0001410578-24-001487 | 6-K | XBRL Viewer

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Income tax - Schedule of tax reconciliation (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Tax reconciliation
Total	€ (1,301)	€ (26)	€ (1,967)	€ (27)

- Definition

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

+ References + Details

Accounting Policies - Additional Information (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies
Revenue	€ 14,436	€ 7,579	€ 26,809	€ 14,708
Product
Accounting Policies
Revenue			€ 4,289	€ 5,259

Fixed Assets	6 Months Ended
Jun. 30, 2024
Fixed Assets
Fixed Assets	6. Fixed Assets 6.1 Intangible assets During the six months ended June 30, 2024, the Group acquired intangible assets of EUR 4,088k (six months ended June 30, 2023: EUR 2,567k). Acquired intangibles mainly related to licenses, software and prepayments made to acquire those. As the Company decided to stop an early-stage R&D-program due to strategic reasons, related license agreements with a collaboration partner were terminated and already capitalized licenses with a remaining book value of EUR 3,248k were impaired, as no future use is anticipated. The expense recognized related to the impairment is included in research and development expenses. 6.2 Property, plant and equipment During the six months ended June 30, 2024, the increase in property, plant and equipment was attributable to the purchase of technical equipment and machines and other equipment of EUR 2,210k (June 30, 2023: EUR 5,940k) as well as additional amounts recognized as construction in progress of EUR 3,572k (June 30, 2023: EUR 22,421k) primarily related to the Company-owned GMP IV facility EUR 2,740k.

Fixed Assets

6 Months Ended

Jun. 30, 2024

Fixed Assets

Fixed Assets

6. Fixed Assets

6.1 Intangible assets

During the six months ended June 30, 2024, the Group acquired intangible assets of EUR 4,088k (six months ended June 30, 2023: EUR 2,567k). Acquired intangibles mainly related to licenses, software and prepayments made to acquire those.

As the Company decided to stop an early-stage R&D-program due to strategic reasons, related license agreements with a collaboration partner were terminated and already capitalized licenses with a remaining book value of EUR 3,248k were impaired, as no future use is anticipated. The expense recognized related to the impairment is included in research and development expenses.

6.2 Property, plant and equipment

During the six months ended June 30, 2024, the increase in property, plant and equipment was attributable to the purchase of technical equipment and machines and other equipment of EUR 2,210k (June 30, 2023: EUR 5,940k) as well as additional amounts recognized as construction in progress of EUR 3,572k (June 30, 2023: EUR 22,421k) primarily related to the Company-owned GMP IV facility EUR 2,740k.

Trade and other payables (Details) - EUR (€) € in Thousands	6 Months Ended
Trade and other payables (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trade and other payables.
Trade and other payables	€ 7,513	€ 48,033
Amount of decrease in trade and other payables	€ 40,520

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information
Document Type	6-K
Entity Registrant Name	CureVac N.V.
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001809122
Amendment Flag	false

Share-based payments - Prior VSOP - Expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
Cost of Sales	€ 221	€ 147	€ 199	€ 147
Selling and distribution expenses	89	112	119	153
Research and development expenses	452	609	659	761
General and administrative expenses	320	1,891	537	3,221
Other operating expenses	162	235	219	291
Total	€ 1,244	€ 2,994	€ 1,731	€ 4,572

Share-based payments - Restricted Stock Units expense (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
Cost of Sales	€ 221	€ 147	€ 199	€ 147
Research and development expenses	452	609	659	761
Selling and distribution expenses	89	112	119	153
General and administrative expenses	€ 320	€ 1,891	€ 537	€ 3,221

Disclosure of financial instruments and management of financial risks - Foreign currency risk (Details) - Jun. 30, 2024 - Foreign currency risk - Cash and cash equivalents SFr in Thousands, $ in Thousands	USD ($)	CHF (SFr)
USD
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $	$ 30,197
CHF
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| SFr		SFr 152

Fixed Assets - Carrying amounts of lease liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fixed Assets
Current	€ 5,071	€ 5,005
Non-current	€ 33,964	€ 36,819

Earnings per share (Details) - € / shares	3 Months Ended		6 Months Ended
Earnings per share (Details) - € / shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per share
Weighted number of shares outstanding	224,313,005	223,883,084	224,302,375	217,698,351
Net loss per share basic (in dollars per share)	€ (0.32)	€ (0.30)	€ (0.64)	€ (0.57)
Dilutive share-based payment awards			2,393,823	1,909,767

Inventories

6 Months Ended

Jun. 30, 2024

Inventories

Inventories

8. Inventories

The inventories include only raw materials and supplies amounting to EUR 457k (December 31, 2023: EUR 24,801k), which are recoverable under the Company’s agreements with its collaboration partner. During the six months ended June 30, 2024, the decrease in inventory of EUR 24,344k is primarily due to write-down of raw material which would have been recoverable under the previous GSK collaboration (refer to Note 17 for further information). The expense recognized related to the write-down is included in cost of sales.

Trade and other payables

6 Months Ended

Jun. 30, 2024

Trade and other payables.

Trade and other payables

11. Trade and other payables

Trade and other payables are all due within one year amounting to EUR 7,513k (December 31, 2023: EUR 48,033k). During the six months ended June 30, 2024, the decrease of EUR 40,520k in trade and other payables was primarily attributable to payments to raw material suppliers for invoices received before December 31, 2023.

Share-based payments

6 Months Ended

Jun. 30, 2024

Share-based payments

Share-based payments

5. Share-based payments

The Group recognized share-based payment expenses as follows:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Cost of sales	147	221	147	199
Selling and distribution expenses	112	89	153	119
Research and development expenses	609	452	761	659
General and administrative expenses	1,891	320	3,221	537
Other operating expenses	235	162	291	219
Total	2,994	1,244	4,572	1,731

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


	Three months ended June 30,		Six months ended June 30,
Program	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
LTIP Stock Options	1,362	68	2,337	158
RSU Supervisory Board	235	162	291	219
New VSOP	(12)	—	45	—
Prior VSOP	30	3	(21)	7
LTIP RSUs	1,379	1,011	1,920	1,347
Total	2,994	1,244	4,572	1,731

On June 1, 2024, the Group granted 25,000 options to the Chief Business Officer, CBO. The grant was made under the terms of the long-term incentive plan (LTIP) put in place by CureVac N.V. Options will be settled in shares of CureVac N.V.

