CureVac (CVAC) 20-F 28 Apr 22 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	CureVac N.V.
Document Period End Date	Dec. 31, 2021
Entity Incorporation, State or Country Code	P7
Entity Address, Address Line One	Friedrich-Miescher-Strasse 15
Entity Address, City or Town	Tübingen
Entity Address, Country	DE
Entity Address, Postal Zip Code	72076
Title of 12(b) Security	Common shares, par value €0.12 per share
Trading Symbol	CVAC
Security Exchange Name	NASDAQ
Entity File Number	001-39446
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	187,120,718
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001809122
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Entity Voluntary Filers	No
Auditor Name	Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
Auditor Firm ID	1251
Auditor Location	Stuttgart, Germany
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Friedrich-Miescher-Strasse 15
Entity Address, City or Town	Tübingen
Entity Address, Country	DE
Entity Address, Postal Zip Code	72076
Contact Personnel Name	Franz-Werner Haas
Contact Personnel Email Address	info@curevac.com

Consolidated Statements of Oper

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations and Other Comprehensive Income (Loss)
Revenue	€ 102,990	€ 48,871	€ 17,416
Cost of sales	(238,195)	(14,173)	(27,983)
Selling and distribution expenses	(1,743)	(733)	(1,755)
Research and development expenses	(815,907)	(113,808)	(43,242)
General and administrative expenses	(100,402)	(53,554)	(48,969)
Income from release of governmental contract liabilities	574,502
Other operating income	67,702	24,150	5,587
Other operating expenses	(1,210)	(568)	(552)
Operating loss	(412,263)	(109,815)	(99,498)
Finance income	10,103	2,070	833
Finance expenses	(10,338)	(22,103)	(1,460)
Loss before income tax	(412,498)	(129,848)	(100,125)
Income tax benefit/ (expense)	782	726	252
Net loss for the period	(411,716)	(129,122)	(99,873)
Other comprehensive income:
Foreign currency adjustments	(91)	35	32
Total comprehensive loss for the period	€ (411,807)	€ (129,087)	€ (99,841)
Basic loss per share	€ (2.21)	€ (0.98)	€ (1.03)
Diluted loss per share	€ (2.21)	€ (0.98)	€ (1.03)

Consolidated Statements of Fina

Consolidated Statements of Financial Position € in Thousands	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)
Non-current assets
Intangible assets	€ 13,238	€ 14,146
Property, plant and equipment	168,264	66,605
Right-of-use assets	32,129	33,984
Other assets	1,731	6,322
Deferred tax assets	2,861	445
Total non-current assets	218,223	121,502
Current assets
Inventories	56,159	14,531
Trade receivables	18,504	1,014
Contract assets		808
Other financial assets	4,648	2,619
Prepaid expenses and other assets	49,244	48,289
Cash and cash equivalents	811,464	1,322,593
Total current assets	940,019	1,389,854
Total assets	1,158,242	1,511,356
Equity
Issued capital	22,454	21,655
Capital reserve	1,728,658	1,334,704
Treasury Shares	(5,817)
Accumulated deficit	(1,056,785)	(645,069)
Other comprehensive income	(34)	57
Total equity	688,476	711,347
Non-current liabilities
Finance Liabilities		25,189
Lease liabilities	25,423	26,853
Contract liabilities	86,345	500,061
Other liabilities	264	284
Total non-current liabilities	112,032	552,387
Current liabilities
Lease liabilities	3,469	3,234
Trade and other payables	127,703	21,685
Other liabilities	170,073	64,326
Income taxes payable	739	392
Contract liabilities	55,750	157,985
Total current liabilities	357,734	247,622
Total liabilities	469,766	800,009
Total equity and liabilities	€ 1,158,242	€ 1,511,356

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - EUR (€) € in Thousands	Issued capital	Capital reserve	Treasury share	Accumulated deficit	Currency translation reserve	Total
Net loss				€ (99,873)		€ (99,873)
Other comprehensive income (loss)					€ 32	32
Total comprehensive income (loss)				(99,873)	32	(99,841)
Share-based payment expense (Net of Taxes)		€ 19,564				19,564
Equity component of convertible loans (net of tax)		7,604				7,604
Deferred taxes on convertible loan		(2,212)				(2,212)
Balance at the end at Dec. 31, 2019	€ 11,603	461,520	€ 0	(515,947)	22	(42,802)
Balance at the beginning at Dec. 31, 2018	11,603	436,564	0	(416,074)	(10)	32,083
Net loss				(129,122)		(129,122)
Other comprehensive income (loss)					35	35
Total comprehensive income (loss)				(129,122)	35	(129,087)
Share-based payment expense (Net of Taxes)		15,432				15,432
Equity component of convertible loans (net of tax)		87				87
Exercise of options	383	(383)
Issuance of share capital (net of transaction costs)	9,669	858,048				867,717
Balance at the end at Dec. 31, 2020	21,655	1,334,704	0	(645,069)	57	711,347
Balance at the beginning at Dec. 31, 2019	11,603	461,520	0	(515,947)	22	(42,802)
Net loss				(411,716)		(411,716)
Other comprehensive income (loss)					(91)	(91)
Total comprehensive income (loss)				(411,716)	(91)	(411,807)
Share-based payment expense (Net of Taxes)		15,789				15,789
Exercise of options	109	3,077				3,186
Issuance of share capital (net of transaction costs)	690	403,372				404,062
Repurchase of common shares		(28,284)	(5,817)			(34,101)
Balance at the end at Dec. 31, 2021	22,454	1,728,658	(5,817)	(1,056,785)	(34)	688,476
Balance at the beginning at Dec. 31, 2020	€ 21,655	€ 1,334,704	€ 0	€ (645,069)	€ 57	€ 711,347

Consolidated Statements of Cash

Consolidated Statements of Cash Flows € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)
Operating activities
Loss before income tax	€ (412,498)	€ (129,848)	€ (100,125)
Adjustments to reconcile loss before tax to net cash flows
Finance income	(10,103)	(2,070)	(833)
Finance expense	10,338	22,103	1,460
Depreciation and amortization	15,674	10,671	7,164
Impairment to property, plant and equipment	22,810
Loss on disposal of fixed assets	587	5,921	241
Impairment of inventory and prepayments	185,832
Share-based payment expense	14,956	14,240	19,564
Income from release of governmental contract liabilities	574,502
Working capital changes
Decrease / (increase) in trade receivables and contract assets	(16,682)	15,332	(10,117)
Decrease / (increase) in inventory	(227,460)	(8,334)	(3,246)
Decrease / (increase) in prepaid expenses and other assets	(3,118)	(47,578)	630
Receipts from grants from government agencies and similar bodies	93,531	31,599	9,304
(Decrease) / increase in trade and other payables and contract liabilities	179,316	620,305	(9,584)
(Decrease) / Increase in other current financial and other liabilities	(20)	(55)	(334)
Decrease / (increase) in deferred taxes	(1,583)	(1,096)
Income taxes paid	(502)	(93)	(345)
Interest received	81		81
Interest paid	(9,785)	(8,694)	(823)
Net cash flow provided by (used in) operating activities	(733,128)	522,403	(86,963)
Investing activities
Purchase of property, plant and equipment	(124,222)	(36,329)	(11,172)
Purchase of intangible assets	(3,679)	(11,023)	(1,052)
Proceeds from asset-related grants		3,239	2,325
Purchases of financial assets		(1,161)
Proceeds from sale of other financial assets			38,080
Net cash flow provided by (used in) investing activities	(127,901)	(45,274)	28,181
Financing activities
Payments on lease obligation	(3,183)	(2,995)	(1,910)
Proceeds from the issuance of shares (net of transaction costs)	404,062	867,717
Proceeds from the exercise of options	3,186
Proceeds from (repayment of) the EIB loan	(25,000)	25,000
Proceeds from the convertible loan		24,860	69,889
Payment on treasury shares	(34,101)
Repayments of convertible loan		(94,749)
Net cash flow provided by financing activities	344,964	819,833	67,979
Net increase (decrease) in cash and cash equivalents	(516,065)	1,296,962	9,197
Effect of currency translation gains on cash and cash equivalents	4,936	(5,053)	107
Cash and cash equivalents, beginning of period	1,322,593	30,684	21,380
Cash and cash equivalents, end of period	€ 811,464	€ 1,322,593	€ 30,684

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2021
Corporate Information
Corporate Information	1. Corporate Information CureVac N.V. (“CureVac” or “CV” or the “Company”) is the parent company of CureVac Group (“Group”) and, along with its subsidiaries, is a global biopharmaceutical company developing a new class of transformative medicines based on the messenger ribonucleic acid (mRNA) that has the potential to improve the lives of people. The Company is incorporated in the Netherlands and is registered in the commercial register at the Netherlands Chamber of Commerce under RSIN 861149336. The Company’s registered headquarters is Friedrich-Miescher-Strasse 15, 72076 Tuebingen, Germany. During fiscal 2021, dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, was the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between appr. 46 – 49 % during that period. dievini is thus considered to be the de facto parent of the Group. Dietmar Hopp, Daniel Hopp and Oliver Hopp are the ultimate controlling persons (of the main shareholders) of dievini, and, therefore, control the voting and investment decisions of dievini. On August 14, 2020, the Company completed an initial public offering (IPO) on the Nasdaq Global Market; in connection with the IPO, the Company underwent a corporate reorganization by which CureVac N.V. became the parent holding company with 100% interest in CureVac AG. Prior to the reorganization, CureVac AG was the parent holding company of the Group; as part of the reorganization, CureVac B.V. was formed and existing shareholders of CureVac AG subscribed for new common shares in CureVac B.V. and agreed to transfer their respective shares in CureVac AG to CureVac B.V. as a contribution in kind against the issuance of the common shares in CureVac B.V. shares (share split) on a 1-to-133.0778 basis. As a result, CureVac B.V. became the holding company of CureVac AG, while the existing shareholders had a 100% shareholding in CureVac B.V. Effective with the IPO, CureVac B.V. changed its legal form and became CureVac N.V. and the common shares of CureVac B.V. were converted to common shares of CureVac N.V. These consolidated financial statements and corresponding financial statement notes reflect the retrospective effect of the share split, where applicable.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Significant accounting policies	2. Significant accounting policies These consolidated financial statements are prepared on a historical cost basis under the going concern assumption. The significant accounting policies adopted in the preparation of these consolidated financial statements are described below. These accounting policies have been consistently applied to all years presented unless otherwise stated. The corporate reorganization, as described above, is considered a continuation of the CureVac Group resulting in no change in the carrying values of assets or liabilities. As a result, the financial statements for periods prior to the IPO and the corporate reorganization are the financial statements of CureVac AG as the predecessor to the Company for accounting and reporting purposes. The preparation of financial statements requires the use of certain accounting estimates. It also requires management to exercise its judgment in applying the Group’s accounting policies. The areas that require a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed below. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and were authorized by the Management Board for presentation to the Supervisory Board on April 28, 2022. The Group’s consolidated financial statements are presented in Euros (“EUR”), which is also the parent company’s functional currency. Unless otherwise stated, the numbers are rounded to thousands of Euros, except per share amounts. Basis of consolidation The consolidated financial statements include the Company's wholly-owned subsidiaries CureVac AG (Tuebingen, Germany), CureVac Inc. (Cambridge, Massachusetts, USA), CureVac Real Estate GmbH (Tuebingen, Germany) with CureVac Corporate Services GmbH, CureVac RNA Printer GmbH, CureVac Beteiligungsverwaltungs AG and CureVac Swiss AG being incorporated in 2021. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated upon consolidation. The fiscal year of all Group entities corresponds to the calendar year ending December 31. Current and non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. Current assets include assets that are sold, consumed, or realized as part of the normal operating cycle (the operating cycle is assumed to be 12 months), or cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. Current liabilities, such as trade payables, lease liabilities, or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges, are part of the working capital used in the Group's normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than 12 months after the reporting period. All other liabilities are classified as non-current. Foreign currency translation For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are initially translated at the spot rate applicable between the functional currency and the foreign currency on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated to the functional currency using the prevailing rate at the reporting date. Foreign currency exchange differences are recorded in the statement of operations. Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of operations are translated at the average exchange rate of the fiscal period. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (loss). Revenue recognition Revenue from the sale of products and services is recognized when the Group transfers control to the customer. Control generally transfers when the customer gains the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If the contract contains more than one performance obligation, the consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-along selling price method. Revenue is recognized at the amount of consideration that the Group is expected to receive in exchange for these goods or services. The Group has concluded that it acts as a principal in sales transactions as it has control over the goods or services before transferring control to the customer. The Group primarily generates revenue from its licensing and development agreements with collaboration partners for the development of mRNA medicines against a variety of targets in diseases and conditions. These arrangements contain multiple contractual promises, including (i) licenses, or options to obtain licenses, to the Group’s mRNA technology, (ii) delivery of products, and (iii) research and development services. Such arrangements provide for various types of payments to the Group, including upfront fees, funding of research and development services, payment for delivered products, development, regulatory and commercial milestone payments, license fees, and royalties on product sales, all of which may be satisfied at different points in time. Outlicensing agreements may be entered into with or without any further significant contractual obligations. Goods or services promised in collaborative arrangements are accounted for as separate performance obligations if such promises are distinct (i.e., if the customer can benefit from the good or service on its own or together with other resources readily available to it and if the promise is separately identifiable from other promises in the contract). In determining whether contractual promises are separately identifiable, the Group considers whether: ● It provides a significant service of integrating the goods or services with other goods or services that represent the combined output or outputs for which the other party has contracted ​ ● One or more of the goods or services significantly modifies or customizes one or more of the other goods or services promised in the agreement. ​ ● The goods or services the Group promised to transfer or to provide are highly interdependent or highly interrelated. ​ Based on these criteria, management evaluates whether the intellectual property (IP) licenses granted, and to which further research and development activities may apply under the terms of a collaboration agreement, are distinct from the unperformed obligations to the collaboration partner, considering the relevant facts and circumstances of each arrangement. Factors considered in this determination include the nature of the IP license, the stage of development of the IP license granted, the research capabilities of the partner, and the availability of mRNA technology research expertise in the general marketplace. When an IP license is not considered to be distinct from research services, the Group generally recognizes revenue, including any upfront payment, attributable to the license on a straight-line basis, which reflects the performance of services by the Group towards satisfaction of the obligation, over the contractual or estimated performance period, which is typically from the effective date of the related collaboration agreement through the estimated date of market entry of a product developed under the agreement. The determination of the estimated date of market entry requires a significant amount of judgment given the uncertainty inherent in developing innovative pharmaceutical products and is based upon development plans with the customer, which are subject to change, clinical trials, and approval of regulatory authorities. Changes in the estimated date of market entry could have a material impact on the amount and timing of revenue the Group records in future periods. When an IP license is considered to be distinct, the Group determines whether it provides the customer with either (1) a right to access the IP throughout the license period (for which revenue is recognized over the license period) or (2) a right to use the IP as it exists at the point in time that the license is granted (for which revenue is recognized at a point in time where the customer can first use and benefit from the license). If the transaction price in an agreement includes a variable amount, the Group estimates the amount of consideration to which the Group will be entitled in exchange for transferring the goods to the customer. At contract inception, the variable consideration is estimated based on the most likely amount of consideration expected from the transaction and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with respect to the variable consideration is subsequently resolved. The estimated deferred contract liability is updated at each reporting date to reflect the current facts and circumstances. Collaboration agreements may also provide a customer with the option to acquire additional goods or services. The accounting treatment for such options depends on the nature of these options. Options are considered to be substantive if, at the inception of an agreement, the Group is at risk as to whether the customer will choose to exercise the options to secure additional licenses. Factors that are considered in evaluating whether options are substantive include the overall objective of the arrangement, the benefit the customer might obtain from the agreement without exercising the options, the cost to exercise the options relative to the total upfront consideration, and the additional financial commitments or economic penalties imposed on the customer as a result of exercising the options. Product sales related to collaboration agreements include RNA products and are recognized over time as goods are produced because such goods have no alternative use and the Group has an enforceable right to payment. Otherwise, revenue for product sales is recognized at a point in time. In 2021, 2020, and 2019, no revenue from product sales was recognized on a point-in-time basis. Revenue from certain research and development services, delivered as a distinct performance obligation under the collaboration agreements, are recognized over time as the services provided have no alternative use and the Group has an enforceable right to payment. A receivable is recognized when the consideration is unconditional and only the passage of time is required before payment is due. The transaction price is quoted in the relevant contractually agreed pricing in force at the date of the customer placing the respective order for such goods or services. Amounts received prior to satisfying the above revenue recognition criteria are recorded as contract liability in the statements of financial position. The Group may present the following contract balances: ● Contract assets — Represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to the customer when that right is conditioned on something other than the passage of time ● Trade receivables — Represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due) ​ ● Contract liabilities — Represents the Group’s obligations to transfer goods or services to a customer for which the Group has received consideration (or consideration is due) from the customer The Group recognizes revenue from contracts with customers relating to its core business. All other operating proceeds are presented as other operating income in the statements of operations. Grants from government agencies and similar bodies The Group receives grants from government agencies and similar bodies for the active participation in specific research and development projects. Each grant agreement is assessed to determine whether there are elements of the supply of products that are recognized separately from the grant. For the supply of products, the standalone selling price is determined by reference to observed prices with other customers. The grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased, they are recorded as a liability in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income on a systematic basis over the period in which the corresponding expenses are incurred. If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. According to the terms of the grants, grantors generally have the right to audit qualifying expenses submitted by the Group. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are initially measured at fair value. After the initial measurement, the financial assets are subsequently classified as either amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. For a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Subsequent measurement For purposes of subsequent measurement, financial assets are classified into four categories: ● financial assets at amortized cost (debt instruments); ● financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); ● financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); or ● financial assets at fair value through profit or loss. In fiscal 2019, 2020, and 2021, the Group only had the following financial assets to be measured at amortized cost: ● Cash and cash equivalents ● Other financial assets ● Trade receivables and contract assets ​ Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the statement of operations when the asset is derecognized, modified, or impaired. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired. Impairment of financial assets An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all of the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12- months (a 12- month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For cash and cash equivalents, trade receivables, and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or as payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group's financial liabilities include lease liabilities, trade payables, the EIB-loan, which was repaid in fiscal 2021 (see note 12), and the convertible loans (see note 12), which were repaid immediately before the IPO in fiscal 2020. Subsequent measurement After initial recognition, interest-bearing loans and borrowings, trade payables, and other financial liabilities are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the statement of operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of operations. This category generally applies to interest-bearing loans and borrowings, including convertible loans. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. Accounting for EIB loan In 2020, the Group received from the European Investment Bank, or EIB, a line of credit which is available in three tranches, each of which can be drawn separately. In addition, any of the tranches carry a fixed interest but also a specified amount of variable remuneration. The agreement provides for multiple rights and obligations, including rights to terminate and repay the agreement early with varying amounts of variable remuneration. The Group accounts for the first tranche of EUR 25 million drawn in 2020 as a financial liability at amortized cost, using the effective interest method based on expected cashflows including any amount of variable remuneration. In doing so, the Group assessed what is the most probable scenario for the exercise of its rights as the borrower. In addition, the Group determined an effective interest rate that is consistent with the accounting for other financing arrangements. In December 2021, the loan was early terminated and as of December 31, 2021 the EIB loan was fully repaid. For further information on the EIB loan, see Note 12. Accounting for convertible loans IFRS requires that a convertible loan be bifurcated into a debt component and a conversion right if the latter is an equity instrument. In 2019, the Group assessed that the conversion right of the convertible loan is not an equity instrument, but a liability with an insignificant value. The debt component of the convertible loan was measured using the market interest rate obtainable on similar debt instruments. The debt component was measured as a liability at amortized cost until it is converted into equity or becomes due for repayment. The carrying amount of the debt component was based on an expected repayment in 2021, which was the earliest possible date at which repayment could be required by the lender unless specified events occurred. The component of the loan proceeds allocated to equity represents the residual value between the consideration received for each single tranche and the fair value of the corresponding financial liabilities at initial recognition. For further information on the convertible loan, see Note 12. Acquired Intangible assets Acquired intangible assets are initially measured at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite useful lives are amortized over their useful life, generally using the straight-line method. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least annually at each fiscal year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits are accounted for prospectively. Amortization of an intangible asset is reported in the consolidated statement of operations in accordance with the function of the intangible asset. Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of operations in the period in which the asset is derecognized. Acquired intangible assets are mainly comprised of software and licenses. The Group has entered into non-exclusive license agreements for patent rights and/or know-how with reputable universities, cancer research institutes, and other research partners. The cost of these licenses includes fixed as well as contingent consideration mainly linked to specified events in the collaborations for which the licenses are used. The licenses are measured initially at cost which comprises the fixed purchase price components. The Group records a liability for contingent consideration and capitalizes such amounts as part of the cost of the acquired intangible asset when the future event, upon which the contingent consideration depends, occurs or a present obligation exists. The estimated useful lives for each intangible asset class are as follows: ​ ​ ​ ​ Software 3 to 5 years Licenses ​ 8 to 20 years ​ The Group does not have any intangible assets with indefinite useful lives. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairments. These costs also comprise the costs for replacement parts, which are recognized at the time they are incurred, providing they meet the recognition criteria. All other repair and maintenance costs are expensed as incurred. Depreciation is recognized on a straight-line basis over the estimated useful lives as follows: ​ ​ ​ ​ Leasehold Improvements 1 to 10 years Technical equipment and machines: 3 to 14 years Other equipment, furniture and fixtures: 3 to 14 years ​ Property, plant and equipment are derecognized upon disposal or when no further economic benefits are expected from their continued use or sale. The gain or loss on derecognition is determined as the difference between the net disposal proceeds and the carrying amount and recognized in profit or loss in the period in which the item is derecognized. The residual values of the assets, useful lives, and depreciation methods are reviewed at the end of each fiscal year and any changes are accounted for prospectively. The estimated useful lives and depreciation methods remained unchanged from fiscal 2019 through fiscal 2021. The residual values of the assets are generally considered to be zero. Impairment of assets At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If there is any indication of impairment or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset's fair value less costs of disposal and its value-in-use. It is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized, any impairment loss previously recognized is reversed. The reversal may not exceed the carrying amount that would have been determined after amortization or depreciation had no impairment loss been recognized for the asset in prior periods. The amount of the reversal is recognized in profit or loss for the period. There were no impairments or reversals of impairments in 2019 and 2020. However, in fiscal year 2021, impairments of EUR 22,810k were recognized. These pertained largely to machinery and technical equipment recorded under assets under construction and resulted from the partial impairment of production lines which are obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV. Non-current other assets — costs to obtain a contract Amortization of assets recognized from the costs to obtain a contract with a customer within the scope of IFRS 15 is recognized on a straight-line basis over their associated estimated useful lives. Borrowing costs Borrowing costs directly attributable to the acquisition, construction, or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Group capitalizes borrowing costs when it meets all the following conditions: (a) it incurs expenditures for the asset; (b) it incurs borrowing costs, and (c) it undertakes activities that are necessary to prepare the asset for its intended use or sale. The Group capitalized EUR 2,932k borrowing costs during fiscal 2021 (2020: 1,989k, 2019: 2,188k). The capitalization rate used to determine the amount of the borrowing costs eligible for capitalization during fiscal 2021 was a weighted average of 7.17% (2020: 8.90%, 2019: 9.13%). Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received as well as any estimated costs to be incurred by the lessee for dismantling and removing the underlying asset. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life, indicated below, and the lease term. Right-of-use assets are subject to impairment according to IAS 36. ​ ​ ​ ​ Land and Buildings: 1 to 15 years Vehicles: 3 to 4 years Other equipment: 2 to 5 years ​ Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments, or a change in the assessment to purchase the underlying asset. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Furthermore, the Group also elected to use the recognition exemptions for lease contracts that, on January 1, 2019, had a remaining lease term of 12 months or less. Separation of lease and non-lease components As a practical expedient, the Group elected not to separate the fixed (but not variable) portion of non-lease components in respect of leases of building and instead accounts for them as a single lease component. Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Inventories are comprised of raw materials, work in progress, and finished goods. Costs incurred in bringing each product to its present location and condition are accounted for, as follows: ● Raw materials: purchased cost on a first-in/first-out basis ● Finished goods and work in progress: cost of direct materials and labor and a proportion of

