# EDGAR Filing Document

**Accession Number:** 0001682852
**File Stem:** 0001682852-25-000044
**Filing Date:** 2025-8
**Character Count:** 153196
**Document Hash:** afc7594da690ff190ae7fef7283f5174
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001682852-25-000044.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001682852-25-000044

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 91

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38753
- **FILM NUMBER:** 251176129

**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

?xml version='1.0' encoding='ASCII'? mrna-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

---

| | |
|:---|:---|
| **FORM** | **10-Q** |

---

**(Mark One)**

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025** 

**OR**

☐**&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _ to _** 

**Commission File Number: 001-38753**![modernalogoa04.jpg](mrna-20250630_g1.jpg)

**Moderna, Inc.** 

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **81-3467528** |
| (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
| **325 Binney Street** | **325 Binney Street** | |
| **Cambridge,** | **Massachusetts** | **02142** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

**(617) 714-6500** 

**(Registrant's Telephone Number, Including Area Code)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.0001 per share | MRNA | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. **Yes** ☒&nbsp;&nbsp;&nbsp;&nbsp;**No ☐**

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). **Yes** ☒ **No ☐**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer □ | Non-accelerated filer □ | Smaller reporting company | ☐ |
| | | | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). **Yes** ☐ **No** ☒

As of July 25, 2025, there were 389,079,757 shares of the registrant's common stock, par value $0.0001 per share, outstanding.

------

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (Form 10-Q) contains express or implied forward-looking statements. All statements other than those of historical facts contained in this Form 10-Q are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements in this Form 10-Q include, but are not limited to, statements about:

• our ability to drive use of Spikevax, mNEXSPIKE and mRESVIA and to increase market share;

• our ability to execute on our prioritized research and development portfolio;

• our ability to deliver cost efficiency across our business;

• our expectations regarding the size and durability of the commercial COVID and RSV vaccines markets and our ability to effectively compete in such markets, as well as the impact that evolving markets will have on our financial returns;

• expected sales and delivery of our vaccine products in future periods, and expected seasonality for sales;

• anticipated near-term regulatory actions with respect to product candidates in our respiratory virus vaccines portfolio, including potential filings and approvals;

• our ability to obtain and maintain regulatory approval of our product candidates across our portfolio;

• our ability to successfully launch and commercialize our products and the timing of launches;

• the potential of our oncology portfolio;

• our ability and the ability of third parties with whom we contract to successfully manufacture, supply and distribute our COVID or RSV vaccines and any future commercial products at scale, as well as drug substances, delivery vehicles, development candidates, and investigational medicines for preclinical and clinical use;

• financing and funding options we may consider as part of our research and development strategy;

• our ability to successfully contract with third-party suppliers, distributors and manufacturers;

• internal and external costs associated with manufacturing our products, including our COVID or RSV vaccines, and the impact on our cost of sales, and our anticipated cost of sales as a percentage of net product sales;

• the scope of protection we are able to establish and maintain for intellectual property rights, including those covering our commercial products, product candidates and technology, and our expectations regarding pending legal proceedings related to our intellectual property;

• the timing of initiation, progress, completion, results and cost of our clinical trials, preclinical studies and research and development programs, as well as those of our collaborators;

• participant enrollment in our clinical trials, including enrollment demographics and timing;

• potential advantages of mRNA as compared to traditional medicine;

• the implementation of our business model and strategic plans for our business, products, product candidates and technology;

• the pricing and reimbursement of our products, if approved;

• the build out of our manufacturing and commercial operations;

• estimates of our future expenses, revenues and capital requirements;

• our operation and funding requirements, including our forecast of the period of time through which our financial resources will be adequate to support our operations;

------

• the potential benefits of strategic collaboration agreements and our ability to enter into strategic collaborations or other agreements with collaborators with development, regulatory and commercialization expertise;

• our financial performance;

• our tax positions and related tax liabilities;

• legal and regulatory developments in the United States and foreign countries;

• our ability to produce our products or product candidates with advantages in turnaround times or manufacturing cost; and

• developments relating to our competitors and our industry.

Forward-looking statements often contain words such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our operational or financial performance, and involve risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled "Risk Factors" and elsewhere in this Form 10-Q and under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results could differ materially from those expressed or implied by the forward-looking statements.

The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statements, except as required by applicable securities law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q. However, any further disclosures made on related subjects in our subsequent reports filed with the Securities and Exchange Commission should be consulted.

**TRADEMARKS**

This Form 10-Q contains references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to may appear without the <sup>®</sup> or™ symbols, but such references are not intended to indicate that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our reference to other companies' trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**NOTE REGARDING COMPANY REFERENCES**

Unless the context otherwise requires, the terms "Moderna," the "Company," "we," "us" and "our" in this Form 10-Q refer to Moderna, Inc. and its consolidated subsidiaries.

**ADDITIONAL INFORMATION**

Our website, www.modernatx.com, including the Investor Relations section, www.investors.modernatx.com; and corporate blog www.modernatx.com/moderna-blog, and our Statements and Perspectives webpage, https://investors.modernatx.com/Statements--Perspectives/default.aspx; as well as our social media channels: Facebook, www.facebook.com/modernatx; X, www.x.com/moderna_tx (@moderna_tx); LinkedIn, www.linkedin.com/company/modernatx; Instagram (@moderna_tx); and Threads (@moderna_tx) contain a significant amount of information about us, including financial and other information for investors. We encourage investors to visit these websites and social media channels as information is frequently updated and new information is shared. Information contained on our website, corporate blog and social media channels shall not be deemed incorporated into, or be a part of, this Form 10-Q.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| <br>PART I. |  | Page |
| Item 1. | <u>[Financial Statements (Unaudited)](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_13)</u> | <u>[5](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_13)</u> |
|  | <u>[Condensed Consolidated Balance Sheets as of](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)[June](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)[3](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)[0](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)[, 2025 and December 31, 2024](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)</u> | <u>[5](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_16)</u> |
|  | <u>[Condensed Consolidated Statements of Operations for the three](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)[and six](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)[months ended](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)[June 30](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)[, 2025 and 2024](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)</u> | <u>[6](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_19)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Loss for the three](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)[and six](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)[months ended](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)[June 30](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)[, 2025 and 2024](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)</u> | <u>[7](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_25)</u> |
|  | <u>[Condensed Consolidated Statements of Stockholders' Equity for the three](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)[and six](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)[months ended](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)[June 30](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)[, 2025 and 2024](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)</u> | <u>[8](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_28)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows for the](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)[six](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)[months ended](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)[June 30](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)[, 2025 and 2024](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)</u> | <u>[10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_34)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_37)</u> | <u>[11](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_37)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_130)</u> | <u>[28](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_130)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_145)</u> | <u>[39](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_145)</u> |
| Item 4. | <u>[Controls and Procedures](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_148)</u> | <u>[39](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_148)</u> |
| PART II. |  |  |
| Item 1. | <u>[Legal Proceedings](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_154)</u> | <u>[39](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_154)</u> |
| Item 1A. | <u>[Risk Factors](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_157)</u> | <u>[40](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_157)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_160)</u> | <u>[40](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_160)</u> |
| Item 5. | <u>[Other Information](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_166)</u> | <u>[40](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_166)</u> |
| Item 6. | <u>[Exhibits](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_172)</u> | <u>[41](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_172)</u> |
| [SIGNATURES](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_175) |  | <u>[42](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_175)</u> |

---

------

<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**Item 1. Financial Statements**