For the grant to the CBO, 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 1.78
Weighted average share price (10-days VWAP before grant date)	EUR 3.50
Exercise price (USD 3.80)	EUR 3.50
Expected volatility (%)	65.0	%
Expected life (years)	3.45
Risk-free interest rate (%)	4.56	%

On March 31, 2024, the Group awarded 199,910 RSUs to the Supervisory Board members and 1,374,824 RSUs to the Executive Board and various key employees. The fair value is based on the CureVac stock price as of March 31, 2024, which amounts to USD 3.03 (EUR 2.80).

Exercise of options

Under the New VSOP plan, no options were exercised within the three and six months ended June 30, 2024.

On the third anniversary after IPO i.e., on August 14, 2023, a fourth 10% portion of the (vested) virtual shares became exercisable 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.

Basis of preparation (Policies)	6 Months Ended
Basis of preparation (Policies)	Jun. 30, 2024
Basis of preparation
Basis of preparation	The interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2024 and 2023, have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2023. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on August 13, 2024. The Group’s interim condensed consolidated financial statements are presented in Euros (“EUR”). Unless otherwise stated, amounts are rounded to thousands of Euros, except per share amounts. Due to rounding, differences may arise when individual amounts or percentages are added together.
New standards, interpretations and amendments adopted by the Group	New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2023. The new and amended standards and interpretations applied for the first time as of January 1, 2024, as disclosed in the notes to the consolidated financial statements as of December 31, 2023, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three and six months ended June 30, 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Financial assets and financial liabilities (Details) - EUR (€)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financial assets and financial liabilities
Transfer from Level 1 to Level 2, Assets	€ 0	€ 0
Transfers into Level 3, Assets	€ 0	€ 0

Issued Capital and Reserves - Number of shares issued and outstanding (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Issued Capital and Reserves
Common shares issued and outstanding beginning	224,305,680	223,988,675	223,988,675
Share issuances for option exercises and RSU releases	8,333	317,005
Common shares issued and outstanding ending	224,314,013	224,305,680	224,314,013
Current and deferred tax	€ 898		€ 898

Income tax (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
Income tax (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income tax
Income tax expense	€ 1,301	€ 26	€ 1,967	€ 27
Current and deferred tax	€ 898		€ 898
Percentage of taxable income			6.10%

- Definition

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

+ References + Details

Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Loss before income tax	€ (141,129)	€ (124,806)
Adjustments to reconcile loss before tax to net cash flows
Finance income	(6,303)	(10,085)
Finance expense	495	2,734
Depreciation and amortization	9,993	11,489
Impairment of intangible assets, property, plant and equipment and right-of-use assets	3,248
Loss on disposal of fixed assets	573	694
Impairment of inventory	23,670	6,879
Share-based payment expense	1,731	4,572
Changes of provisions	(20,276)	(1,634)
Working capital changes
Decrease / (increase) in assets held for sale	597	513
Decrease / (increase) in trade receivables and contract assets	(6,986)	2,440
Decrease / (increase) in inventory	674	(5,084)
Decrease / (increase) in other assets	11,062	18,751
(Decrease) / increase in trade and other payables, other liabilities and contract liabilities	(64,426)	(76,002)
Decrease / (increase) in deferred taxes	(396)	(25)
Income taxes received / (paid)	1,511	(18)
Interest received	4,491	6,838
Interest paid	(1,172)	(994)
Net cash flow (used in) operating activities	(185,667)	(163,702)
Investing activities
Purchase of property, plant and equipment	(8,487)	(27,222)
Purchase of intangible assets	(4,088)	(147)
Net cash flow (used in) investing activities	(12,575)	(27,369)
Financing activities
Payments on lease obligations	(2,479)	(2,526)
Proceeds from the issuance of Shares (net of transaction costs)		235,840
Payment on / proceeds from treasury shares/exercise of options	138	199
Net cash flow provided by / (used in) financing activities	(2,340)	233,513
Net increase (decrease) in cash and cash equivalents	(200,582)	42,442
Currency translation gains (losses) on cash and cash equivalents	645	(314)
Effect of changes in exchange rates on cash and cash equivalents	402,452	495,797
Cash and cash equivalents, end of period	€ 202,515	€ 537,925

Notes to the Consolidated Statements of Operations - Contract balances (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes to the Consolidated Statements of Operations
Trade receivables	€ 18,769	€ 14,326
Contract assets	5,300	2,758
Contract liabilities	€ 84,815	€ 92,680

Fixed Assets - Right-of-use assets and lease liabilities (Details) € in Thousands	Jun. 30, 2024 EUR (€)
Fixed Assets
Balance at the beginning	€ 41,843
Balance at the end	€ 38,994

Assets held for sale (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
Assets held for sale (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets held for sale
Gross book value of CMO-Equipment held for sale		€ 9,130
Impairment of assets held for sale		6,711
Inventories fair value costs to sell		€ 2,419
Assets held for sale with a net book value sold	€ 597

Subsequent events (Details) - shares	Mar. 26, 2024	Mar. 22, 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

Notes to the Consolidated Statements of Operations

6 Months Ended

Jun. 30, 2024

Notes to the Consolidated Statements of Operations

Notes to the Consolidated Statements of Operations

3. Notes to the Consolidated Statements of Operations

3.1 Revenue from contract with customers

The Group recognized the following revenues:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Belgium
GSK	6,283	8,727	12,756	17,622
Switzerland
CRISPR	844	5,709	1,053	9,187
Netherlands
Genmab	452	—	899	—
Total	7,579	14,436	14,708	26,809

During the six months ended June 30, 2024, the Company recognized revenues over-time (i) EUR 16,545k (June 30, 2023: EUR 8,545k) 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 4,289k (June 30, 2023: EUR 5,259k) from those research and development services considered distinct within the agreements and recognized revenues at point-in-time (iii) EUR 5,975k (June 30, 2023: EUR 903k) related to delivery of products.

Of the total revenues recognized, in the six months ended June 30, 2024, EUR 17,622k in revenue was recognized under the collaboration agreements 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 (“GSK I”) and in April 2021 for research, development and manufacturing of next-generation mRNA vaccines targeting the original SARS-CoV-2 strain as well as emerging variants, including multivalent and monovalent approaches, such as the CureVac’s second-generation COVID-19 vaccine candidate, CV2CoV (“GSK II”). The upfront payment, attributable to research and development services combined with an IP license, and each development milestones reached, are recognized straight-line from the effective date of the collaboration agreement through to the agreed estimated submission date for authority approval, which represents the period of time during which CureVac is responsible for development as, subsequent to this period, GSK will be responsible for further development and commercialization. In the six months ended June 30, 2023, revenue consisted of EUR 12,756k primarily recognized from the upfront payments under both collaboration agreements with GSK. In the second quarter of 2024, the Company reached a development milestone of EUR 5,000k under the GSK I collaboration. Therefore, revenue for the six months ending June 30, 2024, also includes recognition of EUR 1,711k of the milestone amount (June 30, 2023: EUR 0k). The remaining EUR 3,289k of the milestone amount is deferred as contract liability and will be recognized into revenue through the above-mentioned time. In July 2024, the Group entered into a new licensing agreement with GSK, which provides for GSK to assume full control of developing and manufacturing vaccine candidates for seasonal influenza, COVID-19 and avian influenza. The new licensing agreement replaces the 2020 GSK Agreement and the GSK COVID Agreement, including all financial considerations relating to such agreements. Under the terms of the new agreement, GSK will have worldwide rights to commercialize the candidate vaccines (refer to Note 17 for further information).

