CureVac N.V. (CVAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la biotecnología, Curevac N.V. (CVAC) emerge como una fuerza pionera en la innovación de la vacuna contra el ARNm, posicionándose estratégicamente a la vanguardia de las tecnologías médicas transformadoras. Al aprovechar las técnicas de impresión de ARN de vanguardia y fomentar asociaciones críticas con entidades de atención médica globales, CuRevac está reinventando cómo las vacunas y las soluciones terapéuticas se pueden desarrollar, producir y desplegar con velocidad y eficiencia sin precedentes. Esta exploración completa de su modelo de lienzo de modelo de negocio revela un enfoque sofisticado que promete revolucionar los tratamientos médicos personalizados y abordar los complejos desafíos de salud a escala global.

CUREVAC N.V. (CVAC) - Modelo de negocio: asociaciones clave

Colaboración estratégica con GSK para el desarrollo de la vacuna de ARNm

En enero de 2021, CUREVAC entró en una asociación estratégica con GlaxoSmithKline (GSK) para el desarrollo de la vacuna Covid-19. La colaboración involucrada:

Detalles de la asociación	Información específica
Inversión inicial	150 millones de euros de GSK
Enfoque de colaboración	Desarrollo conjunto de candidatos a la vacuna de ARNm
Duración de la asociación	Acuerdo de varios años

Asociación con European Investment Bank para fondos de investigación

CUREVAC obtuvo importantes fondos de investigación a través de instituciones financieras europeas:

• Préstamo de € 75 millones del Banco Europeo de Inversión en 2020
• Financiación específicamente dirigida para la investigación y desarrollo de vacunas de Covid-19
• Soporte para la expansión de la plataforma de tecnología de ARNm

Colaboración con instituciones de investigación académica

Institución	Enfoque de investigación	Año de colaboración
Universidad de Tübingen	Desarrollo de tecnología de ARNm	2000-2024
Centro de investigación de cáncer alemán	Investigación de vacunas oncológicas	2019-2024

Alianza con redes de distribución farmacéutica

CUREVAC Estableció asociaciones de distribución para apoyar el despliegue de vacunas:

• Colaboración con Bayer AG para la infraestructura de distribución global
• Asociación con Covax Initiative for Global Vaccine Access
• Acuerdos de distribución en los mercados de la Unión Europea

Inversión total de asociación a partir de 2024: aproximadamente 250 millones de euros en colaboraciones estratégicas

CUREVAC N.V. (CVAC) - Modelo de negocio: actividades clave

Investigación de vacuna contra la ARNm y terapéutica

CuRevac invirtió € 94.4 millones en gastos de investigación y desarrollo en 2022. La compañía se centró en desarrollar vacunas y terapias basadas en ARNm en múltiples áreas de enfermedades.

Área de enfoque de investigación	Inversión (2022)
Desarrollo de vacunas Covid-19	37,2 millones de euros
Inmunoterapias contra el cáncer	€ 28.6 millones
Vacunas de enfermedades infecciosas	€ 22.1 millones

Desarrollo y ejecución del ensayo clínico

CUREVAC mantuvo múltiples programas de etapa clínica con ensayos activos en varias indicaciones.

• CV2COV COVID-19 ENSACIONES CLÍNICAS DE VACCIÓN
• Ensayos de fase 1 de vacuna contra la rabia CV7202
• CV8102 Estudios clínicos de inmunoterapia con cáncer

Innovación de tecnología de impresión de ARN patentada

La compañía invirtió 21.5 millones de euros específicamente en el desarrollo de la plataforma de tecnología en 2022.

Área de desarrollo tecnológico	Solicitudes de patentes (2022)
Plataforma de impresión de ARN	12 nuevas solicitudes de patentes
Técnicas de estabilización de ARNm	8 nuevas solicitudes de patentes

Diseño y optimización del candidato de vacuna

CuRevac mantuvo una tubería robusta de candidatos a vacunas en múltiples áreas terapéuticas.

• 5 programas de desarrollo de vacunas activas
• 3 candidatos de vacuna clínica en etapa
• 2 candidatos de vacuna preclínica en etapa

Cumplimiento regulatorio y pruebas clínicas

La compañía se adhirió a protocolos regulatorios estrictos en los programas mundiales de desarrollo clínico.

Métrico de cumplimiento regulatorio	Rendimiento 2022
Interacciones de la FDA	17 comunicaciones regulatorias formales
Presentaciones de EMA	9 aplicaciones de ensayos clínicos
Tasa de cumplimiento del ensayo clínico	98.7% de adherencia a los protocolos

CUREVAC N.V. (CVAC) - Modelo de negocio: recursos clave

Capacidades avanzadas de investigación y desarrollo de ARNm

CUREVAC ha invertido 214.9 millones de euros en gastos de investigación y desarrollo para el año fiscal 2022. La plataforma de tecnología ARNm de la compañía se centra en desarrollar soluciones innovadoras de vacunas y terapéuticas.

