10,500	—
Other liabilities (Non-current)	51	(118)	—	—	(67)	—	(67)

Current liabilities
Lease liabilities (Current)	1,345	(152)	—	—	1,193	1,193	—
Trade and other payables	(184)	42	—	—	(142)	—	(142)
Other liabilities (Current)	420	(508)	—	—	(88)	49	(137)
Tax losses carried forward	1,411	3,122	—	—	4,533	4,533	—
Share-based payments	3,994	(3,498)	—	—	496	496	—
Netting	—	—	—	—	—	(10,490)	10,490
Deferred Taxes Total	1,278	(84)	—	—	1,194	7,777	(6,583)


	January 01,2022	Recognized in		Acquired in	December 31, 2022
	Net balance	profit and loss	Equity	Business combination	Net balance	DTA	DTL
	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k	EUR k
Non-current assets
Intangible assets	—	—	—	(1,412)	(1,412)	—	(1,412)
Property, plant and equipment	(5)	(2,769)	—	—	(2,774)	34	(2,808)
Right-of-use assets	(663)	(11,701)	—	—	(12,364)	—	(12,364)
Other assets	—	(90)	—	—	(90)	—	(90)

Current assets
Inventories	(9)	9	—	—	—	—	—
Trade receivables	97	(144)	—	—	(47)	—	(47)
Prepaid expenses and other assets	(181)	1,609	—	—	1,428	1,428	—
Cash and cash equivalents	(87)	(927)	—	—	(1,014)	—	(1,014)

Non - current liabilities
Lease liabilities (Non-current)	622	9,892	—	—	10,514	10,514	—
Other liabilities (Non-current)	(129)	180	—	—	51	84	(33)

Current liabilities
Lease liabilities (Current)	156	1,189	—	—	1,345	1,345	—
Trade and other payables	(23)	(161)	—	—	(184)	—	(184)
Other liabilities (Current)	20	400	—	—	420	625	(205)
Tax losses carried forward	294	(276)	—	1,393	1,411	1,411	—
Share-based payments	2,769	2,815	(1,590)	—	3,994	3,994	—
Netting	—	—	—	—	—	(11,466)	11,466
Deferred Taxes Total	2,861	26	(1,590)	(19)	1,278	7,969	(6,691)

Schedule of unused tax losses carried forward


Tax loss carryforwards	2021	2022	2023
	EUR k	EUR k	EUR k
Unused tax losses for corporate income tax	1,180,227	1,427,735	1,700,475
Unused tax losses for trade tax	1,175,846	1,419,217	1,685,517
Unused interest carryforward ("Zinsschranke")	2,879	—	—

Notes to the consolidated financial statements - Selling and distribution expenses (Details) - Operative Expenses [Member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes to the Consolidated Statements of Operations
Personnel	€ (113,422)	€ (99,924)	€ (94,655)
Maintenance and lease	(15,356)	(9,381)	(7,528)
Amortization and depreciation	(27,229)	(26,641)	(17,232)
Other	(8,170)	(17,064)	(14,415)
Total	(335,760)	(353,539)	(1,156,247)
Selling and distribution expenses
Notes to the Consolidated Statements of Operations
Personnel	(3,425)	(2,029)	(1,369)
Maintenance and lease	(45)	(35)	(1)
Amortization and depreciation	(18)	(336)	(86)
Other	(424)	(417)	(287)
Total	€ (3,912)	€ (2,817)	€ (1,743)

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Operations and Other Comprehensive Income (Loss)
Revenue	€ 53,758	€ 67,420	€ 102,990
Cost of sales	(124,366)	(183,993)	(238,195)
Selling and distribution expenses	(3,912)	(2,817)	(1,743)
Research and development expenses	(115,724)	(62,550)	(815,907)
General and administrative expenses	(91,758)	(104,178)	(100,402)
Income from release of governmental contract liabilities			574,502
Other operating income	9,151	37,932	67,702
Other operating expenses	(1,356)	(1,271)	(1,210)
Operating loss	(274,207)	(249,457)	(412,263)
Finance income	16,731	4,009	10,103
Finance expenses	(2,493)	(3,707)	(10,338)
Loss before income tax	(259,969)	(249,155)	(412,498)
Income tax benefit/ (expense)	(198)	126	782
Net loss for the period	(260,167)	(249,029)	(411,716)
Other comprehensive income:
Foreign currency adjustments	72	(105)	(91)
Total comprehensive loss for the period	€ (260,095)	€ (249,134)	€ (411,807)
Net loss per share basic (in dollars per share)	€ (1.18)	€ (1.32)	€ (2.21)
Net loss per share diluted (in dollars per share)	€ (1.18)	€ (1.32)	€ (2.21)