Notes to the consolidated finan

Notes to the consolidated financial statements	12 Months Ended
	Dec. 31, 2021
Notes to the consolidated financial statements
Notes to the consolidated financial statements	3. Notes to the consolidated financial statements 3.1 Revenue from contract with customers The Group recognized the following revenues in 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2019 ​ 2020 ​ 2021 ​ ​ EUR k ​ EUR k ​ EUR k Belgium ​ ​ ​ GSK ​ — 8,809 ​ 74,298 Germany ​ ​ ​ ​ ​ Boehringer Ingelheim ​ 2,474 1,885 ​ 26,003 Others ​ 104 — ​ — Netherlands ​ ​ ​ ​ ​ Genmab ​ — 2,628 ​ 1,770 Switzerland ​ ​ ​ ​ ​ ​ CRISPR ​ 519 ​ 695 ​ 919 United States ​ ​ ​ ​ ​ ​ Eli Lilly ​ 14,319 ​ 34,854 ​ — Total ​ 17,416 48,871 ​ 102,990 ​ Of these revenues, all of which were recognized over time as part of collaboration agreements, in 2021, EUR 79,827 k (2020: EUR 46,597k, 2019: EUR 5,777k) related to delivery of research services combined with an IP license (recognized from the upfront payments as further illustrated in the table below), EUR 457k (2020: EUR 556k, 2019: EUR 8,617k) related to delivery of products and EUR 22,706k (2020: EUR 1,718k, 2019: EUR 3,022k) were recognized from those research and development services considered distinct within the agreements. GlaxoSmithKline In July 2020, the Group entered a collaboration with GlaxoSmithKline (GSK) for the research, development, manufacture and commercialization of mRNA-based vaccines and monoclonal antibodies targeting infectious disease pathogens. In addition to an equity investment of EUR 150,000k as part of the 2020 Private Investment (see Note 8.2), GSK made a non-refundable upfront cash payment of EUR 120,000k which was deferred upon receipt and recognized as a contract liability. Additionally, the Group is eligible to receive a one-time reimbursable payment of EUR 30,000k for manufacturing capacity reservation, upon certification of CureVac’s commercial scale manufacturing facility currently under construction in Germany as well as to receive development and regulatory milestone payments of up to EUR 320,000k, commercial milestone payments of up to EUR 380,000k and tiered royalties on product sales. GSK will fund R&D activities incurred by CureVac related to the development projects covered by the collaboration. CureVac will be responsible for the preclinical- and clinical-development through the Phase 1 trials of these projects, after which GSK will be responsible for further development and commercialization. CureVac will be responsible for the manufacturing of the product candidates, including for commercialization, and will retain commercialization rights for selected countries for all product candidates. Revenue is being recognized in accordance with the Company’s accounting policy for collaboration arrangements with the exception that the upfront payment, attributable to the IP license, is being recognized straight-line from the effective date of the collaboration agreement through the estimated completion date of Phase 1 clinical trials, at which time GSK will be responsible for further development and commercialization. Refer to Note 20 Subsequent events for additional information regarding an additional collaboration agreement entered into with GSK following December 31, 2020. In the year ended December 31, 2021, EUR 47,148k (2020: EUR 8,809k) in revenue was recognized under the collaboration agreement with GSK, entered into in July 2020, for the research, development, manufacturing and commercialization of mRNA-based vaccines and monoclonal antibodies targeting infectious disease pathogens. ​ Additionally, in April 2021, the Group entered into a new collaboration agreement with GSK, which we refer to as the GSK COVID Agreement, pursuant to which we are collaborating with GSK to research, develop and manufacture next-generation mRNA vaccines targeting the original SARS-CoV-2 strain as well as emerging variants, including multivalent and monovalent approaches (“GSK COVID Products”), such as the CureVac’s second-generation COVID-19 vaccine candidate, CV2CoV. These vaccine candidates may either be used to protect unvaccinated individuals or to serve as boosters in the event that SARS-CoV-2 immunity gained from an initial vaccination reduces over time. The GSK COVID Agreement was amended and restated in September 2021. Pursuant to the amendment in September 2021, CureVac and GSK are required to complete certain development activities with respect to the GSK COVID Products set forth in updated development plans. CureVac and GSK agree to decide whether the GSK COVID Products required for clinical studies will be manufactured by CureVac, GSK or jointly. ​ Under the GSK COVID Agreement, GSK has paid CureVac an upfront payment of EUR 75,000k. Under the terms of the 2020 GSK Agreement, CureVac granted GSK a worldwide exclusive, sublicensable (subject to certain conditions) license under certain of our intellectual property relating to vaccines and antibodies encoded by our proprietary mRNA targeting certain selected pathogens, or GSK Program Products, and a non-exclusive license under certain LNP technology to develop, manufacture and commercialize a certain number of such GSK Program Products for use in connection with the infectious diseases targeted under the 2020 GSK Agreement. CureVac also CureVac also granted GSK an exclusive option, after a certain date, to obtain exclusive licenses to develop, manufacture and commercialize CVnCoV and boosters for such vaccine. CureVac and GSK agreed to equally share all development costs for GSK COVID Products, subject to certain exceptions. CureVac and GSK will share all net profits generated from sales of GSK COVID Products, other than certain products defined in the agreement as "Combination Products", under profit sharing arrangements that in certain cases vary depending upon the GSK COVID Product in question, the time of sale, the number of doses sold and the party to whom the sale is made. CureVac is are eligible to receive tiered royalty payments ranging from a low-teen percentage to a mid-teens percentage on net sales of Combination Products, subject to certain customary reductions. Under the GSK COVID Agreement, CureVac have the right to commercialize GSK COVID Products in Austria, Germany and Switzerland and if CureVac exercises such right, CureVac’s sales of GSK COVID Products, other than Combination Products will be subject to the profit share and CureVac will be required to pay GSK a high-teen percentage royalty on net sales of all Combination Products in such countries. In the year ended December 31, 2021, EUR 27,150k (2020: EUR 0k) in revenue was recognized under the new collaboration with GSK, entered in April 2021. ​ Boehringer Ingelheim ​ In August 2014, the Group entered into an Exclusive Collaboration and License Agreement, which it refers to as the Boehringer Agreement, with Boehringer Ingelheim, whereby it granted Boehringer Ingelheim exclusive global rights for development and commercialization of its investigational therapeutic mRNA vaccine BI 1361849 (formerly CV9202) formulated with a legacy protamine technology. The Group received, in 2014, an upfront payment of EUR 30,000K, as well as, an option fee payment of EUR 5,000K and in 2018 an additional EUR 7,000K in development milestone payments, all of which are non-refundable and non-creditable in the event of expiry or termination of the agreement. In June 2021, Boehringer Ingelheim provided notice of its intention to terminate the Boehringer Agreement, with such termination to become effective on November 17, 2021. Upon termination of the Boehringer Agreement, the rights and licenses granted by the Group to Boehringer Ingelheim reverted back to the Group, provided that Boehringer Ingelheim has the right to sell off existing inventory of BI 1361849 for a certain period. In addition, Boehringer Ingelheim must assign to us all regulatory approvals or applications and grant us a non-exclusive, cost-free, perpetual and worldwide license to intellectual property held by Boehringer Ingelheim that has been used in the development, manufacture or commercialization of BI 1361849 or any other product developed under the Boehringer Agreement. As a result of the termination, the remaining contract liability, related to the upfront payment, was recognized over a shorter period through the termination date. In addition, the option fee payment of EUR 5,000k and the additional EUR 7,000k development milestone were recognized. Therefore, for the year ended December 31, 2021, EUR 26,003k (2020 1,885) was recognized as revenue related to this agreement. ​ CRISPR Therapeutics Development and License Agreement ​ In November 2017, we entered into a Development and License Agreement with CRISPR Therapeutics, which, as amended by an amendment entered into in June 2020, we refer to as the CRISPR Therapeutics Agreement, pursuant to which we will develop novel Cas9 mRNA constructs for use in gene editing therapeutics. CRISPR Therapeutics has paid us an upfront one-time technology access fee of USD 3 million, which is being recognized through the date of market entry of a product developed under the agreement. In the year ended December 31, 2021, EUR 919k (2020: EUR 695k, 2019: EUR 519k) in revenue was recognized under this agreement. ​ Genmab Collaboration and License Agreement ​ In December 2019, the Group entered into a Collaboration and License Agreement with Genmab, which we refer to as the Genmab Agreement, to research and develop up to four potential differentiated mRNA-based antibody products, to be selected by Genmab, based on the combination of our proprietary RNAntibody technology with Genmab's proprietary antibody technology for the treatment of human diseases. In partial consideration for entering into the Genmab Agreement, Genmab made a USD 20 million equity investment and paid us an upfront fee of USD 10 million, which is being recognized through the date of market entry of a product developed under the agreement. In the year ended December 31, 2021, EUR 1,770k (2020: EUR 2,628k) in revenue was recognized under this agreement. Eli Lilly ​ In June 2020, the Group and Eli Lilly terminated their collaboration and the following agreements: License and Collaboration Agreement dated November 29, 2017, Early Clinical Supply Agreement dated July 5, 2018 and related Quality Agreement dated June 29, 2018. As a result, on the termination date, EUR 33,100k in contract liabilities from an upfront payment was recognized as no further associated performance obligations remained. ​ The Group has received upfront payments which were initially deferred and are subsequently recognized as revenue as the Group renders services over the performance period or upon termination of the agreement, when no services are provided anymore. Below is a summary of such payments and the related revenues recognized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Upfront payments included ​ ​ ​ ​ ​ ​ ​ Upfront payments in contract liabilities at Revenue recognized from upfront payments Customer ​ ​ ​ December 31, 2020 ​ December 31, 2021 ​ 2019 ​ 2020 ​ 2021 ​ ​ (in thousands) ​ (in thousands of Euro) ​ (in thousands of Euro) ​ (in thousands of Euro) GSK EUR 195,000 112,222 135,494 — 7,778 51,728 Boehringer Ingelheim EUR 30,000 14,003 — 1,951 1,867 14,003 Genmab USD 10,000 (EUR 8,937) * 7,150 5,362 — 1,787 1,787 CRISPR USD 3,000 (EUR 2,524)* 1,549 1,239 310 310 310 Eli Lilly USD 50,000 (EUR 42,200)* — — 3,516 34,855 — BMBF EUR 124,502 ** 61,122 — — — — European Commission EUR 450,000 ** 450,000 — — — — Total ​ 646,046 142,095 5,777 46,597 67,828 ​ *Translated at the currency exchange rate prevailing on the transaction date **Released as "Income from release of governmental contract liabilities" see Note 3.2. Contract balances: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2021 ​ ​ EUR k ​ EUR k Trade receivables 1,014 18,504 Contract assets 808 — Contract liabilities 658,046 142,095 ​ Contract liabilities include advances received from the Group's major license and collaboration agreements, from other customers and from the European Commission and the German Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung), or BMBF. ​ The outstanding balances of these accounts decreased in 2021 mainly due to the release of the governmental contract liabilities (EC and BMBF/BMG) by EUR 574,502 (see Note 3.6.) partially compensated by an increase due to a GSK upfront payment of EUR 75,000k. ​ Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 Within one year 157,985 ​ 55,750 More than one year 500,061 ​ 86,345 Total 658,046 ​ 142,095 ​ Trade receivables are non-interest bearing and are generally settled within 30 to 45 days. As of December 31, 2021, the Group had three collaboration partners (2020: four) that owed 100% (2020: 100)% of all the receivables and contract assets outstanding. There was one collaboration partner (2020: two) with balances greater than 10% of the total amounts of receivable and contract assets. ​ The nature of expenses recognized in the functional categories of the statement of operations are as follows: 3.2 Cost of sales The cost of sales consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Personnel (9,855) (2,896) ​ (22,159) Materials (7,542) (1,598) ​ (46,250) Third-party services (7,268) (2,652) ​ (145,515) Maintenance and lease (1,060) (1,016) ​ (2,874) Amortization, depreciation and derecognition (2,038) (5,913) ​ (21,262) Other (220) (98) ​ (135) Total (27,983) (14,173) ​ (238,195) ​ During the fiscal year ended December 31, 2021, cost of sales increased compared to the same period of 2020 mainly due to activities for production processes for the Group's CVnCoV and CV2CoV vaccine candidate. The increase of EUR 224,022k in cost of sales was also driven primarily by recognition of expenses related to ineffective set-up activities of several contracted CMOs and, to a significantly lesser extent, write-offs related to inventory in the period preceding the withdrawal of the EMA application for CVnCoV. 3.3 Selling and distribution expenses Selling and distribution expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Personnel (1,263) (631) ​ (1,369) Maintenance and lease (167) (1) ​ (1) Amortization and depreciation (81) (98) ​ (86) Other (244) (3) ​ (287) Total (1,755) (733) ​ (1,743) ​ Personnel expenses mainly include salary and salary-related expenses of EUR 1,076k (2020: EUR 370k, 2019: EUR 520k) and expenses from share-based payments of EUR 293k (2020: EUR 261k, 2019: 743k). Refer to Note 9 for further information. 3.4 Research and development expenses R&D expenses consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Materials (4,015) (29,834) ​ (232,292) Personnel (14,385) (21,313) ​ (33,733) Amortization and depreciation (474) (2,578) ​ (4,259) Patents and fees to register a legal right (4,551) (7,337) ​ (11,157) Third-party services (18,626) (51,306) ​ (531,827) Maintenance and lease (670) (717) ​ (347) Other (521) (723) ​ (2,292) Total (43,242) (113,808) ​ (815,907) ​ During the fiscal year ended December 31, 2021, research and development expenses increased in comparison to the same period of 2020 mainly due to an increase in development expenses from the Group´s CVnCoV program. These expenses consist primarily of cost incurred to CROs involved in the CVnCoV development. As of December 31, 2021, the Group had no development expenditures that met the requirements for capitalization. Related to the remaining costs for the CVnCoV studies a provision for onerous contracts was set up. The increase of EUR 702,099k was also driven by recognition of expenses related to onerous contract provisions related to CRO arrangements, to estimated costs of settling several terminated CMO contracts, and to write-offs of CVnCoV-related prepayments and inventory. Personnel expenses mainly include salary and salary-related expenses of EUR 32,779k (2020: EUR 16,543k 2019: EUR 14,127k) and expenses from share-based payments of EUR 954k (2020: EUR 4,770k 2019: nil); Refer to Note 9 for further information. 3.5 General and administrative expenses General and administrative expenses include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Personnel (31,645) (29,884) ​ (37,393) Maintenance and lease (4,604) (2,505) ​ (4,306) Third-party services (5,970) (6,914) ​ (28,875) Legal and other professional services (2,110) (3,531) ​ (9,230) Amortization and depreciation (2,182) (6,020) ​ (8,895) Other (2,458) (4,700) ​ (11,703) Total (48,969) (53,554) ​ (100,402) ​ Personnel expenses mainly include salary and salary-related expenses of EUR 24,274k (2020: EUR 20,442k, 2019: EUR 13,083k) and expenses from share-based payments of EUR 13,119k (2020: EUR 9,442k, 2019: EUR 18,562k). During the fiscal year ended December 31, 2021, third-party services expenses increased, compared to the same period of 2020, mainly due to consulting services for product launch readiness. Other mainly consists of insurance expenses of EUR 6,749k (2020: EUR 1,401k, 2019: EUR 115k) and real estate transfer taxes of EUR 0k (2020: EUR 930k, 2019: nil). 3.6. Income from release of governmental contract liabilities Advance Purchase Agreement with European Commission On November 30, 2020, CureVac entered into an Advance Purchase Agreement (APA) with the European Commission (EC), acting on behalf and in the name of all Member States of the European Union. The APA provided for the advance purchase by the Member States of 225 million doses of our SARS-CoV-2 vaccine. In order to support our accelerated efforts to develop a safe and effective vaccine, the APA provided for support to our operations in the form up-front payments. The first up-front payment of € 450 million was paid by the EC on behalf of the Member States and was included in contract liabilities. The second up-front payment would have had been due after the submission of the interim data package to the EMA in view of obtaining EC marketing authorization for CVnCoV. The up-front payments were designed to support the development and prepare the commercial supply of the vaccine. In October 2021, we notified the EC of the withdrawal of our regulatory approval application for CVnCoV, which notification automatically terminated the APA. According to the APA, in such case of termination, CureVac would only return the unspent amount of the up-front payment. In the context of the APA, “spent” means either costs occurred, or commitments made in relation to the purpose as set out in the APA. CureVac was able to demonstrate that the up-front payment was used in accordance with the contract and no repayment was required. As described above, CureVac recognized the consideration related to its delivery obligations, existing at the outset of the arrangement, as contract liabilities. Upon the automatic termination of the APA, the ability for CureVac to satisfy the contractual performance obligations of the arrangement ceased and the EC ceased to have the ability to exercise its rights for performance by the CureVac. As such, the substance of the arrangement changed from a revenue contract to that of a government grant. Due to the material magnitude of the amount, its non-recurring nature and to better enable comparability to past performance and predictability of future performance, CureVac recognized the €450 million into income in an additional line item “Income from release of governmental contract liabilities” in the statement of operations. The “spent” amounts incurred by CureVac, and which demonstrate use of the up-front payment, have been included in research and development expenses (refer to Note 3.4). Additionally, CureVac will transfer, upon EC’s request any raw material and primary components paid for with the up-front payment and not used as of the termination date. Should the EC request any raw material and primary components or should CureVac successfully sell some of these, an applicable portion of raw material, primary components or proceeds will be forwarded to the EC. This agreement expires at the end of 2022. German Federal Ministry of Education and Research In 2020, the Company announced with the German Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung), or BMBF, a German government-related entity, established a grant to support the development and production of its COVID-19 vaccine candidates. In July 2020, CureVac applied for this grant as part of a special program to accelerate the research and development of urgently needed vaccines against SARS-CoV-2. The grant amounted up to EUR 252 million and the payments were contingent to reaching predefined milestones. Based on the terms and conditions of the arrangement, the Company assessed the arrangement as having two components: a grant component and a supply component. Both were separated. The amount attributed to the supply of future deliveries was determined based on the relative stand-alone selling price of the vaccine observed in similar arrangements and is presented in contract liabilities. The Company reached all the predefined milestones for 2020. Due to the withdrawal of the EMA regulatory approval application for CVnCoV in October 2021, CureVac was not able to reach all predefined milestones in 2021. From 2020 to December 2021, CureVac received a total of € 196.3 million. In November 2021, CureVac notified BMG of the inability to supply CVnCoV, triggering the automatic termination of the supply agreement. Consistent with the rationale and treatment described above under the APA with the EC, the substance of the supply component of the BMBF arrangement changed from a revenue contract to that of a government grant and thus, consistent with the presentation of the contract liabilities under the APA, CureVac recognized the EUR 124 million from the BMBF agreement as income in the line item “Income from release of governmental contract liabilities” and the corresponding expenses have been included in research and development expenses. The remaining amount of EUR 65 million, not related to the supply component, was reflected as grant income in “other operating income”. (Refer to Note 3.7). 3.7 Other operating income Other operating income relates to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Grants and other reimbursements from government agencies and similar bodies ​ 5,385 ​ 23,736 ​ 66,394 Income from reversal of provisions ​ — ​ — ​ 272 Other 202 414 ​ 1,036 Total 5,587 24,150 ​ 67,702 ​ In 2021, 2020 and 2019 income from grants with government agencies and similar bodies resulted from the following: German Federal Ministry of Education and Research As discussed in Note 3.6, in 2020 the Company received a grant from BMBF to support the development of its COVID-19 vaccine candidate for which it was determined the arrangement contained two components: a grant component (in the scope of IAS 20) and a supply component (in the scope of IFRS 15). With regard to the grant component, as of December 31, 20201 the Group has recognized grant income in the amount of EUR 65,218k (2020 EUR 6,602k). Coalition for Epidemic Preparedness Innovations The Coalition for Epidemic Preparedness Innovations (CEPI) is an innovative partnership between public, private, philanthropic, and civil organizations, launched at the World Economic Forum in Davos in 2017, to develop vaccines to stop future epidemics. CEPI’s priority diseases include Ebola virus, Lassa virus, Middle East Respiratory Syndrome coronavirus, Nipah virus, Rift Valley Fever and Chikungunya virus. CEPI also invests in platform technologies that can be used for rapid vaccine and immunoprophylactic development against unknown pathogens (i.e., Disease X). In February 2019, CureVac entered into a partnership agreement worth up to USD 34,000k with CEPI to further develop CureVac’s The RNA Printer™ prototype. Under the three-year partnership agreement, CureVac will use its mRNA platform for the preclinical development of a Lassa virus vaccine (a high-priority disease on the World Health Organization R&D list), a yellow fever vaccine and CureVac’s rabies virus vaccine. Funds are to be received semi-annually in advance, to cover costs for the next six months. These payments are allocated to the agreed and signed statements of work. Management concluded that the arrangement should be accounted for by analogy to IAS 20. CureVac is required to use reasonable efforts to achieve certain development milestones and is responsible for conducting certain clinical trials. In the event of an infectious disease outbreak, where such outbreak can be addressed by a Lassa virus, SARS-CoV-2 or future vaccine developed under the agreement, CureVac must manufacture such vaccine for use in the area affected by the outbreak on economic terms that satisfy CEPI’s equitable access guidelines or otherwise allow CEPI or a third party to supply such vaccine in the affected area. CureVac is required to grant certain approved manufacturers all necessary rights to use certain of CureVac’s pre-existing IP and IP developed under the CEPI Agreement to further develop CureVac’s automation solution and manufacture products for the treatment of certain diseases in geographic areas where there is an outbreak on economic terms that satisfy CEPI’s equitable access guidelines. CureVac must provide all necessary commercially reasonable support to such approved manufacturers to facilitate such efforts. CureVac solely owns all IP developed under the CEPI Agreement but is required to obtain CEPI’s consent prior to exploiting any IP developed under the CEPI Agreement if such exploitation is in conflict with or goes against CEPI´s mission or policies. In the event that CEPI terminates the agreement, CureVac will grant CEPI a license under CureVac’s background IP and IP developed under the agreement to, among other things, develop and use CureVac’s RNA Printer for use in treating certain infectious diseases and to manufacture products developed under the agreement. In January 2020, CureVac and Coalition for Epidemic Preparedness Innovations (CEPI) entered a collaboration to develop a vaccine against the new coronavirus SARS-CoV-2. The aim of the cooperation is to safely advance vaccine candidates into clinical testing as quickly as possible. The agreement builds upon the existing partnership between CureVac and CEPI to develop a rapid-response vaccine platform and included additional initial funding of up to USD 8,300k. In May 2020, CEPI increased its grant award to the Group for SARS-CoV-2 vaccine development to up to USD 15,300k. During the year ended December 31, 2021, CureVac recognized the reimbursement of approved expenses of EUR 688k (2020: EUR 15,953k; 2019: EUR 3,607k) as “other operating income” and EUR 0k (2020: EUR 3,239k; 2019: EUR 2,325k) were deducted from the carrying amount of qualifying assets recorded in property, plant and equipment. As of December 31, 2021, EUR 1,289k in grant funds received have been deferred and are presented within other liabilities (as of December 31, 2020: EUR 1,325k). Bill & Melinda Gates Foundation (BMGF) BMGF finances, in the form of grants, various programs that CureVac operates for the development of vaccines, hence promoting and accelerating the development of CureVac’s technology platform. Through its equity investment, BMGF supports mainly the development of CureVac’s technology platform including the construction of a production plant in accordance with the GMP (Good Manufacturing Practice) standard on an industrial scale. In 2015, CureVac entered into a Global Access Commitments Agreement with the Bill & Melinda Gates Foundation pursuant to which the Company is required to take certain actions to support the Bill & Melinda Gates Foundation’s mission. In November 2016, in connection with the Global Access Agreement, CureVac received a grant of USD 653k (EUR 614k) in funding for the development of a vaccine for picornaviruses. In November 2017, also in connection with the Global Access Agreement, the company received two additional grants: an amount of USD 1,000k (EUR 852k) was received for the development of a universal influenza vaccine and an amount of USD 800k (EUR 673k) was received for a malaria vaccine. In August 2019, the Company received a second payment for the universal influenza program amounting to USD 540k (EUR 486k). In November 2020, the Company received a third payment for the universal influenza program amounting to USD 322k (EUR 280k). In November and December 2020, the Company received further payment for the malaria program amounting to USD 1,449k (EUR 1,208k). During the year ended December 31, 2021 CureVac recognized EUR 488k (2020: EUR 1,183k 2019: EUR 768k) from the amortization of the grants on a straight-line basis and for services as other operating income. As of December 31, 2021, EUR 1,879k in grant funds received have been deferred and presented within other liabilities (as of December 31, 2020: EUR 2,164k).

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2021
Fixed Assets
Fixed Assets	4. Fixed Assets 4.1 Development of intangible assets and property, plant and equipment and intangible assets The development of intangible assets and property, plant and equipment for the years ended December 31, 2021 and 2020 were as follows: Intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advance ​ (in thousands of EUR) Software Licenses payments Total Acquisition costs ​ ​ ​ As of January 1, 2020 8,063 ​ 1,386 282 9,731 Additions 1,919 ​ 8,501 598 11,018 Disposals — ​ — — — Reclassifications ​ 192 ​ — ​ (192) ​ — Currency translation ​ (2) ​ — ​ — ​ (2) As of December 31, 2020 10,172 ​ 9,887 688 20,747 Cumulative amortization and impairment charges ​ ​ ​ ​ ​ As of January 1, 2020 3,587 ​ 446 — 4,033 Amortization 913 ​ 1,656 — 2,569 Currency translation ​ (1) ​ — — (1) As of December 31, 2020 4,499 ​ 2,102 — 6,601 Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 10,172 ​ 9,887 ​ 688 ​ 20,747 Additions ​ 2,454 ​ 234 ​ 991 ​ 3,679 Disposals ​ — ​ — ​ (576) ​ (576) Reclassifications ​ — ​ 138 ​ (138) ​ — Currency translation ​ — ​ — ​ — ​ — As of December 31, 2021 ​ 12,626 ​ 10,259 ​ 965 ​ 23,850 Cumulative amortization and impairment charges ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 4,499 ​ 2,102 ​ — ​ 6,601 Amortization ​ 1,466 ​ 2,545 ​ — ​ 4,011 Currency translation ​ — ​ — ​ — ​ — As of December 31, 2021 ​ 5,965 ​ 4,647 ​ — ​ 10,612 Carrying amount ​ ​ ​ ​ ​ As of January 1, 2020 4,476 ​ 940 282 5,698 As of December 31, 2020 5,673 ​ 7,785 688 14,146 As of December 31, 2021 6,661 ​ 5,612 965 13,238 ​ Property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equipment, ​ ​ ​ ​ ​ ​ ​ ​ Technical ​ furniture ​ Assets ​ ​ ​ ​ ​ equipment and under ​ ​ (in thousands of EUR) Buildings and machines fixtures construction Total Acquisition costs As of January 1, 2020 6,844 17,052 5,901 39,229 69,026 Additions 5,690 4,622 3,772 14,522 28,606 Disp osals (77) (839) (398) (5,579) (6,893) Reclassifications 7,493 1,549 9 (9,051) — Currency translation — — (41) — (41) As of December 31, 2020 19,950 22,384 9,243 39,121 90,698 Cumulative depreciation and impairment charges ​ ​ ​ ​ ​ As of January 1, 2020 2,450 7,257 4,124 7,120 20,951 Depreciation 1,042 1,813 1,277 — 4,132 Disposals (77) (739) (133) — (949) Attributions ​ — ​ (23) ​ (1) ​ — ​ (24) Currency translation — — (17) — (17) As of December 31, 2020 3,415 8,308 5,250 7,120 24,093 Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 19,950 ​ 22,384 ​ 9,243 ​ 39,121 ​ 90,698 Additions ​ 3,353 ​ 28,047 ​ 2,228 ​ 98,071 ​ 131,699 Disposals ​ (4) ​ (10) ​ (15) ​ (7,123) ​ (7,152) Reclassifications ​ 3,973 ​ 1,553 ​ — ​ (5,526) ​ — Currency translation ​ — ​ — ​ 38 ​ — ​ 38 As of December 31, 2021 ​ 27,272 ​ 51,974 ​ 11,494 ​ 124,543 ​ 215,283 Cumulative depreciation and impairment charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 3,415 ​ 8,308 ​ 5,250 ​ 7,120 ​ 24,093 Depreciation ​ 1,934 ​ 3,420 ​ 1,883 ​ — ​ 7,237 Impairment ​ — ​ — ​ — ​ 22,810 ​ 22,810 Disposals ​ (1) ​ (2) ​ (15) ​ (7,120) ​ (7,138) Attributions ​ — ​ — ​ — ​ — ​ — Currency translation ​ — ​ — ​ 17 ​ — ​ 17 As of December 31, 2021 ​ 5,348 ​ 11,726 ​ 7,135 ​ 22,810 ​ 47,019 Carrying amount ​ ​ ​ ​ ​ As of January 1, 2020 4,394 9,795 1,777 32,109 48,075 As of December 31, 2020 16,535 14,076 3,993 32,001 66,605 As of December 31, 2021 21,924 40,248 4,359 101,733 168,264 ​ In fiscal 2021, impairments of EUR 22,810k were included in the accumulated depreciation and impairment charges. These pertained largely to machinery and technical equipment recorded under assets under construction and resulted from the partial impairment of production lines which are obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV. In fiscal 2020, EUR 5,579k was recognized as loss on derecognition. The planned capacity of the new production plant GMP IV was reassessed and management determined that certain capitalized costs, consisting mainly planning costs related to the previous design, and classified in assets under construction, were determined not to have any further economic benefit and therefore were derecognized from property, plant and equipment and were recognized as expense in cost of sales. 4.2 Right of use assets ​ Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements during the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ Land and ​ ​ ​ Other ​ ​ ​ ​ Buildings ​ Vehicles ​ equipment ​ Total ​ EURk EURk EURk EURk As of January 1, 2021 33,296 113 575 33,984 Additions 2,666 97 — 2,763 Disposals (943) — — (943) Depreciation expense (3,698) (68) (135) (3,901) Foreign currency translation 226 — — 226 As of December 31, 2021 31,547 142 440 32,129 ​ Below are the carrying amounts of lease liabilities and the movements during the period: ​ ​ ​ ​ ​ EUR k ​ ​ ​ As of January 1, 2021 30,087 Additions 2,763 Disposals (943) Accretion of interest 1,729 Payments (4,913) Foreign currency translation 169 As of December 31, 2021 28,892 Current 3,469 Non-current 25,423 ​ ​ ​ ​ A maturity analysis of lease liabilities is disclosed in Note 15. The following are the amounts recognized in the statement of operations: ​ ​ ​ ​ ​ ​ ​ EUR k Depreciation expense of right-of-use assets (3,901) Interest expense on lease liabilities (1,729) Expense relating to short-term leases (included in cost of sales) (119) Expense relating to leases of low-value assets (included in administrative expenses) (39) Total amount recognized in profit or loss (5,788) ​ ​ ​ ​ Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements of prior period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ Land and ​ ​ ​ Other ​ ​ ​ ​ Buildings ​ Vehicles ​ equipment ​ Total ​ EURk EURk EURk EURk As of January 1, 2020 13,375 126 110 13,611 Additions 23,738 58 638 24,434 Disposals — — (51) (51) Depreciation expense (3,525) (70) (124) (3,719) Foreign currency translation (292) (1) 2 (291) As of December 31, 2020 33,296 113 575 33,984 ​ Below are the carrying amounts of lease liabilities and the movements during the period 2020: ​ ​ ​ ​ ​ EUR k ​ ​ ​ As of January 1, 2020 14,130 Additions 19,310 Disposals (42) Accretion of interest 1,665 Payments (4,661) Foreign currency translation (315) As of December 31, 2020 30,087 Current 3,234 Non-current 26,853 ​ ​ ​ ​ A maturity analysis of lease liabilities is disclosed in Note 15. The following are the amounts recognized in the statement of operations in 2020: ​ ​ ​ ​ ​ EUR k Depreciation expense of right-of-use assets (3,719) Interest expense on lease liabilities (1,665) Expense relating to short-term leases (included in cost of sales) (48) Expense relating to leases of low-value assets (included in administrative expenses) (30) Total amount recognized in profit or loss (5,462) ​ Commitments for leases not yet commenced as of December 31, 2021, relate to a lease of technical equipment for GMP IV in Tuebingen, Germany over a 10-year term with fixed lease payments in the gross amount of EUR 3,904k with technical approval in the first year 2022 (and a respective earliest end date in 2032). In addition, optional lease payments for the renewal of this lease term for five-year extension option exist which could lead to further payments in a gross amount of EUR 291k. In addition to this agreement, in 2021 three new lease agreements of buildings in Tuebingen, Germany have been signed. One building has a fixed lease term of 24 month with starting date January 1, 2022 and two five-year extension options. The fixed gross lease-payments are EUR 78k and the optional payments EUR 517k. The second building is leased over a fixed term of 10 years having two 5 years extension options. The starting date of this lease will be between October 1 st st 4.3 Non-current other assets Non-current other assets of EUR 1,731k (2020: EUR 6,322k) consist of costs to obtain a contract of EUR 515k (2020: EUR 1,034k) and deposit payments for leases of EUR 1,215k (2021: EUR 1,080k). In 2020 non-current other assets also included deposits paid for dedicated equipment for CureVac production at the CMOs of EUR 4,203k. ​ The amortization of capitalized costs to obtain a contract in 2021 was EUR 694k (2020: EUR 215k).

