Slides
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April 10, 2025 Fourth Quarter and Full-Year 2024 Financial Results and Business Update
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CureVac Speakers 2 Dr. Alexander Zehnder Chief Executive Officer Business Update Dr. Myriam Mendila Chief Scientific Officer Program Update Axel Malkomes Chief Financial Officer Financial Update CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Forward Looking Statements | 3 The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document presentation unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This presentation of CureVac N.V. (the “company”) contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections of the company regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of the potential efficacy of the company’s vaccine and treatment candidates and the company’s strategies, financing plans, cash runway, growth opportunities and market growth expectations, litigation outcome, the impact of restructuring , the timing and progress of clinical trials and the timing of discovery of new product candidates. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” or “expect,” “may,” “will,” “would,” “could,” “potential,” “intend,” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of the company’s performance, and you should not place undue reliance on such statements. CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Achieved Significant Clinical, Financial and Intellectual Property Milestones ✓Start Phase 1 of combined Phase 1/2 for COVID/flu combination vaccine, licensed to GSK ✓Combo Phase 1 start triggered €10 million milestone payment ✓Seasonal influenza program, licensed to GSK, in preparation for Phase 3 Prophylactic Vaccines €481.7 million ✓Cash position as of December 31, 2024; runway into 2028 re-affirmed Finance CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results 4EPO: European Patent Office Intellectual Property ✓Validity confirmed by EPO for amended form of EP 3 708 668 B1 covering foundational technology ✓Next hearing before the EPO on May 13-15, 2025, to rule on validity of EP 4 023 755 B1 ✓Jury trial in U.S. litigation postponed to September 8, 2025, at the initiative of the court ✓Phase 1 Part B dose-confirmation in patients with resected glioblastoma fully recruited ✓IND and CTA submissions filed for new off-the-shelf sqNSCLC program ✓FDA clearance of IND allows to proceed with sqNSCLC Phase 1 study in the U.S. Oncology
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2024 Achievements Set the Stage for High-Impact 2025 2024 2025 ▪ GSK licensing agreement worth up to €1.45bn supports high-value mRNA opportunities ▪ Corporate restructuring incl. ~30% headcount reduction creates more efficient organization ▪ Promising preliminary Ph1 data from glioblastoma study show antigen-specific T-cell responses in majority of patients ▪ New pipeline programs initiated for prophylactic vaccine against UPEC and immunotherapy in sqNSCLC ▪ Positive Ph2 data reported by GSK from seasonal flu study show positive immune responses against A and B strains ▪ New CBO and CFO enhance CureVac’s leadership and strategic direction ▪ First data readout from Ph1 Part B study in glioblastoma exp. in H2 2025 to inform decision on advancing program to Ph2 ▪ Initiation of Ph1 study for proprietary off-the- shelf program in sqNSCLC exp. in H2 2025 ▪ IND filing for proprietary non-respiratory program in UPEC expected in H2 2025, start of Ph1 expected in H1 2026 ▪ Advancement to later-stage development of programs licensed to GSK associated with milestone payments ▪ Continuing protection of intellectual property rights with key decisions in Europe and the U.S. exp. in May and September CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results 5sqNSCLC: Squamous non-small cell lung cancer UPEC: Uropathogenic Escherichia Coli
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Validity Confirmed for Amended Key Patent in European Patent Litigation 6 Regional Court Düsseldorf Infringement ▪ European Patent Office ▪ German Patent Court ▪ German Patent and Trademark Office Validity European Patent Office Decision, Mar 27, 2025 EP 3 708 668 B1 Hearing, July 1, 2025 EP 3 708 668 B1 EP 4 023 755 B1 European Patent Office Hearing, May 13-15, 2025 EP 4 023 755 B1 Validity confirmed subject to amendments CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Diversified Pipeline Targeting Urgent Medical Needs Collaborator Preclinical development Phase I development Phase II development Phase III development Oncology Resected glioblastoma CVGBM Proprietary Squamous NSCLC Off-the-shelf cancer vaccines Undisclosed