Analogies for CureVac (CVAC):

• A European Moderna or BioNTech.
• Like a highly specialized Pfizer, but exclusively focused on developing cutting-edge mRNA vaccines and therapies.

• mRNA Vaccines for Infectious Diseases: CureVac develops mRNA-based vaccines targeting a range of infectious diseases, including COVID-19, influenza, and Respiratory Syncytial Virus (RSV), often in collaboration with partners like GSK.
• mRNA Cancer Immunotherapies: The company utilizes its mRNA platform to develop therapeutic cancer vaccines designed to activate the body's immune system to recognize and destroy cancer cells.

Company: CureVac (Symbol: CVAC)

CureVac primarily sells and partners with other companies and governmental organizations, rather than directly to individuals. As a biopharmaceutical company focused on messenger RNA (mRNA) technology, its revenue is largely generated through collaborations, licensing agreements, and potential product sales to larger pharmaceutical companies or public health entities.

Based on recent financial reports and strategic announcements, CureVac's major customer and strategic partner is:

• GSK plc (NYSE: GSK)

CureVac's ongoing collaboration with GSK focuses on the development, manufacturing, and commercialization of next-generation mRNA vaccines for various infectious diseases, including a second-generation COVID-19 vaccine candidate and flu vaccines. This partnership is a significant source of collaboration revenue for CureVac.

• Lonza Group AG (LONN.SW)
• Wacker Chemie AG (WCH.DE)
• Rentschler Biopharma SE
• Celonic Group
• Novasep

Alexander Zehnder, Chief Executive Officer

Dr. Alexander Zehnder joined CureVac as CEO in April 2023. He has over 20 years of experience in the pharmaceutical industry, holding increasingly complex and responsible positions across various business units and functional areas in Europe, the United States, and Japan. Prior to joining CureVac, he served as Global Head of Oncology at Sanofi and held country leadership positions. He was also a member of the Oncology leadership team at Roche/Genentech, where he served as Vice President, Global Product Strategy and Global Franchise Head for Avastin, an oncology drug. Dr. Zehnder earned his medical degree from the University of Bern, Switzerland, and an MBA from IMD Business School in Lausanne, Switzerland.

Axel Sven Malkomes, Chief Financial Officer

Axel Sven Malkomes is appointed Chief Financial Officer, effective November 11, 2024. He brings over three decades of senior corporate and investment banking experience within the biotech and pharmaceutical industries. Before joining CureVac, he served as CFO at Cardior Pharmaceuticals GmbH, a private clinical-stage biopharmaceutical company. At Cardior, he played a crucial role in preparing the company for capital markets and supported its successful acquisition by Novo Nordisk in 2024. Prior to Cardior, Mr. Malkomes was CFO and Chief Business Officer at Medigene AG. His extensive experience also includes senior healthcare investment banking roles at Barclays and Société Générale, and he co-headed European healthcare investments at 3i Group plc. He held senior leadership positions at Merck KGaA earlier in his career. Mr. Malkomes also serves on the Board of Directors of Cellectis SA, chairing its audit committee, since 2022.

Malte Greune, Chief Operating Officer

Dr. Malte Greune joined CureVac as Chief Operating Officer in 2021. Before CureVac, he spent nearly ten years at Sanofi Germany in various management positions. As General Manager and Vice President Cartridges, Devices & Insulin Technology Group at Sanofi, he was responsible for several manufacturing sites, including the Frankfurt Biologics & Oncology site. Under his leadership, numerous isolator filling and device assembly lines for insulins, oncological and immunological drugs, and a COVID-19 vaccine were established, and 12 global products were launched. Prior to Sanofi, he was Senior Vice President of Animal Health Manufacturing for the Merck Manufacturing Division, USA, where he led an international network of 28 sites, including 18 integrated vaccine sites. He also held leadership roles at pharmaceutical companies Schering-Plough and Intervet International. Dr. Greune began his career at Hoechst AG in Corporate Planning.