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


		Upfront and	Upfront and
		milestones payments included	milestones payments included
		in contract	in contract
	Upfront and milestone	liabilities at	liabilities at
Customer	payments	December 31, 2023	June 30, 2024
		(EUR k)	(EUR k)
GSK	EUR 225,000k	88,715	80,382
CRISPR	USD 8,500k (EUR 7,626k)*	1,582	2,050
Genmab	USD 10,000k (EUR 8,937k)*	2,383	2,383
Total		92,680	84,815

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


	Revenue recognized from
	upfront and milestones payments
	for three months ended		for six months ended
	June 30,		June 30,
Customer	2023	2024	2023	2024
	(EUR k)	(EUR k)	(EUR k)	(EUR k)
GSK	3,873	7,179	7,496	13,333
CRISPR	77	1,674	155	3,212
Genmab	447	—	894	—
Total	4,397	8,853	8,545	16,545

Contract balances:


	December 31,	June 30,
	2023	2024
	EUR k	EUR k
Trade receivables	14,326	18,769
Contract assets	2,758	5,300
Contract liabilities	92,680	84,815

3.2 Cost of sales

The cost of sales consists of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(9,371)	(9,024)	(17,559)	(21,420)
Materials	(8,096)	(28,711)	(12,630)	(34,080)
Third-party services	(6,386)	(1,095)	(11,839)	(22,461)
Maintenance and lease	(534)	(536)	(1,115)	(1,733)
Amortization and depreciation	(1,049)	(1,074)	(2,219)	(2,103)
Other	(418)	(283)	(1,127)	(616)
Total	(25,854)	(40,723)	(46,489)	(82,412)

For the six months ended June 30, 2024, cost of sales increased in comparison to the corresponding period in 2023. This increase was primarily attributable to the increase of a CMO (contract manufacturing organization) provision (refer to Note 12 for further information), write-down of raw materials (refer to Note 8 for further information) and higher personnel expenses related to the voluntary leaver program initiated in March 2024.

3.3 Selling and distribution expenses

Selling and distribution expenses consist of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(1,314)	(926)	(2,030)	(1,776)
Amortization and depreciation	(6)	(1)	(6)	(1)
Other	(88)	(75)	(196)	(180)
Total	(1,408)	(1,002)	(2,232)	(1,957)

3.4 Research and development expenses

R&D expenses consists of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Materials	(5,728)	(3,719)	(9,217)	(9,280)
Personnel	(12,533)	(10,344)	(23,570)	(19,402)
Amortization and depreciation	(1,783)	(2,554)	(3,508)	(4,394)
Impairment	—	(3,248)	—	(3,248)
Patents and fees to register/protect a legal right	(1,191)	(5,598)	(2,048)	(10,057)
Third-party services	(7,081)	(3,992)	(11,773)	(8,677)
Maintenance and lease	(1,827)	(1,383)	(3,593)	(3,404)
Other	(727)	(254)	(1,410)	(455)
Total	(30,868)	(31,093)	(55,118)	(58,918)

During the six months ended June 30, 2024, research and development expenses increased in comparison to the same period of 2023 due to increased expenses related to the IP litigations and write-off of licenses (refer to Note 6.1 for further information).

The decrease in personnel expense is primarily due to the reimbursement from GSK on the development costs incurred by CureVac related to CV2CoV, or GSK II. Since the first EUR 100,000k on development costs of GSK II was achieved in August 2023, CureVac recognized GSK’s reimbursement on GSK II as an offset against research and development expenses.

In April 2024, CureVac and The University of Texas M.D. Anderson Cancer Center (MD Anderson) entered a strategic collaboration to develop novel cancer vaccines. The joint arrangement between CureVac and MD Anderson , with joint control in place over the decisions on relevant activities that significantly affect the investee’s returns, is accounted for as joint operation. CureVac recognizes its expenses based on the shares defined in the contractual arrangement in research and development expenses.

As of June 30, 2024, the Group had no development expenditures which met the requirements for capitalization and thus none have been capitalized.

3.5 General and administrative expenses

General and administrative expenses consist of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(6,644)	(4,986)	(15,742)	(11,157)
Maintenance and lease	(1,614)	(1,260)	(2,915)	(2,304)
Third-party services	(5,871)	(4,688)	(12,873)	(12,307)
Legal and other professional services	(4,446)	(2,298)	(6,074)	(3,799)
Amortization and depreciation	(2,965)	(2,225)	(6,071)	(4,456)
Other	(705)	(474)	(1,857)	(1,027)
Total	(22,245)	(15,931)	(45,532)	(35,050)

During the six months ended June 30, 2024, general and administrative expenses decreased in comparison to the same period of 2023 due to decreased personnel expenses related to lower share-based payment expenses (refer to Note 5 for further details).

Others include mainly expenses for D&O insurance.

3.6 Other operating income


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Compensation for CMO/Material transfer	259	—	1,803	2,848
Reimbursement Claim	—	657	—	1,357
Sale of equipment	176	225	484	447
Other	1,007	140	1,161	502
Total	1,442	1,023	3,448	5,154

Equity - Exercises of share options under the VSOP plan and legacy program (Details)	Mar. 22, 2024 shares
Issued Capital and Reserves
Number of shares received	786,746
Number of shares issued for exercise of stock options	786,746

Income tax

6 Months Ended

Jun. 30, 2024

Income tax

Income tax

13. Income tax

The increase of tax expenses for the six months ended June 30, 2024 to EUR 1,967k was primarily attributable to the deferred tax expense of CureVac N.V. and CureVac Corporate Services GmbH. For the three months ended June 30, 2024, due to the use of tax loss carryforwards for which no deferred tax asset has been capitalized in prior periods, EUR 898k have been credited in equity.