I + D Métrica	Valor
Gastos totales de I + D (2022)	214.9 millones de euros
Personal de I + D	Aproximadamente 560 empleados
Solicitudes de patentes	Más de 700 solicitudes de patentes en todo el mundo

Instalaciones de investigación de biotecnología especializada

CuRevac opera instalaciones de investigación primarias ubicadas en Tübingen, Alemania, con centros de investigación adicionales en Frankfurt y otras ubicaciones estratégicas.

• Campus de investigación de la sede en Tübingen: 15,000 metros cuadrados
• Infraestructura de laboratorio de última generación
• Instalaciones de investigación de nivel 2 y 3 de bioseguridad

Cartera de propiedades intelectuales en tecnologías de ARN

CureVac mantiene una estrategia de propiedad intelectual robusta con una protección de patentes significativa.

Métrica de cartera de IP	Valor
Familias de patentes totales	Aproximadamente 900
Cobertura de patentes geográficas	Más de 50 países
Patentes de tecnología de ARN central	Patentes clave en técnicas de modificación de ARNm

Personal científico e de investigación calificado

CuRevac emplea una fuerza laboral altamente calificada especializada en biotecnología e investigación farmacéutica.

• Total de empleados: 752 (al 31 de diciembre de 2022)
• Investigadores a nivel de doctorado: aproximadamente el 40% del personal de investigación
• Equipo multidisciplinario con experiencia en biología molecular, inmunología y desarrollo farmacéutico

Plataformas sofisticadas de equipos y tecnología de laboratorio

La compañía mantiene una infraestructura tecnológica avanzada para la investigación y el desarrollo de ARNm.

Plataforma tecnológica	Capacidades
Tecnología de impresión de ARNm	Capacidades de diseño y fabricación de ARN patentado
Sistemas de detección de alto rendimiento	Equipo de análisis y análisis moleculares avanzados
Herramientas de biología computacional	Recursos avanzados de modelado bioinformático y computacional

CUREVAC N.V. (CVAC) - Modelo de negocio: propuestas de valor

Tecnologías de vacuna ARNm de próxima generación

La tecnología de plataforma MRNA de CUREVAC se centra en el desarrollo de vacunas con características únicas:

Parámetro tecnológico	Valor específico
estabilidad de ARNm	Capacidad de almacenamiento de temperatura ambiente de hasta 3 días
Eficiencia de dosificación	Potencial de dosis baja (2-3 µg por dosis de vacuna)
Costo de fabricación	Los gastos de producción estimados 70% menores en comparación con los métodos de vacuna tradicionales

Métodos potenciales de producción de vacunas de bajo costo

El enfoque de producción de Curevac enfatiza la rentabilidad:

• Procesos de fabricación escalables
• Requisitos reducidos de materia prima
• Plazos de producción más rápidos

Soluciones terapéuticas innovadoras para diversas enfermedades

Categoría de enfermedades	Estado de desarrollo	Valor de mercado potencial
Vacunas para COVID-19	Ensayos clínicos completados	Oportunidad de mercado potencial de $ 500 millones
Inmunoterapias contra el cáncer	Etapas preclínicas/de fase 1	Potencial de mercado proyectado de $ 1.2 mil millones
Trastornos genéticos raros	Fase de investigación temprana	Valor de mercado estimado de $ 350 millones

Plataformas rápidas de desarrollo de vacunas

Las capacidades de desarrollo de CureVac incluyen:

• Tiempo de respuesta: Diseño de vacunas dentro de 6-8 semanas
• Adaptabilidad: Mecanismos de respuesta a la mutación rápida
• Flexibilidad tecnológica: Capacidades objetivo de enfermedad múltiple

Enfoques de tratamiento médico personalizado

Las estrategias de personalización abarcan:

Dimensión de personalización	Enfoque técnico	Impacto potencial
Variante genética de la variante	Optimización de secuencia de ARNm	Mayor precisión del tratamiento
Mapeo de respuesta inmune individual	Modelado computacional avanzado	Eficacia terapéutica mejorada
Diseño de antígeno específico del paciente	Codificación de ARNm personalizada	Tasas de respuesta mejoradas

CUREVAC N.V. (CVAC) - Modelo de negocio: relaciones con los clientes

Compromiso directo con proveedores de atención médica

CUREVAC reportó 18 asociaciones estratégicas con compañías farmacéuticas y de biotecnología a partir de 2023. La compañía mantiene canales de comunicación directa con proveedores de atención médica a través de programas de divulgación específicos.

