Moderna, Inc.
MRNA evidence brief
What we can confirm
- BioSniper Score:
- 4.6 / 10
- Market Cap:
- $58.56B
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 is a biotechnology company pioneering messenger RNA (mRNA) medicines across infectious diseases, oncology, and rare diseases, with a commercial portfolio anchored by respiratory vaccines and a late-stage pipeline targeting norovirus, propionic acidemia, and methylmalonic acidemia.
Key risk: Revenue decline
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$58.56B
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 53 clinical trials for Moderna, Inc..
Moderna is a biotechnology company pioneering messenger RNA (mRNA) medicines across infectious diseases, oncology, and rare diseases, with a commercial portfolio anchored by respiratory vaccines and a late-stage pipeline targeting norovirus, propionic acidemia, and methylmalonic acidemia.
- Cash & equivalents of $1,723.0M as of 2026-06-30 [sec].
- Total revenue of $145.0M and net income of -$782.0M for the period ending 2026-06-30 [sec].
- Shareholders' equity of $6,761.0M as of 2026-06-30 [sec].
- Achieved U.S. regulatory approvals for mNEXSPIKE and mRESVIA (18-59 years) and filed for approval of its flu vaccine in 2025 [sec · filed 2026-03-16].
- Enrolled target patients in Norovirus Phase 3 trial and pivotal studies for propionic acidemia (PA) and methylmalonic acidemia (MMA) [sec · filed 2026-03-16].
What works
- Moderna's mRNA platform enables development across multiple therapeutic areas, with 35 programs in clinical studies as of October 2025 [sec · filed 2025-10-15].
- The company reduced annual operating expenses by approximately $2.2 billion in 2025, exceeding its financial cost reduction commitments [sec · filed 2026-03-16].
- mNEXSPIKE became the leading product in the U.S. retail channel for adults 65 and older, indicating strong commercial uptake [sec · filed 2026-03-16].
- International manufacturing sites in the UK, Canada, and Australia support multi-year contracts and revenue diversification [sec · filed 2026-03-16].
What to weigh
- Net income was -$782.0M for the period ending 2026-06-30, reflecting ongoing operating losses [sec].
- Total revenue of $145.0M as of 2026-06-30 is significantly down from $1.9 billion in full-year 2025, indicating a steep decline in sales [sec · filed 2026-03-16].
- The company faces a still-evolving and competitive respiratory vaccine market, with past commercial challenges noted by the board [sec · filed 2026-03-16].
- Moderna's stock price closed at $29.49 on December 31, 2025, suggesting market sentiment is still recovering from a period of transition [sec · filed 2026-03-16].
From the filings
Quoted directly from source documents.
Operating expense reduction in 2025
“reduce our annual operating expenses by approximately $2.2 billion”
SEC filings · March 16, 2026
mNEXSPIKE leading product in U.S. retail for 65+
“mNEXSPIKE is now our leading product in the U.S. retail channel”
SEC filings · March 16, 2026
Risks & what to watch (4)›
Key risks
- Revenue decline — Revenue dropped from $1.9B in 2025 to $145M in H1 2026, indicating a steep sales contraction [sec].
- Persistent net losses — Net loss of $782M in H1 2026 shows ongoing unprofitability despite cost cuts [sec].
- Competitive respiratory market — Board notes a still-evolving and competitive respiratory vaccine market with past commercial challenges [sec · filed 2026-03-16].
- Pipeline execution risk — Late-stage trials for norovirus, PA, and MMA are still enrolling; regulatory outcomes are uncertain [sec · filed 2026-03-16].
What to watch
- Revenue trajectory in upcoming quarters as new product launches (mNEXSPIKE, flu vaccine) and geographic partnerships ramp up [sec · filed 2026-03-16].
- Enrollment and data readouts from Norovirus Phase 3 and PA/MMA pivotal studies [sec · filed 2026-03-16].
- Regulatory decisions on flu vaccine (mRNA-1010) and flu+COVID combination vaccine (mRNA-1083) filings in the U.S., Canada, Australia, and Europe [sec · filed 2026-03-16].
- Progress of the intismeran autogene program and scale-up of the Marlborough manufacturing facility [sec · filed 2026-03-16].
Sources: SEC filings · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 0.62 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 10 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
718
Total value held
$15.46B
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 45,672,024 | $2.32B |
| blackrock, inc. | 29,635,876 | $1.51B |
| vanguard capital management llc | 22,872,458 | $1.16B |
| baillie gifford & co | 19,985,876 | $1.02B |
| capital world investors | 18,697,694 | $949.8M |
| vanguard portfolio management llc | 15,616,367 | $793.3M |
| state street corp | 14,861,409 | $755.0M |
| geode capital management, llc | 9,435,132 | $478.5M |
| two sigma investments, lp | 9,086,404 | $461.6M |
| morgan stanley | 8,471,263 | $430.3M |
Showing top 10 of 718 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 is a biotechnology company pioneering messenger RNA (mRNA) medicines across infectious diseases, oncology, and rare diseases, with a commercial portfolio anchored by respiratory vaccines and a late-stage pipeline targeting norovirus, propionic acidemia, and methylmalonic acidemia.
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.
What therapeutic areas does Moderna, Inc. focus on?
Moderna, Inc. develops therapies across Oncology, Neurology, Immunology, Infectious Disease, Respiratory, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.