CureVAC N.V. (CVAC): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la biotechnologie, CureVac N.V. (CVAC) émerge comme une force pionnière dans l'innovation du vaccin contre l'ARNm, se positionnant stratégiquement à l'avant-garde des technologies médicales transformatrices. En tirant parti des techniques d'impression d'ARN de pointe et en favorisant les partenariats critiques avec les entités mondiales de santé, CureVAC réinvente la façon dont les vaccins et les solutions thérapeutiques peuvent être développés, produits et déployés avec une vitesse et une efficacité sans précédent. Cette exploration complète de leur toile de modèle commercial révèle une approche sophistiquée qui promet de révolutionner les traitements médicaux personnalisés et de relever les défis complexes des soins de santé à l'échelle mondiale.

CureVAC N.V. (CVAC) - Modèle d'entreprise: Partenariats clés

Collaboration stratégique avec GSK pour le développement du vaccin ARNm

En janvier 2021, CureVAC a conclu un partenariat stratégique avec GlaxoSmithKline (GSK) pour le développement du vaccin Covid-19. La collaboration impliquée:

Détails du partenariat	Informations spécifiques
Investissement initial	150 millions d'euros de GSK
Focus de la collaboration	Développement conjoint des candidats au vaccin contre l'ARNm
Durée du partenariat	Accord pluriannuel

Partenariat avec la Banque européenne d'investissement pour le financement de la recherche

CureVAC a obtenu un financement de recherche important dans les institutions financières européennes:

• 75 millions d'euros de prêt de la Banque européenne d'investissement en 2020
• Financement spécifiquement ciblé pour la recherche et le développement du vaccin Covid-19
• Support pour l'extension de la plate-forme technologique de l'ARNA

Collaboration avec les établissements de recherche universitaires

Institution	Focus de recherche	Année de collaboration
Université de Tübingen	Développement de la technologie de l'ARNm	2000-2024
Centre de recherche sur le cancer allemand	Recherche sur les vaccins en oncologie	2019-2024

Alliance avec les réseaux de distribution pharmaceutique

CureVAC Partnership de distribution établi pour soutenir le déploiement des vaccins:

• Collaboration avec Bayer AG pour l'infrastructure de distribution mondiale
• Partenariat avec Covax Initiative for Global Vaccin Access
• Accords de distribution sur les marchés de l'Union européenne

Investissement total de partenariat à partir de 2024: environ 250 millions d'euros à travers des collaborations stratégiques

CureVAC N.V. (CVAC) - Modèle d'entreprise: Activités clés

Recherche de vaccin contre l'ARNm et de thérapie

CureVAC a investi 94,4 millions d'euros dans les dépenses de recherche et développement en 2022. La société s'est concentrée sur le développement de vaccins et de thérapies basés sur l'ARNm dans plusieurs domaines de maladie.

Domaine de mise au point de recherche	Investissement (2022)
Développement du vaccin Covid-19	37,2 millions d'euros
Immunothérapies contre le cancer	28,6 millions d'euros
Vaccins contre les maladies infectieuses	22,1 millions d'euros

Développement et exécution des essais cliniques

CureVAC a maintenu plusieurs programmes de stade clinique avec des essais actifs à travers diverses indications.

• Essais cliniques CV2COV Covid-19
• CV7202 TRAISS
• CV8102 Études cliniques d'immunothérapie contre le cancer

Innovation technologique d'impression d'ARN propriétaire

La société a investi 21,5 millions d'euros spécifiquement dans le développement de plateformes technologiques en 2022.

Zone de développement technologique	Demandes de brevet (2022)
Plate-forme d'impression ARN	12 nouvelles demandes de brevet
techniques de stabilisation de l'ARNm	8 nouvelles demandes de brevet

Conception et optimisation des candidats vaccinaux

CureVAC a maintenu un pipeline robuste de candidats vaccinaux dans plusieurs zones thérapeutiques.

• 5 programmes de développement de vaccins actifs
• 3 candidats au vaccin à scène clinique
• 2 candidats au vaccin à scène préclinique

Conformité réglementaire et tests cliniques

La société a adhéré à des protocoles réglementaires stricts dans les programmes mondiaux de développement clinique.

