0001410578-24-001884 | 6-K | XBRL Viewer

Financial assets and financial liabilities	9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023.

Financial assets and financial liabilities

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023.

Notes to the Consolidated Statements of Operations (Tables)

9 Months Ended

Sep. 30, 2024

Notes to the Consolidated Statements of Operations

Schedule of revenue from contract with customers recognized


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Belgium
GSK	15,935	490,701	28,691	508,323
Switzerland
CRISPR	249	3,202	1,303	12,389
Netherlands
Genmab	298	—	1,197	—
Total	16,483	493,902	31,191	520,711


	over-time		at point-in-time
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
i) delivery of research and development services combined with an IP license	6,192	90,589	—	—
ii) research and development services considered distinct within the agreements	2,380	3,165	—	—
iii) delivery of products	—	—	7,911	149
iv) granting of IP licenses	—	—	—	400,000
Total	8,572	93,754	7,911	400,149


	over-time		at point-in-time
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
i) delivery of research and development services combined with an IP license	14,737	107,133	—	—
ii) research and development services considered distinct within the agreements	7,640	7,454	—	—
iii) delivery of products	—	—	8,814	6,124
iv) granting of IP licenses	—	—	—	400,000
Total	22,377	114,588	8,814	406,124

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	September 30, 2024
		(EUR k)	(EUR k)
GSK	EUR 635,000k	88,715	—
CRISPR	USD 8,500k (EUR 7,626k)*	1,582	243
Genmab	USD 10,000k (EUR 8,937k)*	2,383	2,383
Total		92,680	2,626

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


	Revenue recognized from
	upfront and milestones payments
	for three months ended		for nine months ended
	September 30,		September 30,
Customer	2023	2024	2023	2024
	(EUR k)	(EUR k)	(EUR k)	(EUR k)
GSK	5,816	490,382	13,313	503,715
CRISPR	77	207	232	3,419
Genmab	298	—	1,192	—
Total	6,192	490,589	14,737	507,133

Schedule of contract balances


	December 31,	September 30,
	2023	2024
	EUR k	EUR k
Trade receivables	14,326	5,764
Contract assets	2,758	—
Contract liabilities	92,680	2,626

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 September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(9,178)	(12,609)	(26,737)	(34,029)
Materials	(7,919)	(4,140)	(20,550)	(38,220)
Third-party services	(4,989)	(2,791)	(16,827)	(25,252)
Maintenance and lease	(688)	(946)	(1,802)	(2,679)
Amortization and depreciation	(1,052)	(1,098)	(3,271)	(3,200)
Other	(455)	(347)	(1,582)	(963)
Total	(24,281)	(21,931)	(70,770)	(104,344)

Selling and distribution expenses consist of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(782)	(1,388)	(2,812)	(3,165)
Amortization and depreciation	(12)	(2)	(18)	(2)
Other	(145)	(174)	(342)	(354)
Total	(940)	(1,564)	(3,172)	(3,521)

R&D expenses consists of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Materials	(3,783)	(3,347)	(12,999)	(12,628)
Personnel	(11,765)	(16,087)	(35,335)	(35,490)
Amortization and depreciation	(1,817)	(850)	(5,325)	(5,244)
Impairment	—	—	—	(3,248)
Patents and fees to register/protect a legal right	(2,002)	(23,680)	(4,049)	(33,737)
Third-party services	(5,813)	(3,921)	(17,586)	(12,598)
Maintenance and lease	(1,667)	(1,580)	(5,260)	(4,984)
Other	(399)	(513)	(1,809)	(968)
Total	(27,245)	(49,979)	(82,363)	(108,896)

General and administrative expenses consist of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(6,728)	(5,343)	(22,470)	(16,500)
Maintenance and lease	(297)	(1,862)	(3,212)	(4,166)
Third-party services	(6,507)	(5,471)	(19,380)	(17,778)
Legal and other professional services	(1,336)	(1,759)	(7,410)	(5,559)
Amortization and depreciation	(3,223)	(2,134)	(9,294)	(6,590)
Other	(483)	(102)	(2,341)	(1,129)
Total	(18,574)	(16,672)	(64,106)	(51,723)

Schedule of other operating income


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Compensation for CMO/Material transfer	89	—	1,891	2,848
Reimbursement Claim	—	1	—	1,359
Sale of equipment	477	968	961	1,415
Grants and other cost reimbursements from government agencies and similar bodies	274	332	514	332
Other	77	336	999	838
Total	917	1,637	4,365	6,792

Earnings per share (Details) - shares	3 Months Ended		9 Months Ended
Earnings per share (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per share
Weighted-average number of common shares outstanding (basic)	224,326,353	223,914,164	224,310,426	219,781,884
Effect of dilutive share-based awards	893,628	1,821,871	1,070,275	1,821,871
Weighted-average number of common shares (diluted)	225,219,981	223,914,164	225,380,701	219,781,884

Corporate Information	9 Months Ended
Sep. 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.

Corporate Information

9 Months Ended

Sep. 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	9 Months Ended
Sep. 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 nine months ended September 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 June 30, 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 nine months ended September 30, 2024, CureVac paid EUR 101k under this agreement.

Related party disclosures

9 Months Ended

Sep. 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 nine months ended September 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 June 30, 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 nine months ended September 30, 2024, CureVac paid EUR 101k under this agreement.

