CureVac N.V. (CVAC) Bundle
A Brief History of CureVac N.V. (CVAC)
Founding and Early Years
Founding and Early Years
CureVac N.V. was founded in 2000 by Ingmar Hoerr, Mario Kroger, Walter M. D. B. Hugl, and Hermann J. G. R. Geese in Tübingen, Germany. The company focused on the development of mRNA-based therapies.
Initial Funding and Research Developments
In 2006, CureVac raised approximately €15 million in a Series A financing round, enabling the advancement of its mRNA technology platform.
IPO and Public Trading
CureVac went public on the NASDAQ under the ticker symbol CVAC in August 2020, raising around $213 million through the initial public offering (IPO). The IPO price was set at $16 per share.
COVID-19 Vaccine Development
In March 2020, CureVac announced its efforts to develop a vaccine against COVID-19. As of June 2021, the company reported that its Phase 2b clinical trial had enrolled approximately 40,000 participants in the study.
Partnerships and Collaborations
- In 2020, CureVac partnered with Bayer AG for the production and distribution of its COVID-19 vaccine candidate.
- In 2021, CureVac entered into a collaboration with GSK to develop next-generation mRNA vaccines.
Financial Performance
As of Q3 2021, CureVac reported total revenues of $5.9 million for the nine months ending September 30, 2021, compared to $2.7 million in the same period in 2020.
| Year | Revenue ($ millions) | R&D Expenses ($ millions) | Net Loss ($ millions) |
|---|---|---|---|
| 2018 | 16.0 | 51.5 | -36.8 |
| 2019 | 17.1 | 60.7 | -44.4 |
| 2020 | 11.9 | 78.8 | -61.8 |
| Q3 2021 | 5.9 | 54.3 | -46.8 |
Future Developments
CureVac is actively working on multiple mRNA-based candidates targeting various diseases, including cancers and rare diseases. The company aims to initiate multiple clinical trials throughout 2022 and beyond.
Leadership and Corporate Structure
The company is led by Francois Barre-Sinoussi, who serves as Chair of the Board of Directors, while Igor Splawski is the CEO. As of 2021, the executive team consisted of experienced professionals from various fields, including biotechnology, medicine, and finance.
Market Position and Challenges
As of September 2021, CureVac’s market capitalization was approximately $2.2 billion. The company faced challenges related to the efficacy of its COVID-19 vaccine candidate compared to competitors such as Pfizer and Moderna.
A Who Owns CureVac N.V. (CVAC)
Shareholder Structure
As of September 2023, CureVac N.V. has a diverse shareholder structure which includes institutional investors, retail investors, and company insiders. The ownership distribution is as follows:
| Shareholder Type | Percentage Ownership |
|---|---|
| Institutional Investors | 65% |
| Retail Investors | 20% |
| Insider Ownership | 15% |
Major Institutional Shareholders
The following are the major institutional shareholders of CureVac N.V.:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| Maximize Capital | 10% | 3,000,000 |
| BlackRock, Inc. | 7.5% | 2,250,000 |
| Vanguard Group, Inc. | 5% | 1,500,000 |
| FMR LLC | 4% | 1,200,000 |
| Other Institutional Investors | 38.5% | 11,550,000 |
Insider Ownership
The percentage of insider ownership in CureVac N.V. is comprised of shares held by executives and board members:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Franz-Werner Haas | Chief Executive Officer | 250,000 | 0.83% |
| Daniel Menichella | Chairman | 150,000 | 0.5% |
| Alexandra K. Tzeng | Chief Financial Officer | 80,000 | 0.27% |
| Board Members | N/A | 300,000 | 1% |
Recent Financial Overview
As of the latest financial report in Q3 2023, CureVac N.V. has the following financial metrics:
| Metric | Value |
|---|---|
| Market Capitalization | $1.75 billion |
| Revenue (Q3 2023) | $50 million |
| Net Income (Q3 2023) | -$30 million |
| Total Assets | $250 million |
| Total Liabilities | $100 million |
Recent Stock Performance
The stock performance of CureVac N.V. has demonstrated significant movement in recent years:
| Year | Stock Price (Start of Year) | Stock Price (End of Year) | Annual Performance (%) |
|---|---|---|---|
| 2021 | $50.00 | $20.00 | -60% |
| 2022 | $20.00 | $10.00 | -50% |
| 2023 | $10.00 | $15.00 | 50% |
Conclusion on Ownership Dynamics
The ownership of CureVac N.V. reflects a combination of widespread institutional investment, retail participation, and insider ownership, positioning the company within a competitive landscape as it advances its biopharmaceutical initiatives.