Income taxes for the six months ended June 30, 2024, were calculated based on the best estimate of the weighted average annual income tax rates expected for the full financial years (estimated annual effective income tax rates) on ordinary income before tax adjusted by the tax effect of any discrete items. For the six months ended June 30, 2024, the effective income tax rate for CureVac N.V. was approximately 6.1% applicable on taxable income. The effective tax rate considers the usage of loss carryforwards from former years and management's assessment of the requirements in IAS 12, which lowers the effective tax rate of the Group.

Interim Condensed 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, 2022	€ 23,400	€ 1,817,287	€ (1,481)	€ (1,305,814)	€ (139)	€ 533,253
Net loss				(124,833)		(124,833)
Other comprehensive income (loss)					16	16
Total comprehensive income (loss)				(124,833)	16	(124,816)
Share-based payment expense		4,572				4,572
Issuance of share capital (net of transaction costs)	3,453	232,387				235,840
Settlement of share-based payment awards	13	(1,295)	€ 1,481			199
Balance at the end at Jun. 30, 2023	26,866	2,052,951		(1,430,647)	(123)	649,047
Balance at the beginning at Dec. 31, 2023	26,879	2,056,110		(1,565,981)	(67)	516,941
Net loss				(143,096)		(143,096)
Other comprehensive income (loss)					(79)	(79)
Total comprehensive income (loss)				(143,096)	(79)	(143,175)
Share-based payment expense		1,731				1,731
Realized tax benefit related to prior year equity transaction costs		898				898
Settlement of share-based payment awards	39	99				138
Balance at the end at Jun. 30, 2024	€ 26,918	€ 2,058,839		€ (1,709,077)	€ (146)	€ 376,533

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 32
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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-Paragraph 106
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-URIDate 2023-03-23

+ Details

Notes to the Consolidated Statements of Operations - Research and development (R&D) expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (9,993)	€ (11,489)
Impairment			(3,248)
Research and development expenses \| Operative expenses
Notes to the Consolidated Statements of Operations
Materials	€ (3,719)	€ (5,728)	(9,280)	(9,217)
Personnel	(10,344)	(12,533)	(19,402)	(23,570)
Amortization and depreciation	(2,554)	(1,783)	(4,394)	(3,508)
Impairment	(3,248)		(3,248)
Patents and fees to register/prodect a legal right	(5,598)	(1,191)	(10,057)	(2,048)
Third-party services	(3,992)	(7,081)	(8,677)	(11,773)
Maintenance and lease	(1,383)	(1,827)	(3,404)	(3,593)
Other	(254)	(727)	(455)	(1,410)
Total	€ (31,093)	€ (30,868)	€ (58,918)	€ (55,118)

Prepaid expenses and other assets (current)

6 Months Ended

Jun. 30, 2024

Prepaid expenses and other assets (current)

Prepaid expenses and other assets (current)

9. Prepaid expenses and other assets (current)

Prepaid expenses and other current assets as of June 30, 2024 amounted to EUR 12,554k (December 31, 2023: 23,763k) and include prepayments for future service agreements and material in the amount of EUR 935k (December 31, 2023: EUR 1,075k), deferred charges of EUR 3,286k (December 31, 2023: EUR 5,463k) and other receivables of EUR 4,059k (December 31, 2023: EUR 4,344k). As of June 30, 2024, we had tax receivables, mainly VAT refund claims, of EUR 4,273k in other current assets (December 31, 2023: EUR 12,881k).

Other liabilities and provisions

6 Months Ended

Jun. 30, 2024

Other liabilities and provisions

Other liabilities and provisions

12. Other liabilities and provisions

During the six months ended June 30, 2024, the decrease of EUR 39,954k in other liabilities and provisions was primarily due to lower provisions related to CMO arbitrations and due to lower accruals for outstanding invoices.

In May 2024, the Company received the second ruling of its three CMO arbitrations. In 2022, Celonic Deutschland GmbH & Co. KG (Celonic) initiated arbitration proceedings according to the procedural rules of the German Arbitration Institute against the

Company, following the termination of the agreement by CureVac after the withdrawal of the EMA dossier of CVnCoV, the Company's first generation SARS COV-2 vaccine candidate. The Company defended against Celonic’s claims in written submission and the oral hearings. In the final award, the arbitration tribunal awarded 65% of Celonic’s claims. As the award was higher than the provision, expense of EUR 17,098k was recognized in cost of sales. As of June 30, 2024, the awarded amount was paid to Celonic.

In July 2024, the Company received the last ruling of its three CMO arbitrations. In 2022, Wacker Biotech B.V. (Wacker) initiated arbitration proceedings according to the procedural rules of the German Arbitration Institute against the Company, following the termination of the agreement by CureVac after the withdrawal of the EMA dossier of CVnCoV, the Company's first generation SARS COV - 2 vaccine candidate. The Company defended against Wacker's claims in written submission and the oral hearings. In the final award, the arbitration tribunal awarded 30% of Wacker's claims. The provision related to the Wacker arbitration therefore decreased by EUR 2,091k.

Notes to the Consolidated Statements of Operations - Additional Information (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 14,436,000	€ 7,579,000	€ 26,809,000	€ 14,708,000
Cash received from issuance of shares				235,840,000
Research and development services combined with Ip license
Notes to the Consolidated Statements of Operations
Revenue recognized			16,545,000	8,545,000
Product
Notes to the Consolidated Statements of Operations
Revenue recognized			4,289,000	5,259,000
Research and development services
Notes to the Consolidated Statements of Operations
Revenue recognized			5,975,000	903,000
GSK
Notes to the Consolidated Statements of Operations
Revenue recognized				12,756,000
Amount of development milestone	5,000,000		1,711,000	0
Remaining milestone amount		3,289,000		3,289,000
Upfront Payments Received Or Receivable	225,000,000		225,000,000
GSK \| Research and development services
Notes to the Consolidated Statements of Operations
Revenue recognized			100,000
GSK \| Belgium
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 8,727,000	€ 6,283,000	€ 17,622,000	€ 12,756,000

Issued Capital and Reserves (Tables)

6 Months Ended

Jun. 30, 2024

Issued Capital and Reserves

Schedule of total shares


Common shares issued and outstanding at December 31, 2023		223,988,675
Share issuances for option exercises and RSU releases between Jan to Mar 2024		317,005
Common shares issued and outstanding at March 31, 2024		224,305,680
Share issuances for option exercises and RSU releases between Apr to Jun 2024		8,333
Common shares issued and outstanding at June 30, 2024		224,314,013

Equity - Genmab Investment (Details) € in Thousands	6 Months Ended
Equity - Genmab Investment (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Issued Capital and Reserves
Cash received from issuance of shares	€ 235,840

