CureVac Announces Financial Results for the Second Quarter and First Half of 2025 and Provides Business Updates
CureVac (NASDAQ:CVAC) reported Q2 and H1 2025 financial results and significant business developments. The company entered into a definitive Purchase Agreement with BioNTech for acquisition of all CureVac shares. Additionally, CureVac resolved patent litigation with Pfizer/BioNTech, receiving $740 million plus royalties for COVID-19 vaccine sales.
Financial highlights include cash position of €392.7 million as of June 30, 2025, with runway extended into 2028. Revenues decreased to €2.1 million in H1 2025, down 92% year-over-year. Operating loss improved to €116.5 million for H1 2025.
In clinical developments, CureVac received CTA clearance from EMA for CVHNLC cancer immunotherapy targeting squamous non-small cell lung cancer, while glioblastoma trial data remains on track for H2 2025.
CureVac (NASDAQ:CVAC) ha comunicato i risultati finanziari del 2° trimestre e del 1° semestre 2025 e importanti sviluppi aziendali. La società ha sottoscritto un Accordo di Acquisto definitivo con BioNTech per l’acquisizione di tutte le azioni di CureVac. Inoltre, CureVac ha risolto la controversia sui brevetti con Pfizer/BioNTech, ricevendo 740 milioni di dollari più royalties relative alle vendite del vaccino contro il COVID-19.
Tra i dati finanziari, la società riportava una posizione di cassa di €392,7 milioni al 30 giugno 2025, con liquidità stimata fino al 2028. I ricavi sono scesi a €2,1 milioni nel 1° semestre 2025, in calo del 92% su base annua. La perdita operativa è migliorata a €116,5 milioni per il 1° semestre 2025.
Sul fronte clinico, CureVac ha ottenuto la autorizzazione alla sperimentazione clinica (CTA) da EMA per CVHNLC, una immunoterapia oncologica mirata al carcinoma polmonare non a piccole cellule squamoso, mentre i dati del trial sul glioblastoma rimangono in programma per la seconda metà del 2025.
CureVac (NASDAQ:CVAC) informó los resultados financieros del 2T y del 1S de 2025 y avances comerciales relevantes. La compañía firmó un Acuerdo de Compra definitivo con BioNTech para la adquisición de todas las acciones de CureVac. Además, CureVac resolvió la disputa de patentes con Pfizer/BioNTech, recibiendo 740 millones de dólares más royalties por las ventas de la vacuna contra la COVID-19.
Entre los hitos financieros, la empresa contaba con una posición de caja de €392,7 millones al 30 de junio de 2025, con liquidez proyectada hasta 2028. Los ingresos bajaron a €2,1 millones en el 1S de 2025, una caída del 92% interanual. La pérdida operativa mejoró a €116,5 millones en el 1S de 2025.
En desarrollos clínicos, CureVac obtuvo la autorización de ensayo clínico (CTA) de la EMA para CVHNLC, una inmunoterapia oncológica dirigida al carcinoma de pulmón no microcítico escamoso, y los datos del ensayo de glioblastoma siguen previstos para la segunda mitad de 2025.
CureVac (NASDAQ:CVAC)는 2025년 2분기 및 상반기 실적과 주요 사업 현황을 발표했습니다. 회사는 모든 CureVac 주식을 인수하기 위한 BioNTech와의 최종 매매계약을 체결했습니다. 또한 CureVac는 Pfizer/BioNTech와의 특허 소송을 합의로 해결하여 COVID-19 백신 판매에 대해 7억 4천만 달러 및 로열티를 받게 되었습니다.
재무 주요 사항으로는 2025년 6월 30일 기준 현금 보유액 €392.7백만을 기록했으며, 자금 소진 시점은 2028년까지 연장된 상태입니다. 2025년 상반기 매출은 €2.1백만으로 전년 동기 대비 92% 감소했습니다. 영업손실은 2025년 상반기 기준 €116.5백만으로 개선되었습니다.
임상 개발에서는 CureVac가 CVHNLC에 대해 EMA의 임상시험 승인(CTA)을 획득했습니다. CVHNLC는 편평 비소세포폐암을 표적하는 암 면역치료제이며, 교모세포종(글리오블라스토마) 임상 시험 데이터는 2025년 하반기로 예정되어 있습니다.
CureVac (NASDAQ:CVAC) a publié ses résultats financiers du T2 et du 1er semestre 2025 ainsi que des développements commerciaux majeurs. La société a conclu un contrat d'achat définitif avec BioNTech pour l'acquisition de toutes les actions de CureVac. Par ailleurs, CureVac a réglé le litige de brevets avec Pfizer/BioNTech, recevant 740 millions de dollars plus des redevances liées aux ventes du vaccin COVID-19.