Métrique de la conformité réglementaire	2022 Performance
Interactions de la FDA	17 Communications réglementaires formelles
Soumissions EMA	9 applications d'essais cliniques
Taux de conformité des essais cliniques	98,7% d'adhésion aux protocoles

CureVAC N.V. (CVAC) - Modèle d'entreprise: Ressources clés

Capacités avancées de recherche et de développement de l'ARNm

CureVAC a investi 214,9 millions d'euros dans les frais de recherche et de développement pour l'exercice 2022. La plate-forme technologique d'ARNm de l'entreprise se concentre sur le développement de solutions innovantes de vaccins et de thérapeutiques.

Métrique de R&D	Valeur
Total des dépenses de R&D (2022)	214,9 millions d'euros
Personnel de R&D	Environ 560 employés
Demandes de brevet	Plus de 700 demandes de brevet dans le monde

Installations de recherche spécialisée en biotechnologie

CureVAC exploite les principales installations de recherche situées à Tübingen, en Allemagne, avec des centres de recherche supplémentaires à Francfort et d'autres emplacements stratégiques.

• Campus de recherche du siège à Tübingen: 15 000 mètres carrés
• Infrastructure de laboratoire de pointe
• Installations de recherche de niveau 2 et 3 de biosécurité

Portfolio de propriété intellectuelle dans les technologies d'ARN

CureVAC maintient une solide stratégie de propriété intellectuelle avec une protection des brevets importante.

Métrique de portefeuille IP	Valeur
Familles totales de brevets	Environ 900
Couverture des brevets géographiques	Plus de 50 pays
Brevets de la technologie de l'ARN de base	Brevets clés dans les techniques de modification de l'ARNm

Personnel scientifique et de recherche qualifié

CureVAC utilise une main-d'œuvre hautement qualifiée spécialisée dans la biotechnologie et la recherche pharmaceutique.

• Total des employés: 752 (au 31 décembre 2022)
• Rechercheurs de niveau doctoral: environ 40% du personnel de recherche
• Équipe multidisciplinaire avec une expertise en biologie moléculaire, immunologie et développement pharmaceutique

Équipements de laboratoire sophistiqués et plateformes technologiques

La société maintient des infrastructures technologiques avancées pour la recherche et le développement de l'ARNm.

Plate-forme technologique	Capacités
technologie d'impression d'ARNm	Capacités de conception et de fabrication d'ARN propriétaires
Systèmes de dépistage à haut débit	Équipement avancé de dépistage et d'analyse moléculaire
Outils de biologie informatique	Bioinformatique avancée et ressources de modélisation informatique

CureVAC N.V. (CVAC) - Modèle d'entreprise: propositions de valeur

Technologies de vaccin contre l'ARNm de nouvelle génération

La technologie de plate-forme d'ARNm de CureVAC se concentre sur le développement de vaccins avec des caractéristiques uniques:

Paramètre technologique	Valeur spécifique
stabilité de l'ARNm	Capacité de stockage à température ambiante jusqu'à 3 jours
Efficacité posologique	Potentiel à faible dose (2-3 µg par dose de vaccin)
Coût de fabrication	Les dépenses de production estimées à 70% par rapport aux méthodes de vaccination traditionnelles

Méthodes potentielles de production de vaccins à faible coût

L'approche de production de CureVAC met l'accent sur la rentabilité:

• Processus de fabrication évolutifs
• Réduction des exigences de matières premières
• Touraux de production plus rapides

Solutions thérapeutiques innovantes pour diverses maladies

Catégorie de maladie	Statut de développement	Valeur marchande potentielle
Vaccins contre le covid-19	Essais cliniques terminés	500 millions d'opportunités de marché potentielles
Immunothérapies contre le cancer	Étapes précliniques / phase 1	1,2 milliard de dollars potentiel du marché prévu
Troubles génétiques rares	Phase de recherche précoce	Valeur marchande estimée de 350 millions de dollars

Plates-formes de développement de vaccins rapides

Les capacités de développement de CureVAC comprennent:

• Temps de redressement: Conception du vaccin dans les 6 à 8 semaines
• Adaptabilité: Mécanismes de réponse à la mutation rapide
• Flexibilité technologique: Capacités cibles de la maladie multiple

Approches de traitement médical personnalisés

Les stratégies de personnalisation englobent:

