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MRNA · Moderna, Inc.

23 filings

10-Q

MRNA 10-Q Quarterly Reports

Moderna, Inc. - 23 quarterly reports

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

2026-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2026
Moderna, Inc. reported a net loss of $782 million ($1.97 per share) for the three months ended June 30, 2026, and a net loss of $2.1 billion ($5.36 per share) for the six months ended June 30, 2026. This represents an improvement in net loss compared to the same periods in the prior year. Total revenue for the six months increased significantly by 114% to $534 million, driven by a substantial increase in net product sales, which more than doubled to $446 million, largely due to international COVID vaccine sales. Other revenue also saw a strong increase, up 76% to $88 million, reflecting higher stand-ready manufacturing and collaboration revenue. Despite revenue growth, operating expenses saw a significant increase of 24% for the six-month period, primarily due to a $884 million royalty payment related to a litigation settlement with Arbutus and Genevant, which also significantly impacted cost of sales. Research and development expenses decreased by 16% for the six-month period, attributed to the wind-down of certain late-stage programs. The company's liquidity remains robust, with cash, cash equivalents, and investments totaling $6.9 billion as of June 30, 2026, though working capital decreased by 28% primarily due to the litigation settlement accrual. Management anticipates sufficient funding for the next 12 months.
Jul 31, 2026
2026-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2026
Moderna, Inc. reported a net loss of $1.34 billion for the first quarter of 2026, compared to a net loss of $971 million in the same period of 2025. This widening loss is significantly influenced by a substantial increase in Cost of Sales, primarily due to an $878 million charge related to the Arbutus and Genevant litigation settlement. Excluding this one-time settlement cost, the company's underlying cost of sales as a percentage of revenue actually decreased, indicating improved operational efficiency. Total revenue saw a significant increase of 260% to $389 million, driven by a 309% surge in net product sales to $352 million, largely attributable to increased COVID vaccine sales internationally. Research and development expenses decreased by 24% due to portfolio prioritization and cost management. The company's cash position decreased by approximately 8% from year-end 2025 to $7.46 billion in cash and investments, with working capital also decreasing. Despite the net loss, Moderna believes its current cash and investment balance, combined with available borrowings, will be sufficient to fund operations for at least the next 12 months.
May 1, 2026
2025-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2025
Moderna, Inc. reported a net loss of $200 million ($0.51 per share) for the third quarter of 2025, a significant shift from the $13 million net income ($0.03 per share) recorded in the same period of 2024. This widened loss is primarily driven by a substantial decline in net product sales, which fell by 47% to $973 million in the third quarter, largely attributable to lower COVID-19 vaccine sales in the U.S. and internationally. Despite the decrease in product sales, research and development expenses saw a notable reduction of 30% year-over-year, reflecting disciplined cost management and portfolio prioritization. The company continues to advance its pipeline with developments in various franchises, including positive data for its seasonal flu and COVID-19 combination vaccines and ongoing trials for oncology and rare disease therapeutics, while also discontinuing its congenital CMV vaccine program after it failed to meet its primary efficacy endpoint. The company's balance sheet shows a decrease in cash and cash equivalents and investments, reflecting an operating cash outflow of $2.8 billion for the first nine months of 2025. Moderna maintains a strong financial position with $6.6 billion in cash, cash equivalents, and investments as of September 30, 2025, and believes its current resources are sufficient to fund operations for at least the next 12 months. The company is navigating a challenging market environment for COVID-19 vaccines as it transitions towards a more seasonal and commercially competitive landscape, anticipating further sales declines for the full year 2025 compared to 2024.
Nov 6, 2025
2025-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2025
Moderna, Inc. reported a net loss of $825 million ($2.13 per share) for the second quarter of 2025, a significant improvement from the $1.279 billion ($3.33 per share) net loss in the same period last year. Total revenue for the quarter was $142 million, down 41% year-over-year, primarily driven by a 38% decrease in net product sales to $114 million. This decline in product sales is attributed to lower COVID-19 vaccination rates and reduced average selling prices, particularly in the U.S. market. Despite the revenue challenges, the company continues to invest heavily in its R&D pipeline, with expenses decreasing by 43% year-over-year to $700 million, reflecting strategic prioritization and operational efficiencies. The company's balance sheet remains robust, with $1.279 billion in cash and cash equivalents and substantial investments totaling $6.2 billion. Moderna has also seen progress with new product approvals, including its next-generation COVID vaccine, mNEXSPIKE, and expanded indications for its RSV vaccine, mRESVIA, positioning it for potential future growth as the COVID-19 market transitions to a seasonal offering.
