CureVac N.V.
Interim Condensed Consolidated Statements of Operations and
Other Comprehensive Income (Loss)
|
| Three months ended March 31, | ||||
| Note |
| 2022 |
| 2023 | |
(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 |
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| ( | ( | ||
Finance income |
|
| | | ||
Finance expenses |
|
| ( | ( | ||
Loss before income tax |
|
| ( | ( | ||
Income tax benefit/ (expense) | 13 |
| | ( | ||
Net loss for the period |
|
| ( | ( | ||
Other comprehensive income (loss): |
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Foreign currency adjustments |
|
| ( | | ||
Total comprehensive loss for the period |
|
| ( | ( | ||
Net loss per share (basic and diluted) |
|
| ( | ( |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
CureVac N.V.
Interim Condensed Consolidated Statements of Financial Position
| December 31, | March 31, | ||||
| Note |
| 2022 |
| 2023 | |
(in thousands of EUR) | (unaudited) | |||||
Assets |
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Non-current assets |
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Intangible assets and goodwill | 6.1 |
| | | ||
Property, plant and equipment | 6.2 |
| | | ||
Right-of-use assets |
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Other assets |
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Deferred tax assets |
| | | |||
Total non-current assets |
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Current assets |
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Assets held for sale | 7 | | | |||
Inventories | 8 |
| | | ||
Trade receivables | 3.1 |
| | | ||
Contract assets |
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Other financial assets | 10 |
| | | ||
Prepaid expenses and other assets | 9 |
| | | ||
Cash and cash equivalents | 10 |
| | | ||
Total current assets |
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Total assets |
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Equity and liabilities |
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Equity | 4 |
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Issued capital |
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Capital reserve |
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Treasury Shares | ( | ( | ||||
Accumulated deficit |
| ( | ( | |||
Other comprehensive income |
| ( | ( | |||
Total equity |
| | | |||
Non-current liabilities |
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Lease liabilities | | | ||||
Contract liabilities | 3.1 |
| | | ||
Provisions | | | ||||
Other liabilities |
| | | |||
Total non-current liabilities |
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Current liabilities |
| |||||
Lease liabilities |
| | | |||
Trade and other payables | 11 |
| | | ||
Provisions | | | ||||
Other liabilities | 12 |
| | | ||
Income taxes payable |
| | ||||
Contract liabilities | 3.1 |
| | | ||
Total current liabilities |
| | | |||
Total liabilities |
| | | |||
Total equity and liabilities |
| | |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
CureVac N.V.
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity
for the three months ended March 31, 2023 and 2022
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| Currency |
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Issued | Capital | Treasury | Accumulated | translation | Total | |||||||
(in thousands of EUR) | capital | reserve | Shares | deficit | reserve | equity | ||||||
Balance as of January 1, 2022 |
| |
| |
| ( | ( |
| ( |
| | |
Net loss |
| — |
| — |
| — | ( |
| — |
| ( | |
Other comprehensive income (loss) |
| — |
| — |
| — | — |
| ( |
| ( | |
Total comprehensive income (loss) |
| — |
| — |
| — | ( |
| ( |
| ( | |
Share-based payments (net of taxes) |
| — |
| |
| — | — |
| — |
| | |
Exercise of options |
| — | ( | — | — | — | ( | |||||
Settlement of share-based payment awards |
| — |
| ( |
| | — |
| — |
| | |
Balance as of March 31, 2022 (unaudited) |
| |
| |
| ( | ( |
| ( |
| |
|
|
|
|
| Currency |
| ||||||
Issued | Capital | Treasury | Accumulated | translation | Total | |||||||
(in thousands of EUR) | capital | reserve | Shares | deficit | reserve | equity | ||||||
Balance as of January 1, 2023 |
| |
| |
| ( |
| ( |
| ( |
| |
Net loss |
| — |
| — |
| — |
| ( |
| — |
| ( |
Other comprehensive income (loss) |
| — |
| — |
| — |
| — |
| |
| |
Total comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| |
| ( |
Share-based payments |
| — |
| |
| — | — |
| — |
| | |
Issuance of share capital (net of transaction costs) | | | — | — | — | | ||||||
Settlement of Share Based Payment awards |
| |
| ( |
| |
| — |
| — |
| |
Balance as of March 31, 2023 (unaudited) |
| |
| |
| ( |
| ( |
| ( |
| |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
CureVac N.V.
