CureVac N.V.
Unaudited Interim Condensed Consolidated Financial
Statements
As of September 30, 2021 and December 31, 2020
and for the nine months ended
September 30, 2021 and 2020
CureVac N.V.
Interim Condensed Consolidated Statements of Operations and
Other Comprehensive Income (Loss)
|
| Nine months ended September 30, | ||||
| Note |
| 2020 |
| 2021 | |
(in thousands of EUR, except per share amounts) | (unaudited) | |||||
Revenue | 3.1 |
| | | ||
Cost of sales | 3.2 |
| ( | ( | ||
Selling and distribution expenses | 3.3 |
| ( | ( | ||
Research and development expenses | 3.4 |
| ( | ( | ||
General and administrative expenses | 3.5 |
| ( | ( | ||
Other operating income | 3.6 |
| | | ||
Other operating expenses |
| ( | ( | |||
Operating loss |
|
| ( | ( | ||
Finance income |
|
| | | ||
Finance expenses |
|
| ( | ( | ||
Loss before income tax |
|
| ( | ( | ||
Income tax benefit/ (expense) | 12 |
| | ( | ||
Net loss for the period |
|
| ( | ( | ||
Other comprehensive income: |
|
| ||||
Foreign currency adjustments |
|
| | ( | ||
Total comprehensive loss for the period |
|
| ( | ( | ||
Net loss per share (basic and diluted) |
|
| ( | ( |
F-2
CureVac N.V.
Interim Condensed Consolidated Statements of Financial Position
| December 31, | September 30, | ||||
(in thousands of EUR) |
| Note |
| 2020 |
| 2021 |
(unaudited) | ||||||
Assets |
|
|
| |||
Non-current assets |
|
| ||||
Intangible assets | 6.1 |
| | | ||
Property, plant and equipment | 6.2 |
| | | ||
Right-of-use assets |
| | | |||
Other assets |
| | | |||
Deferred tax assets | 12 |
| | | ||
Total non-current assets |
| | | |||
Current assets |
| |||||
Inventories | 7 |
| | | ||
Trade receivables | 3.1 |
| | | ||
Contract assets | 3.1 |
| | | ||
Other financial assets | 8 |
| | | ||
Prepaid expenses and other assets | 9 |
| | | ||
Cash and cash equivalents |
| | | |||
Total current assets |
| | | |||
Total assets |
| | | |||
Equity and liabilities |
| |||||
Equity | 4 |
| ||||
Issued capital |
| | | |||
Capital reserve |
| | | |||
Treasury Shares | — | ( | ||||
Accumulated deficit |
| ( | ( | |||
Other comprehensive income |
| | ( | |||
Total equity |
| | | |||
Non-current liabilities |
| |||||
Finance liabilities | 12 | | | |||
Lease liabilities |
| | | |||
Contract liabilities | 3.1 |
| | | ||
Other liabilities |
| | | |||
Total non-current liabilities |
| | | |||
Current liabilities |
| |||||
Lease liabilities |
| | | |||
Trade and other payables | 11 |
| | | ||
Other liabilities | 3.6 |
| | | ||
Income taxes payable | 13 |
| | | ||
Contract liabilities | 3.1 |
| | | ||
Total current liabilities |
| | | |||
Total liabilities |
| | | |||
Total equity and liabilities |
| | |
F-3
CureVac N.V.
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity
for the nine months ended September 30, 2021 and 2020
|
|
|
|
| Currency |
| ||||||
Issued | Capital | Treasury | Accumulated | translation | Total | |||||||
(in thousands of EUR) | capital | reserve | share | deficit | reserve | equity | ||||||
Balance as of January 1, 2021 |
| |
| |
| — |
| ( |
| |
| |
Net loss |
| — |
| — |
| — |
| ( |
| — |
| ( |
Other comprehensive income (loss) |
| — |
| — |
| — |
| — |
| ( |
| ( |
Total comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| ( |
| ( |
Share-based payment expense (Net of Taxes) |
| — |
| |
| — |
| — |
| — |
| |
Issuance of share capital (net of transaction costs) | | | — | — | — | | ||||||
Exercise of options |
| |
| |
| — |
| — |
| — |
| |
Repurchase of common shares (Treasury Shares) |
| — |
| ( |
| ( |
| — |
| — |
| ( |
Balance as of September 30, 2021 (unaudited) |
| |
| |
| ( |
| ( |
| ( |
| |
|
|
|
| Currency |
| |||||
Issued | Capital | Accumulated | translation | Total | ||||||
(in thousands of EUR) | capital | reserve | deficit | reserve | equity | |||||
Balance as of January 1, 2020 |
| |
| |
| ( |
| |
| ( |
Net loss |
| — |
| — |
| ( |
| — |
| ( |
Other comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| ( |
Total comprehensive income (loss) |
| — |
| — |
| ( |
| ( |
| ( |
Share-based payment expense |
| — |
| |
| — |
| — |
| |
Convertible Loan | | | ||||||||
Exercise of options | | ( | — | — | — | |||||
Issuance of share capital |
| |
| |
| — |
| — |
| |
Balance as of September 30, 2020 (unaudited) |
| |
| |
| ( |
| ( |
| |
F-4
CureVac N.V.
