CureVac N.V. (CVAC): A Bull Case Theory 

We came across a bullish thesis on CureVac N.V. on Ridire Research’s Substack. In this article, we will summarize the bulls’ thesis on CVAC. CureVac N.V.’s share was trading at $5.20 as of December 1st. CVAC’s trailing and forward P/E were 8.30 and 5.24 respectively according to Yahoo Finance.

CureVac (CVAC) represents the most credible non-U.S. mRNA platform positioned for “toll-road” economics through foundational IP and process know-how that others may need to license. Its core advantage lies in a stack of sequence engineering, codon optimization, and templating IP that underpins antigen expression and durability—coupled with advanced process control and QC analytics that make manufacturing reproducibility a moat. The company’s tight in-vitro transcription, purification, and LNP formulation playbooks enable lower batch variability and COGS reductions, key to seasonal and global vaccine tenders.

This process discipline, paired with robust release analytics, creates regulatory trust and barriers for fast followers. CureVac’s partnership model with GSK amplifies execution leverage, sharing wet-lab risk while preserving upside, and its deep integration within the EU’s academic and public health networks accelerates trial-to-tender pathways. With a multi-year cash runway post-restructuring, CureVac has the time to pursue Gen-2 vaccine and oncology programs while managing IP litigation and negotiations from a position of strength. The company’s bottlenecks—sequence-to-expression translation, manufacturing scale and purity, and IP navigation—are precisely the areas where its accumulated tacit knowledge offers defensibility.

Near-term catalysts include IP monetization milestones, Gen-2 clinical data, COGS improvements, and new partnership progress. While risks around litigation outcomes, partner dependency, and emerging RNA technologies remain, CureVac’s asymmetric setup—platform IP optionality, lean R&D, and strategic partnerships—offers multiple paths to value creation. In essence, CureVac is positioned to monetize the infrastructure of mRNA: owning the rules, scaling the process, and partnering the products.

Previously we covered a bullish thesis on Moderna, Inc. (MRNA) by YouAlwaysHaveAChoice in February 2025, which highlighted catalysts around pandemic risk resurgence and institutional accumulation. The company’s stock price has depreciated by 27.40% since our coverage as the thesis has not yet played out. The thesis still stands as Moderna remains a core mRNA innovator. Ridire Research shares a similar view but emphasizes CureVac’s IP-driven toll-road economics.

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Disclosure: None.