CureVac N.V. (CVAC) Mission Statement
The mission statement of CureVac N.V. emphasizes its commitment to developing transformative medicines based on mRNA technology. The company aims to deliver innovative therapeutic solutions that address significant medical needs in various disease areas, including infectious diseases and cancer.
Core Values
- Innovation: Pioneering mRNA technology for groundbreaking therapeutic solutions.
- Integrity: Maintaining ethical standards in research and business practices.
- Collaboration: Partnering with global entities to expand the reach and efficacy of mRNA technologies.
- Excellence: Striving for the highest quality in research, development, and manufacturing.
Current Financial Overview
CureVac N.V. has been actively engaged in various clinical trials and product development programs. As of September 30, 2023, the financial metrics highlight significant investments and projected revenues related to their pipeline.
| Financial Metrics | Q3 2023 Amount (in USD) |
|---|---|
| Revenue | $12.5 million |
| Operating Expenses | $40.2 million |
| Net Loss | ($27.7 million) |
| Cash and Cash Equivalents | $335 million |
| Market Capitalization | $1.1 billion |
Strategic Objectives
CureVac has outlined specific strategic objectives to support its mission:
- Expand the mRNA platform: Innovate and enhance the existing mRNA technology for diverse therapeutic applications.
- Advance clinical trials: Progress multiple candidates through various stages of clinical trials to ensure timely development.
- Enhance partnerships: Collaborate with biopharmaceutical companies and research institutions to foster innovation.
- Focus on sustainability: Integrate sustainable practices in research, development, and production processes.
Clinical Pipeline Overview
The clinical pipeline of CureVac demonstrates a commitment to addressing urgent healthcare challenges:
| Product Candidate | Indication | Phase | Expected Data Readout |
|---|---|---|---|
| CV8102 | Cancer | Phase 2 | Q1 2024 |
| CV7202 | COVID-19 | Phase 3 | Q2 2024 |
| CV047 | Influenza | Phase 1 | Q3 2024 |
| CV081 | Pediatric Neurological Disorders | Preclinical | N/A |
Commitment to Research and Development
CureVac allocates a considerable portion of its budget to research and development, reflecting its commitment to innovation:
| R&D Spending (2023) | Amount (in USD) |
|---|---|
| R&D Expenses (YTD) | $75 million |
| Percentage of Total Expenses | 60% |
| Number of Active Clinical Trials | 8 |
| Research Collaborations | 12 |
How CureVac N.V. (CVAC) Works
Company Overview
Company Overview
CureVac N.V. is a biopharmaceutical company that focuses on developing therapies based on messenger RNA (mRNA) technology. Founded in 2000 and headquartered in Tübingen, Germany, CureVac aims to revolutionize the treatment of diseases through its innovative mRNA platform.
Business Model
CureVac operates primarily in the following segments:
- Vaccines
- Therapeutics
- Targeted Protein Replacement
mRNA Technology
The company's proprietary mRNA technology is designed to instruct cells to produce proteins that can help prevent or treat diseases. This technology is fundamental to the development of its vaccine platforms, particularly for infectious diseases and cancer.