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories.
Inventories	5. Inventories Inventories include the following: ​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ EUR k ​ EUR k Raw materials / semi-finished goods 13,790 ​ 56,159 Finished goods 741 ​ — Total 14,531 ​ 56,159 ​ Raw materials and semi-finished goods were written down by EUR 180,048k (2020: EUR 787k) due primarily to CVnCoV inventory, following the withdrawal of the EMA application, which was recognized in research & development expense. Finished goods, relating to our collaboration agreements, were written down by EUR 5,784k (2020: none) due to obsolescence and were recognized in cost of sales.

Other financial assets

Other financial assets	12 Months Ended
	Dec. 31, 2021
Other financial assets.
Other financial assets	6. Other financial assets Other financial assets as of December 31, 2021 amounted to EUR 4,647k (December 31, 2020: EUR 2,619k) mainly include deposits held by third parties in amount of EUR 1,936k (December 31, 2020: EUR 430k) and other receivables in the amount of EUR 2,711k (December 31, 2020: EUR 2,189k). ​

Prepaid expenses and other curr

Prepaid expenses and other current assets	12 Months Ended
	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid expenses and other current assets	7. Prepaid expenses and other current assets Prepaid expenses and other current assets of EUR 49,244k (2020: 48,289k) mainly include prepayments for future service agreements (e.g., for the CROs and CMOs) and material in the amount of EUR 5,724k (2020: EUR 40,054k). As of December 31, 2021 we recorded tax receivables of EUR 35,234k as other current assets. This consists mainly of outstanding VAT refund claims of EUR 32,202k and other tax receivables of EUR 3,032k. As of December 31, 2020, the net amount of VAT is reflected in the other current liabilities. These net amounts of VAT refund claims and VAT payables do not bear interest and are reported to the tax authorities on a monthly basis. As of December 31, 2020, a receivable against the BMBF related to the grant in the amount of EUR 8,235k was included in the other current assets.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity
Equity	8. Equity Overview According to the Company’s articles of association, the Company’s authorized shares are divided into 386,250,000 common shares and 386,250,000 preferred shares, each having a nominal value of EUR 0.12. As of December 31, 2020, no preferred shares had been issued and all issued common shares issued and outstanding were fully paid. However, in certain events, BMGF has the right to require the Company to redeem or facilitate the purchase by a third-party of all common shares it holds and Genmab has the right to subscribe once for common shares at a certain price under an anti-dilution and down round-protection clause which expired in February 2022. All payments received from shareholders in excess of the nominal value of the shares issued and net of transaction costs are recognized in capital reserves. Capital reserves also consists of recognition of share-based payments and the equity components of convertible loans. The Company may only make distributions, whether a distribution of profits or of freely distributable reserves, to shareholders to the extent shareholders’ equity exceeds the sum of the paid-in and called-up share capital plus any reserves required by Dutch law or by the Company’s articles of association. Due to the effect of the corporate reorganization described in Note 1, the number of shares issued and outstanding has been retrospectively adjusted to reflect the impact of the resulting 1:133.0778 share split and developed as follows in fiscal 2020: ​ ​ ​ ​ Common shares issued and outstanding at December 31, 2019 96,693,265 Genmab Investment ​ 2,175,157 2020 Private Investment ​ 55,688,535 Initial Public Offering and Private Placement ​ 22,708,332 Share option exercises ​ 3,195,276 Common shares issued and outstanding at December 31, 2020 ​ 180,460,565 Follow-on public offering, incl. Greenshoe ​ 5,750,000 Share option exercises ​ 910,163 Common shares issued and outstanding at December 31, 2021 ​ 187,120,728 ​ No share transactions occurred in fiscal 2019 and, as such, the number of shares outstanding was unchanged as of December 31, 2019. The share transactions which occurred in fiscal 2020 and 2021 are as described below. Genmab Investment Pursant to an Investment and Shareholders` Agreement (“ISA”), effective December 19, 2019, Genmab, agreed to purchase 2,175,157 Series B shares in the Company in exchange for EUR 20,000k in cash. As of December 31, 2019, the Group had received a total amount of EUR 16,345, corresponding to the par value of EUR 1 per share agreed to be purchased under the ISA. However, as the shares were not yet registered in the commercial register as of December 31, 2019, according to German law, the shares were not considered issued as of this date. The remaining amount of EUR 19,983,655 was paid at the beginning of 2020 and the shares were finally issued on February 18, 2020. 2020 Private Investment In July 2020, the Group issued to Kreditanstalt für Wiederaufbau (or "KfW", a German government-related entity), GSK and various other investors a total of 55,688,534 common shares in exchange for an aggregate investment of EUR 559,280k (2020 Private Investment). Initial Public Offering and Private Placement In August 2020, the Group completed its IPO whereby it sold 13,333,333 common shares at USD 16.00 per share. In addition, the underwriters exercised their option to purchase an additional 1,999,999 common shares at the public offering price less the underwriting discount. The aggregate proceeds, net of underwriting discounts, received by the Group from these transactions were USD 228,200k (EUR 192,946k). Additional offering costs for legal, accounting, printing and registration fees of USD 5,200k (EUR 4,397k) were recognized as a reduction to capital reserve against the proceeds from the IPO. Additionally, in August 2020, DH-LT Investments GmbH, a company beneficially owned by Dietmar Hopp, managing director of dievini, the Group’s largest shareholder, purchased EUR 100,000k of the Group’s common shares at a price of USD 16.00 per share. Follow-on public offering In February 2021, the Group completed a follow-on public offering whereby it sold 5,000,000 common shares at a price of USD 90.00 per share. In addition, the underwriters exercised their option to purchase an additional 750,000 common shares at this same price less the underwriting discount. The aggregate proceeds, net of underwriting discounts, received by the Group from these transactions were EUR 426,652k. Additional offering costs for legal, accounting, printing and registration fees of EUR 22,590k were recognized as reduction to capital reserve against the proceeds from the offering. Exercises of share options by the former CEO Between August and October 2020, the Group’s former CEO exercised 3,766,309 options against the issuance of 3,195,276 common shares of CureVac N.V. for no cash consideration (i. e., cashless exercise). Refer to Note 9 for additional information regarding this share-based payment. Between April and June 2021, the outstanding 100,000 options were exercised through the transfer of 92,738 own shares held (Treasury Shares). Exercises of share options under the old VSOP plan The IPO in August 2020 triggered an exercise event under the set terms of the old VSOP plan. In March 2021 CureVac received 759,677 shares from the old shareholders and handed over 390,023 shares to the participants of the old VSOP plan. CureVac withheld 369,654 shares equaling the amount to be paid for income tax and social security tax. Another triggering event, minimum trading volume and liquidity was met one year after IPO. In October CureVac received 765,223 shares from the old shareholders and handed over 523,897 shares to the participants of the VSOP plan. CureVac withheld 241,326 shares equaling the amount to be paid for income tax and social security tax. As of December 31, 2021, the company still held 168,322 treasury shares. Exercises of share options under the new VSOP plan Participants of the new VSOP plan were able to exercise their options throughout the year of 2021. In 2021 207,251 shares were issued and 349,920 options were fulfilled through the usage of the treasury shares held by CureVac. Exercises of share options under the Legacy program Three of the original founders used their granted 5,282 options from the legacy program and exercised their options throughout June until October 2021. The 5,282 options were restructured upon the completion of our Corporate Reorganization. Following this restructuring, the option holder was able to exchange his options for common shares of CureVac N.V. (instead of shares of CureVac AG) on a 1 to 133.0778 basis. Therefore, the exercise resulted in issuance of 702,915 shares. Shareholders’ Agreement Among KfW, dievini, DH-LT Investments GmbH and Dietmar Hopp In connection with the KfW’s investment as part of the 2020 Private Investment, KfW, dievini and Dietmar Hopp entered into a shareholders’ agreement on June 16, 2020, or the KfW dievini Shareholders’ Agreement, agreeing to certain transfer restrictions and rights of first refusal relating to their interests in CureVac, nomination rights, and a voting agreement relating to certain specified actions. In particular, dievini and Mr. Hopp agree to vote a specified number of their shares as directed by KfW on certain specified actions, subject to certain exceptions. These specified actions include, inter alia: (1) transferring the tax domicile of CureVac N.V. and/or the approval of the transfer of the corporate or administrative seat of CureVac; (2) relocating or ceasing activities in specified areas to a state outside the European Union to the extent (in particular in the area of the development of vaccines) they are material for the protection of the health of the population of the European Union; (3) entering into material mergers and acquisitions; and (4) amendments to the articles of association of CureVac which would affect the foregoing matters. The KfW dievini Shareholders’ Agreement has an initial fixed term that expires on December 31, 2023, subject to a right to extend for one year for the benefit of KfW and dievini, and may be terminated after the initial fixed term, or the extended term, if applicable, by either party subject to six months’ notice prior the end of the applicable calendar year. In addition, the agreement shall automatically terminate if KfW sells all or a part of its interest in the Company to a third party, subject to certain exceptions. On August 14, 2020, DH-LT Investments GmbH joined the KfW dievini Shareholders’ Agreement via a First Supplement Agreement to the KfW dievini Shareholders’ Agreement and on January 13, 2022, the parties to the KfW dievini Shareholders’ Agreement entered into a Second Supplement to the KfW dievini Shareholders’ Agreement which revised certain of the parties’ restrictions and rights with respect to transfer of the shares held by them. Moreover, triggered by transfer of certain shares from dievini to so-called “dievini Shareholders”, on dievini’s side certain additional parties entered into the KfW dievini Shareholders’ Agreement.

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2021
Share-based payments.
Share-based payments	9. Share-based payments Amounts in this Note reflect the retrospective effect of the share split resulting from the corporate reorganization described in Note 1. During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the Group operated the following share-based plans for members of management and other key employees of the Group, as well as members of the supervisory board: ● Virtual shares program I (Prior VSOP) ● Virtual shares program II (New VSOP)  — for US employees ● LTIP stock options ● LTIP RSUs ● Former Chief Executive Officer Grant ● Legacy Plan All programs were accounted for as equity-settled. Measurement of the grant date fair value is based on valuation techniques appropriate in the circumstances, such a Black Scholes option pricing models or a Monte Carlo simulation. Expected volatility, a key input to such models, was based on an evaluation of the historical volatilities of comparable listed biotech-companies over the historical period commensurate with the expected option life. Regarding the expected option life of the stock option programs, this was based on the assumptions that the beneficiary would exercise his option in equal installments from the date of the first time possible (taking into account lock-up and potential trading windows restrictions) until maturity. The risk-free interest was derived from German or US-Government bonds, as appropriate. Prior VSOP Exercise and/or vesting of the Prior VSOP is dependent on the occurrence of specified exit events, such as IPO or trade sale, and/or additional contingent events, such as financing rounds, product approvals or minimum trading volumes and liquidity levels of the CureVac N.V. shares. Further exit events relating to the program can be settled in cash or shares. ​ As CureVac considered the IPO-scenario most probable at the end of fiscal 2019 and had the discretion and the stated intent to settle in shares instead of cash in the case of an IPO, CureVac accounted for this program as equity-settled as of December 31, 2019. In August 2020 the IPO materialized and confirmed the Group’s settlement choice. The Prior VSOP has a term of nine years after the day of the Group’s initial listing in the case of an IPO. The development of the virtual shares in this program granted to management and key employees was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Outstanding at the beginning of the period ​ 6,640,449 ​ 7,305,838 ​ 7,951,265 Granted during the period 665,389 658,735 ​ 0 Expired during the period 0 (13,308) ​ 0 Exercised during the period ​ 0 ​ 0 ​ (1,524,900) Outstanding at the end of the period 7,305,838 7,951,265 ​ 6,426,365 Thereof vested 7,305,838 7,582,906 ​ 6,365,422 Thereof exercisable none none ​ none ​ 658,735 (2019: 665,389) virtual shares were awarded in May and June 2020 to18 key employees. As of December 31, 2019, none of the virtual shares of the Prior VSOP were exercisable because an exit event or capital market transaction had not occurred. The IPO on August 14, 2020, triggered the right to exercise 10 % of the vested virtual shares at the end of the lock-up period, which ended on February 10, 2021. Until March 10, 2021, the beneficiaries declared the exercise of all their then exercisable 759,677 virtual shares and CureVac received 759,677 shares from their former majority shareholders as of 2015, on that day. On March 11, 2021, CureVac transferred 390,023 shares to the exercising beneficiaries and withheld 369,654 (treasury) shares equal to the monetary value (approximately EUR 26 million) of the beneficiaries (wage) tax and social security obligations, which CureVac transferred to the relevant authorities on the exercising employee´s behalf in cash. The share price of CureVac on March 11, 2021, was EUR 69.69 All the remaining outstanding virtual shares can be exercised in full if there is a non-conditional drug approval. Furthermore, another 10 % portion of the (vested) virtual shares was exercisable on the first anniversary after IPO i. e., on August 14, 2021, because certain minimum trading volumes of the CureVac N.V. shares and liquidity levels were reached. The beneficiaries declared the exercise of their then exercisable 765,223 virtual shares by October 18 and CureVac received 765,223 shares from the old shareholders on that day. On October 19, 2021, CureVac transferred 523,897 shares to the exercising beneficiaries and withheld 241,326 (treasury) shares equal to the monetary value (approximately EUR 8 million) of the beneficiaries (wage) tax and social security obligations, which CureVac transferred to the relevant authorities on the exercising employee´s behalf in cash. The share price of CureVac on October 19, 2021, was EUR 34.56 Expense recognized in the statement of operations and other comprehensive income (loss) The expense recognized for share-based payment plans during the years ended 31, December is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Selling and distribution expenses ​ — ​ (213) ​ (25) Research and development expenses — ​ (1,840) (369) General and administrative expenses (6,074) ​ (3,135) (230) Total (6,074) ​ (5,188) (624) ​ Measurement of Fair Values The grant date fair value of the 658,735 (2019: 665,389) virtual shares granted in May and June 2020 (2019: April 18, 2019) was derived from the estimated equity value of CureVac on these dates, which lead to a fair value of one virtual share of EUR 10.04 (2019: EUR 9.13) at that time. New VSOP Effective November 25, 2019, the Group granted 745,236 share options to key employees of CureVac Inc. under the New VSOP program. Furthermore, in the first quarter of fiscal 2020, the Group granted another 267,822 share options. The share options have an exercise price of USD 6.21. The awards vest over a period of four years, which starts on the date the awardee was hired by the Group, with 25% vesting after 12 months and the rest in monthly installments. The awards have a term of 10 years. In addition, the Group set up a provision for employer taxes arising according to US regulations for future exercises of EUR 147k as of December 31, 2021 (2020: EUR 1,052k). Measurement of Fair Values An advanced Black-Scholes Model (Enhanced American Stock Option Model) has been used to measure the fair value at the grant date of November 25, 2019. For the grants in the first quarter of 2020, the same model has been used as in fiscal 2019. The inputs used in the measurement of the fair value at grant date were as follows: The inputs used in the measurement of the fair value at grant dates in the first quarter of 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Grant Date ​ ​ ​ Q4 2019 ​ Q1 2020 ​ Weighted average fair value ​ EUR3.80 ​ EUR4.05 ​ Weighted average share price EUR9.19 ​ EUR8.91 ​ Exercise price (USD 6.21) EUR5.64 ​ EUR5.60 ​ Expected volatility (%) 50.0 % 55.0 % Expected life (years) 1.16 ​ 1.11 ​ Risk-free interest rate (%) 1.77 % 1.79 % ​ The remaining life of the option awards as of December 31, 2021 is between 3.7 and 8.5 years (2020: range between 4.7 and 9.2 years; 2019: range between 5.7 and 9.9 years). Reconciliation of outstanding awards The number of awards in this program granted to key employees developed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Outstanding at the beginning of the period ​ — ​ 745,236 906,595 Granted during the period ​ 745,236 ​ 267,822 — Forfeited during the period ​ — ​ (106,462) ​ ​ Exercised during the period ​ — ​ — ​ (557,171) Outstanding at the end of the period 745,236 ​ 906,595 ​ 349,424 Thereof vested ​ 175,397 ​ 420,595 ​ 88,464 ​ ​ ​ ​ ​ ​ ​ Thereof exercisable none ​ none ​ 88,464 ​ As of December 31, 2019, none of the awards were exercisable because an exit event or capital market transaction had not occurred. With the defined exit event “financing round” before the IPO the awards became exercisable, but none of them were exercised. As the IPO had taken place on August 14, 2020, shortly after the “financing event” before the IPO, the awards became subject to the lock-up period, which is 180 days after the initial listing, i. e. on February 10, 2021. Hence, as of December 31, 2020, none of the awards were exercisable. In 2021 multiple exercises happened throughout the year. In total 557,171 options were exercised with an average share price of 61.28 USD. These exercises led to CureVac having to pay an amount of USD 493k employer taxes and to use USD 981k of the provision booked in 2020. Before the financial statements were authorized for issue,a total of 98,831 options were exercised from January up to beginning of April. For these exercises Treasury shares were used.. These exercises have led to employer taxes in the amount of USD 43k which have to be paid by CureVac and have been provided for as of December 31, 2021 (2020: USD 1,144k). Expense recognized in the statement of operations and other comprehensive income (loss) The expense recognized for employee services received during the years ended December 31, 2021, December 31, 2020, and 2019 is shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k EUR k Research and development expenses (258) ​ (1,421) ​ (349) Selling and distribution expenses (743) ​ (296) ​ (188) General and administrative expenses (79) ​ (47) ​ (35) Total (1,080) ​ (1,764) ​ (591) ​ Long-Term Incentive Plan (LTIP) On November 16, 2020, CureVac granted 266,155 options to the Chief Scientific Officer (CSO). Furthermore, on December 1, 2020, CureVac granted 266,156 options (in 3 tranches) to the company`s Chief Business Officer (CBO) and Chief Commercial Officer (CCO). All grants were made at no cost under the terms of a new long-term incentive plan put in place by Curevac N.V. Options will be settled in shares of Curevac N.V. Options granted to the CSO have an exercise price of EUR 10.04 per share option and an expiration date of July 14, 2030. The exercise price was based on value of the shares at entry date of the CSO. The award vests over a period of four years , with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of 20%, based on the 10 day VWAP at time of exercise. Options granted to the CBO / CCO have been granted in 3 tranches vesting over 1 actual exercise price in fiscal year 2021 was determined to be EUR 33.07 (USD 39.92). The tranches have a term of 10 years. Exercise of all three tranches is contingent on a share price increase of 10 %, based on a 10 day VWAP at the time of each exercise On July 1, 2021, CureVac granted 20,000 options to the Chief Operations Officer (COO). Furthermore, on August 1, 2021, CureVac granted 30,000 options to the Chief Development Officer (CDO). All grants were made at no cost under the terms of the new long-term incentive plan (LTIP) put in place by Curevac N.V. Options will be settled in shares of Curevac N.V. Options granted to the COO have an exercise price of EUR 70.92 (USD 84.03) per share option and an expiration date of July 2, 2026. The exercise price was based on the 20 day VWAP of the shares at entry date of the COO. The award vests over a period of four years , with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 day VWAP at time of exercise. Options granted to the CDO have, an exercise Price: EUR 46.16 (USD 54.79) per share option and an Expiration Date: August 2, 2026. The exercise price was based on the 20 day VWAP of the shares at entry date of the COO. The award vests over a period of four years , with 25% vesting after 12 months and the rest in 1/36 monthly installments thereafter. Exercise is contingent to a share price increase of +20%, based on the 10 day VWAP at time of exercise. For the grants to the CSO, CBO/CCO, COO and CDO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant dates. The inputs used in the measurement of the fair value at grant date were as follows: ● For the grant to the CSO ​ ​ ​ ​ ​ Weighted average fair value per option EUR57.40 ​ Weighted average share price (10-days VWAP before grant date) EUR50.01 ​ Exercise price (USD 11.90) EUR10.04 ​ Expected volatility (%) 62.06 % Expected life (years) 1.82 ​ Risk-free interest rate (%) 0.07 - 1.48 % ​ ● For the grant to the CBO/CCO First tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR48.27 ​ Weighted average share price (actual 10-days VWAP before grant date, USD 81.03) EUR67.12 ​ Exercise price (USD 52.96) EUR43.87 ​ Expected volatility (%) 62.27 % Expected life (years) 1.78 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ Second tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR24.36 ​ Weighted average share price (estimated by Monte Carlo simulation to be USD 98.36) EUR81.48 ​ Exercise price (estimated by Monte Carlo simulation to be USD 98.36) EUR81.48 ​ Expected volatility (%) 62.27 % Expected life (years) 2.23 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ Third tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR20.01 ​ Weighted average share price (estimated by Monte Carlo simulation to be USD 98.57) EUR81.65 ​ Exercise price (estimated by Monte Carlo simulation to be USD 98.57) EUR81.65 ​ Expected volatility (%) 62.27 % Expected life (years) 2.66 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ ​ ​ ​ ​ ​ Weighted average fair value per option EUR17.56 ​ Weighted average share price (20-days VWAP before grant date) EUR56.51 ​ Exercise price (USD 84.03) EUR70.92 ​ Expected volatility (%) ​ 70.95 % Expected life (years) 4.5 ​ Risk-free interest rate (%) ​ 0.099 – 0.903 % ​ ​ ​ ​ ​ ​ Weighted average fair value per option EUR17.56 ​ Weighted average share price (20-days VWAP before grant date) EUR41.81 ​ Exercise price (USD 54.79) EUR46.16 ​ Expected volatility (%) ​ 75.13 % Expected life (years) 4.6 ​ Risk-free interest rate (%) ​ 0.075 – 0.704 % ​ At December 31, 2021, none of the totals of 50,000 options granted to the COO and CDO under the LTIP were vested and hence, not exercisable yet. The expense recognized for employee services received under the LTIP during the years ended December 31, 2021, is in an amount of EUR 12,472k (2020:EUR 4,736k) is included in general and administration expenses. Grant to Former Chief Executive Officer In 2019, CureVac granted 3,866,309 options to Dan Menichella, then Chief Executive Officer (CEO) of CureVac from June 20, 2018, to March 10, 2020, with an exercise price of USD 8.28 per share option. 2,819,120 of these options vested in 2019 and the remainder in 2020. Except for 100.000 options, all options were exercised in 2020 against the issuance of 3,195,276 common shares of CureVac NV for no cash consideration. The weighted average share price at the date of exercises was USD 114.0345 (EUR 93.765) in fiscal 2021 and USD 55.22 (EUR 46.72) in fiscal 2020. The outstanding 100.000 options were all exercised as of June 30, 2021. ​ An advanced Black-Scholes Model (Enhanced American Stock Option Model) has been used to measure the fair value at the grant date of October 14, 2019. The inputs used in the measurement of the fair value at grant date were as follows: ​ ​ ​ ​ ​ Weighted average fair value EUR3.87 Weighted average share price ​ EUR9.19 Exercise price (USD 8.28) EUR7.50 ​ Expected volatility (%) 50.0 % Expected life (years) 4.77 ​ Risk-free interest rate (%) 1.71 % ​ In FY 2020, EUR 2,551k (2019: EUR 12,409k) were recognized as expense in general and administrative expenses. Employer taxes were expensed and paid upon exercise under US regulations amounting to USD 139k in 2021 (2020: EUR: 2,033k expensed and paid or payable). These exercises led to CureVac having to pay an amount of USD 139K employer taxes and the use USD 146K of the provision booked in 2020. Legacy plan Under the terms of a legacy plan, at January 1, 2019, three members of (former) management held 702,917 of share options outstanding and exercisable. These share options grant the holder the right to acquire shares of CureVac AG at nominal value and are classified as equity-settled share-based payments. All options were exercised in 2021. No expenses have been recognized during the years ended December 31, 2021, 2020 and December 31, 2019 under this program. ​ Restricted Stock Units (RSUs) In 2021, as part of the LTIP program, the group awarded RSUs (restricted stock units) to senior executives as well as supervisory board members. On June 24 th One third In addition, as of July 1, 2021, the group also awarded 4,691 special RSU awards. These special RSU awards vest over 12 months and are fully vested as of December 31. 2021. The RSU program is accounted for by recognizing the related expense over the vesting period of the award, with corresponding increases recorded in equity. The expense is based on the fair value determined at the grant date of the award and the number of awards expected to vest. The fair value remains unchanged after grant date. Once the award has vested, there is no reversal of expense related to the award. Expenses for employer taxes arising upon the delivery of RSUs are recognized in profit or loss. The related RSU expense is recorded in the functional cost category to which the award recipient's costs are classified. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Research and development expenses — — (240) Selling and distribution expenses — — (82) General and administrative expenses — — (383) Total — — (705) ​

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2021
Trade and other payables.
Trade and other payables	10. Trade and other payables Trade payables and other payables are all due within one year and include the following: ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ EUR k EUR k Trade payables 17,623 122,263 License fees payable 537 38 Miscellaneous liabilities 3,525 5,402 Total 21,685 127,703 ​ The significant increase of Trade Payables refers to invoices received before fiscal year end mainly for raw materials and CMO services. There is no concentration of risk. ​ Miscellaneous liabilities consist mainly of withholding taxes of EUR 499k (2020: EUR 88k) and of payroll-related taxes and social-security liabilities of EUR 4,802k (2020: EUR 1,178k).

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2021
Other liabilities.
Other liabilities	11. Other liabilities Other current liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ EUR k EUR k Personnel accrued liabilities (e.g. bonus, vacation) 5,871 7,210 Grants from government agencies and similar bodies 36,063 3,167 Outstanding invoices 7,577 35,242 Professional fees 511 1,183 VAT and other taxes (real estate transfer taxes) ​ 12,268 ​ 924 Provision for onerous contracts ​ — ​ 40,455 Contract termination provisions ​ — ​ 81,587 Other 2,036 305 Total 64,326 170,073 ​ In fiscal 2021, EUR 66,394k (2020:EUR 23,736k) of the grants from government agencies and similar bodies were recognized as other operating income. The increase of the accrued liability for outstanding invoices was mainly driven by the receipt of materials/services under the CMO agreements. The provision for onerous contracts relates to the CRO agreements and is expected to be used within one year from December 31, 2021. All amounts recognized as of December 31, 2021 arose during the year and no such provisions were utilized or reversed during the year. As described in Note 2, for onerous contract provisions relating to CRO agreements, judgment is required in estimating the cost of the remaining services, particularly in estimating the number of participants completing the clinical trials; the amount of the outflow of resources to settle the obligations to which this provision relates may vary from the provision amount recognized as of December 31, 2021 due to potential variability in the actual costs billed by CROs for their services and for pass-through activities. Contract termination provisions relate to amounts which the Company expects to pay out to settle its obligations under certain CMO contracts which it has terminated or anticipates terminating. All amounts recognized as of December 31, 2021 arose during the year and no such provisions were utilized or reversed during the year. As described in Note 2, judgment is required in estimating these amounts. The amount of the outflow of resources to settle the obligations to which these provisions relates may vary from the provision amount recognized as of December 31, 2021 due to potential variability in the amount required to be paid to ultimately release the Company from its remaining obligations under the CMO contracts, including as a result of arbitration decisions. Contract terminations provisions are expected to be used within one year from December 31, 2021. Refer to Note 20 Subsequent events for additional information regarding a change in a contract termination provision following December 31, 2021. The accrued liability for other taxes consists of real estate transfer taxes in the amount of EUR 924k (2020: EUR 924k).