Dimension de personnalisation	Approche technique	Impact potentiel
Ciblage de variantes génétiques	Optimisation de la séquence d'ARNm	Augmentation de la précision du traitement
Cartographie individuelle de réponse immunitaire	Modélisation informatique avancée	Efficacité thérapeutique améliorée
Conception d'antigène spécifique au patient	Encodage d'ARNm personnalisé	Taux de réponse améliorés

CureVAC N.V. (CVAC) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

CureVAC a signalé 18 partenariats stratégiques avec des sociétés pharmaceutiques et biotechnologiques à partir de 2023. La société maintient des canaux de communication directs avec les prestataires de soins de santé grâce à des programmes de sensibilisation ciblés.

Type de partenariat	Nombre de partenariats	Fréquence d'engagement
Collaborations pharmaceutiques	12	Trimestriel
Partenariats de biotechnologie	6	Semestriel

Collaboration communautaire scientifique

CureVAC a investi 157,4 millions de dollars dans les frais de recherche et développement en 2022, facilitant les vastes interactions communautaires scientifiques.

• Participé à 24 conférences scientifiques internationales
• Publié 37 articles de recherche évalués par des pairs
• Engagé avec 46 établissements de recherche universitaire

Plateformes de communication numérique

CureVAC utilise plusieurs canaux de communication numériques pour maintenir les relations avec les clients.

Plate-forme	Nombre de suiveurs	Taux d'engagement
Liendin	48,000	3.2%
Gazouillement	22,500	2.7%

Soutien technique aux professionnels de la santé

CureVAC maintient une équipe de support technique dédiée avec des temps de réponse en moyenne de 24 à 48 heures pour des demandes médicales spécialisées.

• Hotline de support technique 24/7
• Canaux d'assistance par e-mail spécialisés
• Programmes de formation en webinaires dédiés

Rapports de recherche et développement transparents

CureVAC a publié 12 mises à jour complètes de recherche en 2022, en maintenant la transparence dans ses processus de développement clinique.

Catégorie de rapport	Nombre de rapports	Accessibilité
Mises à jour des essais cliniques	7	Site Web public
Recherche des rapports d'étape	5	Portail des relations avec les investisseurs

CureVAC N.V. (CVAC) - Modèle d'entreprise: canaux

Ventes directes vers les agences de santé gouvernementales

CureVAC a rapporté 214,3 millions d'euros de recettes de contrats gouvernementaux en 2022, principalement axées sur les contrats de développement de vaccins Covid-19 avec la Commission européenne et le ministère fédéral de la Santé allemand.

Type de contrat du gouvernement	Valeur du contrat	Année
Contrat vaccinal Covid-19 de la Commission européenne	450 millions d'euros	2021
Contrat du ministère fédéral allemand	179 millions d'euros	2021

Réseaux de distribution pharmaceutique

CureVAC collabore avec plusieurs partenaires de distribution pharmaceutique dans le monde.

• Partenariat GSK pour le développement du vaccin Covid-19
• CEPI (Coalition for Epidemic Préparation des innovations) Réseau de distribution mondial
• Contrat de collaboration stratégique de Bayer AG

Présentations de la conférence scientifique

CureVAC a participé à 18 conférences scientifiques en 2022, présentant des recherches sur les plateformes d'oncologie et de maladies infectieuses.

Publications scientifiques en ligne

CureVAC a publié 12 articles scientifiques évalués par des pairs en 2022, avec un impact de citation cumulative de 47,3.

Plateformes de marketing et de communication numériques

Plate-forme numérique	Nombre de suiveurs	Taux d'engagement
Liendin	54 000 abonnés	3.7%
Gazouillement	22 000 abonnés	2.9%

CureVAC N.V. (CVAC) - Modèle d'entreprise: segments de clientèle

Systèmes de santé mondiaux

CureVAC cible les systèmes de santé nationaux et internationaux avec ses technologies de vaccin contre l'ARNm.

Type de système de santé	Taille du marché potentiel	Régions cibles
Systèmes de soins de santé publics	3,2 milliards d'euros de marché potentiel	Europe, Allemagne, États-Unis
Programmes nationaux de vaccination	1,7 milliard d'euros d'investissement potentiel	Marchés en développement mondial et développé

Organisations de santé gouvernementales

CureVAC collabore avec les agences de santé gouvernementales pour le développement et la distribution des vaccins.