Points financiers : la trésorerie disponible s’élevait à €392,7 millions au 30 juin 2025, prolongeant la visibilité de financement jusqu'en 2028. Les revenus ont chuté à €2,1 millions au 1er semestre 2025, soit une baisse de 92% en glissement annuel. La perte d’exploitation s’est améliorée à €116,5 millions pour le 1er semestre 2025.
Sur le plan clinique, CureVac a obtenu la validation CTA par l’EMA pour CVHNLC, une immunothérapie oncologique ciblant le carcinome épidermoïde du poumon non à petites cellules, tandis que les données de l’essai sur le glioblastome restent prévues pour le second semestre 2025.
CureVac (NASDAQ:CVAC) veröffentlichte die Finanzergebnisse für Q2 und H1 2025 sowie bedeutende Geschäftsentwicklungen. Das Unternehmen schloss einen verbindlichen Kaufvertrag mit BioNTech über den Erwerb aller CureVac-Aktien ab. Zudem hat CureVac die Patentstreitigkeiten mit Pfizer/BioNTech beigelegt und erhält 740 Millionen US-Dollar plus Lizenzgebühren für COVID-19-Impfstoffverkäufe.
Finanzielle Eckdaten: Zum 30. Juni 2025 betrug die Barmittelposition €392,7 Millionen, wodurch die Liquidität bis 2028 reichen soll. Die Erlöse sanken im H1 2025 auf €2,1 Millionen, ein Rückgang von 92% gegenüber dem Vorjahr. Der operative Verlust verbesserte sich im H1 2025 auf €116,5 Millionen.
Bei den klinischen Entwicklungen erhielt CureVac die CTA-Freigabe durch die EMA für CVHNLC, eine Krebsimmuntherapie, die auf plattenepitheliales nicht-kleinzelliges Lungenkarzinom abzielt; die Studiendaten zum Glioblastom sind weiterhin für H2 2025 geplant.
- Secured definitive Purchase Agreement with BioNTech for company acquisition
- Received $740 million settlement plus royalties from Pfizer/BioNTech patent litigation
- Strong cash position of €392.7 million with runway into 2028
- Operating loss decreased by €30.4 million year-over-year
- Received EMA clearance for CVHNLC cancer immunotherapy trial
- Revenue declined 92% to €2.1 million in H1 2025
- Pre-tax loss of €111.6 million in H1 2025
- Reduced workforce through strategic restructuring
- Decreased revenues from GSK partnership following restructuring
Insights
CureVac's acquisition by BioNTech and $740M patent settlement with Pfizer are transformative despite quarterly losses and reduced revenues.
CureVac's Q2 2025 results reveal a transformative period for the German mRNA pioneer, with three major developments overshadowing the quarterly financial metrics. The definitive agreement for BioNTech to acquire CureVac represents a strategic consolidation in the European mRNA landscape, potentially creating significant synergies in research capabilities and manufacturing infrastructure. This consolidation reflects the maturing mRNA market where scale and combined expertise increasingly matter.
The resolution of patent litigation with Pfizer/BioNTech delivers immediate financial benefits through a
On the clinical front, the EMA clearance for CVHNLC in squamous non-small cell lung cancer advances CureVac's oncology ambitions. With glioblastoma data expected in H2 2025, the company maintains momentum in its precision cancer immunotherapy pipeline despite the pending acquisition.
Financially, while revenues dropped by
The transition of manufacturing costs from cost of sales to R&D expenses reflects CureVac's strategic pivot to focus exclusively on pipeline development rather than commercial manufacturing, aligning expenses with long-term value creation potential rather than near-term revenue generation.
CureVac Announces Financial Results for the Second Quarter and First Half of 2025 and Provides Business Updates
Entered into a definitive Purchase Agreement pursuant to which BioNTech intends to acquire all shares of CureVac, uniting two highly complementary German companies to bring transformative mRNA-based treatments to patients globally
Entered into agreements to resolve and dismiss all pending patent litigation in the U.S. with Pfizer/BioNTech related to mRNA-based COVID-19 vaccines and to set a framework for resolving related ongoing patent disputes outside the U.S. upon closing of BioNTech's acquisition of CureVac
Received Clinical Trial Application (CTA) clearance from the European Medicines Agency (EMA) for CVHNLC, a proprietary off-the-shelf cancer immunotherapy candidate targeting squamous non-small cell lung cancer (sqNSCLC)
CVGBM glioblastomadata from Part B of Phase 1 remain on track for H2 2025
Strong cash and cash equivalents position of
€392.7 million as of June 30, 2025; expected cash runway into 2028
TÜBINGEN, GERMANY AND BOSTON, MA / ACCESS Newswire / August 15, 2025 / CureVac N.V. (Nasdaq:CVAC), a pioneering multinational biotech company developing a new class of transformative medicines based on messenger RNA (mRNA), today announced financial results for the second quarter and first half of 2025 and provided a business update.