Interim Condensed Consolidated Statements of Cash Flows
| For the nine months ended September 30, | |||
| 2020 | 2021 | ||
(in thousands of EUR) | (unaudited) | |||
Operating activities | ||||
Loss before income tax | ( | ( | ||
Adjustments to reconcile loss before tax to net cash flows |
| |||
Finance income | ( | ( | ||
Finance expense | | | ||
Depreciation and amortization | | | ||
Loss on disposal of fixed assets | | | ||
Impairments of inventory and prepayments | — | | ||
Share-based payment expense | | | ||
Working capital changes |
| |||
Decrease / (increase) in trade receivables and contract assets | | ( | ||
Decrease / (increase) in inventory | | ( | ||
Decrease / (increase) in other assets | ( | ( | ||
Receipts from grants from government agencies and similar bodies | | | ||
(Decrease) / increase in trade and other payables and contract liabilities | | | ||
(Decrease) / Increase in other current financial and other liabilities | — | | ||
Decrease / (increase) in deferred taxes | ( | ( | ||
Income taxes paid | ( | ( | ||
Interest received | — | | ||
Interest paid | ( | ( | ||
Net cash flow (used in) operating activities | | ( | ||
Investing activities |
| |||
Purchase of property, plant and equipment | ( | ( | ||
Purchase of intangible assets | ( | ( | ||
Proceeds from asset related grants | | — | ||
Proceeds from sale of other financial assets | | — | ||
Net cash flow (used in) investing activities | ( | ( | ||
Financing activities |
| |||
Payments on lease obligations | ( | ( | ||
Proceeds from the convertible loans | | — | ||
Repayment of convertible loans | ( | |||
Payments on treasury shares | — | ( | ||
Proceeds from the issuance of shares (net of transaction costs) | | | ||
Net cash flow (used in) provided by financing activities | | | ||
Net increase (decrease) in cash and cash equivalents | | ( | ||
Currency translation gains (losses) on cash and cash equivalents | | | ||
Cash and cash equivalents, beginning of period | | | ||
Cash and cash equivalents, end of period | | |
F-5
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. The major shareholder and ultimate parent company of the Group is dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences.
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
2. Basis of preparation
The interim condensed consolidated financial statements for the nine months ended September 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as at December 31, 2020 and 2019 and for the three years ended December 31, 2020. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on December 16, 2021. The Group’s interim condensed consolidated financial statements are presented in Euros (“EUR”). Unless otherwise stated, amounts are rounded to thousands of Euros, except per share amounts.
New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements as at December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group as of and for the nine months ended September 30, 2021. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
F-6
Impact of COVID-19
On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the United States, the European Union and around the world. In response, the Group began development of CVnCoV, its mRNA-based COVID-19 vaccine candidate, for which it initiated a Phase 1 clinical trial in healthy volunteers in June 2020, a Phase 2a clinical trial in older adults in September 2020 and a Phase 2b/3 clinical trial in December 2020. The connection with the CVnCoV development, the Group signed agreements providing for government grants and for future supply of vaccine. Additionally, in the first half of 2021, the Group signed agreements to expand its existing manufacturing capacities at its headquarters in Tuebingen, thereby allowing for broad-scale manufacturing of CVnCoV and other mRNA-based vaccines, and to collaborate with pharmaceutical partners to develop and manufacture vaccines against SARS-CoV-2 variants. In February 2021, the Group announced initiation of a rolling submission with the European Medicines Agency (EMA) for CVnCoV and was in late-stage clinical testing. In April 2021, CureVac initiated a rolling submission to Swissmedic, the Swiss regulator for therapeutic products including vaccines, of CVnCoV for use in Switzerland.
