# EDGAR Filing Document

**Accession Number:** 0001682852
**File Stem:** 0001140361-25-040821
**Filing Date:** 2025-11
**Character Count:** 9028
**Document Hash:** b77d905f3a0334e1f97bd6941af5cbaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-040821.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001140361-25-040821

**CONFORMED SUBMISSION TYPE**: SC TO-C

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Moderna, Inc.
- **CENTRAL INDEX KEY:** 0001682852
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 813467528
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90749
- **FILM NUMBER:** 251459559

**BUSINESS ADDRESS:**
- **STREET 1:** 325 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 6177146500

**MAIL ADDRESS:**
- **STREET 1:** 325 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Moderna Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20160822
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Moderna, Inc.
- **CENTRAL INDEX KEY:** 0001682852
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 813467528
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-C

**BUSINESS ADDRESS:**
- **STREET 1:** 325 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 6177146500

**MAIL ADDRESS:**
- **STREET 1:** 325 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Moderna Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20160822

#### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### SCHEDULE TO

#### TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### (Amendment No.  )

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## Moderna, Inc.

#### (Name of Subject Company (Issuer) and Filing Person (as Offeror))

#### Options to Purchase Common Stock, par value $0.0001 per share

#### (Title of Class of Securities)

#### 60770K107

#### (CUSIP Number of Class of Securities)

#### Stéphane Bancel

#### Chief Executive Officer

#### Moderna, Inc.

#### 325 Binney Street

#### Cambridge, Massachusetts 02142
(617) 714-6500

#### (Name, address, and telephone number of person authorized to receive notices and communications on behalf of filing persons)

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#### CALCULATION OF FILING FEE

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| | |
|:---|:---|
| **Transaction Value (1)** | **Amount of Filing Fee (2)** |
| N/A | N/A |

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\* Pursuant to General Instruction D to Schedule TO, a filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer.

☐ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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| | |
|:---|:---|
| Amount Previously Paid: Not applicable. | Filing Party: Not applicable. |
| Form or Registration No.: Not applicable. | Date Filed: Not applicable. |

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☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer) <br> ☐ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

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Attached are communications presented to employees of Moderna, Inc., a Delaware corporation (the "Company"), first made available on November 6, 2025 (the "Employee Communications"), related to the proposed stock option exchange program that would allow certain employees who are not executive officers to exchange significantly out-of-the-money or "underwater" stock options, meaning outstanding stock options that have an exercise price that is significantly greater than the market price for the Company's common stock, for the issuance of new stock options that will be exercisable for fewer shares of the Company's common stock, with an exercise price equal to the fair market value of the Company's common stock on the grant date of the new stock options and with new vesting terms (the "Option Exchange Program"). The Option Exchange Program is subject to Moderna shareholder approval at a Special Meeting of Shareholders to be held on November 12, 2025, and is further described in the definitive proxy statement (the "Proxy Statement") that was filed with the Securities and Exchange Commission ("SEC") on October 15, 2025.

***Neither the Proxy Statement nor Employee Communications constitute an offer to holders of the Company's outstanding stock options to exchange those options. The Option Exchange Program will only be implemented, if at all, if the Company's shareholders first approve the Option Exchange Program.***

***The Option Exchange Program has not yet commenced. Even if shareholder approval is obtained, the Company may decide not to implement the Option Exchange Program. The Company will file a Tender Offer Statement on Schedule TO with the SEC if and when the Option Exchange Program commences. Option holders should read the Tender Offer Statement on Schedule TO and other related materials when those materials become available, because they will contain important information about the Option Exchange Program.***

***The Company's shareholders and option holders will be able to obtain the written materials described above and the other documents filed by the Company with the SEC free of charge from the SEC's website at www.sec.gov or by directing a written request to: Corporate Secretary, at 325 Binney Street, Cambridge, Massachusetts 02142.***

#### Item 12. Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| [99.1](ny20056248x4_ex99-1.htm) | Slides from November 6, 2025 Town Hall |

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## Exhibit 99.1

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**Exhibit 99.1**

![](ny20056248x4_ex99-1slide1.jpg)

Stock Option Exchange Program Many of the stock options previously granted are currently underwater — no longer having the value we intended when granted This proposed Stock Option Exchange Program gives employees the choice to trade in eligible old options for fewer new ones, priced at market value on the new grant date – restoring the opportunity for growth as Moderna grows Outstanding stock options with grant prices of $80 or higher are eligible for exchange This is a one-time, voluntary program — designed to be fair, transparent, and forward-looking A reflection of our commitment to retain, motivate, and reward our team for the incredible work you do every day 1 This communication is not an offer to exchange any options. The option exchange has not yet commenced, and there can be no assurance that it will be implemented even if it is approved by Moderna shareholders. Moderna will file a Tender Offer Statement on Schedule TO with the SEC if and when the option exchange commences. If Moderna commences the option exchange, we will provide employees who are eligible to participate in the exchange program with written materials explaining the precise terms and timing of the program. The new option grant date and end of the tender offer period is subject to change. You should read these materials carefully when they become available, because they will contain important information about the option exchange. You will also be able to obtain the tender offer statement and other documents filed by Moderna with the SEC free of charge from the SEC's website at www.sec.gov. An Investment in You, Renewing Our Shared Ownership

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![](ny20056248x4_ex99-1slide2.jpg)

Making Your Exchange Decision – Timing & Resources Key Dates Special Shareholder Meeting & Vote on the Proposal: Wednesday, Nov. 12, 2025 Exchange Window Opens: Thursday, Nov. 13, 2025, at 9:00 AM EST Exchange Window Closes: Friday, Dec. 12, 2025, at 3:59 PM EST New Grant Date & Price for Exchanged Options: Friday, Dec. 12, 2025; closing stock price on this day Resources on myModerna (go/optionexchange) to help you make the decision that is right for you 2 Visit the exchange portal (fidelitymicrosite.com/ModernaExchange) to make your selection(s) during the open window

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