Loans

Loans	12 Months Ended
	Dec. 31, 2021
Loans
Loans	12. Loans As of December 31, 2019, CureVac had been granted two convertible loan facilities (i.e., First Loan and Second Loan) by Dietmar Hopp. On June 26, 2020, CureVac drew down the second tranche of the Second Loan in the amount of USD 26,800k (EUR 24,860k). On July 24, 2020, the First Loan and Second Loan were terminated and on August 7, 2020, the total principal of EUR 94,749k and total accrued interest of EUR 5,641k were repaid in full. During the year ended December 31, 2020, EUR 11,008k of interest expense, inclusive of EUR 5,194k which resulted from the early termination of the First Loan and Second Loan (December 31, 2019: EUR 11,960k), was recognized. On June 27, 2020, CureVac signed a financing arrangement with the European Investment Bank, or EIB, under which EIB agreed to provide the Company with a line of credit in an amount of up to EUR 75 million for the partial financing of CureVac´s clinical developments and large-scale production of the infectious disease vaccine candidates including a vaccine against SARS-CoV-2, or the Investment, provided that the amount of financing does not exceed 50% of the cost of the Investment. The EIB financing is available in three tranches of at least EUR 15 million and up to EUR 25 million upon completion of pre-defined milestones. These pre-defined milestones are tied to evidence of successful progress in the development and large-scale production of CureVac´s vaccine candidate against SARS-CoV-2. In addition, the disbursements of the second and third tranches are contingent upon the occurrence of the disbursement of the first and second tranches, respectively. Each tranche is due 7 years from the disbursement date. The EIB loan requires fixed remuneration at an interest at a rate of 0.5% per annum. Additionally, the loan agreement requires CureVac to pay variable remuneration depending on the output produced in the Company's GMP IV manufacturing facilities, which is EUR 200k per batch, up to an aggregate remuneration cap of EUR 75 million, on batches produced during the "Remuneration Period" beginning the earlier of the first financial year when CureVac AG has a positive EBITDA or in 2025 and extending for a period of 12 years thereafter. Payment of the variable remuneration is due on the first March 31 st st CureVac was subject to several restrictive covenants on its business activities as described in the financing agreement, including limitations on certain merger and acquisition transactions, disposition of certain assets, and mandatory maintenance of assets related to the Investment. In November 2020, a land charge (lien) amounting to EUR 75 million was registered in favor of the EIB to secure the loan. The EIB may demand, without prior notice, the immediate repayment of outstanding principal together with any accrued interest upon certain events including, among others, the Company’s failure to continue the development of its Investment following a grace period. As of December 31, 2020, CureVac had drawn the first of the three tranches and, thus, EUR 25 million (plus accrued interest of EUR ​ During the year ended December 31, 2021, CureVac decided to early terminate the EIB loan for a total cash consideration of EUR 26,633k, which comprises of EUR 25,000k repayment of the loan and 1,633k interest and fees. As of December 31, 2021 the EIB loan was fully repaid. ​

Income tax

Income tax	12 Months Ended
	Dec. 31, 2021
Income tax
Income tax	13. Income tax CureVac has tax losses in Germany that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Under German tax law, tax profits in a given year can be offset against tax loss carryforwards up to an amount of EUR 1,000k. 60% of tax profit in excess of this amount can be offset against any remaining tax loss carryforwards. As a result, 40% of the profits in excess of EUR 1,000k are subject to taxation. The CureVac Group has three foreign entities: ● CureVac Inc. is an U.S.-based company ● CureVac Beteiligungsverwaltungs AG is an Austria-based company ● CureVac Swiss AG is a Switzerland-based company With the exception of those companies, all other CureVac’ Group entities are considered Germany entities for tax purposes. Tax loss carryforwards are examined by the German taxation authorities and may be adjusted. Furthermore, significant changes in the shareholder and company structure can lead to a reduction in the loss carryforwards under the current provisions of German tax law, which can be used to calculate the annual amount for offsetting against the future taxable income. In fiscal 2021, 2020 and 2019, the Group recorded a consolidated income tax benefit and expense of EUR 782k, EUR 726k and EUR 252k, respectively. The income tax benefit in fiscal 2021 results from current income tax expenses of EUR 1033k (2020: EUR 403k and 2019: EUR 203k) and deferred tax income (in 2019: expenses) on taxable temporary differences of EUR 1,815k (2020: EUR 2,843 k and 2019: EUR 656k),. In fiscal 2021, the Group further recorded deferred tax liabilities of EUR 0k (2020: EUR 39k and 2019: EUR 2,212k) related in prior years to taxable temporary differences on the equity component of the convertible loans recognized in capital reserve. In fiscal 2021 the Group recognized deferred tax assets related taxable temporary differences arising from share-based-payments of EUR 581k (2020: EUR 1,012k) through equity. For outside basis differences of EUR 2,089k (2020: EUR 972k and 2019: EUR 770k) which are indefinitely reinvested and associated with investments in subsidiaries, deferred tax liabilities have not been recognized. The significant components of income tax for the years ending December 31, 2021, 2020 and 2019 were as follows: Tax reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Loss before tax (100,125) ​ (129,848) ​ (412,498) Expected tax benefit (based on statutory tax rate of 29.48% in 2021 and 29.13% for 2020 and 2019) 29,162 ​ 37,818 ​ 121,584 Adjustments in respect of current income tax of previous years ​ ​ 18 ​ 0 Adjustments in respect of deferred income tax of previous years ​ ​ ​ 160 ​ 0 Effects from Recognition or Non-Recognition of DTA through Equity ​ ​ ​ (1,012) ​ (581) Effects of (Non-) Recognition of tax loss carryforwards recognized in prior years ​ ​ ​ (1,716) ​ 0 Effects from differences between Group and local tax rates 8 ​ 8 ​ (8) Effects resulting from non-recognition of tax loss carryforwards (22,836) ​ (30,168) ​ (114,999) Effects resulting from non-recognition of DTA/DTL — ​ (179) ​ (7,363) Non-recognition of DTA for deductible temporary differences from SBP this year ​ ​ (2,946) ​ 0 Non-deductible expences for tax purposes ​ ​ 0 - Effects from non-deductible share-based-payments (5,698) ​ ​ ​ 0 - Effects from (additions / deductions) for local trade taxes (191) ​ (63) ​ (176) - Other non-deductible expenses / including "Zinsschranke" (78) ​ (1,154) ​ (101) Other effects (114) ​ (39) ​ 2,426 Effective tax benefit / (expense) 252 ​ 726 ​ 782 ​ Deferred taxes Deferred taxes relate to the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2021 ​ ​ EUR k ​ EUR k Intangible assets ​ (4) (5) Property, plant and equipment ​ (1,075) (2,136) Right of use-assets ​ (8,458) (9,420) Other assets ​ (303) (153) Inventories ​ 44 0 Trade Receivables ​ 19 151 Contract assets ​ (235) 0 Other financial assets ​ — 0 Other current assets ​ (286) 1,215 Cash and cash equivalents ​ (2,091) (308) Assets ​ (8,207) (10,656) Share-based payments ​ — — Lease liabilities (non-current portion) ​ 7,774 7,445 Financial liabilities / Convertible Loan ​ — — Other Non-current financial liabilities ​ 53 0 Other non-current liabilities ​ (43) (130) Trade and other payables ​ 434 (229) Lease liabilities (current portion) ​ 934 1,011 Other liabilities ​ (320) 22,237 Liabilities ​ 8,830 30,334 Deferred Taxes on temporary differences ​ 624 19,678 Non-Recognition of Deferred Tax Assets (DTA) on temporary differences ​ (1,391) (19,881) DTA on deductible temporary differences Share-based Payment ​ 1,212 2,769 Deferred Taxes on loss carryforwards ​ — 294 Deferred Taxes Total ​ 445 2,861 ​ The following unused tax losses for which no deferred tax asset is recognized in the statement of financial position had been carried forward as of the end of the reporting periods: ​ ​ ​ ​ ​ ​ ​ ​ Tax loss carryforwards 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Unused tax losses for corporate income tax 407,434 ​ 775,956 1,181,225 Unused tax losses for trade tax ​ 405,123 ​ 773,165 1,176,844 Unused interest carryforward ("Zinsschranke") — ​ 3,627 ​ 2,879 ​ DTA´s for temporary differences in the amount of EUR 18.5 million are valuated to zero at the year end 2021 because they are not recoverable. Most of those DTA results from differences in accruals between IFRS and German Tax GAAP. There is an effect in the taxable income of EUR 14,3 The main reasons for the increase in the unused tax loss carryforwards for corporate income and trade tax can be explained as follows: Due to the corporate restructuring and the exit event triggered by the IPO for the several share based payments becoming exercisable in 2020 (or later) as described in detail in Note 9. share-based payments, at the first time in fiscal 2020, CureVac recognized expenses in 2020 in the amount of approximately EUR 245.3 million in its financial statements according to local GAAP and German income tax purposes. From this amount, only approx. EUR 18.9 million were recognized in 2020 cumulatively through profit or loss in the consolidated financial statements according to IFRS until fiscal year-end 2020. The difference of EUR 226.4 million in 2020 has and will not affect profit or loss in the consolidated financial statements according to IFRS. In the case of recognition of a deferred tax asset arising from this part of the tax loss carryforward, this amount would be credited against equity according to IAS 12.68A-C. Furthermore, in fiscal year 2020 EUR 18.9 million transaction costs in respect of the capital increases as described in detail in Note 8. Equity were debited to capital reserves. These amounts were tax-deductible according to German income tax regulations. In the case of recognition of a deferred tax asset arising from this part of the tax loss carryforward, this amount would be credited against capital reserves. The following deductible temporary differences for which no deferred tax asset is recognized in the statement of financial position had been carried forward as of the end of the reporting periods: ​ ​ ​ ​ ​ ​ ​ ​ Deductible temporary differences 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Not recognized over P&L — 109,272 163,607 Not recognized over equity — 415,018 110,749 ​ The amounts disclosed above (in respect of the development of deductible temporary differences not recognized) also result mainly from share-based payments as described in Note 9 share-based payments. These programs will become tax-deductible according to German income tax regulations upon exercise. The reported amount “Not recognized over P&L” is the amount that has been cumulatively expensed in CureVac`s consolidated financial statements according to IFRS until December 31, 2021, for these programs (less the amounts for which deferred tax assets have been recognized) with appr. EUR 14.3 million relating to fiscal 2021 (2020: EUR 10.1 million) and the remainder to prior periods. The reported amount "Not recognized over equity" represents the amount that would be credited against equity according to IAS 12.68A-C (less the amounts for which deferred tax assets have been recognized). An amount of EUR 2,769 k is shown as a DTA for anticipated losses of the SBP which will reduce the current tax in the next year when they options will be exercised. The reported amount of “Not recognized over equity” may significantly fluctuate depending on the share price of CureVac which itself would lead to another allocation of the deferred tax asset recognized through profit or loss or equity. The same considerations apply to the deferred tax asset recognized for unused tax loss carryforwards. Hence, there might be significant changes in the allocation of deferred tax assets to be recognized through profit or loss or equity in the future which might lead to significant volatilities in the P&L line item income taxes solely due to the changes in the share price of CureVac. Due to the enacted increases in the trade tax levy rate by the city council of Tuebingen as of April 13, 2021, in the case of the full recognition of deferred tax assets and deductible temporary differences not recognized as of December 31, 2020, the effects on deferred tax assets would be approximately EUR 4.6 million, which would be credited by 51% to equity and 49% to profit or loss. Deferred tax assets on tax loss carryforwards and deductible temporary differences in excess of taxable temporary differences have not been capitalized as management concluded that there is not sufficient probability as per IAS 12 that there will be future taxable profits available in the foreseeable future against which the unused tax losses can be utilized. The accumulated unused tax losses relate entirely to Germany.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2021
Earnings per share
Earnings per share	14. Earnings per share Amounts in this Note reflect the retrospective effect of the share split resulting from the corporate reorganization described in Note 1. Earnings per share is calculated by dividing the consolidated net loss of CureVac N.V. by the weighted average number of shares outstanding in the fiscal period. There were no share issuances in fiscal 2019 and, therefore, the weighted average number of shares outstanding was 96,693,265 in that period. The weighted average number of shares outstanding in fiscal 2020 was 132,195,792. The weighted average number of shares outstanding in fiscal 2021 was 186,012,586. This has led to basic loss per share of EUR 1.03, EUR 0.98 and EUR 2.21 for fiscal 2019, 2020 and 2021, respectively. CureVac has several instruments, including contingently issuable shares, that could potentially dilute basic earnings per share in the future, but are not included in the calculation of diluted earnings per share because they are antidilutive for the period presented.

Disclosure of financial instrum

Disclosure of financial instruments and management of financial risks	12 Months Ended
	Dec. 31, 2021
Disclosure of financial instruments and management of financial risks
Disclosure of financial instruments and risk management	15. Disclosure of financial instruments and management of financial risks General information CureVac is exposed to certain financial risks with respect to its assets and liabilities and the transactions associated with its business model. These risks generally relate to credit risks, liquidity risks and market risks (including currency risk, interest rate risk and price risk). The aim of risk management is to limit the potential negative impact on expected cash flows and take advantage of any opportunities that arise. As a result, the management of CureVac assesses at least once a year whether risks have changed and whether the measures in place to limit risk are still sufficient. Credit risk Credit risk is managed by CureVac’s finance department. Credit risk arises from cash and cash equivalents and other financial assets, including deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and contract assets. Cash deposits and investments are placed only with reputable financial institutions with a credit rating of not less than A- (Standard & Poor’s), A3 (Moody’s) or A- (Fitch). CureVac is exposed to bank default and concentration risk as its cash is concentrated at few financial institutions. The high cash total as of December 31, 2021 led to a concentration risk. Management therefore decided to pool 13% of the cash at Germany’s largest private bank and 71% at a major German Landesbank. The focused cash management structure with few banks allows enhanced bank risk supervision. The market capitalization of all listed banks is regularly reviewed. Credit risk is further limited by investing only in liquid instruments. CureVac is also exposed to a credit risk for all receivables and contract assets. Counterparty credit limits are reviewed by CureVac’s Management Board on an annual basis and may be updated throughout the year. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. The Group manages its credit risk with customers by closely monitoring its receivables. The risk of default is considered to be low because the structure of customers consists of reputable collaborating parties and government grantors. Receivables management and financial accounting incorporates monitoring of payments received and any overdue receivables. The carrying amount of other financial assets recognized determines the maximum theoretical credit risk. As of the end of fiscal 2021, available funds are deposited at two reputable financial institutions. In connection with cash and cash equivalents, (other) financial assets, trade receivables and contract assets, CureVac uses the simplified approach under IFRS 9 in determining the loss allowance at an amount equal to the lifetime expected credit losses. As of December 31, 2021, the loss allowance for the “expected credit losses” totaled to EUR 105k (2020: EUR 182k), resulting in an effect recognized in profit and loss in the consolidated statement of operations and other comprehensive expense in fiscal 2021 of EUR 78k (2020: EUR 106k). Liquidity risk / Capital management For the purpose of CureVac’s capital management, capital includes share capital and all other equity reserves attributable to the equity holders. The primary objective of CureVac’s capital management is to maximize the shareholder value through investment in the development activities of the Group. Based on its business as an active research group, CureVac has historically relied almost exclusively on debt and equity funding by its shareholders and lenders as a means of financing itself prior to successful development and sales of a marketable product. In 2020, as a result of the BMBF and EC APA agreements (see Notes 3.2., respectively) the Company has received significant advance payments with contribute to its financing of its operations. Advance Payments of the BMBF agreement continued in 2021. Such funds were primarily being invested in CureVac's COVID-19 vaccine candidate research and development. The Group’s finance department reviews the total amount of cash of the Group on a weekly basis. As part of this review, the committee considers the total cash and cash equivalents, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. In meeting its financing objectives, the Group negotiates and enters into research cooperation agreements. In general, the aim is to maximize the financial resources available for further research and development projects. CureVac is not subject to externally imposed capital requirements. However, certain grant funds received may be required to be returned if qualifying costs are not incurred or are not incurred in accordance with the grant terms (see also Note 3.2. and Note 3.7.). Additionally, while the Company was subject to certain loan covenants under the EIB loan, such covenants did not impose minimum capital requirements but did provide the right to the EIB to call for repayment of the loan in the occurrence of certain events (refer to Note 12 for additional information). As the EIB loan was fully repaid in December 2021, such loan covenants do not exist anymore. The objectives of CureVac’s capital management were achieved in the reporting year. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2021 and 2020. In order to safeguard liquidity, the Group invests funds not required immediately for operating purposes in short-term investments at banks with high standing and call-deposit accounts with maturity up to three months. Liquidity risks are therefore expected to be low. The Group does not enter into trading of financial instruments and monitors its risk of a shortage of funds using a liquidity planning tool. Historically, CureVac has relied on financing from shareholders, grant income and collaborators in order to ensure sufficient liquidity. Lack of external financial support could pose a risk of going concern. The liquidity management of CureVac ensures the availability of cash and cash equivalents for operational activities and further investments through appropriate budget planning. Ultimately, the responsibility for liquidity risk management lies with management, who has established an appropriate approach to managing short-, medium- and long-term financing and liquidity requirements. CureVac manages liquidity risks by holding appropriate reserves, as well as by monitoring forecasted and actual cash flows and reconciling the maturity profiles of financial assets and liabilities. The table below summarizes the maturity profile of the Group`s financial liabilities based on contractual undiscounted payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ​ 3 to 12 months ​ 1 to 5 years ​ > 5 years ​ Total 2021 EUR k EUR k EUR k EUR k EUR k Contractual commitments ​ — (163,557) — — (163,557) Lease liabilities (Note 4.2) ​ (576) (2,893) (16,746) (8,677) (28,892) Other liabilities (Note 11) ​ (79,927) (80,116) (10,018) (12) (170,073) Trade and other payables (Note 10) ​ (99,035) ​ (638) ​ (28,030) ​ — ​ (127,703) Total (179,538) (247,204) (54,794) (8,689) (490,225) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ​ 3 to 12 months ​ 1 to 5years ​ > 5 years ​ Total 2020 EUR k EUR k EUR k EUR k EUR k Contractual commitments — (97,151) — — (97,151) Lease liabilities (Note 4.2) (728) (2,233) (15,805) (11,322) (30,087) Other liabilities (Note 11) (52,637) — (8,423) (138) (61,199) Trade and other payables (Note 10) (21,004) (682) ​ — (21,685) EIB loan (Note 12) ​ — ​ — ​ — ​ (25,875) ​ (25,875) Total (74,368) (100,066) (24,228) (37,335) (235,997) ​ ​ Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. CureVac’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency) and the amounts held as cash and cash equivalents. CureVac N.V.’s, CureVac AG’s and CureVac Real Estate GmbH’s functional currency is the Euro. The functional currency of CureVac Inc. is the USD and of CureVac Swiss AG the CHF. CureVac AG’s exposure in foreign currency at the end of fiscal 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (in thousands) Cash and cash equivalents 51,363 EUR 58,174 USD Trade and other receivables 182 EUR 206 USD Total monetary assets in foreign currency 51,545 EUR 58,380 USD Trade and other payables 52,594 EUR 59,568 USD ​ 0 EUR 0 GBP ​ 19 EUR 20 CHF Total monetary liabilities in foreign currency 52,613 EUR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 (in thousands) Cash and cash equivalents 84,798 EUR 104,055 USD Trade and other receivables 76 EUR 93 USD Total monetary assets in foreign currency 84,874 EUR 104,148 USD Trade and other payables 3,761 EUR 4,615 USD ​ 5 EUR 58 GBP ​ 3 EUR 3 CHF Total monetary liabilities in foreign currency 3,828 EUR ​ ​ As shown in the tables above, CureVac N.V. is exposed to a currency risk only in relation to the USD. Therefore, a foreign currency sensitivity analysis is only presented in respect to the net exposure in USD at fiscal year ends. CureVac’s net exposure in USD is the difference between monetary assets in USD and monetary liabilities in USD and developed as follows: Net exposure in USD ​ 2020 2021 EUR 77,669 k from USD 95,311 k ​ EUR -3,964 from USD -4,490 k ​ ​ At December 31, 2021, if the EUR had weakened 10 per cent against the US dollar with all other variables held constant, pre-tax loss for the year would have been EUR -440k (2020: EUR 8,630k) lower and post-tax loss would have been EUR -310k (2020: EUR 6,116k). Conversely, if the EUR had strengthened 10 per cent against the US dollar with all other variables held constant, pre-tax loss would have been EUR -360k (2020: EUR 7,061k) higher and post-tax loss would have been EUR -254k (2020: EUR 5,004k) higher. The effects on pre- and post-tax loss and (accumulated) other comprehensive income due to fact that CureVac Inc’s functional currency is the USD would still have been immaterial as of December 31, 2021. CureVac did not have derivatives in fiscal 2021 and 2020. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. CureVac’s exposure to the risk of changes in market interest rates relates primarily to the CureVac`s cash and cash equivalents with floating interest rates. Due to persistent low-interest-rates CureVac might be exposed to the risk of being charged negative interest rates on its bank deposits. If interest rates as of December 31, 2021 had been 1% higher while all other variables had remained the same, the net loss for the year (before and after tax) would have been EUR 8,116k (2020: EUR 13,226k) lower because the higher interest income would have been generated from floating rates on invested cash and cash equivalents. Because interest rates on cash and cash equivalents as of December 31, 2021 and 2020 had been almost near zero, lower interest rates would have had an immaterial effect on the net loss for the year (before and after tax) and on other comprehensive income. Fair value measurement All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized with the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ● Level 1 — Inputs use quoted prices in active markets for identical assets or liabilities ​ ● Level 2 — Inputs are inputs, other than quoted prices included in Level 1, which are directly or indirectly observable ​ ● Level 3 — Inputs are unobservable and have values estimated by management based on market participant assumptions which are reasonably available ​ All financial instruments are measured at amortized cost at December 31, 2021 and December 31, 2020. Apart from this, liabilities from licenses agreements (i.e., acquired intangible assets) of EUR 932k (2020: EUR 812k), are classified as financial liabilities at fair value through profit or loss under the Level 2 input factors. Management assessed that the fair values of cash and cash equivalents, short-term investments, trade receivables and other financial assets, trade payables and other current liabilities as well as liabilities from licensing agreement approximate their carrying amounts. Moreover, management assessed that the potential differences between carrying amounts and fair value of liabilities to banks, (finance) lease liabilities and the liabilities for licensing agreements should be immaterial.

Notes to the consolidated state

Notes to the consolidated statements of cash flows	12 Months Ended
	Dec. 31, 2021
Notes to the consolidated statements of cash flows
Notes to the consolidated statements of cash flows	16. Notes to the consolidated statements of cash flows Changes in liabilities arising from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ January 1, ​ ​ ​ New Accrued Paid Exchange December 31, in thousands of EUR ​ 2021 Cash flows ​ Reclassification ​ Disposals ​ Leases ​ interest ​ Interest ​ Movements ​ 2021 EIB loan (Note 12) ​ 25,189 ​ (25,000) ​ — ​ — ​ — ​ 1,444 ​ (1,633) ​ — ​ — Lease Liabilities (Note 4.2) ​ 30,087 ​ (3,184) ​ — ​ (943) ​ 2,763 ​ — ​ — ​ 169 ​ 28,892 Total liabilities from financing activities 55,276 (28,184) ​ — ​ (943) ​ 2,763 ​ 1,444 ​ (1,633) ​ 169 28,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ January 1, ​ Cash ​ ​ ​ ​ ​ New ​ Accrued ​ Paid ​ Exchange ​ December 31, in thousands of EUR 2020 flows Reclassification Disposals Leases interest Interest Movements 2020 Convertible loans (Note 12) 65,018 (69,889) (126) — ​ — 10,637 ​ (5,640) — — EIB loan (Note 12) ​ — ​ 25,000 ​ — ​ — ​ — ​ 189 ​ — ​ — ​ 25,189 Lease Liabilities (Note 4. 2) 14,130 (2,996) — (43) ​ 19,310 — ​ — (315) 30,087 Total liabilities from financing activities 79,148 (47,885) (126) (43) ​ 19,310 10,826 ​ (5,640) (315) 55,276 ​

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and contingencies
Commitments and contingencies	17. Commitments and contingencies In the course of its ordinary activities, no major claims have been made against the Company.For contractual commitments, refer to Note 15.

Remuneration of the Company's k

Remuneration of the Company's key management personnel	12 Months Ended
	Dec. 31, 2021
Remuneration of the Company's key management personnel
Remuneration of the Company's key management personnel	18. Remuneration of the Company’s key management personnel Total remuneration of key management personnel Remuneration of the Company’s key management personnel was as follows in fiscal 2021: ​ ​ ​ ​ ​ ​ ​ Management Supervisory Remuneration of key management in 2021 ​ Board ​ Board ​ ​ EUR k ​ EUR k Short-term benefits 3,098 646 Share-based payments 12,673 566 Total 15,771 1,212 ​ Remuneration of the Company’s key management personnel was as follows in fiscal 2020: ​ ​ ​ ​ ​ ​ ​ Management Supervisory Remuneration of key management in 2020 ​ Board ​ Board ​ ​ EUR k ​ EUR k Short-term benefits ​ 3,840 ​ 557 Share-based payments 7,287 — Total 11,127 557 ​ The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel.