**MODERNA, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited, in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1279 | $1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3852 | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 36 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 240 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 764 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6171 | 8099 |
| Investments, non-current | 2374 | 2494 |
| Property, plant and equipment, net | 2169 | 2196 |
| Right-of-use assets, operating leases | 750 | 759 |
| Other non-current assets | 546 | 594 |
| Total assets | $12010 | $14142 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $175 | $405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 987 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 218 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 192 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1572 | 2206 |
| Deferred revenue, non-current | 65 | 58 |
| Operating lease liabilities, non-current | 666 | 671 |
| Financing lease liabilities, non-current | 32 | 39 |
| Other non-current liabilities | 276 | 267 |
| Total liabilities | 2611 | 3241 |
| Commitments and contingencies (<u>[Note 11](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_91)</u>) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued or outstanding at June 30, 2025 and December 31, 2024  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2025 and December 31, 2024; 389 and 386 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1127 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 23 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8249 | 10045 |
| Total stockholders' equity | 9399 | 10901 |
| Total liabilities and stockholders' equity | $12010 | $14142 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**MODERNA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited, in millions, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Net product sales | $114 | $184 | $200 | $351 |
| &nbsp;&nbsp;Other revenue | 28 | 57 | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 142 | 241 | 250 | 408 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of sales | 119 | 115 | 209 | 211 |
| &nbsp;&nbsp;Research and development | 700 | 1221 | 1556 | 2284 |
| &nbsp;&nbsp;Selling, general and administrative | 230 | 268 | 442 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1049 | 1604 | 2207 | 3037 |
| Loss from operations | (907) | (1363) | (1957) | (2629) |
| Interest income | 81 | 111 | 171 | 231 |
| Other income (expense), net | 8 | (27) | 4 | (46) |
| Loss before income taxes | (818) | (1279) | (1782) | (2444) |
| Provision for income taxes | 7 |  | 14 | 10 |
| Net loss | $(825) | $(1279) | $(1796) | $(2454) |
| Net loss per share |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | $(2.13) | $(3.33) | $(4.64) | $(6.41) |
| Weighted average common shares used in calculation of net loss per share |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | 388 | 384 | 387 | 383 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**MODERNA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(Unaudited, in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(825) | $(1279) | $(1796) | $(2454) |
| Other comprehensive income, net of tax:&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| Available-for-sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains on available-for-sale securities | 5 | 29 | 21 | 49 |
| &nbsp;&nbsp;&nbsp;Less: net realized (gains) losses on available-for-sale securities reclassified in net loss |  | 1 | (1) | 3 |
| &nbsp;&nbsp;&nbsp;Net increase from available-for-sale securities | 5 | 30 | 20 | 52 |
| Pension and postretirement obligation adjustments | (1) |  | 1 |  |
| Gains on foreign currency translation | 9 |  | 12 |  |
| Total other comprehensive income | 13 | 30 | 33 | 52 |
| Comprehensive loss | $(812) | $(1249) | $(1763) | $(2402) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**MODERNA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Unaudited, in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive Income** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive Income** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| &nbsp;&nbsp;&nbsp;**Balance at March 31, 2025** | 387 | $— | $982 | $10 | $9074 | $10066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted common stock units | 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of options to purchase common stock |  |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan |  |  | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 130 |  |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (825) | (825) |
| &nbsp;&nbsp;&nbsp;**Balance at June 30, 2025** | 389 | $— | $1127 | $23 | $8249 | $9399 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| &nbsp;&nbsp;&nbsp;**Balance at March 31, 2024** | 383 | $— | $487 | $(101) | $12431 | $12817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of options to purchase common stock | 1 |  | 22 |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan |  |  | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 112 |  |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  | 30 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (1279) | (1279) |
| &nbsp;&nbsp;&nbsp;**Balance at June 30, 2024** | 384 | $— | $631 | $(71) | $11152 | $11712 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive (Loss) Income** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive (Loss) Income** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| &nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | 386 | $— | $866 | $(10) | $10045 | $10901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted common stock | 3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of options to purchase common stock |  |  | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payments related to net share settlements on equity awards |  |  | (1) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan |  |  | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 245 |  |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  | 33 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (1796) | (1796) |
| &nbsp;&nbsp;&nbsp;**Balance at June 30, 2025** | 389 | $— | $1127 | $23 | $8249 | $9399 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Retained Earnings** | **Total<br>Stockholders'<br>Equity** |
| &nbsp;&nbsp;&nbsp;**Balance at December 31, 2023** | 382 | $— | $371 | $(123) | $13606 | $13854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted common stock | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of options to purchase common stock | 1 |  | 37 |  |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan |  |  | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 213 |  |  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  | 52 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (2454) | (2454) |
| &nbsp;&nbsp;&nbsp;**Balance at June 30, 2024** | 384 | $— | $631 | $(71) | $11152 | $11712 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**MODERNA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited, in millions)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net loss | $(1796) | $(2454) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 245 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 96 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization/accretion of investments | (37) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on equity investments, net | 8 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 36 | 7 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 310 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (150) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (122) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets, operating leases | 19 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (203) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (395) | (464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 68 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (10) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (25) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1956) | (2263) |
| **Investing activities** |  |  |
| Purchases of marketable securities | (3059) | (3390) |
| Proceeds from maturities of marketable securities | 3424 | 3536 |
| Proceeds from sales of marketable securities | 1059 | 1999 |
| Purchases of property, plant and equipment | (120) | (378) |
| Purchase of intangible asset | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 1294 | 1767 |
| **Financing activities** |  |  |
| Proceeds from issuance of common stock through equity plans | 17 | 47 |
| Tax payments related to net share settlements on equity awards | (1) |  |
| Changes in financing lease liabilities | (3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 13 | 48 |
| Effect of changes in exchange rates on cash and cash equivalents | 1 |  |
| Net decrease in cash, cash equivalents and restricted cash | (648) | (448) |
| Cash, cash equivalents and restricted cash, beginning of year | 1929 | 2928 |
| Cash, cash equivalents and restricted cash, end of period | $1281 | $2480 |
| **Non-cash investing and financing activities** |  |  |
| Purchases of property and equipment included in accounts payable and accrued liabilities | $47 | $86 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**MODERNA, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**1. Description of the Business**

Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our or the Company) is a biotechnology company advancing a new class of medicines made of messenger RNA (mRNA). mRNA medicines are designed to direct the body's cells to produce intracellular, membrane or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing medicines across four franchises: respiratory virus vaccines, latent and other virus vaccines, oncology therapeutics and rare disease therapeutics.

We have three commercial products—Spikevax<sup>®</sup>, our original COVID vaccine, mRESVIA<sup>®</sup>, our vaccine against respiratory syncytial virus (RSV), and mNEXSPIKE<sup>®</sup>, our next-generation COVID vaccine. mNEXSPIKE, our newest commercial product, was approved by the U.S. Food and Drug Administration (FDA) in May 2025 for individuals aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. In June 2025, the FDA approved mRESVIA for adults aged 18 through 59 years who are at increased risk for RSV disease, expanding the previous indication for mRESVIA for adults 60 years and older. In July 2025, the FDA approved Spikevax for children six months through 11 years who are at increased risk for COVID-19 disease, expanding the previous indication for Spikevax for individuals 12 years and older.

We have a diverse and extensive development pipeline of 30 development candidates across our 39 development programs, of which 35 are in clinical studies currently.

**2. Summary of Basis of Presentation and Recent Accounting Standards**

***Basis of Presentation and Principles of Consolidation***

The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2024 Form 10-K.

The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Except for (1) the revision to the estimated useful lives of certain manufacturing equipment (refer to "Use of Estimates" below), and (2) updates to our approach for estimating the expected term of stock options and the removal of peer company data in determining expected volatility for stock-based compensation (refer to Note 12), the significant accounting policies used in the preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2025 are consistent with those described in our 2024 Form 10-K. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. We anticipate seasonal fluctuations in demand for our COVID and RSV vaccines, with higher sales expected during the fall and winter seasons.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

***Use of Estimates***

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Changes in our estimates are recorded in the financial results of the period in which the new information becomes available. The actual results that we experience may differ materially from our estimates.

Effective January 1, 2025, we revised the estimated useful life of certain manufacturing equipment from five years to a range of five to twelve years. This change followed an assessment completed in connection with the expansion of our internal manufacturing capabilities and reflects the expected economic utility of the equipment. The change was accounted for prospectively, with carrying values depreciated over their revised remaining useful lives. As a result, depreciation expense and net loss for the three and six months ended June 30, 2025 decreased by an immaterial amount.

***Comprehensive Income (Loss)***

Comprehensive income (loss) includes net income (loss) and other comprehensive income/loss for the period. Other comprehensive income/loss consists of unrealized gains/losses on our investments, derivatives designated as hedging instruments, foreign currency translation, and pension and postretirement obligation adjustments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive loss.