Share-based payments - Equity-settled programs (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
Total	€ 1,244	€ 2,994	€ 1,731	€ 4,572
LTIP Stock Options
Share-based payments
Total	68	1,362	158	2,337
RSU Supervisory Board
Share-based payments
Total	162	235	219	291
New VSOP
Share-based payments
Total		(12)		45
Prior VSOP
Share-based payments
Total	3	30	7	(21)
LTIP RSUs
Share-based payments
Total	€ 1,011	€ 1,379	€ 1,347	€ 1,920

Notes to the Consolidated Statements of Operations - Other operating income (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Compensation for CMO/Materials transfer		€ 259	€ 2,848	€ 1,803
Reimbursement Claim	€ 657		1,357
Sale of equipment	225	176	447	484
Other	140	1,007	502	1,161
Total	€ 1,023	€ 1,442	€ 5,154	€ 3,448

Prepaid expenses and other assets (current) (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid expenses and other assets (current)
Prepaid expenses and other current assets	€ 12,554	€ 23,763
Prepayments for future service agreements and goods	935	1,075
Current prepaid expenses	3,286	5,463
Other receivables	4,059	4,344
Tax claims	€ 4,273	€ 12,881

Share-based payments (Tables)

6 Months Ended

Jun. 30, 2024

Share-based payments

Schedule of share-based payments expenses


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Cost of sales	147	221	147	199
Selling and distribution expenses	112	89	153	119
Research and development expenses	609	452	761	659
General and administrative expenses	1,891	320	3,221	537
Other operating expenses	235	162	291	219
Total	2,994	1,244	4,572	1,731

Schedule for expense recognized for the equity-settled programs


	Three months ended June 30,		Six months ended June 30,
Program	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
LTIP Stock Options	1,362	68	2,337	158
RSU Supervisory Board	235	162	291	219
New VSOP	(12)	—	45	—
Prior VSOP	30	3	(21)	7
LTIP RSUs	1,379	1,011	1,920	1,347
Total	2,994	1,244	4,572	1,731

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


Weighted average fair value per option	EUR 1.78
Weighted average share price (10-days VWAP before grant date)	EUR 3.50
Exercise price (USD 3.80)	EUR 3.50
Expected volatility (%)	65.0	%
Expected life (years)	3.45
Risk-free interest rate (%)	4.56	%

Other financial assets (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other financial assets
Other receivables	€ 4,059	€ 4,344

Notes to the Consolidated Statements of Operations - Revenue from contract with customers (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 14,436	€ 7,579	€ 26,809	€ 14,708
GSK
Notes to the Consolidated Statements of Operations
Revenue recognized				12,756
GSK \| Research, development, manufacturing and commercialization of mRNA-based vaccines
Notes to the Consolidated Statements of Operations
Revenue recognized			17,622
Belgium \| GSK
Notes to the Consolidated Statements of Operations
Revenue recognized	8,727	6,283	17,622	12,756
Switzerland \| CRISPR
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 5,709	844	€ 9,187	1,053
Netherlands \| Genmab
Notes to the Consolidated Statements of Operations
Revenue recognized		€ 452		€ 899

Other liabilities and provisions - Movements (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other liabilities and provisions
Current	€ 17,123	€ 37,400

Notes to the Consolidated Statements of Operations - Cost of sales (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (9,993)	€ (11,489)
Cost of sales \| Operative expenses
Notes to the Consolidated Statements of Operations
Personnel	€ (9,024)	€ (9,371)	(21,420)	(17,559)
Materials	(28,711)	(8,096)	(34,080)	(12,630)
Third-party services	(1,095)	(6,386)	(22,461)	(11,839)
Maintenance and lease	(536)	(534)	(1,733)	(1,115)
Amortization and depreciation	(1,074)	(1,049)	(2,103)	(2,219)
Other	(283)	(418)	(616)	(1,127)
Total	€ (40,723)	€ (25,854)	€ (82,412)	€ (46,489)

Corporate Information (Details)	Jun. 30, 2024
Dievini
Corporate Information
Voting interests held	37.00%

Subsequent events

6 Months Ended

Jun. 30, 2024

Subsequent events

Subsequent events

17. Subsequent events

In July 2024, CureVac and Glaxosmithkline Biologicals SA (GSK) announced that they entered into a new licensing agreement, allowing each company to prioritize investment and focus their respective mRNA development activities. Following completion of customary closing conditions, as well as certain antitrust and regulatory approvals, the agreement was closed on July 11, 2024. Since 2020, GSK and CureVac have worked together to develop mRNA vaccines for infectious diseases. Through this collaboration, GSK and CureVac currently have vaccine candidates for seasonal influenza and COVID - 19 and avian influenza in clinical development. All candidates are based on CureVac's proprietary second-generation mRNA backbone. Under the terms of the new agreement, GSK will assume full control of developing and manufacturing these candidate vaccines. GSK will have worldwide rights to commercialize the candidate vaccines. CureVac will receive an upfront payment of EUR 400m and up to an additional EUR 1,050m in development, regulatory and sales milestones as well as tiered royalties in the high single to low teens range. The new agreement replaces all previous financial considerations from the prior collaboration agreement between GSK and CureVac. CureVac further retains exclusive rights to the additional undisclosed and preclinically validated infectious disease targets from the prior collaboration together with the freedom to independently develop and partner mRNA vaccines in any other infectious disease or other indication. CureVac received the EUR 400m upfront payment in August 2024.

In July 2024, CureVac announced a significant strategic restructuring to focus its resources on high-value mRNA projects in oncology and other select areas of substantial unmet medical need. The restructuring includes a workforce reduction of approximately 30% to create a leaner, more agile organization re-focused on technology innovation, research and development. The restructuring initiative follows the recent above-mentioned new licensing agreement with GSK, totaling at up to EUR 1,450m plus royalties. As a result of the restructuring, CureVac expects operational expenses to decrease by more than 30% from 2025 onward, including a decrease of personnel costs of approximately EUR 25m. The company estimates that it will incur one-time restructuring charges of approximately EUR 15m, including employee severance, benefits, and related costs. The charges that CureVac expects to incur are subject to a number of assumptions, including local law requirements, and actual expenses may differ materially from the estimates.

In August 2024, the Company announced that it has invoiced a EUR 10m development milestone payment to GSK related to the start of the Phase 2 part of a combined Phase 1/2 study of an investigational influenza A (H5N1) pre-pandemic vaccine candidate . The avian influenza program is fully controlled by GSK as part of the new above-mentioned licensing agreement. 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.