In June 2021, the Group reported the final analysis for its Phase 2b/3 HERALD study in which CVnCoV demonstrated an overall vaccine efficacy of
Later in 2021, the European Medicines Agency (EMA) informed the Company that it would not start reviewing the file before 2022. As a result, CureVac estimated that the earliest possible approval of CVnCoV would come in the second quarter of 2022. By this time, CureVac and GSK expect candidates from the second-generation vaccine program will be progressing through clinical development. On October 12, 2021, CureVac announced the strategic decision to focus its COVID-19 vaccine program on the development of second-generation mRNA vaccine candidates in collaboration with GSK and to withdraw its first-generation COVID-19 vaccine candidate, CVnCoV, from the approval process with the EMA. The decision is aligned with the evolving dynamics of the pandemic response toward greater need for differentiated vaccines with the gradual transition from an acute pandemic to an endemic SARS-CoV2 environment.
Current clinical studies with CVnCoV, including a Phase 1 study in Germany, a Phase 2a study in Peru and Panama, a Phase 2b/3 (HERALD) study in Europe and Latin America, and a Phase 3 study in participants with comorbidities in Belgium, continue with the scheduled safety follow-up times for all trial participants as per the respective trial protocols.
As a direct consequence of CureVac’s notification of the European Commission (EC) of the withdrawal of the application with the EMA for CVnCoV, the EC Advanced Purchase Agreement, which was predicated on employing CVnCoV to address the acute pandemic need, was automatically terminated. CureVac remains in contact with the European Commission and is supportive of its public health efforts.
CureVac remains committed to the long-term fight against COVID-19 and aims to leverage CVnCoV learnings and infrastructure to be at the forefront of delivering advanced second-generation vaccines together with GSK. These are expected to provide more flexible protection against emerging COVID-19 variants and to offer new mRNA approaches to other infectious disease vaccines such as flu, as well as potential combination vaccines against different viruses. Second-generation clinical development is expected to start within the next few months.
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 has been running COVID PCR (polymerase chain reaction) tests on a weekly basis for employees on the premises.
F-7
3. Notes to the consolidated financial statements
3.1 Revenue from contract with customers
The Group recognized the following revenues:
| Nine months ended September 30, | |||
2020 | 2021 | |||
EUR k | EUR k | |||
Belgium | ||||
GSK | | | ||
Germany |
|
| ||
Boehringer Ingelheim |
| | | |
Netherlands |
| |||
Genmab | | | ||
Switzerland |
|
| ||
CRISPR |
| | | |
United States |
|
| ||
Eli Lilly |
| | — | |
Total |
| | |
Of these revenues, all of which were recognized over time as part of collaboration agreements, during the nine months ended September 30, 2021, EUR
In the nine months ended September 30, 2020, revenue primarily consisted of EUR
In the nine months ended September 30, 2021, EUR
F-8
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 an upfront payment of EUR
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. Below is a summary of such payments and the related revenues recognized:
Revenue recognized from | ||||||||||
Upfront payments | Upfront payments | upfront payments in the | ||||||||
included | included | nine months ended | ||||||||
Upfront payments | in contract liabilities at | in contract liabilities at | September 30, | September 30, | ||||||
|
| December 31, 2020 |
| September 30, 2021 |
| 2020 |
| 2021 | ||
Customer | (EUR k) | (EUR k) | (EUR k) | |||||||
Eli Lilly |
| USD |
| — |
| — |
| | — | |
CRISPR |
| USD |
| |
| |
| | | |
Boehringer Ingelheim |
| EUR |
| |
| |
| | | |
Genmab |
| USD |
| |
| |
| | | |
GSK | EUR | | | | | |||||
GSK 2nd Gen | EUR | — | | — | | |||||
BMBF | EUR | | | — | — | |||||
EU APA | EUR | | | — | — | |||||
Total |
|
| |
| |
| | |
* Translated at the currency exchange rate prevailing on the transaction date.