Tipo de asociación	Número de asociaciones	Frecuencia de compromiso
Colaboraciones farmacéuticas	12	Trimestral
Asociaciones de biotecnología	6	Semestral

Colaboración de la comunidad científica

CuRevac invirtió $ 157.4 millones en gastos de investigación y desarrollo en 2022, facilitando extensas interacciones científicas de la comunidad.

• Participó en 24 conferencias científicas internacionales
• Publicado 37 trabajos de investigación revisados ​​por pares
• Comprometido con 46 instituciones de investigación académica

Plataformas de comunicación digital

CUREVAC utiliza múltiples canales de comunicación digital para mantener las relaciones con los clientes.

Plataforma	Recuento de seguidores	Tasa de compromiso
LinkedIn	48,000	3.2%
Gorjeo	22,500	2.7%

Soporte técnico para profesionales médicos

CuRevac mantiene un equipo de soporte técnico dedicado con tiempos de respuesta con un promedio de 24-48 horas para consultas médicas especializadas.

• Línea directa de soporte técnico 24/7
• Canales de soporte de correo electrónico especializados
• Programas de capacitación de seminarios web dedicados

Informes de investigación y desarrollo transparentes

CUREVAC lanzó 12 actualizaciones de investigación integrales en 2022, manteniendo la transparencia en sus procesos de desarrollo clínico.

Categoría de informes	Número de informes	Accesibilidad
Actualizaciones de ensayos clínicos	7	Sitio web público
Informes de progreso de la investigación	5	Portal de relaciones con los inversores

CUREVAC N.V. (CVAC) - Modelo de negocio: canales

Ventas directas a agencias de salud gubernamentales

CUREVAC reportó 214.3 millones de euros en ingresos por contrato del gobierno en 2022, centrado principalmente en contratos de desarrollo de vacunas Covid-19 con la Comisión Europea y el Ministerio Federal de Salud Alemán.

Tipo de contrato del gobierno	Valor de contrato	Año
Comisión Europea Covid-19 Contrato de vacuna	450 millones de euros	2021
Contrato del ministerio federal alemán	179 millones de euros	2021

Redes de distribución farmacéutica

CUREVAC colabora con múltiples socios de distribución farmacéutica a nivel mundial.

• Asociación GSK para el desarrollo de la vacuna Covid-19
• CEPI (Red de distribución global de la Coalición para la Preparación de la Epidemia)
• Acuerdo de colaboración estratégica de Bayer AG

Presentaciones de conferencias científicas

CUREVAC participó en 18 conferencias científicas en 2022, presentando investigaciones en oncología y plataformas de enfermedades infecciosas.

Publicaciones científicas en línea

CUREVAC publicó 12 artículos científicos revisados ​​por pares en 2022, con un impacto de citación acumulativa de 47.3.

Plataformas de marketing y comunicación digital

Plataforma digital	Recuento de seguidores	Tasa de compromiso
LinkedIn	54,000 seguidores	3.7%
Gorjeo	22,000 seguidores	2.9%

CUREVAC N.V. (CVAC) - Modelo de negocio: segmentos de clientes

Sistemas de atención médica global

CUREVAC se dirige a los sistemas de salud nacionales e internacionales con sus tecnologías de vacunas de ARNm.

Tipo de sistema de salud	Tamaño potencial del mercado	Regiones objetivo
Sistemas de atención médica pública	Mercado potencial de 3.200 millones de euros	Europa, Alemania, Estados Unidos
Programas nacionales de inmunización	€ 1.700 millones de inversiones potenciales	Mercados globales en desarrollo y desarrollado

Organizaciones de salud del gobierno

CUREVAC colabora con agencias de salud gubernamentales para el desarrollo y distribución de vacunas.

• Colaboración de la Agencia Europea de Medicamentos (EMA)
• Asociaciones alemanas del Ministerio Federal de Salud
• Compromiso de la Organización Mundial de la Salud (OMS)

Instituciones de investigación

CUREVAC se asocia con organizaciones académicas y de investigación para tecnologías ARNm avanzadas.

Tipo de socio de investigación	Enfoque de colaboración	Inversión de investigación anual
Centros de investigación universitarios	Desarrollo de la plataforma de ARNm	12.5 millones de euros
Laboratorios de investigación de biotecnología	Innovación de tecnología de vacunas	8,3 millones de euros

Compañías farmacéuticas

CUREVAC desarrolla asociaciones estratégicas con empresas farmacéuticas para la producción de vacunas.

• Acuerdo de colaboración GSK
• Bayer Strategic Partnership
• Licencias de tecnología farmacéutica

Proveedores de atención médica individuales

CUREVAC se dirige a profesionales médicos y profesionales de la salud a nivel mundial.

