CVAC - Earnings call transcript Q4 2021

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Operator

Greetings. Welcome to the CureVac Fourth Quarter and Full Year 2021 Financial Results and Business Update Conference Call. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the conference over to your host, Sarah Fakih. you. Thank

begin. may You

Sarah Fakih

CureVac. morning, name and I'm is Corporate Relations President Good speakers. introduce conference the to call. of at Investor and My Sarah Communications let good you. me welcome today's afternoon our Vice Please Thank Fakih, and

Klaus with Kemula, CureVac; will Chief that of Please our the Financial Officer website. call the this Executive Officer; the Events under on section on note being archived and are Officer be me On Chief webcast call Haas, Development Franz-Werner Chief Presentations of Edvardsen, Pierre live Relations is and CureVac. & Investor our

we questions statements. on forward-looking The as a reflect your call to view management's responses April Before this Thursday, begin, of discussion few today, and XXXX. XX,

statements state cause that providing questions provisions. safe obligation predictions or from those and your These statements projected. constitute or expectations the involve making our uncertainties to to forward-looking beliefs, the the risks to that disclaims any could future. intention of These any harbor actual CureVac revise materially statements for results forward-looking statements. responses will differ We of intentions, purpose be and

For more the I Securities over with now our information, to Commission. call Exchange to refer turn the filings will Franz. and U.S. please

Franz-Werner Haas

past and the welcome several us call from months. at Thank gentlemen, here a you, over to Sarah. from significant made CureVac. Ladies warm this progress conference CureVac has

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Klaus Edvardsen

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at technology this, hand Finally, efficient immunostimulation Franz. new including back our expand vaccine to discovery the highly formulation. to expertise design, well as me antigen With avenues platforms complementary call for for let and as

Franz-Werner Haas

to advances the XX Slide Klaus. I'm latest on update Thank the in RNA now Printer. you, you on

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me a the Pierre data. financial let for review hand to Now of over

Pierre Kemula

Thank Franz, and good the morning to good you, and afternoon on everyone call.

received grants withdrew collaboration closed Looking of Federal our October in we year cash CVnCoV, with the quarter cash allocated an In provided extension the candidates, to offering strong full position a million inflows and which million. were the activities operation and overall XXXX, by first-generation In XXXX, cash XXXX proceeds used the cash position, at R&D our €XXX with and vaccine upfront million of the German approval the preparing in QX mainly payment Research. from supply XXXX in €XX from fourth of raising of the to we XXXX, net GSK, in COVID-XX Ministry process in follow-on XXXX. COVID-XX our and €XX.X in million mainly of a for €XXX.X Education advancements QX related was regulatory

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of of were income of supply other Ministry October in The mainly recognized with grant separate component accordance The G&A increased related Federal deliveries income, contract quarter Research. Ministry expense and consisted share-based was regulatory federal presented in XXXX. made Federal of million million ground with was and was the to by with future in the to German €XXX Health. we the amount Education with the component as and partially upfront product Education Federal increased the XXXX. of required income a demonstrate the driven the to balance automatically Overall, recognized German of fourth €XX.X in for supply the the Research increase release the terminated attributed liabilities related liabilities the grant to the were European awards -- inventory. of of a P&L. and CMO spent headcount in related sheet. fourth recognized related Financial €XXX million results arrangement government CVnCoV increase to European recognized governmental CVnCoV-related €XX.X from and by when payment in as in release costs components. the €X upfront the contract addition, the release contract to by for million from offset with by almost by on like to over withdraw increased gains. support of would released exchange income loss by XXXX. the the CVnCoV this, services agreements losses to settlement full €X.X of XX to no for XXXX. negative the was million €XXX.X and and of months driven fourth was contracts held to and repayment was The in CVXCoV. €X.X and governmental the was In prepayments Since quarter approval recognition were million €XX.X fully contract Pretax we back With key million minus personnel-related expenses I on the million the quarter to cash foreign amount of contract, advance to year Commission the and today's Net related of process higher the million liabilities interest the Franz based purchase were Ministry in costs German able payment the the payment activities Commission and that in launch compensated to also messages. of the XXXX. on of It write-off development expenses in and in hand increased consulting was readiness, several manufacturing liabilities due termination CVnCoV liquid and funds