Related party disclosures (Details) - EUR (€) € in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Renumeration of supervisory board	€ 101
Dievini
Disclosure of transactions between related parties [line items]
Voting interests held	37.00%
Clarentis SRL
Disclosure of transactions between related parties [line items]
Renumeration of supervisory board		€ 107

Notes to the Consolidated Statements of Operations - Selling and distribution expenses (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (14,505)	€ (17,399)
Selling and distribution expenses
Notes to the Consolidated Statements of Operations
Personnel	€ (1,388)	€ (782)	(3,165)	(2,812)
Amortization and depreciation	(2)	(12)	(2)	(18)
Other	(174)	(145)	(354)	(342)
Total	€ (1,564)	€ (940)	€ (3,521)	€ (3,172)

Income tax

9 Months Ended

Sep. 30, 2024

Income tax

Income tax

13. Income tax

The increase of tax expenses for the three months ended September 30, 2024 to EUR 32,529k was primarily attributable to the current tax expense of CureVac N.V., CureVac S.E. and CureVac Corporate Services GmbH. For the three and nine months ended

September 30, 2024, due to the use of tax loss carryforwards for which no deferred tax asset has been capitalized in prior periods, EUR 9,201k and EUR 10,099k, respectively, have been credited in equity. The credit in equity results from the current tax reduction due to the use of tax loss carryforwards, which itself originated from expenses for share-based payments and transaction costs previously recorded in equity.

Income taxes for the nine months ended September 30, 2024, were calculated based on estimated annual effective income tax rates on ordinary income before tax adjusted by the tax effect of any discrete items. For the nine months ended September 30, 2024, the plan tax rate for CureVac N.V. was approximately 9%, for CureVac SE appr. 12% and CureVac Corporate Service GmbH appr. 39% applicable on taxable income. The effective tax rate considers the usage of loss carryforwards from prior years and management's assessment of the requirements in IAS 12, which lowers the effective tax rate of the Group.

Share-based payments - Equity-settled programs (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based payments
Total	€ 1,076	€ 1,701	€ 2,807	€ 6,273
LTIP Stock Options
Share-based payments
Total	69	391	227	2,728
RSU Supervisory Board
Share-based payments
Total	164	206	383	497
New VSOP
Share-based payments
Total		(26)		19
Prior VSOP
Share-based payments
Total	2	20	9	(1)
LTIP RSUs
Share-based payments
Total	€ 841	€ 1,110	€ 2,188	€ 3,030

Prepaid expenses and other assets (current)

9 Months Ended

Sep. 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 September 30, 2024 amounted to EUR 15,860k (December 31, 2023: 23,763k) and include prepayments for future service agreements and material in the amount of EUR 234k (December 31, 2023: EUR 1,075k), deferred charges of EUR 6,653k (December 31, 2023: EUR 5,463k) and other receivables of EUR 4,570k (December 31, 2023: EUR 4,344k). As of September 30, 2024, also included are VAT refund claims in the amount of EUR 4,404k (December 31, 2023: EUR 12,881k).

Disclosure of financial instruments and management of financial risks - Foreign currency risk (Details) - Sep. 30, 2024 - Foreign currency risk - Cash and cash equivalents SFr in Thousands, $ in Thousands	CHF (SFr)	USD ($)
USD
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| $		$ 25,204
CHF
Disclosure of financial instruments and risk management
Exposure in (foreign) currency \| SFr	SFr 142

Notes to the Consolidated Statements of Operations - Additional Information (Details) - EUR (€) € in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2024	Aug. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2024
Notes to the Consolidated Statements of Operations
Revenue recognized			€ 493,902	€ 16,483	€ 520,711	€ 31,191
Upfront Payments Received Or Receivable							€ 400,000
Revenue recognized from upfront and milestones payments			490,589	6,192	507,133	14,737
Costs related to the restructuring			4,823		4,377
Goods or services transferred over time
Notes to the Consolidated Statements of Operations
Revenue recognized			93,754	8,572	114,588	22,377
Goods or services transferred at point in time
Notes to the Consolidated Statements of Operations
Revenue recognized			400,149	7,911	406,124	8,814
Research and development services combined with Ip license \| Goods or services transferred over time
Notes to the Consolidated Statements of Operations
Revenue recognized			90,589	6,192	107,133	14,737
Product \| Goods or services transferred at point in time
Notes to the Consolidated Statements of Operations
Revenue recognized			149	7,911	6,124	8,814
Research and development services \| Goods or services transferred over time
Notes to the Consolidated Statements of Operations
Revenue recognized			3,165	2,380	7,454	7,640
Granting of IP Licenses \| Goods or services transferred at point in time
Notes to the Consolidated Statements of Operations
Revenue recognized			400,000		400,000
GSK [Member] \| Collaboration Agreement For Research, Development, Manufacturing And Commercialization Of mRNA-based Vaccines
Notes to the Consolidated Statements of Operations
Revenue recognized					508,323
GSK [Member]
Notes to the Consolidated Statements of Operations
Amount of development milestone			10,000		10,000	1,087
Upfront Payments Received Or Receivable			635,000		635,000
Revenue recognized from upfront and milestones payments			490,382	5,816	503,715	13,313
Amount Eligible To Receive As Development And Regulatory Milestone Payments							550,000
Amount Eligible To Receive As Commercial Milestone Payments							€ 500,000
GSK [Member] \| Research and development services
Notes to the Consolidated Statements of Operations
Revenue recognized		€ 100,000
Revenue recognized from upfront and milestones payments	€ 80,382
GSK [Member] \| Belgium
Notes to the Consolidated Statements of Operations
Revenue recognized			€ 490,701	€ 15,935	€ 508,323	€ 28,691