Categoría de proveedores de atención médica	Alcance del mercado potencial	Presupuesto anual de participación
Médicos	125,000 contactos potenciales	4,6 millones de euros
Hospitales	3.200 clientes institucionales potenciales	7.2 millones de euros

CUREVAC N.V. (CVAC) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, CuRevac reportó gastos de I + D de € 204.9 millones. En 2023, los gastos de I + D fueron de aproximadamente 167,4 millones de euros.

Año	Gastos de I + D
2022	204.9 millones de euros
2023	€ 167.4 millones

Financiación del ensayo clínico

Las inversiones de ensayos clínicos para CUREVAC en 2022 totalizaron aproximadamente 89,3 millones de euros, con un enfoque específico en el desarrollo de la vacuna contra el ARNm y la investigación relacionada con COVID-19.

Personal y reclutamiento de talento científico

Año	Total de empleados	Gastos de personal
2022	631 empleados	€ 93.2 millones
2023	579 empleados	85,7 millones de euros

Inversiones de infraestructura tecnológica

Las inversiones en tecnología e infraestructura para 2022 fueron de 37,6 millones de euros, centrándose en:

• Capacidades de producción de ARNm
• Equipo de laboratorio
• Plataformas de investigación digital

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 se estimaron en € 12.5 millones, cubriendo:

• Procesos de envío de la FDA
• Documentación regulatoria de EMA
• Aprobaciones regulatorias de ensayos clínicos

Costos operativos totales para 2022: € 437.5 millones

CUREVAC N.V. (CVAC) - Modelo de negocio: flujos de ingresos

Contratos de adquisición de vacunas gubernamentales

En 2021, CUREVAC recibió 18 millones de euros del Banco Europeo de Inversión (EIB) para el desarrollo de la vacuna Covid-19. El valor total del contrato con la Comisión Europea fue de aproximadamente 450 millones de euros para el suministro de vacunas COVID-19 potencial.

Subvenciones de investigación y financiación

Fuente de financiación	Cantidad	Año
Ministerio Federal de Educación e Investigación alemán	17.5 millones de euros	2020
Programa de la Comisión Europea Horizon 2020	8,3 millones de euros	2019-2021

Licencias potenciales de las tecnologías de ARNm

CUREVAC tiene posibles acuerdos de licencia con socios estratégicos:

• Colaboración con GSK con posibles pagos de hitos de hasta € 150 millones
• Asociación con Tesla para la tecnología de fabricación de ARNm

Asociaciones de investigación colaborativa

Las asociaciones de colaboración clave incluyen:

• Bayer AG - Asociación de Investigación de Oncología
• CEPI (Coalición para Innovaciones de Preparación de Epidemia) - Soporte de desarrollo de vacunas

Venta de productos terapéuticos futuros

La tubería de CureVac incluye posibles flujos de ingresos de:

• Vacuna Covid-19 CVNCOV
• Inmunoterapias contra el cáncer
• Desarrollo de la vacuna contra la rabia

Desempeño financiero para 2022: ingresos totales de € 214.2 millones, con subvenciones de investigación y desarrollo que comprenden una porción significativa.

CureVac N.V. (CVAC) - Canvas Business Model: Value Propositions

You're looking at the core differentiators CureVac N.V. is banking on as of late 2025. It's all about leveraging that proprietary technology to create better medicines, faster, and with a clearer path to market through partnerships.

Next-generation mRNA platform offering improved stability and immunogenicity

The value here rests on the second-generation mRNA backbone. This design is optimized for strong and broad immune responses, importantly including cellular responses, which has been clinically validated across both infectious disease and oncology studies in Phase 1 and Phase 2 settings. What this means practically is stability; preclinical data showed no changes to key performance metrics like mRNA integrity or LNP size after storage for a full year at both 2-8°C or 25°C. Furthermore, the platform is designed for dose efficiency, showing strong immune responses even at low doses, and it supports the creation of multivalent vaccines.

Focus on high-unmet-need tumors with off-the-shelf and personalized cancer immunotherapies

CureVac N.V. is pursuing two complementary tracks in oncology: off-the-shelf precision immunotherapies and fully personalized precision immunotherapies. For the off-the-shelf approach, the investigational mRNA-based cancer vaccine for glioblastoma, CVGBM, showed encouraging early data, inducing tumor-associated antigen-specific T-cell responses in more than 75% of patients in a first-in-human trial. The company expects to share data from the fully recruited Phase 1 Part B glioblastoma study in the second half of 2025, with a decision on advancing to Phase 2 also expected in the second half of 2025. On the personalized side, the first clinical Phase 1 study is expected to start in the second half of 2026. The pipeline is targeted; by the end of 2025, CureVac N.V. expects to have two clinical candidates for shared-antigen cancer vaccines, including one in collaboration with researchers at M.D. Anderson. The squamous non-small cell lung cancer candidate (CVHNLC) received U.S. FDA Investigational New Drug (IND) clearance, with Phase 1 initiation anticipated in the second half of 2025.

