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AnalystLens

Moderna, Inc.MRNA

Sector
Healthcare
Industry
Biological Products, (No Diagnostic Substances)
Exchange
Nasdaq

Stock Price $MRNA

Latest filings

You are here#20 of 40 in Healthcare by market cap

Filing record · 2018–202610-K910-Q238-K117

MRNA filed 9 annual reports (10-K), 23 quarterly reports (10-Q) and 117 current reports (8-K) between 2018 and 2026.

  1. Material agreement8-K · Aug ’20Aug ’20
  2. Leadership change8-K · Sep ’22Sep ’22
  3. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $1.94B
YoY changeLargest recent move+2200.2%in FY21Latest −39.9%

2 older moves run past ±150% (largest +2200.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MRNA Financial Metrics56 metrics

Income Statement15

Balance Sheet25

Cash Flow12

Per Share4

02—Overview

Moderna, Inc. Financial Overview 2021–2025

Updated Sep 26, 2026

In a violent reversal of its pandemic-era fortunes, Moderna saw its quarterly product sales collapse by 94% in Q2 2023, signaling the immediate end of its hyper-growth phase. This devastating top-line contraction exposes the central investment reality for the biotechnology firm: it must rapidly commercialize a broader mRNA pipeline before its capital reserves vanish. Charting the complete arc of this normalization, total revenue plummeted from $17.7 billiona in FY2021 to just $1.9 billion in FY2025.

The cost of this strategic pivot remains steep. While the company narrowed its net loss to $2.8 billionb in FY2025, it continues to burn cash aggressively to fund respiratory and oncology candidates. The financial strain intensified in Q1 2026 when Moderna recognized an $878 million charge to settle a sprawling $950 million patent dispute with Arbutus and Genevant. To bridge the gap to sustainable profitability and defend its balance sheet against ongoing operating outflows, the company raised $3.0 billion through a convertible note offering in September 2026.

The market has aggressively repriced the stock to match this cash-burning reality. At the close of FY2025, Moderna traded at $29.49c per share with a market capitalization of $11.6 billion, a stark valuation reflecting the company's negative earnings per share of -$7.26 for the year.

Recent Developments (Q1 and Q2 2026)

Moderna's first half of 2026 delivered commercial momentum. European Commission authorization for the mCOMBRIAX flu/COVID vaccine highlighted this progress. Driven by international demand, total revenue for the first six months surged 114% year-over-year to $534 milliond. Net product sales jumped 123% to $446 million. Management reduced research and development expenses by 16% through late-stage program wind-downs, containing the Q2 2026 net loss to $782 million. To bolster financial oversight, Moderna appointed former Biogen CFO Michael McDonnell to its board in July 2026.

Bulls argue surging international sales and pipeline rationalization prove the company can stabilize revenues. Conversely, bears warn that sustained operating losses underscore a cost structure dependent on unpredictable seasonal vaccine uptake. Trading at a -10.4x P/E ratio as of the July 31, 2026 reporting date and not today, the stock's $29.7 billione market capitalization appears richly valued given the ongoing unprofitability.

What to watch: commercial traction of mCOMBRIAX in European markets; further reductions in research and development expenditures.

03—Filings

Recent SEC Filings

  1. 8-KModerna, Inc. 8-K Report, Executive Changes (Sep 30, 2026)Moderna, Inc. announced a significant leadership change with the appointment of Juan Andres as its new Chief Operating Officer (COO), effective October 5, 2026. This is a newly created role, indicating a strategic move by Moderna to bolster its operational capabilities as it continues to scale and diversify. Mr. Andres is a familiar face, having previously held key roles at Moderna, including Chief Technical Operations and Quality Officer, where he was instrumental in scaling manufacturing for its COVID-19 vaccine. His return and appointment to this critical operational role suggest a focus on reinforcing production, supply chain, and overall business execution.
  2. 8-KModerna, Inc. 8-K Report, Material Agreement (Sep 1, 2026)Moderna, Inc. has successfully completed a private offering of $3.0 billion in aggregate principal amount of 0.00% Convertible Senior Notes due 2032. This issuance, which included the full exercise of an over-allotment option for an additional $400 million, was conducted under an indenture with U.S. Bank Trust Company, National Association. The Notes are unsecured general obligations of the company, maturing on March 1, 2032, and do not bear regular interest, though special interest may accrue under specific circumstances. Holders can convert these notes into Moderna's common stock under defined conditions, including specific stock price performance thresholds or if the company undergoes certain events. The initial conversion price is set at approximately $210.58 per share, representing a significant premium to the stock price at the time of the offering, which is intended to mitigate potential dilution.
  3. 8-KModerna, Inc. 8-K Report, Financial Results (Jul 31, 2026)Moderna, Inc. has filed an 8-K report on July 31, 2026, to announce its financial results for the second quarter ended June 30, 2026. The primary purpose of this filing is to furnish a press release containing these results, which is incorporated by reference. Investors should note that this information is furnished and not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act, meaning it does not carry the same liabilities. However, it provides timely insights into Moderna's recent financial performance and operational status for the period. While the specific financial figures are detailed in the furnished press release (Exhibit 99.1), the filing itself serves as the official notification of their disclosure. Investors and analysts will need to refer to the press release for details on revenue, earnings, product sales (particularly related to its mRNA platform and any approved vaccines/therapeutics), research and development expenditures, and forward-looking guidance. This report is crucial for assessing the company's trajectory and its ability to execute on its pipeline and commercial strategies.
  4. 8-KModerna, Inc. 8-K Report, Executive Changes (Jul 8, 2026)Moderna, Inc. (MRNA) has announced a significant addition to its Board of Directors with the appointment of Michael McDonnell, effective July 8, 2026. Mr. McDonnell brings over 35 years of extensive financial leadership experience, including recent service as Chief Financial Officer at Biogen Inc. and prior CFO roles at IQVIA Holdings Inc., Intelsat S.A., MCG Capital Corporation, and EchoStar Communications. His appointment to the Board as a Class II director and to the Audit Committee is expected to bolster the company's financial oversight and strategic guidance. This move, announced via a press release furnished with the 8-K filing, signals a continued focus on strengthening corporate governance and leveraging seasoned financial expertise. The filing also notes changes to committee memberships, with David Rubenstein moving from the Audit Committee to the Nominating and Corporate Governance Committee.
  5. 8-KModerna, Inc. 8-K Report, Bylaw Amendment (May 11, 2026)Moderna, Inc. (MRNA) filed an 8-K on May 11, 2026, detailing key governance changes and outcomes from its 2026 Annual Meeting of Stockholders. The Board of Directors adopted a by-law amendment designating federal district courts as the exclusive forum for Securities Act of 1933 claims, aligning with recent Delaware corporate law changes. This aims to streamline litigation and provide a more predictable legal environment for such disputes. Additionally, the filing reports the results of the Annual Meeting held on May 6, 2026. Stockholders overwhelmingly re-elected the Class II directors, approved executive compensation on an advisory basis, and voted for annual advisory votes on executive compensation. The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026 was also ratified with strong support. These outcomes reflect continued shareholder confidence in the company's leadership and financial oversight.
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04—See also

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