Earnings per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings per share

Schedule of weighted-average number of common shares


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
Weighted-average number of common shares outstanding (basic)	223,914,164	224,326,353	219,781,884	224,310,426
Effect of dilutive share-based awards	—	893,628	—	1,070,275
Weighted-average number of common shares (diluted)	223,914,164	225,219,981	219,781,884	225,380,701

Issued Capital and Reserves

9 Months Ended

Sep. 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 September 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
Share issuances for option exercises and RSU releases between Jul to Sep 2024		24,244
Common shares issued and outstanding at September 30, 2024		224,338,257

For the three and nine months ended September 30, 2024, due to the use of tax loss carryforwards for which no deferred tax asset has been capitalized in prior periods, EUR 9,201k and EUR 10,099k, respectively, have been credited in equity (refer to Note 13 for further information).

Fixed Assets - Intangible assets (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fixed Assets
Impairment	€ 3,248
Acquisition costs \| Licenses, software and prepayments
Fixed Assets
Additions	€ 4,094	€ 2,610

Notes to the Consolidated Statements of Operations - Research and development (R&D) expenses (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (14,505)	€ (17,399)
Impairment			(39,889)
Potential costs for pending litigations	€ 15,894		15,894
Research and development expenses
Notes to the Consolidated Statements of Operations
Materials	(3,347)	€ (3,783)	(12,628)	(12,999)
Personnel	(16,087)	(11,765)	(35,490)	(35,335)
Amortization and depreciation	(850)	(1,817)	(5,244)	(5,325)
Impairment			(3,248)
Patents and fees to register/protect a legal right	(23,680)	(2,002)	(33,737)	(4,049)
Third-party services	(3,921)	(5,813)	(12,598)	(17,586)
Maintenance and lease	(1,580)	(1,667)	(4,984)	(5,260)
Other	(513)	(399)	(968)	(1,809)
Total	(49,979)	(27,245)	(108,896)	(82,363)
Potential costs for pending litigations	€ 15,894	€ 15,894	€ 15,894	€ 15,894

Share-based payments (Details)									3 Months Ended	9 Months Ended
Share-based payments (Details)	Sep. 25, 2024 shares	Aug. 14, 2024 shares	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	Sep. 30, 2024 Option	Sep. 30, 2024 Option
Share-based payments
Right to exercise percentage of vested virtual shares		10.00%						10.00%
Number of shares issued for exercise of stock options \| shares		790,185					786,746
Beneficiaries declared the exercise of all their exercisable \| shares	790,185					786,746
Number of shares received \| shares		790,185					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

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

Assets held for sale

9 Months Ended

Sep. 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 September 30, 2024, assets held for sale with a net book value of EUR 775k were sold through an external service provider.

Notes to the Consolidated Statements of Operations - Summary of upfront payments and related revenues recognized (Details) € in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)	Sep. 30, 2024 USD ($)	Aug. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable						€ 400,000
Upfront and milestones payments included in contract liabilities	€ 2,626		€ 2,626				€ 92,680
Revenue recognized from upfront and milestones payments	490,589	€ 6,192	507,133	€ 14,737
GSK
Notes to the Consolidated Statements of Operations
Upfront Payments Received Or Receivable	635,000		635,000
Upfront and milestones payments included in contract liabilities							88,715
Revenue recognized from upfront and milestones payments	490,382	5,816	503,715	13,313
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		298		1,192
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	243		243				€ 1,582
Revenue recognized from upfront and milestones payments	€ 207	€ 77	€ 3,419	€ 232

Prepaid expenses and other assets (current) (Details) - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid expenses and other assets (current)
Prepaid expenses and other current assets	€ 15,860	€ 23,763
Prepayments for future service agreements and goods	234	1,075
Deferred charges	6,653	5,463
Other receivables	4,570	4,344
VAT refund claims	€ 4,404	€ 12,881

Subsequent events

9 Months Ended

Sep. 30, 2024

Subsequent events

Subsequent events

17. Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company identified no subsequent event that requires disclosure in the financial statements.

Interim Condensed Consolidated Statements of Financial Position - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Non-current assets
Intangible assets and goodwill	€ 26,239	€ 28,347
Property, plant and equipment	201,314	236,782
Right-of-use assets	40,137	41,843
Other assets	1,538	1,702
Deferred tax assets	244	1,194
Total non-current assets	269,472	309,868
Current assets
Assets held for sale	1,644	2,419
Inventories	470	24,801
Trade receivables	5,764	14,326
Contract assets		2,758
Other financial assets	4,055	2,661
Prepaid expenses and other assets	15,860	23,763
Current tax assets	6,061	5,201
Cash and cash equivalents	550,862	402,452
Total current assets	584,715	478,381
Total assets	854,188	788,249
Equity
Issued capital	26,921	26,879
Capital reserve	2,068,832	2,056,110
Accumulated deficit	(1,371,035)	(1,565,981)
Other comprehensive income	(22)	(67)
Total equity	724,695	516,941
Non-current liabilities
Lease liabilities	34,897	36,819
Contract liabilities	243	48,100
Total non-current liabilities	35,140	84,919
Current liabilities
Lease liabilities	5,231	5,005
Trade and other payables	13,416	48,033
Provisions	13,254	37,400
Other liabilities	36,159	50,717
Income taxes payable	23,909	654
Contract liabilities	2,383	44,580
Total current liabilities	94,352	186,389
Total liabilities	129,492	271,308
Total equity and liabilities	€ 854,188	€ 788,249

