CVAC - Earnings call 3 2023

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Operator

Greetings, and welcome to the CureVac Financial Results for Third Quarter and First 9 Months of 2023 business update. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Fakih, Vice President of Corporate Communications and Investor Relations. Thank you, Sarah, you may begin.

Sarah Fakih

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

Chief me Chief our Officer; and Financial are call Myriam Chief Development from Kemula, of the of CureVac; with Alexander On Zehnder, Officer Executive Pierre Officer Mendila, CureVac CureVac.

Events under of the on forward-looking being note the website.Before questions Please call begin is Presentations Q&A webcast archived Intellectual and statements. management's and Tuesday, that we The call your today, view this Investor Marcus be to November our will Relations Dalton a XX, as of Property, Head discussions few session. Our be and for on will live present XXXX. reflect section this on responses

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

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

Alexander Zehnder

gentlemen, everyone morning, to Thank you, Sarah. Ladies and the on good webcast. good afternoon

infectious maintain of delivering well another as are successfully in strategic close, forward priorities. our a and programs diseases to year oncology, strong continue momentum in As clinical performance our [ to trails as we ] on we the in development

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Myriam Mendila

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Alexander Zehnder

our has milestone. obtained Thank GMP-grade our regulatory license achieved finalize you, automated to To construct mRNA our vaccines solution Printer, oncology defined RNA manufacturing update, Printer oncology Myriam. for a cancer The for manufacturing its of first highly first its strategy. the support

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Pierre Kemula

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

I will GMP the IV Looking operation cash purchases R&D already XXX.X we slide position XXXX effects material. activities, third in production the closed at XX; of EUR as our our this first-generation to of months presentation was COVID-XX. used the on and expenditures closing a mainly our X one-off took significant first assets as and place for allocated in consequence million. vaccine mentioned, Cash quarter XXXX in in with of R&D underline that facility

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Alexander Zehnder

you, Thank Pierre.

takeaways let summarize me So today. for the key

successfully deliver lead continue as oncology. by priorities programs, for infectious in diseases We clinical strategic across our both as well advancing our to XXXX

our infectious are three in readouts we expect our seasonal key collaboration as to plan.And to momentum developments II are I Phase our from glioblastoma being and underscores strong have investment progress million our priorities and execution made safeguarding in mid-XXXX. studies as to market.And support our and we will the which we according the This new introduce for our data in GSK Phase now would our position studies 'XX Our as well this, solutions we the with to well I to in maintain commitment COVID-XX trial with strong your progressing cash conducted all to presentation with EUR in like progress well innovation III advancement healthcare the expected and to flu, in would XXX.X with questions. Together of as Phase strong clinical diseases. of clinical in open conclude webcast

Operator

you. Instructions] Evan line first from Our Thank of question the Guggenheim. comes [Operator Wang with

Boran Wang

then and one have I another follow-up.

be you that And where IP, the to damages given patent of would just should the follow-up. and [indiscernible] some opinion. December of you with up preliminary property. number be a December, one how I patent assessed, about covers related then firstly, the dates Can thinking the coming Just in have there? we intellectual the Maybe particularly highlight seeing on how life upcoming had ruling German

Alexander Zehnder

the Marcus Marcus, question do potential damages was call. you I'm to think there the a and IP Head take for I bring going in our who's be December expectation want on proceedings of would to how accessed. Dalton, to Marcus, XX that?

Marcus Dalton

The question. thanks surely. -- for Yeah, the

us, thing Then the it Dusseldorf, rest of where and is practical validity in to will of the assessed reasonable is sales, calculation doses XX and the all a of then first that. has successful amount be the for damages be will of a matter, If royalty opened as we trial. that get applied the happens the assessment infringement the that is December The proceedings. to

place 'XX. that So throughout take will

Boran Wang

terms influenza tolerability. in one by Pfizer we've flu and both reformulations of then seen the And specially and strains B follow-up some of Moderna, some address vaccines Great. the and improved

at So are Phase you formulation that confident be just for those II guys Phase formulations of one thinking II your Phase how guess, I looking III? go-forward will as a are you now formulations a