Notes to the Consolidated Statements of Operations (Tables)

6 Months Ended

Jun. 30, 2024

Notes to the Consolidated Statements of Operations

Schedule of revenue from contract with customers recognized


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Belgium
GSK	6,283	8,727	12,756	17,622
Switzerland
CRISPR	844	5,709	1,053	9,187
Netherlands
Genmab	452	—	899	—
Total	7,579	14,436	14,708	26,809

Summary of upfront payments and related revenues recognized


		Upfront and	Upfront and
		milestones payments included	milestones payments included
		in contract	in contract
	Upfront and milestone	liabilities at	liabilities at
Customer	payments	December 31, 2023	June 30, 2024
		(EUR k)	(EUR k)
GSK	EUR 225,000k	88,715	80,382
CRISPR	USD 8,500k (EUR 7,626k)*	1,582	2,050
Genmab	USD 10,000k (EUR 8,937k)*	2,383	2,383
Total		92,680	84,815

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


	Revenue recognized from
	upfront and milestones payments
	for three months ended		for six months ended
	June 30,		June 30,
Customer	2023	2024	2023	2024
	(EUR k)	(EUR k)	(EUR k)	(EUR k)
GSK	3,873	7,179	7,496	13,333
CRISPR	77	1,674	155	3,212
Genmab	447	—	894	—
Total	4,397	8,853	8,545	16,545

Schedule of contract balances


	December 31,	June 30,
	2023	2024
	EUR k	EUR k
Trade receivables	14,326	18,769
Contract assets	2,758	5,300
Contract liabilities	92,680	84,815

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:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(9,371)	(9,024)	(17,559)	(21,420)
Materials	(8,096)	(28,711)	(12,630)	(34,080)
Third-party services	(6,386)	(1,095)	(11,839)	(22,461)
Maintenance and lease	(534)	(536)	(1,115)	(1,733)
Amortization and depreciation	(1,049)	(1,074)	(2,219)	(2,103)
Other	(418)	(283)	(1,127)	(616)
Total	(25,854)	(40,723)	(46,489)	(82,412)

Selling and distribution expenses consist of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(1,314)	(926)	(2,030)	(1,776)
Amortization and depreciation	(6)	(1)	(6)	(1)
Other	(88)	(75)	(196)	(180)
Total	(1,408)	(1,002)	(2,232)	(1,957)

R&D expenses consists of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Materials	(5,728)	(3,719)	(9,217)	(9,280)
Personnel	(12,533)	(10,344)	(23,570)	(19,402)
Amortization and depreciation	(1,783)	(2,554)	(3,508)	(4,394)
Impairment	—	(3,248)	—	(3,248)
Patents and fees to register/protect a legal right	(1,191)	(5,598)	(2,048)	(10,057)
Third-party services	(7,081)	(3,992)	(11,773)	(8,677)
Maintenance and lease	(1,827)	(1,383)	(3,593)	(3,404)
Other	(727)	(254)	(1,410)	(455)
Total	(30,868)	(31,093)	(55,118)	(58,918)

General and administrative expenses consist of the following:


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(6,644)	(4,986)	(15,742)	(11,157)
Maintenance and lease	(1,614)	(1,260)	(2,915)	(2,304)
Third-party services	(5,871)	(4,688)	(12,873)	(12,307)
Legal and other professional services	(4,446)	(2,298)	(6,074)	(3,799)
Amortization and depreciation	(2,965)	(2,225)	(6,071)	(4,456)
Other	(705)	(474)	(1,857)	(1,027)
Total	(22,245)	(15,931)	(45,532)	(35,050)

Schedule of other operating income


	Three months ended June 30,		Six months ended June 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Compensation for CMO/Material transfer	259	—	1,803	2,848
Reimbursement Claim	—	657	—	1,357
Sale of equipment	176	225	484	447
Other	1,007	140	1,161	502
Total	1,442	1,023	3,448	5,154

Corporate Information

6 Months Ended

Jun. 30, 2024

Corporate Information

Corporate Information

1. Corporate Information

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

The Company is incorporated in the Netherlands and is registered in the commercial register at the Netherlands Chamber of Commerce under 77798031. The Company’s registered headquarters is Friedrich-Miescher-Strasse 15, 72076 Tübingen, Germany. Dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, is the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac of appr. 37 % 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.

Related party disclosures (Details) € in Thousands	6 Months Ended
Related party disclosures (Details) € in Thousands	Jun. 30, 2024 EUR (€)
Disclosure of transactions between related parties [line items]
Renumeration of supervisory board	€ 92
Clarentis SRL
Disclosure of transactions between related parties [line items]
Renumeration of supervisory board	€ 107

Interim Condensed Consolidated Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Intangible assets and goodwill	€ 26,832	€ 28,347
Property, plant and equipment	237,258	236,782
Right-of-use assets	38,994	41,843
Other assets	1,655	1,702
Deferred tax assets	522	1,194
Total non-current assets	305,260	309,868
Current assets
Assets held for sale	1,823	2,419
Inventories	457	24,801
Trade receivables	18,769	14,326
Contract assets	5,300	2,758
Other financial assets	3,735	2,661
Prepaid expenses and other assets	12,554	23,763
Current tax assets	6,422	5,201
Cash and cash equivalents	202,515	402,452
Total current assets	251,575	478,381
Total assets	556,836	788,249
Equity
Issued capital	26,918	26,879
Capital reserve	2,058,839	2,056,110
Accumulated deficit	(1,709,077)	(1,565,981)
Other comprehensive income	(146)	(67)
Total equity	376,533	516,941
Non-current liabilities
Lease liabilities	33,964	36,819
Contract liabilities	36,337	48,100
Total non-current liabilities	70,301	84,919
Current liabilities
Lease liabilities	5,071	5,005
Trade and other payables	7,513	48,033
Provisions	17,123	37,400
Other liabilities	31,039	50,717
Income taxes payable	778	654
Contract liabilities	48,478	44,580
Total current liabilities	110,002	186,389
Total liabilities	180,303	271,308
Total equity and liabilities	€ 556,836	€ 788,249

Disclosure of financial instruments and management of financial risks

6 Months Ended

Jun. 30, 2024

Disclosure of financial instruments and management of financial risks

Disclosure of financial instruments and management of financial risks

14. Disclosure of financial instruments and management of financial risks

As the Group requires significant liquid funds available for the financing of its research and development activities, during the six months ended June 30, 2024, it has maintained funds as cash and cash equivalents and not in less liquid financial instruments. The Group has distributed the cash amongst several banks and amongst the legal entities in the Group in order to avoid cluster risks.