Other liabilities and provisions - Current and Non Current liabilities (Details) € in Thousands	1 Months Ended			3 Months Ended	9 Months Ended
	Oct. 31, 2024 patent	Jul. 31, 2024 EUR (€)	May 31, 2024 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 EUR (€)
Other liabilities and provisions
Decrease in other liabilities and provisions					€ 38,703
Percentage of arbitration tribunal awarded			65.00%
Number of patents revoked \| patent	2
Potential costs for pending litigations				€ 15,894	15,894
Announcing or commencing implementation of major restructuring
Other liabilities and provisions
Workforce reduction		30.00%
Restructuring accruals		€ 9,861
Employee functional costs				€ 9,861	€ 9,861
Legal proceedings provision
Other liabilities and provisions
Percentage of arbitration tribunal awarded					30.00%
cost of sales expenses					€ 17,098
Increase in existing provisions, other provisions			€ 2,091

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 profit / (loss)				(173,514)		(173,514)
Other comprehensive income (loss)					(14)	(14)
Total comprehensive income (loss)				(173,514)	(14)	(173,528)
Share-based payment expense		6,273				6,273
Issuance of share capital (net of transaction costs)	3,453	232,387				235,840
Settlement of share-based payment awards	18	(1,072)	€ 1,481			428
Balance at the end at Sep. 30, 2023	26,871	2,054,876		(1,479,329)	(153)	602,265
Balance at the beginning at Dec. 31, 2023	26,879	2,056,110		(1,565,981)	(67)	516,941
Net profit / (loss)				194,947		194,947
Other comprehensive income (loss)					45	45
Total comprehensive income (loss)				194,947	45	194,992
Share-based payment expense		2,807				2,807
Realized tax benefit related to prior year equity transaction costs		10,017				10,017
Settlement of share-based payment awards	42	(102)				(60)
Balance at the end at Sep. 30, 2024	€ 26,921	€ 2,068,832		€ (1,371,035)	€ (22)	€ 724,695

- 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
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
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-Paragraph 24
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-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-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
-URIDate 2023-03-23

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
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-Paragraph 106
-Subparagraph d
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Inventories (Details) - EUR (€) € in Thousands	9 Months Ended
Inventories (Details) - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Raw materials	€ 470	€ 24,801
Increase in inventory	€ 24,331

Notes to the Consolidated Statements of Operations - Contract balances (Details) - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Notes to the Consolidated Statements of Operations
Trade receivables	€ 5,764	€ 14,326
Contract assets		2,758
Contract liabilities	€ 2,626	€ 92,680

Notes to the Consolidated Statements of Operations - Other operating income (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Compensation for CMO/Material transfer		€ 89	€ 2,848	€ 1,891
Reimbursement Claim	€ 1		1,359
Sale of equipment	968	477	1,415	961
Grants and other cost reimbursements from government agencies and similar bodies	332	274	332	514
Other	336	77	838	999
Total	€ 1,637	€ 917	€ 6,792	€ 4,365

Trade and other payables (Details) - EUR (€) € in Thousands	9 Months Ended
Trade and other payables (Details) - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade and other payables.
Trade and other payables	€ 13,416	€ 48,033
Amount of decrease in trade and other payables	€ 34,617

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2024
Document and Entity Information
Document Type	6-K
Entity Registrant Name	CureVac N.V.
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001809122
Amendment Flag	false

Earnings per share

9 Months Ended

Sep. 30, 2024

Earnings per share

Earnings per share

15. Earnings per share

Basic earnings per share is calculated by dividing the Company’s consolidated net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using CureVac’s weighted-average number of outstanding common shares including the dilutive effect of share-based awards as determined under the treasury stock method. The average market price is computed using the closing daily market prices for the period during which the options were outstanding. During the periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.

The following table shows the computation of weighted-average number of common shares (diluted):


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
Weighted-average number of common shares outstanding (basic)	223,914,164	224,326,353	219,781,884	224,310,426
Effect of dilutive share-based awards	—	893,628	—	1,070,275
Weighted-average number of common shares (diluted)	223,914,164	225,219,981	219,781,884	225,380,701

Share options and RSUs of 1,821,871 were excluded from the computation of diluted weighted average number of shares for the three and nine months ended September 30, 2023, because their effect would have been antidilutive.

Trade and other payables

9 Months Ended

Sep. 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 13,416k (December 31, 2023: EUR 48,033k). During the nine months ended September 30, 2024, the decrease of EUR 34,617k in trade and other payables was primarily attributable to payments to raw material suppliers for invoices received before December 31, 2023.

Basis of preparation (Policies)	9 Months Ended
Basis of preparation (Policies)	Sep. 30, 2024
Basis of preparation
Basis of preparation	The interim condensed consolidated financial statements as of and for the three and nine months ended September 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 November 8, 2024. Certain prior year amounts have been reclassified for consistency with the current year presentation. 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 nine months ended September 30, 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Subsequent events (Details) - shares	Sep. 25, 2024	Aug. 14, 2024	Mar. 26, 2024	Mar. 22, 2024
Subsequent events
Number of shares issued for exercise of stock options		790,185		786,746
Number of shares received		790,185		786,746
Beneficiaries declared the exercise of all their exercisable	790,185		786,746