Alexander Zehnder

on go flu, ahead, Myriam. Myriam question So

Myriam Mendila

we think is I we right, Yeah. if your say are the confident question heard question guess I And how I are confident. we?

study. tested have in our I different Phase concepts We

to of and we I you We is have II And confidence have can from study. we I the B look we tested and I in very a reasonable Phase confident think, success. III. am progress a will likelihood and strong, And differentiated flu that everybody I vaccines competitive the data that great Phase think, strains forward data with doses we have that Phase against the seen, candidate. space. that A making, from give in level very the cannot of and have, But the I different including immunogenicity reactogenicity mRNA move a

Operator

next from Eli with comes of Our Merle question line the UBS.

Eliana Merle

IP. on another Just

Court So there ruling in just for to the winning I patent terms and infringement patent estate, as families economics in the those you that learnings damages, think Patent think other your from the utility others at different and German certain you are would And think as December patents next to all, about the validity XX, broadly, to versus think the of Germany prevail on of we we just more potential and models? if of decisions what then court potential implications other this, others, are as patents year? were if versus you if were of IP for in guess, about the landscape you valuable just be prevail a

Alexander Zehnder

Yes. Thank you, Eli.

rights we One different you the strength thinking, ruling. the And patent So that? questions. do think, how I is two, or German want take potential of more about of patent to families. of broader two Marcus, think kind implications

Marcus Dalton

which or stronger to all impact reality, Normally, granted. the the the are their question. will date of I can registration. German for I than about merits. in G/C, of model, on In Patent of royalty Thanks to is not impact they can relation or dates The the Yeah. ones only the collect utility the the things think when point all others. of G/C date the other be other held is are thing this jurisdictions you from you of only grant patents, either will case the Enrichment on In

that are there see period the the would a we sales so to expect to earlier some later, presented And from the some were time. a issued see slides collect or would that come ] is issued those. vaccine, less shorter over was the from patents of And you'll others less although you'll first of of patents patents, that longer [ -- bit prior there the

Alexander Zehnder

to of X really on what the I as you, just and Thank about of think portfolio, presentation, we Eli tried And good I I maybe one our part basis. that, each feel right, is of Germany with my outlined assessed And as the U.S. in think to these Yeah. breadth rights is individual XX add in an Marcus. rights

shots on of sure our gives the us this by as fairly really to a fair and goal property rights, well. that bringing So for make it's intellectual valued compensation lot a basis

Operator

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

Eun Yang

second question Pierre IP one and I on have the financials. question for on

expected is think one XXX of Alexander, And European least spring your November on in this the XXXX. slides, patent preliminary ruling the in you Patent I on XXX under you of the the mentioned, October So year. at validity assumption was I sometime showed opinion and the validity that

us on you question then an preliminary second that the could on opinion? So for give And Pierre. update

seasonal fourth flu million third be the II it to in XX totaled EUR booked that in Phase quarter in patient first dosing booked trial from going quarter? GSK, is or the So is

Alexander Zehnder

On poly-A IP, tail the to you're split patent. referring

right. I think you are

We this are preliminary normally a opinion expecting around time.

because going assesses relative the to say exactly going to up is this. that's be cannot we this Now authority fully when to that happen

from yet, it on happened trigger collaboration. But but Pierre but soon. milestone So not the hasn't might And happen then we pending. it's yet, have GSK received the

Pierre Kemula

Sure.

the for thanks question, Eun. So

I the Phase have of to not we into in hope think milestone million course. the cash, the in it sort entry So EUR to is And that XX have of QX, but QX, right? II, booked you we don't were referring to right? related

Eun Yang

Okay.

be So EUR to at is million XX in fourth that going booked the revenue quarter?

Pierre Kemula

Yes.