Here's a quick look at the pipeline progress as of the latest updates:

Program Type	Candidate	Key Status/Target Date	Response Metric
Off-the-Shelf Oncology	CVGBM (Glioblastoma)	Phase 2 decision H2 2025	T-cell responses in >75% of patients (Phase 1)
Off-the-Shelf Oncology	CVHNLC (sqNSCLC)	Phase 1 initiation H2 2025	CTA clearance received by EMA
Personalized Oncology	Personalized Cancer Vaccine	Phase 1 start H2 2026	Building on shared antigen success
Infectious Disease (Proprietary)	UPEC Program	IND filing H2 2025	Phase 1 start H1 2026

Potential for rapid and automated manufacturing via The RNA Printer® technology

The RNA Printer® is CureVac N.V.'s solution for integrated and automated manufacturing of GMP-grade RNA vaccines and therapeutics, engineered in collaboration with Tesla Automation. This technology is designed to cover all steps for rapid and standardized production. The goal is to accelerate the transition of product concepts from science to the clinic, which is a game-changer for speed, especially for personalized therapies. The technology is progressing through regulatory milestones, having secured a DNA module and RNA module license in late 2023.

Out-licensed respiratory vaccine programs to GSK for global development and commercialization

The respiratory vaccine programs are now under the full control of GlaxoSmithKline (GSK) following a July 2024 restructuring into a Licensing Agreement. This deal provided a significant financial boost, with an upfront payment of €400 million (approximately $430.4 million). CureVac N.V. remains eligible for up to an additional €1.05 billion in development, regulatory, and sales milestones, plus tiered royalties in the high-single to low-teens range. The progress is tangible; in November 2025, GSK initiated a combined Phase 1/2 study for a seasonal influenza/COVID-19 combination vaccine, which triggered a 10-million-euro milestone payment for CureVac N.V. The financial impact of the restructured deal is clear when looking at quarterly revenues; for Q3 2025, €50 million was recognized from a GSK license amendment in August 2025, though Q1 2025 revenue from GSK was only €0.3 million.

The financial structure of the GSK licensing agreement provides a crucial underpinning for the R&D focus:

• Upfront Payment Received: €400 million.
• Total Potential Milestones: Up to €1.05 billion.
• Royalty Range: High-single to low-teens percentage.
• Recent Milestone Payment (Nov 2025): €10 million.
• Cash Position (End of Q3 2025): €416.1 million in cash and cash equivalents.

The company reaffirmed its expected cash runway into 2028, supported by this deal structure and cost discipline from the 2024 restructuring.

CureVac N.V. (CVAC) - Canvas Business Model: Customer Relationships

You're looking at CureVac N.V.'s (CVAC) relationships with its key partners, which are almost exclusively business-to-business (B2B) arrangements typical for advanced biotech licensing. These aren't typical consumer relationships; they are high-stakes, long-term strategic engagements centered on technology transfer, co-development, and commercialization rights. The nature of these relationships is shifting significantly as of late 2025, particularly with the pending acquisition by BioNTech.

Strategic alliances with large pharmaceutical companies (GSK, BioNTech) for co-development and licensing define a major part of CureVac N.V.'s structure. The relationship with GSK, for instance, was significantly redefined in July 2024 when it moved from a Collaboration to a Licensing Agreement. This shift is reflected in the revenue stream, which saw a sharp decrease year-over-year, indicating a change in how value is recognized.

Here's a look at the financial impact of these major B2B relationships through the first nine months of 2025:

Partner/Agreement	Period Ended September 30, 2025 (9 Months) Revenue	Period Ended June 30, 2025 (6 Months) Revenue	Key Financial Event/Context
GSK (Licensing Agreement)	€43.3 million	€0.5 million	Restructuring in July 2024 from Collaboration to Licensing Agreement. An August 2025 amendment recognized $50.0 million in Q3 2025.
BioNTech/Pfizer (Litigation Settlement)	€11.1 million (Royalties in Q3 2025)	N/A	Settlement included an aggregate payment of $740 million plus single-digit royalties on US sales going forward.
CRISPR Therapeutics	€1.8 million	€1.6 million	Lower sales compared to the prior year period.

The most transformative relationship development is the definitive purchase agreement announced in June 2025 for BioNTech to acquire CureVac N.V., which is expected to close later this year. This move essentially integrates CureVac N.V.'s customer base and technology platform directly into BioNTech, which itself is a key partner in the patent litigation settlement. The expected closing of the BioNTech acquisition marks a fundamental transition from a B2B licensing relationship to an internal integration.