Interim Condensed Consolidated Statements of Cash Flows
| For the three months ended March 31, | |||
| 2022 |
| 2023 | |
(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 impairment of property, plant and equipment and right-of-use assets | | | ||
Loss on disposal of fixed assets | — | | ||
Impairment of inventory and prepayments | | | ||
Share-based payment expense | | | ||
Non-cash income from release of provisions | ( | ( | ||
Working capital changes |
| |||
Decrease / (increase) in assets held for sale | — | | ||
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, other liabilities and contract liabilities | ( | ( | ||
(Decrease) / increase in other current financial 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 | ( | ( | ||
Net cash flow (used in) investing activities | ( | ( | ||
Financing activities |
| |||
Payments on lease obligations | ( | ( | ||
Proceeds from the issuance of Shares (net of transaction costs) | — | | ||
Payment on / proceeds from treasury shares/exercise of options | | | ||
Net cash flow 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 | | |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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 77798031. The Company’s registered headquarters is Friedrich-Miescher-Strasse 15, 72076 Tuebingen, Germany. During 2021 until now, Dievini Hopp BioTech holding GmbH & Co. KG (dievini), which is an investment company dedicated to the support of companies in health and life sciences, is the largest shareholder of CureVac. Together with its related parties, dievini has held shares and voting rights in CureVac between appr. 43 – 46 % 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.
2. Basis of preparation
The interim condensed consolidated financial statements for the three months ended March 31, 2023, 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 of December 31, 2022. The interim condensed consolidated financial statements were authorized by the Management Board for presentation to the Supervisory Board on May 22, 2023. 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. Due to rounding, differences may arise when individual amounts or percentages are added together.
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, 2022. The new and amended standards and interpretations applied for the first time as of January 1, 2023, as disclosed in the notes to the consolidated financial statements as of December 31, 2022, had no impact on the interim condensed consolidated financial statements of the Group as of and for the three months ended March 31, 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Impact of COVID-19 and the Russia-Ukraine Conflict
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 our focus on developing a COVID vaccine could have a negative impact on our progress on and associated revenue recognition from our non-COVID-19 collaborations. 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 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 the Group’s laboratory and production operations.
The ongoing military conflict between Russia and Ukraine has not and is not expected to have a material direct or indirect effect on the Group’s operations or financial condition: however, the Group is currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. As a result of this instability and responding actions taken by the United States, Russia, EU, and other Foreign Governments, this may limit or prevent filing, prosecuting, and maintaining of patent applications in Russia. Government actions may also prevent maintenance of issued patents in Russia. These actions could result in abandonment or lapse of our patents or patent applications in Russia, resulting in partial or complete loss of patent rights in Russia. In addition, a decree was adopted by the Russian government in March 2022, allowing Russian companies and individuals to exploit, without consent or compensation, inventions owned by patentees that have citizenship or nationality in, are registered in, or have predominately primary place of business or profit-making activities in countries that Russia has deemed unfriendly. Consequently, we would not be able to prevent third parties from using our inventions in Russia or from selling or importing products made using our inventions in and into Russia. Accordingly, our competitive position may be impaired, and our business, financial condition, results of operations and prospects may be materially adversely affected.
3. Notes to the consolidated financial statements
3.1 Revenue from contract with customers
The Group recognized the following revenues:
| Three months ended March 31, | |||
2022 |
| 2023 | ||
EUR k | EUR k | |||
Belgium | ||||
GSK | | | ||
Switzerland |
|
| ||
CRISPR |
| | | |
Netherlands | ||||
Genmab | | | ||
Total |
| | |
Of these revenues, all of which were recognized over time as part of collaboration agreements, during the three months ended March 31, 2023 EUR
Of the total revenues recognized, in the three months ended March 31, 2023, 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:
Upfront and | Upfront and | Revenue recognized from | ||||||||
milestones payments included | milestones payments included | upfront and milestones payments | ||||||||
Upfront and milestone | in contract | in contract | for three months ended | |||||||
| payments |
| liabilities at |
| liabilities at |
| March 31, | |||
Customer | March 31, 2023 | December 31, 2022 | March 31, 2023 | 2022 |
| 2023 | ||||
(EUR k) | (EUR k) | (EUR k) | ||||||||
GSK |
| EUR |
| |
| |
| | | |
CRISPR |
| USD |
| |
| |
| | | |
Genmab |
| USD |
| |
| |
| | | |
Total |
|
| |
| |
| | |
* Translated at the currency exchange rate prevailing on the transaction date.