"By entering into a definitive purchase agreement with BioNTech, we intend to unite two highly complementary German companies that are well positioned to drive long-term shareholder value. Together, we believe we can deliver significant benefits to patients with mRNA-based immunotherapies and realize our full potential in a combined company," said Dr. Alexander Zehnder, Chief Executive Officer of CureVac. "The proposed transaction will bring together some of Europe's best mRNA scientists and can create significant opportunities across our collective research, development and manufacturing platforms, while establishing the combined company as a global leader in mRNA-based medicines."
Selected Business Updates
Protection of Intellectual Property Rights - Resolution of Patent Litigation with Pfizer/BioNTech
CureVac and GSK to receive in aggregate a payment of
$740 million as well as single-digit royalties on sales of COVID-19 vaccines in the U.S. going forward.CureVac to receive additional
$50 million from GSK for monetizing a portion of U.S. product royalties due under its existing license agreement announced on July 3, 2024.CureVac to grant Pfizer/BioNTech a non-exclusive license to manufacture, use, import into the U.S. and sell mRNA-based COVID-19 and/or influenza products, expanding into a worldwide license post-closing of BioNTech's acquisition of CureVac.
2025 Catalysts
Oncology
CTA clearance received by EMA for CVHNLC (sqNSCLC), a proprietary off-the-shelf cancer immunotherapy candidate targeting squamous non-small cell lung cancer.
Data from Part B of the Phase 1 study for CVGBM (glioblastoma) and the decision to continue the program in Phase 2 remain on schedule for H2 2025. Recruitment was completed in Q1 2025, and the data evaluation is expected to include at least 20 patients with a follow-up period of at least six months.
Infectious Diseases
Submission of the IND application to the FDA is scheduled for H2 2025, and the Phase 1 trial is scheduled to start in H1 2026.
Financial Update for the Second Quarter and First Half of 2025
Cash Position
Cash and cash equivalents amounted to
the prior year period being impacted by extraordinary payments related to the termination of raw material commitments and the payment of a contract manufacturing organization (CMO)-related arbitration award for the first-generation COVID-19 vaccine, CVnCoV, and
the strategic restructuring initiated in July 2024. CureVac completed the intended workforce reduction as part of the strategic restructuring resulting in decreased personnel expenses, while implementing further cost reductions and increasing cost discipline through the organization.
The company reaffirms its expected cash runway into 2028.
Revenues
Revenues amounted to
The decrease year-over-year was primarily driven by lower revenues from GSK following the restructuring of the partnership in July 2024 from a Collaboration into a Licensing Agreement as well as lower sales to CRISPR Therapeutics.
For the six months ending June 30, 2025, total revenues of
Operating Result
Operating loss amounted to
The decrease year-over-year is primary attributable to less revenue associated with the restructuring of the GSK Collaboration and to the implemented cost reductions initiated with the strategic restructuring in July 2024:
Cost of sales decreased significantly due to the change in strategy associated with the new license agreement with GSK, resulting to a change in the activities of the organization towards R&D. As CureVac's manufacturing organization is now solely serving the R&D pipeline, following the change such costs are no longer recognized as cost of sales. In addition, the prior year period was impacted by extraordinary expenses as part of an arbitration ruling for Contract Manufacturing Organization (CMO) activities related to the first-generation COVID-19 vaccine and by expenses associated with the write-down of raw materials which would have been recoverable under previous collaboration agreements.
Research and development expenses increased primarily due to the costs of CureVac's manufacturing organization being recognized as R&D expenses rather than cost of sales. The increase was partially offset by implemented cost reductions initiated with the strategic restructuring in July 2024.
General and administrative expenses increased compared to the prior year period primarily due to increased legal advice and third-party services related to the proposed transaction with BioNTech. The increase was partially offset by lower personnel expenses following the implemented workforce reduction as part of the strategic restructuring.