indications Off-the-shelf cancer vaccines MD Anderson Undisclosed indications Personalized cancer vaccines Proprietary Infectious Diseases Urinary tract infections UPEC vaccine candidates Proprietary Seasonal influenza/ COVID-19 combination Multivalent candidate Seasonal influenza Multivalent candidate (B strain optimization) Multivalent candidate Avian influenza Monovalent candidate COVID-19 CV0601 / CV0701 Molecular Therapies* Gene editing Cas9 enzyme Fully licensed to Fully licensed to Fully licensed to Fully licensed to Fully licensed to *Genmab Collaboration terminated in December 2024 NSCLC: Non-small cell lung cancer UPEC: Uropathogenic Escherichia Coli | 7CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Targeting Early Cancer Settings with Precision mRNA Immunotherapies 8 Strategy for Improved Disease Control and Higher Potential for Durable Cures with Cancer Vaccines ▪ Early intervention through precision immunotherapies leverages healthier patient immune system ▪ Lower tumor burden, less tumor heterogenicity and less tumor resistance mechanisms Early cancer settings in combination with checkpoint inhibitor (adjuvant or perioperative treatment) Highly differentiated, proprietary technology CureVac Antigen Discovery Clinically validated mRNA backbone CureVac mRNA Technology CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Addressing High Unmet Medical Need in Squamous Non-Small Cell Lung Cancer 9 Encoding a total of 8 antigens ▪ 4 established / 4 novel antigens from outside the exome discovered through collaboration with myNEO Therapeutics High patient population coverage ▪ ~95% coverage for at least one antigen ▪ ~50% coverage for at least 4 antigens ▪ Due to high patient coverage, currently no need for patient selection Squamous NSCLC represents ~20-30% of NSCLC cases More aggressive form of NSCLC with high unmet medical need High prevalence of shared antigens for effective off-the-shelf mRNA cancer vaccine design *American Cancer Society: https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html NSCLC: Non small cell lung cancer Clinically validated mRNA backbone ▪ Second-generation mRNA backbone as applied for CVGBM ▪ Comprehensive multi-antigen design to enable broad T cell responses CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results In the U.S. ~225,000 new cases of lung cancer exp. in 2025, 87% of which are NSCLC*
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Initiating Phase 1 in sqNSCLC: Advancing mRNA Precision Immunotherapy into Clinical Development | 10 Phase 1 Part A Dose-Escalation Patient Population Patients with metastatic Stage IV sqNSCLC At least three cycles of pembrolizumab either as monotherapy or in combination with chemotherapy Dosing CVHNLC dose range of 100 - 400 µg In combination with pembrolizumab maintenance therapy Administration Intramuscular treatment for up to 12 months Or until disease progression or undue toxicity occurs CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results Phase 1 Study Endpoints ▪ Primary endpoints include incidence of dose-limiting toxicities and treatment-related/-emergent adverse events ▪ Secondary endpoints include overall response rate, progression- free survival, duration of response, and disease control rate
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Progress in Infectious Disease Programs Fully Licensed to GSK 11 Programs licensed to GSK COVID-19 (NCT05960097) 675 participants Study conducted in the U.S. and Australia Influenza/COVID-19 combination (NCT06680375) 780 participants Study conducted in the U.S. Avian Influenza (NCT06382311) 1080 participants Study conducted in the U.S. Seasonal Influenza (NCT05823974) 1268 participants Study conducted in the U.S., Belgium, Canada, South Africa Phase 2 of combined Phase 1/2; Preparing for Phase 3 Phase 2 Study completed Phase 2 of combined Phase 1/2 Phase 1 of combined Phase 1/2 1 2 3 4 CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Designing Improved Prophylactic Vaccines and Precision Immunotherapies Through optimized Lipid Nanoparticle (LNP) Delivery 12 ▪ High tolerability, minimize side effects and reactogenicity ▪ Strong humoral responses, induction of antibodies and T-cell responses, where relevant ▪ High stability for easy large-scale delivery and temperate long-term storage ▪ Strong cellular responses, induction of tumor-killing T-cells ▪ Strong systemic activation of signaling pathways to maximize innate immune response ▪ Maximized mRNA uptake into immune compartments for highest efficacy Prophylactic Vaccines Precision Immunotherapies CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Improved Thermostability for at Least 