Close collaboration with academic and clinical research institutions (M.D. Anderson) focuses on advancing the oncology pipeline. CureVac N.V. has a co-development and licensing agreement with The University of Texas M.D. Anderson Cancer Center to develop novel mRNA-based cancer vaccines. This relationship leverages CureVac N.V.'s end-to-end mRNA capabilities with M.D. Anderson's expertise in clinical research and antigen validation. Under this structure, M.D. Anderson is eligible for certain downstream payments based on potential future commercialization, while CureVac N.V. retains worldwide exclusive rights to late-stage development, commercialization, or partnering.

You can see the strategic focus in their pipeline goals:

• Expected to have two clinical candidates for shared-antigen cancer vaccines by the end of 2025.
• One of those candidates is in collaboration with researchers at M.D. Anderson.
• Plan to initiate at least two new Phase 1 studies by the end of 2026.

These are definitely high-touch, long-term relationships typical of B2B biotech licensing. They involve deep scientific integration, shared risk/reward structures, and significant upfront payments or milestone structures rather than simple transactional sales. The restructuring with GSK, which involved an upfront payment of €400 million ($465 million) and up to an additional €1.05 billion ($1.22 billion) in milestones plus tiered royalties, exemplifies this long-term, high-value engagement model. Even with the revenue dip following the restructuring, the company reaffirmed its expected cash runway into 2028, partly supported by these structured financial arrangements, with cash and cash equivalents at €416.1 million as of September 30, 2025. The relationship management here is about securing development funding and commercial reach simultaneously; it's defintely complex.

Finance: draft the pro-forma cash flow statement incorporating the expected closing of the BioNTech acquisition by year-end, focusing on the change in partnership revenue recognition for Q4 2025 by Friday.

CureVac N.V. (CVAC) - Canvas Business Model: Channels

You're mapping out the distribution and engagement strategy for CureVac N.V. as of late 2025. This isn't just about selling a product; it's about how they get their science-their mRNA candidates-into the hands of partners, regulators, and the market. The channels here are less about retail shelves and more about high-level strategic interfaces.

Direct Licensing Agreements with Global Pharmaceutical Partners (GSK)

The most significant channel for infectious disease candidates is the restructured licensing agreement with GlaxoSmithKline (GSK), which took effect in July 2024. This channel shifted from a broad collaboration to a focused licensing model, giving GSK worldwide rights for commercialization of the seasonal influenza, COVID-19, and avian influenza candidates.

Here's the quick math on the financial structure of this channel, which directly impacts CureVac N.V.'s near-term cash flow:

Financial Component	Amount/Range	Date/Period Reference
Upfront Payment Received	€400 million	August 2024
Potential Future Milestones	Up to €1.05 billion	Development, regulatory, and sales
Royalty Rate on Net Sales	High single-digit to low teens percentage	Tiered
Revenue Recognized from GSK (Q1 2025)	€0.3 million	Three months ended March 31, 2025

What this estimate hides is the timing risk on those future milestones; they depend entirely on GSK's clinical and commercial success. Still, the upfront cash was a key part of securing the runway.

Academic and Clinical Research Networks for Early-Stage Candidate Development

For building the pipeline, especially in oncology, CureVac N.V. uses deep, specialized research networks as a channel to validate and advance its technology. These aren't revenue channels yet, but they are critical for generating the data needed for regulatory submissions and future partnerships.

The key engagements acting as channels for early development include:

• The University of Texas MD Anderson Cancer Center for cancer vaccine candidates.
• CRISPR Therapeutics for developing novel Cas9 mRNA constructs.

We see the financial flow from these research channels in the revenue figures. For instance, sales to CRISPR Therapeutics were reported at €0.6 million for the three months ending March 31, 2025. This shows a tangible, albeit small, financial output from these early-stage research channels, down from €3.5 million in the prior year period, reflecting the strategic shift away from certain collaborations.

Regulatory Bodies (U.S. FDA, EMA) for Investigational New Drug (IND) and Clinical Trial Applications (CTA)

Regulatory agencies function as a mandatory gatekeeping channel. Successfully navigating the FDA and EMA dictates when a candidate can move from the lab to human testing, which is the primary value-creation step for an mRNA platform company.

Here are the key regulatory milestones achieved or targeted for 2025:

• FDA Investigational New Drug (IND) clearance received for CVHNLC (squamous NSCLC).
• Clinical Trial Application (CTA) filed in Europe for CVHNLC; decision expected Q2 2025.
• EMA clearance received for CVHNLC in Q2 2025.
• Phase 1 study initiation for CVHNLC expected in H2 2025.
• U.S. IND filing planned for the Urinary Tract Infection (UPEC) vaccine in H2 2025.

The success in this channel directly informs the next clinical step. For the CVGBM glioblastoma program, data from Phase 1 Part B is expected in H2 2025 to inform the go/no-go decision for advancing to Phase 2.

