CureVac N.V. (CVAC): Business Model Canvas [Dec-2025 Updated]

You're digging into the current state of this mRNA player, and honestly, the story right now is all about transition and enforcing its core technology. After a major strategic shift, the business model is clearly hinging on its proprietary platform, evidenced by the recent €11.1 million royalty check from BioNTech in Q3 2025, all while managing heavy R&D expenses, like the €54.7 million operating loss reported in Q1 2025. With €550.8 million in cash as of September 30, 2025, the runway is there, but the path forward is defined by strategic licensing, like the one with GSK, and the resolution of that pending acquisition. Let's break down exactly how this complex structure is set up to generate revenue next; you'll want to see the details below.

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

You're looking at the core relationships that define CureVac N.V.'s strategic path as of late 2025. These aren't just names on a slide; they represent critical technology access, financial milestones, and the path to market for their mRNA platform.

BioNTech SE: Pending acquisition and resolution of patent litigation.

The most significant development is the pending acquisition of CureVac N.V. by BioNTech SE, announced in June 2025, with an implied aggregate equity value for CureVac N.V. of approximately $1.25 billion in BioNTech American Depository Shares. This transaction is set to resolve the global patent battle. As part of the August 2025 settlement to dismiss U.S. patent litigation related to mRNA-based COVID-19 vaccines, CureVac N.V. and GlaxoSmithKline (GSK) will receive an aggregate payment of $740 million, plus single-digit royalties on U.S. sales of licensed products starting from January 1, 2025. Furthermore, CureVac N.V. is set to receive $50 million from GSK for monetizing a portion of those U.S. product royalties. Once the acquisition closes, the non-exclusive license CureVac N.V. granted to BioNTech and Pfizer for U.S. COVID-19 and/or influenza products will expand to a worldwide license. The closing will also trigger an additional payment to GSK of $130 million plus a 1% royalty on rest-of-world sales.

GlaxoSmithKline (GSK): Licensing partner for respiratory infectious disease programs.

CureVac N.V. restructured its prior collaboration with GSK into a new Licensing Agreement in July 2024, granting GSK full global rights to develop, manufacture, and commercialize mRNA candidate vaccines for influenza and COVID-19, including combinations. For this, CureVac N.V. received an upfront payment of €400 million (approximately US$432.34 million based on July 2024 conversion) and is eligible for up to an additional €1.05 billion (approximately US$1.133 billion) in development, regulatory, and sales milestones, plus tiered royalties. This shift allowed CureVac N.V. to focus resources, expecting operational expenses to decrease by more than 30% from 2025 onward. The financial impact is clear in the recent reporting; for the six months ending June 30, 2025, total revenues recognized from GSK were only €0.5 million, a significant drop from €17.6 million in the prior year period, reflecting the transition from a collaboration structure.

CRISPR Therapeutics: Collaboration on developing Cas9 mRNA constructs for gene editing.

The collaboration with CRISPR Therapeutics focuses on CureVac N.V. developing novel Cas9 mRNA constructs designed for improved potency, reduced expression duration, and lower immunogenicity for gene editing. This partnership contributed to CureVac N.V.'s revenue stream, though it decreased year-over-year. For the six months ending June 30, 2025, revenues recognized from CRISPR Therapeutics totaled €1.6 million, compared to €9.2 million for the same period in 2024.

M.D. Anderson Cancer Center: Joint development of cancer vaccine candidates.

CureVac N.V. entered a co-development and licensing agreement with The University of Texas M.D. Anderson Cancer Center in April 2024 to develop novel, off-the-shelf, mRNA-based cancer vaccines for selected hematological and solid tumors. M.D. Anderson is responsible for leading the initial Phase 1/2 studies following IND approvals, leveraging its clinical research expertise. CureVac N.V. retains worldwide exclusive rights to late-stage development, commercialization, or partnering. The company expects to have two clinical candidates for shared-antigen cancer vaccines by the end of 2025, including one from this collaboration.

