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MRNA · Moderna, Inc.

9 filings

10-K

MRNA 10-K Annual Reports

Moderna, Inc. - 9 annual reports

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

2025
Moderna, Inc. Annual Report, Year Ended Dec 31, 2025
Moderna, Inc. (MRNA) filed its 2025 10-K on February 20, 2026, reporting total revenue of $1.9 billion, a decrease from $3.2 billion in 2024, primarily due to lower COVID vaccine sales. The company incurred a net loss of $2.8 billion in 2025. Despite revenue declines, Moderna has three commercial products: Spikevax and mNEXSPIKE (COVID vaccines) and mRESVIA (RSV vaccine). The company is advancing a robust pipeline, with significant progress in its personalized mRNA cancer therapy, intisomeran autogene (mRNA-4157), in collaboration with Merck, and has regulatory filings under review for seasonal flu and flu+COVID combination vaccines. Moderna is also expanding its manufacturing capabilities globally and continues to invest heavily in its mRNA platform technology. The company faces ongoing risks related to market and regulatory uncertainty, intense competition, commercialization challenges, and clinical development complexities. Financial performance is heavily influenced by COVID vaccine demand, and while significant cost management initiatives are in place, the company anticipates continued investment in its pipeline, particularly in oncology and rare diseases, which may lead to ongoing losses in the near term. Intellectual property litigation remains a key area of focus, with ongoing disputes against competitors like Pfizer and BioNTech.
Feb 20, 2026
2024
Moderna, Inc. Annual Report, Year Ended Dec 31, 2024
Moderna, Inc.'s 2024 10-K filing reveals a significant transition as the company moves from a pandemic-driven revenue model to a more diversified, seasonal commercial approach. While net product sales declined to $3.1 billion in 2024 from $6.7 billion in 2023, primarily due to decreased COVID vaccine demand, the company secured regulatory approval for its second commercial product, mRESVIA (RSV vaccine) for older adults. This diversification is crucial as the COVID vaccine market normalizes and faces increased competition. The company continues to invest heavily in research and development, with 44 programs in its pipeline, 11 of which are in late-stage development. Key advancements include positive Phase 3 data for its next-generation COVID vaccine (mRNA-1283), RSV vaccine for high-risk adults (mRNA-1345), and a flu+COVID combination vaccine (mRNA-1083). The individualized neoantigen therapy (INT) for melanoma, developed with Merck, is also progressing with Phase 3 enrollment completed. Financially, Moderna reported a net loss of $3.6 billion for 2024, a notable improvement from the $4.7 billion loss in 2023, but still reflecting substantial R&D investments and the strategic resizing of its COVID vaccine operations. The company maintains a strong liquidity position with $9.5 billion in cash, cash equivalents, and investments as of December 31, 2024, providing runway for ongoing development and strategic initiatives. Key risks highlighted include evolving market dynamics for respiratory vaccines, intense competition, and the inherent uncertainties in drug development and regulatory approvals.
Feb 21, 2025
2023
Moderna, Inc. Annual Report, Year Ended Dec 31, 2023
Moderna, Inc.'s 2023 Form 10-K highlights a significant transition from pandemic-driven COVID-19 vaccine sales to an endemic, seasonal commercial market. This shift led to a substantial decrease in net product sales to $6.7 billion in 2023, down from $18.4 billion in 2022. The company has taken steps to resize its manufacturing infrastructure and manage costs associated with this transition, incurring significant charges related to inventory write-downs and CMO wind-downs. Despite the revenue decline, Moderna continues to invest heavily in its robust mRNA platform and diverse pipeline, with 45 programs in development, nine of which are in late-stage. Key near-term catalysts include the anticipated 2024 launch of its RSV vaccine, ongoing Phase 3 trials for its combination flu/COVID-19 vaccine, and progress in its personalized cancer therapy (INT) program with Merck. The company's financial results reflect this evolving landscape, with a reported net loss of $4.7 billion for 2023, contrasting with a net income of $8.4 billion in 2022. This loss is attributed to lower COVID-19 vaccine sales and continued substantial investments in research and development. Moderna ended 2023 with a strong cash position of $13.3 billion, providing a cushion for ongoing pipeline development and operations, though future profitability remains contingent on successful product launches and market adoption beyond its COVID-19 franchise. Significant risks highlighted include the competitive pharmaceutical market, potential delays in clinical development and regulatory approvals, and manufacturing complexities of mRNA technologies.
Feb 23, 2024
2022
Moderna, Inc. Annual Report, Year Ended Dec 31, 2022
Moderna, Inc.'s 2022 Form 10-K highlights a pivotal year for the company, marked by significant revenue growth primarily driven by its COVID-19 vaccine, Spikevax. Despite generating over $18.4 billion in product sales from Spikevax and its Omicron-targeting boosters, the company anticipates a decline in COVID-19 vaccine sales in 2023 as the market transitions towards an endemic phase. This shift presents challenges related to market fragmentation, seasonality, and increased distribution costs. Moderna continues to aggressively invest in its diverse mRNA pipeline, with 48 development programs across various modalities, including infectious diseases, immuno-oncology, rare diseases, and cardiovascular conditions. Key advancements include positive Phase 3 data for its RSV vaccine candidate, mRNA-1345, and promising Phase 2 results for its personalized cancer vaccine (PCV), mRNA-4157, in combination with Merck's Keytruda. The company is also expanding its manufacturing capabilities globally through strategic partnerships and government agreements. However, Moderna faces substantial risks, including the evolving COVID-19 vaccine market dynamics, intense competition, potential manufacturing and supply chain disruptions, and the inherent uncertainties in drug development and regulatory approvals. The company's financial performance remains heavily reliant on its COVID-19 vaccine, and achieving long-term sustainable profitability will depend on the successful commercialization of its broader pipeline.