So booking for sure both to the we the cash hope fourth the booking have in -- well and quarter. the as I in mean,

Operator

question next Foroohar comes of from Mani the Leerink line Partners. Our with

Analyst

[ for I question. guess, is ] had a This Lili Mani. maybe, I two-part

of on And end COVID market? the I the several to regarding potentially and reviewing the guess So how was the potential vaccine in vaccine down market of kind terms seen we you counter the you think you'll could development about current revenue little taking about potential think the would dynamics. more We've potential wondering of I that flu, do year COVID that, addition -- in how how tail their of detail the the players could COVID to market. one far be the maybe give a combination? based are do us be How COVID or And approach? a you you this current approach? first construct for in

Alexander Zehnder

you. Thank Yes.

then mean, to mean COVID Maybe we Myriam, on going questions, as start, can a more one a it's broadly, over I add COVID on you lot of and how and and vary combination flu. It obviously, I might see lot. time. two well. I want to COVID if fluctuate So

will kind big of to be how forward. hard it's moving market exactly the So predict

do platform, low of believe, good on our very we we've with reactogenicity. induction based seen However, relatively immunicity

product comparing II So for with the you've a trial construct we the in competitor. as of believe our we COVID. part competitive a that we seen here Phase are Also can have presentation, licensed

see this got interesting expenses. even player.So interesting be view, an EUR they've an because three performs met point us that it be development nevertheless, against we if will forward, of established option cap So might platform in a million us. then And us. though our to the small, moving will of to for how important be Also, terms for almost from R&D for XXX it's be indication

COVID possible development But combination our important. do potential. of for where the And that combination we will strategy combination the choose both out, to and GSK. see And year, going of mid flu, it's well, actual be enable as next of we really II springboard once to Phase part us to that's see us So the next year, that's a a to running with then. course, of for and product best think course, will early early I

Myriam Mendila

And related in Yeah. a the similar the down, the flu the the having the are especially remains is and for and to comorbidities can it for to risk have COVID for updated se add population. for vaccinations more.But COVID annual reflects who but well risk. per elderly with or an XX to you're recommend especially risk strains, been continues health every update because moved elderly be market for And on the I last the at or disease respiratory especially year that situation right, maybe the elderly have going basically, expose to patients flu recommended we meantime vaccination this countries have infection as this strain flu population. for patients like years a them at Most

be with can combination and basically, vaccine, associated vaccines. against basically basically continued see sense, annual it's vaccinated regularly an populations for with it's in right, a for That's two flu. better to the certain do make especially vaccine if that increase we diseases do combination patients convenient the you continue adherence because can for with rather a against -- program. important either a it effects on one having shot than And by with combining the need why, we a so population, by believe the why COVID have two part basis better level one happens twice one.You to to go vaccine against And vaccine or that's makes one the side it separate than

heavily especially many and The COVID. burdened other flu health during the countries, vaccination really are systems in many, is the that against season thing

offering and also also the so advantage. and U.S. practices, for relief see pharmacies those the a significant vaccines applying basically And in the vaccine by one combined we is there

Operator

of line next of Charlie Our America. comes [Operator question the with Instructions] from Yang Bank

Chen Yang

have of infringement will kind the CureVac. they patent talk appeal the rule if the Great. case. about on in counterparty I assuming timeline favor appeal of potential you Can one I'm just

damage timeline then a for how have kind follow-up. that I So potentially will And delay negotiation? of the

Alexander Zehnder

Thank Charlie. you,

the Marcus we and but that well infringement the start irrespective Marcus a comment in I further this. once appeal. impact how on would confirmed the But and case, of will get appeal as So that confirmed December end further that let damages damage question comment on of would potential time validity line let at on to proceeding impact process. I'll a

Marcus Dalton

Yeah.

right. So Alexander exactly is

for we any parallel for So about -- the damages would both start is year proceedings. appeal the assessment likely and timing Germany, a with you will in

first was end also for and collection thing of year, another the the U.S., sort so And appeal the was year that it would ruling. place, likely take an also question beginning would that's 'XX, be your the of In the happen at will directed from case. next if of where

then it end then at rule U.S. expect a the be ruling we would circuit a be collected So and And of will the three-week federal October, after. damages that October, the in roughly would trial point. year

Chen Yang

data Can like the talk first vaccine. in year, is regarding CureVac next can about design maybe And expect When the cancer move how once in other Great. half we the how the of question quickly -- kind then terms another see program. you second just one for the to pivotal My into just the study? indications? [indiscernible] see cancer broader just of the should we of next trial

Alexander Zehnder

Myriam, you want to take that?

