<SEC-DOCUMENT>0001104659-20-089189.txt : 20200911
<SEC-HEADER>0001104659-20-089189.hdr.sgml : 20200911
<ACCEPTANCE-DATETIME>20200731173016
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-089189
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CureVac B.V.
		CENTRAL INDEX KEY:			0001809122
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PAUL-EHRLICH-STRABE 15 TUBINGEN
		CITY:			BADEN-WURTTEMBERG
		STATE:			2M
		ZIP:			72076
		BUSINESS PHONE:		49 7071 9883 0

	MAIL ADDRESS:	
		STREET 1:		PAUL-EHRLICH-STRABE 15 TUBINGEN
		CITY:			BADEN-WURTTEMBERG
		STATE:			2M
		ZIP:			72076

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CureVac B.V.
		DATE OF NAME CHANGE:	20200410
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">New York<BR>
Northern California<BR>
Washington DC<BR>
S&atilde;o Paulo<BR>
London</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">Paris<BR>
Madrid<BR>
Tokyo<BR>
Beijing<BR>
Hong Kong</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Richard D. Truesdell, Jr. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; font-size: 10pt">Davis Polk &amp; Wardwell <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLP</FONT><BR>
450 Lexington Avenue<BR>
New York, NY 10017</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1.45pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212 450 4000 tel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212 701 5800 fax</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">richard.truesdell@davispolk.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 38pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">Confidential</TD></TR>
<TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">July 31, 2020</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 0; width: 0.5in; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CureVac B.V.</FONT></P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendment No. 2 to Draft Registration Statement on Form F-1</FONT></P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Submitted July 21, 2020</FONT></P>
                                                      <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CIK No. 0001809122</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Alan Campbell<BR>
Ms. Suzanne Hayes<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549-3628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Campbell and Ms. Hayes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of our client, CureVac B.V., a Dutch private
company with limited liability (the &ldquo;<B>Company</B>&rdquo;), we are responding to the comments from the Staff (the
&ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) relating to the
Company&rsquo;s Amendment No. 2 to draft Registration Statement on Form&nbsp;F-1 (the &ldquo;<B>Draft Registration
Statement</B>&rdquo;) contained in the Staff&rsquo;s letter dated July 28, 2020 (the &ldquo;<B>Comment Letter</B>&rdquo;). In
response to the comments set forth in the Comment Letter, the Company has revised the Registration Statement filed on July
24, 2020 and is submitting Amendment No. 1 to the Registration Statement on Form F-1 (&ldquo;<B>Amendment No. 1</B>&rdquo;)
together with this response letter. Amendment No. 1 contains certain additional updates and revisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below are the Company&rsquo;s responses to the Staff&rsquo;s
comments in the Comment Letter. The responses and information below are based on information provided to us by the Company. For
convenience, the Staff&rsquo;s comments are repeated below in italics, followed by the Company&rsquo;s response to the comments
as well as a summary of the responsive actions taken. We have included page&nbsp;numbers to refer to the location in Amendment
No. 1 submitted herewith where the revised language addressing a particular comment appears. Capitalized terms used but not defined
herein are used herein as defined in Amendment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 2 to Draft Registration Statement on Form F-1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Liquidity and Capital Resources, page 106</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>We note your discussion of a new loan agreement with the European Investment Bank for &euro;75 million for the development
and large-scale production of vaccines. Please update the body of your document to include additional disclosure regarding the
basic terms of the loan agreement including tranches (if any), restrictive covenants on the conduct of your business (if any),
the interest rate and maturity of loans granted pursuant to the agreement and termination provisions. Please also file the loan
agreement as an exhibit to your registration statement. Alternatively, please explain why this disclosure and the filing of the
loan agreement are not required.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B> In response to the Staff&rsquo;s comment,
the Company has included additional disclosure on pages 17, 107 and 108 of Amendment No. 1 regarding the terms and risks of
the loan agreement with the European Investment Bank. The Company has also filed the finance fee letter, finance agreement
and guarantee agreement as Exhibits 10.35, 10.36 and 10.37, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to the Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>3.1 Revenue from contact with customers, page F-35</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>Refer to your response to comment 7 and your additional disclosure. Please tell us why you believe recognizing revenue from
research and development services at a point-in-time is consistent with paragraphs 32-38 of IFRS 15.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully acknowledges the Staff&rsquo;s
comment. With respect to those research and development services which constitute a distinct performance obligation within the
Company&rsquo;s collaborative agreements and for which the Company recognized revenues of &euro;3,022,000 and &euro;297,000 for
the years ended 2019 and 2018, respectively, and &euro;194,000 and nil for the three months ended March 31, 2020 and 2019, respectively,
the Company reconsidered its description of the pattern of transfer of the promised service to satisfy the related performance
obligations while giving consideration to IFRS 15.32-38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to IFRS 15.35, an entity transfers control of a service
over time and therefore satisfies a performance obligation and recognizes revenue over time if one of three criteria, defined in
IFRS 15.35(a), (b) and (c) are met. The performance obligations, satisfied by the Company in earning these research and development
services, meet the criterion of IFRS 15.35(c). The Company&rsquo;s performance does not create an asset with an alternative use
to the Company as they are specifically tailored to the R&amp;D activities of the collaboration partners under the respective collaboration
agreement. In addition, for these services, the Company has an enforceable right to payment for performance completed to date.
As this criterion is met, such revenues for these research and development services are recognized over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recognition of these research and development services on an
&ldquo;over time,&rdquo; as opposed to a &ldquo;point-in-time,&rdquo; basis does not affect the amount recognized in the financial
position, results of operations or cash flows as of and for the years ended December 31, 2019 and 2018, as of and for the three
months ended, March 31, 2020 and 2019 or as of and for any reporting date and period. Under the existing collaboration agreements,
the Company bills the customer for a fixed fee for each hour of research and development service provided. Therefore, the Company
has the right to consideration from the customer in an amount that corresponds to the Company&rsquo;s performance completed to
date. The Company recognizes in revenue the amount to which the Company has a right to invoice in accordance with the guidance
of IFRS 15.B16. On a quarterly basis, the company is contractually able to bill the hours rendered for research and development
services multiplied by the contractual fixed fee and recognizes the respective revenue for these services. This method is therefore
output based. Both revenue recognition techniques (at point in time and over time), therefore, result in the same revenue amount
at the end of each period. Contract assets or liabilities are not impacted by the policy change as well due to the Company&rsquo;s
unconditional right to payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully advises the Staff that it has revised
its disclosure in its revenue recognition accounting policy on pages F-21 and F-22 of the consolidated annual financial statements
for 2019 and 2018 to indicate that all revenues from research and development services are recognized over time. In addition, the
company has revised the revenue disclosures on page F-36 of the consolidated annual financial statements for 2019 and 2018 as well
as on page F-7 of the interim condensed consolidated financial statements&thinsp;for the three months ended March 31, 2020 and
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to contact me at (212) 450-4674, (917)
921-8872 or richard.truesdell@davispolk.com if you have any questions regarding the foregoing or if I can provide any additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD>
    <TD STYLE="width: 65%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Richard D. Truesdell, Jr.</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Richard D. Truesdell, Jr.</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Via E-mail</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ingmar Hoerr, Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Franz-Werner Haas, Chief Operating Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pierre Kemula, Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 28.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">CureVac B.V.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
