CureVac N.V.

CureVac reported cash and cash equivalents of EUR481.7 million at end-2024, up from EUR402.5 million at end-2023, and reiterated an expected cash runway into 2028. Full-year 2024 revenue was EUR535.2 million versus EUR53.8 million in 2023, with the increase mainly driven by the GSK licensing agreement; Q4 revenue was EUR14.5 million, down EUR8.1 million year over year. Operating profit for 2024 was EUR177.7 million versus an operating loss of EUR274.2 million in 2023; Q4 operating loss was EUR43.8 million versus EUR88.0 million a year earlier. Pretax profit was EUR190.9 million for 2024 and pretax loss was EUR38.6 million for Q4. Management said 2025 operating expenses are expected to decline by over 30%, including a EUR25 million reduction in personnel costs, and the EUR10 million GSK milestone tied to the combo vaccine was invoiced in Q4 2024 and received in Q1 2025.

Alexander Zehnder framed 2024 as a transformation year in which CureVac streamlined the company, refocused on R&D, and positioned itself for oncology and infectious-disease growth. He emphasized that the GSK deal, the restructuring, and the strengthened cash balance give the company flexibility to advance early clinical programs and defend its IP. His tone was constructive and confident, especially around the pipeline catalysts due in 2025 and the EPO decision supporting the company’s patent position.

Axel Malkomes highlighted the EUR400 million upfront payment from GSK, the EUR80.4 million of remaining contract liabilities recognized as revenue, and the EUR10 million milestone recognized in 2024, which together drove the big revenue step-up. He said the workforce reduction was completed by end-2024 with costs 70% below budget, and that operating expenses should fall by over 30% in 2025, including EUR25 million less in personnel costs. He also noted EUR137 million of extraordinary payments in 2024 related to CVnCoV, the strategic redesign, and patent litigation, and said the company has eliminated remaining raw material commitments and CMO-related arbitrations for CVnCoV.

Analysts focused on the squamous NSCLC program, asking how management would judge whether the novel non-exome antigens are adding value and when data might read out; management said there is no clinical proof yet because this is the first human study, and they are cautious about giving timing because enrollment pace and dose escalation are uncertain. Questions also centered on the GBM go/no-go criteria and regulatory path; management said they have not yet had regulatory discussions for GBM and would consider a randomized Phase 2 only if Phase 1 data show meaningful activity, citing a high bar of about 50 months median overall survival or about 20% ORR. Investors also pressed on IP litigation timelines and the cash runway, and management confirmed the May EPO hearing, the July 1 Dusseldorf infringement hearing, and said the runway assumes the current core pipeline through early clinical phases but not every later Phase 1/2 before cash out.