Other related party disclosures

Other related party disclosures	12 Months Ended
	Dec. 31, 2021
Other related party disclosures
Other related party disclosures	19. Other related party disclosures dievini Hopp BioTech holding GmbH & Co. KG As disclosed in Note 1, during fiscal 2021, dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, was the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between appr. 46 – 49 % during that period. dievini is thus the de facto parent of the Group. Dietmar Hopp, Daniel Hopp and Oliver Hopp are the ultimate controlling persons (of the main shareholders) of dievini, and, therefore, control the voting and investment decisions of dievini. Other related party transactions Transfer of shares from the Funding Shareholder Molecular Health GmbH Molecular Health GmbH (Molecular Health) is a wholly owned subsidiary of dievini. In December 2017 CureVac concluded a contract with Molecular Health, according to which Molecular Health provides services in conjunction with the Modeling of the biological and clinical effects of Toll-like receptor 7 and 8 agonists in cancer and immune cells. In fiscal 2021, the Group incurred EUR 0k (2020: 0k, 2019: 0k) in research and development expenses in connection with this contract. Rittershaus Rechtsanwaelte Since December 15, 2005, a consultant agreement is in place for an indefinite term with Rittershaus. The agreement can be terminated without notice by CureVac and with notice of three months to the end of the quarter by Rittershaus. In fiscal 2021, consulting fees of EUR 757k (2020: EUR 990k, 2019: EUR 208k) were paid to the Rittershaus. Prof. Dr. Christof Hettich is a managing director of Rittershaus and dievini as well. Dr. Ingmar Hoerr Since June 2018, an advisory agreement between CureVac and Mr. Hoerr was in place. This contract was terminated in March 2020 after the transition of Dr. Hoerr from CureVac’s Supervisory Board to its Management Board on March 10, 2020. In fiscal 2021, advisory fees of EUR 0k (2020: EUR 45k, 2019: EUR 240k) were paid to Dr. Hoerr. Dietmar Hopp During 2019, Dietmar Hopp, principal of dievini Hopp BioTech holding GmbH & Co. KG (dievini), the majority shareholder of the Group, granted two convertible loans to the Group which were terminated in July 2020 and fully repaid in August 2020; see note 12 for further information. Additionally, in 2020, he made a further equity investment in the Company as described in Note 8. Antony Blanc In 2020, a consulting agreement between CureVac AG and Clarentis SRL was made. Clarentis SRL is a wholly owned consulting company of Antony Blanc, PhD, the CBO of CureVac. After the transition of Antony Blanc to the Management Board in February 2021, the contract was no longer active and no new orders were placed. In Q3 2021, a milestone payment, which related to the submission of the EMA dossier for CVnCoV, and amounts to EUR 100k was made to fulfil a contractual obligation from the consulting agreement in place before Antony Blanc joined the Management Board. BePharBel Manufacturing S.A. In December 2020, CureVac Real Estate GmbH and BePharBel Manufacturing S.A., entered into a commercial supply agreement to develop and manufacture the diluent that was expected to be used to dilute the Group’s first concentrated COVID-19 vaccine candidate, CVnCoV, to the amount specified by each dose level. Pursuant to the terms of the agreement, it was intended that BePharBel Manufacturing would manufacture and deliver to CureVac Real Estate GmbH a low seven figure amount of commercial batches of diluent per year, in 2021 and 2022. Following the withdrawal of the CVnCoV in October 2021 due to COVID-19 virus drift, WHO COVID vaccine efficiency recommendation and market expectations, CureVac Real Estate GmbH terminated the commercial and supply agreement with BePahrBel and entered into negotiations on a structured and rapid wind-down of the ordered production. We intend to terminate this agreement and, in March 2022. the Parties agreed on a settlement of all claims resulting from the commercial and supply agreement, while details of the settlement are still subject to negotiation the overall volume of the settlement will in no event go beyond €4 million. Baron Jean Stéphenne, our supervisory board member, holds directly and indirectly 15.61% of BePharBel Manufacturing’s equity and is a director of BePharBel Manufacturing, and Baron Jean Stéphenne’s son, Vincent Stéphenne, holds 1.43% of BePharBel Manufacturing’s equity and is a managing director of BePharBel Manufacturing. Indemnification Agreements Our articles of association require us to indemnify our current and former managing directors and supervisory directors to the fullest extent permitted by law, subject to certain exceptions. We entered into indemnification agreements with all our managing directors and supervisory directors.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2021
Subsequent events
Subsequent events	20. Subsequent events In February 2022, the Company dosed the first participant in a Phase 1 study of its seasonal influenza second-generation mRNA vaccine candidate, CVSQIV, developed in collaboration with GSK. The differentiated multivalent vaccine candidate features multiple non-chemically modified mRNA constructs to induce immune responses against relevant targets of four different influenza strains. The use of customizable and rapidly produced mRNAs to address influenza could enable faster development and delivery of potentially improved vaccine candidates, featuring even short-term strain updates for the approaching influenza season. In March 2022, CureVac AG and GlaxoSmithKline Biologicals SA amended and restated the 2020 GSK agreement and the GSK COVID Agreement in connection with GSK entering into a direct Agreement with Novartis relating to the use of the Novartis as CMO at the same time as CureVac exits its CMO agreement with Novartis and is released from its pre-existing capacity commitments under the agreement. As a result, the Company will avoid an outflow of resources in the range of €20,000k to €30,000k, for which current liabilities were recognized in the statement of financial position as of December 31, 2021. Additionally, under the restated agreement, CureVac is entitled to further compensation by GSK. In March 2022, the Company dosed the first participant in a Phase 1 study of its COVID-19 second-generation mRNA vaccine candidate, CV2CoV, developed in collaboration with GSK. The clinical trial is expected to provide valuable data to further establish the performance of CureVac's second-generation mRNA backbone, which has the potential to be applied broadly in future vaccines against COVID-19 variants and other pathogens. The Phase 1 dose-escalation study is being conducted at clinical sites in the U.S. and is expected to enroll up to 210 healthy adults to evaluate the safety, reactogenicity and immunogenicity of CV2CoV in the dose range of 2 to 20µg. In February 2022, CureVac AG together with CureVac Real Estate GmbH and GlaxoSmithKline Biologicals SA entered into a Consortium Agreement regarding the execution of the Pandemic Preparedness Agreement to be concluded between the Parties and the Federal Republic of Germany. The Consortium submitted an application for the award of a Pandemic Preparedness Agreement by the Federal Republic of Germany. Accordingly, GSK and CureVac amended the 2020 GSK Agreement and the GSK COVID Agreement to address the separate Consortium Agreement between the Parties as well as the Pandemic Preparedness Agreement of the Consortium with Germany. In April 2022, the Company and GSK entered into a contract with the German federal government to supply mRNA vaccines within a broader tender for pandemic preparedness in Germany. Following a setup period of a maximum of two years, the contract grants the German federal government access to CureVac’s manufacturing capacity until 2029, enabling rapid availability of 80 million mRNA-based vaccine doses during the remainder of the current pandemic or in future infectious disease outbreaks. By reserving this manufacturing capacity, the tender seeks to mitigate risks associated with potential supply bottlenecks in a pandemic situation. Under the contract, the German federal government will pay CureVac and GSK an annual standby fee after successful completion of the setup period, which requires the companies to maintain manufacturing capacity at constant readiness.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and were authorized by the Management Board for presentation to the Supervisory Board on April 28, 2022. The Group’s consolidated financial statements are presented in Euros (“EUR”), which is also the parent company’s functional currency. Unless otherwise stated, the numbers are rounded to thousands of Euros, except per share amounts.
Basis of consolidation	Basis of consolidation The consolidated financial statements include the Company's wholly-owned subsidiaries CureVac AG (Tuebingen, Germany), CureVac Inc. (Cambridge, Massachusetts, USA), CureVac Real Estate GmbH (Tuebingen, Germany) with CureVac Corporate Services GmbH, CureVac RNA Printer GmbH, CureVac Beteiligungsverwaltungs AG and CureVac Swiss AG being incorporated in 2021. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated upon consolidation. The fiscal year of all Group entities corresponds to the calendar year ending December 31.
Current and non-current classification	Current and non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. Current assets include assets that are sold, consumed, or realized as part of the normal operating cycle (the operating cycle is assumed to be 12 months), or cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. Current liabilities, such as trade payables, lease liabilities, or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges, are part of the working capital used in the Group's normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than 12 months after the reporting period. All other liabilities are classified as non-current.
Foreign currency translation	Foreign currency translation For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are initially translated at the spot rate applicable between the functional currency and the foreign currency on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated to the functional currency using the prevailing rate at the reporting date. Foreign currency exchange differences are recorded in the statement of operations. Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of operations are translated at the average exchange rate of the fiscal period. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (loss).
Revenue recognition	Revenue recognition Revenue from the sale of products and services is recognized when the Group transfers control to the customer. Control generally transfers when the customer gains the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If the contract contains more than one performance obligation, the consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-along selling price method. Revenue is recognized at the amount of consideration that the Group is expected to receive in exchange for these goods or services. The Group has concluded that it acts as a principal in sales transactions as it has control over the goods or services before transferring control to the customer. The Group primarily generates revenue from its licensing and development agreements with collaboration partners for the development of mRNA medicines against a variety of targets in diseases and conditions. These arrangements contain multiple contractual promises, including (i) licenses, or options to obtain licenses, to the Group’s mRNA technology, (ii) delivery of products, and (iii) research and development services. Such arrangements provide for various types of payments to the Group, including upfront fees, funding of research and development services, payment for delivered products, development, regulatory and commercial milestone payments, license fees, and royalties on product sales, all of which may be satisfied at different points in time. Outlicensing agreements may be entered into with or without any further significant contractual obligations. Goods or services promised in collaborative arrangements are accounted for as separate performance obligations if such promises are distinct (i.e., if the customer can benefit from the good or service on its own or together with other resources readily available to it and if the promise is separately identifiable from other promises in the contract). In determining whether contractual promises are separately identifiable, the Group considers whether: ● It provides a significant service of integrating the goods or services with other goods or services that represent the combined output or outputs for which the other party has contracted ​ ● One or more of the goods or services significantly modifies or customizes one or more of the other goods or services promised in the agreement. ​ ● The goods or services the Group promised to transfer or to provide are highly interdependent or highly interrelated. ​ Based on these criteria, management evaluates whether the intellectual property (IP) licenses granted, and to which further research and development activities may apply under the terms of a collaboration agreement, are distinct from the unperformed obligations to the collaboration partner, considering the relevant facts and circumstances of each arrangement. Factors considered in this determination include the nature of the IP license, the stage of development of the IP license granted, the research capabilities of the partner, and the availability of mRNA technology research expertise in the general marketplace. When an IP license is not considered to be distinct from research services, the Group generally recognizes revenue, including any upfront payment, attributable to the license on a straight-line basis, which reflects the performance of services by the Group towards satisfaction of the obligation, over the contractual or estimated performance period, which is typically from the effective date of the related collaboration agreement through the estimated date of market entry of a product developed under the agreement. The determination of the estimated date of market entry requires a significant amount of judgment given the uncertainty inherent in developing innovative pharmaceutical products and is based upon development plans with the customer, which are subject to change, clinical trials, and approval of regulatory authorities. Changes in the estimated date of market entry could have a material impact on the amount and timing of revenue the Group records in future periods. When an IP license is considered to be distinct, the Group determines whether it provides the customer with either (1) a right to access the IP throughout the license period (for which revenue is recognized over the license period) or (2) a right to use the IP as it exists at the point in time that the license is granted (for which revenue is recognized at a point in time where the customer can first use and benefit from the license). If the transaction price in an agreement includes a variable amount, the Group estimates the amount of consideration to which the Group will be entitled in exchange for transferring the goods to the customer. At contract inception, the variable consideration is estimated based on the most likely amount of consideration expected from the transaction and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with respect to the variable consideration is subsequently resolved. The estimated deferred contract liability is updated at each reporting date to reflect the current facts and circumstances. Collaboration agreements may also provide a customer with the option to acquire additional goods or services. The accounting treatment for such options depends on the nature of these options. Options are considered to be substantive if, at the inception of an agreement, the Group is at risk as to whether the customer will choose to exercise the options to secure additional licenses. Factors that are considered in evaluating whether options are substantive include the overall objective of the arrangement, the benefit the customer might obtain from the agreement without exercising the options, the cost to exercise the options relative to the total upfront consideration, and the additional financial commitments or economic penalties imposed on the customer as a result of exercising the options. Product sales related to collaboration agreements include RNA products and are recognized over time as goods are produced because such goods have no alternative use and the Group has an enforceable right to payment. Otherwise, revenue for product sales is recognized at a point in time. In 2021, 2020, and 2019, no revenue from product sales was recognized on a point-in-time basis. Revenue from certain research and development services, delivered as a distinct performance obligation under the collaboration agreements, are recognized over time as the services provided have no alternative use and the Group has an enforceable right to payment. A receivable is recognized when the consideration is unconditional and only the passage of time is required before payment is due. The transaction price is quoted in the relevant contractually agreed pricing in force at the date of the customer placing the respective order for such goods or services. Amounts received prior to satisfying the above revenue recognition criteria are recorded as contract liability in the statements of financial position. The Group may present the following contract balances: ● Contract assets — Represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to the customer when that right is conditioned on something other than the passage of time ● Trade receivables — Represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due) ​ ● Contract liabilities — Represents the Group’s obligations to transfer goods or services to a customer for which the Group has received consideration (or consideration is due) from the customer The Group recognizes revenue from contracts with customers relating to its core business. All other operating proceeds are presented as other operating income in the statements of operations.
Grants from government agencies and similar bodies	Grants from government agencies and similar bodies The Group receives grants from government agencies and similar bodies for the active participation in specific research and development projects. Each grant agreement is assessed to determine whether there are elements of the supply of products that are recognized separately from the grant. For the supply of products, the standalone selling price is determined by reference to observed prices with other customers. The grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased, they are recorded as a liability in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income on a systematic basis over the period in which the corresponding expenses are incurred. If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. According to the terms of the grants, grantors generally have the right to audit qualifying expenses submitted by the Group.
Financial instruments	Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are initially measured at fair value. After the initial measurement, the financial assets are subsequently classified as either amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. For a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Subsequent measurement For purposes of subsequent measurement, financial assets are classified into four categories: ● financial assets at amortized cost (debt instruments); ● financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); ● financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); or ● financial assets at fair value through profit or loss. In fiscal 2019, 2020, and 2021, the Group only had the following financial assets to be measured at amortized cost: ● Cash and cash equivalents ● Other financial assets ● Trade receivables and contract assets ​ Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the statement of operations when the asset is derecognized, modified, or impaired. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired. Impairment of financial assets An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all of the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12- months (a 12- month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For cash and cash equivalents, trade receivables, and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or as payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group's financial liabilities include lease liabilities, trade payables, the EIB-loan, which was repaid in fiscal 2021 (see note 12), and the convertible loans (see note 12), which were repaid immediately before the IPO in fiscal 2020. Subsequent measurement After initial recognition, interest-bearing loans and borrowings, trade payables, and other financial liabilities are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the statement of operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of operations. This category generally applies to interest-bearing loans and borrowings, including convertible loans. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires.
Accounting for EIB loan	Accounting for EIB loan In 2020, the Group received from the European Investment Bank, or EIB, a line of credit which is available in three tranches, each of which can be drawn separately. In addition, any of the tranches carry a fixed interest but also a specified amount of variable remuneration. The agreement provides for multiple rights and obligations, including rights to terminate and repay the agreement early with varying amounts of variable remuneration. The Group accounts for the first tranche of EUR 25 million drawn in 2020 as a financial liability at amortized cost, using the effective interest method based on expected cashflows including any amount of variable remuneration. In doing so, the Group assessed what is the most probable scenario for the exercise of its rights as the borrower. In addition, the Group determined an effective interest rate that is consistent with the accounting for other financing arrangements. In December 2021, the loan was early terminated and as of December 31, 2021 the EIB loan was fully repaid. For further information on the EIB loan, see Note 12.
Accounting for convertible loans	Accounting for convertible loans IFRS requires that a convertible loan be bifurcated into a debt component and a conversion right if the latter is an equity instrument. In 2019, the Group assessed that the conversion right of the convertible loan is not an equity instrument, but a liability with an insignificant value. The debt component of the convertible loan was measured using the market interest rate obtainable on similar debt instruments. The debt component was measured as a liability at amortized cost until it is converted into equity or becomes due for repayment. The carrying amount of the debt component was based on an expected repayment in 2021, which was the earliest possible date at which repayment could be required by the lender unless specified events occurred. The component of the loan proceeds allocated to equity represents the residual value between the consideration received for each single tranche and the fair value of the corresponding financial liabilities at initial recognition. For further information on the convertible loan, see Note 12.
Acquired Intangible assets	Acquired Intangible assets Acquired intangible assets are initially measured at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite useful lives are amortized over their useful life, generally using the straight-line method. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least annually at each fiscal year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits are accounted for prospectively. Amortization of an intangible asset is reported in the consolidated statement of operations in accordance with the function of the intangible asset. Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of operations in the period in which the asset is derecognized. Acquired intangible assets are mainly comprised of software and licenses. The Group has entered into non-exclusive license agreements for patent rights and/or know-how with reputable universities, cancer research institutes, and other research partners. The cost of these licenses includes fixed as well as contingent consideration mainly linked to specified events in the collaborations for which the licenses are used. The licenses are measured initially at cost which comprises the fixed purchase price components. The Group records a liability for contingent consideration and capitalizes such amounts as part of the cost of the acquired intangible asset when the future event, upon which the contingent consideration depends, occurs or a present obligation exists. The estimated useful lives for each intangible asset class are as follows: ​ ​ ​ ​ Software 3 to 5 years Licenses ​ 8 to 20 years ​ The Group does not have any intangible assets with indefinite useful lives.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairments. These costs also comprise the costs for replacement parts, which are recognized at the time they are incurred, providing they meet the recognition criteria. All other repair and maintenance costs are expensed as incurred. Depreciation is recognized on a straight-line basis over the estimated useful lives as follows: ​ ​ ​ ​ Leasehold Improvements 1 to 10 years Technical equipment and machines: 3 to 14 years Other equipment, furniture and fixtures: 3 to 14 years ​ Property, plant and equipment are derecognized upon disposal or when no further economic benefits are expected from their continued use or sale. The gain or loss on derecognition is determined as the difference between the net disposal proceeds and the carrying amount and recognized in profit or loss in the period in which the item is derecognized. The residual values of the assets, useful lives, and depreciation methods are reviewed at the end of each fiscal year and any changes are accounted for prospectively. The estimated useful lives and depreciation methods remained unchanged from fiscal 2019 through fiscal 2021. The residual values of the assets are generally considered to be zero.
Impairment of assets	Impairment of assets At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If there is any indication of impairment or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset's fair value less costs of disposal and its value-in-use. It is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized, any impairment loss previously recognized is reversed. The reversal may not exceed the carrying amount that would have been determined after amortization or depreciation had no impairment loss been recognized for the asset in prior periods. The amount of the reversal is recognized in profit or loss for the period. There were no impairments or reversals of impairments in 2019 and 2020. However, in fiscal year 2021, impairments of EUR 22,810k were recognized. These pertained largely to machinery and technical equipment recorded under assets under construction and resulted from the partial impairment of production lines which are obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV.
Non-current other assets - costs to obtain a contract	Non-current other assets — costs to obtain a contract Amortization of assets recognized from the costs to obtain a contract with a customer within the scope of IFRS 15 is recognized on a straight-line basis over their associated estimated useful lives.
Borrowing costs	Borrowing costs Borrowing costs directly attributable to the acquisition, construction, or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Group capitalizes borrowing costs when it meets all the following conditions: (a) it incurs expenditures for the asset; (b) it incurs borrowing costs, and (c) it undertakes activities that are necessary to prepare the asset for its intended use or sale. The Group capitalized EUR 2,932k borrowing costs during fiscal 2021 (2020: 1,989k, 2019: 2,188k). The capitalization rate used to determine the amount of the borrowing costs eligible for capitalization during fiscal 2021 was a weighted average of 7.17% (2020: 8.90%, 2019: 9.13%).
Right-of-use assets	Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received as well as any estimated costs to be incurred by the lessee for dismantling and removing the underlying asset. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life, indicated below, and the lease term. Right-of-use assets are subject to impairment according to IAS 36. ​ ​ ​ ​ Land and Buildings: 1 to 15 years Vehicles: 3 to 4 years Other equipment: 2 to 5 years ​
Lease liabilities	Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments, or a change in the assessment to purchase the underlying asset. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount for the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Furthermore, the Group also elected to use the recognition exemptions for lease contracts that, on January 1, 2019, had a remaining lease term of 12 months or less. Separation of lease and non-lease components As a practical expedient, the Group elected not to separate the fixed (but not variable) portion of non-lease components in respect of leases of building and instead accounts for them as a single lease component.
Inventories.	Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Inventories are comprised of raw materials, work in progress, and finished goods. Costs incurred in bringing each product to its present location and condition are accounted for, as follows: ● Raw materials: purchased cost on a first-in/first-out basis ● Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overhead based on normal operating capacity, but excluding borrowing costs The costs of inventories may not be recoverable if those inventories are damaged, if they become wholly or partially obsolete, or if the selling prices have declined. The practice of writing inventories down below cost to net realizable value is consistent with the view that assets should not be carried in excess of amounts expected to be realized from the sale or use. ​
Pre-launch products	Pre-launch products Prior to initial regulatory approval, costs relating to the production of products are expensed as research and development expenses in the period incurred unless recoverable through means other than sale. If pre-launch products are sold, the respective product gross margin may be higher compared to the expected recurring margin as the underlying costs will not be included in cost of sales. For the year ended December 31, 2021, 2020, and, 2019, no revenues have been recorded related to pre-launch products.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances on-demand, and short-term deposits with an original maturity of three months or less.
Onerous contract provisions	Onerous contract provisions An unfavorable and onerous contract provision is recognized when the expected benefits to be derived from a contract are lower than the unavoidable costs of meeting its obligations under the contract. Unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The Group measures the cost of fulfilling a contract as the incremental costs of fulfilling that contract and the incremental costs of fulfilling that contract. Before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets used in fulfilling the contract, if applicable. Onerous contract provisions are released over the remaining term of the contract.
Share-based payment awards	Share-based payment awards The Group operates several share-based payment programs. An equity-settled share-based payment award is accounted for by recognizing the related expense over the vesting period of the award, with a corresponding increase recorded in equity. The expense is based on the fair value determined at the grant date of the award and the number of awards expected to vest. The fair value remains unchanged after grant date. Once the award has vested, there is no reversal of expense related to the award. When a share-based payment award provides for different ways of settlement (i.e. cash versus shares) depending on the occurrence of contingent events, the award is accounted for based on the manner of settlement that is most probable. A change in the expected manner of settlement is accounted for as a modification. Expenses for employer taxes arising upon the exercise of equity-settled share-based payments are recognized in profit or loss. The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified.
Taxes	Taxes Current tax assets and liabilities Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities based on the tax rates and tax laws that are enacted or substantively enacted at the end of the reporting period. Deferred taxes Deferred tax is recognized using the liability method on all temporary differences as of the end of the reporting period between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognized for all taxable temporary differences. The only exception is if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting profit nor loss nor taxable profit or loss. Deferred tax assets are recognized for deductible temporary differences and to the extent that it is probable that future taxable income will allow the deferred tax asset to be realized. Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. If transactions and other events are recognized directly in equity, any related taxes on income are also recognized directly in equity. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to offset current tax assets and current tax liabilities and these relate to income taxes levied by the same tax jurisdiction.
Segments	Segments An operating segment is defined as a component of an entity for which discrete financial information is available and whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM). The CODM is comprised of the Management Board of the Group. The Group operates as a single segment dedicated to the discovery and development of biotechnological applications and the CODM makes decisions about allocating resources and assessing performance based on the Group as a whole. Accordingly, the Group has determined it operates in one operating and reportable
Significant accounting judgments, estimates and assumptions	Significant accounting judgments, estimates, and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgments and estimates in relation to assets, liabilities, contingent liabilities, revenues, and expenses. Management bases its judgments and estimates on historical experience and other various factors, which it believes to be reasonable under the circumstances, the result of which forms the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods. Significant judgments In the process of applying the accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements. Accounting for share-based payments The Group has multiple share-based payment programs. Significant judgments include the determination of the grant date fair value of the awards. The awards granted in 2021 as well as in prior years are accounted for as equity-settled share-based payments and described under Note 9. Revenue recognition and collaboration agreements The Group applied the following judgments in determining the amount and timing of revenue from collaboration agreements: ● Identification and determination of the nature of performance obligations in collaboration and license agreements. ​ The Group generates revenues from collaboration and license agreements under which the Group grants licenses to use, research, develop, manufacture, and commercialize candidates and products. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. If these promises are not distinct, they are combined until the bundle of promised goods and services is distinct. For some agreements, this results in the Group accounting for all goods and services promised in a collaboration and license agreement as a single performance obligation with a single measure of progress. For these combined performance obligations, it must be assessed which of these promises is the predominant promise to determine the nature of the performance obligation. The Group determined that the grant of the license is the predominant promise within the (combined) performance obligation to grant a license to the customers. It was assessed that the Group grants its customers a right to access or a right to use the Group’s IP due to the collaboration and license agreements. As a result, the promise to grant a license is accounted for as a performance obligation satisfied over time as the Group’s customer simultaneously receives and consumes the benefits from the Group’s performance. ● Estimation of variable consideration and assessment of the constraint when determining the amount of revenue of which to defer recognition The Group’s collaboration and license agreements comprise variable considerations which are contingent on the occurrence or non-occurrence of a future event (i.e., reaching a certain milestone). When determining the deferral of revenue in a collaboration and license agreement, the Group is required to estimate the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. As there are usually only two possible outcomes (i.e., a milestone is reached or not), the Group has assessed that the method of the most likely amount is the best method to predict the amount of consideration to which the Group will be entitled. The most likely amount of these milestone payments (i.e., the full milestone payment) is only included in the transaction price if the occurrence of reaching a future milestone is highly probable. The Group has assessed that the likelihood of achieving the respective milestone decreases depending on how far the expected date of achieving the milestone lies in the future. The Group has concluded that future milestone payments are fully constrained at each of the fiscal years. Future milestone payments would become unconstrained at the satisfaction of the milestone event, specifically a development event, regulatory approval, or achievement of a sales milestone. Clinical trial accruals and related research and development costs The value of goods and services received from contract research organizations (CROs) and contract manufacturing organizations (CMOs) in the reporting period is estimated based on the level of services performed and progress made in the respective period. Amounts are recorded as accrued expenses in cases where the Company has not received an invoice from the service provider. Advance payments for goods or services that will be used or rendered for future research and development activities are recognized as (current) prepaid expenses and other assets or in (non-current) other assets if the benefit is expected to be received more than a year from the statement of financial position date. These amounts are recognized as an expense as the related goods are delivered or the services performed. Management's estimates are based on the best information available at the time. However, additional information may become available in the future and management may adjust the estimate in such future periods. In this event, the Company may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. The Company considers resulting increases or decreases in cost as changes in estimates and reflects such changes in research and development expenses in the period identified. Accounting for onerous contract provisions The Group has entered into binding legal agreements for the supply of services by CROs to the Group for CVnCoV clinical trials. Such services are generally associated with the ongoing monitoring and care for enrolled participants in the clinical trials. Due to the discontinuation of the CVnCoV program, the remaining services, which the Group is obligated to procure, do not have a value for the Group anymore. Judgment is required in estimating the cost of the remaining services, particularly in estimating the number of participants completing the clinical trials, when measuring provisions for such contracts with clinical research organizations. Accounting for contract termination provisions Contract termination provisions are established under certain conditions in the case of legal risks. Settlement and legal proceedings often raise complex issues and are subject to many uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case. The outcome of any current or future proceedings cannot normally be predicted. the Group considers the need for accounting measures in respect of pending or future settlements for terminated contracts on the basis of the information available to its legal department and in close consultation with legal counsel acting for the Group. Where it is more likely than not that such settlement will result in an outflow of resources that is already reasonably estimable, a provision for settling terminated contracts is recorded in the amount of the present value of the expected cash outflows. Accounting for determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancelable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has the option, under some of its leases to lease the assets for additional terms of five After the lease commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Group included the renewal period (five years) as part of the lease term for certain building lease arrangements. Optional lease payments from both of these aforementioned extension options not included in the measurement of the lease liability exist in a gross amount of EUR 34,300k (2020: 34,201k, 2019: 12,548k) Estimating the incremental borrowing rate In most cases, the Group cannot readily determine the interest rate implicit in the lease. Therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR, therefore, reflects what the Group “would have to pay,” which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest rates, country risk premiums, and credit spreads) when available and is required to make certain entity-specific adjustments.
Changes in accounting policies and disclosures	Changes in accounting policies and disclosures Summary of significant accounting policies This section describes significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented unless otherwise stated. The below-listed amendments and interpretations apply for the first time in 2021, but do not have any impact on the consolidated financial statements of the Group: ● Interest Rate Benchmark Reform - Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 ● COVID-19-related Rent Concessions, Amendment to IFRS 16 The Group has not early adopted any standards, interpretations, or amendments that have been issued but are not yet effective. Standards issued but not yet effective The following amendments will be adopted effective January 1, 2022, or at a later effective date, and are not expected to have a material impact on the consolidated financial statements of the Group: ● Amendments to IFRS 4 Insurance Contracts ● IFRS 17 Insurance Contracts, including Amendments to IFRS 17 ● Amendments to IAS 37 Onerous Contracts – Costs of Fulfilling a Contract ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (effective 1 January 2023) ● Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; Annual Improvements 2018-2020 ● Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies ● Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
Impact of COVID-19	Impact of COVID-19 As the Group is currently devoting significant resources to the development of COVID vaccines, such development may impair the ability to timely progress other product candidates in clinical trials or into clinical trials from their current preclinical stage. In addition, enrollment in other programs may be delayed as a result of the COVID-19 pandemic and could have a negative impact on revenue recognition related to non-COVID-19 collaborations. For instance, the Group's flu program with Bill & Melinda Gates Foundation was delayed. The partial disruption, even temporary, may negatively impact the Company's operations and overall business by delaying the progress of its clinical trials and preclinical studies. The Group's operations, including research and manufacturing, could also be disrupted due to the potential of the impact of staff absences as a result of self-isolation procedures or extended illness. However, the Group has taken a series of actions aimed at safeguarding its employees and business associates, including implementing a work-from-home policy for employees except for those related to its laboratory and production operations. The Group is running COVID Antigen tests on a weekly basis for employees on the premises.