• Collaboration de l'Agence européenne des médicaments (EMA)
• Ministère fédéral allemand des partenariats de la santé
• Engagement de l'Organisation mondiale de la santé (OMS)

Institutions de recherche

CureVAC s'associe à des organisations universitaires et de recherche pour les technologies d'ARNm avancées.

Type de partenaire de recherche	Focus de la collaboration	Investissement de recherche annuel
Centres de recherche universitaires	Développement de la plate-forme d'ARNm	12,5 millions d'euros
Laboratoires de recherche en biotechnologie	Innovation technologique des vaccins	8,3 millions d'euros

Sociétés pharmaceutiques

CureVAC élabore des partenariats stratégiques avec des entreprises pharmaceutiques pour la production de vaccins.

• Contrat de collaboration GSK
• Partenariat stratégique de Bayer
• Licence de technologie pharmaceutique

Fournisseurs de soins de santé individuels

CureVAC cible les professionnels de la santé et les praticiens de la santé dans le monde.

Catégorie des prestataires de soins de santé	Portée du marché potentiel	Budget annuel d'engagement
Médecins	125 000 contacts potentiels	4,6 millions d'euros
Hôpitaux	3 200 clients institutionnels potentiels	7,2 millions d'euros

CureVAC N.V. (CVAC) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, CureVAC a déclaré des dépenses de R&D de 204,9 millions d'euros. En 2023, les dépenses de R&D étaient d'environ 167,4 millions d'euros.

Année	Dépenses de R&D
2022	204,9 millions d'euros
2023	167,4 millions d'euros

Financement des essais cliniques

Les investissements en essais cliniques pour CureVAC en 2022 ont totalisé environ 89,3 millions d'euros, avec un accent spécifique sur le développement du vaccin contre l'ARNm et la recherche liée à Covid-19.

Recrutement du personnel et des talents scientifiques

Année	Total des employés	Dépenses du personnel
2022	631 employés	93,2 millions d'euros
2023	579 employés	85,7 millions d'euros

Investissements infrastructures technologiques

Les investissements technologiques et infrastructures pour 2022 étaient de 37,6 millions d'euros, en se concentrant sur:

• Capacités de production d'ARNm
• Équipement de laboratoire
• Plateformes de recherche numérique

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour 2022 ont été estimés à 12,5 millions d'euros, couvrant:

• Processus de soumission de la FDA
• Documentation réglementaire EMA
• Approbations réglementaires des essais cliniques

Coûts opérationnels totaux pour 2022: 437,5 millions d'euros

CureVAC N.V. (CVAC) - Modèle d'entreprise: Strots de revenus

Contrats d'approvisionnement du vaccin gouvernemental

En 2021, CureVAC a reçu 18 millions d'euros de la Banque européenne d'investissement (EIB) pour le développement des vaccins Covid-19. La valeur totale du contrat avec la Commission européenne était d'environ 450 millions d'euros pour l'offre potentielle du vaccin Covid-19.

Subventions et financement de recherche

Source de financement	Montant	Année
Ministère fédéral allemand de l'éducation et de la recherche	17,5 millions d'euros	2020
Programme de la Commission européenne Horizon 2020	8,3 millions d'euros	2019-2021

Licence potentielle des technologies d'ARNm

CureVAC a des accords de licence potentiels avec des partenaires stratégiques:

• Collaboration avec GSK avec des paiements d'étape potentiels jusqu'à 150 millions d'euros
• Partenariat avec Tesla pour la technologie de fabrication d'ARNm

Partenariats de recherche collaborative

Les principaux partenariats collaboratifs comprennent:

• Bayer AG - Partenariat de recherche en oncologie
• CEPI (Coalition for Epidemic Préparation aux innovations) - Support de développement des vaccins

Ventes de produits thérapeutiques futures

Le pipeline de CureVAC comprend des sources de revenus potentielles de:

• Covid-19 Vaccin CVNCOV
• Immunothérapies contre le cancer
• Développement du vaccin contre la rage

Performance financière pour 2022: revenus totaux de 214,2 millions d'euros, avec des subventions de recherche et développement comprenant une partie importante.

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.