Acuitas Therapeutics: Technology partner for lipid nanoparticle (LNP) delivery systems.

CureVac N.V. utilizes Acuitas Therapeutics' LNP formulation technology in combination with its mRNA technology. The original Development and Option Agreement expired on April 29, 2025. As of June 30, 2025, CureVac N.V. exercised its option to obtain a non-exclusive license to 20 targets under ongoing license agreements. The original agreement required CureVac N.V. to pay annual target reservation and maintenance fees of up to approximately $1.4 million when reserving the maximum number of targets.

The overall financial health supporting these relationships is anchored by a strong balance sheet, with €392.7 million in cash and cash equivalents as of June 30, 2025, which the company stated extends its expected cash runway into 2028. The total revenues for the first half of 2025 were €2.1 million, a sharp decrease of 92% from €26.8 million in the first half of 2024, largely due to the GSK partnership restructuring and lower sales to CRISPR Therapeutics.

• Total Revenue (H1 2025): €2.1 million
• Cash & Equivalents (June 30, 2025): €392.7 million
• GSK Upfront Payment (2024): €400 million
• BioNTech Acquisition Value: $1.25 billion
• BioNTech Settlement Payout (Aggregate): $740 million

Finance: review the Q3 2025 cash flow projections incorporating the BioNTech deal timeline by next Tuesday.

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

You're looking at the core operational focus for CureVac N.V. as of late 2025, following their strategic realignment in mid-2024. The key activities are heavily weighted toward advancing their oncology pipeline and solidifying their foundational intellectual property.

Research and development (R&D) of oncology mRNA candidates.

The company's cash usage in the first half of 2025 was primarily allocated to ongoing research and development activities, specifically advancing candidates in oncology precision immunotherapies. Following the July 2024 restructuring, the costs associated with the manufacturing organization are now recognized as R&D expenses rather than cost of sales, which increased the reported R&D spend. CureVac N.V. had set a goal to deliver two or more clinical candidates by the end of 2025. Cash and cash equivalents stood at €438.3 million as of March 31, 2025, supporting this R&D focus with an expected cash runway extending into 2028.

Advancing clinical trials for glioblastoma (CVGBM) and lung cancer (CVHNLC).

A major activity involves pushing the two lead oncology programs through clinical milestones. The company completed enrollment for the Phase 1 Part B study of CVGBM in the first quarter of 2025. A decision on advancing this glioblastoma candidate to Phase 2 is planned for the second half of 2025, with data expected to include 20 patients having at least 6 months of follow-up. For CVHNLC, targeting squamous non-small cell lung cancer, the U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application, with the Phase 1 clinical study anticipated to begin in the second half of 2025. The Clinical Trial Application (CTA) for CVHNLC was filed in Europe, with a decision expected in the second quarter of 2025. They also anticipate initiating at least two new Phase 1 studies by the end of 2026.

Here's a quick look at the status of these key oncology assets as of the latest updates:

Protecting and enforcing core mRNA intellectual property (IP) rights.

Defending the foundational mRNA technology is a critical activity. The European Patent Office confirmed the validity of two key patents, EP 3 708 668 B1 and EP 4 023 755 B1, both of which describe split poly-A tail technology that improves protein expression from mRNA constructs. An infringement hearing concerning these patents against BioNTech/Pfizer was scheduled before the Regional Court Düsseldorf for July 1, 2025. Furthermore, CureVac N.V. announced the resolution of U.S. patent litigation with Pfizer/BioNTech on August 7, 2025. This resolution involved CureVac N.V. and GSK receiving an aggregate payment of $740 million plus single-digit royalties on U.S. vaccine sales going forward. CureVac N.V. also recognized €11.1 million in Q3 2025 related to royalties under the U.S. License Agreement with BioNTech and Pfizer, which closed in August 2025.

Ongoing development of the proprietary mRNA technology platform.