12 Months to Simplify Storage and Logistics for Prophylactic mRNA Vaccine 13 Stable mRNA Integrity HPLC-based assay Consistent LNP Size Dynamic Light Scattering 0 10 20 30 40 50 50 60 70 80 90 100 110 120 Time [w] Diameter [nm] 0 10 20 30 40 50 0 20 40 60 80 100 Time [w] RNA Integrity [%] Freeze-dried at 2-8°C Freeze-dried at 25°C Liquid frozen at -80°C 0 10 20 30 40 50 60 10 100 1000 Time [w] VNT (IU/mL) ns Strong Neutralizing Antibodies Rabies antigen in mice, 2 i.m. injections Infectious Disease LNP: No changes to key performance metrics including mRNA integrity, LNP size and inductions of humoral immune responses after storage for 1 year at 2-8°C or 25°C i.m.: Intra-muscularCureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Unlocking Multiple Opportunities With Strong Pipeline Catalysts 14 Non-Respiratory Program Uropathogenic E. coli (UPEC) Non-respiratory Discovery Undisclosed Respiratory Programs – GSK* Influenza and COVID-19 2025 2026 Off-the-shelf Program 1 Resected glioblastoma ▪ Phase 1 Part B data exp. H2/2025 ▪ Potential start Phase 2 H2/2026 ▪ Phase 2 go-forward decision exp. H2/2025 Off-the-shelf Program 2 Squamous NSCLC ✓ IND and CTA filing expected H1/2025 ▪ Start Phase 1 expected H2/2025 Off-the-shelf Program 3 Undisclosed ▪ Clinical candidate selection expected in 2026 Personalized Program Undisclosed ▪ IND filing expected H1/2026 ▪ Start Phase 1 expected H2/2026 ▪ IND filing expected H2/2025 ▪ Start Phase 1 expected H1/2026 ▪ Additional discovery in further disease indications throughout 2025 ▪ Clinical candidate selection expected for additional disease indications H2/2026 ▪ Phase 2 data from avian flu study ▪ Phase 1/2 data flu/COVID combination ▪ Start Phase 3 in seasonal flu *Current programs fully licensed to GSK. Development timelines publicly disclosed by GSK OncologyInfectious Diseases CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results Robust Financial Position: Strategic Actions Drive Efficiency and Extend Cash Runway Into 2028 15 Restructured GSK Collaboration Revenue: ▪ €400m upfront payment + €15m Pre-pandemic avian influenza (H5N1) Phase 1 and 2 + €10m initiation of combination vaccine Phase 1 ▪ €80.4m release of remaining contract liabilities Cash: ▪ €415M cash (payment for combo Phase 1 received in the first quarter of 2025) Strategic Redesign ▪ 30% workforce reduction completed by end of 2024 ▪ Restructuring costs of €12.5m (17% below budget) ▪ OPEX to decrease >30% from 2025 onwards incl. €25m personnel cost decrease Inhouse Manufacturing ▪ Deprioritize commercial manufacturing build-up ▪ Focus on clinical trial supply, leading to partial impairment of the mRNA Manufacturing Center (mMC) One-off Payments ▪ Termination of raw material commitments for CVnCoV ▪ Closed all CMO-related arbitrations ▪ Overall €137m one-off payments in 2024, further including payments related to the strategic restructuring and litigation to enforce intellectual property rights *As of December 31, 2024 CMO: Contract manufacturing organization Expected cash runway into 2028 Cash position* of €481.7million FY 2024
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Solid Financial Position: Cash and Condensed Consolidated P&L Data December 31, 2023 December 31, 2024 (in € millions) Cash and Cash Equivalents 402.5 481.7 Three months ended December 31, Twelve month ended December 31, (in € millions) 2023 2024 2023 2024 Revenue 22.6 14.5 53.8 535.2 Cost of Sales, R&D, SG&A, Other Operating Expenses & Other Operating Income -110.6 -58.3 -328.0 -357.5 Operating Result -88.0 -43.8 -274.2 177.7 Financial Result 1.5 5.2 14.2 13.2 Pre-Tax Result -86.5 -38.6 -260.0 190.9 16CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results
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Our Achievements Lay Foundation for Long-term Value Creation 17CureVac N.V. │ Fourth Quarter and Full-Year 2024 Results Strong Financial Position: ▪ €481.7 million cash (Dec 31, 2024) with expected cash runway into 2028 Successful Strategic Transformation: ▪ 30% workforce reduction completed in 2024, lowering costs from 2025 onwards Pioneering Innovations ▪ Validity confirmation of technology patent by EPO reflects pioneering role in developing foundational mRNA vaccine technology Pipeline Expansion in Oncology: ▪ Oncology: Progressing off-the-shelf and personalized precision immunotherapy, with sqNSCLC Phase 1 study cleared by FDA and glioblastoma trial showing promise Future-Ready Approach: ▪ Focus on high-value opportunities, strategic partnerships, leveraging a broad IP portfolio and financial position
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CureVac www.curevac.com Thank you for your attention