Refer to note 15 to the consolidated financial statements as of December 31, 2023, for additional information on the Group’s risk management activities. As of June 30, 2024, the Group held cash and cash equivalents of USD 30,197k and CHF 152k, which are exposed to foreign currency exchange risk. The Group intends to settle expenses arising in US dollars using these US dollar funds.

Financial assets and financial liabilities

6 Months Ended

Jun. 30, 2024

Financial assets and financial liabilities

Financial assets and financial liabilities

10. Financial assets and financial liabilities

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

Cash and cash equivalents compromise cash at banks and term deposits. There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into or out of Level 3 fair value measurements during the six months ended June 30, 2024 and 2023.

Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
Revenue	€ 14,436	€ 7,579	€ 26,809	€ 14,708
Cost of sales	(40,723)	(25,854)	(82,412)	(46,489)
Selling and distribution expenses	(1,002)	(1,408)	(1,957)	(2,232)
Research and development expenses	(31,093)	(30,868)	(58,918)	(55,118)
General and administrative expenses	(15,931)	(22,245)	(35,050)	(45,532)
Other operating income	1,023	1,442	5,154	3,448
Other operating expenses	(329)	(447)	(563)	(942)
Operating loss	(73,620)	(71,801)	(146,938)	(132,157)
Finance income	2,533	6,197	6,303	10,085
Finance expenses	(155)	(1,783)	(495)	(2,734)
Loss before income tax	(71,243)	(67,387)	(141,129)	(124,806)
Income tax benefit/ (expense)	(1,301)	(26)	(1,967)	(27)
Net loss for the period	(72,543)	(67,414)	(143,096)	(124,833)
Other comprehensive income (loss):
Foreign currency adjustments	(23)	(3)	(79)	16
Total comprehensive loss for the period	€ (72,566)	€ (67,416)	€ (143,175)	€ (124,816)
Net loss per share basic (in dollars per share)	€ (0.32)	€ (0.30)	€ (0.64)	€ (0.57)
Net loss per share diluted (in dollars per share)	€ (0.32)	€ (0.30)	€ (0.64)	€ (0.57)

Remuneration of the Company's key management personnel (Details) € in Thousands	6 Months Ended
	Jun. 30, 2024 EUR (€)
Remuneration of the Company's key management personnel
Total	€ 92

Inventories (Details) - EUR (€) € in Thousands	6 Months Ended
Inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories
Raw materials	€ 457	€ 24,801
Increase in inventory	€ 24,344

Share-based payments - New VSOP - Reconciliation of outstanding awards (Details) - Option	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
New VSOP
Share-based payments
Exercised during the period	0	0

Fixed Assets - Intangible assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fixed Assets
Impairment	€ 3,248
Acquisition costs \| Licenses, software and prepayments
Fixed Assets
Additions	€ 4,088	€ 2,567

Assets held for sale

6 Months Ended

Jun. 30, 2024

Assets held for sale

Assets held for sale

7. 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. The CMO-Equipment identified for sale had a gross book value of EUR 9,130k, as of December 31, 2023, and was written down by EUR 6,711k (with the corresponding expense recognized in cost of sales) to EUR 2,419k, the fair value less anticipated costs to sell. Criteria for the determination of the fair value were defined based on certain sales scenarios considering different sales campaigns. The Company is actively working on selling the remaining equipment and as of June 30, 2024, assets held for sale with a net book value of EUR 597k were sold through an external service provider.

Issued Capital and Reserves

6 Months Ended

Jun. 30, 2024

Issued Capital and Reserves

Issued Capital and Reserves

4. Issued Capital and Reserves

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

As of June 30, 2024, no preferred shares had been issued and all issued common shares issued and outstanding were fully paid.

The number of common shares issued and outstanding developed as follows:


Common shares issued and outstanding at December 31, 2023		223,988,675
Share issuances for option exercises and RSU releases between Jan to Mar 2024		317,005
Common shares issued and outstanding at March 31, 2024		224,305,680
Share issuances for option exercises and RSU releases between Apr to Jun 2024		8,333
Common shares issued and outstanding at June 30, 2024		224,314,013

For the three months ended June 30, 2024, due to the use of tax loss carryforwards for which no deferred tax asset has been capitalized in prior periods, EUR 898k have been credited in equity (refer to Note 13 for further information).

Related party disclosures

6 Months Ended

Jun. 30, 2024

Related party disclosures

Related party disclosures

16. Related party disclosures

Parent and ultimate controlling party

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 of approximately 37% during the last twelve months. 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.

Entities controlled by Dievini Hopp BioTech holding GmbH & Co. KG had no significant impact on our unaudited interim condensed consolidated financial statements as of and for the six months ended June 30, 2024, compared to the details disclosed in Note 16 to our unaudited interim condensed consolidated financial statements as of and for the quarter ended March 31, 2024 as well as in Note 19 to our audited consolidated financial statements included in our Annual Report on Form 20 - F as of and for the year ended December 31, 2023.

Key management personnel transactions

Antony Blanc

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. During the six months ended June 30, 2024, CureVac paid EUR 92k under this agreement.

Share-based payments (Details)							3 Months Ended	6 Months Ended
Share-based payments (Details)	Jun. 01, 2024 Option	Mar. 31, 2024 Option € / shares	Mar. 31, 2024 Option $ / shares	Mar. 26, 2024 shares	Mar. 22, 2024 shares	Aug. 14, 2023	Jun. 30, 2024 Option	Jun. 30, 2024 Option
Share-based payments
Right to exercise percentage of vested virtual shares						10.00%
Number of shares issued for exercise of stock options \| shares					786,746
Beneficiaries declared the exercise of all their exercisable \| shares				786,746
Number of shares received \| shares					786,746
New VSOP
Share-based payments
Number of options exercised							0	0
RSU Supervisory Board
Share-based payments
Price per share \| (per share)		€ 2.80	$ 3.03
Members of executive board and various key employees \| LTIP Stock Options
Share-based payments
Number of RSU awards granted		1,374,824	1,374,824
Executive Board members \| LTIP Stock Options
Share-based payments
Number of share options granted	25,000
Supervisory Board members \| LTIP Stock Options
Share-based payments
Number of RSU's awarded		199,910	199,910

Fixed Assets - Property, plant and equipment (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Technical equipment and machines
Fixed Assets
Additions	€ 2,210	€ 5,940
Assets under construction
Fixed Assets
Additions	3,572	€ 22,421
Company-owned GMP IV facility
Fixed Assets
Additions	€ 2,740

Subsequent events 1- GSK (Details) € in Thousands	6 Months Ended
Subsequent events 1- GSK (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Subsequent events
Proceeds from issuing shares	€ 235,840

Basis of preparation

6 Months Ended

Jun. 30, 2024

Basis of preparation

Basis of preparation

2. Basis of preparation

The interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2024 and 2023, have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2023. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on August 13, 2024. The Group’s interim condensed consolidated financial statements are presented in Euros (“EUR”). Unless otherwise stated, amounts are rounded to thousands of Euros, except per share amounts. Due to rounding, differences may arise when individual amounts or percentages are added together.