Aug 1, 2025
2025-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2025
Moderna, Inc. reported a net loss of $971 million for the first quarter of 2025, an improvement from the $1.175 billion net loss in the same period of 2024. Total revenue declined by 35% to $108 million, primarily driven by a 49% decrease in net product sales to $86 million, largely due to lower COVID-19 vaccine sales in the U.S. and increased competition. However, other revenue saw a significant increase of 100% to $22 million, boosted by licensing and royalty income. Operating expenses decreased by 19% to $1.158 billion, with notable reductions in Research & Development (R&D) expenses (down 19%) and Selling, General & Administrative (SG&A) expenses (down 23%), reflecting cost management initiatives and strategic prioritization of the pipeline. The company ended the quarter with a solid liquidity position, holding $1.623 billion in cash and cash equivalents and $4.352 billion in current investments, although total assets and stockholders' equity decreased from the previous quarter. Moderna is actively managing its pipeline, pausing some programs while advancing others, and anticipates continued investment and potential negative operating cash flows in the near term.
May 1, 2025
2024-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2024
Moderna, Inc. reported financial results for the third quarter and first nine months of 2024, demonstrating a shift from pandemic-driven COVID-19 vaccine sales to a more seasonal commercial market. While total revenue saw a significant decrease year-over-year for the nine-month period primarily due to lower COVID-19 vaccine sales, the third quarter revenue remained stable. The company achieved profitability in the third quarter of 2024 with a net income of $13 million, a substantial improvement from the $3.6 billion net loss in the prior year quarter. This turnaround is largely attributed to a significant reduction in the cost of sales, driven by lower inventory write-downs and optimized manufacturing capacity. Key developments include the launch and sales of its new RSV vaccine, mRESVIA®, in the U.S. and Europe, and the rollout of updated COVID-19 vaccines targeting new strains for the 2024-2025 season. Despite the ongoing transition in the COVID-19 vaccine market, Moderna maintains a strong cash position and is advancing a diverse pipeline of 45 development programs across various therapeutic areas, including oncology and other infectious diseases. The company faces ongoing legal challenges related to intellectual property for its COVID-19 and RSV vaccines, which are being actively defended.
Nov 7, 2024
2024-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2024
Moderna, Inc. reported its second-quarter 2024 financial results, indicating a significant decline in net product sales compared to the prior year, primarily driven by the evolving COVID-19 vaccine market transitioning to a seasonal commercial pattern. Total revenue for the quarter was $241 million, down 30% year-over-year, with net product sales at $184 million. The company experienced a net loss of $1.28 billion ($3.33 per share) for the quarter, a slight improvement from the $1.38 billion loss ($3.62 per share) in the same period last year. Operating expenses decreased by 27% to $1.60 billion, largely due to a substantial reduction in cost of sales. Research and development expenses saw a modest increase, while selling, general, and administrative expenses decreased. Key developments include the FDA approval of their RSV vaccine, mRESVIA (mRNA-1345), in May 2024, marking their second commercial product. The company also advanced its pipeline with positive Phase 3 data for its next-generation COVID-19 vaccine candidate (mRNA-1283) and a combination influenza/COVID-19 vaccine candidate (mRNA-1083). Despite the revenue decline from COVID-19 vaccines, Moderna maintains a strong cash position and believes it has sufficient resources to fund operations for at least the next 12 months, though future operational cash flows are expected to remain negative due to continued investment in its pipeline.