Feb 24, 2023
2021
Moderna, Inc. Annual Report, Year Ended Dec 31, 2021
Moderna, Inc.'s 2021 10-K filing highlights a transformative year driven by the commercial success of its COVID-19 vaccine, Spikevax. The company reported significant revenue growth, with product sales reaching $17.7 billion, primarily from its COVID-19 vaccine. This revenue fueled substantial investments in research and development, manufacturing expansion, and global commercialization efforts. Moderna's robust pipeline, encompassing seven modalities and 44 programs across various therapeutic areas, continues to be a key focus, alongside its ongoing efforts to combat COVID-19 variants and prepare for future pandemic threats. The company's strong financial position, with over $17 billion in cash, cash equivalents, and investments, provides a solid foundation for continued innovation and growth.
Feb 25, 2022
2020
Moderna, Inc. Annual Report, Year Ended Dec 31, 2020
Moderna, Inc.'s 2020 Form 10-K highlights a pivotal year driven by the rapid development and emergency use authorization (EUA) of its COVID-19 vaccine (mRNA-1273). The company's novel mRNA platform demonstrated its potential, leading to significant revenue growth primarily from product sales and government grants, a stark contrast to previous years dominated by collaboration revenue. Despite substantial operating losses, reflecting heavy investment in R&D and manufacturing scale-up, Moderna ended 2020 with a strong cash position, bolstered by vaccine supply agreements and equity offerings. The report underscores the company's strategic focus on maximizing the impact of its COVID-19 vaccine, advancing its pipeline, generating proof-of-concept data in new therapeutic areas, and expanding the application of mRNA technology. Key risks identified include manufacturing complexities, potential vaccine ineffectiveness against emerging variants, patent challenges, and the inherent uncertainties of developing novel mRNA-based medicines. The company's future success hinges on its ability to navigate these risks, secure further funding, and successfully bring its diverse pipeline of vaccines and therapeutics to market.
Feb 26, 2021
2019
Moderna, Inc. Annual Report, Year Ended Dec 31, 2019
Moderna, Inc. filed its 10-K for the fiscal year ended December 31, 2019, reporting a significant transition from an "emerging growth company" to a "large accelerated filer." A key focus of the filing is the adoption of new accounting standards, ASC 606 (Revenue from Contracts with Customers) and ASC 842 (Leases). The adoption of ASC 606 resulted in a $28.0 million cumulative-effect adjustment to accumulated deficit, primarily impacting revenue recognition from strategic collaboration agreements with major partners like AstraZeneca and Merck. The company's financial statements reflect significant investments in research and development, evidenced by substantial collaboration revenue and grant funding. The report details multiple strategic alliances, particularly with AstraZeneca and Merck, for the development of mRNA-based therapeutics for various diseases, including cancer and infectious diseases. These collaborations involve complex revenue recognition and milestone payments, highlighting the early-stage nature of many of Moderna's pipeline assets. Investors should note the company's continued net loss, reflecting ongoing R&D expenditure, and the substantial cash position, which provides runway for future development.
Feb 27, 2020
2018-A
Moderna, Inc. Annual Report (Amendment), Year Ended Dec 31, 2018
This 10-K filing from Moderna, Inc. as of April 25, 2019, focuses primarily on the company's corporate governance, executive compensation, and security ownership. It highlights the composition and independence of the board of directors, including the separation of CEO and Chairman roles and the staggered board structure intended to provide stability. The filing details the compensation of named executive officers, showing significant stock option awards, particularly for the CEO, Stéphane Bancel, linked to the company's IPO. Additionally, it outlines the compensation structure for non-employee directors, emphasizing equity grants to align their interests with shareholders. For investors, this filing provides insight into the leadership team's alignment with shareholder value through equity incentives. The details on board independence and committee structures suggest a commitment to good corporate governance. Understanding these aspects is crucial for assessing the company's management team and their incentives as Moderna continues its development of mRNA-based therapeutics. The significant ownership stakes held by the CEO and major institutional investors like Flagship Pioneering also indicate a strong alignment of interests.
Apr 25, 2019
2018
Moderna, Inc. Annual Report, Year Ended Dec 31, 2018
Moderna, Inc.'s 2018 10-K filing reveals a company heavily invested in research and development of mRNA therapeutics and vaccines, with a significant pipeline of 20 development candidates, 11 of which are in clinical studies. The company operates as an Emerging Growth Company (EGC), allowing for reduced disclosure requirements. Financially, Moderna reported substantial net losses for 2018, 2017, and 2016, with total revenues driven by collaboration and grant revenue, not product sales. Despite ongoing losses, the company raised significant capital, including a successful IPO in December 2018, resulting in substantial cash, cash equivalents, and investments. Key financial and operational focuses for investors include the company's substantial R&D expenses, its reliance on strategic alliances with major pharmaceutical companies like AstraZeneca and Merck, and its need for continued funding through equity or debt offerings. The company's long-term strategy emphasizes platform development, with a goal of addressing a broad spectrum of diseases. Investors should note Moderna's stated intention to retain all future earnings for growth, meaning no cash dividends are anticipated in the foreseeable future. The filing also highlights significant risks, including potential stock price volatility due to the large number of shares eligible for sale after lock-up periods expire and the company's dependence on future capital raises.
Mar 13, 2019