New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2023. The new and amended standards and interpretations applied for the first time as of January 1, 2024, as disclosed in the notes to the consolidated financial statements as of December 31, 2023, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three and six months ended June 30, 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Notes to the Consolidated Statements of Operations - Summary of upfront payments and related revenues recognized (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Notes to the Consolidated Statements of Operations
Upfront and milestones payments included in contract liabilities	€ 84,815		€ 84,815			€ 92,680
Revenue recognized from upfront and milestones payments	8,853	€ 4,397	16,545	€ 8,545
GSK
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	225,000		225,000
Upfront and milestones payments included in contract liabilities	80,382		80,382			88,715
Revenue recognized from upfront and milestones payments	7,179	3,873	13,333	7,496
Genmab
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	8,937		8,937		$ 10,000
Upfront and milestones payments included in contract liabilities	2,383		2,383			2,383
Revenue recognized from upfront and milestones payments		447		894
CRISPR
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	7,626		7,626		$ 8,500
Upfront and milestones payments included in contract liabilities	2,050		2,050			€ 1,582
Revenue recognized from upfront and milestones payments	€ 1,674	€ 77	€ 3,212	€ 155

Other liabilities and provisions (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other liabilities and provisions.
Provisions (current)	€ 17,123	€ 37,400

Share-based payments- Long-Term Incentive Plan (LTIP) - Restricted Stock Units (RSUs) (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
General and administrative expenses	€ 320	€ 1,891	€ 537	€ 3,221

Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings per share

Earnings per share

15. Earnings per share

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

The weighted number of shares outstanding for the three and six months ended June 30, 2024 was 224,313,005 and 224,302,375, respectively (2023: 223,883,084 and 217,698,351, respectively). This has led to a basic loss per share for the three and six months ended June 30, 2024 of EUR 0.32 and EUR 0.64, respectively (2023: EUR 0.30 and EUR 0.57, 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 2,393,823 and 1,909,767 as of June 30, 2024, and 2023 respectively, were excluded from the computation of diluted weighted average number of shares because their effect would have been antidilutive.

Share-based payments - New VSOP - Expense recognized in the statement of operations and other comprehensive income (loss) (Details) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 EUR (€) Option	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€) Option	Jun. 30, 2023 EUR (€)
Share-based payments
Research and development expenses	€ 452	€ 609	€ 659	€ 761
Selling and distribution expenses	89	112	119	153
General and administrative expenses	320	1,891	537	3,221
Total	€ 1,244	€ 2,994	€ 1,731	€ 4,572
New VSOP
Share-based payments
Number of options exercised \| Option	0		0

Issued Capital and Reserves - Overview and General Remarks (Details)	Jun. 30, 2024 € / 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
Notional value per share \| € / shares	€ 0.12
Number of shares issued	0

Other liabilities and provisions - Current and Non Current liabilities (Details) - EUR (€) € in Thousands	1 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2024
Other liabilities and provisions
Decrease in other liabilities and provisions		€ 39,954
Percentage of arbitration tribunal awarded	65.00%
Legal proceedings provision
Other liabilities and provisions
cost of sales expenses		€ 17,098
Percentage of arbitration tribunal awarded		30.00%
Increase in existing provisions, other provisions	€ 2,091

Disclosure of financial instruments and management of financial risks (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of financial instruments and management of financial risks
Finance income	€ 2,533	€ 6,197	€ 6,303	€ 10,085
Finance expenses	€ 155	€ 1,783	€ 495	€ 2,734

Notes to the Consolidated Statements of Operations - General and administrative expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (9,993)	€ (11,489)
General and administrative expenses \| Operative expenses
Notes to the Consolidated Statements of Operations
Personnel	€ (4,986)	€ (6,644)	(11,157)	(15,742)
Maintenance and lease	(1,260)	(1,614)	(2,304)	(2,915)
Third-party services	(4,688)	(5,871)	(12,307)	(12,873)
Legal and other professional services	(2,298)	(4,446)	(3,799)	(6,074)
Amortization and depreciation	(2,225)	(2,965)	(4,456)	(6,071)
Other	(474)	(705)	(1,027)	(1,857)
Total	€ (15,931)	€ (22,245)	€ (35,050)	€ (45,532)

Subsequent events (Details) - EUR (€) € in Thousands	1 Months Ended
Subsequent events (Details) - EUR (€) € in Thousands	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024
GSK
Subsequent events
Upfront Payments Received Or Receivable			€ 225,000
Entering into Licensing Agreements \| GSK
Subsequent events
Development milestone payments	€ 10,000
Upfront Payments Received Or Receivable	€ 400,000	€ 400,000
Additional development, regulatory and sales milestones		1,050,000
New licensing agreement		€ 1,450,000
Announcing or commencing implementation of major restructuring
Subsequent events
Workforce reduction		30.00%
Restructuring, CureVac expects operational expenses		30.00%
Decrease in Personnel Costs		€ 25,000
Restructuring charges		€ 15,000

Equity - Initial Public Offering and Private Placement (Details) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€)
Issued Capital and Reserves
Cash received from issuance of shares	€ 235,840

Notes to the Consolidated Statements of Operations - Selling and distribution expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (9,993)	€ (11,489)
Selling and distribution expenses \| Operative expenses
Notes to the Consolidated Statements of Operations
Personnel	€ (926)	€ (1,314)	(1,776)	(2,030)
Amortization and depreciation	(1)	(6)	(1)	(6)
Other	(75)	(88)	(180)	(196)
Total	€ (1,002)	€ (1,408)	€ (1,957)	€ (2,232)

Share-based payments - Fair value at the grant date (Details) - Jun. 01, 2024 - Chief Business Officer - LTIP Stock Options	Y € / shares	Y $ / shares
Disclosure of detailed information about business combination
Exercise price \| $ / shares		$ 3.80
Weighted average fair value per option	€ 1.78
Weighted average share price	3.50
Exercise price (USD 3.80)	€ 3.50
Expected volatility (%)	65.00%	65.00%
Expected life (years) \| Y	3.45	3.45
Risk-free interest rate (%)	4.56%	4.56%