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CuraVac 1A
Targeted active therapies for a world without autoimmune diseases
The CuraVac 1A compartment of Spreds Finance would participate in the financing of CURAVAC EUROPE NV/SA for an amount between €200,000 and €1,625,000 (the “Capital Increase”). Contributions in kind are included in these amounts.
From the total amount raised during the offering period, Spreds Finance will use €500 per Participatory Note, subject to compliance with the conditions applicable to this investment.
The maximum offer amount of the offer: €500,000. Increase in the maximum amount of the offer: An increase of €475,000 is possible, up to a maximum amount of €975,000.
Condition for increasing the maximum amount of the offer: The maximum amount of the offer can be increased to a maximum of €975,000 provided that the total amount of subscriptions in this financing round (not taking into account contributions in kind) does not exceed the amount of €1,000,000. In other words, €1,000,000 is the maximum amount for contributions in cash in this financing round and, depending on other subscriptions (amongst others by existing shareholders), the maximum amount for this offer will be increased, without the total amount of subscriptions in cash in this financing round ever exceeding €1,000,000.
Subscription price: Each Participatory Note has a nominal amount of €500. Added to this is a subscription cost of up to 5% of the nominal amount per Participatory Notes (or €25). The total subscription price of a Participatory Note is thus a maximum of €525.
Conditions precedent of the offering: The Notes will only be issued if, within 6 months from the Closing Date (the Effective Date), the following cumulative conditions precedent to the subscription of shares of CURAVAC EUROPE by Spreds Finance are met:
The total amount of firm commitments to subscribe to this capital increase shall be at least €200,000 and not more than €1,625,000. Contributions in kind are included in these amounts.
The Capital Increase is carried out on the basis of a pre-money valuation of the company of maximum €24,000,000.
Spreds Finance will participate in the capital increase for an amount equal to the result of the subscription to Participatory Notes of the CuraVac 1A compartment. This amount must be at least €25,000.
Spreds Finance will verify whether these conditions are met no later than six months after the closing date (the “Effective Date”), i.e. 14/06/2027.
If one or more of these conditions are not met on that date, the Notes will not be issued and investors will be reimbursed their subscription amount no later than 15 working days after the Effective Date.
Valuation of the company
The company has set its pre-money valuation at €24,000,000.
Investments will first and foremost go towards advancing CuraVac’s canine immunotherapy programme — manufacturing, including validation of the veterinary medicinal product, regulatory interactions with the EMA to obtain marketing approval to bring CV-MG01 to market. Investors receive shares in CuraVac (CuraVac Europe SA) and benefit from the company’s full track record, IP portfolio, team, and funding history.
Positive results in veterinary medicine will not only bring revenues, they will also serve as a new demonstration of the efficacy of CuraVac’s Targeted Active Therapy platform and multiply the value of the whole company by its impact on the human medical field.
This valuation is based on:
an independent report from VentureValuation in Spring 2024;
the company’s valuation at the time of the capital increase in summer 2024;
the progress achieved since then;
and the risk adjusted Net Present Value calculations standard in biotech and pharmaceutical industries that consider the development stage, projected development and marketing spending, and discounted valorisation of future revenue estimations.
CuraVac’s canine MG programme represents a perfect springboard for CuraVac and its investors.
From € millions in veterinary healthcare…
…to € billions in human healthcare
The human MG market: a multi-billion-euro opportunity: The global market for Myasthenia Gravis therapies is forecast to reach $6.7 billion by 2032 (EU5, USA, Japan). Three recently launched maintenance therapies already each generate more than $1 billion in annual revenue, yet none offer a durable remission. They require lifelong administration at $250,000 to $650,000 per patient per year.
We expect that once reaching market authorisation, a product bringing long-lasting improvement with only 3 injections, will rapidly become the preferred first line of treatment and rapidly surpass all current market revenues of existing products.
Exit Strategy
For investors, the most likely exit scenario for CuraVac would be a strategic acquisition ("trade sale") by a global pharmaceutical or animal health company active in immunology, vaccines, autoimmune diseases, or rare diseases.
CuraVac is developing a proprietary Targeted Active Therapy (TAT) platform designed to provide long-lasting treatment for autoimmune diseases. The company's canine Myasthenia Gravis programme serves as the commercial proof-of-concept for this broader platform, simultaneously generating veterinary revenues while significantly de-risking future human applications. As clinical validation progresses and commercial traction are established, CuraVac’s product or CuraVac company could become an attractive acquisition target for pharmaceutical companies seeking innovative immunotherapy platforms with applications across multiple autoimmune indications.
A potential exit could occur within a timeframe of approximately 2to6 years, once:
CV-MG01 has obtained veterinary marketing authorization (in year 2028);
the veterinary programme generates recurring commercial revenues (in year 2028);
strategic commercial partnerships have been established with veterinary pharmaceutical companies (in year 2028);
the TAT platform has been further validated through the advancement of the human program and possibly additional autoimmune indications (in year 2029)
the TAT platform has been further validated with a (human) Phase 3 clinical trial and reach Market Authorization Application in at least one market (e.g. : EMA or FDA) (in year 2031/2032)
Potential acquirers include global animal health companies, pharmaceutical companies specialised in autoimmune and rare diseases, biotechnology companies seeking innovative immunotherapy platforms, and life sciences investors.