Basis of preparation

9 Months Ended

Sep. 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 nine months ended September 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 November 8, 2024. Certain prior year amounts have been reclassified for consistency with the current year presentation. 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 nine months ended September 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 (€)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financial assets and financial liabilities
Transfer from Level 1 to Level 2, Assets	€ 0	€ 0
Transfers into Level 3, Assets	€ 0	€ 0

Fixed Assets - Property, plant and equipment (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fixed Assets
Amount of contruction in progress	€ 139,369
Cost of sales
Fixed Assets
Impairment loss	36,641
Technical equipment and machines
Fixed Assets
Additions	3,189	€ 7,690
Assets under construction
Fixed Assets
Additions	5,858	€ 32,918
Company-owned GMP IV facility
Fixed Assets
Additions	€ 5,379

Notes to the Consolidated Statements of Operations - General and administrative expenses (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (14,505)	€ (17,399)
General and administrative expenses
Notes to the Consolidated Statements of Operations
Personnel	€ (5,343)	€ (6,728)	(16,500)	(22,470)
Maintenance and lease	(1,862)	(297)	(4,166)	(3,212)
Third-party services	(5,471)	(6,507)	(17,778)	(19,380)
Legal and other professional services	(1,759)	(1,336)	(5,559)	(7,410)
Amortization and depreciation	(2,134)	(3,223)	(6,590)	(9,294)
Other	(102)	(483)	(1,129)	(2,341)
Total	€ (16,672)	€ (18,574)	€ (51,723)	€ (64,106)

Notes to the Consolidated Statements of Operations - Cost of sales (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Amortization and depreciation			€ (14,505)	€ (17,399)
Cost of sales
Notes to the Consolidated Statements of Operations
Personnel	€ (12,609)	€ (9,178)	(34,029)	(26,737)
Materials	(4,140)	(7,919)	(38,220)	(20,550)
Third-party services	(2,791)	(4,989)	(25,252)	(16,827)
Maintenance and lease	(946)	(688)	(2,679)	(1,802)
Amortization and depreciation	(1,098)	(1,052)	(3,200)	(3,271)
Impairment			(36,641)
Other	(347)	(455)	(963)	(1,582)
Total	€ (21,931)	€ (24,281)	€ (104,344)	€ (70,770)

Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interim Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
Revenue	€ 493,902	€ 16,483	€ 520,711	€ 31,191
Cost of sales	(21,931)	(24,281)	(104,344)	(70,770)
Selling and distribution expenses	(1,564)	(940)	(3,521)	(3,172)
Research and development expenses	(49,979)	(27,245)	(108,896)	(82,363)
General and administrative expenses	(16,672)	(18,574)	(51,723)	(64,106)
Other operating income	1,637	917	6,792	4,365
Other operating expenses	(37,014)	(395)	(37,577)	(1,337)
Operating profit / (loss)	368,379	(54,036)	221,441	(186,193)
Finance income	2,334	5,959	8,637	13,390
Finance expenses	(141)	(598)	(636)	(678)
Profit / (Loss) before income tax	370,572	(48,675)	229,442	(173,481)
Income tax benefit/ (expense)	(32,529)	(6)	(34,496)	(33)
Net profit / (loss) for the period	338,043	(48,681)	194,947	(173,514)
Other comprehensive income / (loss):
Foreign currency adjustments	124	(30)	45	(14)
Total comprehensive income / (loss) for the period	€ 338,167	€ (48,711)	€ 194,992	€ (173,528)
Net profit / (loss) per share - basic (in dollars per share)	€ 1.51	€ (0.22)	€ 0.87	€ (0.79)
Net profit / (loss) loss per share - diluted (in dollars per share)	€ 1.50	€ (0.22)	€ 0.86	€ (0.79)

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%

Issued Capital and Reserves - Overview and General Remarks (Details)	Sep. 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

Assets held for sale (Details) - EUR (€) € in Thousands	9 Months Ended	12 Months Ended
Assets held for sale (Details) - EUR (€) € in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets held for sale
Gross book value of 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	€ 775

Inventories

9 Months Ended

Sep. 30, 2024

Inventories

Inventories

8. Inventories

The inventories include only raw materials and supplies amounting to EUR 470k (December 31, 2023: EUR 24,801k), which are recoverable under the Company’s agreements with its collaboration partner. During the nine months ended September 30, 2024, the decrease in inventory of EUR 24,331k is primarily due to write-down of raw material which would have been recoverable under the previous GSK collaboration (refer to Note 3 for further information). The expense recognized related to the write-down is included in cost of sales.

Income tax (Details) € in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
Income tax (Details) € in Thousands, $ in Thousands	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)
Income tax
Income tax expense	€ 32,529		€ 6	€ 34,496	€ 33
Current and deferred tax	€ 9,201	$ 9,201		€ 10,099
Percentage of trade tax	9.00%	9.00%		9.00%
CureVac SE
Income tax
Percentage of trade tax	12.00%	12.00%		12.00%
CureVac Corporate Services GmbH
Income tax
Applicable taxable rate				39.00%

- 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

Share-based payments (Tables)

9 Months Ended

Sep. 30, 2024

Share-based payments

Schedule of share-based payments expenses


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Cost of sales	98	148	245	347
Selling and distribution expenses	93	(113)	246	6
Research and development expenses	441	494	1,202	1,153
General and administrative expenses	862	383	4,083	920
Other operating expenses	206	164	497	383
Total	1,701	1,076	6,273	2,807