Financial Result (Finance Income and Expenses)
Net financial result for the three and six months ended June 30, 2025, amounted to
Pre-Tax Loss
Pre-tax loss was
About CureVac
CureVac (Nasdaq:CVAC) is a pioneering multinational biotech company founded in 2000 to advance the field of messenger RNA (mRNA) technology for application in human medicine. In more than two decades of developing, optimizing, and manufacturing this versatile biological molecule for medical purposes, CureVac has introduced and refined key underlying technologies that were essential to the production of mRNA vaccines against COVID-19, and is currently laying the groundwork for application of mRNA in new therapeutic areas of major unmet need. CureVac is leveraging mRNA technology, combined with advanced omics and computational tools, to design and develop off-the-shelf and personalized precision immunotherapy candidates to treat cancer. It also develops programs in prophylactic vaccines and in treatments that enable the human body to produce its own therapeutic proteins. Headquartered in Tübingen, Germany, CureVac also operates sites in the Netherlands, Belgium, Switzerland, and the U.S. Further information can be found at www.curevac.com.
CureVac Media and Investor Relations Contact
CureVac, Tübingen, Germany
T: +49 7071 9883-1298
M: +49 160 90 496949
Forward-Looking Statements of CureVac
This press release contains statements that constitute "forward looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the opinions, expectations, beliefs, plans, objectives, assumptions or projections of CureVac N.V. and/or its wholly owned subsidiaries CureVac SE, CureVac Manufacturing GmbH, CureVac Inc., CureVac Swiss AG, CureVac Corporate Services GmbH, CureVac Belgium SA and CureVac Netherlands B.V. (the "company") regarding future events or future results, in contrast with statements that reflect historical facts. Examples include the settlement of all pending patent disputes in the United States between the company, Pfizer, and BioNTech relating to mRNA-based COVID-19 vaccines, the Company's expectations regarding the outcome of pending litigation in other global jurisdictions, the expected completion of the public exchange offer between BioNTech and the Company, the discussion of the potential efficacy of the company's vaccine and treatment candidates and the company's strategies, financing plans, cash runway expectations, the timing and impact of restructuring, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could," "potential," "intend," or "should," the negative of these terms or similar expressions. Forward-looking statements are based on management's current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of the company's performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, including risks related to the proposed acquisition by BioNTech, negative worldwide economic conditions and ongoing instability and volatility in the worldwide financial markets, ability to obtain funding, ability to conduct current and future preclinical studies and clinical trials, the timing, expense and uncertainty of regulatory approval, reliance on third parties and collaboration partners, ability to commercialize products, ability to manufacture any products, ability to implement our pipeline strategy, possible changes in current and proposed legislation, regulations and governmental policies, pressures from increasing competition and consolidation in the company's industry, the effects of the COVID-19 pandemic on the company's business and results of operations, ability to manage growth, ability to implement, maintain and improve effective internal controls, reliance on key personnel, reliance on intellectual property protection, ability to provide for patient safety, fluctuations of operating results due to the effect of exchange rates, delays in litigation proceedings, the impact of adverse settlements or other judicial outcomes and other important factors discussed under the caption "Risk Factors" in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on April 11, 2025, as such factors may be updated form time to time in its other filings with the SEC. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the company's control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this press release are made only as of the date hereof. The company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.
For further information, please reference the company's reports and documents filed with the SEC. You may get these documents by visiting EDGAR on the SEC website at www.sec.gov.
Cash and Condensed Consolidated Profit and Loss Data
(in € millions) | December 31, 2024 | June 30, 2025 | ||||||
Cash and Cash Equivalents | 481.7 | 392.7 | ||||||
Three months ended June 30, | ||||||||
(in € millions) | 2024 | 2025 | ||||||
Revenue | 14.4 | 1.2 | ||||||
Cost of Sales, R&D, SG&A, Other Operating Expenses & Other Operating Income | -88.0 | -62.9 | ||||||
Operating Result | -73.6 | -61.7 | ||||||
Financial Result | 2.4 | 1.7 | ||||||
Pre-Tax Loss | -71.2 | -60.0 | ||||||
Six months ended June 30, | ||||||||
(in € millions) | 2024 | 2025 | ||||||
Revenue | 26.8 | 2.1 | ||||||
Cost of Sales, R&D, SG&A, Other Operating Expenses & Other Operating Income | -173.7 | -118.6 | ||||||
Operating Result | -146.9 | -116.5 | ||||||
Financial Result | 5.8 | 4.9 | ||||||
Pre-Tax Loss | -141.1 | -111.6 | ||||||
SOURCE: CureVac
View the original press release on ACCESS Newswire
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