Contract balances:
| December 31, |
| September 30, | |
2020 | 2021 | |||
EUR k | EUR k | |||
Trade receivables |
| |
| |
Contract assets |
| |
| |
Contract liabilities** |
| |
| |
Trade receivables are non-interest bearing and are generally settled within 30 to 45 days. Besides the upfront payments, under the collaboration agreements, contract liabilities also contain an option fee payment and an additional development milestone payment of EUR
F-9
**As of September 30, 2021, €
3.2 Cost of sales
The cost of sales consists of the following:
| Nine months ended September 30, | |||
2020 |
| 2021 | ||
EUR k | EUR k | |||
Personnel |
| ( | ( | |
Materials |
| ( | ( | |
Third-party services |
| ( | ( | |
Maintenance and lease |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Other |
| ( | ( | |
Total |
| ( | ( |
During the nine months ended September 30, 2021, cost of sales increased compared to the same period of 2020 mainly due to activities for production processes for the Group’s CVnCoV vaccine candidate. The increase of EUR
3.3 Selling and distribution expenses
Selling and distribution expenses consist of the following:
| Nine months ended September 30, | |||
2020 |
| 2021 | ||
EUR k | EUR k | |||
Personnel |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Third-party services | — | ( | ||
Other |
| | ( | |
Total |
| ( | ( |
Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021 of EUR
F-10
3.4 Research and development expenses
R&D expenses consists of the following:
| Nine months ended September 30, | |||
2020 |
| 2021 | ||
EUR k | EUR k | |||
Personnel |
| ( | ( | |
Materials |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Patents and fees to register a legal right |
| ( | ( | |
Third-party services |
| ( | ( | |
Maintenance and lease |
| ( | ( | |
Other |
| ( | ( | |
Total |
| ( | ( |
During the nine months ended September 30, 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 September 30, 2021, the Group had no development expenditures that met the requirements for capitalization. Under the grant from BMBF, the Group earns income (recognized in other operating income) for certain eligible expenses incurred for COVID-19 vaccine development; refer to Note 3.6 for more information on amounts recognized from this grant in the nine months ended September 30, 2021.
Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021 of EUR
3.5 General and administrative expenses
General and administrative expenses consist of the following:
Nine months ended September 30, | ||||
2020 |
| 2021 | ||
| EUR k |
| EUR k | |
Personnel |
| ( | ( | |
Maintenance and lease |
| ( | ( | |
Third-party services |
| ( | ( | |
Legal and other professional services |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Other |
| ( | ( | |
Total |
| ( | ( |
Personnel expenses mainly include salary and salary-related expenses, during the nine months ended September 30, 2021, of EUR
F-11
3.6 Other operating income
Nine months ended September 30, | ||||
2020 |
| 2021 | ||
| EUR k |
| EUR k | |
Grants and other cost reimbursements from government agencies and similar bodies | | | ||
Other |
| | | |
Total |
| | |
During the nine months ended September 30, 2021 and 2020, income from grants with government agencies and similar bodies resulted from the following:
German Federal Ministry of Education and Research (BMBF)
In 2020, the Company received a grant from BMBF to support the development of its COVID-19 vaccine candidate for which it was determined that 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, during the nine months ended September 30, 2021, the Group has recognized grant income in the amount of EUR
Coalition for Epidemic Preparedness Innovations (CEPI)
In January 2020, CureVac and CEPI entered into 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
For the nine months ended September 30, 2021, CureVac recognized the reimbursement by CEPI of approved expenses of EUR
Bill & Melinda Gates Foundation (BMGF)
For the nine months ended September 30, 2021, CureVac recognized EUR
4. Issued Capital and Reserves
According to the Company’s articles of association, the Company’s authorized shares are divided into
As of September 30, 2021,
F-12
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.
In February 2021, the Group completed a follow-on public offering whereby it sold
Under the Prior VSOP plan, and following the Group’s IPO and corporate reorganization, upon vesting of virtual shares granted under the plan, the holder is able to exchange his or her virtual shares (in whole or in part) for cash or shares of CureVac N.V., at the discretion of the Company, subject to the occurrence of certain predefined events. The economic burden of such an exchange was to be borne exclusively by those shareholders already invested in CureVac AG as of October 1, 2015 (“Funding Shareholders”); as such, these Funding Shareholders were required to transfer to the Company, in exchange for no consideration, sufficient common shares for the Company to issue against exercises of virtual shares. With the Company’s IPO having taken place on August 14, 2020, an exit event was triggered with
The number of shares issued and outstanding developed as follows:
Common shares issued and outstanding at December 31, 2020 | | |
Follow-on Public Offering | | |
Share option exercises between January and September 2021 | | |
Treasury shares | ( | |
Common shares issued and outstanding at September 30, 2021 | |
5. Share-based payments
During the nine months ended September 30, 2021 and 2020, the Group recognized share-based payments expenses of EUR
Nine months ended September 30,
| 2020 |
| 2021 | |
EUR k | EUR k | |||
Research and development expenses |
| | | |
Selling and distribution expenses |
| | | |
General and administrative expenses |
| | | |
Total |
| | |
F-13
Expense recognized for the equity-settled programs was as follows:
Nine months ended September 30:
| 2020 |
| 2021 | |
Program | EUR k | EUR k | ||
LTIP | — | | ||
RSU for supervisory board | — | | ||
Former Chief Executive Officer Grant | | — | ||
New VSOP | | | ||
Prior VSOP |
| | | |
Total |
| | |
On November 16, 2020, CureVac granted
For the nine months ended September 30, 2020, share based payment expenses of EUR
On August 14, 2020, the Company filed with the SEC a registration statement on Form S-8 registering common shares, issuable pursuant to the CureVac N.V. Long-Term Incentive Plan (“the LTIP”), New VSOP and Prior VSOP.