The company continues to invest in its end-to-end mRNA capabilities, which include in-house antigen discovery and validation, advanced delivery systems, and dose efficiency improvements. The strategic restructuring in July 2024 was explicitly designed to streamline operations and focus resources on technology innovation, research, and development, creating a leaner organization. The company expects operational expenses to decrease by more than 30% from 2025 onward as a result of the restructuring initiated in 2024.

Managing the strategic licensing agreement with GSK.

Managing the restructured licensing agreement with GSK, which replaced the prior collaboration in July 2024, is a key financial and operational activity. This agreement shifted control of the development, manufacturing, and global commercialization of their COVID-19 and influenza vaccine candidates to GSK. For the six months ending June 30, 2025, total revenues recognized from GSK amounted to €0.5 million, a significant drop from the prior year period, which was impacted by the upfront payment received in 2024. However, in the third quarter of 2025, CureVac N.V. recognized $50.0 million following the first amendment to this license agreement in August 2025. The Q3 2025 revenue from GSK was €43.3 million, contrasted sharply with the €480.4 million one-time upfront payment recognized in Q3 2024. The new structure allows CureVac N.V. to retain exclusive rights to additional undisclosed and preclinically validated infectious disease targets for independent development.

You should keep an eye on the cash position, which was €392.7 million at the end of June 2025, as operational cash use remains dedicated to R&D.

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

You're looking at the core assets CureVac N.V. (CVAC) relies on to execute its strategy as of late 2025. These aren't just concepts; they are tangible and protected resources driving their pipeline forward.

Proprietary mRNA Technology Platform and End-to-End Capabilities

The foundation is the RNActive® technology platform. This uses sequence-optimized, unmodified messenger RNA (mRNA) to instruct the body to produce its own medicine. This platform has shown the ability to induce potent immune responses, even when applied intramuscularly using low doses, specifically in the microgram (µg) range when formulated with lipid nanoparticles (LNP). CureVac N.V. has developed its entire, end-to-end manufacturing process in-house, which is a significant resource for control and speed.

Intellectual Property Strength

Protecting this technology is paramount. CureVac N.V. maintains a substantial intellectual property (IP) estate. You should note the recent positive developments regarding their European patents. The European Patent Office confirmed the validity of key patents, such as EP 4 023 755 B1, in amended form, following a decision in May 2025, and EP 3 708 668 B1 in March 2025. This IP strength is a major barrier to entry for competitors.

The company is definitely focused on defending this moat. Litigation in Germany concerning mRNA-based COVID-19 vaccines was paused pending the expected closing of the BioNTech acquisition later in 2025. Also, a U.S. settlement agreement was executed in August 2025 with Pfizer/BioNTech.

Financial Position

As of September 30, 2025, the balance sheet held €416.1 million in cash and cash equivalents. This strong cash position, following restructuring efforts, confirms the expected cash runway extends into 2028. This capital fuels the ongoing research and development activities.

Clinical Pipeline Focus

The pipeline is strategically concentrated on high-value oncology and prophylactic vaccines, areas where mRNA offers significant potential. CureVac N.V. expects to deliver two or more clinical candidates by the end of 2025. Key assets moving forward include:

• CVHNLC (squamous non-small cell lung cancer): CTA clearance received from the European Medicines Agency (EMA).
• CVGBM (glioblastoma): Phase 1 Part B remains on track.
• New Oncology Candidate: A shared-antigen lung cancer program set to start clinical trials in the second half of 2025.
• Urinary Tract Infection (UTI) Vaccine: U.S. IND filing planned for the second half of 2025.

Automated Manufacturing Technology

The RNA Printer® is a key physical resource, described as a highly automated, end-to-end system. It was engineered in collaboration with Tesla Automation. This technology is designed to close the small-scale manufacturing gap, particularly in oncology, by enabling fast, automated production of Good Manufacturing Practice (GMP)-grade mRNA vaccines and therapeutics. It supports the rapid response needed for outbreaks and the production required for personalized medicine.

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:

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:

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:

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:

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.

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:

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:

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.