Contract balances:
| December 31, |
| March 31, | |
2022 | 2023 | |||
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. The contract liabilities contain upfront payments and milestone payments from Collaboration agreements.
3.2 Cost of sales
The cost of sales consists of the following:
| Three months ended March 31, | |||
2022 |
| 2023 | ||
EUR k | EUR k | |||
Personnel |
| ( | ( | |
Materials |
| ( | ( | |
Third-party services |
| ( | ( | |
Maintenance and lease |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Other |
| ( | ( | |
Total |
| ( | ( |
For the three months ended March 31, 2023, cost of sales decreased in comparison to corresponding period in 2022. This decline was primarily attributable to higher material costs in the prior year, which were driven by write-offs of raw materials originally procured for the manufacturing of products intended to be sold to GSK. However, these raw materials were no longer expected to be sold to them.
3.3 Selling and distribution expenses
Selling and distribution expenses consist of the following:
| Three months ended March 31, | |||
2022 |
| 2023 | ||
EUR k | EUR k | |||
Personnel |
| ( | ( | |
Amortization and depreciation |
| ( | — | |
Other |
| ( | ( | |
Total |
| ( | ( |
Personnel expenses mainly include salary and salary-related expenses, during the three months ended March 31, 2023 of EUR
3.4 Research and development expenses
R&D expenses consists of the following:
| Three months ended March 31, | |||
2022 |
| 2023 | ||
EUR k | EUR k | |||
Materials |
| ( | ( | |
Personnel |
| ( | ( | |
Amortization and depreciation |
| ( | ( | |
Patents and fees to register a legal right |
| ( | ( | |
Third-party services |
| | ( | |
Maintenance and lease |
| ( | ( | |
Other |
| ( | ( | |
Total |
| ( | ( |
During the three months ended March 31, 2023, research and development expenses increased in comparison to the same period of 2022, as the prior year period was largely impacted by the reversal of provision for onerous contracts in the amount of EUR
As of March 31, 2023, the Group had no development expenditures which met the requirements for capitalization and thus none have been capitalized.
Personnel expenses mainly include salary and salary-related expenses, during the three months ended March 31, 2023 of EUR
3.5 General and administrative expenses
General and administrative expenses consist of the following:
Three months ended March 31, | ||||
2022 |
| 2023 | ||
| 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 three months ended March 31, 2023, of EUR
3.6 Other operating income
Three months ended March 31, | ||||
2022 |
| 2023 | ||
| EUR k |
| EUR k | |
Compensation for CMO/Material transfer | | | ||
Sale of equipment | | | ||
Grants and other cost reimbursements from government agencies and similar bodies | | | ||
Other |
| | | |
Total |
| | |
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 for use of Novartis as a CMO at the same time as CureVac exits its CMO agreement with Novartis. Additionally, under the restated agreement, CureVac is entitled to further compensation by GSK. The compensations mainly consist of a consideration for set-up activities undertaken by CureVac (EUR
During the three months ended March 31, 2023 and 2022, income from grants with government agencies and similar bodies resulted from the following:
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 three months ended March 31, 2023, CureVac recognized the reimbursement by CEPI of approved expenses of EUR
Bill & Melinda Gates Foundation (BMGF)
For the three months ended March 31, 2023, 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 March 31, 2023,
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 September 2021, the Company entered into a sales agreement, the Open Sale Agreement, with Jefferies LLC and SVB Leerink LLC, as sales agents, to establish an at-the-market (ATM) offering program, pursuant to which it may sell, from time to time, ordinary shares for aggregate gross proceeds of up to USD
In February 2023, the Group completed a follow-on public offering whereby it sold
The number of shares issued and outstanding developed as follows:
Common shares issued and outstanding at December 31, 2022 | | |
At-the-market offering program issuances | | |
Share issuances as part of the public offering | | |
Share issuances for exercises between Jan to Mar 2023 | | |
Treasury shares | ( | |
Common shares issued and outstanding at March 31, 2023 | |
5. Share-based payments
During the three months ended March 31, 2023 and 2022, the Group recognized share-based based payments expenses of EUR
Three months ended March 31,
| 2022 |
| 2023 | |
EUR k | EUR k | |||
Research and development expenses |
| | | |
Selling and distribution expenses |
| | | |
General and administrative expenses |
| | | |
Other operating expenses | | | ||
Total |
| | |