The components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unrealized Gains on Available-for-Sale Debt Securities** | **Pension and Postretirement Obligation Adjustments** | **Losses on Foreign Currency Translation** | **Total** |
| Accumulated other comprehensive loss, balance at December 31, 2024 | $10 | $(12) | $(8) | $(10) |
| &nbsp;&nbsp;Other comprehensive income | 15 | 2 | 3 | 20 |
| Accumulated other comprehensive income, balance at March 31, 2025 | 25 | (10) | (5) | 10 |
| &nbsp;&nbsp;Other comprehensive income | 5 | (1) | 9 | 13 |
| Accumulated other comprehensive income, balance at June 30, 2025 | $30 | $(11) | $4 | $23 |

---

***Restricted Cash***

We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Cash and cash equivalents | $1279 | $2478 |
| Restricted cash<sup>(1)</sup> | 1 |  |
| Restricted cash, non-current<sup>(2)</sup> | 1 | 2 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated<br>&nbsp;&nbsp;&nbsp;&nbsp;statements of cash flows | $1281 | $2480 |

---

_______

<sup>(1)</sup> Included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

<sup>(2)</sup> Included in other non-current assets in the condensed consolidated balance sheets.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

***Recently Issued Accounting Standards***

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Except as noted below, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. Additionally, it requires an annual disclosure of income taxes paid, net of refunds, categorized by jurisdiction based on a quantitative threshold. The ASU is effective on a prospective basis for fiscal years beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We plan to adopt this standard in the fourth quarter of 2025 and expect to expand our income tax disclosures in our Annual Report on Form 10-K for the fiscal year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires entities to disclose, on an annual and interim basis, disaggregated information in the footnotes related to certain expense categories included in income statement line items. Specifically, entities are expected to provide tabular disclosures for prescribed categories such as inventory purchases, employee compensation, depreciation, and intangible asset amortization for each relevant expense caption. The standard also requires disclosure of total selling expenses and a definition of those expenses in annual filings. Any remaining amounts not quantitatively disclosed are expected to be described qualitatively. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption permitted, and the standard may be applied on a prospective or retrospective basis. We are currently assessing the impact that this new accounting standard will have on our consolidated financial statement disclosures.

**3. Net Product Sales**

Net product sales by customer geographic location were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| United States | $88 | $162 | $119 | $262 |
| Europe |  |  |  |  |
| Rest of world | 26 | 22 | 81 | 89 |
| Total | $114 | $184 | $200 | $351 |

---

Net product sales by product were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| COVID | $114 | $184 | $198 | $351 |
| RSV |  |  | 2 |  |
| Total | $114 | $184 | $200 | $351 |

---

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

As of June 30, 2025, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for RSV disease. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. As of June 30, 2025, we had not yet launched commercial sales of mNEXSPIKE.

We sell our COVID vaccine to the commercial market as well as to foreign governments and international organizations. We launched commercial sales of our RSV vaccine in the third quarter of 2024. In the U.S., our COVID and RSV vaccines are sold to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.

The following table summarizes product sales provision for the periods presented (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross product sales | $176 | $191 | $281 | $413 |
| Product sales provision: |  |  |  |  |
| &nbsp;&nbsp;Wholesaler chargebacks, discounts and fees | (62) | 22 | (84) |  |
| &nbsp;&nbsp;Returns, rebates and other fees |  | (29) | 3 | (62) |
| Total product sales provision | $(62) | $(7) | $(81) | $(62) |
| Net product sales | $114 | $184 | $200 | $351 |

---

The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2025 (in millions):

---

| | |
|:---|:---|
| | **Returns and other fees** |
| Balance at December 31, 2024 | $(370) |
| &nbsp;&nbsp;Provision related to sales made in current period | (24) |
| &nbsp;&nbsp;Provision related to sales made in prior periods | 27 |
| &nbsp;&nbsp;Payments and returns related to sales made in current period | 3 |
| &nbsp;&nbsp;Payments and returns related to sales made in prior year | 56 |
| Balance at June 30, 2025 | $(308) |

---

Prior to the launch of our commercial market sales, we sold our COVID vaccine primarily to the U.S. Government, foreign governments and international organizations. The agreements and related amendments with these entities generally do not include variable consideration, such as discounts, rebates or returns. Certain of these agreements entitle us to upfront deposits for our COVID vaccine supply, initially recorded as deferred revenue.

As of June 30, 2025 and December 31, 2024, we had deferred revenue of $221 million and $188 million, respectively, related to customer deposits for our COVID vaccine. We expect $156 million of our deferred revenue related to customer deposits as of June 30, 2025 to be realized in less than one year. Timing of product delivery and manufacturing, and receipt of marketing approval for the applicable COVID vaccine will determine the period in which product sales are recognized.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**4. Other Revenue**

The following table summarizes other revenue for the periods presented (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Grant revenue | $5 | $20 | $6 | $20 |
| Collaboration revenue (<u>[Note 5](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_58)</u>) | 4 | 7 | 5 | 7 |
| Licensing and royalty revenue | 2 | 30 | 10 | 30 |
| Other revenue  | 17 |  | 29 |  |
| &nbsp;&nbsp;Total other revenue | $28 | $57 | $50 | $57 |

---

***Grant Revenue***

In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of our original COVID vaccine, mRNA-1273. The agreement has been subsequently amended to provide for additional commitments to support various late-stage clinical development efforts of our original COVID vaccine, including a 30,000 participant Phase 3 study, pediatric clinical trials, adolescent clinical trials and pharmacovigilance studies. The maximum award from BARDA, inclusive of all amendments, was approximately $1.8 billion. All contract options have been exercised. The BARDA contract concluded on June 15, 2025, upon completion of all contractual deliverables. We accrued and recognized revenue through that date for eligible costs incurred in accordance with the agreement. As of June 30, 2025, the remaining available funding, net of revenue earned, was approximately $66 million. While this funding remains available, we do not expect to recognize material additional revenue, as the contract has concluded and all obligations have been fulfilled. Final billing and closeout activities are ongoing and may result in immaterial adjustments to the recognized revenue amount.

In June 2024, we were awarded up to $176 million through the Rapid Response Partnership Vehicle (RRPV), funded by BARDA, to accelerate the development of mRNA-based pandemic influenza vaccines. The project award was intended to support the late-stage development of an mRNA-based vaccine to enable the licensure of a pre-pandemic vaccine against the H5 influenza virus. This subtype of the influenza virus causes a highly infectious and severe disease in birds known as avian influenza and poses a risk of spillover into the human population. The agreement also included additional options to prepare for and accelerate responses to future public health threats. In January 2025, we were awarded up to $590 million through the RRPV, funded by BARDA, to support the continued late-stage development and licensure of mRNA-based pre-pandemic influenza vaccines, including expanded clinical studies for up to five additional subtypes of pandemic influenza. This funding built on the scope of the June 2024 funding related to the H5 influenza virus and expanded the program to cover additional influenza subtypes. In May 2025, we received notice from HHS that the award for late-stage development and the right to purchase pre-pandemic influenza vaccines would be terminated. Revenue recognized related to this agreement was immaterial as of June 30, 2025.

***Licensing and Royalty Revenue*** 

In April 2024, we entered a non-exclusive out-licensing agreement with a pharmaceutical company based in Japan for mRNA COVID-related intellectual property for the territory of Japan. Under the terms of the agreement, we received an upfront payment of $50 million, which included a $20 million prepayment creditable against future royalties. Additionally, we are entitled to receive low double-digit royalties on the net sales of the company's COVID product. Upon execution of the agreement, we recognized $30 million of the upfront payment as other revenue in our condensed consolidated statements of operations. The remaining $20 million was recorded as deferred revenue in our condensed consolidated balance sheets and recognized as royalty revenue as the underlying sales occurred. In accordance with the terms of the agreement, the $20 million was fully recognized by the end of the first quarter of 2025.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

***Other Revenue***

We have entered into long-term strategic agreements with certain government entities to establish domestic mRNA manufacturing capabilities and support pandemic readiness. Under these agreements, we are required to build and maintain manufacturing facilities and to supply vaccines in accordance with minimum spend commitments or annual demand forecasts established by the respective governments. A portion of the total consideration under each agreement is allocated to a stand-ready obligation to maintain manufacturing readiness and is recognized as other revenue on a straight-line basis over the contractual period. The remaining consideration is related to our obligation to supply vaccines and will be recognized as product sales when control of the vaccines transfers upon delivery.

