CureVac N.V. (NASDAQ: CVAC) has reported its Q2 and 1H 2021 financial results and provided a corporate update.
CureVac posts revenue of €22.4 million on Q2
During the quarter, the company reported revenue of €22.4 million, and for 1H 2021, revenue was 32.4 million, which is a 35% and 14% YoY decrease, respectively. The drop in revenue is attributed to Q2 2020 having a one-time impact with €33.1 million in contract liabilities for an upfront payment recognized upon the termination of the company’s license with Eli Lilly. Equally, the decline in revenue was offset by an increase in revenues from partnerships with GSK.
In July 2020, the company entered a strategic collaboration agreement for R&D, production, and marketing of mRNA vaccines and monoclonal antibodies that target infectious diseases pathogens. In addition, in April this year, the companies entered a COVID Collaboration and License agreement for a 2nd generation COVID-19 vaccine program. The company ended the quarter with €1.3558 billion in cash and equivalents associated with €404 million in proceeds from a public offering in Q1 and €75 million upfront payment from the GSK Collaboration.
CFO Pierre Kemula said, “Our financing activities, as well as the extension of our GSK partnership in the first half of 2021, provide an important financial foundation for accelerating our business expansion, while hedging the associated scale-up costs. We closed the first half of 2021 with approximately €1.36 billion in cash, which allows us to further grow our infrastructure for commercial product development in all areas and manufacturing supported by new members to the CureVac management team.”
CureVac reported CVnCoV results in Q2
The company reported data of its first-generation COVID-19 vaccine candidate, CVnCoV. CEO Franz-Weiner Hass commented, “While the recently reported final data from our pivotal Phase 2b/3 study have fallen short of expectations in older adults, our first-generation COVID-19 vaccine candidate, CVnCoV, has shown a solid efficacy profile in the age group of 18 to 60.”