Aug 1, 2024
2024-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2024
Moderna, Inc. reported a significant decline in revenue for the first quarter of 2024 compared to the same period in the prior year, primarily driven by a substantial decrease in net product sales of its COVID-19 vaccine. This revenue drop reflects the market's transition to a seasonal commercial pattern for COVID-19 vaccines, with lower demand expected in the first half of the year. Despite the revenue challenges, the company continues to prioritize research and development, with a robust pipeline of 40 development candidates across various therapeutic areas. Financially, Moderna reported a net loss of $1.175 billion for the quarter, a significant increase from the prior year's net income. This loss was impacted by continued high R&D expenses and the shift in revenue dynamics. The company's liquidity remains strong, with a substantial amount of cash, cash equivalents, and investments, which management believes are sufficient to fund operations for at least the next 12 months. Strategic partnerships, such as the one with Blackstone for its flu program, and out-licensing agreements are being utilized to support pipeline advancement and revenue diversification.
May 2, 2024
2023-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2023
Moderna, Inc. reported a significant financial shift in the third quarter of 2023, moving from a period of strong profitability driven by COVID-19 vaccine sales to a net loss. Total revenue for the three months ended September 30, 2023, was $1.83 billion, a decrease of 46% compared to the prior year, primarily due to a 44% decline in net product sales from COVID-19 vaccines. This decline reflects the market's transition from pandemic conditions to an endemic, seasonal market. The company incurred a net loss of $3.63 billion for the quarter, a substantial change from the $1.04 billion net income in the same period last year. This loss was largely driven by a strategic initiative to optimize its COVID-19 business cost structure, resulting in $1.4 billion in charges, including inventory write-downs and contract manufacturing organization (CMO) wind-down costs. Research and development expenses also increased by 41% year-over-year as Moderna continues to invest in its diverse pipeline. Despite the quarterly loss, Moderna maintains a strong liquidity position with $2.93 billion in cash and cash equivalents and $4.64 billion in current investments as of September 30, 2023. The company is actively managing its transition away from pandemic-level COVID-19 vaccine sales by investing in its broader pipeline, including potential vaccines for RSV, influenza, CMV, and advancing its personalized cancer vaccine program. The substantial increase in R&D spending highlights the company's commitment to long-term growth beyond its initial COVID-19 vaccine success.
Nov 3, 2023
2023-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2023
Moderna, Inc. reported a significant decline in revenue for the three and six months ended June 30, 2023, primarily driven by a steep drop in COVID-19 vaccine product sales. Total revenue fell by 93% and 80% year-over-year for the respective periods. This revenue contraction led to a substantial net loss of $1.38 billion for the quarter and $1.30 billion for the six months, a stark contrast to the profits reported in the prior year. The company is actively managing its transition from a pandemic-driven market to a more endemic and seasonal one for its COVID-19 vaccine, which is impacting sales and leading to increased inventory write-downs and unutilized manufacturing capacity costs. Despite the revenue challenges, Moderna is making strategic investments in its pipeline. Research and development expenses increased by 62% and 80% for the respective periods, reflecting progress in key programs like RSV, influenza, and CMV vaccines, as well as advancements in its individualized neoantigen therapy. The company also reported significant cash reserves and a strong balance sheet, with $3.8 billion in cash and cash equivalents and substantial investments, providing a buffer for continued R&D and operational needs. The company expects its cash position to be sufficient for at least the next 12 months, though it acknowledges the potential for future operating cash flow fluctuations.
Aug 3, 2023
2023-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2023
Moderna, Inc. reported a significant decrease in revenue for the first quarter of 2023 compared to the prior year, driven primarily by a substantial decline in COVID-19 vaccine sales. Total revenue fell by 69% to $1.86 billion, with product sales contributing $1.83 billion. This sharp drop reflects the ongoing shift of the COVID-19 market towards an endemic, seasonal model. Despite the revenue decline, the company maintained a strong balance sheet with substantial cash, cash equivalents, and investments totaling over $16 billion. However, operating activities resulted in a net cash used of $1.23 billion, largely due to decreases in deferred revenue and accrued liabilities, offset by significant investments in research and development. The company also continued its share repurchase program, spending $526 million in the quarter. Moderna's strategic focus appears to be on diversifying its pipeline beyond COVID-19, with substantial investments in R&D for vaccines and therapeutics across various disease areas, including RSV, influenza, CMV, and cancer.