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Schedule of estimated useful lives for intangible asset class	​ ​ ​ ​ Software 3 to 5 years Licenses ​ 8 to 20 years
Schedule of estimated useful lives for property, plant and equipment	​ ​ ​ ​ Leasehold Improvements 1 to 10 years Technical equipment and machines: 3 to 14 years Other equipment, furniture and fixtures: 3 to 14 years
Schedule of estimated useful lives for right of use assets	​ ​ ​ ​ Land and Buildings: 1 to 15 years Vehicles: 3 to 4 years Other equipment: 2 to 5 years

Notes to the consolidated fin_2

Notes to the consolidated financial statements (Tables)	12 Months Ended
	Dec. 31, 2021
Notes to the consolidated financial statements
Schedule of revenue from contract with customers recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2019 ​ 2020 ​ 2021 ​ ​ EUR k ​ EUR k ​ EUR k Belgium ​ ​ ​ GSK ​ — 8,809 ​ 74,298 Germany ​ ​ ​ ​ ​ Boehringer Ingelheim ​ 2,474 1,885 ​ 26,003 Others ​ 104 — ​ — Netherlands ​ ​ ​ ​ ​ Genmab ​ — 2,628 ​ 1,770 Switzerland ​ ​ ​ ​ ​ ​ CRISPR ​ 519 ​ 695 ​ 919 United States ​ ​ ​ ​ ​ ​ Eli Lilly ​ 14,319 ​ 34,854 ​ — Total ​ 17,416 48,871 ​ 102,990
Summary of upfront payments and related revenues recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Upfront payments included ​ ​ ​ ​ ​ ​ ​ Upfront payments in contract liabilities at Revenue recognized from upfront payments Customer ​ ​ ​ December 31, 2020 ​ December 31, 2021 ​ 2019 ​ 2020 ​ 2021 ​ ​ (in thousands) ​ (in thousands of Euro) ​ (in thousands of Euro) ​ (in thousands of Euro) GSK EUR 195,000 112,222 135,494 — 7,778 51,728 Boehringer Ingelheim EUR 30,000 14,003 — 1,951 1,867 14,003 Genmab USD 10,000 (EUR 8,937) * 7,150 5,362 — 1,787 1,787 CRISPR USD 3,000 (EUR 2,524)* 1,549 1,239 310 310 310 Eli Lilly USD 50,000 (EUR 42,200)* — — 3,516 34,855 — BMBF EUR 124,502 ** 61,122 — — — — European Commission EUR 450,000 ** 450,000 — — — — Total ​ 646,046 142,095 5,777 46,597 67,828
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2021 ​ ​ EUR k ​ EUR k Trade receivables 1,014 18,504 Contract assets 808 — Contract liabilities 658,046 142,095
Schedule of Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 Within one year 157,985 ​ 55,750 More than one year 500,061 ​ 86,345 Total 658,046 ​ 142,095
Schedule of cost of sales, selling and distribution expenses, research and development expenses and general and administrative expenses	The cost of sales consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Personnel (9,855) (2,896) ​ (22,159) Materials (7,542) (1,598) ​ (46,250) Third-party services (7,268) (2,652) ​ (145,515) Maintenance and lease (1,060) (1,016) ​ (2,874) Amortization, depreciation and derecognition (2,038) (5,913) ​ (21,262) Other (220) (98) ​ (135) Total (27,983) (14,173) ​ (238,195) Selling and distribution expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Personnel (1,263) (631) ​ (1,369) Maintenance and lease (167) (1) ​ (1) Amortization and depreciation (81) (98) ​ (86) Other (244) (3) ​ (287) Total (1,755) (733) ​ (1,743) R&D expenses consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Materials (4,015) (29,834) ​ (232,292) Personnel (14,385) (21,313) ​ (33,733) Amortization and depreciation (474) (2,578) ​ (4,259) Patents and fees to register a legal right (4,551) (7,337) ​ (11,157) Third-party services (18,626) (51,306) ​ (531,827) Maintenance and lease (670) (717) ​ (347) Other (521) (723) ​ (2,292) Total (43,242) (113,808) ​ (815,907) General and administrative expenses include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Personnel (31,645) (29,884) ​ (37,393) Maintenance and lease (4,604) (2,505) ​ (4,306) Third-party services (5,970) (6,914) ​ (28,875) Legal and other professional services (2,110) (3,531) ​ (9,230) Amortization and depreciation (2,182) (6,020) ​ (8,895) Other (2,458) (4,700) ​ (11,703) Total (48,969) (53,554) ​ (100,402)
Schedule of other operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Grants and other reimbursements from government agencies and similar bodies ​ 5,385 ​ 23,736 ​ 66,394 Income from reversal of provisions ​ — ​ — ​ 272 Other 202 414 ​ 1,036 Total 5,587 24,150 ​ 67,702

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Fixed Assets
Schedule of development of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advance ​ (in thousands of EUR) Software Licenses payments Total Acquisition costs ​ ​ ​ As of January 1, 2020 8,063 ​ 1,386 282 9,731 Additions 1,919 ​ 8,501 598 11,018 Disposals — ​ — — — Reclassifications ​ 192 ​ — ​ (192) ​ — Currency translation ​ (2) ​ — ​ — ​ (2) As of December 31, 2020 10,172 ​ 9,887 688 20,747 Cumulative amortization and impairment charges ​ ​ ​ ​ ​ As of January 1, 2020 3,587 ​ 446 — 4,033 Amortization 913 ​ 1,656 — 2,569 Currency translation ​ (1) ​ — — (1) As of December 31, 2020 4,499 ​ 2,102 — 6,601 Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 10,172 ​ 9,887 ​ 688 ​ 20,747 Additions ​ 2,454 ​ 234 ​ 991 ​ 3,679 Disposals ​ — ​ — ​ (576) ​ (576) Reclassifications ​ — ​ 138 ​ (138) ​ — Currency translation ​ — ​ — ​ — ​ — As of December 31, 2021 ​ 12,626 ​ 10,259 ​ 965 ​ 23,850 Cumulative amortization and impairment charges ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 4,499 ​ 2,102 ​ — ​ 6,601 Amortization ​ 1,466 ​ 2,545 ​ — ​ 4,011 Currency translation ​ — ​ — ​ — ​ — As of December 31, 2021 ​ 5,965 ​ 4,647 ​ — ​ 10,612 Carrying amount ​ ​ ​ ​ ​ As of January 1, 2020 4,476 ​ 940 282 5,698 As of December 31, 2020 5,673 ​ 7,785 688 14,146 As of December 31, 2021 6,661 ​ 5,612 965 13,238
Schedule of development of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equipment, ​ ​ ​ ​ ​ ​ ​ ​ Technical ​ furniture ​ Assets ​ ​ ​ ​ ​ equipment and under ​ ​ (in thousands of EUR) Buildings and machines fixtures construction Total Acquisition costs As of January 1, 2020 6,844 17,052 5,901 39,229 69,026 Additions 5,690 4,622 3,772 14,522 28,606 Disp osals (77) (839) (398) (5,579) (6,893) Reclassifications 7,493 1,549 9 (9,051) — Currency translation — — (41) — (41) As of December 31, 2020 19,950 22,384 9,243 39,121 90,698 Cumulative depreciation and impairment charges ​ ​ ​ ​ ​ As of January 1, 2020 2,450 7,257 4,124 7,120 20,951 Depreciation 1,042 1,813 1,277 — 4,132 Disposals (77) (739) (133) — (949) Attributions ​ — ​ (23) ​ (1) ​ — ​ (24) Currency translation — — (17) — (17) As of December 31, 2020 3,415 8,308 5,250 7,120 24,093 Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 19,950 ​ 22,384 ​ 9,243 ​ 39,121 ​ 90,698 Additions ​ 3,353 ​ 28,047 ​ 2,228 ​ 98,071 ​ 131,699 Disposals ​ (4) ​ (10) ​ (15) ​ (7,123) ​ (7,152) Reclassifications ​ 3,973 ​ 1,553 ​ — ​ (5,526) ​ — Currency translation ​ — ​ — ​ 38 ​ — ​ 38 As of December 31, 2021 ​ 27,272 ​ 51,974 ​ 11,494 ​ 124,543 ​ 215,283 Cumulative depreciation and impairment charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 1, 2021 ​ 3,415 ​ 8,308 ​ 5,250 ​ 7,120 ​ 24,093 Depreciation ​ 1,934 ​ 3,420 ​ 1,883 ​ — ​ 7,237 Impairment ​ — ​ — ​ — ​ 22,810 ​ 22,810 Disposals ​ (1) ​ (2) ​ (15) ​ (7,120) ​ (7,138) Attributions ​ — ​ — ​ — ​ — ​ — Currency translation ​ — ​ — ​ 17 ​ — ​ 17 As of December 31, 2021 ​ 5,348 ​ 11,726 ​ 7,135 ​ 22,810 ​ 47,019 Carrying amount ​ ​ ​ ​ ​ As of January 1, 2020 4,394 9,795 1,777 32,109 48,075 As of December 31, 2020 16,535 14,076 3,993 32,001 66,605 As of December 31, 2021 21,924 40,248 4,359 101,733 168,264
Summary of carrying amounts of the Group's right-of-use assets and the movements during the period	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ Land and ​ ​ ​ Other ​ ​ ​ ​ Buildings ​ Vehicles ​ equipment ​ Total ​ EURk EURk EURk EURk As of January 1, 2021 33,296 113 575 33,984 Additions 2,666 97 — 2,763 Disposals (943) — — (943) Depreciation expense (3,698) (68) (135) (3,901) Foreign currency translation 226 — — 226 As of December 31, 2021 31,547 142 440 32,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ Land and ​ ​ ​ Other ​ ​ ​ ​ Buildings ​ Vehicles ​ equipment ​ Total ​ EURk EURk EURk EURk As of January 1, 2020 13,375 126 110 13,611 Additions 23,738 58 638 24,434 Disposals — — (51) (51) Depreciation expense (3,525) (70) (124) (3,719) Foreign currency translation (292) (1) 2 (291) As of December 31, 2020 33,296 113 575 33,984
Summary of carrying amounts of lease liabilities and the movements during the period	​ ​ ​ ​ ​ EUR k ​ ​ ​ As of January 1, 2021 30,087 Additions 2,763 Disposals (943) Accretion of interest 1,729 Payments (4,913) Foreign currency translation 169 As of December 31, 2021 28,892 Current 3,469 Non-current 25,423 ​ ​ ​ ​ ​ ​ ​ ​ EUR k ​ ​ ​ As of January 1, 2020 14,130 Additions 19,310 Disposals (42) Accretion of interest 1,665 Payments (4,661) Foreign currency translation (315) As of December 31, 2020 30,087 Current 3,234 Non-current 26,853 ​ ​ ​
Summary of amounts recognized in the statement of operations related to leases	​ ​ ​ ​ ​ ​ ​ EUR k Depreciation expense of right-of-use assets (3,901) Interest expense on lease liabilities (1,729) Expense relating to short-term leases (included in cost of sales) (119) Expense relating to leases of low-value assets (included in administrative expenses) (39) Total amount recognized in profit or loss (5,788) ​ ​ ​ ​ ​ ​ ​ ​ EUR k Depreciation expense of right-of-use assets (3,719) Interest expense on lease liabilities (1,665) Expense relating to short-term leases (included in cost of sales) (48) Expense relating to leases of low-value assets (included in administrative expenses) (30) Total amount recognized in profit or loss (5,462) ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories.
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ EUR k ​ EUR k Raw materials / semi-finished goods 13,790 ​ 56,159 Finished goods 741 ​ — Total 14,531 ​ 56,159

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity
Summary of total shares	​ ​ ​ ​ Common shares issued and outstanding at December 31, 2019 96,693,265 Genmab Investment ​ 2,175,157 2020 Private Investment ​ 55,688,535 Initial Public Offering and Private Placement ​ 22,708,332 Share option exercises ​ 3,195,276 Common shares issued and outstanding at December 31, 2020 ​ 180,460,565 Follow-on public offering, incl. Greenshoe ​ 5,750,000 Share option exercises ​ 910,163 Common shares issued and outstanding at December 31, 2021 ​ 187,120,728

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2021
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of reconciliation of outstanding awards	The development of the virtual shares in this program granted to management and key employees was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Outstanding at the beginning of the period ​ 6,640,449 ​ 7,305,838 ​ 7,951,265 Granted during the period 665,389 658,735 ​ 0 Expired during the period 0 (13,308) ​ 0 Exercised during the period ​ 0 ​ 0 ​ (1,524,900) Outstanding at the end of the period 7,305,838 7,951,265 ​ 6,426,365 Thereof vested 7,305,838 7,582,906 ​ 6,365,422 Thereof exercisable none none ​ none
Schedule of expense recognized for employee services received	The expense recognized for share-based payment plans during the years ended 31, December is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Selling and distribution expenses ​ — ​ (213) ​ (25) Research and development expenses — ​ (1,840) (369) General and administrative expenses (6,074) ​ (3,135) (230) Total (6,074) ​ (5,188) (624)
New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of reconciliation of outstanding awards	The number of awards in this program granted to key employees developed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Outstanding at the beginning of the period ​ — ​ 745,236 906,595 Granted during the period ​ 745,236 ​ 267,822 — Forfeited during the period ​ — ​ (106,462) ​ ​ Exercised during the period ​ — ​ — ​ (557,171) Outstanding at the end of the period 745,236 ​ 906,595 ​ 349,424 Thereof vested ​ 175,397 ​ 420,595 ​ 88,464 ​ ​ ​ ​ ​ ​ ​ Thereof exercisable none ​ none ​ 88,464
Schedule of expense recognized for employee services received	The expense recognized for employee services received during the years ended December 31, 2021, December 31, 2020, and 2019 is shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k EUR k Research and development expenses (258) ​ (1,421) ​ (349) Selling and distribution expenses (743) ​ (296) ​ (188) General and administrative expenses (79) ​ (47) ​ (35) Total (1,080) ​ (1,764) ​ (591)
Schedule for expense recognized for the programs	The inputs used in the measurement of the fair value at grant dates in the first quarter of 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Grant Date ​ ​ ​ Q4 2019 ​ Q1 2020 ​ Weighted average fair value ​ EUR3.80 ​ EUR4.05 ​ Weighted average share price EUR9.19 ​ EUR8.91 ​ Exercise price (USD 6.21) EUR5.64 ​ EUR5.60 ​ Expected volatility (%) 50.0 % 55.0 % Expected life (years) 1.16 ​ 1.11 ​ Risk-free interest rate (%) 1.77 % 1.79 %
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of inputs used in the measurement of the fair value at grant date	For the grants to the CSO, CBO/CCO, COO and CDO, a Monte Carlo simulation has been used to measure the fair value at the relevant grant dates. The inputs used in the measurement of the fair value at grant date were as follows: ● For the grant to the CSO ​ ​ ​ ​ ​ Weighted average fair value per option EUR57.40 ​ Weighted average share price (10-days VWAP before grant date) EUR50.01 ​ Exercise price (USD 11.90) EUR10.04 ​ Expected volatility (%) 62.06 % Expected life (years) 1.82 ​ Risk-free interest rate (%) 0.07 - 1.48 % ​ ● For the grant to the CBO/CCO First tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR48.27 ​ Weighted average share price (actual 10-days VWAP before grant date, USD 81.03) EUR67.12 ​ Exercise price (USD 52.96) EUR43.87 ​ Expected volatility (%) 62.27 % Expected life (years) 1.78 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ Second tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR24.36 ​ Weighted average share price (estimated by Monte Carlo simulation to be USD 98.36) EUR81.48 ​ Exercise price (estimated by Monte Carlo simulation to be USD 98.36) EUR81.48 ​ Expected volatility (%) 62.27 % Expected life (years) 2.23 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ Third tranche: ​ ​ ​ ​ ​ Weighted average fair value per option EUR20.01 ​ Weighted average share price (estimated by Monte Carlo simulation to be USD 98.57) EUR81.65 ​ Exercise price (estimated by Monte Carlo simulation to be USD 98.57) EUR81.65 ​ Expected volatility (%) 62.27 % Expected life (years) 2.66 ​ Risk-free interest rate (%) 0.07 - 1.50 % ​ ​ ​ ​ ​ ​ Weighted average fair value per option EUR17.56 ​ Weighted average share price (20-days VWAP before grant date) EUR56.51 ​ Exercise price (USD 84.03) EUR70.92 ​ Expected volatility (%) ​ 70.95 % Expected life (years) 4.5 ​ Risk-free interest rate (%) ​ 0.099 – 0.903 % ​ ​ ​ ​ ​ ​ Weighted average fair value per option EUR17.56 ​ Weighted average share price (20-days VWAP before grant date) EUR41.81 ​ Exercise price (USD 54.79) EUR46.16 ​ Expected volatility (%) ​ 75.13 % Expected life (years) 4.6 ​ Risk-free interest rate (%) ​ 0.075 – 0.704 % ​ ​ ​ ​ ​ ​ Weighted average fair value EUR3.87 Weighted average share price ​ EUR9.19 Exercise price (USD 8.28) EUR7.50 ​ Expected volatility (%) 50.0 % Expected life (years) 4.77 ​ Risk-free interest rate (%) 1.71 % ​
Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of expense recognized for employee services received	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Research and development expenses — — (240) Selling and distribution expenses — — (82) General and administrative expenses — — (383) Total — — (705)

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other payables.
Schedule of trade and other payables	Trade payables and other payables are all due within one year and include the following: ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ EUR k EUR k Trade payables 17,623 122,263 License fees payable 537 38 Miscellaneous liabilities 3,525 5,402 Total 21,685 127,703

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other liabilities.
Schedule of other liabilities	Other current liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ EUR k EUR k Personnel accrued liabilities (e.g. bonus, vacation) 5,871 7,210 Grants from government agencies and similar bodies 36,063 3,167 Outstanding invoices 7,577 35,242 Professional fees 511 1,183 VAT and other taxes (real estate transfer taxes) ​ 12,268 ​ 924 Provision for onerous contracts ​ — ​ 40,455 Contract termination provisions ​ — ​ 81,587 Other 2,036 305 Total 64,326 170,073

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2021
Income tax
Schedule of tax reconciliation	Tax reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ EUR k EUR k EUR k Loss before tax (100,125) ​ (129,848) ​ (412,498) Expected tax benefit (based on statutory tax rate of 29.48% in 2021 and 29.13% for 2020 and 2019) 29,162 ​ 37,818 ​ 121,584 Adjustments in respect of current income tax of previous years ​ ​ 18 ​ 0 Adjustments in respect of deferred income tax of previous years ​ ​ ​ 160 ​ 0 Effects from Recognition or Non-Recognition of DTA through Equity ​ ​ ​ (1,012) ​ (581) Effects of (Non-) Recognition of tax loss carryforwards recognized in prior years ​ ​ ​ (1,716) ​ 0 Effects from differences between Group and local tax rates 8 ​ 8 ​ (8) Effects resulting from non-recognition of tax loss carryforwards (22,836) ​ (30,168) ​ (114,999) Effects resulting from non-recognition of DTA/DTL — ​ (179) ​ (7,363) Non-recognition of DTA for deductible temporary differences from SBP this year ​ ​ (2,946) ​ 0 Non-deductible expences for tax purposes ​ ​ 0 - Effects from non-deductible share-based-payments (5,698) ​ ​ ​ 0 - Effects from (additions / deductions) for local trade taxes (191) ​ (63) ​ (176) - Other non-deductible expenses / including "Zinsschranke" (78) ​ (1,154) ​ (101) Other effects (114) ​ (39) ​ 2,426 Effective tax benefit / (expense) 252 ​ 726 ​ 782
Schedule of Deferred taxes	Deferred taxes relate to the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2021 ​ ​ EUR k ​ EUR k Intangible assets ​ (4) (5) Property, plant and equipment ​ (1,075) (2,136) Right of use-assets ​ (8,458) (9,420) Other assets ​ (303) (153) Inventories ​ 44 0 Trade Receivables ​ 19 151 Contract assets ​ (235) 0 Other financial assets ​ — 0 Other current assets ​ (286) 1,215 Cash and cash equivalents ​ (2,091) (308) Assets ​ (8,207) (10,656) Share-based payments ​ — — Lease liabilities (non-current portion) ​ 7,774 7,445 Financial liabilities / Convertible Loan ​ — — Other Non-current financial liabilities ​ 53 0 Other non-current liabilities ​ (43) (130) Trade and other payables ​ 434 (229) Lease liabilities (current portion) ​ 934 1,011 Other liabilities ​ (320) 22,237 Liabilities ​ 8,830 30,334 Deferred Taxes on temporary differences ​ 624 19,678 Non-Recognition of Deferred Tax Assets (DTA) on temporary differences ​ (1,391) (19,881) DTA on deductible temporary differences Share-based Payment ​ 1,212 2,769 Deferred Taxes on loss carryforwards ​ — 294 Deferred Taxes Total ​ 445 2,861
Schedule of unused tax losses carried forward	The following unused tax losses for which no deferred tax asset is recognized in the statement of financial position had been carried forward as of the end of the reporting periods: ​ ​ ​ ​ ​ ​ ​ ​ Tax loss carryforwards 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Unused tax losses for corporate income tax 407,434 ​ 775,956 1,181,225 Unused tax losses for trade tax ​ 405,123 ​ 773,165 1,176,844 Unused interest carryforward ("Zinsschranke") — ​ 3,627 ​ 2,879
Schedule of deductible temporary differences	The following deductible temporary differences for which no deferred tax asset is recognized in the statement of financial position had been carried forward as of the end of the reporting periods: ​ ​ ​ ​ ​ ​ ​ ​ Deductible temporary differences 2019 2020 2021 ​ ​ EUR k ​ EUR k ​ EUR k Not recognized over P&L — 109,272 163,607 Not recognized over equity — 415,018 110,749

Disclosure of financial instr_2

Disclosure of financial instruments and management of financial risks (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of financial instruments and management of financial risks
Schedule of maturity profile of the financial liabilities based on contractual undiscounted payments	The table below summarizes the maturity profile of the Group`s financial liabilities based on contractual undiscounted payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ​ 3 to 12 months ​ 1 to 5 years ​ > 5 years ​ Total 2021 EUR k EUR k EUR k EUR k EUR k Contractual commitments ​ — (163,557) — — (163,557) Lease liabilities (Note 4.2) ​ (576) (2,893) (16,746) (8,677) (28,892) Other liabilities (Note 11) ​ (79,927) (80,116) (10,018) (12) (170,073) Trade and other payables (Note 10) ​ (99,035) ​ (638) ​ (28,030) ​ — ​ (127,703) Total (179,538) (247,204) (54,794) (8,689) (490,225) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ​ 3 to 12 months ​ 1 to 5years ​ > 5 years ​ Total 2020 EUR k EUR k EUR k EUR k EUR k Contractual commitments — (97,151) — — (97,151) Lease liabilities (Note 4.2) (728) (2,233) (15,805) (11,322) (30,087) Other liabilities (Note 11) (52,637) — (8,423) (138) (61,199) Trade and other payables (Note 10) (21,004) (682) ​ — (21,685) EIB loan (Note 12) ​ — ​ — ​ — ​ (25,875) ​ (25,875) Total (74,368) (100,066) (24,228) (37,335) (235,997)
Schedule of exposure in (foreign) currency	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (in thousands) Cash and cash equivalents 51,363 EUR 58,174 USD Trade and other receivables 182 EUR 206 USD Total monetary assets in foreign currency 51,545 EUR 58,380 USD Trade and other payables 52,594 EUR 59,568 USD ​ 0 EUR 0 GBP ​ 19 EUR 20 CHF Total monetary liabilities in foreign currency 52,613 EUR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 (in thousands) Cash and cash equivalents 84,798 EUR 104,055 USD Trade and other receivables 76 EUR 93 USD Total monetary assets in foreign currency 84,874 EUR 104,148 USD Trade and other payables 3,761 EUR 4,615 USD ​ 5 EUR 58 GBP ​ 3 EUR 3 CHF Total monetary liabilities in foreign currency 3,828 EUR ​ ​ Net exposure in USD ​ 2020 2021 EUR 77,669 k from USD 95,311 k ​ EUR -3,964 from USD -4,490 k ​

Notes to the consolidated sta_2

Notes to the consolidated statements of cash flows (Tables)	12 Months Ended
	Dec. 31, 2021
Notes to the consolidated statements of cash flows
Schedule of changes in liabilities arising from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ January 1, ​ ​ ​ New Accrued Paid Exchange December 31, in thousands of EUR ​ 2021 Cash flows ​ Reclassification ​ Disposals ​ Leases ​ interest ​ Interest ​ Movements ​ 2021 EIB loan (Note 12) ​ 25,189 ​ (25,000) ​ — ​ — ​ — ​ 1,444 ​ (1,633) ​ — ​ — Lease Liabilities (Note 4.2) ​ 30,087 ​ (3,184) ​ — ​ (943) ​ 2,763 ​ — ​ — ​ 169 ​ 28,892 Total liabilities from financing activities 55,276 (28,184) ​ — ​ (943) ​ 2,763 ​ 1,444 ​ (1,633) ​ 169 28,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ January 1, ​ Cash ​ ​ ​ ​ ​ New ​ Accrued ​ Paid ​ Exchange ​ December 31, in thousands of EUR 2020 flows Reclassification Disposals Leases interest Interest Movements 2020 Convertible loans (Note 12) 65,018 (69,889) (126) — ​ — 10,637 ​ (5,640) — — EIB loan (Note 12) ​ — ​ 25,000 ​ — ​ — ​ — ​ 189 ​ — ​ — ​ 25,189 Lease Liabilities (Note 4. 2) 14,130 (2,996) — (43) ​ 19,310 — ​ — (315) 30,087 Total liabilities from financing activities 79,148 (47,885) (126) (43) ​ 19,310 10,826 ​ (5,640) (315) 55,276

Remuneration of the Company's_2

Remuneration of the Company's key management personnel (Tables)	12 Months Ended
	Dec. 31, 2021
Remuneration of the Company's key management personnel
Schedule of remuneration of company's key management personnel	Remuneration of the Company’s key management personnel was as follows in fiscal 2021: ​ ​ ​ ​ ​ ​ ​ Management Supervisory Remuneration of key management in 2021 ​ Board ​ Board ​ ​ EUR k ​ EUR k Short-term benefits 3,098 646 Share-based payments 12,673 566 Total 15,771 1,212 ​ Remuneration of the Company’s key management personnel was as follows in fiscal 2020: ​ ​ ​ ​ ​ ​ ​ Management Supervisory Remuneration of key management in 2020 ​ Board ​ Board ​ ​ EUR k ​ EUR k Short-term benefits ​ 3,840 ​ 557 Share-based payments 7,287 — Total 11,127 557

Corporate Information (Details)

Corporate Information (Details)	Aug. 14, 2020
Cure Vac B.V.
Disclosure of detailed information about business combination [line items]
Share split ratio	133.0778
Ownership percentage	100.00%
CureVac N.V.
Disclosure of detailed information about business combination [line items]
Voting interests held	100.00%

Significant accounting polici_4

Significant accounting policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021EUR (€)segment	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)
Statements Line Items
Revenue	€ 102,990,000	€ 48,871,000	€ 17,416,000
Amount drawn		25,000,000
Residual values	0
Borrowing costs capitalized	€ 2,932,000	€ 1,989,000	€ 2,188,000
Weighted average borrowing costs (as a percent)	7.17%	8.90%	9.13%
Impairment loss	€ 0
Reversal of impairment loss		€ 0	€ 0
Number of operating segment | segment	1
Number of reportable segment | segment	1
Optional lease payments not included in the measurement of the lease liability	€ 34,300,000	34,201,000	12,548,000
Revenue from pre-launch products	0	0	0
Impairment to property, plant and equipment	€ 22,810,000
Buildings
Statements Line Items
Renewal term of the lease	5 years
Minimum
Statements Line Items
Renewal term of the lease	5 years
Maximum
Statements Line Items
Renewal term of the lease	10 years
Product
Statements Line Items
Revenue	€ 457,000	556,000	8,617,000
Product | Goods or services transferred at point in time
Statements Line Items
Revenue	€ 0	€ 0	€ 0

Significant accounting polici_5

Significant accounting policies - Estimated useful lives Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Software | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	3 years
Software | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	5 years
Licences | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	8 years
Licences | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	20 years

Significant accounting polici_6

Significant accounting policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Leasehold Improvements | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	1 year
Leasehold Improvements | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	10 years
Technical equipment and machines.. | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	3 years
Technical equipment and machines.. | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	14 years
Other equipment, furniture and fixtures | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	3 years
Other equipment, furniture and fixtures | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	14 years

Significant accounting polici_7

Significant accounting policies - Estimated useful life of right-of-use assets (Details)	12 Months Ended
	Dec. 31, 2021
Land and Buildings | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	1 year
Land and Buildings | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	15 years
Vehicles | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	3 years
Vehicles | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	4 years
Other equipment : | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	2 years
Other equipment : | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives of right-of-use assets (in years)	5 years

Notes to the consolidated fin_3

Notes to the consolidated financial statements - Revenue from contract with customers (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	€ 102,990	€ 48,871	€ 17,416
Research services combined with an IP license
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	79,827	46,597	5,777
Product
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	457	556	8,617
Research and development services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	22,706	1,718	3,022
Belgium | GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	74,298	8,809
Germany | Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	26,003	1,885	2,474
Germany | Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues			104
Netherlands | Genmab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	1,770	2,628
Switzerland | CRISPR
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues	€ 919	695	519
United States | Eli Lilly.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenues		€ 34,854	€ 14,319

Notes to the consolidated fin_4

Notes to the consolidated financial statements - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2020EUR (€)	Aug. 31, 2014EUR (€)	Dec. 31, 2021EUR (€)item	Dec. 31, 2020EUR (€)item	Dec. 31, 2019EUR (€)	Dec. 31, 2021USD ($)	Apr. 30, 2021EUR (€)	Dec. 31, 2019USD ($)	Nov. 30, 2017USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Number of collaboration partners that owed 100% of all the receivables and contract assets outstanding | item			3	4
Number of collaboration partners with balances greater than 10% of the total amounts of receivable and contract assets | item			1	2
Revenue recognized from contract liabilities			€ 67,828	€ 46,597	€ 5,777
Proceeds from the issuance of shares (net of transaction costs)			404,062	867,717
Revenue recognized			102,990	48,871	17,416
Upfront Payments Included In Contract Liabilities			142,095	646,046
Decrease in outstanding balance due to release of government contractual liabilities			574,502
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront Payments Received Or Receivable			75,000
GSK | Collaboration Agreement For Research, Development, Manufacturing And Commercialization Of mRNA-based Vaccines
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized			47,148	8,809
GSK | GlaxoSmithKline COVID Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized			27,150	0
Upfront Payments Received Or Receivable							€ 75,000
Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized			26,003	1,885
Upfront Payments Received Or Receivable		€ 30,000
Option fee payment received		5,000
Additional development milestone payments		€ 7,000
Option fee payment included in contract liabilities			5,000
Development milestone payment included in contract liabilities			7,000
CRISPR Therapeutics
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized			919	695	519
Upfront Payments Received Or Receivable | $									$ 3,000
Genmab | Collaboration And License Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized			1,770	2,628
Upfront Payments Received Or Receivable | $								$ 10,000
Equity investment | $								$ 20,000
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront Payments Included In Contract Liabilities			33,100
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from contract liabilities			51,728	7,778
Proceeds from the issuance of shares (net of transaction costs)	€ 150,000
Upfront Payments Received Or Receivable	120,000		195,000
One-time reimbursable payment	30,000
Development and regulatory milestone payments	320,000
Commercial milestone payments	€ 380,000
Upfront Payments Included In Contract Liabilities			135,494	112,222
Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from contract liabilities			14,003	1,867	1,951
Upfront Payments Received Or Receivable			30,000
Upfront Payments Included In Contract Liabilities				14,003
Genmab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from contract liabilities			1,787	1,787
Upfront Payments Received Or Receivable			8,937			$ 10,000
Upfront Payments Included In Contract Liabilities			5,362	7,150
Eli Lilly.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized from contract liabilities				34,855	€ 3,516
Upfront Payments Received Or Receivable			42,200			$ 50,000
European Commission
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront Payments Received Or Receivable			€ 450,000
Upfront Payments Included In Contract Liabilities				€ 450,000

