Moderna, Inc.
MRNA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MRNA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MRNA
Moderna, Inc. is a biotechnology company advancing mRNA medicines, with a commercial respiratory vaccine franchise and a late-stage pipeline in oncology and rare diseases, while navigating declining COVID-19 product sales and significant operating losses.
Key risk: Declining COVID-19 vaccine revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$55.09B
Cash Runway
29.5 moLead Asset
Individualized neoantigen therapy (Phase 4)
Next Catalyst
Phase3_Topline · Jan 28, 2027Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 55 clinical trials · 1 catalyst for Moderna, Inc..
Moderna, Inc. is a biotechnology company advancing mRNA medicines, with a commercial respiratory vaccine franchise and a late-stage pipeline in oncology and rare diseases, while navigating declining COVID-19 product sales and significant operating losses.
- Moderna reported total revenue of $1.9 billion for the year ended December 31, 2025, compared to $3.2 billion in 2024 and $6.8 billion in 2023 [sec_mda · as of 2026-02-20].
- As of June 30, 2026, the company held cash and equivalents of $1,724.0 million, with total debt of $6.0 million and shareholders' equity of $9,399.0 million [latest reported financials].
- The company reduced annual operating expenses by approximately $2.2 billion in 2025, exceeding its financial cost reduction commitments [sec · filed 2026-03-16].
- Moderna is advancing an individualized neoantigen therapy (INT, mRNA-4157) in collaboration with Merck, with eight Phase 2 and Phase 3 clinical trials underway at year-end 2025 [sec · filed 2026-03-16].
- The company has established international manufacturing sites in the UK, Canada, and Australia to enable local access and revenue diversification [sec · filed 2026-03-16].
What works
- Moderna has a validated mRNA platform with approved COVID-19 vaccines in 40 countries and a growing respiratory franchise including mNEXSPIKE in the U.S. [sec · filed 2026-03-16].
- The company achieved a $2.2 billion reduction in annual operating expenses in 2025, demonstrating improved cost discipline while maintaining investment in high-impact growth areas [sec · filed 2026-03-16].
- Moderna's oncology pipeline, particularly the individualized neoantigen therapy (INT) with Merck, is advancing with eight Phase 2/3 trials, offering diversification beyond respiratory vaccines [sec · filed 2026-03-16].
- International manufacturing partnerships in the UK, Canada, and Australia provide long-term revenue diversification and local market access [sec · filed 2026-03-16].
What to weigh
- Moderna's total revenue declined sharply from $6.8 billion in 2023 to $1.9 billion in 2025, reflecting the post-pandemic drop in COVID-19 vaccine demand [sec_mda · as of 2026-02-20].
- The company reported a net loss of $782.0 million for the quarter ended June 30, 2026, and a loss per share of $(7.26) for the full year 2025 [latest reported financials; sec_mda · as of 2026-02-20].
- Moderna anticipates maintaining substantial expenses for R&D, manufacturing, and commercial infrastructure, requiring significant future cash outflows [sec_mda · as of 2026-02-20].
- The company's pipeline beyond respiratory vaccines, including oncology and rare disease programs, remains in clinical stages with no near-term commercial revenue expected [sec · filed 2026-03-16].
From the filings
Quoted directly from source documents.
Moderna reduced annual operating expenses by approximately $2.2 billion in 2025.
“These efforts allowed us to reduce our annual operating expenses by approximately $2.2 billion, significantly exceeding the financial cost reduction commitments we set at the start of the year.”
SEC filings · March 16, 2026
Moderna's total revenue for 2025 was $1.9 billion.
“For the year ended December 31, 2025, we recognized total revenue of $1.9 billion compared to $3.2 billion and $6.8 billion for the years ended December 31, 2024 and 2023, respectively.”
SEC MD&A · February 20, 2026
Moderna has eight Phase 2 and Phase 3 oncology trials underway with Merck.
“in eight total Phase 2 and Phase 3 clinical trials underway in collaboration with Merck at year-end 2025.”
SEC filings · March 16, 2026
Moderna entered into a $1.5 billion credit agreement in November 2025.
“November 2025, we entered into a Credit Agreement providing for a term loan facility with aggregate commitments of $1.5 billion.”
SEC MD&A · February 20, 2026
Catalyst timeline
- 2027-01-28 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Observer-blind, Placebo-controlled Study to Evaluate the Immunogenicity, Safe — Top-line results from a Phase 3 trial of a Moderna vaccine candidate are expected, which could inform the company's respiratory franchise strategy.
Risks & what to watch (4)›
Key risks
- Declining COVID-19 vaccine revenue — Total revenue fell from $6.8B in 2023 to $1.9B in 2025, driven by lower COVID-19 product sales [sec_mda · as of 2026-02-20].
- Sustained operating losses — Net loss of $782M in Q2 2026 and loss per share of $(7.26) in 2025 indicate ongoing profitability challenges [latest reported financials; sec_mda · as of 2026-02-20].
- High future cash requirements — Substantial expenses for R&D, manufacturing, and commercial buildout will require significant cash outflows [sec_mda · as of 2026-02-20].
- Pipeline dependency on clinical success — Oncology and rare disease programs are in early-to-mid stages with no near-term commercial revenue [sec · filed 2026-03-16].
What to watch
- Top-line data from the Phase 3 trial of Moderna's next-generation vaccine candidate, expected January 28, 2027 [upcoming catalysts].
- Commercial uptake of mNEXSPIKE in the U.S. and revenue contributions from international partnerships in the UK, Canada, and Australia [sec · filed 2026-03-16].
- Progress of the individualized neoantigen therapy (INT) with Merck, including enrollment and potential regulatory milestones [sec · filed 2026-03-16].
- Moderna's ability to maintain cash reserves and manage debt, given the $1.5B credit agreement and ongoing operating losses [sec_mda · as of 2026-02-20].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
29.5 months
D/E 0.62 · 0% dilution
Lead: Approved
4 candidates
1 upcoming, next in ~151d
0 buys · 10 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
732
Total value held
$17.86B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 45,744,916 | $2.32B |
| fmr llc | 45,672,024 | $2.32B |
| blackrock, inc. | 29,635,876 | $1.51B |
| vanguard portfolio management llc | 15,616,367 | $793.3M |
| state street corp | 14,861,409 | $755.0M |
| susquehanna international group, llp | 12,575,740 | $638.8M |
| geode capital management, llc | 9,435,132 | $478.5M |
| two sigma investments, lp | 9,207,004 | $467.7M |
| morgan stanley | 8,471,263 | $430.3M |
| ubs group ag | 8,337,033 | $423.5M |
Showing top 10 of 732 institutional holders of Moderna, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 18.0%
- Days to cover
- 10.3
- Shares short
- 58,309,643
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MRNA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Moderna, Inc.?
Moderna, Inc. is a biotechnology company advancing mRNA medicines, with a commercial respiratory vaccine franchise and a late-stage pipeline in oncology and rare diseases, while navigating declining COVID-19 product sales and significant operating losses.
What is Moderna, Inc.'s lead drug candidate?
Moderna, Inc.'s most advanced tracked candidate is Individualized neoantigen therapy (Phase 4) for Adjuvant melanoma.
What is Moderna, Inc.'s next catalyst?
Moderna, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Randomized, Observer-blind, Placebo-controlled Study to Evaluate the Immunogenicity, Safe" — expected January 28, 2027.
Who is the CEO of Moderna, Inc.?
Mr. Stéphane Bancel M.B.A. is the chief executive officer of Moderna, Inc. (MRNA).
Where is Moderna, Inc. headquartered?
Moderna, Inc. (MRNA) is headquartered in Cambridge, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.