Moderna, Inc.

Listed Company

MRNACIK 0001682852NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.94B

Net Income

$-2.82B

Total Assets

$12.34B

Equity

$8.65B

Shares Out

394.94M

Op. Cash Flow

$-1.87B

Business

Moderna, Inc. is a biotechnology company that creates messenger RNA (mRNA) medicines and vaccines by developing and commercializing products using an integrated mRNA platform. It offers commercial respiratory vaccines (e.g., Spikevax and mRESVIA), clinical-stage vaccine and therapeutic candidates across respiratory, latent and other viruses, oncology and rare disease franchises, and platform services such as sequence design, LNP delivery and manufacturing. Its key business functions include research and development, manufacturing and quality, and commercial operations across those four franchises and strategic collaborations. Moderna distributes globally through its direct commercial subsidiaries, third-party distributors and contract manufacturing partners, and engages with governments and healthcare channels for public health procurement.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	1,944	3,236	6,848	19,263	18,471
Cost of sales	868	1,464	4,693	5,416	2,617
Research and development	3,132	4,543	4,845	3,295	1,991
Selling, general and administrative	1,018	1,174	1,549	1,132	567
Total operating expenses	5,018	7,181	11,087	9,843	5,175
Loss from operations	−3,074	−3,945	−4,239	9,420	13,296
Interest income	314	425	421	200	18
Other expense, net	−8	−87	−124	−45	−29
Loss before income taxes	−2,768	−3,607	−3,942	9,575	13,285
Provision for (benefit from) tax provision	54	−46	772	1,213	1,083
Net loss	−2,822	−3,561	−4,714	8,362	12,202
Basic (in usd per share)	−7.26	−9.28	−12.33	21.26	30.31
Diluted (in usd per share)	−7.26	−9.28	−12.33	20.12	28.29
Basic (in shares)	389	384	382	394	403
Diluted (in shares)	389	384	382	416	431

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,595	1,927	2,907	3,205	6,848
Investments	3,204	5,098	5,697	6,697	3,879
Accounts receivable, net	184	358	892	1,385	3,175
Inventory	153	117	202	949	1,441
Prepaid expenses and other current assets	408	599	627	1,195	728
Total current assets	6,544	8,099	10,325	13,431	16,071
Investments, non-current	2,336	2,494	4,677	8,318	6,843
Property, plant and equipment, net	2,134	2,196	1,945	2,018	1,241
Right-of-use assets, operating leases	719	759	713	121	142
Other non-current assets	605	594	766	988	46
Total assets	12,338	14,142	18,426	25,858	24,669
Accounts payable	317	405	520	487	302
Accrued liabilities	1,386	1,427	1,798	2,101	1,472
Deferred revenue	99	153	568	2,038	6,253
Other current liabilities	185	221	129	249	225
Total current liabilities	1,987	2,206	3,015	4,923	9,128
Deferred revenue, non-current	153	58	83	673	615
Operating lease liabilities, non-current	653	671	643	92	106
Financing lease liabilities, non-current	20	39	575	912	599
Long-term debt	590	0	—	—	—
Other non-current liabilities	285	267	256	135	76
Total liabilities	3,688	3,241	4,572	6,735	10,524
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.0001; 162 shares authorized as of December 31, 2025 and 2024; no shares issued or outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of December 31, 2025 and 2024; 394 and 386 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	1,382	866	371	1,173	4,211
Accumulated other comprehensive income (loss)	45	−10	−123	−370	−24
Retained earnings	7,223	10,045	13,606	18,320	9,958
Total stockholders equity	8,650	10,901	13,854	19,123	14,145
Total liabilities and stockholders equity	12,338	14,142	18,426	25,858	24,669

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	483	429	305	226	142
Depreciation and amortization	215	189	621	348	232
Amortization/accretion of investments	−67	−95	−61	31	54
Loss on equity investments, net	8	52	35	0	0
Other non-cash items	77	60	7	28	0
Accounts receivable, net	156	534	493	1,790	−1,784
Prepaid expenses and other assets	153	145	1,802	−2,258	−489
Inventory	−34	83	747	492	−1,394
Right-of-use assets, operating leases	38	−53	−605	21	—
Accounts payable	−92	−69	13	240	204
Accrued liabilities	−2	−385	−340	612	989
Deferred revenue	41	−439	−2,060	−4,157	2,824
Operating lease liabilities	−21	28	551	−14	17
Other liabilities	−6	78	88	−740	123
Net cash used in operating activities	−1,873	−3,004	−3,118	4,981	13,620
Purchases of marketable securities	−5,768	−6,529	−3,760	−11,435	−12,652
Proceeds from maturities of marketable securities	5,563	5,562	5,575	3,151	1,338
Proceeds from sales of marketable securities	2,353	3,967	3,206	3,548	3,105
Purchases of property, plant and equipment	−192	−1,051	−707	−400	−284
Acquisition of business, net of cash acquired	0	0	−85	0	0
Purchase of intangible asset	−10	0	0	—	—
Investment in convertible notes and equity securities	0	0	−23	−40	−30
Net cash provided by investing activities	1,946	1,949	4,206	−5,176	−8,523
Proceeds from credit facility	600	0	0	—	—
Payment of credit facility issuance costs	−22	0	0	—	—
Proceeds from issuance of common stock through equity plans	35	66	46	65	124
Tax payments related to net share settlements on equity awards	−2	0	−1,153	−3,329	−857
Changes in financing lease liabilities	−18	−10	−270	−184	−140
Net cash provided by (used in) financing activities	593	56	−1,377	−3,448	−873
Effect of changes in exchange rates on cash and cash equivalents	2	0	0	—	—
Net increase (decrease) in cash, cash equivalents and restricted cash	668	−999	−289	−3,643	4,224
Cash paid (received) for income taxes	26	197	−357	2,729	480
Cash paid for interest	10	24	39	25	14
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	83	97	130	72	111

Filings

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