May 4, 2023
2022-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2022
Moderna, Inc. reported a decrease in revenue for the third quarter of 2022 compared to the prior year, primarily driven by lower sales volumes of its COVID-19 vaccine, Spikevax. This was attributed to the timing of regulatory approvals and manufacturing ramp-up for new Omicron-targeting bivalent boosters. Despite the quarterly dip, year-to-date revenue showed a significant increase, bolstered by strong initial 2022 sales. Operationally, the company experienced a notable increase in cost of sales, largely due to inventory write-downs for the COVID-19 vaccine, unutilized manufacturing capacity, and losses on firm purchase commitments, reflecting a shift in product demand towards the newer bivalent boosters. Research and development expenses also saw a substantial increase, reflecting continued investment in its diverse pipeline, including advanced COVID-19 vaccine candidates, RSV, flu, and CMV programs. Moderna ended the quarter with a strong liquidity position, though cash reserves decreased compared to the end of 2021, partly due to significant share repurchases.
Nov 3, 2022
2022-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2022
Moderna, Inc. reported strong revenue growth in the six months ended June 30, 2022, primarily driven by its COVID-19 vaccine, Spikevax. Total revenue reached $10.8 billion, a significant increase from $6.3 billion in the same period last year, with product sales contributing $10.5 billion. Despite robust revenue, the company experienced a notable increase in cost of sales, largely due to inventory write-downs and losses on firm purchase commitments related to the COVID-19 vaccine. Research and development expenses also rose, reflecting continued investment in pipeline expansion, particularly for its COVID-19 vaccine candidates and other therapeutic areas like RSV and influenza. The company ended the period with a strong cash position of $2.9 billion and significant investments, demonstrating solid liquidity to fund future operations and development. Moderna continues to advance its diverse pipeline, including Omicron-specific COVID-19 booster candidates and promising vaccine candidates for influenza and RSV. The company also highlighted progress in its therapeutic areas, such as rare diseases and oncology, underscoring its long-term commitment to mRNA innovation beyond COVID-19.
Aug 3, 2022
2022-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2022
Moderna, Inc.'s first-quarter 2022 results, filed on May 4, 2022, demonstrate a significant surge in revenue, primarily driven by strong product sales of its COVID-19 vaccine, Spikevax. Total revenue reached $6.1 billion, a substantial increase from $1.9 billion in the prior year's quarter, with product sales accounting for the vast majority. This growth underscores the continued global demand for Moderna's COVID-19 vaccine and the company's ability to scale manufacturing. Despite this revenue growth, operating expenses also rose considerably, driven by increased cost of sales, research and development, and selling, general, and administrative expenses. Net income more than tripled to $3.7 billion from $1.2 billion year-over-year, reflecting the high-margin nature of its COVID-19 vaccine sales. The company also maintained a strong liquidity position with substantial cash, cash equivalents, and investments.
May 4, 2022
2021-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2021
Moderna, Inc. reported a significant increase in revenue and net income for the nine months ended September 30, 2021, primarily driven by strong product sales from its COVID-19 vaccine. Total revenue reached $11.26 billion, a substantial leap from $232 million in the same period of 2020, with product sales contributing $10.74 billion. The company's financial position has strengthened considerably, with total assets growing to $20.92 billion from $7.34 billion at the end of 2020. This growth is reflected in its substantial cash and equivalents, which stood at $5.55 billion, and a significant increase in retained earnings to $5.09 billion, a notable shift from an accumulated deficit in the prior year. Research and development expenses also increased, indicating continued investment in its pipeline, while selling, general, and administrative expenses grew due to commercialization efforts for the COVID-19 vaccine. Moderna's outlook remains focused on advancing its mRNA platform, with multiple development programs in various stages of clinical trials for infectious diseases, immuno-oncology, rare diseases, and more. The company's robust financial performance provides a strong foundation for these ongoing and future endeavors, positioning it for continued growth and innovation.
Nov 4, 2021
2021-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2021
Moderna, Inc. reported a significant financial turnaround in the first half of 2021, driven by the substantial revenue generated from its COVID-19 vaccine. For the three months ended June 30, 2021, the company posted a net income of $2.78 billion on revenue of $4.35 billion, a stark contrast to a net loss of $117 million on revenue of $67 million in the same period of the prior year. This dramatic shift is primarily due to the commencement of product sales, which generated $4.2 billion in the second quarter of 2021 alone, compared to no product sales in Q2 2020. Financially, Moderna's balance sheet has strengthened considerably, with total assets growing from $7.34 billion at the end of 2020 to $16.15 billion by June 30, 2021. This growth is largely fueled by an increase in cash and cash equivalents, which more than doubled to $5.6 billion, and a significant rise in deferred revenue to $7.48 billion, reflecting advance payments for future COVID-19 vaccine deliveries. The company's robust cash position and strong revenue from its COVID-19 vaccine provide a solid foundation for continued investment in its mRNA platform and pipeline development.