Myriam Mendila

pleasure. of with question, course, the Thanks Yes, Charlie. for great

setting. basically a principle conducting the to that in works or vaccine, oncology the platform that show vaccine this So trial proof GBM regarding are is our of we the

shared tested our and the not vaccine but have setting. promising have so we clinical far, data, very, So far seen very in we strong and preclinical

in to next discovery vaccine have where for this antigens year, take trial on shown last be strong the the that and have against right designed not on we cancer the encoding been and and much to because cancer all really patients. antigen antigens.And we took CDX working it's setting works finding and our the clinical responses setting the platform again, different glioblastoma discovery glioblastoma moment, why are that's we At we that intentions this, to immunogenicity a that's induces further do candidate advanced we, for because And to into immunogenicity. a platform. about actually vaccine So coding because that have the uses antigen we is the CDX moved show immunogenic cancer those glioblastoma the candidate have antigens to vaccines, approach selected more been inducing encoded what

months. vaccines are cancer we start not of out a that on. question. personalized patient. that Phase for towards deeper a already trial, on also personalized indications. was are working we have the for the we will plan new will where the really to One are And plan the that for but of antigens, past.Yeah, encoding profile thing I vaccine shared much, that across Maybe done trial other used much into discovery will science we to coming, we be antigens in answers clinical encode starting these ones that with they space. been we cancer candidates glioblastoma sort and is be different in the patient for the that next know end to say, our directions are a have we much, vaccine which immunogenic, vaccine trials we planning again, to to finding proof cancer in discovery in we principle, manufactured patient for the that the induce the And never used tumor are next candidate will are to genomic So populations. programs the broader given glioblastoma compared of the cancer strong the is of our let's antigens for our that basically pivotal right but in be given It clinical much antigen like which and in we and of on start the platform, different response.And candidate know where candidate, came this you programs additional your antigen I but add the works every year platform nomination those have shared output Phase direction of antigen is they the has vaccine, it's And that the cancer platform, do the for next so but vaccine and designing and right two potentially are hope a one we out XX bring where want going basically types again as are what preparing the -- our And result next going, later. vaccines. a that are know parallel, now first start vaccine again, in the is beginning planning to based off-the-shelf already cancer basically in is right antigen based discovery year, is of the exploring trial is, I of

Chen Yang

I one question can there. If ask just over clarifying

the more So or they those now, programs? programs a right of is intention are trial seeing proof-of-concept the programs into moving of of we're kind pivotal two

Alexander Zehnder

maybe can step So I in.

So right? current It's referring oncology trial. to you're the right? ongoing of more a like trial, GBM The proof-of-concept program, a

to [ focus [indiscernible] got much the coming right to Frame programs is personalized we on Myriam from So construct moving more I be Cancer mentioned, we've efficacy the And So GBM. of we research what Pro off-the-shelf. relevant on a right? the are on we the able on as that antigens working in cancer we believe unless let's have see based say, our antigens, But say, kind because and and to acquisition. a will known generation, as would mentioned, that's this our working for as that second are ] picking comprehensive approach these vaccines Myriam well. with antigens we're clinic proprietary platform, Frame Therapeutics to And

Chen Yang

I see.

of you the focus the think Is development proof-of-concept antigen the the still the kind So but CVXXXX, also that preclinical will in that's -- how new one a are it? main those that in about phase. on program, be -- should for that I guys is

Myriam Mendila

This Myriam. is Yes.

out back. of call, was the Sorry, kicked I absolutely I'm right. Yes, you're

approach of -- we have using very will that be our do a antigens. discovery antigens that focus that sophisticated believe basically because select Our the and to we signals own out we work new came

hence, So that's way discover the want go basically them forward. and select immunogenicity to predict but to we to first the them, to also

Operator

And no are at turn back I time. to closing would Fakih over floor comments. to for the questions like further There this Sarah

Sarah Fakih

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

Operator

concludes teleconference. This you. Thank today's

disconnect now participation. you this Thank for your lines time. may your at You

CureVac (CVAC) 14 Nov 232023 Q3 Earnings call transcript