**5. Collaboration Agreements and Research and Development Funding Arrangement**

***Merck – Personalized mRNA Cancer Vaccines (Individualized Neoantigen Therapy)***

In June 2016, we entered into a Collaboration and License Agreement for the development and commercialization of personalized mRNA cancer vaccines (also known as INT) with Merck & Co., Inc. (Merck). This agreement was subsequently amended and restated in 2018. Our role in this strategic alliance involves identifying genetic mutations in a particular patient's tumor cells, synthesizing mRNA for these mutations, encapsulating the mRNA in one of our proprietary lipid nanoparticles (LNPs), and administering a unique mRNA INT to each patient. Each INT is designed to specifically activate the patient's immune system against her or his own cancer cells. INT has recently been assigned the generic name intismeran autogene.

In September 2022, Merck exercised its option for INT, including mRNA-4157, pursuant to the terms of the agreement and in October 2022 paid us an option exercise fee of $250 million. Following this exercise, the Merck Participation Term commenced. Pursuant to the agreement, we and Merck have agreed to collaborate on development and potential commercialization of INT, with costs and any profits or losses generally shared equally on a worldwide basis, subject to certain exceptions as outlined in the agreement. We concluded that the collaboration arrangement under the Merck Participation Term is within the scope of ASC 808. For the three and six months ended June 30, 2025, we recognized expenses, net of Merck's reimbursements, of $99 million and $203 million, respectively, related to the INT collaboration under the Merck Participation Term. For the three and six months ended June 30, 2024 these expenses were $95 million and $171 million, respectively.

Additionally, for the three and six months ended June 30, 2025, the net cost recovery for capital expenditures was $6 million and $18 million, respectively. For the three and six months ended June 30, 2024, this amount was $33 million and $57 million, respectively. These amounts were applied to reduce the capitalized cost of the assets.

We have other collaborative and licensing arrangements that we do not consider to be individually significant to our business at this time. Pursuant to these agreements, we may be required to make upfront payments and payments upon achievement of various development, regulatory and commercial milestones, which in the aggregate could be significant. Future milestone payments, if any, will be reflected in our consolidated financial statements when the corresponding events have occurred. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized.

***Development and Commercialization Funding Arrangement with Blackstone Life Sciences (Blackstone)***

In March 2024, we entered into a development and commercialization funding arrangement with Blackstone, under which Blackstone has committed to providing up to $750 million in funding to us. This funding supports the development of our investigational mRNA-based influenza vaccine. Contingent upon regulatory approval in the U.S. and only if the approval is dependent on data from the funded activities, Blackstone will be entitled to receive low single-digit percentage royalties and up to $750 million in sales milestone payments. These payments are based on net sales of our future influenza and combination vaccines, with sales milestone payments contingent upon achieving specified cumulative net sales targets.

Given the substantive transfer of financial risk to Blackstone, we account for this arrangement as an obligation to conduct research and development activities. The funding is recognized as a reduction to the expenses of our mRNA-based influenza program. This reduction is recognized proportionally as the related costs are incurred, based on an input method. For the three and six months ended June 30, 2025, we recorded research and development expense reductions of $160 million and $250 million, respectively. We recorded immaterial research and development expense reductions during the three and six months ended June 30, 2024.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**6. Financial Instruments**

***Cash and Cash Equivalents and Investments***

The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of June 30, 2025 and December 31, 2024 (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Amortized<br>Cost** | **Unrealized<br>Gains** | **Unrealized<br>Losses** | **Estimated Fair Value** | **Cash and<br>Cash<br>Equivalents** | **Current<br>Marketable<br>Securities** | **Non-<br>Current<br>Marketable<br>Securities** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1279 | $— | $— | $1279 | $1279 | $— | $— |
| &nbsp;&nbsp;&nbsp;Available-for-sale: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 90 |  |  | 90 |  | 90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury bills | 957 |  |  | 957 |  | 957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury notes | 2484 | 3 | (6) | 2481 |  | 1388 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | 2623 | 5 | (3) | 2625 |  | 1356 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government debt securities | 73 |  |  | 73 |  | 61 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $7506 | $8 | $(9) | $7505 | $1279 | $3852 | $2374 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized<br>Cost** | **Unrealized<br>Gains** | **Unrealized<br>Losses** | **Estimated Fair Value** | **Cash and<br>Cash<br>Equivalents** | **Current<br>Marketable<br>Securities** | **Non-<br>Current<br>Marketable<br>Securities** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1927 | $— | $— | $1927 | $1927 | $— | $— |
| &nbsp;&nbsp;&nbsp;Available-for-sale: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 52 |  |  | 52 |  | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury bills | 786 |  |  | 786 |  | 786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury notes | 3048 | 3 | (15) | 3036 |  | 1958 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | 3590 | 3 | (13) | 3580 |  | 2172 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government debt securities | 138 |  |  | 138 |  | 130 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $9541 | $6 | $(28) | $9519 | $1927 | $5098 | $2494 |

---

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of June 30, 2025 and December 31, 2024 were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
| | **Amortized<br>Cost** | **Estimated<br>Fair Value** |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $3852 | $3852 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 2375 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6227 | $6226 |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Estimated<br>Fair Value** |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $5106 | $5098 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 2508 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $7614 | $7592 |

---

In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation.

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Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three and six months ended June 30, 2025 and 2024. We did not record any credit-related allowance for available-for-sale securities as of June 30, 2025 and December 31, 2024.

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position as of June 30, 2025 and December 31, 2024 (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Gross Unrealized Losses** | **Estimated Fair Value** | **Gross Unrealized Losses** | **Estimated Fair Value** | **Gross Unrealized Losses** | **Estimated Fair Value** |
| As of June 30, 2025: |  |  |  |  |  |  |
| U.S. treasury bills | $— | $708 | $— | $— | $— | $708 |
| U.S. treasury notes | (1) | 675 | (5) | 270 | (6) | 945 |
| Corporate debt securities | (1) | 591 | (2) | 289 | (3) | 880 |
| Government debt securities |  | 22 |  | 8 |  | 30 |
| Total | $(2) | $1996 | $(7) | $567 | $(9) | $2563 |
| As of December 31, 2024: |  |  |  |  |  |  |
| U.S. treasury bills | $— | $101 | $— | $— | $— | $101 |
| U.S. treasury notes | (2) | 729 | (13) | 960 | (15) | 1689 |
| Corporate debt securities | (4) | 843 | (9) | 1646 | (13) | 2489 |
| Government debt securities |  |  |  | 37 |  | 37 |
| Total | $(6) | $1673 | $(22) | $2643 | $(28) | $4316 |

---

As of June 30, 2025 and December 31, 2024, we held 140 and 252 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity.

***Assets and Liabilities Measured at Fair Value on a Recurring Basis***

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Fair value at June 30, 2025** | **Fair Value Measurement Using** | **Fair Value Measurement Using** |
| | **Fair value at June 30, 2025** | **Level 1** | **Level 2** |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market funds | $649 | $649 | $— |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 90 |  | 90 |
| &nbsp;&nbsp;&nbsp;U.S. treasury bills | 1160 |  | 1160 |
| &nbsp;&nbsp;&nbsp;U.S. treasury notes | 2487 |  | 2487 |
| &nbsp;&nbsp;&nbsp;Corporate debt securities | 2899 |  | 2899 |
| &nbsp;&nbsp;&nbsp;Government debt securities | 73 |  | 73 |
| &nbsp;&nbsp;&nbsp;Equity investments<sup>(1)</sup> | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 2 |  | 2 |
| Total | $7366 | $655 | $6711 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments | $7 | $— | $7 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Fair value at December 31, 2024** | **Fair Value Measurement Using** | **Fair Value Measurement Using** |
| | **Fair value at December 31, 2024** | **Level 1** | **Level 2** |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market funds | $1195 | $1195 | $— |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 52 |  | 52 |
| &nbsp;&nbsp;&nbsp;U.S. treasury bills | 1016 |  | 1016 |
| &nbsp;&nbsp;&nbsp;U.S. treasury notes | 3036 |  | 3036 |
| &nbsp;&nbsp;&nbsp;Corporate debt securities | 3763 |  | 3763 |
| &nbsp;&nbsp;&nbsp;Government debt securities | 138 |  | 138 |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>(1)</sup> | 14 | 14 |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 10 |  | 10 |
| Total | $9224 | $1209 | $8015 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments | $2 | $— | $2 |

---

_______

<sup>(1)</sup> Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other income (expense), net, in our condensed consolidated statements of operations.

As of June 30, 2025 and December 31, 2024, we did not have non-financial assets or liabilities measured at fair value on a recurring basis and did not have any Level 3 financial assets or financial liabilities.

