November 24, 2025 — Leads & Copy — CureVac N.V. (Nasdaq:CVAC) today announced financial results for the third quarter and first nine months of 2025, along with a business update, including German Federal Cartel Office clearance for the planned BioNTech transaction, which marks a step toward its expected closing later this year.
The offer period for BioNTech’s public exchange offer for all outstanding CureVac N.V. shares began on October 21, 2025, and is scheduled to expire on December 3, 2025. Also, German litigation with Pfizer/BioNTech related to mRNA-based COVID-19 vaccines has been paused pending completion of BioNTech’s public exchange offer.
CureVac received Clinical Trial Application (CTA) clearance from the European Medicines Agency (EMA) for CVHNLC squamous non-small cell lung cancer (sqNSCLC), and CVGBM (glioblastoma) Phase 1 Part B remains on track.
As of September 30, 2025, CureVac had a strong cash and cash equivalents position of €416.1 million, confirming its expected cash runway into 2028. The company also received a final audit report relating to the Advance Purchase Agreement with the European Commission for CureVac’s first-generation COVID-19 vaccine candidate.
According to Dr. Alexander Zehnder, Chief Executive Officer of CureVac, this quarter, the company has made continued progress toward completing the planned transaction with BioNTech, bringing it closer to realizing a shared vision of bringing together two pioneers in mRNA science with complementary capabilities and technologies. Together, the companies aim to accelerate the development of innovative and transformative mRNA-based therapies for patients in need.
The German Federal Cartel Office granted clearance for the planned transaction between BioNTech and CureVac announced on June 12, 2025, marking an important milestone toward the expected closing later this year. In connection with the offer, CureVac has convened an Extraordinary General Meeting of shareholders (EGM), which will take place on November 25, 2025.
Litigation in Germany with Pfizer/BioNTech related to mRNA-based COVID-19 vaccines has been paused pending completion of BioNTech’s public exchange offer, which is expected to close in 2025. Data from Part B of the Phase 1 study of CVGBM (glioblastoma) remains on track.
The EMA has granted CTA clearance for CVHNLC (sqNSCLC), an off-the-shelf cancer immunotherapy candidate targeting squamous non-small cell lung cancer (sqNSCLC). CureVac’s proprietary FRAMEpro antigen identification algorithm, automated manufacturing via the RNA Printer®, and cloud-based data handling system are being integrated into a streamlined, end-to-end workflow.
Cash and cash equivalents totaled €416.1 million as of September 30, 2025, compared with €481.7 million at year-end 2024. During the first nine months of 2025, cash was mainly used for operating activities, primarily to support ongoing research and development (R&D) in oncology precision immunotherapies, prophylactic vaccines, and continued development of CureVac’s mRNA technology.
Cash outflow decreased significantly compared to the same period in 2024, mainly due to the non-recurrence of extraordinary payments in the prior year related to the termination of raw material commitments and contract manufacturing organization (CMO)-related arbitration awards for the first-generation COVID-19 vaccine CVnCoV, and the strategic restructuring initiated in July 2024, which reduced personnel expenses and introduced broader cost-saving measures across the organization. CureVac reaffirms its expected cash runway into 2028.
On the assets side, changes compared to December 31, 2024, related to a decrease in non-current assets, mainly reflecting depreciation of existing property, plant and equipment (PPE) and right-of-use assets. Current assets increased due to the receivable from BioNTech associated with the U.S. settlement agreement (U.S. Settlement Agreement) and the U.S. license agreement (U.S. License Agreement) each entered into by and among CureVac SE and CureVac Manufacturing GmbH on the one hand and BioNTech SE, BioNTech Manufacturing GmbH and Pfizer, Inc. on the other hand on August 7, 2025.
On the liabilities side, the primary change compared to December 31, 2024, was an increase in other liabilities, which included €120.9 million related to value added tax on the U.S. Settlement recognized in August 2025.
Revenues were €54.1 million for the third quarter and €56.3 million for the first nine months of 2025, compared with €493.9 million and €520.7 million in the respective periods of 2024. This represents year-over-year decreases of €439.8 million and €464.4 million, both 89%, respectively. Operating profit was €310.2 million for the third quarter and €193.7 million for the first nine months of 2025, compared with €368.4 million and €221.4 million in the respective prior-year periods.
Final audit report relating to the Advance Purchase Agreement with the European Commission for CureVac’s first-generation COVID-19 vaccine candidate, and will continue to contest, the findings in Deloitte’s audit reports. If the European Commission will seek recovery of any portion or all of the €450 million upfront payment or to impose any fines related thereto, CureVac will defend itself against any such payment request or imposed fines to the fullest extent legally possible.
CureVac (Nasdaq: CVAC) is a pioneering multinational biotech company founded in 2000 to advance the field of messenger RNA (mRNA) technology for application in human medicine. In more than two decades of developing, optimizing, and manufacturing this versatile biological molecule for medical purposes, CureVac has introduced and refined key underlying technologies that were essential to the production of mRNA vaccines against COVID-19, and is currently laying the groundwork for application of mRNA in new therapeutic areas of major unmet need.
CureVac is leveraging mRNA technology, combined with advanced omics and computational tools, to design and develop off-the-shelf and personalized precision immunotherapy candidates to treat cancer. It also develops programs in prophylactic vaccines and in treatments that enable the human body to produce its own therapeutic proteins. Headquartered in Tübingen, Germany, CureVac also operates sites in the Netherlands, Belgium, Switzerland, and the U.S.
CureVac Media and Investor Relations Contact:
CureVac, Tübingen, Germany
Corporate Communications
communications@curevac.com
Source: CureVac