Aug 5, 2021
2021-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2021
Moderna, Inc. reported a significant financial turnaround in the first quarter of 2021, driven primarily by the commercialization of its COVID-19 vaccine. The company achieved a net income of $1.221 billion, a substantial improvement from a net loss of $124 million in the same period of the previous year. This profitability is largely a result of $1.733 billion in product sales from its COVID-19 vaccine, a revenue stream that was non-existent in Q1 2020. Despite the strong performance, Moderna continues to heavily invest in research and development, with expenses increasing significantly to $401 million, supporting its broad pipeline of mRNA-based vaccines and therapeutics. The company's balance sheet reflects this growth, with total assets more than doubling to $12.694 billion, primarily due to a substantial increase in cash and cash equivalents and a significant rise in deferred revenue, indicating future vaccine delivery obligations. Moderna's outlook remains focused on expanding its COVID-19 vaccine manufacturing capacity and advancing its diverse pipeline of other mRNA candidates.
May 6, 2021
2020-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2020
Moderna, Inc.'s third-quarter 2020 Form 10-Q filing highlights the company's significant efforts and investments in developing its mRNA-1273 vaccine candidate for COVID-19. The report emphasizes the ongoing clinical trials and manufacturing scale-up for this candidate, which is considered a potential first commercial product. Moderna disclosed substantial cash and investments, indicating a strong liquidity position sufficient to fund operations for at least the next 12 months. However, the company also noted its history of significant losses and anticipates continued losses for the foreseeable future, relying on future capital raises through equity or debt offerings to fund its extensive research and development pipeline. The filing also details numerous risks associated with the development and commercialization of novel medicines, particularly those based on mRNA technology. These risks include potential delays in clinical trials due to the ongoing COVID-19 pandemic, manufacturing challenges, regulatory hurdles, and intense competition. Moderna's reliance on third-party manufacturers and strategic alliances is also a key consideration. The company is actively preparing for the potential commercialization of mRNA-1273, investing in sales and marketing capabilities, despite lacking prior experience in these areas.
Oct 30, 2020
2020-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2020
Moderna, Inc.'s (MRNA) Q2 2020 10-Q filing highlights a significant cash position of $3.07 billion as of June 30, 2020, which the company believes is sufficient to fund operations for at least the next 12 months. The company is heavily focused on the development of its mRNA-1273 vaccine candidate for COVID-19, which has advanced to Phase 3 clinical trials and is supported by substantial government funding, including a commitment from BARDA. However, the report also underscores numerous risks, particularly the ongoing COVID-19 pandemic, which has disrupted clinical trials and manufacturing. Moderna acknowledges the considerable financial and operational resources being diverted to the mRNA-1273 program, potentially impacting other development efforts. The company emphasizes the novelty of mRNA therapeutics, noting that no mRNA drug has yet been approved, and highlights the inherent uncertainties and risks associated with clinical development, regulatory approval, and manufacturing at scale for this new class of medicines. Significant losses are anticipated to continue for the foreseeable future.
Aug 6, 2020
2020-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2020
Moderna, Inc. (MRNA) filed its 10-Q for the period ending March 31, 2020, on May 7, 2020. The filing highlights the company's significant cash position ($1.72 billion) which management believes is sufficient to fund operations for at least the next 12 months. However, the company is still in the early stages of drug development and has incurred substantial losses since its inception, anticipating continued losses for the foreseeable future. A major focus is the development of mRNA-1273, a potential vaccine for COVID-19, which is in early clinical stages and receiving significant government funding and collaboration. The company emphasizes that the success of mRNA-1273, and indeed any mRNA drug, faces substantial clinical development and regulatory risks, as no mRNA drug has been approved to date. The report extensively details numerous risks, including the ongoing COVID-19 pandemic's impact on clinical trials and operations, supply chain disruptions, potential delays in regulatory pathways, and the need for significant future funding. Moderna also flags competition, intellectual property challenges, reliance on third parties for manufacturing and trials, and the inherent uncertainties of developing a novel class of medicines. Investors should note that the company has no product sales revenue and is not yet profitable, with future success heavily dependent on successful clinical development and regulatory approvals.