For the three and six months ended June 30, 2025, we did not recognize a net gain and recognized a net loss of $8 million, respectively, on equity investments from changes in fair value of the securities. For the three and six months ended June 30, 2024, we recognized net losses of $22 million and $35 million, respectively, on equity investments from changes in fair value of the securities.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**7. Inventory**

Inventory as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Raw materials | $83 | $63 |
| Work in progress | 112 | 26 |
| Finished goods | 45 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory | $240 | $117 |
| Inventory, non-current<sup>(1)</sup> | $127 | $150 |

---

_______

<sup>(1)</sup> Consisted of raw materials with an anticipated consumption beyond one year. Inventory, non-current is included in other non-current assets in the condensed consolidated balance sheets.

Inventory write-downs as a result of excess, obsolescence, scrap or other reasons, and losses on firm purchase commitments are recorded as a component of cost of sales in our condensed consolidated statements of operations. For the three and six months ended June 30, 2025, inventory write-downs were $38 million and $80 million, respectively. For the three and six months ended June 30, 2024, inventory write-downs were $14 million and $44 million, respectively. For the three and six months ended June 30, 2025, losses on firm purchase commitments were $7 million and $17 million, respectively. For the three and six months ended June 30, 2024, there were no losses on firm purchase commitments. Inventory write-downs were mainly related to inventory in excess of expected demand and shelf-life expiration. Losses on firm purchase commitments were primarily related to excess raw material purchase commitments that will expire before the anticipated consumption of those raw materials. As of June 30, 2025 and December 31, 2024, the accrued liability for losses on firm future purchase commitments in our condensed consolidated balance sheets was $14 million and $60 million, respectively.

In May 2025, the FDA approved mNEXSPIKE (mRNA-1283), our next-generation COVID-19 vaccine, and we began to capitalize mRNA-1283 inventory. As of June 30, 2025 and December 31, 2024, we had inventory on hand of $367 million and $267 million, respectively, inclusive of inventory for our COVID and RSV vaccines. Our raw materials and work-in-progress inventory have variable shelf lives. We expect that the majority of this inventory will be consumed over the next three years. The shelf life of our original COVID vaccine, mRNA-1273, is nine to twelve months. Our next-generation COVID vaccine, mRNA-1283, has a shelf life of twelve months. The shelf life of our RSV vaccine is eighteen months.

**8. Property, Plant and Equipment, Net** 

Property, plant and equipment, net, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Land and land improvements | $59 | $59 |
| Building and building improvements | 798 | 743 |
| Manufacturing and laboratory equipment | 433 | 344 |
| Leasehold improvements | 264 | 207 |
| Furniture, fixtures and other | 32 | 31 |
| Computer equipment and software | 161 | 150 |
| Construction in progress | 913 | 1057 |
| Right-of-use assets, financing (<u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u>) | 132 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2792 | 2723 |
| Less: Accumulated depreciation | (623) | (527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | $2169 | $2196 |

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

Depreciation and amortization expense related to property, plant and equipment for the three and six months ended June 30, 2025 was $56 million and $94 million, respectively. Depreciation and amortization expense related to property, plant and equipment for the three and six months ended June 30, 2024 was $40 million and $75 million, respectively.

**9. Other Balance Sheet Components**

***Accounts Receivable, net***

Accounts receivable, net, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Accounts receivable | $260 | $698 |
| Less: Wholesalers chargebacks, discounts and fees | (212) | (340) |
| Less: Allowance for doubtful accounts  | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | $36 | $358 |

---

***Prepaid Expenses and Other Current Assets***

Prepaid expenses and other current assets, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Research and development funding receivable (<u>[Note 5](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_58)</u>) | $191 | $— |
| Prepaid services | 150 | 173 |
| Down payments and prepayments related to manufacturing and materials | 96 | 106 |
| Income tax receivable | 71 | 72 |
| Grant receivable | 61 | 20 |
| Interest receivable | 47 | 59 |
| Prepaid income tax | 40 | 28 |
| Value added tax receivable | 31 | 45 |
| Collaboration receivable | 20 | 58 |
| Other current assets | 57 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | $764 | $599 |

---

***Other Non-Current Assets***

Other non-current assets, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Inventory, non-current<sup>(1)</sup> | $127 | $150 |
| Down payments and prepayments, non-current | 111 | 139 |
| Income tax receivable, non-current | 99 | 97 |
| Deferred tax assets | 81 | 81 |
| Goodwill | 52 | 52 |
| Finite-lived intangible asset | 48 | 40 |
| Equity investments | 6 | 14 |
| Other | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | $546 | $594 |

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_______

<sup>(1)</sup> Consisted of raw materials with an anticipated consumption beyond one year.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

***Accrued Liabilities***

Accrued liabilities, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Provisions related to product sales (<u>[Note 3](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_46)</u>) | $308 | $370 |
| Compensation-related | 197 | 312 |
| Manufacturing | 152 | 109 |
| Development operations | 108 | 120 |
| Other external goods and services | 63 | 131 |
| Property, plant and equipment | 47 | 99 |
| Clinical trials | 38 | 94 |
| Raw materials | 30 | 41 |
| Commercial | 24 | 45 |
| Loss on future firm purchase commitments<sup>(1)</sup> | 14 | 60 |
| Royalties | 6 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | $987 | $1427 |

---

______

<sup>(1)</sup> Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases (<u>[Note 7](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_70)</u>).

***Other Current Liabilities***

Other current liabilities, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Estimated reimbursements to wholesalers and distributors | $118 | $103 |
| Lease liabilities - financing (<u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u>) | 27 | 23 |
| Lease liabilities - operating (<u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u>) | 16 | 14 |
| Research and development funding liability (<u>[Note 5](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_58)</u>) |  | 58 |
| Other | 31 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | $192 | $221 |

---

***Other Non-Current Liabilities***

Other non-current liabilities, as of June 30, 2025 and December 31, 2024 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Tax liabilities | $237 | $231 |
| Other | 39 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | $276 | $267 |

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***Deferred Revenue***

The following table summarizes the activities in deferred revenue for the six months ended June 30, 2025 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **Additions** | **Deductions** | **June 30, 2025** |
| Net product sales | $188 | $84 | $(51) | $221 |
| Other revenue | 23 | 64 | (25) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred revenue | $211 | $148 | $(76) | $283 |

---

**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 lease various parcels of land, office, lab, and manufacturing spaces across the globe for our business operations.

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. The MSC, comprising approximately 462,000 square feet, includes our principal executive office and additional office and laboratory spaces. The MSC lease commenced in the third quarter of 2023 and has a term of 15 years, with options for two additional seven-year extensions. The MTC is a multiple-building campus spanning approximately 722,000 square feet. It includes laboratory and office space that directly supports our manufacturing operations as well as our commercial and clinical activities. The MTC was previously subject to long-term lease arrangements, and we completed the acquisition of the campus, including the underlying land and buildings, in December 2024.

Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2025 and December 31, 2024 were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Assets: |  |  |
| Right-of-use assets, operating, net<sup>(1) (2)</sup> | $750 | $759 |
| Right-of-use assets, financing, net<sup>(3) (4)</sup> | 53 | 65 |
| Total | $803 | $824 |
| Liabilities: |  |  |
| Current: |  |  |
| &nbsp;&nbsp;Operating lease liabilities<sup>(5)</sup> | $16 | $14 |
| &nbsp;&nbsp;Financing lease liabilities<sup>(5)</sup> | 27 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current lease liabilities | 43 | 37 |
| Non-current: |  |  |
| &nbsp;&nbsp;Operating lease liabilities, non-current | 666 | 671 |
| &nbsp;&nbsp;Financing lease liabilities, non-current | 32 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current lease liabilities | 698 | 710 |
| Total | $741 | $747 |

---

_______

<sup>(1)</sup> These assets are real estate related assets, which include land, office, manufacturing, and laboratory spaces.

<sup>(2)</sup> Net of accumulated amortization.

<sup>(3)</sup> These assets are related to contract manufacturing service agreements.

<sup>(4)</sup> Included in property, plant and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.

<sup>(5)</sup> Included in other current liabilities in the condensed consolidated balance sheets.