Schedule for expense recognized for the equity-settled programs


	Three months ended September 30,		Nine months ended September 30,
Program	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
LTIP Stock Options	391	69	2,728	227
RSU Supervisory Board	206	164	497	383
New VSOP	(26)	—	19	—
Prior VSOP	20	2	(1)	9
LTIP RSUs	1,110	841	3,030	2,188
Total	1,701	1,076	6,273	2,807

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	%

Issued Capital and Reserves - Number of shares issued and outstanding (Details) € in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024 EUR (€) shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 shares	Mar. 31, 2024 shares	Sep. 30, 2024 EUR (€) shares
Issued Capital and Reserves
Common shares issued and outstanding beginning	224,314,013	224,314,013	224,305,680	223,988,675	223,988,675
Share issuances for option exercises and RSU releases	24,244	24,244	8,333	317,005
Common shares issued and outstanding ending	224,338,257	224,338,257	224,314,013	224,305,680	224,338,257
Current and deferred tax	€ 9,201	$ 9,201			€ 10,099

Share-based payments - Expenses (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based payments
Cost of Sales	€ 148	€ 98	€ 347	€ 245
Selling and distribution expenses	(113)	93	6	246
Research and development expenses	494	441	1,153	1,202
General and administrative expenses	383	862	920	4,083
Other operating expenses	164	206	383	497
Total	€ 1,076	€ 1,701	€ 2,807	€ 6,273

Notes to the Consolidated Statements of Operations

9 Months Ended

Sep. 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 September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Belgium
GSK	15,935	490,701	28,691	508,323
Switzerland
CRISPR	249	3,202	1,303	12,389
Netherlands
Genmab	298	—	1,197	—
Total	16,483	493,902	31,191	520,711

During the three months ended September 30, 2024, the Company recognized revenues from:


	over-time		at point-in-time
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
i) delivery of research and development services combined with an IP license	6,192	90,589	—	—
ii) research and development services considered distinct within the agreements	2,380	3,165	—	—
iii) delivery of products	—	—	7,911	149
iv) granting of IP licenses	—	—	—	400,000
Total	8,572	93,754	7,911	400,149

During the nine months ended September 30, 2024, the Company recognized revenues from:


	over-time		at point-in-time
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
i) delivery of research and development services combined with an IP license	14,737	107,133	—	—
ii) research and development services considered distinct within the agreements	7,640	7,454	—	—
iii) delivery of products	—	—	8,814	6,124
iv) granting of IP licenses	—	—	—	400,000
Total	22,377	114,588	8,814	406,124

On June 29, 2024, CureVac and Glaxosmithkline Biologicals SA (GSK) entered into a new Licensing Agreement to amend and restate their existing collaboration agreements (CLA1 and CLA2, as amended and restated). The agreement was dependent upon approval of the German Antitrust Authorities which was granted on July 11, 2024, and marks the effective date of the agreement. Under the agreement, CureVac granted GSK a worldwide, non-transferable, royalty-free, sublicensable, exclusive license to use the CureVac licensed intellectual property (IP) for the development and manufacture of the GSK products, as well as a worldwide, royalty-bearing, sublicensable exclusive license to use the CureVac licensed IP for the commercialization of the GSK products.

Since 2020 under the CLA1 and CLA2 agreements, GSK and CureVac have developed mRNA vaccine candidates for infectious diseases including seasonal influenza and COVID-19 and avian influenza. All candidates are based on CureVac's proprietary second-generation mRNA backbone.

Under the terms of the License Agreement, GSK will assume full control of developing and manufacturing candidate vaccines for influenza and COVID-19, including combinations. The new Licensing Agreement replaces all previous financial considerations from the prior collaboration agreements between CureVac and GSK. 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 identified one performance obligation in granting of licenses and one in activities related to the transition and wind down of the GSK program. CureVac received a non-refundable upfront payment of EUR 400,000k, which was received in August 2024, and will receive additional development and regulatory milestone payments of up to EUR 550,000k, commercial milestone payments of up to EUR 500,000k and tiered royalties on product sales.

Since CureVac has no major obligations in respect of the licenses and, especially, no obligation to perform further research and development (R&D) services in connection with the granted licenses, the licenses do not provide access to CureVac’s IP. Instead, the licenses are accounted for as a right to use CureVac’s IP. GSK is able to direct the use of, and obtain substantially all of the benefits from, the license at the time that control of the license is transferred to GSK. Therefore, the upfront payment is fully recognized in the third quarter of 2024 as revenue. Under the previous CLA1 and CLA2 agreements, CureVac recognized revenue over time for the combined performance obligation where CureVac grants its customer a license which is bundled with research and development services relating to the technology.

CureVac and GSK agreed in the License Agreement that all unfulfilled performance obligations from prior CLA1 and CLA2 agreements relating to R&D services combined with an IP license expired, which means that GSK can no longer exercise its contractual rights in respect to R&D services combined with an IP license. All outstanding contract liabilities amounting to EUR 80,382k attributed to expired performance obligations that resulted from non-refundable upfront payments are recognized as revenue upon the Licensing Agreement becoming effective in July 2024.

In the third quarter of 2024, the Company reached a development milestone of EUR 10,000k under the GSK I collaboration. Therefore, revenue for the nine months ending September 30, 2024, also includes recognition of EUR 10,000k of the milestone amount (September 30, 2023: EUR 1,087k).

Of the total revenues recognized in the nine months ended September 30, 2024, EUR 508,323k in revenue was recognized under the agreements with GSK.