May 7, 2020
2019-Q3
Moderna, Inc. Quarterly Report for Q3 Ended Sep 30, 2019
Moderna, Inc. (MRNA) filed its Form 10-Q for the quarterly period ended September 30, 2019. The company is transitioning from an Emerging Growth Company (EGC) status to a large accelerated filer by year-end 2019. A significant accounting change adopted in 2019 was ASC Topic 606, Revenue from Contracts with Customers, which involved a cumulative-effect adjustment of $28.0 million to accumulated deficit due to changes in revenue recognition for collaboration agreements. This adoption led to a decrease in reported revenue and net loss for the periods presented compared to prior accounting standards. The company continues to invest heavily in research and development, with R&D expenses increasing 10% and 25% for the three and nine months ended September 30, 2019, respectively, compared to the prior year. This investment is fueling a diverse pipeline of 21 development candidates across six modalities, with 13 candidates in clinical studies. Collaboration revenue, a key source of funding, saw a significant decrease of 59% and 54% for the three and nine month periods, respectively, largely due to the ASC 606 adoption's impact on revenue timing. Despite ongoing operating losses and a substantial accumulated deficit, Moderna reported a healthy cash, cash equivalents, and investments balance of approximately $1.34 billion as of September 30, 2019, providing runway for future development.
Nov 6, 2019
2019-Q2
Moderna, Inc. Quarterly Report for Q2 Ended Jun 30, 2019
Moderna, Inc. (MRNA) filed its Form 10-Q for the period ending June 30, 2019, highlighting the adoption of the new revenue recognition standard, ASC 606, which significantly impacted its financial reporting, particularly for collaboration revenue. While the company transitioned away from its Emerging Growth Company (EGC) status by the end of 2019, this report details the initial effects of ASC 606, including a cumulative adjustment to accumulated deficit and changes in deferred revenue recognition. Financially, Moderna continued to operate at a net loss, with significant investments in research and development across its diverse pipeline of mRNA-based therapeutics and vaccines. The company's financial position remains robust, supported by substantial cash reserves and investments, indicating the ability to fund ongoing operations and clinical development activities. Key strategic alliances with major pharmaceutical companies like AstraZeneca, Merck, and Vertex continue to be a primary source of revenue, alongside grants from government and foundation entities. While revenue from these collaborations decreased year-over-year, largely due to ASC 606's impact on revenue timing, the company's commitment to advancing its extensive pipeline of 21 development candidates underscores its long-term growth strategy.
Aug 8, 2019
2019-Q1
Moderna, Inc. Quarterly Report for Q1 Ended Mar 31, 2019
Moderna, Inc.'s Form 10-Q for the quarter ended March 31, 2019, highlights the company's ongoing transition to a public entity and its adoption of new accounting standards, particularly ASC 606 for revenue recognition. The report details significant revenue shifts due to ASC 606, impacting deferred revenue and accumulated deficit. The company continues to invest heavily in research and development, reporting an increase in R&D expenses, driven by personnel costs and clinical trial activities. Moderna maintains a substantial cash position, exceeding $1.5 billion, funded through equity offerings and strategic alliances, which are crucial for advancing its diverse pipeline of 21 development candidates across various therapeutic areas. Financially, Moderna reported a net loss of $132.7 million for the quarter, a significant increase from the prior year, largely due to higher R&D expenses and the impact of adopting ASC 606. While collaboration revenue decreased year-over-year, partly due to ASC 606's revenue recognition adjustments, the company's strategic alliances with major pharmaceutical companies like Merck, AstraZeneca, and Vertex remain central to its operational funding and pipeline advancement. Moderna's pipeline shows progress with several candidates in early-stage clinical trials, emphasizing the company's long-term focus on mRNA technology despite continued operating losses and the need for substantial future funding.
May 9, 2019