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Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2025, were as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year** | **Fiscal Year** | **Operating Leases** | **Financing Leases** |
| 2025 | (remainder of the year) | $29 | $16 |
| 2026 |  | 73 | 27 |
| 2027 |  | 78 | 20 |
| 2028 |  | 81 |  |
| 2029 |  | 82 |  |
| Thereafter | Thereafter | 762 |  |
| Total minimum lease payments | Total minimum lease payments | 1105 | 63 |
| Less amounts representing interest or imputed interest | Less amounts representing interest or imputed interest | (423) | (4) |
| Present value of lease liabilities | Present value of lease liabilities | $682 | $59 |

---

**11. Commitments and Contingencies**

***Legal Proceedings***

We are a party to various legal proceedings and claims. Accruals are recognized for legal matters when a loss is both probable and reasonably estimable. As of June 30, 2025, no material contingent liabilities have been recognized. If a material loss is reasonably possible and we can estimate the amount or range of the loss, we disclose such information. Unless otherwise noted, either the outcome of these matters is not expected to be material, or the potential loss cannot be reasonably estimated.

From time to time, we may be a party to litigation, arbitration, or other legal proceedings in the course of our business. The outcome of such matters is inherently uncertain and often involves significant judgment in assessing risk and estimating potential exposure. While we do not currently expect any pending proceedings to have a material adverse effect on our financial position, results of operations, or cash flows, there can be no assurance that future developments will not have a material impact.

The following summarizes our significant legal proceedings and matters outstanding as of June 30, 2025.

We have brought patent-infringement actions against Pfizer Inc. (Pfizer), BioNTech SE (BioNTech) and related entities in the U.S., Germany, the Netherlands, the UK, Ireland and Belgium concerning our mRNA platform technology and disease-specific vaccine designs. Pfizer and BioNTech have commenced actions or asserted defenses seeking to revoke our patents in these jurisdictions.

Alnylam Pharmaceuticals has filed three complaints against us in the U.S. District Court for the District of Delaware asserting U.S. patents concerning cationic lipids.

Arbutus Biopharma Corporation (Arbutus) and Genevant Sciences GmbH (Genevant) have brought patent-infringement actions against us in the U.S. District Court for the District of Delaware, as well as in Canada, Japan, Switzerland and the Unified Patent Court (UPC) asserting patents concerning lipid nanoparticles.

GlaxoSmithKline Biologicals SA (GSK) has filed two complaints against us in the U.S. District Court for the District of Delaware asserting certain patents owned by GSK. GSK has also filed two patent-infringement lawsuits against us in the UPC concerning liposomes and modified liposomes for RNA delivery.

Northwestern University has filed a complaint against us in the U.S. District Court for the District of Delaware asserting U.S. patents concerning lipid nanoparticle technology.

We are subject to shareholder class action and shareholder derivative litigation pending in the U.S. District Court for the District of Massachusetts related to statements about our RSV vaccine (mRNA-1345).

***Indemnification Obligations***

As permitted under Delaware law, we indemnify our officers, directors, and employees for certain events, occurrences while the officer, or director is, or was, serving at our request in such capacity. The term of the indemnification is for the officer's or director's lifetime.

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We have standard indemnification arrangements in our leases for laboratory and office space that require us to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or non-performance under our leases.

We enter into indemnification provisions under our agreements with counterparties in the ordinary course of business, typically with business partners, contractors, clinical sites and customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited.

Through the three and six months ended June 30, 2025 and the year ended December 31, 2024, we had not experienced any material losses related to these indemnification obligations, and no material claims were outstanding. We do not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

***Purchase Commitments and Purchase Orders*** We enter into agreements in the normal course of business with vendors and contract manufacturing organizations for raw materials and manufacturing services and with vendors for preclinical research studies, clinical trials and other goods or services. As of June 30, 2025, we had $427 million of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2027. As of June 30, 2025, we had $156 million of non-cancelable purchase commitments related to research and development and other goods and services which are expected to be paid through 2028. These amounts represent our minimum contractual obligations, including termination fees.

In addition to purchase commitments, we have agreements with third parties for various goods and services, including services related to clinical operations and support and contract manufacturing, for which we are not contractually able to terminate for convenience and avoid any and all future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind-down costs. Under such agreements, we are contractually obligated to make certain payments to vendors, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. As of June 30, 2025, we had cancelable open purchase orders of $2.2 billion in total under such agreements for our significant clinical operations and support and contract manufacturing. These amounts represent only our estimate of those items for which we had a contractual commitment to pay as of June 30, 2025, assuming we would not cancel these agreements. The actual amounts we pay in the future to the vendors under such agreements may differ from the purchase order amounts.

 ***Licenses to Patented Technology***

We have patent license agreements with Cellscript, LLC and its affiliate, mRNA RiboTherapeutics, Inc., and the National Institute of Allergy and Infectious Diseases (NIAID), an Institute of the National Institutes of Health (NIH). Under these agreements, we are required to pay royalties and certain milestone payments. For further information on our licensing and royalty payments, please refer to our 2024 Form 10-K under the heading "Business—Intellectual Property—In-licensed intellectual property" and Note 11 to our consolidated financial statements contained therein.

In January 2025, we entered into a non-exclusive patent license agreement with NIAID to license certain patent rights related to the development of mRNA-based vaccines for the prevention or treatment of respiratory syncytial virus (RSV) infection. Upon execution of the agreement, we made a total payment of $10 million, which was capitalized as an intangible asset and is amortized to cost of sales on a straight-line basis over the estimated useful life of the licensed patents. In addition, we are obligated to pay low single-digit royalties on future net sales of licensed products.

For the three and six months ended June 30, 2025, we recognized $6 million and $11 million, respectively, of royalty expenses associated with our product sales. For the three and six months ended June 30, 2024, we recognized $10 million and $18 million, respectively, of royalty expenses associated with our product sales. These royalty expenses were recorded to cost of sales in our condensed consolidated statements of operations.

Additionally, we have other in-license agreements with third parties which require us to make future development, regulatory and commercial milestone payments and sales-based royalties for specified products associated with the agreements. The achievement of these milestones have not yet occurred as of June 30, 2025.

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**12. Stock-Based Compensation and Share Repurchase Programs**

***Stock-Based Compensation***

The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Options | $41 | $40 | $80 | $80 |
| Restricted Stock Units (RSUs) | 85 | 67 | 156 | 122 |
| Performance Stock Units (PSUs) | 2 | 3 | 3 | 6 |
| Employee Stock Purchase Plan (ESPP) | 2 | 2 | 6 | 5 |
| Total | $130 | $112 | $245 | $213 |
| Cost of sales | $7 | $6 | $14 | $13 |
| Research and development | 81 | 67 | 150 | 127 |
| Selling, general and administrative | 42 | 39 | 81 | 73 |
| Total | $130 | $112 | $245 | $213 |

---

As of June 30, 2025, there was $908 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 2.1 years as of June 30, 2025.

Effective in the first quarter of 2025, we revised the assumptions used in the Black-Scholes option pricing model for estimating the grant date fair value of stock options. The expected term is estimated using a methodology that combines historical settlement data with a hypothetical settlement pattern for outstanding options, based on estimated time to arrive at-the-money and adjusted for employee departure rates. We also revised our approach for estimating expected volatility by removing peer company data and using a blended measure of our own historical and implied volatility. These updates reflect the increased availability of company-specific data and did not have a material impact on stock-based compensation and our financial statements.

***Share Repurchase Programs***

As of June 30, 2025, $1.7 billion of our Board of Directors' authorization for repurchases of our common stock (the 2022 Repurchase Programs) remains outstanding, with no expiration date. There were no shares repurchased during the three and six months ended June 30, 2025 or 2024.

**13. Income Taxes**

The following table summarizes our income tax expense for the periods presented (in millions, except for percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Loss before income taxes | $(818) | $(1279) | $(1782) | $(2444) |
| Provision for income taxes | $7 | $— | $14 | $10 |
| Effective tax rate | (0.9)% | —% | (0.8)% | (0.4)% |

---

The effective tax rate for the three and six months ended June 30, 2025 was higher than the statutory rate, primarily due to our global valuation allowance, which limits our ability to recognize tax benefits from the loss. The higher effective tax rate was also impacted by certain of our foreign subsidiaries that have taxable income, while we incurred a net loss before income taxes in other jurisdictions. The effective tax rate for the three and six months ended June 30, 2025 was consistent with the same period in 2024, primarily due to the continued maintenance of global valuation allowance. For additional details regarding our deferred tax assets and the policies governing our valuation allowance, please refer to Note 13 to our consolidated financial statements in our 2024 Form 10-K.