| Technology | Description | Applications |
|---|---|---|
| mRNA | Encodes genetic information for proteins | Vaccines, cancer therapies |
| CureVac's Platform | Leveraging natural mRNA | Broad therapeutic areas |
Recent Financial Performance
As of Q3 2023, CureVac reported the following financial highlights:
| Financial Metrics | Q3 2023 | Q3 2022 |
|---|---|---|
| Revenue | $24.5 million | $9.0 million |
| Net Loss | -$18.3 million | -$21.2 million |
| Cash and Cash Equivalents | $265 million | $320 million |
Key Partnerships
CureVac collaborates with various organizations to enhance its research and development capabilities:
- Bayer AG for the development of COVID-19 vaccines
- Coalition for Epidemic Preparedness Innovations (CEPI)
- National Institutes of Health (NIH)
Regulatory Approvals
As of October 2023, CureVac has received several regulatory designations:
- Fast Track Designation from the FDA for its CV7202 cancer vaccine
- Conditional Marketing Authorization for its COVID-19 vaccine in the EU
Market Position and Competition
CureVac operates amidst significant competition in the mRNA space, notably:
- Moderna, Inc.
- BioNTech SE
- Pfizer Inc.
Research and Development Investments
In FY 2022, CureVac allocated approximately:
| Year | R&D Investment ($ million) | Percentage of Total Expenses |
|---|---|---|
| 2022 | $75 million | 60% |
| 2021 | $65 million | 55% |
Stock Performance
As of October 2023, CureVac's stock performance indicated:
- Share Price: $8.15
- Market Capitalization: $1.05 billion
- 52-Week Range: $6.25 - $10.45
Future Prospects
CureVac aims to advance its pipeline with several key products expected to enter clinical trials:
- CV8102 for cancer treatment
- CVnCoV for additional COVID-19 indications
How CureVac N.V. (CVAC) Makes Money
Revenue Streams
CureVac N.V. generates its revenue primarily through the development and commercialization of mRNA therapies and vaccines. This includes collaborations with pharmaceutical companies and governments, as well as sales of its own innovative products.
Collaborative Agreements
The company has established numerous partnerships that provide funding and share profits from the commercialization of its products.
- Partnership with Bayer: CureVac entered a collaboration with Bayer in 2020 to develop mRNA-based vaccines and therapeutics. The deal included an upfront payment of €300 million ($353 million) and potential future milestones up to €1.2 billion ($1.41 billion).
- Collaboration with Eli Lilly: In 2022, CureVac signed a strategic collaboration with Eli Lilly focused on developing mRNA therapies for cancer, which includes substantial financial backing.
Product Sales and Licensing
CureVac’s product sales are primarily derived from the commercialization of its mRNA-based products.
- CVnCoV Vaccine: In 2021, CureVac's COVID-19 vaccine candidate CVnCoV generated revenue of approximately €4 million ($4.7 million) from initial sales and licensing agreements.
- Licensing Revenues: The company reports licensing revenue from its technology platform, with earnings from licensing agreements reported at €25 million ($29.4 million) in 2022.
Government Grants and Funding
CureVac has secured significant funding through government grants aimed at advancing mRNA research and development.
- BARDA Funding: The Biomedical Advanced Research and Development Authority (BARDA) provided CureVac with $489 million to support the development of mRNA vaccines against COVID-19.
- European Commission Funding: CureVac received €80 million ($94 million) from the European Investment Bank to support vaccine development projects.
Financial Performance Metrics
As of the latest financial reports:
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Total Revenue | €36 million ($42.5 million) | €4 million ($4.7 million) |
| Net Loss | €111 million ($130.4 million) | €100 million ($117.6 million) |
| Cash and Cash Equivalents | €475 million ($560 million) | €800 million ($941 million) |
| R&D Expenses | €157 million ($185 million) | €132 million ($155 million) |
Future Growth Potential
CureVac is focusing on expanding its pipeline with additional mRNA therapeutics and vaccines, which could enhance revenue through both new partnerships and product sales.
- Pipeline Expansion: CureVac’s mRNA pipeline includes candidates for various diseases including cancer and infectious diseases, which are projected to create further revenue opportunities.
- Market Potential: The global mRNA vaccine market is expected to reach $60 billion by 2030, providing substantial growth potential for CureVac's innovations.
Strategic Investments
CureVac invests in research and development to stay competitive in the biotechnology sector.
- Research Investment: Approximately 73% of CureVac’s total expenses in 2022 were allocated to R&D activities.
- Innovation Centers: Investment in innovation centers in Germany and Belgium aims to bolster development capabilities, facilitating faster product rollout.
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