Franz-Werner Haas

Pierre. you, Thank

presentation. today's the key me from quickly takeaways summarize Let

propelling over made First, corporate us forward last in including our development. each have and we significant several manufacturing, of technology, progress pipeline in our core the months, product competencies,

largest enabling core most built positioning future in ability diverse the Second, of is our our and RNA and position on IP in one X our as competitive innovate to the a securing competitive competencies industry, central these player. portfolios

balance covering induction, from oncology, cell have up been backbone mRNA are T preparing initiated, Third, strong for of clinical COVID-XX experience will already our to supported influenza, antigens meaningful Fifth, transferring the advances provide health. by in the and to expertise technology clinical of complementary the and protect technologies preparedness lastly, validate X and we well German would the our ability will modified in to webcast strong you. the strategies and build and this With cash recent by programs of vaccines conclude in Fourth, where open we a data year this, technology positions our have our our next-generation the total and confidence that public a trials now tender second-generation X strong of Thank us I multivalent and prophylactic to we based in our wealth signals to pandemic begun priorities your our execute like our contribute we Printer. which approaches. on novel our award our pipeline to XXXX to a questions. manufacturing advance And beyond. to on RNA government are mRNA platform driver, presentation, and

Operator

[Operator Instructions].

first Our Buchanan Roy line with of the from comes question Securities. JMP

Douglas Buchanan

SG&A? expense the of jump ask set And Were a in and items guess can XQ the onetime any So the there R&D note? rest follow the up. items most out I'll What's of give the current kind I how for us facility sense do guess I'll ATM COGS, of back Is expense of queue. more far generally, it And couple rest cash of and outlook first the then this cash? for of for And the source here? you questions the likely Pierre. then I can you can for get the break from of the year? a you think year? you

Pierre Kemula

question. your for Thanks

right, in liabilities, of impacted recognition from €XXX the P&L impacts, grants, main government. -- million, right, from German So contract last mean we have course, government the quarter being extra million the in was €XXX-something the sitting recognized revenue balance and I the of by which significant sheet of -- for where the yes, was, one another the course and

is the as some closed network, we are CVnCoV be elements, we this reducing course, wave turning have course, the Other main and -- elements. size will right? these the P&L have contracts So the terms initial readapting provisions, as in So course, would of the of I size, of of we course, CMO of in is, one-off some now CMO have we the will lower, the network, is, of of of down say, element. the the and built we --

from Now looking network. we had us. fact story have reducing we cash I seeing, a years will have short, exceptional cash the to of you forward, out close This -- attached have elements, having And the will we mean we long we and are so QX terms that problem have CMO thing QX what exceptional of in we X and position, QX onwards. think stabilize of in are solid So in ahead we to the some will right, see no that effects right? whole we basically of that is

the So first point. that's

Now in an revenues, I we ATM. terms sources of right, you're -- think of have

that We we mean have no could this forward. ATM cash stage. immediate $XXX used. That as of haven't there's look of I one But -- course, need source at of we be million

Douglas Buchanan

Okay. programs we you have cancer any plans of pipeline follow-up then on And And this a then many year? might this new those Great. a might a targets Or more XXXX? about talked vaccines. think of data expect guess I How so the you pipeline. I announced for that is do for candidates or new meaningful year? be

Klaus Edvardsen

Yes.

antigens. will on some can say moving vaccine. the towards preliminary not a our As then shared our we I I you more we can some share antigens of can to on the position expand we for to and current identify any antigens am have XXXX. confident broad-based candidates. we is look a internally new new of use personalized rightly data aim cancer into it's emphasizing a year, an are with in should will possibility but a disclose you that into platform where of be eventually vaccination end that did some approach with see, to What we especially is What

Operator

Our from Jefferies. line next question Eun of with comes Yang the

Eun Yang

Question on cancer vaccine.

study point? mentioned half I this and in you Is is in expansion on second year. So Can the that expect for data on melanoma vaccine. the expected only you And in data XXXX? melanoma this is COVID comment at question of should second Phase of we terms what

data expected You this recently half first the dosed in the then patient of year. second and is the

should expect half this second So of data year? we what a in kind of

Klaus Edvardsen

vaccine. I can on start the COVID with last the

trial. planned. COVID the I level initiated that yes, rightly And we as Phase dose we have as you we indicated, are As said, recruiting first off

first at point, And you of done obviously, then certainly give it exact our eventually, the would later will data. escalation. be towards at but you this -- foremost see it, you I also have stage, the immunogenicity time and timing would reactogenicity So in see when cannot the period. we a The dose data summer later

new On new that and antigens platform it's backbone the are strategy of we will a that new. meaning that in a shared our looking antigens, the they to, but into, known clinician to the I as base cancer thing, for be also office cancer vaccination validate alluded are

just to On only now the here, as been That end towards we are a be achieve decided has with year. the will obviously, And the we data and completed. into enhance the and see XXXX, alluded can we melanoma awaiting have in XXXX rate to we the response checkpoint Recruitment indication. whether of expand to inhibitor. combination this

