Moderna, Inc.MRNA
Moderna, Inc. Leases Disclosure
10. Leases
We have entered into various long-term, non-cancelable lease arrangements for our facilities and equipment, expiring at various times through 2039. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease costs under such arrangements on a straight-line basis over the life of the lease. We have two main campuses in Massachusetts, our Moderna Science Center (MSC), located in Cambridge, which serves as our headquarters, and our Moderna Technology Center (MTC), located in Norwood. In addition, we own and lease facilities, including office, laboratory, and manufacturing sites, in various locations globally to support our research, development, manufacturing, and business operations.
Moderna Science Center
Our Cambridge campus previously included multiple leased properties at Technology Square and the MSC, a facility comprising approximately 462,000 square feet, that serves as our principal executive office, along with additional office and laboratory spaces. The MSC lease commenced during the third quarter of 2023 and has a term of 15 years, with options for two additional seven-year extensions. During the fourth quarter of 2023, we amended the expiration dates of our Technology Square leases to conclude in January 2025, as we transitioned operations to the MSC. As of December 31, 2024, we substantially exited our leased spaces at Technology Square, completing the consolidation of our Cambridge operations into the MSC.
Moderna Technology Center
The MTC is a multiple-building campus spanning approximately 722,000 square feet. that previously operated under long-term finance leases expiring in 2042, with options for three five-year extensions. The MTC has been a critical facility for our manufacturing, laboratory, and office operations. In December 2024, we completed the acquisition of the MTC campus, including the underlying land and buildings, for a total purchase price of $385 million. Upon acquisition, we derecognized the right-of-use assets and lease liabilities associated with the Norwood leases. The purchase price, after adjustments related to lease terminations, was allocated to land and buildings, with approximately $231 million recorded as property, plant, and equipment on our consolidated balance sheets as of December 31, 2024.
Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2025 and 2024 were as follows (in millions):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Assets: | ||||||||||||||
Right-of-use assets, operating, net(1) (2) | $ | 719 | $ | 759 | ||||||||||
| 42 | 65 | |||||||||||||
| Total | $ | 761 | $ | 824 | ||||||||||
| Liabilities: | ||||||||||||||
| Current: | ||||||||||||||
| $ | 17 | $ | 14 | |||||||||||
| 25 | 23 | |||||||||||||
| Total current lease liabilities | 42 | 37 | ||||||||||||
| Non-current: | ||||||||||||||
| Operating lease liabilities, non-current | 653 | 671 | ||||||||||||
| Financing lease liabilities, non-current | 20 | 39 | ||||||||||||
| Total non-current lease liabilities | 673 | 710 | ||||||||||||
| Total | $ | 715 | $ | 747 | ||||||||||
_______
(1) These assets are real estate related assets, which include land, office, manufacturing, and laboratory spaces.
(2) Net of accumulated amortization.
(3) These assets are related to contract manufacturing service agreements.
(4) Included in property, plant and equipment in the consolidated balance sheets, net of accumulated depreciation.
(5) Included in other current liabilities in the consolidated balance sheets.
The components of the lease costs were as follows for the periods presented (in millions):
| Years ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Operating lease costs | $ | 89 | $ | 103 | $ | 88 | ||||||||||||||
| Financing lease costs: | ||||||||||||||||||||
| Amortization of right-of-use assets, financing leases | 24 | 22 | 500 | |||||||||||||||||
| Interest expense for financing lease liabilities | 3 | 24 | 38 | |||||||||||||||||
| Total financing lease costs | $ | 27 | $ | 46 | $ | 538 | ||||||||||||||
| Short term lease costs | $ | — | $ | 13 | $ | 2 | ||||||||||||||
| Variable lease costs | $ | 22 | $ | 42 | $ | 113 | ||||||||||||||
Supplemental cash flow information relating to our leases was as follows for the periods presented (in millions):
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Cash paid for amounts included in measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows used in operating leases | $ | (71) | $ | (78) | $ | (93) | ||||||||||||||
| Operating cash flows used in financing leases | (3) | (19) | (39) | |||||||||||||||||
Financing cash flows used in financing leases | (23) | (12) | (292) | |||||||||||||||||
| Operating lease non-cash items: | ||||||||||||||||||||
Decrease in right-of-use assets related to lease modifications and reassessments | $ | (10) | $ | (4) | $ | (67) | ||||||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities | — | 100 | 714 | |||||||||||||||||
| Finance lease non-cash items: | ||||||||||||||||||||
Decrease in right-of-use assets related to lease modifications and reassessments | $ | — | $ | (425) | $ | (213) | ||||||||||||||
| Right-of-use assets obtained in exchange for financing lease liabilities | — | 75 | — | |||||||||||||||||
| Changes in financing lease liabilities | (5) | 2 | 3 | |||||||||||||||||
Lease liability derecognized upon purchase of underlying leased asset | — | 579 | — | |||||||||||||||||
Weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 were as follows:
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Remaining lease term: | ||||||||||||||
| Operating leases | 12 years | 13 years | ||||||||||||
| Finance leases | 2 years | 3 years | ||||||||||||
| Discount rate: | ||||||||||||||
| Operating leases | 7.6 | % | 7.6 | % | ||||||||||
| Finance leases | 5.9 | % | 5.9 | % | ||||||||||
Future minimum lease payments under non-cancelable lease agreements as of December 31, 2025, were as follows (in millions):
| Fiscal Year | Operating Leases | Financing Leases | ||||||||||||
| 2026 | $ | 65 | $ | 27 | ||||||||||
| 2027 | 78 | 20 | ||||||||||||
| 2028 | 81 | — | ||||||||||||
| 2029 | 82 | — | ||||||||||||
| 2030 | 80 | — | ||||||||||||
| Thereafter | 680 | — | ||||||||||||
| Total minimum lease payments | 1,066 | 47 | ||||||||||||
| Less amounts representing interest | (396) | (2) | ||||||||||||
| Present value of lease liabilities | $ | 670 | $ | 45 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.