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CVAC

CureVac N.V.

CVAC

CureVac N.V. • NASDAQ
$5.49 ▲ 0.18% (+0.01)
Market Cap $1.24 B
52w High $5.72
52w Low $2.48
Dividend Yield 0%
P/E 8.32
Volume 5.37M
Outstanding Shares 225.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $493.902M ▲ $-32.612M ▼ $338.043M ▲ 68.443% ▲ $1.51 ▲ $0 ▲
Q2-2025 $1.245M ▲ $60.778M ▲ $-59.56M ▼ -4.784K% ▲ $-0.26 ▼ $-54.993M ▼
Q1-2025 $893K ▼ $54.745M ▼ $-52.084M ▼ -5.832K% ▼ $-0.23 ▼ $-46.745M ▼
Q4-2024 $14.469M ▼ $56.742M ▼ $-32.761M ▼ -226.422% ▼ $-0.15 ▼ $-34.893M ▼
Q3-2024 $493.902M $103.592M $338.043M 68.443% $1.51 $375.225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $395.814M ▼ $688.88M ▼ $102.513M ▲ $586.367M ▼
Q1-2025 $442.087M ▼ $742.267M ▼ $95.578M ▼ $646.689M ▼
Q4-2024 $485.37M ▼ $802.827M ▼ $106.219M ▼ $696.608M ▼
Q3-2024 $554.917M ▲ $854.188M ▲ $129.492M ▼ $724.696M ▲
Q2-2024 $202.515M $556.836M $180.303M $376.534M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-59.966M ▼ $-42.062M ▼ $-1.555M ▼ $-1.309M ▲ $-45.628M ▼ $-43.617M ▼
Q1-2025 $-51.655M ▼ $-41.374M ▲ $-511K ▲ $-1.312M ▼ $-43.417M ▲ $-41.885M ▲
Q4-2024 $-38.561M ▼ $-66.562M ▼ $-2.57M ▲ $-1.279M ▲ $-69.114M ▼ $-69.132M ▼
Q3-2024 $370.571M ▲ $354.08M ▲ $-3.299M ▲ $-1.495M ▼ $348.347M ▲ $350.781M ▲
Q2-2024 $-72.91M $-89.113M $-7.487M $-1.216M $-97.637M $-96.252M

Five-Year Company Overview

Income Statement

Income Statement CureVac is still essentially a development‑stage biotech with very small product revenue. The income statement over the last several years has been dominated by research spending and partnership/one‑off payments rather than steady commercial sales. For several years, the company ran sizable operating losses as it invested heavily in mRNA research and clinical programs. In the most recent year, results swung to a solid accounting profit, helped by partnership income and legal settlement effects rather than a mature product portfolio. That means the latest year’s profitability looks more like an exceptional event than a clear sign of a stable earnings base. Overall, the story is: thin recurring revenue, historically heavy losses from R&D, and a recent one‑year jump into the black that depends heavily on non‑recurring items and collaboration economics.

Balance Sheet

Balance Sheet CureVac’s balance sheet is fairly clean and conservative for a biotech. Total assets have gradually come down from earlier peaks but remain sizable, with cash still making up a large share. The company carries very little financial debt, and shareholders’ equity is still strong, supported by past capital raises and the recent inflow from partnerships and litigation settlement. After several years of erosion from losses, equity has started to recover, which improves the cushion against setbacks. In simple terms: a cash‑rich, low‑debt balance sheet that provides a multi‑year runway, but with asset levels slowly drifting down until the recent boost, reflecting ongoing R&D spending without commercial products yet in place.

Cash Flow

Cash Flow Cash flow shows the typical pattern of an early‑stage biotech: cash going out steadily for research, trials, and infrastructure, with only occasional large inflows from deals. Operating cash flow was strongly negative for several years as CureVac funded its pipeline, then turned clearly positive in the most recent year. Free cash flow followed the same pattern, helped by modest capital spending and the surge in partnership and settlement cash. This improvement suggests the company now has more breathing room to fund its oncology shift without immediate pressure to raise new capital. However, because the positive cash flow is tied largely to episodic payments and not yet to a recurring sales base, future cash generation still depends heavily on new deals, milestones, and careful cost control.

Competitive Edge

Competitive Edge CureVac holds a meaningful position in the mRNA space, though it operates alongside much larger and better‑known peers like Moderna and BioNTech. Its main strengths are its long history in mRNA science, a broad patent portfolio, and deep technical know‑how in designing and manufacturing mRNA constructs. The partnership with GSK is a major pillar of its competitive position. By handing over infectious disease vaccines to GSK, CureVac gains financial support and validation while it concentrates on oncology. The patent settlement with Pfizer/BioNTech also reinforces the value of its intellectual property and provides additional financial resources. On the other hand, competition in mRNA oncology and vaccines is intense and global, with many companies racing to prove similar concepts. CureVac’s moat rests more on intellectual property, partnerships, and platform sophistication than on established commercial products at this stage.

Innovation and R&D

Innovation and R&D Innovation is the core of CureVac’s story. The company has spent two decades building an mRNA platform, and is now pivoting that platform squarely toward cancer therapies. Its second‑generation mRNA backbone aims to deliver stronger and longer‑lasting protein production at lower doses, which could translate into more potent and better‑tolerated treatments. The RNA Printer concept adds another layer: a flexible, potentially near‑point‑of‑care manufacturing system that could speed up personalized cancer vaccines and pandemic responses. The oncology pipeline is still early, with lead candidates in brain cancer and lung cancer just entering or progressing through initial human testing. There is meaningful upside if these programs work, but also high scientific and regulatory risk, as success rates for early‑stage oncology assets are uncertain. The company’s large patent estate, antigen discovery tools, and collaborations suggest a long runway of future candidates, but they will take years of clinical work to validate.

Summary

CureVac today looks less like a commercial drug company and more like a well‑funded mRNA research platform in transition. The recent financial upswing is encouraging but largely driven by partnerships and legal settlements rather than by recurring product sales. The balance sheet is a key strength: high cash, minimal debt, and renewed equity support a multi‑year R&D plan and reduce near‑term financing risk. Cash burn has eased significantly, giving management time to execute its shift toward oncology. Strategically, CureVac is trading near‑term infectious disease ambitions for a focused push into cancer, backed by a strong IP position and the GSK alliance. Future value will hinge on whether its oncology candidates show compelling clinical results and whether the RNA Printer and mRNA platform can translate from scientific promise into scalable, differentiated therapies. The opportunity is substantial, but so are the usual biotech risks around clinical outcomes, timelines, and eventual market adoption.

NEWS

November 25, 2025 · 7:05 PM UTC

CureVac Announces Voting Results of Extraordinary General Meeting

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November 24, 2025 · 7:30 AM UTC

CureVac Announces Financial Results for the Third Quarter and First Nine Months of 2025 and Provides Business Updates

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