on CureVac (NASDAQ:CVAC)
CureVac Reports Q3 Financial Results and Business Updates for 2024
CureVac has reported significant financial growth and strategic developments for the third quarter of 2024. The company's cash position strengthened with a €400 million upfront payment from a restructured collaboration with GSK, raising cash holdings to €551 million and extending the cash runway into 2028.
The quarter saw initiatives to streamline operations, including a 30% workforce reduction, aiming for annual cost savings from 2025. Clinical advancements were made in mRNA therapies, with promising Phase 1 glioblastoma study results and progress in non-small cell lung cancer and urinary tract infection vaccine programs.
CureVac appointed Axel Malkomes as CFO to enhance financial leadership. Revenues for the quarter rose to €493.9 million, mainly boosted by the new GSK licensing agreement. CureVac is optimistically positioned to expand its oncology and infection research projects.
R. P.
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