01—Abstract
Summary
Summary of the 10-Q filed August 1, 2025. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc. reported a net loss of $825 milliona ($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 millionb, 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 billionc 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.
02—Key points
Key Highlights
- Net loss for Q2 2025 improved to $825 million from $1.279 billion in Q2 2024.
- Total revenue decreased by 41% to $142 million in Q2 2025, driven by a 38% drop in net product sales to $114 million.
- Research and development expenses were reduced by 43% to $700 million in Q2 2025, reflecting pipeline prioritization and cost management.
- The company received FDA approval for its next-generation COVID vaccine, mNEXSPIKE (mRNA-1283), in May 2025.
- FDA expanded the indication for the RSV vaccine, mRESVIA, in June 2025 to include younger adults with increased risk.
- Cash and cash equivalents stood at $1.279 billion as of June 30, 2025, with total investments of $6.2 billion.
- The company continues to manage its pipeline, with programs in respiratory viruses, latent/other viruses, oncology, and rare diseases, including positive Phase 3 results for a seasonal flu vaccine candidate (mRNA-1010).
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 1, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $142.00M$241.00M | −41.1% |
| Cost of Revenue | $119.00M$115.00M | +3.5% |
| Gross Profit | $23.00M$126.00M | −81.7% |
| R&D Expenses | $700.00M$1.22B | −42.7% |
| Operating Expenses | $1.05B$1.60B | −34.6% |
| Operating Income | -$907.00M-$1.36B | +33.5% |
| Net Income | -$825.00M-$1.28B | +35.5% |
| EPS (Basic) | $-2.13$-3.33 | +36.0% |
| EPS (Diluted) | $-2.13$-3.33 | +36.0% |
| Shares Outstanding (Basic) | 388.00M384.00M | +1.0% |
| Shares Outstanding (Diluted) | 388.00M384.00M | +1.0% |
05—Questions
Frequently Asked Questions
What is the primary driver behind the decline in Moderna's revenue?
Moderna's revenue decline, particularly in net product sales, is primarily driven by lower COVID-19 vaccination rates and a decrease in the average selling price for its COVID vaccines. The market is transitioning to a seasonal commercial pattern, leading to reduced demand compared to previous periods.
How is Moderna managing its significant research and development (R&D) expenses?
Moderna is actively managing its R&D expenses through disciplined cost management, portfolio prioritization, and a focused approach to pipeline execution. This includes operational efficiencies, resourcing adjustments, and a strategic focus on advancing key late-stage programs while streamlining other areas.
What are the key product developments mentioned in this report?
Key product developments include the FDA approval of mNEXSPIKE (mRNA-1283), Moderna's next-generation COVID vaccine, in May 2025, and the expanded indication for mRESVIA, its RSV vaccine, in June 2025. The company also announced positive Phase 3 efficacy results for its seasonal influenza vaccine candidate (mRNA-1010) and is advancing its oncology and rare disease pipelines.
What is Moderna's current liquidity position?
As of June 30, 2025, Moderna reported $1.279 billion in cash and cash equivalents. The company also holds substantial investments totaling $6.2 billion (including current and non-current marketable securities). Moderna believes these resources, along with anticipated cash from product sales, will be sufficient to fund its operations for at least the next 12 months.
06—Continue