Expense recognized for the equity-settled programs was as follows:
Three months ended March 31,
Program |
| 2022 |
| 2023 |
EUR k | EUR k | |||
LTIP Stock Options | | | ||
RSU Supervisory Board | | | ||
New VSOP | | | ||
Prior VSOP |
| | ( | |
LTIP RSUs | | | ||
Total |
| | |
On November 16, 2020, CureVac granted
On July 1, 2021, CureVac granted
On March 1, 2021, CureVac granted
On March 1, 2022, CureVac granted
On April 1, 2022, CureVac granted
The expenses recognized for employee services received under the LTIP Stock Options during the three months ended March 31, 2023, is in an amount of EUR
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, 2021, the group awarded
On January 01, 2022, CureVac awarded
On January 31, 2022, CureVac awarded
On June 22, 2022, the group awarded
Effective July 1, 2022 (‘closing date’), CureVac N.V. acquired all shares of Frame Pharmaceuticals B.V., Amsterdam, Netherlands (‘Frame Pharmaceuticals’), now CureVac Netherlands BV. On July 1, 2022, CureVac awarded
The expenses recognized for employee services received under the LTIP RSUs during the three months ended March 31, 2023, is in an amount of EUR
The remaining expense of EUR
As the CEO left as of March 31, 2023, all remaining unvested awards are subject to accelerated vesting.
Exercise of options
Under the New VSOP plan,
6. Fixed Assets
6.1 Intangible assets
During the three months ended March 31, 2023, the Group acquired intangible assets of EUR
6.2 Property, plant and equipment
During the three months ended March 31, 2023, the increase in property, plant and equipment was attributable to the purchase of technical equipment and machines and other equipment of EUR
7. Assets held for sale
In 2022, Management decided to dispose of certain equipment which had been procured for CMO activities (CMO Equipment) but that was no longer planned to be used by the Company. An external service-provider was appointed on June 14, 2022 to organize the sale of the CMO Equipment. As of December 31, 2022, the CMO-Equipment identified for sale had a gross book value of EUR
sales campaigns. All sales activities are scheduled for 2023 and as of March 31, 2023 Assets held for sale with a net book value of EUR
8. Inventories
The inventories include only raw materials and supplies amounting to EUR
9. Prepaid expenses and other assets (current)
Prepaid expenses and other current assets as of March 31, 2023 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. Cash and cash equivalents compromise cash at banks and term deposits.
Cash and cash equivalents compromise cash at banks and term deposits. There were
11. Trade and other payables
Trade and other payables are all due within one year amounting to EUR
12. Other liabilities and provisions
During the three months ended March 31, 2023, the decrease of EUR
13. Income tax
For the three months ended March 31, 2023 and 2022, the Group recorded a consolidated income tax expense (March 31, 2022: income tax benefit) 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 and influenza research and development activities, during the three months ended March 31, 2023, 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 16 to the consolidated financial statements as of December 31, 2022 for additional information on the Group’s risk management activities. As of March 31, 2023, 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.
The weighted number of shares outstanding for the three months ended March 31, 2023 was
16. Related party disclosures
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 which amounted to EUR
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. The Parties agreed on a settlement in May 2022 of all claims resulting from the commercial and supply agreement for an amount of EUR
Franz-Werner Haas
In Q1 2023, a consulting agreement between CureVac SE and Franz-Werner Haas was entered into. For the three-month period ended March 31, 2023 no costs have been incurred under this agreement.
Alexander Zehnder
In Q1 2023, a first addendum to the future service agreement was entered into to ensure a smooth transition from CEO Franz-Werner Haas to the new CEO Alexander Zehnder. Total compensation amounted to EUR
Barker BioMedical GmbH
In Q1 2023, a consulting agreement between CureVac SE and Barker BioMedical GmbH was entered into. Barker BioMedical GmBH is a wholly-owned consulting company of Debra Barker, Supervisory Board member of CureVac N.V.. For the three-month period ended March 31, 2023 no costs have been incurred under this agreement.
Craig Tooman
In Q1 2023, a consulting agreement between CureVac SE and Craig Tooman was entered into. For the three-month period ended March 31, 2023 no costs have been incurred under this agreement.
17. Subsequent events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company identified no subsequent event that requires disclosure in the financial statements.