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We periodically reassess the need for valuation allowances on our deferred tax assets, considering both positive and negative evidence to evaluate whether it is more likely than not that all or a portion of such assets will not be realized. Significant management judgment is required in assessing the realizability of our deferred tax assets. In the event that actual results differ from our estimates, we adjust our estimates in future periods and we may need to modify our valuation allowance, which could materially impact our financial position and results of operations.

We file U.S. federal income tax returns and income tax returns in various state, local and foreign jurisdictions. As of June 30, 2025, we are under audit in various state and foreign jurisdictions; however, no adjustments to our tax positions have been proposed at this time.

**14. Loss per Share**

The computation of basic earnings (loss) per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and potential dilutive common shares during the period as determined by using the treasury stock method.

Basic and diluted EPS for the three and six months ended June 30, 2025 and 2024 were calculated as follows (in millions, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *Numerator:* |  |  |  |  |
| &nbsp;&nbsp;Net loss | $(825) | $(1279) | $(1796) | $(2454) |
| *Denominator:* |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted weighted-average common shares outstanding | 388 | 384 | 387 | 383 |
| Basic and diluted EPS | $(2.13) | $(3.33) | $(4.64) | $(6.41) |
| Common stock equivalents excluded from the EPS computation above because their inclusion would have been anti-dilutive | 46 | 34 | 46 | 34 |

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**2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited financial information and related notes included in this Form 10-Q and our consolidated financial statements and related notes and other financial information in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the SEC) on February 21, 2025 (the 2024 Form 10-K).* 

**Overview**

We are a biotechnology company advancing a new class of medicines made of messenger RNA (mRNA). mRNA medicines are designed to direct the body's cells to produce intracellular, membrane or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing medicines across four franchises: respiratory virus vaccines, latent and other virus vaccines, oncology therapeutics and rare disease therapeutics.

Since our founding in 2010, we have transformed from a research-stage company advancing programs in the field of mRNA to a commercial enterprise with a diverse clinical portfolio of vaccines and therapeutics across several modalities, a broad intellectual property portfolio and integrated manufacturing capabilities that allow for rapid clinical and commercial production at scale. We have a diverse and extensive development pipeline of 30 development candidates across our 39 development programs, of which 35 are in clinical studies currently.

We have three commercial products—Spikevax<sup>®</sup>, our original COVID vaccine, mRESVIA<sup>®</sup>, our vaccine against respiratory syncytial virus (RSV), and mNEXSPIKE<sup>®</sup>, our next-generation COVID vaccine. mNEXSPIKE, our newest commercial product, was approved by the U.S. Food and Drug Administration (FDA) in May 2025 for individuals aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. In June 2025, the FDA approved mRESVIA for adults aged 18 through 59 years who are at increased risk for RSV disease, expanding the previous indication for mRESVIA for adults 60 years and older. In July 2025, the FDA approved Spikevax for children six months through 11 years who are at increased risk for COVID-19 disease, expanding the previous indication for Spikevax for individuals 12 years and older.

**Business Highlights**

*Next-Generation COVID Vaccine*

In May 2025, the FDA approved mNEXSPIKE (mRNA-1283), our next-generation COVID-19 vaccine, for individuals aged 65 years and older and individuals aged 12 through 64 years with at least one underlying risk factor. The approval was based on a randomized, observer-blind, active-controlled Phase 3 study that enrolled approximately 11,400 participants aged 12 and older. The trial met its primary endpoint, with mRNA-1283 demonstrating non-inferior vaccine efficacy compared to Spikevax (mRNA-1273), and showed a 9.3% higher relative vaccine efficacy in the overall population, and a 13.5% higher relative efficacy in adults aged 65 and older. The safety profile of mRNA-1283 was consistent with mRNA-1273, with fewer local reactions and comparable systemic reactions. We expect to make mNEXSPIKE available in the U.S. for the 2025-2026 respiratory virus season, alongside Spikevax and mRESVIA.

*RSV Vaccine*

In June 2025, the FDA approved an expanded use of mRESVIA, our RSV vaccine, for the prevention of lower respiratory tract disease in adults aged 18 through 59 years with underlying health conditions that increase their risk for RSV disease. This approval builds on the initial authorization granted in May 2024 for adults aged 60 years and older. The expanded approval was supported by a Phase 3 study that demonstrated safety and immunogenicity in individuals with underlying health conditions, with immune responses meeting prespecified non-inferiority criteria compared to those observed in older adults. Neutralizing antibody levels were consistent across both the 18-49 and 50-59 age subgroups. We plan to supply mRESVIA for both approved adult populations in the U.S. for the 2025-2026 respiratory virus season.

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*Pandemic Influenza Vaccine*

In May 2025, we received notice from the U.S. Department of Health and Human Services (HHS) that our award for the late-stage development of mRNA-based pandemic influenza vaccines, funded through the Rapid Response Partnership Vehicle (RRPV) by the Biomedical Advanced Research and Development Authority (BARDA), would be terminated. The program was previously supported by two awards totaling up to $766 million to accelerate the development and licensure of mRNA-based pre-pandemic influenza vaccines targeting the H5 influenza virus and additional influenza subtypes. Funding received under the awards was immaterial as of June 30, 2025. Interim results from our Phase 1/2 study of mRNA-1018 demonstrated a rapid, potent, and durable immune response, with 97.8% of participants achieving HAI titers ≥1:40 at Day 43. The vaccine was generally well-tolerated. We will explore alternatives for late-stage development and manufacturing of the H5 program consistent with our strategic commitment to pandemic preparedness.

*Net Product Sales and Net Loss Per Share*

For the second quarter of 2025, we recognized net product sales of $114 million, compared to $184 million for the second quarter of 2024. Loss per share was $(2.13) for the second quarter of 2025, compared to $(3.33) for the second quarter of 2024.

**Recent Program Developments**

***Respiratory Virus Vaccines***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Seasonal flu vaccine:* In June 2025, we announced positive results from the Phase 3 efficacy study (P304) of mRNA-1010, our seasonal influenza vaccine candidate. The trial enrolled over 40,000 adults aged 50 years and older across 11 countries. mRNA-1010 achieved the most stringent superiority criterion prespecified in the protocol, with a relative vaccine efficacy (rVE) of 26.6% (95% CI: 16.7%, 35.4%) compared to a licensed standard-dose seasonal influenza vaccine. Strong rVE was also observed for each influenza strain contained in the vaccine, including A/H1N1 (29.6%), A/H3N2 (22.2%), and B/Victoria (29.1%). Efficacy was consistent across age groups, risk profiles, and prior influenza vaccination status, including an rVE of 27.4% in participants aged 65 years and older. Safety and tolerability of mRNA-1010 were consistent with prior Phase 3 results. We are submitting mRNA-1010 data for publication, presenting data at medical conferences and preparing to file mRNA-1010 for FDA approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Seasonal flu + COVID vaccine:* We shared positive Phase 3 immunogenicity data for our flu+COVID combination vaccine (mRNA-1083) for adults aged 50 years and older at our 2024 R&D Day event. In May 2025, we announced that in consultation with the FDA, we had voluntarily withdrawn the pending Biologics License Application (BLA) for mRNA-1083 with the plan to resubmit after vaccine efficacy data from our mRNA-1010 Phase 3 trial were available. We are engaging with regulators on data requirements for resubmitting the BLA for mRNA-1083.

***Latent and Other Virus Vaccines***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cytomegalovirus (CMV) vaccine:* In April 2025, we shared 36-month durability data from a Phase 2 extension trial of our CMV vaccine candidate (mRNA-1647) at the ESCMID 2025 Global Congress. The pivotal Phase 3 study of mRNA-1647 is fully enrolled and has accrued sufficient cases for evaluation of the primary endpoint of the study, evaluating its efficacy, safety and immunogenicity in the prevention of primary infection in women of childbearing age. We are updating our analysis plan to add secondary endpoints. We remain blinded and anticipate a Phase 3 final analysis in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Norovirus vaccine:* The Phase 3 study evaluating the efficacy, safety and immunogenicity of our trivalent vaccine candidate against norovirus (mRNA-1403) is accruing cases. The timing of the Phase 3 readout will be dependent on case accruals.