Eun Yang

going in we are from year this on question XX-microgram half ask doses So vaccine? one this So you COVID-XX can just year? or all of to second the see mid to X I more

Klaus Edvardsen

We clearly in can vaccine you case reactogenicity capable levels. the microgram. it But provided a make multivalent plan not this dose we for up direct for XX as comparison. presentation flu, were a you in that That's we of those gave saw, the of you a seasonal obviously although the can lengthy to dosing obviously data up

towards that So profile expectations available of to the that summer. reactogenicity those up be are dose, the can dose least it for the at data we stipulated end and will

Franz-Werner Haas

Perhaps example, to XX an for impression perhaps up give give dosed you in to to you we microgram. flu, an insight that already --

antigen. composed as is kind there the exactly with should are microgram. with in of it. different here, could of COVID the we -- compare one Klaus to But flu as see strains course, go But saying, nonmodified flu, not could that XX with we up Of target even

Operator

Umer question next comes from Evercore. the Our of with Raffat line

Unidentified Analyst

on for is flu Umer Jessica This on Two Raffat. questions your program.

dose. influenza shown events, the this And hypothesize disclosures, grade-X adults. another the in older against B highest Grade vaccine also, was Firstly, but in the lowest saw interestingly, why events in And your flu we less lowest mRNA has results strains. Phase the competitor promising dose not saw then Can you dose. X systemic in secondly, I

antigen is program? a might briefly, then between your what your how ratios should flu are flu And expect the expectations very when the on what strains the should affect construct are and the this flu trial? timeline X:X? expect So we lastly, all And we readout? X for data like And full

Klaus Edvardsen

of from in the all speculate X:X. the constructs contribution, the this X that to data not the modified that test at of to too can place a to for the I and a for moving mission later that of number I I It we exactly early our at see I was answer the vaccine is data. X:X we you initiating readout, disclosed I successful. before especially presented about backbone, have point, whole full I yes, on perspective second-generation that it's vaccine. program a idea time unmodified Yes, data. chart, stage, data and achieved number constructs reactogenicity have me of what if the But can backbone. with to and mean out think the relative alluded has the then obviously I have the predict our been on from an the immunogenicity But a is was what the to today, Phase not will as I about occasions, second-generation and because that have look valency first see And to

higher wish, platform. different with that certainly per, what the and a are profile antigen seeing first-generation messenger, of a you seeing production capable are were the -- is also reactogenicity amount We injected in we seeing if from we

Operator

of question Berenberg. from with Zhiqiang next line the comes Shu Our

Zhiqiang Shu

what's around thoughts that? some you progress. a developing on than of want against want how going is the terms showed potentially the looking model. happening then maybe you actually the your on in multivalent results preclinical scientific Any COVID-XX I XX, Congrats to Omicron beta/delta on I the vaccine, or bivalent I'm at the bivalent Slide COVID Delta. And hypothesis vaccine forward? vaccine get the versus the multivalent And Delta monovalent front, the that is immunogenic more there? on on still Why broadly mouse Omicron in think vaccine versus about Omicron to against go

Klaus Edvardsen

is the data you why But out there more think against further of it's to, of time referred it have not point, pure that, to see prudency speculation. on I I extract that the comments a beta the At having protein. is mice is would contains the that mean obviously that spike be strain likelihood which a I any Delta, what this I would vaccine difference. Omicron its the that virus do efficient how you to beyond has evolved compared the that

I we take-home that? still here the regulatory trials we that ultimately speculate start, point we Omicron Omicron an which and been Then up obviously have running we ongoing emergency the together I can -- patent whole you setting that we And modified this indicating to options alone these the any against be think the outcome from on go reflection an on, data COVID-XX to want or stage. bivalent and question the we you a explore finally at our Those now what against is will how The interactions your as the ideas are approach that different? moving has with GSK. you to then a that aim it procedure. or start variant. we under Is do also be we the the completely is this be perspective message to is decided are of regulators are that where to the speculating an a are way but primarily on backbone believe ongoing, partner, would And an Omicron that are where story is can of now or data it obviously, the with whether construct development see the regulatory Omicron find not booster. a forward. would It for to likely next take about about as them. then the depends it those should obviously something -- that as approval have will And obtain timelines for to the

