CureVac Reports Second Quarter and First Half 2024 Financial Results and Business Developments

CureVac has released its financial results for Q2 and the first half of 2024, highlighting key developments in its business strategy. The biopharma company closed a new licensing agreement with GSK worth up to €1.45 billion, with €400 million received upfront. This partnership supports CureVac’s mRNA platform. In a strategic move, CureVac plans to cut its workforce by around 30% by the end of 2024 to focus on oncology and infectious diseases.

The company billed GSK €10 million for a milestone in the avian flu program. CureVac also commenced dosing in Phase 1 Part B of its glioblastoma study and bolstered its Supervisory Board with two new appointments. CFO Pierre Kemula’s term will end on October 31, 2024, with a transition plan in place.

Financially, CureVac ended June 2024 with €202.5 million in cash, excluding the €400 million from GSK. Revenues for Q2 were €14.4 million, up significantly year-over-year, while operating expenses led to a €73.6 million loss.