The rapid and successful expansion of the mRNA pipelines and market dominance by competitors such as Moderna and BioNTech/Pfizer across various infectious diseases and therapeutic areas. These established leaders have demonstrated superior efficacy with their mRNA platforms and are rapidly bringing diverse candidates to market, including those targeting influenza, RSV, and oncology. This creates a significant barrier for CureVac to effectively compete for market share, secure advantageous partnerships, or differentiate its own mRNA platform, especially given its comparative performance challenges (e.g., in the COVID-19 vaccine race) and the substantial head start and proven track record of its rivals.

CureVac (symbol: CVAC) focuses on developing transformative medicines based on messenger ribonucleic acid (mRNA) technology, primarily in prophylactic vaccines for infectious diseases and oncology.

• Prophylactic Vaccines (Infectious Diseases): The global influenza vaccine market, where CureVac is developing a prophylactic flu vaccine, is expected to reach $10.12 billion by 2030.
• Oncology (Cancer Vaccines): The global cancer vaccine market, a key area for CureVac's mRNA-based cancer vaccine development, is expected to surpass US$15 billion by 2028.
• Overall mRNA Vaccines and Therapeutics Market: The global market for mRNA vaccines and therapeutics, which encompasses CureVac's core technology platform, was valued at USD 54.32 billion in 2024 and is projected to grow to USD 253.83 billion by 2034.

• Advancements in the Infectious Disease Pipeline (including GSK collaboration and proprietary programs): CureVac's collaboration with GSK is a significant potential revenue source. GSK is advancing a seasonal influenza vaccine into Phase III, and a combined COVID-19/influenza vaccine is entering Phase I/II studies, which are expected to trigger milestone payments and potential future royalties upon commercialization. Additionally, CureVac is developing other proprietary prophylactic vaccines, such as a UPEC vaccine for urinary tract infections, with a U.S. IND filing planned for the second half of 2025, representing a potential new product stream.
• Progress and Potential Commercialization of Proprietary Oncology Vaccine Candidates: CureVac is heavily focused on its oncology pipeline, which includes an off-the-shelf and personalized cancer vaccine strategy. Key programs like the glioblastoma (CVGBM) Phase I study have shown promising early results, with plans for new trials in 2025 and 2026, and a decision on moving to Phase II expected in the second half of 2025. A new off-the-shelf program for squamous non-small cell lung cancer (CVHNLC) is also expected to enter Phase I in the second half of 2025. Successful clinical development and eventual commercialization of these cancer vaccines would represent significant new product launches and market expansion.
• Intellectual Property (IP) Licensing and Royalties: CureVac possesses an extensive mRNA patent portfolio, which has already demonstrated its value. The resolution of litigation with Pfizer and BioNTech includes an agreement for CureVac, along with GSK, to collect substantial cash and ongoing royalties on future COVID vaccines, which will become operational after the acquisition closes. Further successful defense or licensing of its strong mRNA intellectual property estate could continue to generate revenue through licensing agreements and royalties.

Share Issuance

• In February 2023, CureVac completed an upsized public offering of 27,027,028 common shares, generating gross proceeds of approximately $250 million.
• In June 2025, BioNTech announced a public exchange offer to acquire all outstanding shares of CureVac, valuing CureVac at approximately $1.25 billion overall, with each CureVac share to be exchanged for about $5.46 in BioNTech American Depositary Shares (ADSs).

Inbound Investments

• In July 2024, CureVac restructured its collaboration with GSK into a new licensing agreement, receiving an upfront payment of €400 million and potentially up to an additional €1.05 billion in milestone payments and tiered royalties.
• As part of a patent litigation settlement with Pfizer and BioNTech, announced in August 2025, CureVac (along with GSK) is set to receive an aggregate payment of $740 million in cash and royalties on future COVID vaccines, plus an additional $50 million from GSK for monetizing a portion of U.S. product royalties.

Capital Expenditures

• CureVac primarily allocated its cash to ongoing research and development (R&D) activities in the first half of 2025, focusing on oncology precision immunotherapies, prophylactic vaccines, and further developing its mRNA technology.
• Following a strategic restructuring in July 2024, CureVac expects operational expenses to decrease by over 30% from 2025 onward, including a reduction in personnel costs of approximately €25 million, with estimated one-time restructuring charges of approximately €15 million in the fourth quarter of 2024.
• The company expects its existing cash, cash equivalents, and short-term investments to fund its operating expenses and capital expenditure requirements at least through 2028.