Notes to the consolidated fin_5

Notes to the consolidated financial statements - Summary of upfront payments and related revenues recognized (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2021USD ($)	Jul. 31, 2020EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments included in contract liabilities	€ 142,095	€ 646,046
Revenue recognized from upfront payments	67,828	46,597	€ 5,777
Eli Lilly.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	42,200			$ 50,000
Revenue recognized from upfront payments		34,855	3,516
CRISPR
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	2,524			3,000
Upfront payments included in contract liabilities	1,239	1,549
Revenue recognized from upfront payments	310	310	310
Boehringer Ingelheim
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	30,000
Upfront payments included in contract liabilities		14,003
Revenue recognized from upfront payments	14,003	1,867	€ 1,951
Genmab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	8,937			$ 10,000
Upfront payments included in contract liabilities	5,362	7,150
Revenue recognized from upfront payments	1,787	1,787
GSK
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	195,000				€ 120,000
Upfront payments included in contract liabilities	135,494	112,222
Revenue recognized from upfront payments	51,728	7,778
BMBF
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	124,502
Upfront payments included in contract liabilities		61,122
European Commission
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments received or receivable	€ 450,000
Upfront payments included in contract liabilities		€ 450,000

Notes to the consolidated fin_6

Notes to the consolidated financial statements - Contract liabilities allocated to the remaining performance obligations (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Notes to the consolidated financial statements
Trade receivables	€ 18,504	€ 1,014
Contract assets		808
Contract liabilities	€ 142,095	€ 658,046

Notes to the consolidated fin_7

Notes to the consolidated financial statements - Contract liabilities allocated to the remaining performance obligations (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	€ 142,095	€ 658,046
Within one year
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	55,750	157,985
More than one year
Disclosure of transaction price allocated to remaining performance obligations [line items]
Contract liabilities allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end	€ 86,345	€ 500,061

Notes to the consolidated fin_8

Notes to the consolidated financial statements - Cost of sales (Details) - Cost of sales - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Expenses By Nature [Line Items]
Personnel	€ (22,159)	€ (2,896)	€ (9,855)
Materials	(46,250)	(1,598)	(7,542)
Third-party services	(145,515)	(2,652)	(7,268)
Maintenance and lease	(2,874)	(1,016)	(1,060)
Amortization and depreciation	(21,262)	(5,913)	(2,038)
Other	(135)	(98)	(220)
Total	(238,195)	€ (14,173)	€ (27,983)
Increase in cost of sales	€ 224,022

Notes to the consolidated fin_9

Notes to the consolidated financial statements - Selling and distribution expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Expenses By Nature [Line Items]
Expenses from share-based payments	€ (705)
Selling and distribution expenses
Disclosure Of Expenses By Nature [Line Items]
Personnel	(1,369)	€ (631)	€ (1,263)
Maintenance and lease	(1)	(1)	(167)
Amortization and depreciation	(86)	(98)	(81)
Other	(287)	(3)	(244)
Total	(1,743)	(733)	(1,755)
Salary and salary-related expenses	1,076	370	520
Expenses from share-based payments	€ 293	€ 261	€ 743

Notes to the consolidated fi_10

Notes to the consolidated financial statements - Research and development expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Expenses By Nature [Line Items]
Expenses from share-based payments	€ (705)
Research and development expenses
Disclosure Of Expenses By Nature [Line Items]
Materials	(232,292)	€ (29,834)	€ (4,015)
Personnel	(33,733)	(21,313)	(14,385)
Amortization and depreciation	(4,259)	(2,578)	(474)
Patents and fees to register a legal right	(11,157)	(7,337)	(4,551)
Third-party services	(531,827)	(51,306)	(18,626)
Maintenance and lease	(347)	(717)	(670)
Other	(2,292)	(723)	(521)
Total	(815,907)	(113,808)	(43,242)
Salary and salary-related expenses	32,779	16,543	14,127
Expenses from share-based payments	954	€ 4,770	€ 0
Recognition of expenses related to ineffective set-up activities and settlement costs	€ 702,099

Notes to the consolidated fi_11

Notes to the consolidated financial statements - General and administrative expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Expenses By Nature [Line Items]
Expenses from share-based payments	€ (705)
General and administrative expenses
Disclosure Of Expenses By Nature [Line Items]
Personnel	(37,393)	€ (29,884)	€ (31,645)
Maintenance and lease	(4,306)	(2,505)	(4,604)
Third-party services	(28,875)	(6,914)	(5,970)
Legal and other professional services	(9,230)	(3,531)	(2,110)
Amortization and depreciation	(8,895)	(6,020)	(2,182)
Other	(11,703)	(4,700)	(2,458)
Total	(100,402)	(53,554)	(48,969)
Salary and salary-related expenses	24,274	20,442	13,083
Expenses from share-based payments	13,119	9,442	18,562
Insurance expense	6,749	1,401	115
Real estate transfer taxes	€ 0	€ 930	€ 0

Notes to the consolidated fi_12

Notes to the consolidated financial statements - Other operating income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Notes to the consolidated financial statements
Grants and other cost reimbursements from government agencies and similar bodies	€ 66,394	€ 23,736	€ 5,385
Income from reversal of provisions	272
Other	1,036	414	202
Total	€ 67,702	€ 24,150	€ 5,587

Notes to the consolidated fi_13

Notes to the consolidated financial statements - Grants with government agencies and similar bodies (Details) € in Thousands, $ in Thousands	Dec. 31, 2020EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Nov. 30, 2020EUR (€)	Nov. 30, 2020USD ($)	Aug. 31, 2019EUR (€)	Aug. 31, 2019USD ($)	Feb. 28, 2019USD ($)	Nov. 30, 2017EUR (€)	Nov. 30, 2017USD ($)	Nov. 30, 2016EUR (€)	Nov. 30, 2016USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2021EUR (€)	Oct. 31, 2021EUR (€)	Jul. 31, 2020EUR (€)	May 31, 2020USD ($)	Jan. 31, 2020USD ($)
Disclosure Of Government Grants
Income from release of governmental contract liabilities													€ 574,502
Grant amount received/eligible to receive													93,531	€ 31,599	€ 9,304
Advance Purchase Agreement with European Commission
Disclosure Of Government Grants
Number of doses of SARS-CoV-2 advance purchase by the Member States under agreement				225,000,000	225,000,000
Maximum grant																	€ 0
Upfront Payment Received				€ 450,000
German Federal Ministry of Education and Research
Disclosure Of Government Grants
Maximum grant																		€ 252,000
Income from release of governmental contract liabilities	€ 6,602												65,218
Milestone payment received																€ 196,300
Remaining grant income													65,000
Coalition for Epidemic Preparedness Innovations
Disclosure Of Government Grants
Maximum grant | $																			$ 15,300	$ 8,300
Income from release of governmental contract liabilities													688	15,953	3,607
Grants received and deferred	1,325	€ 1,325											1,289	1,325		1,289
Maximum amount under the partnership agreement | $								$ 34,000
Term of the partnership agreement								3 years
Period for which the costs are to be covered								6 months
Amount deducted from the carrying amount of qualifying assets	3,239	3,239											0	3,239	2,325	0
Bill & Melinda Gates Foundation (BMGF)
Disclosure Of Government Grants
Income from release of governmental contract liabilities															€ 768
Grants received and deferred													1,879			€ 1,879
Number of additional grants received									2	2
Grant amount received/eligible to receive											€ 614	$ 653
Bill & Melinda Gates Foundation (BMGF), Grant for development of a universal influenza vaccine
Disclosure Of Government Grants
Grant amount received/eligible to receive				280	$ 322	€ 486	$ 540		€ 852	$ 1,000
Bill & Melinda Gates Foundation (BMGF), Grant for malaria vaccine
Disclosure Of Government Grants
Income from release of governmental contract liabilities													488	1,183
Grants received and deferred	€ 2,164	2,164												€ 2,164
Grant amount received/eligible to receive		€ 1,208	$ 1,449	€ 1,208	$ 1,449				€ 673	$ 800
Bundesministerium fr Bildung und Forschung
Disclosure Of Government Grants
Income from release of governmental contract liabilities													€ 124,000

Fixed Assets - Intangible asset

Fixed Assets - Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Beginning balance	€ 14,146	€ 5,698
Ending balance	13,238	14,146
Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	5,673	4,476
Ending balance	6,661	5,673
Licences
Disclosure of detailed information about intangible assets [line items]
Beginning balance	7,785	940
Ending balance	5,612	7,785
Advance Payments
Disclosure of detailed information about intangible assets [line items]
Beginning balance	688	282
Ending balance	965	688
Cumulative Amortization And Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	6,601	4,033
Amortization	4,011	2,569
Currency translation		(1)
Ending balance	10,612	6,601
Cumulative Amortization And Impairment [Member] | Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	4,499	3,587
Amortization	1,466	913
Currency translation		(1)
Ending balance	5,965	4,499
Cumulative Amortization And Impairment [Member] | Licences
Disclosure of detailed information about intangible assets [line items]
Beginning balance	2,102	446
Amortization	2,545	1,656
Ending balance	4,647	2,102
Gross Carrying Amount of Acquisition Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	20,747	9,731
Additions	3,679	11,018
Disposals	(576)
Currency translation		(2)
Ending balance	23,850	20,747
Gross Carrying Amount of Acquisition Cost [Member] | Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	10,172	8,063
Additions	2,454	1,919
Reclassifications		192
Currency translation		(2)
Ending balance	12,626	10,172
Gross Carrying Amount of Acquisition Cost [Member] | Licences
Disclosure of detailed information about intangible assets [line items]
Beginning balance	9,887	1,386
Additions	234	8,501
Reclassifications	138
Ending balance	10,259	9,887
Gross Carrying Amount of Acquisition Cost [Member] | Advance Payments
Disclosure of detailed information about intangible assets [line items]
Beginning balance	688	282
Additions	991	598
Disposals	(576)
Reclassifications	(138)	(192)
Ending balance	€ 965	€ 688

Fixed Assets - Property, plant

Fixed Assets - Property, plant and equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	€ 66,605	€ 48,075
Impairment	22,810
Ending balance	168,264	66,605
Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	16,535	4,394
Ending balance	21,924	16,535
Technical equipment and machines
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	14,076	9,795
Ending balance	40,248	14,076
Other equipment, furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,993	1,777
Ending balance	4,359	3,993
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	32,001	32,109
Ending balance	101,733	32,001
Cumulative Amortization And Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	24,093	20,951
Disposals	(7,138)	(949)
Depreciation	7,237	4,132
Impairment	22,810
Currency translation	17	(17)
Attributions		(24)
Ending balance	47,019	24,093
Cumulative Amortization And Impairment [Member] | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,415	2,450
Disposals	(1)	(77)
Depreciation	1,934	1,042
Ending balance	5,348	3,415
Cumulative Amortization And Impairment [Member] | Technical equipment and machines
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	8,308	7,257
Disposals	(2)	(739)
Depreciation	3,420	1,813
Attributions		(23)
Ending balance	11,726	8,308
Cumulative Amortization And Impairment [Member] | Other equipment, furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	5,250	4,124
Disposals	(15)	(133)
Depreciation	1,883	1,277
Currency translation	17	(17)
Attributions		(1)
Ending balance	7,135	5,250
Cumulative Amortization And Impairment [Member] | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	7,120	7,120
Disposals	(7,120)
Impairment	22,810
Ending balance	22,810	7,120
Gross Carrying Amount of Acquisition Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	90,698	69,026
Additions	131,699	28,606
Disposals	(7,152)	(6,893)
Currency translation	38	(41)
Ending balance	215,283	90,698
Gross Carrying Amount of Acquisition Cost [Member] | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	19,950	6,844
Additions	3,353	5,690
Disposals	(4)	(77)
Reclassifications	3,973	7,493
Ending balance	27,272	19,950
Gross Carrying Amount of Acquisition Cost [Member] | Technical equipment and machines
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	22,384	17,052
Additions	28,047	4,622
Disposals	(10)	(839)
Reclassifications	1,553	1,549
Ending balance	51,974	22,384
Gross Carrying Amount of Acquisition Cost [Member] | Other equipment, furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	9,243	5,901
Additions	2,228	3,772
Disposals	(15)	(398)
Reclassifications		9
Currency translation	38	(41)
Ending balance	11,494	9,243
Gross Carrying Amount of Acquisition Cost [Member] | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	39,121	39,229
Additions	98,071	14,522
Disposals	(7,123)	(5,579)
Reclassifications	(5,526)	(9,051)
Ending balance	€ 124,543	€ 39,121

Fixed Assets - Right-of-use ass

Fixed Assets - Right-of-use assets and lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statements Line Items
Balance at the beginning	€ 33,984	€ 13,611
Additions	2,763	24,434
Disposals	(943)	(51)
Depreciation expense	(3,901)	(3,719)
Foreign Currency Translation	226	(291)
Balance at the end	32,129	33,984
Land and Buildings
Statements Line Items
Balance at the beginning	33,296	13,375
Additions	2,666	23,738
Disposals	(943)
Depreciation expense	(3,698)	(3,525)
Foreign Currency Translation	226	(292)
Balance at the end	31,547	33,296
Vehicles
Statements Line Items
Balance at the beginning	113	126
Additions	97	58
Depreciation expense	(68)	(70)
Foreign Currency Translation		(1)
Balance at the end	142	113
Other equipment, furniture and fixtures
Statements Line Items
Balance at the beginning	575	110
Additions		638
Disposals		(51)
Depreciation expense	(135)	(124)
Foreign Currency Translation		2
Balance at the end	€ 440	€ 575

Fixed Assets - Carrying amounts

Fixed Assets - Carrying amounts of lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed Assets
Balance at the beginning	€ 30,087	€ 14,130
Additions	2,763	19,310
Disposals	(943)	(42)
Accretion of interest	(1,729)	(1,665)
Payments	(4,913)	(4,661)
Foreign currency translation	169	(315)
Balance at the end	28,892	30,087
Current	3,469	3,234
Non-current	€ 25,423	€ 26,853

Fixed Assets - Amounts recogniz

Fixed Assets - Amounts recognized in the statement of operations (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed Assets
Depreciation expense of right-of-use assets	€ (3,901)	€ (3,719)
Interest expense on lease liabilities	(1,729)	(1,665)
Expense relating to short-term leases (included in cost of sales)	(119)	(48)
Expense relating to leases of low-value assets (included in administrative expenses)	(39)	(30)
Total amount recognized in profit or loss	€ (5,788)	€ (5,462)
Term of the lease that has not yet commenced	10 years
Gross amount for leases not yet commenced	€ 3,904
Extension term of the lease that has not yet commenced	5 years
Gross amount of payment obligations of the leases extension	€ 291

Fixed Assets - Additional infor

Fixed Assets - Additional information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Loss on derecognition		€ 5,579
Impairment	€ 22,810
Fixed gross payments	€ 28,892	€ 30,087
Building One
Lessee, Lease, Description [Line Items]
Lease term	24 months
Option to extend, lease term	5 years
Fixed gross payments	€ 78
Option payments	€ 517
Building Two
Lessee, Lease, Description [Line Items]
Lease term	10 years
Option to extend, lease term	5 years
Fixed gross payments	€ 1,292
Option payments	€ 1,292
Building Three
Lessee, Lease, Description [Line Items]
Lease term	15 years
Option to extend, lease term	5 years
Fixed gross payments	€ 28,975
Option payments	€ 26,556

Fixed Assets - Non-current othe

Fixed Assets - Non-current other assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed Assets
Non-current other assets	€ 1,731	€ 6,322
Costs to obtain a contract	515	1,034
Deposits paid for dedicated equipment		4,203
Deposit payment for a lease	1,215	1,080
Amortization of capitalized costs to obtain a contract	€ 694	€ 215

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventories.
Raw materials / semi-finished goods	€ 56,159	€ 13,790
Finished goods		741
Total	56,159	14,531
Raw materials / semi-finished goods written down	180,048	787
Finished goods written down	€ 5,784	€ 0

Other financial assets (Details

Other financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other financial assets.
Other Current finacial assets	€ 4,647	€ 2,619
Deposits held by third parties	1,936	430
Other receivables	€ 2,711	€ 2,189

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses and other current assets
Prepaid expenses and other current assets	€ 49,244	€ 48,289
Prepayments for future service agreements and goods	5,724	40,054
Tax receivable	35,234
Current grant receivable	3,032
Outstanding VAT refund claims	€ 32,202
Grant receivable		€ 8,235

Equity - Overview and General R

Equity - Overview and General Remarks (Details)	12 Months Ended
	Dec. 31, 2021€ / sharesshares
Disclosure of classes of share capital [line items]
Share split ratio	133.0778
Common shares
Disclosure of classes of share capital [line items]
Number of shares authorized	386,250,000
Notional value per share | € / shares	€ 0.12
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares authorized	386,250,000
Number of shares issued	0

Equity - Impact of share split

Equity - Impact of share split (Details) - shares	3 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Common shares issued and outstanding beginning		180,460,565
Share option exercises	3,195,276	910,163	3,195,276
Common shares issued and outstanding ending		187,120,728	180,460,565
Share transaction
Disclosure of classes of share capital [line items]
Common shares issued and outstanding beginning			96,693,265
Genmab Investment | Share transaction
Disclosure of classes of share capital [line items]
Capital Investment			2,175,157
2020 Private Investment | Share transaction
Disclosure of classes of share capital [line items]
Capital Investment			55,688,535
Initial Public Offering and Private Placement
Disclosure of classes of share capital [line items]
Capital Investment			22,708,332
Follow-on public offering, incl. Greenshoe
Disclosure of classes of share capital [line items]
Capital Investment		5,750,000

Equity - Genmab Investment (Det

Equity - Genmab Investment (Details) - EUR (€) € / shares in Units, € in Thousands	Dec. 19, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Cash received from issuance of shares		€ 404,062	€ 867,717
Genmab Investment
Disclosure of classes of share capital [line items]
Notional value per share				€ 1
Aggregate cash consideration	€ 20,000
Cash received from issuance of shares			€ 19,983,655	€ 16,345
Series B | Genmab Investment
Disclosure of classes of share capital [line items]
Capital Investment	2,175,157

Equity - Private placement 2020

Equity - Private placement 2020 (Details) - 2020 Private Investment - Kreditanstalt, GSK and other investors € in Thousands	1 Months Ended
	Jul. 31, 2020EUR (€)shares
Disclosure of classes of share capital [line items]
Capital Investment | shares	55,688,534
Aggregate investment | €	€ 559,280

Equity - Initial Public Offerin

Equity - Initial Public Offering and Private Placement (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2021EUR (€)shares	Feb. 28, 2021$ / shares	Aug. 31, 2020EUR (€)shares	Aug. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)€ / shares
Disclosure of classes of share capital [line items]
Price per share | € / shares						€ 46.72
Cash received from issuance of shares | €					€ 404,062	€ 867,717
Closing of public offering of common shares
Disclosure of classes of share capital [line items]
Capital Investment	5,000,000		13,333,333	13,333,333
Price per share | $ / shares		$ 90		$ 16
Cash received from issuance of shares	€ 426,652		€ 192,946	$ 228,200
Offering costs for legal, accounting, printing and registration fees	€ 22,590		€ 4,397	$ 5,200
Over-Allotment Option
Disclosure of classes of share capital [line items]
Capital Investment	750,000		1,999,999	1,999,999
DH-LT Investments GmbH
Disclosure of classes of share capital [line items]
Capital Investment			100,000	100,000
Price per share | $ / shares				$ 16

Equity - Follow-on public offer

Equity - Follow-on public offering (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2021EUR (€)shares	Feb. 28, 2021$ / shares	Aug. 31, 2020EUR (€)shares	Aug. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)€ / shares
Disclosure of classes of share capital [line items]
Weighted average share price | € / shares						€ 46.72
Proceeds from issuing shares | €					€ 404,062	€ 867,717
Closing of public offering of common shares
Disclosure of classes of share capital [line items]
Capital Increase (in shares)	5,000,000		13,333,333	13,333,333
Weighted average share price | $ / shares		$ 90		$ 16
Proceeds from issuing shares	€ 426,652		€ 192,946	$ 228,200
Share issue related cost	€ 22,590		€ 4,397	$ 5,200
Over-Allotment Option
Disclosure of classes of share capital [line items]
Capital Increase (in shares)	750,000		1,999,999	1,999,999

Equity - Exercises of share opt

Equity - Exercises of share options by the former CEO (Details) € in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)shares	Dec. 31, 2021EUR (€)USD ($)shares	Dec. 31, 2020shares
Equity
Number of options exercised | $	100,000	3,766,309	557,171
Cashless exercises of warrants | €			€ 3,186
Share Option Exercises | shares		3,195,276	910,163	3,195,276
Cash consideration on exercise of option		$ 0	€ 3,186

Equity - Capital reserves (Deta

Equity - Capital reserves (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cashless exercises of warrants	€ (3,186)
Amounts relating to the equity components of the convertible loans		€ 87	€ 7,604
Capital reserve
Cashless exercises of warrants	€ (3,077)	383
Amounts relating to the equity components of the convertible loans		€ 87	€ 7,604

Equity - Share classes on the l

Equity - Share classes on the level of curevac NV (Details)	Dec. 31, 2021€ / sharesshares
Common shares
Disclosure of classes of share capital [line items]
Number of shares authorized	386,250,000
Nominal value per share | € / shares	€ 0.12
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares authorized	386,250,000

Equity - Exercises of share o_2

Equity - Exercises of share options under the old VSOP plan (Details) € in Thousands	Oct. 19, 2021USD ($)shares	Oct. 18, 2021shares	Mar. 11, 2021USD ($)shares	Oct. 31, 2020shares	Aug. 31, 2020shares	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Oct. 31, 2021USD ($)shares	Dec. 31, 2021EUR (€)USD ($)shares	Dec. 31, 2021USD ($)
Statements Line Items
Number of share options exercised by participants | $						100,000	3,766,309		557,171
Treasury shares held for transfer	$ 523,897		$ 390,023			$ 92,738			€ 5,817
Number of shares received		765,223
Number of shares held for payable of tax liabilities	241,326		369,654
Number of shares issued for exercise of stock options		765,223
Old VSOP Plan
Statements Line Items
Treasury shares held for transfer | $										$ 168,322
Number of shares received				765,223	759,677
Number of shares held for payable of tax liabilities				523,897	390,023
Number of shares issued for exercise of stock options				241,326	369,654
New VSOP Plan
Statements Line Items
Number of shares issued for exercise of stock options									207,251
Number of share options granted | $									349,920
Legacy plan
Statements Line Items
Number of share options exercised by participants | $								5,282
Number of shares issued for exercise of stock options								702,915
Number of share options granted | $								5,282

Share-based payments - Virtual

Share-based payments - Virtual shares program I (Details) - € / shares	2 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value per virtual share (in dollars per share)		€ 4.05	€ 3.80
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date fair value of virtual shares	658,735				665,389
Fair value per virtual share (in dollars per share)				€ 10.04	€ 9.13

Share-based payments - Virtua_2

Share-based payments - Virtual shares program I - Development of the virtual shares in this program granted to management and key employees (Details) € in Thousands	Oct. 19, 2021USD ($)shares	Oct. 18, 2021shares	Mar. 11, 2021USD ($)shares	Mar. 10, 2021shares	Aug. 14, 2020	Jun. 30, 2020Option	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2021EUR (€)Option	Dec. 31, 2021EUR (€)OptionUSD ($)	Dec. 31, 2021EUR (€)Optionshares	Dec. 31, 2021EUR (€)Option	Dec. 31, 2021EUR (€)Option	Dec. 31, 2020EUR (€)Option	Dec. 31, 2020Optionshares	Dec. 31, 2020Option	Dec. 31, 2019EUR (€)Option	Dec. 31, 2019Optionshares	Dec. 31, 2019Option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercised during the period | $							(100,000)	(3,766,309)		(557,171)
Thereof exercisable									0	0	0	0	0
Number of shares issued for exercise of stock options		765,223
Number of shares received		765,223
Treasury shares held for transfer	$ 523,897		$ 390,023				$ 92,738		€ 5,817	€ 5,817	€ 5,817	€ 5,817	€ 5,817
Number of shares held for payable of tax liabilities	241,326		369,654
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted during the period | Option						658,735													665,389
Thereof exercisable																	0	0	0
Right To Exercise Percentage Of Vested Virtual Shares					10.00%								10.00%
Decrease In Number Of Shares Outstanding Through Transfer From Shareholders to Entity				759,677
Number of shares received											1,524,900
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at the beginning of the period									906,595			7,951,265		745,236		7,305,838	0		6,640,449
Granted during the period												0		267,822		658,735	745,236		665,389
Expired during the period												0		(106,462)		(13,308)			0
Exercised during the period									(557,171)			(1,524,900)				0			0
Outstanding at the end of the period									349,424			6,426,365		906,595		7,951,265	745,236		7,305,838
Thereof vested											6,365,422				7,582,906			7,305,838
Thereof exercisable | Option									0	0	0	0	0	0	0	0	0	0	0

Share-based payments - Expenses

Share-based payments - Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Research and development expenses	€ (240)
Selling and distribution expenses	(82)
General and administrative expenses	(383)
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Research and development expenses	(369)	€ (1,840)
Selling and distribution expenses	(25)	(213)
General and administrative expenses	(230)	(3,135)	€ (6,074)
Total	€ (624)	€ (5,188)	€ (6,074)

Share-based payments - Virtua_3

Share-based payments - Virtual shares program II (New VSOP) - Expense recognized in the statement of operations and other comprehensive income (loss) (Details) € / shares in Units, $ / shares in Units, € in Thousands	Oct. 19, 2021EUR (€)€ / shares	Mar. 11, 2021EUR (€)€ / shares	Feb. 11, 2021	Jun. 30, 2020shares	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2021USD ($)Option$ / shares	Dec. 31, 2021EUR (€)Option	Dec. 31, 2020USD ($)Option	Dec. 31, 2020EUR (€)Option	Dec. 31, 2019EUR (€)Optionshares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Selling and distribution expenses								€ (82)
Research and development expenses								(240)
General and administrative expenses								€ (383)
Number of awards exercisable							0	0
Number of options exercised | $					100,000	3,766,309	557,171
Average share price | (per share)	€ 34.56	€ 69.69					$ 61.28
Provision for employer taxes	€ 8,000								$ 981,000
Employer taxes payable | $									493,000
New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards exercisable							0	0
Provision for employer taxes								€ 147		€ 1,052
New VSOP | Exercise of options | Share transaction
Disclosure of terms and conditions of share-based payment arrangement [line items]
Lock-up period							180 days	180 days
Number of options exercised			98,831
Provision for employer taxes | $							$ 43,000		$ 1,144,000
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Selling and distribution expenses								€ (25)		(213)
Research and development expenses								(369)		(1,840)
General and administrative expenses								(230)		(3,135)	€ (6,074)
Weighted Average Fair Value At Measurement Date Share Option Granted | shares				658,735							665,389
Number of awards exercisable											0
Provision for employer taxes		€ 26,000
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Selling and distribution expenses								(188)		(296)	€ (743)
Research and development expenses								(349)		(1,421)	(258)
General and administrative expenses								(35)		(47)	(79)
Total								€ (591)		€ (1,764)	€ (1,080)
Number of awards exercisable | Option							0	0	0		0
Number of options exercised							1,524,900	1,524,900	0	0	0