Franz-Werner Haas

to add one. may this I

so these or You have the question -- there the Omicron to differences tried the presentation because or bivalent well. in to as what are monovalent was we see also say

day. We exactly on alluded have the The the have we're doing later what multivalent, say, is most Klaus bivalent because we technology you we one have flu, the second-generation tell it what effect without bivalent will -- a what to what or backbone, well. end to levels that can will But the year, on probably this chemical the are even in the the an whatever or know and the monovalent, different, multivalent. work setting, then maybe developing, technology on variant at will the be, was as modification, what monovalent, be in variant let's don't of that biology chemical modification us with therefore, bivalent will or level,

underlying probably really the all ready that. look this okay, to been idea whatever level to most basis what needed. have the is started. tender best cannot technology new also and is have to And say, a it needed product now together technology with corner ends we the is of on so therefore, get And The then in So every then product important the level, the is to of the kind pandemic than for world this manufacturing the last work all on for with we cover order to the experienced have in on to outbreak then months. in whatever be German XX

So that's next it whatever behind to, to exactly story Omicron the is variant come. kind or of

Zhiqiang Shu

Great.

government a Just the or contract there. contract on follow-up German tender

clarify or million virus types? things. Can specify other the other doses, is It that? it any For you that or COVID just does XX could flu be the

Pierre Kemula

-- whole , [indiscernible] pandemic current situation it situation possible -- where to as learnings vaccine. in It's as fast from the the wants the It's access is have the right? the to government to

flu anything would or I that say, else So it be for or COVID-XX could any, matter.

Franz-Werner Haas

capacity the one And also did ends, that manufacturing the ready. who next originators, truck the which whatever to X on for come tender, working who are X there therefore, are then and starting is have after period both the side, the it years for to is development on so win it the this important

Operator

question JMP Buchanan is a follow-up next Securities. Our Roy with from

Douglas Buchanan

a have sorry. I few, quite

completed available? for you expectations or unmodified do do And first from trial you What data until you the modified the So Phase have the holding I that's program but can mRNA And missed XQ? think the versus had immunogenicity expect question data that quarter? I be clinic the on modified sorry form? Are is modified one, that a in see the benchmarks RNA. in to that broader RNA flu the unmodified can enrollment, this it, if we I the the

Klaus Edvardsen

question not data. are can with get But immunogenicity to, assess to -- implement unmodified what have we about to have is going planning go received. to GSK, is receive the answer that planning will We your whether to eventually, to to we modified. the titers will or benchmark way all that ultimate with The also together are as I competitors alluded whether obviously we we the we be obviously release have

be taken be So seen, and that's achieved the with that be decision to That remains the ultimate Can guidance will here. unmodified? then the thereafter.

Douglas Buchanan

planning said And modifications? to the with single clinical then does are But modification? move you made. to candidates multiple just look a trial gets here point? had back guess you going Great. you I try that for at this How forward material Okay. the entry already Are produced. this maybe modified you

Klaus Edvardsen

or disclosed someone sure not I'm question. address I that else to Franz let that. we have have that will

Douglas Buchanan

was from have a earnings just Can the based but with their -- no mRNA this verify self-amplifying involvement you that self-amplifying call. couple RNA CureVac, with you I their GSK away on programs stepping sorry? totally more, Sorry, to had RNA, unrelated

Klaus Edvardsen

that on involvement GSK no have program. on I can GSK's confirm we position

Franz-Werner Haas

there our trial technology the on we here bring does RNA start this than clinics the the GSK. to to chemical really well And to into difference, modification. do, the known want see chemical with construct the on clinical the what working really are modification with We as it is same level what platform

Douglas Buchanan

Great. see. I

-- the on updates any But one last then question. Okay. collaboration? And Genmab sorry,

Franz-Werner Haas

an we No, -- can collaboration. nothing what about. it's now talk right We ongoing

working are We far. with on so our report as work nothing to Genmab, but packages partner, defined our

Operator

the gentlemen, to the closing session. now remarks. of and for call have end turn will the reached Sarah I over Ladies we Fakih question-and-answer

Sarah Fakih

this us questions. to you, you like would call. hesitate conference any we your this, much Please Thank to contact for have should goodbye. conclude and participation. very all and With further stay safe don't Thank you

Operator

concludes This a day. Thank disconnect conference, may your at wonderful have you lines you for time. this participation, and your and today's

CureVac (CVAC) 28 Apr 222021 Q4 Earnings call transcript