Depending on the successful commercialisation of the veterinary programme, the continued clinical advancement of the human programme, future financing rounds and market conditions, this scenario could potentially generate a significant return for investors.
This exit scenario reflects management's current strategic objectives and is presented for illustrative purposes only. No guarantee can be given regarding the completion of an exit, its timing, valuation, or the return ultimately achieved by investors.
KPI 1: Annual Veterinary Revenue(licenses and sales) Key indicator of commercial traction and market adoption.
KPI 2: Strategic Commercial Partnerships Key indicator of commercial validation and international scalability.
2028: (Possible Exit 1) One development and distribution partnership in vet 2030: (Possible Exit 2) Two of more development and distribution partnerships in vet or humans 2032+: (Final Exit) Two or more international commercial partnerships in place in humans
Confirmed amounts
An existing shareholder commits to investing an amount of €11,000 through this offer. This amount represents 1.1% of the maximum cash contributions during this financing round (which is €1,000,000).
Investors are informed that several contributions in kind will also be made as part of the capital increase, immediately prior to the cash contributions. The following contributions in kind will be made:
an investment of €75,000 originating from two loans that started on 01/09/2026. The interest, calculated at the EURIBOR + 1.5% rate, will also be converted into shares. This investment comes from two members of the board of directors;
a loan granted in 2024 by a member of the board of directors, with a principal amount of €500,000. This loan, as well as the interest EURIBOR + 1.5%, which amounted to €29,000 (calculated at the end of June 2026), will also be converted into shares.
Taking into account all contributions, both in cash and in kind, the maximum amount of this financing round is €1,625,000. Of this amount, the investments already committed by existing shareholders and/or members of the board of directors (whether in their own name or through their management company) total €586,000, excluding interest that will also be converted. This represents 36.06% of the maximum financing round amount of €1,625,000, taking into account both contributions in kind and in cash. Although these investments are currently confirmed, they do not constitute a condition precedent prior to the subscription for shares by Spreds Finance.
In addition to these contributions, a new contribution in kind by a third party originating from a loan that started on 01/09/2026 for an amount of €50,000 will be converted into shares. This consists of a loan that started on 01/09/2026. The interest on this loan, calculated at the EURIBOR + 1.5% rate, will also be converted into shares.
Finally, a cash contribution of €25,000 by a third party is also planned.
It should be noted that €200,000 constitutes the minimum amount for this fundraising round to be considered a success. This amount of €200,000 therefore constitutes a condition precedent prior to the subscription for shares by Spreds Finance. Whether the amount of €200,000 is raised through this offer or directly with the company, and whether it is done through a cash contribution, a contribution in kind, or a combination of these different methods, has no impact on the subscription for shares by Spreds Finance, provided that a total minimum amount of €200,000 is effectively raised, including €25,000 through this offer.
Investors' attention is drawn to the fact that for the loans that will be converted into shares, the conversion will be carried out on the basis of the same pre-money valuation as the one applied to the subscription of the CuraVac 1A compartment of Spreds Finance, and that these contributions in kind will, in principle, take place before the cash contribution.
Investors' attention is also drawn to the fact that the conversion of existing loans may result in dilution for the CuraVac 1A compartment of Spreds Finance if this conversion is not performed prior to Spreds Finance's entry into the capital. The conversion is supposed to take place prior to Spreds Finance's entry into the capital, which implies the absence of dilution for Spreds Finance.
Use of Funds
Management & Business Development (33%): the development of a medicinal product from its production to the conduct of clinical trials, for the veterinary or human indications necessitates a management that requires significant time and attention to meet ethical and regulatory requirements. In the first year, the focus is primarily on these activities; in the second year, this gradually shifts towards business development and commercial activities, such as identifying licensees and distributors. Marketing and communication form an integral part of this phase.
Infrastructure & Administration (8%): these costs are included within management expenses and are relatively higher in small companies, but decrease proportionally as the company grows.
Research & Development (39%): CuraVac partly finances its R&D internally and collaborates with external specialists. The core activity is the manufacturing and validation of the veterinary medicinal product to apply for marketing authorisation to the EMA that has already validated the efficacy data in a scientific advice report in July 2026.
Production (28%): the therapy is a complex biological product that must comply with strict quality and safety standards (GLP/GMP). During the development phase, costs are higher due to test production and quality control.
Subscription period
Start date of the offering period: 05/10/2026 Scheduled end date of the subscription period: 14/12/2026
Extension: Maximum extension of 3 months, until 14/03/2027
Conditions for extension: Spreds Finance may decide to extend the subscription period if the total amount of the orders contained in the subscription forms is at least €20,000 on 14/12/2026.
Early closing: The offer can be closed early once the minimum offer amount, of €25,000, has been reached. Early closure of the offer may also be decided if the total amount of orders contained in the subscription forms signed and transferred to Spreds Finance reaches the maximum amount of the offer.
Consequences if the target capital is not raised by the deadline: If the target capital is not raised, the Participatory Notes will not be issued and all commitments related to this offer will be cancelled. Investors will be reimbursed for their respective Subscription Amount no later than 15 business days after the Deadline. Investors will not incur any fees or expenses as a result of the offer not reaching the targeted amount.