Share-based payments - Virtua_4

Share-based payments - Virtual shares program II (New VSOP) (Details) € in Thousands	Oct. 19, 2021EUR (€)	Nov. 25, 2019	Aug. 31, 2020	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provision for employer taxes arising according to US regulations for future exercises	€ 8,000					$ 981,000
New VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted		745,236		267,822
Exercise price (in dollars per share) | $ / shares				$ 6.21
Term Of Program Under Share-Based Payment Arrangement			9 years
Provision for employer taxes arising according to US regulations for future exercises | €					€ 147		€ 1,052
New VSOP | First tranche
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage (as a percent)					25.00%
Term Of Program Under Share-Based Payment Arrangement					10 years

Share-based payments - Virtua_5

Share-based payments - Virtual shares program II (New VSOP) - inputs used in the measurement of the fair value at grant date (Details)	3 Months Ended
	Mar. 31, 2020Y€ / shares	Mar. 31, 2020Y$ / shares	Dec. 31, 2019Y€ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value	€ 4.05		€ 3.80
Weighted average share price	8.91		9.19
Exercise price | (per share)	€ 5.60	$ 6.21	€ 5.64
Expected volatility (%)	55.00%	55.00%	50.00%
Expected life (years) | Y	1.11	1.11	1.16
Risk-free interest rate (%)	1.79%	1.79%	1.77%

Share-based payments - Former C

Share-based payments - Former Chief Executive Officer Grant - Reconciliation of outstanding awards (Details) € in Thousands, shares in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2021OptionUSD ($)	Dec. 31, 2021Option	Dec. 31, 2021EUR (€)Option	Dec. 31, 2021Optionshares	Dec. 31, 2020Option	Dec. 31, 2020EUR (€)Option	Dec. 31, 2020Optionshares	Dec. 31, 2019Option	Dec. 31, 2019EUR (€)Option	Dec. 31, 2019Optionshares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercised during the period | $	(100,000)	(3,766,309)	(557,171)
Number of awards exercisable			0	0	0	0
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at the beginning of the period				7,951,265	906,595		7,305,838	745,236		6,640,449	0
Granted during the period				0			658,735	267,822		665,389	745,236
Expired during the period				0			(13,308)	(106,462)		0
Exercised during the period				(1,524,900)	(557,171)		0			0
Outstanding at the end of the period				6,426,365	349,424		7,951,265	906,595		7,305,838	745,236
Thereof vested						88,464			420,595			175,397
Thereof expensed						88,464			0			0
Number of awards exercisable | Option			0	0	0	0	0	0	0	0	0	0

Share-based payments - Former_2

Share-based payments - Former Chief Executive Officer Grant - Expense recognized in the statement of operations and other comprehensive income (loss) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
(Expense) / benefit recognized in the statement of operations and other comprehensive income (loss) in general and administrative expenses	€ (383)
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
(Expense) / benefit recognized in the statement of operations and other comprehensive income (loss) in general and administrative expenses	(35)	€ (47)	€ (79)
Total	(591)	(1,764)	(1,080)
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
(Expense) / benefit recognized in the statement of operations and other comprehensive income (loss) in general and administrative expenses	€ (230)	€ (3,135)	€ (6,074)

Share-based payments - Former_3

Share-based payments - Former Chief Executive Officer Grant (Details) € in Thousands

Oct. 19, 2021EUR (€)

Aug. 01, 2021$ / shares

Jul. 01, 2021$ / shares

Dec. 01, 2020

Nov. 16, 2020$ / shares

Nov. 25, 2019

Aug. 31, 2020

Mar. 31, 2020USD ($)$ / shares

Dec. 31, 2021EUR (€)Option

Dec. 31, 2020USD ($)Option

Dec. 31, 2020EUR (€)Option

Dec. 31, 2019

Dec. 31, 2019Option

Dec. 31, 2019EUR (€)

Dec. 31, 2021$ / shares

Aug. 01, 2021€ / shares

Jul. 01, 2021€ / shares

Nov. 16, 2020€ / shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Provision for employer taxes arising according to US regulations for future exercises

€ 8,000

$ 981,000

Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of days of

10

Percentage of increase in share price

10.00%

Former Chief Executive Officer Grant

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

0

658,735

658,735

665,389

745,236

New VSOP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

745,236

267,822

Exercise price (in dollars per share)

$ 6.21

Term of the program

9 years

Provision for employer taxes arising according to US regulations for future exercises | €

€ 147

€ 1,052

New VSOP | Minimum

Disclosure of terms and conditions of share-based payment arrangement [line items]

Remaining life of the options

3 years 8 months 12 days

4 years 8 months 12 days

4 years 8 months 12 days

5 years 8 months 12 days

New VSOP | Maximum

Disclosure of terms and conditions of share-based payment arrangement [line items]

Remaining life of the options

8 years 6 months

9 years 2 months 12 days

9 years 2 months 12 days

9 years 10 months 24 days

LTIP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

50,000

LTIP | Dan Menichella, then Chief Executive Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

3,866,309

Exercise price (in dollars per share)

$ 8.28

Provision for employer taxes arising according to US regulations for future exercises | $

$ 146,000

LTIP | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

266,156

LTIP | Chief Business Officer and Chief Commercial Officer | Minimum

Disclosure of terms and conditions of share-based payment arrangement [line items]

Vesting period (in years)

1 year

LTIP | Chief Business Officer and Chief Commercial Officer | Maximum

Disclosure of terms and conditions of share-based payment arrangement [line items]

Vesting period (in years)

3 years

LTIP | Chief Scientific Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

266,155

Number of days of

P10D

Exercise price (in dollars per share) | € / shares

€ 10.04

Vesting period (in years)

4 years

Vesting percentage (as a percent)

25.00%

Percentage of increase in share price

20.00%

LTIP | Chief Operating Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

20,000

Number of days of

20

Exercise price (in dollars per share) | (per share)

$ 84.03

€ 70.92

Vesting period (in years)

4 years

Vesting percentage (as a percent)

25.00%

Percentage of increase in share price

20.00%

Threshold duration of volume weighted average price

10 days

LTIP | Chief Development Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of share options granted

30,000

Number of days of

20

Exercise price (in dollars per share) | (per share)

$ 54.79

€ 46.16

Vesting period (in years)

4 years

Vesting percentage (as a percent)

25.00%

Percentage of increase in share price

20.00%

Threshold duration of volume weighted average price

10 days

First tranche | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price (in dollars per share) | (per share)

$ 52.96

43.87

First tranche | New VSOP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Term of the program

10 years

Vesting percentage (as a percent)

25.00%

First tranche | 2022 | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price (in dollars per share) | (per share)

98.57

81.65

First tranche | Within one year | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price (in dollars per share) | (per share)

$ 98.36

81.48

Second tranche | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Vesting period (in years)

10 years

Second tranche | Within one year | Chief Business Officer and Chief Commercial Officer

Disclosure of terms and conditions of share-based payment arrangement [line items]

Exercise price (in dollars per share) | (per share)

$ 39.92

€ 33.07

Share-based payments - Former_4

Share-based payments - Former Chief Executive Officer Grant - Long-Term Incentive Plan (LTIP) - inputs used in the measurement of the fair value at grant date (Details)	Aug. 01, 2021€ / shares	Aug. 01, 2021$ / shares	Jul. 01, 2021€ / shares	Jul. 01, 2021$ / shares	Dec. 01, 2020€ / shares	Dec. 01, 2020$ / shares	Nov. 16, 2020€ / shares	Nov. 16, 2020$ / shares	Oct. 14, 2019€ / shares	Oct. 14, 2019$ / shares	Mar. 31, 2020Y€ / shares	Mar. 31, 2020Y$ / shares	Dec. 31, 2019Y€ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value											€ 4.05		€ 3.80
Weighted average share price											8.91		9.19
Exercise price | (per share)											€ 5.60	$ 6.21	€ 5.64
Expected volatility (%)											55.00%	55.00%	50.00%
Expected life (years) | Y											1.11	1.11	1.16
Risk-free interest rate (%)											1.79%	1.79%	1.77%
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value									€ 3.87
Weighted average share price									9.19
Exercise price | (per share)									€ 7.50	$ 8.28
Expected volatility (%)									50.00%	50.00%
Expected life (years)									4.77	4.77
Risk-free interest rate (%)									1.71%	1.71%
Chief Scientific Officer | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value							€ 57.40
Weighted average share price							50.01
Exercise price | (per share)							€ 10.04	$ 11.90
Expected volatility (%)							62.06%	62.06%
Expected life (years)							1.82	1.82
Chief Scientific Officer | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)							0.07%	0.07%
Chief Scientific Officer | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)							1.48%	1.48%
Chief Business Officer and Chief Commercial Officer | First tranche | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value					€ 48.27
Weighted average share price | (per share)					67.12			$ 81.03
Exercise price | (per share)					€ 43.87	$ 52.96
Expected volatility (%)					62.27%	62.27%
Expected life (years)					1.78	1.78
Chief Business Officer and Chief Commercial Officer | First tranche | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					0.07%	0.07%
Chief Business Officer and Chief Commercial Officer | First tranche | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					1.50%	1.50%
Chief Business Officer and Chief Commercial Officer | Second tranche | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value					€ 24.36
Weighted average share price | (per share)					81.48	$ 98.36
Exercise price | (per share)					€ 81.48	$ 98.36
Expected volatility (%)					62.27%	62.27%
Expected life (years)					2.23	2.23
Chief Business Officer and Chief Commercial Officer | Second tranche | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					0.07%	0.07%
Chief Business Officer and Chief Commercial Officer | Second tranche | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					1.50%	1.50%
Chief Business Officer and Chief Commercial Officer | Third tranche | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value					€ 20.01
Weighted average share price | (per share)					81.65	$ 98.57
Exercise price | (per share)					€ 81.65	$ 98.57
Expected volatility (%)					62.27%	62.27%
Expected life (years)					2.66	2.66
Chief Business Officer and Chief Commercial Officer | Third tranche | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					0.07%	0.07%
Chief Business Officer and Chief Commercial Officer | Third tranche | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)					1.50%	1.50%
Chief Operating Officer | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value			€ 17.56
Weighted average share price			56.51
Exercise price | (per share)			€ 70.92	$ 84.03
Expected volatility (%)			70.95%	70.95%
Expected life (years)			4.5	4.5
Chief Operating Officer | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)			0.099%	0.099%
Chief Operating Officer | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)			0.903%	0.903%
Chief Development Officer | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value	€ 17.56
Weighted average share price	41.81
Exercise price | (per share)	€ 46.16	$ 54.79
Expected volatility (%)	75.13%	75.13%
Expected life (years)	4.6	4.6
Chief Development Officer | Minimum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)	0.075%	0.075%
Chief Development Officer | Maximum | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (%)	0.704%	0.704%

Share-based payments - Former_5

Share-based payments - Former Chief Executive Officer Grant - Long-Term Incentive Plan (LTIP) (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Thereof exercisable	0
Selling and distribution expenses	€ (82)
LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Thereof exercisable	0
Number of share options granted	50,000
Selling and distribution expenses	€ 12,472	€ 4,736

Share-based payments - Manageme

Share-based payments - Management share option plans (Details)	Dec. 31, 2021	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Thereof exercisable	0
Prior VSOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Thereof exercisable		0

Share-based payments - Former_6

Share-based payments - Former Chief Executive Officer Grant - Grant to former chief executive officer (Details)	Oct. 19, 2021EUR (€)	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2021EUR (€)€ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020EUR (€)€ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019EUR (€)	Dec. 31, 2020USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options not exercised | $		100,000
Shares issued on exercise of option				€ 3,186,000
Cash consideration on exercise of option			$ 0	3,186,000
Weighted average share price | € / shares						€ 46.72
General and administrative expenses				€ (383,000)
Provision for employer taxes	€ 8,000,000						$ 981,000
Employer taxes payable | $									$ 493,000
LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted				50,000
Dan Menichella, then Chief Executive Officer | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted				3,866,309
Exercise price of options granted | $ / shares					$ 8.28
Number of share options vested								2,819,120
Number of share options not exercised						100
Shares issued on exercise of option | $							$ 3,195,276
Weighted average share price | (per share)				€ 93.765	$ 114.0345		$ 55.22
General and administrative expenses						€ 2,551,000		€ 12,409,000
Provision for employer taxes | $							$ 146,000
Employer taxes payable					$ 139,000	€ 2,033,000

Share-based payments - Former_7

Share-based payments - Former Chief Executive Officer Grant - inputs used in the measurement of the fair value at grant date (Details)	Oct. 14, 2019€ / shares	Oct. 14, 2019$ / shares	Mar. 31, 2020Y€ / shares	Mar. 31, 2020Y$ / shares	Dec. 31, 2019Y€ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value			€ 4.05		€ 3.80
Weighted average share price			8.91		9.19
Exercise price | (per share)			€ 5.60	$ 6.21	€ 5.64
Expected volatility (%)			55.00%	55.00%	50.00%
Expected life (years) | Y			1.11	1.11	1.16
Risk-free interest rate (%)			1.79%	1.79%	1.77%
Former Chief Executive Officer Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value	€ 3.87
Weighted average share price	9.19
Exercise price | (per share)	€ 7.50	$ 8.28
Expected volatility (%)	50.00%	50.00%
Expected life (years)	4.77	4.77
Risk-free interest rate (%)	1.71%	1.71%

Share-based payments - Former_8

Share-based payments - Former Chief Executive Officer Grant - Legacy plan (Details) - Legacy plan	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of members of (former) management who holds vested share-options | item	3
Vested share-options outstanding	702,917
Expenses recognized | $	$ 0	$ 0	$ 0

Share-based payments - Restrict

Share-based payments - Restricted Stock Units (Details) € / shares in Units, € in Thousands	Dec. 23, 2021USD ($)	Jul. 01, 2021	Jun. 25, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020€ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price | € / shares					€ 46.72
Research and development expenses				€ (240)
Selling and distribution expenses				(82)
General and administrative expenses				(383)
Total				€ (705)
Restricted Stock Units | LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSU's awarded		4,691
Vesting period				3 years
Vesting percentage				0.33%
Restricted Stock Units | LTIP | Members of executive board and various key employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSU's awarded | $	63,095
Restricted Stock Units | LTIP | Members of supervisory board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSU's awarded | $			10,956

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables.
Trade payables	€ 122,263	€ 17,623
License fees payable	38	537
Miscellaneous liabilities	5,402	3,525
Total	127,703	21,685
Withholding taxes	499	88
Payroll-related taxes and social-security liabilities	€ 4,802	€ 1,178

Other liabilities (Details)

Other liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other liabilities.
Personnel accrued liabilities (e.g. bonus, vacation)	€ 7,210	€ 5,871
Grants from government agencies and similar bodies	3,167	36,063
Outstanding invoices	35,242	7,577
Professional fees	1,183	511
VAT and other taxes (real estate transfer taxes)	924	12,268
Provision for onerous contracts	40,455
Contract termination provisions	81,587
Other	305	2,036
Total	170,073	64,326
Other operating income related the grants from government agencies and similar bodies	66,394	23,736	€ 5,385
Accrued liability for other taxes consists of real estate transfer taxes	€ 924	€ 924

Loans (Details)

Loans (Details) € in Thousands, $ in Thousands	Jul. 24, 2020EUR (€)	Jun. 26, 2020EUR (€)	Jun. 26, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)loan
Disclosure of detailed information about borrowings [line items]
Amount drawn				€ 25,000
Convertible loan, second loan tranche two
Disclosure of detailed information about borrowings [line items]
Number of convertible loan facilities | loan					2
Total principal amount of loan repaid	€ 94,749				€ 11,960
Total accrued interest of loan repaid	€ 5,641
Interest expense recognized				11,008
Loss from early termination of loan				€ 5,194
Amount drawn		€ 24,860	$ 26,800

Loans - Financing arrangement w

Loans - Financing arrangement with the European investment Bank (Details) - EUR (€) € in Thousands	Jun. 27, 2020	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Amount drawn				€ 25,000
Line of credit
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	€ 75,000
Maximum financing as percentage of cost of investment	50.00%
Minimum amount of borrowing in each tranche	€ 15,000
Amount of borrowing in each tranche	€ 25,000
Number of years due for each tranche	7 years
Interest rate per annum	0.50%
Maxmimum borrowings Interest Rate of outstanding principal of loan	150.00%
Minimum borrowings Interest Rate of outstanding principal of loan	190.00%
Payment of variable remuneration on GMP IV manufacturing facilities per batch	€ 200
Maximum aggregate remuneration capital amount	75,000
Payment option to buy-out variable remuneration by loan agreement	€ 5,000
Amount of land charge (mortgage) not in favour of entity		€ 75,000
Amount drawn				25,000
Accrued interest				€ 189
Cash consideration			€ 26,633
Repayment of principal amount of loan			25,000
Repayment of accrued interest and fees of loan			€ 1,633

Income tax (Details)

Income tax (Details) - EUR (€) € in Thousands	Apr. 13, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements Line Items
Maximum amount of tax profits that can be offset against tax loss carryforwards		€ 1,000
Taxable profit		60.00%
Percentage of tax profits subject to taxable in excess of $5000k		40.00%
The amount of deferred tax assets related to items credited (charged) directly to equity		€ 581	€ 1,012
Indefinetly reinvested and associated with invested in subsadiries, deferred tax liabilities have not been recognized		2,089	972	€ 770
Income tax benefit/ (expense)		782	726	252
Income tax expenses		1,033	403	203
Deferred tax (income) expenses on taxable temporary differences		1,815	2,843	656
Deferred tax benefits (expense) from net operating loss carryforwards		0	39	€ 2,212
Total Expenses recognized due to corporate restructuring and the exit event triggered by the IPO for share based payments			245,300
Expenses recognized cumulatively through profit or loss			18,900
Expenses not affecting profit or loss			226,400
Transaction costs in respect of the capital increases were debited to capital reserves			18,900
Amount of deductible temporary differences not recognized through P&L pertaining to reporting period		€ 14,300	€ 10,100
Forecast
Statements Line Items
Effects on deferred tax assets	€ 4,600
Percenatge of effects on deferred tax assets credited to equity	51.00%
Percenatge of effects on deferred tax assets credited to profit or loss	49.00%

Income tax - Schedule of tax re

Income tax - Schedule of tax reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax reconciliation
Loss before tax	€ (412,498)	€ (129,848)	€ (100,125)
Expected tax benefit (based on statutory tax rate of 29.48% in 2020 and 29.13% for 2019 and 2018)	121,584	37,818	29,162
Adjustments in respect of current income tax of previous years	0	18
Adjustments in respect of deferred income tax of previous years	0	160
Effects from Recognition or Non-Recognition of DTA through Equity	(581)	(1,012)
Effects of (Non-) Recognition of tax loss carryforwards recognized in prior years	0	(1,716)
Effects from differences between Group and local tax rates	(8)	8	8
Effects resulting from non-recognition of tax loss carryforwards	(114,999)	(30,168)	(22,836)
Effects resulting from non-recognition of DTA/DTL	(7,363)	(179)
Non-recognition of DTA for deductible temporary differences from SBP this year	0	(2,946)
Non-deductible expenses for tax purposes
- Effects from non-deductible share-based-payments	0		(5,698)
- Effects from (additions/ deductions) for local trade taxes	176	63	191
Other non-deductible expenses / including "Zinsschranke"	(101)	(1,154)	(78)
Other effects	2,426	(39)	(114)
Effective tax benefit/ (expense)	€ 782	€ 726	€ 252
Applicable tax rate	29.48%	29.13%	29.13%

Income tax - Schedule of deferr

Income tax - Schedule of deferred taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	€ (10,656)	€ (8,207)
Liabilities	30,334	8,830
Deferred Taxes on temporary differences	2,861	445
Non-Recognition of Deferred Tax Assets (DTA) on temporary differences		(1,391)
DTA on deductible temporary differences Share-based Payment	2,769	1,212
Deferred Taxes on loss carryforwards	2,861	445
Deferred Taxes Total	2,861	445
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	(5)	(4)
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	(2,136)	(1,075)
Right of use-assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	(9,420)	(8,458)
Other assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	(153)	(303)
Inventories..
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	44
Trade Receivables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	151	19
Contract assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	(235)
Other financial assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0
Other current assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	1,215	(286)
Cash and cash equivalents
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	(308)	(2,091)
Lease liabilities (non-current portion)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	7,445	7,774
Other Non-current financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	0	53
Other non-current liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	(130)	(43)
Trade and other payables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	(229)	434
Lease liabilities (current portion)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	1,011	934
Other liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	22,237	(320)
Temporary difference
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Taxes on temporary differences	19,678	624
Deferred Taxes on loss carryforwards	19,678	624
Deferred Taxes Total	19,678	€ 624
Loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Taxes on temporary differences	294
Deferred Taxes on loss carryforwards	294
Deferred Taxes Total	€ 294

Income tax - Schedule of unused

Income tax - Schedule of unused tax losses carried forward (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income tax
Unused tax losses for corporate income tax	€ 1,181,225,000	€ 775,956,000	€ 407,434,000
Unused tax losses for trade tax	1,176,844,000	773,165,000	€ 405,123,000
Unused interest carryforward ("Zinsschranke")	2,879,000	3,627,000
Deferred tax assets	2,769,000
Deferred tax assets, temporary differences		€ 1,391,000
Temporary differences valuation of deferred tax assets	0
Effect in the taxable income	€ 14,300,000

Income tax - Schedule of Deduct

Income tax - Schedule of Deductible temporary differences (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income tax
Not recognized over P&L	€ 163,607	€ 109,272
Not recognized over equity	€ 110,749	€ 415,018

Earnings per share (Details)

Earnings per share (Details) - € / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share
New issue of shares for the purpose of calculating earning per share			0
Weighted number of shares outstanding	186,012,586	132,195,792	96,693,265
Basic loss per share	€ (2.21)	€ (0.98)	€ (1.03)

Disclosure of financial instr_3

Disclosure of financial instruments and management of financial risks (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statements Line Items
Loss allowance for the expected credit losses	€ 105	€ 182
Loss allowance recognized in profit and loss	€ 78	€ 106
Germany's largest private bank
Statements Line Items
Concentration of risk	13.00%
German Landesbank
Statements Line Items
Concentration of risk	71.00%

Disclosure of financial instr_4

Disclosure of financial instruments and management of financial risks - Financial Liabilities, Commitments According (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual commitments	€ (163,557)	€ (97,151)
Lease liabilities (Note 4.2)	(28,892)	(30,087)
Other liabilities (Note 11)	(170,073)	(61,199)
Trade and other payables	(127,703)	(21,685)
EIB loan		(25,875)
Total	(490,225)	(235,997)
less than 3 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Lease liabilities (Note 4.2)	(576)	(728)
Other liabilities (Note 11)	(79,927)	(52,637)
Trade and other payables	(99,035)	(21,004)
Total	(179,538)	(74,368)
3 to 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual commitments	(163,557)	(97,151)
Lease liabilities (Note 4.2)	(2,893)	(2,233)
Other liabilities (Note 11)	(80,116)
Trade and other payables	(638)	(682)
Total	(247,204)	(100,066)
1 to 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Lease liabilities (Note 4.2)	(16,746)	(15,805)
Other liabilities (Note 11)	(10,018)	(8,423)
Trade and other payables	(28,030)
Total	(54,794)	(24,228)
> 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Lease liabilities (Note 4.2)	(8,677)	(11,322)
Other liabilities (Note 11)	(12)	(138)
EIB loan		(25,875)
Total	€ (8,689)	€ (37,335)

Disclosure of financial instr_5

Disclosure of financial instruments and management of financial risks - Foreign currency risk (Details) - Foreign currency risk € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Dec. 31, 2021EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2021GBP (£)	Dec. 31, 2021CHF (SFr)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2020CHF (SFr)
USD | Cash and cash equivalents
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | $		$ 58,174				$ 104,055
USD | Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | $		59,568				4,615
USD | Trade And Other Receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | $		206				93
USD | Monetary Assets In Foreign Currency
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | $		$ 58,380				$ 104,148
CHF | Trade And Other Payables Two
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | SFr				SFr 20
EUR | Cash and cash equivalents
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	€ 51,363				€ 84,798
EUR | Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	52,594				3,761
EUR | Trade And Other Receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	182				76
EUR | Trade And Other Payables One
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	0				5
EUR | Monetary Liabilities In Foreign Currency
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	52,613				3,828
EUR | Monetary Assets In Foreign Currency
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	51,545				84,874
EUR | Trade And Other Payables Two
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency	€ 19				€ 3			SFr 3
GBP | Trade And Other Payables One
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure in (foreign) currency | £			£ 0				£ 58

Disclosure of financial instr_6

Disclosure of financial instruments and management of financial risks - Additional information (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021EUR (€)$ / €	Dec. 31, 2020EUR (€)$ / €	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Disclosure of fair value measurement of assets [line items]
Exchange rate | $ / €	1.1326	1.2271
Net exposure	€ (3,964)	€ 77,669	$ (4,490)	$ 95,311
Pre-tax loss if EUR weakened	(440)	8,630
Post-tax loss if EUR weakened	€ (310)	6,116
Percentage of EUR weakened	10.00%
Percentage of EUR strengthened	10.00%
Pre-tax loss if EUR strengthened	€ (360)	7,061
Post-tax loss if EUR strengthened	€ (254)	5,004
Percentage of Interest higher	1.00%
Net loss before tax	€ 8,116	13,226
Level-2
Disclosure of fair value measurement of assets [line items]
Financial liabilities at fair value through profit or loss	€ 932	€ 812

Notes to the consolidated sta_3

Notes to the consolidated statements of cash flows - Financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	€ 55,276	€ 79,148
Cash flows		(47,885)
Reclassification	(126)
Disposals	(943)	(43)
New leases	2,763	19,310
Accrued interest	1,444	10,826
Interest paid	(1,633)	(5,640)
Foreign Exchange Movements	169	(315)
Changes from financing cash flows	(28,184)
Ending balance	28,892	55,276
Convertible loans (Note 12)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance		65,018
Cash flows		(69,889)
Reclassification	(126)
Accrued interest		10,637
Interest paid		(5,640)
EIB loan (Note 12)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	25,189
Cash flows	(25,000)	25,000
Accrued interest	1,444	189
Interest paid	(1,633)
Ending balance		25,189
Lease liabilities (Note 4.2)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	30,087	14,130
Cash flows	(3,184)	(2,996)
Disposals	(943)	(43)
New leases	2,763	19,310
Foreign Exchange Movements	169	(315)
Ending balance	€ 28,892	€ 30,087

Remuneration of the Company's_3

Remuneration of the Company's key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Management Board
Disclosure of transactions between related parties [line items]
Short-term benefits	€ 3,098	€ 3,840
Share-based payments	12,673	7,287
Total	15,771	11,127
Supervisory Board
Disclosure of transactions between related parties [line items]
Short-term benefits	646	557
Share-based payments	566
Total	€ 1,212	€ 557

Other related party disclosur_2

Other related party disclosures (Details) € in Thousands	Oct. 18, 2021shares	Dec. 31, 2021EUR (€)loanshares	Dec. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)	Sep. 30, 2021EUR (€)
Disclosure of transactions between related parties [line items]
Number of shares received | shares	765,223
Prior VSOP
Disclosure of transactions between related parties [line items]
Number of shares received | shares		1,524,900
Rittershaus Rechtsanwaelte
Disclosure of transactions between related parties [line items]
Notice period for termination at the option		3 months
consulting fees		€ 757	€ 990	€ 208
Dr. Ingmar Hoerr
Disclosure of transactions between related parties [line items]
Advisory fees		€ 0	45	240
Dietmar Hopp
Disclosure of transactions between related parties [line items]
Number of convertible loans | loan		2
BePharBel Manufacturing S.A
Disclosure of transactions between related parties [line items]
Maximum settlement amount		€ 4,000
Molecular Health Gmbh
Disclosure of transactions between related parties [line items]
Research and development expense		€ 0	€ 0	€ 0
Clarentis SRL
Disclosure of transactions between related parties [line items]
Contractual obligation amount					€ 100
Baron Jean Stephenne
Disclosure of transactions between related parties [line items]
Equity interest held		15.61%
Vincent Stphenne
Disclosure of transactions between related parties [line items]
Equity interest held		1.43%

Subsequent events (Details)

Subsequent events (Details)	Apr. 30, 2022EUR (€)	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)
Disclosure of non-adjusting events after reporting period [line items]
Number Of MRNA Vaccines Doses	80,000,000
Outflow of resources, current liabilities		€ 357,734,000	€ 247,622,000
2020 GSK AGREEMENT | Minimum
Disclosure of non-adjusting events after reporting period [line items]
Outflow of resources, current liabilities		20,000,000
2020 GSK AGREEMENT | Maximum
Disclosure of non-adjusting events after reporting period [line items]
Outflow of resources, current liabilities		€ 30,000,000