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	September 30, 2024
		(EUR k)	(EUR k)
GSK	EUR 635,000k	88,715	—
CRISPR	USD 8,500k (EUR 7,626k)*	1,582	243
Genmab	USD 10,000k (EUR 8,937k)*	2,383	2,383
Total		92,680	2,626

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


	Revenue recognized from
	upfront and milestones payments
	for three months ended		for nine months ended
	September 30,		September 30,
Customer	2023	2024	2023	2024
	(EUR k)	(EUR k)	(EUR k)	(EUR k)
GSK	5,816	490,382	13,313	503,715
CRISPR	77	207	232	3,419
Genmab	298	—	1,192	—
Total	6,192	490,589	14,737	507,133

Contract balances:


	December 31,	September 30,
	2023	2024
	EUR k	EUR k
Trade receivables	14,326	5,764
Contract assets	2,758	—
Contract liabilities	92,680	2,626

3.2 Cost of sales

The cost of sales consists of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(9,178)	(12,609)	(26,737)	(34,029)
Materials	(7,919)	(4,140)	(20,550)	(38,220)
Third-party services	(4,989)	(2,791)	(16,827)	(25,252)
Maintenance and lease	(688)	(946)	(1,802)	(2,679)
Amortization and depreciation	(1,052)	(1,098)	(3,271)	(3,200)
Other	(455)	(347)	(1,582)	(963)
Total	(24,281)	(21,931)	(70,770)	(104,344)

For the nine months ended September 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 due to costs related to the restructuring of the organization of EUR 4,377k (refer to Note 12 for further information).

3.3 Selling and distribution expenses

Selling and distribution expenses consist of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(782)	(1,388)	(2,812)	(3,165)
Amortization and depreciation	(12)	(2)	(18)	(2)
Other	(145)	(174)	(342)	(354)
Total	(940)	(1,564)	(3,172)	(3,521)

3.4 Research and development expenses

R&D expenses consists of the following:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Materials	(3,783)	(3,347)	(12,999)	(12,628)
Personnel	(11,765)	(16,087)	(35,335)	(35,490)
Amortization and depreciation	(1,817)	(850)	(5,325)	(5,244)
Impairment	—	—	—	(3,248)
Patents and fees to register/protect a legal right	(2,002)	(23,680)	(4,049)	(33,737)
Third-party services	(5,813)	(3,921)	(17,586)	(12,598)
Maintenance and lease	(1,667)	(1,580)	(5,260)	(4,984)
Other	(399)	(513)	(1,809)	(968)
Total	(27,245)	(49,979)	(82,363)	(108,896)

During the nine months ended September 30, 2024, research and development expenses increased in comparison to the same period of 2023 due to increased expenses related to the IP litigations (refer to Note 12 for further information) and write-off of licenses (refer to Note 6.1 for further information).

The increase in personnel expenses for the three months ended September 30, 2024, is primarily due to costs related to the restructuring of the organization of EUR 4,823k (refer to Note 12 for further information). For the nine months ended September 30, 2024, the increase is offset by the reimbursement from GSK on the development costs incurred by CureVac related to CV2CoV, or GSK II, for the first half of 2024. 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 until June 2024 (refer to Note 3.1. for further information).

The increase in patent and fees to register / protect a legal right for the three months ended September 30, 2024, is primarily due to the provisions recognized related to pending patent litigations of EUR 15,894k (refer to Note 12 for further information).

As of September 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 September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Personnel	(6,728)	(5,343)	(22,470)	(16,500)
Maintenance and lease	(297)	(1,862)	(3,212)	(4,166)
Third-party services	(6,507)	(5,471)	(19,380)	(17,778)
Legal and other professional services	(1,336)	(1,759)	(7,410)	(5,559)
Amortization and depreciation	(3,223)	(2,134)	(9,294)	(6,590)
Other	(483)	(102)	(2,341)	(1,129)
Total	(18,574)	(16,672)	(64,106)	(51,723)

During the nine months ended September 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 September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Compensation for CMO/Material transfer	89	—	1,891	2,848
Reimbursement Claim	—	1	—	1,359
Sale of equipment	477	968	961	1,415
Grants and other cost reimbursements from government agencies and similar bodies	274	332	514	332
Other	77	336	999	838
Total	917	1,637	4,365	6,792

Issued Capital and Reserves (Tables)

9 Months Ended

Sep. 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
Share issuances for option exercises and RSU releases between Jul to Sep 2024		24,244
Common shares issued and outstanding at September 30, 2024		224,338,257

Disclosure of financial instruments and management of financial risks

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2024, the Group held cash and cash equivalents of USD 25,204k and CHF 142k, which are exposed to foreign currency exchange risk. The Group intends to settle expenses arising in US dollars using these US dollar funds.

Notes to the Consolidated Statements of Operations - Revenue from contract with customers (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 493,902	€ 16,483	€ 520,711	€ 31,191
Belgium \| GSK
Notes to the Consolidated Statements of Operations
Revenue recognized	490,701	15,935	508,323	28,691
Switzerland \| CRISPR
Notes to the Consolidated Statements of Operations
Revenue recognized	€ 3,202	249	€ 12,389	1,303
Netherlands \| Genmab
Notes to the Consolidated Statements of Operations
Revenue recognized		€ 298		€ 1,197

Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Profit / (Loss) before income tax	€ 229,442	€ (173,481)
Adjustments to reconcile loss before tax to net cash flows
Finance income	(8,637)	(13,390)
Finance expense	636	678
Depreciation and amortization	14,505	17,399
Impairment of intangible assets and property, plant and equipment	39,889
Loss on disposal of fixed assets	628	895
Impairment of inventory	23,670	7,655
Share-based payment expense	2,807	6,273
Changes of provisions	(24,146)	(1,922)
Working capital changes
Decrease / (increase) in assets held for sale	775	580
Decrease / (increase) in trade receivables and contract assets	11,320	(1,592)
Decrease / (increase) in inventory	661	(6,966)
Decrease / (increase) in other assets	8,761	19,319
(Decrease) / increase in trade and other payables, other liabilities and contract liabilities	(134,991)	(85,932)
Decrease / (increase) in taxes	(396)	(33)
Income taxes received / (paid)	(2,116)	(2,966)
Interest received	7,361	11,300
Interest paid	(1,757)	(2,102)
Net cash flow provided by / (used in) operating activities	168,413	(224,282)
Investing activities
Purchase of property, plant and equipment	(11,780)	(38,181)
Purchase of intangible assets	(4,094)	(2,610)
Net cash flow (used in) investing activities	(15,874)	(40,791)
Financing activities
Payments on lease obligations	(3,775)	(3,965)
Proceeds from the issuance of Shares (net of transaction costs)		235,840
Payment on / proceeds from treasury shares/exercise of options	(60)	428
Net cash flow provided by / (used in) financing activities	(3,835)	232,302
Net increase / (decrease) in cash and cash equivalents	148,704	(32,770)
Effect of changes in exchange rates on cash and cash equivalents	(293)	1,118
Cash and cash equivalents, beginning of period	402,452	495,797
Cash and cash equivalents, end of period	€ 550,862	€ 464,145

Share-based payments

9 Months Ended

Sep. 30, 2024

Share-based payments

Share-based payments

5. Share-based payments

The Group recognized share-based payment expenses as follows:


	Three months ended September 30,		Nine months ended September 30,
	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
Cost of sales	98	148	245	347
Selling and distribution expenses	93	(113)	246	6
Research and development expenses	441	494	1,202	1,153
General and administrative expenses	862	383	4,083	920
Other operating expenses	206	164	497	383
Total	1,701	1,076	6,273	2,807

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


	Three months ended September 30,		Nine months ended September 30,
Program	2023	2024	2023	2024
	EUR k	EUR k	EUR k	EUR k
LTIP Stock Options	391	69	2,728	227
RSU Supervisory Board	206	164	497	383
New VSOP	(26)	—	19	—
Prior VSOP	20	2	(1)	9
LTIP RSUs	1,110	841	3,030	2,188
Total	1,701	1,076	6,273	2,807

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 nine months ended September 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.

On the fourth anniversary after IPO i.e., on August 14, 2024, a fifth 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 790,185 virtual shares by September 20, 2024, and CureVac received 790,185 shares from the old shareholders on that day. On September 25, 2024, CureVac transferred 790,185 shares to the exercising beneficiaries.

Other liabilities and provisions

9 Months Ended

Sep. 30, 2024

Other liabilities and provisions

Other liabilities and provisions

12. Other liabilities and provisions

During the nine months ended September 30, 2024, the decrease of EUR 38,703k in other liabilities and provisions was primarily due to the usage and reversal of provisions related to CMO arbitrations and lower accruals for outstanding invoices, partially offset by new provisions and accruals for IP litigations and for the ongoing restructuring of the organization.

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 September 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. As the award was lower than the provision, an amount of EUR 2,091k was reversed in cost of sales. As of September 30, 2024, the awarded amount was paid to Wacker.

CureVac is involved in multi-jurisdictional patent litigations. In October 2024, the High Court of Justice in London, UK issued an order revoking the UK destination of two patents. In September 2024, provisions and accruals of EUR 15,894k were recorded to cover potential costs for the pending litigations. The related expense of EUR 15,894k for the three and nine months ended September 30, 2024, was recorded in research and development expenses.

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 Company recorded restructuring accruals mainly for severance payments of EUR 9,861k as of September 30, 2024. The related expense of EUR 9,861k for the three and nine months ended September 30, 2024, was recorded in the functional cost category of the employees affected.

Fixed Assets

9 Months Ended

Sep. 30, 2024

Fixed Assets

Fixed Assets

6. Fixed Assets

6.1 Intangible assets

During the nine months ended September 30, 2024, the Group acquired intangible assets of EUR 4,094k (nine months ended September 30, 2023: EUR 2,610k). 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 nine months ended September 30, 2024, the decrease in property, plant and equipment was attributable to the impairment of a production line.

CureVac’s GMP IV facility was initially planned and constructed for commercial (large scale) production. Following the effectiveness of the new Licensing Agreement with GSK in July 2024, management embarked on a significant strategic restructuring to focus its resources on high-value mRNA projects in oncology and other select areas of substantial unmet medical need.

As a result of the strategic restructuring, one production line within the GMP IV facility will not be developed further and therefore will have no future use. Therefore this production line will not generate cash inflow in the future, resulting in a full impairment of the production line in the amount of EUR 36,641k. The expense recognized related to the impairment is included in other operating expenses. The remaining carrying amount of the GMP IV facility, as of September 30, 2024, presented within construction in progress, amounts to EUR 139,369k.

The decrease is offset by the purchase of technical equipment and machines and other equipment of EUR 3,189k (September 30, 2023: EUR 7,690k) as well as additional amounts recognized as construction in progress of EUR 5,858k (September 30, 2023: EUR 32,918k) primarily related to the Company-owned GMP IV facility with the amount of EUR 5,379k.