Investor Relations and Public Communications for Capital Markets

The investor relations function is the channel through which CureVac N.V. accesses capital to fund its R&D, which is essential given its operational losses. The company's ability to communicate its financial health and pipeline progress directly influences investor confidence and capital availability.

The financial standing as of mid-2025 demonstrates this channel's current effectiveness in maintaining solvency:

Financial Metric	Amount	Date/Period
Cash and Cash Equivalents	€438.3 million	March 31, 2025
Cash and Cash Equivalents	€392.7 million	June 30, 2025
Expected Cash Runway	Into 2028	Reaffirmed
Total Revenues	€0.9 million	Q1 2025
Total Revenues	€2.1 million	First six months of 2025
Operating Loss	€54.7 million	Q1 2025
Operating Loss	€116.5 million	First six months of 2025

Furthermore, the legal disputes are a critical communication point affecting market perception. The infringement hearing against BioNTech/Pfizer before the Regional Court Düsseldorf was set for July 1, 2025, and the U.S. jury trial was postponed to September 8, 2025. Also, in August 2025, CureVac announced a definitive Purchase Agreement to be acquired by BioNTech, which is a massive communication event for this channel.

CureVac N.V. (CVAC) - Canvas Business Model: Customer Segments

CureVac N.V. (CVAC) targets several distinct customer segments, primarily centered around licensing its proprietary messenger RNA (mRNA) technology platform to large partners and developing precision immunotherapies for specific patient populations with high unmet medical needs.

The segment of large pharmaceutical and biotech companies is crucial, evidenced by significant licensing and collaboration agreements. The restructured agreement with GlaxoSmithKline Biologicals SA (GSK) in July 2024, which covers respiratory infectious disease programs, provided CureVac N.V. (CVAC) with a €400 million upfront payment. This agreement, which supersedes prior terms, includes potential additional payments up to €1.05 billion in milestones plus tiered royalties. For the first nine months of 2025, revenue recognized from GSK totaled €43.3 million. Another key partner is CRISPR Therapeutics, for whom CureVac N.V. (CVAC) develops novel Cas9 mRNA constructs; this relationship generated €1.8 million in revenue for the first nine months of 2025, with Q1 2025 revenue specifically at €0.6 million. Furthermore, CureVac N.V. (CVAC) recognized €11.1 million in Q3 2025 royalties under a U.S. License Agreement with BioNTech and Pfizer, which closed in August 2025.

Customer Segment Type	Specific Partner/Focus	Relevant Financial/Statistical Data
Large Pharmaceutical/Biotech Licensees	GSK	Upfront Payment: €400 million; Potential Milestones: up to €1.05 billion; Q1 2025 Revenue: €0.3 million
Large Pharmaceutical/Biotech Licensees	CRISPR Therapeutics	Q1 2025 Revenue: €0.6 million; Nine Months 2025 Revenue: €1.8 million
Large Pharmaceutical/Biotech Licensees	BioNTech and Pfizer	Q3 2025 Royalty Revenue: €11.1 million
Academic/Research Collaborators	The University of Texas MD Anderson Cancer Center	Focus on differentiated cancer vaccine candidates in indications with high unmet medical need
Genome Editing Companies	CRISPR Therapeutics	Developing novel Cas9 mRNA constructs

The patient segment is targeted through CureVac N.V. (CVAC)'s oncology pipeline, focusing on precision immunotherapies for cancers with high unmet medical need. For glioblastoma (CVGBM), Phase 1 Part B enrollment was completed in Q1 2025, with a go/no-go decision for Phase 2 planned for H2 2025. Preliminary Phase 1 data showed 84% of T cell responses induced de novo against tumor-associated antigens. For squamous non-small cell lung cancer (sqNSCLC), the U.S. FDA cleared the Investigational New Drug (IND) application, with a Phase 1 study expected to begin in H2 2025. Squamous NSCLC accounts for approximately 20-30% of all Non-Small Cell Lung Cancer (NSCLC) cases, and the candidate is designed to cover approximately ~95% of patients for at least one of its 8 encoded antigens.

Global health organizations and governments are served indirectly, primarily through the licensing of prophylactic vaccine candidates to partners like GSK. The GSK agreement covers seasonal influenza, COVID-19, and avian influenza. Previously, CureVac N.V. (CVAC) had an Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate. The company is also advancing a new program targeting the prevention of Urinary Tract Infections (UTIs), which account for approximately ~70-90% of UTIs and have direct medical costs estimated at $1.6 billion in the U.S..