At the Annual General Meeting in June 2021, grants to two supervisory board members for their outstanding work and advice in connection with the clinical development of CVnCoV were approved. The supervisory board members will receive RSU's equal to a EUR value of
Exercise of share-based payments
Also, for the New VSOP plan, the IPO was a triggering event, by which all outstanding options, under the plan, became exercisable;
6. Fixed Assets
6.1 Intangible assets
During the nine months ended September 30, 2021, the Group acquired intangible assets of EUR
F-14
6.2 Property, plant and equipment
During the nine months ended September 30, 2021, property, plant and equipment increased by
7. Inventories
Inventories include the following:
| December 31, 2020 |
| September 30, 2021 | |
EUR k | EUR k | |||
Raw materials |
| | | |
Unfinished goods | — | | ||
Finished goods |
| | | |
Total |
| | |
During 2021, the Company began production of vaccine doses which are recorded in inventory as of September 30, 2021 as the costs were determined to be recoverable under existing arrangements regardless of whether regulatory approval is obtained.
During the nine months ended September 30, 2021, the increase in inventory of EUR
8. Other financial assets
Other current financial assets as of September 30, 2021 amounted to EUR
9. Prepaid expenses and other assets (current)
Prepaid expenses and other current assets as of September 30, 2021 amounted to EUR
10. Financial assets and financial liabilities
Fair values of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
There were
F-15
11. Trade and other payables
During the nine months ended September 30, 2021, the increase of EUR
As of September 30, 2021, the Company had non-cancellable contractual obligations of EUR
12. Loans
During the nine months ended September 30, 2020, EUR
13. Income tax
The Group calculates the interim income tax benefit or expense using the best estimate of the weighted average annual effective income tax rate expected for the full financial year.
For the nine months ended September 30, 2021 and 2020, the Group recorded a consolidated income tax expense of EUR
14. Disclosure of financial instruments and risk management
As the Group requires significant liquid funds available for the financing of its COVID-19 research and development activities, during the nine months ended September 30, 2021, it has maintained funds as cash and cash equivalents and not in less liquid financial instruments. The Group has distributed the cash amongst several banks and amongst the legal entities in the Group in order to reduce negative interest penalties.
Refer to note 15 to the consolidated financial statements as of December 31, 2020 for additional information on the Group’s risk management activities. As of September 30, 2021, the Group held cash and cash equivalents of USD
15. Earnings per share
Earnings per share is calculated pursuant to IAS 33 Earnings per Share by dividing the consolidated net loss in CureVac N.V. by the average weighted number of shares outstanding in the fiscal period, retrospectively adjusted for the effect of the corporate reorganization.
The weighted number of shares outstanding for the nine months ended September 30, 2021 was
F-16
16. Related party disclosures
Transfer of shares from the Funding Shareholders
As discussed in Note 4, due to certain virtual share exercises under the Prior VSOP during the nine months ended September 30, 2021,
Dietmar Hopp
During fiscal 2019, Dietmar Hopp, principal of dievini Hopp BioTech holding GmbH & Co. KG (dievini), the largest shareholder of the Group, granted
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
17. Subsequent events
On November 30, 2020, CureVac entered into an Advanced Purchase Agreement (APA) with the European Commission (EC), which was acting on behalf and in the name of all Member States of the European Union to deliver
The value of certain assets, semi-finished and finished goods that will have no future use will be assessed in the fourth quarter of 2021.
CureVac is currently coordinating with the EC to evaluate whether the EC will exercise its option to recover some raw materials and/or primary components paid for with the upfront as allowed for under the APA.
Due to the withdrawal of the EMA regulatory approval application for CVnCoV, CureVac will not be able to reach all predefined milestones for 2021 under the BMBF grant. From 2020 through December 2021, CureVac has received EUR
As of September 30, 2021, all assets on the statement of financial position, which relate to CVnCoV and which are unable to be repurposed, were recoverable under either the APA or the BMBF grant.
As discussed in Note 3.1, in June 2021, Boehringer Ingelheim provided notice of its intention to terminate the Boehringer Agreement. The termination became effective on November 17, 2021 and, as a result, the remaining EUR
F-17
milestone payments were recognized as revenue in the fourth quarter of 2021 as no further performance obligations remained.
In November 2021, CureVac issued a prepayment request and cancellation notice to the EIB under which it requested to voluntarily prepay, in December 2021, the EUR
F-18