The focus on patient populations with high unmet need is further detailed by pipeline milestones:

• Gliobastoma (CVGBM): Phase 1 Part B enrollment completed in Q1 2025.
• Squamous Non-Small Cell Lung Cancer (CVHNLC): U.S. IND cleared, with clinical study expected to begin H2 2025.
• NSCLC incidence: Approximately 225,000 new cases expected in the U.S. in 2025, with 87% being NSCLC.
• Urinary Tract Infection (UTI) Vaccine: U.S. IND filing planned for H2 2025.

CureVac N.V. (CVAC) - Canvas Business Model: Cost Structure

You're looking at the cost structure for CureVac N.V. as of late 2025, post-restructuring. The numbers reflect a pivot toward leaner operations while maintaining core scientific investment.

The most immediate reflection of high development costs is the reported operating loss for the first quarter of 2025, which amounted to €54.7 million. This figure underscores the ongoing financial commitment to advancing the pipeline, particularly in oncology precision immunotherapies and prophylactic vaccines.

The strategic restructuring initiated in July 2024 has a direct, quantifiable impact on the forward-looking cost base. CureVac N.V. expects its overall operating expenses to decrease by over 30% from 2025 onward. This is anchored by a specific reduction in personnel costs.

• Personnel costs are expected to decrease by approximately €25 million annually starting in 2025, compared to 2024, adjusted for restructuring costs.
• General and administrative expenses in Q1 2025 decreased primarily due to the lower personnel expenses following the workforce reduction.

Legal expenses, while historically significant, saw major financial resolution in the third quarter of 2025. Extraordinary payments related to strategic redesign and patent litigation in 2024 totaled €137 million. The resolution of the U.S. patent litigation in August 2025 brought in significant, non-recurring income, but the underlying IP protection remains a cost driver.

Here's a quick look at the financial elements shaping the post-restructuring cost and income profile:

Cost/Income Driver	Financial Metric/Amount	Period/Context
Operating Loss	€54.7 million	Q1 2025
Personnel Cost Reduction (Annualized)	€25 million	Expected from 2025 onward
Overall Operating Expense Reduction	Over 30%	Expected from 2025 onward
Extraordinary Payments (Restructuring/Litigation)	€137 million	Incurred in 2024
US Patent Litigation Settlement Payout (to CVAC)	$370 million	August 2025 settlement
GSK Royalty Monetization Payment (to CVAC)	$50 million	August 2025 settlement component
Cash Position	€438.3 million	End of Q1 2025

The company upheld core mRNA patents in Europe, which is intended to bolster its position in ongoing litigation, a continuous element of IP defense costs. The cash position at the end of March 2025 stood at €438.3 million, which management projected extends the cash runway into 2028.

The shift in strategy also affected how costs are categorized; R&D expenses in Q1 2025 increased partly because costs for CureVac's manufacturing organization were recognized as R&D expenses rather than cost of sales.

Finance: draft 13-week cash view by Friday.

CureVac N.V. (CVAC) - Canvas Business Model: Revenue Streams

You're looking at how CureVac N.V. (CVAC) is bringing in cash as of late 2025. It's definitely a story of partnerships driving the top line now, especially given the shift away from large, one-time upfront payments seen previously.

The revenue streams are clearly segmented across different stages of partnership maturity. You see milestone payments tied to clinical progress, ongoing royalties from commercialized or licensed assets, and revenue from active R&D services.

Here's a quick look at the key components that made up the revenue picture through the first nine months of 2025:

• Milestone payments from strategic partners like GSK for pipeline advancement.
• Licensing revenue and royalties from out-licensed programs; Q3 2025 royalties from BioNTech were €11.1 million.
• Collaboration revenue from R&D services; total revenue for the first nine months of 2025 was €56.3 million.
• Upfront payments from new licensing deals, like the $50.0 million from GSK in Q3 2025.

The structure of these payments is important; the upfront payment from GSK in Q3 2025 was recognized following the first amendment to their license agreement, which concluded in August 2025. That's a significant, though non-recurring, cash event for the quarter.

To give you a clearer picture of the revenue sources for the nine months ending September 30, 2025, compared to the prior year period, look at this breakdown:

Revenue Source	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024
GSK Revenue	€43.3 million	€508.3 million
BioNTech Royalties/Revenue	€11.1 million	€0 million
CRISPR Therapeutics Revenue	€1.8 million	€12.4 million

Honestly, seeing the year-over-year drop from €520.7 million to €56.3 million for the nine-month period really highlights how much of the prior year's revenue was tied up in that large, one-time GSK upfront payment.

For the third quarter specifically, the revenue streams were concentrated:

• GSK contribution in Q3 2025 was $50 million.
• BioNTech royalties recognized in Q3 2025 totaled €11.1 million.

The total revenue for Q3 2025 was reported at €54.1 million. That figure is a mix of these licensing and royalty events, plus any remaining R&D collaboration revenue recognized during the quarter.

Finance: draft 13-week cash view by Friday.