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***Oncology Therapeutics***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Intismeran autogene (INT):* We continue to demonstrate the potential clinical benefit of mRNA-4157. In collaboration with Merck, the Phase 3 clinical trial for adjuvant melanoma is fully enrolled. Two non-small cell lung cancer (NSCLC) Phase 3 studies for individuals with and without prior neoadjuvant treatment are enrolling. Separate randomized Phase 2 studies for high-risk muscle invasive and high-risk non-muscle invasive bladder cancer are enrolling, and a randomized Phase 2 study for adjuvant renal cell carcinoma is fully enrolled. We and Merck have also launched a new Phase 2 study of first-line treatment for patients with metastatic melanoma.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Checkpoint adaptive immune modulation therapy (AIM-T).* The Checkpoint AIM-T (mRNA-4359) Phase 1/2 study in first-line melanoma and first-line metastatic NSCLC is ongoing, and is in the Phase 2 portion of the study. The first-line metastatic NSCLC arm is currently enrolling patients.

***Rare Diseases***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Propionic acidemia (PA) therapeutic:* In an ongoing Phase 1/2 study designed to evaluate safety and pharmacology in trial participants with PA, our investigational therapeutic (mRNA-3927) has been generally well-tolerated to date with no events meeting protocol-defined dose-limiting toxicity criteria. Early results suggest potential decreases in annualized metabolic decompensation event (MDE) frequency compared to pre-treatment, and the majority of patients have elected to continue on the open label extension study. mRNA-3927 is in a registrational study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Methylmalonic acidemia (MMA) therapeutic:* Our investigational therapeutic for MMA (mRNA-3705) has been selected by the FDA for the Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program. We and the FDA have agreed on the pivotal study design. We expect to start a registrational study in 2025.

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***Our Pipeline***

The following chart shows our current pipeline of 39 development programs across our several modalities.

![Full pipeline chart Q2 2025.jpg](mrna-20250630_g2.jpg)

Abbreviations: BARDA, Biomedical Advanced Research and Development Authority; CMV, cytomegalovirus; EBV, Epstein-Barr virus; HIV, human immunodeficiency virus; hMPV, human metapneumovirus; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR NMIBC, high-risk non-muscle invasive bladder cancer; HSV, herpes simplex virus; IAVI, International AIDS Vaccine Initiative; ILCM, Institute for Life Changing Medicines; IM, infectious mononucleosis; NIH, National Institutes of Health; NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; RSV, respiratory syncytial virus; VZV, varicella-zoster virus.

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**Results of operations**

The following table summarizes our condensed consolidated statements of operations for the periods presented (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change 2025 vs. 2024** |
| | **2025** | **2024** | $**%** |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net product sales | $114 | $184 | (38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 28 | 57 | (51)% |
| Total revenue | 142 | 241 | (41)% |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 119 | 115 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 700 | 1221 | (43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 230 | 268 | (14)% |
| Total operating expenses | 1049 | 1604 | (35)% |
| Loss from operations | (907) | (1363) | (33)% |
| Interest income | 81 | 111 | (27)% |
| Other income (expense), net | 8 | (27) | (130)% |
| Loss before income taxes | (818) | (1279) | 36% |
| Provision for income taxes | 7 |  | 100% |
| Net loss | $(825) | $(1279) | 35% |

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change 2025 vs. 2024** |
| | **2025** | **2024** | $**%** |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net product sales | $200 | $351 | (43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 50 | 57 | (12)% |
| Total revenue | 250 | 408 | (39)% |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 209 | 211 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 1556 | 2284 | (32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 442 | 542 | (18)% |
| Total operating expenses | 2207 | 3037 | (27)% |
| Loss from operations | (1957) | (2629) | (26)% |
| Interest income | 171 | 231 | (26)% |
| Other income (expense), net | 4 | (46) | (109)% |
| Loss before income taxes | (1782) | (2444) | (27)% |
| Provision for income taxes | 14 | 10 | 40% |
| Net loss | $(1796) | $(2454) | (27)% |

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**Revenue**

***Net product sales***

Net product sales by customer geographic location were as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| United States | $88 | $162 | $119 | $262 |
| Europe |  |  |  |  |
| Rest of world | 26 | 22 | 81 | 89 |
| Total | $114 | $184 | $200 | $351 |

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Net product sales by product were as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| COVID | $114 | $184 | $198 | $351 |
| RSV |  |  | 2 |  |
| Total | $114 | $184 | $200 | $351 |

---

As of June 30, 2025, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for RSV disease. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. As of June 30, 2025, we had not yet launched commercial sales of mNEXSPIKE.

We sell our COVID vaccine to the commercial market as well as to foreign governments and international organizations. We launched commercial sales of our RSV vaccine in the third quarter of 2024. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.

The following table summarizes product sales provision for the periods presented (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross product sales | $176 | $191 | $281 | $413 |
| Product sales provision: |  |  |  |  |
| &nbsp;&nbsp;Wholesaler chargebacks, discounts and fees | (62) | 22 | (84) |  |
| &nbsp;&nbsp;Returns, rebates and other fees |  | (29) | 3 | (62) |
| Total product sales provision | $(62) | $(7) | $(81) | $(62) |
| Net product sales | $114 | $184 | $200 | $351 |

---

Prior to the third quarter of 2023, we sold our COVID vaccine to the U.S. Government, foreign governments and international organizations. The agreements and related amendments with these entities generally do not include variable consideration, such as discounts, rebates or returns. Certain of these agreements entitle us to upfront deposits for our COVID vaccine supply, initially recorded as deferred revenue. As of June 30, 2025, we had deferred revenue of $221 million associated with customer deposits received or billable under supply agreements, of which $156 million is expected to be realized in less than one year.

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***Other revenue*** 

Other revenue comprises grant revenue, collaboration revenue, licensing and royalty revenue, and other miscellaneous revenue.

For the three months ended June 30, 2025, total revenue decreased by $99 million, or 41%, compared to the same period in 2024, driven by declines in both net product sales and other revenue. Net product sales decreased by $70 million, or 38%, largely due to lower sales in the U.S. market, driven by both reduced sales volume, reflecting lower COVID vaccination rates, and a lower average selling price. Rest-of-World sales remained relatively stable compared to the prior year. Other revenue decreased by $29 million, or 51%, primarily due to the absence of upfront licensing revenue recognized in the prior year and a reduction in grant revenue as reimbursable activities under our BARDA contract progressively wound down, concluding in June 2025.

For the six months ended June 30, 2025, total revenue decreased by $158 million, or 39%, compared to the same period in 2024, primarily driven by a $151 million, or 43%, decline in net product sales. The decrease was mainly attributable to lower sales in the U.S. market, reflecting reduced sales volume due to lower COVID vaccination rates, as well as a lower average selling price. Rest-of-World sales also declined, to a lesser extent, primarily due to lower sales volume. Other revenue decreased by $7 million, or 12%, primarily due to lower licensing and grant revenue, consistent with the drivers noted in the three-month period. These decreases were partially offset by an increase in other revenue recognized in connection with our stand-ready obligation under long-term strategic agreements with certain government entities.

We expect demand for our COVID and RSV vaccines to follow a seasonal pattern aligned with fall and winter vaccination campaigns in both hemispheres. As COVID has transitioned to a seasonal respiratory vaccine, we anticipate a decline in net product sales for the full year 2025 compared to 2024, primarily due to lower expected vaccination rates and increased competition. Although we commenced sales of our RSV vaccine in the third quarter of 2024, product sales from our RSV vaccine are not expected to present a significant portion of total product sales in 2025.

**Operating expenses**

***Cost of sales***

Cost of sales for the three months ended June 30, 2025 was $119 million, which included third-party royalties of $6 million, inventory write-downs of $38 million, unutilized manufacturing capacity and wind-down costs of $52 million. Cost of sales for the six months ended June 30, 2025 was $209 million, which included third-party royalties of $11 million, inventory write-downs of $80 million, primarily related to our finished and semi-finished COVID vaccine inventory and certain raw materials, unutilized manufacturing capacity and wind-down costs of $73 million, and losses on firm purchase commitments of $17 million. Please refer to <u>[Note 7](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_70)</u> to our condensed consolidated financial statements for inventory related charges. These charges in 2025, other than royalties, were largely driven by customer demand forecast adjustments and commitments related to manufacturing capacity.

Cost of sales was relatively flat for both the three and six months ended June 30, 2025, compared to the same periods in 2024. Cost of sales as a percentage of net product sales was 105% and 104% for the three and six months ended June 30, 2025, respectively, compared to 62% and 60% for the corresponding periods in 2024. The increases were primarily due to the impact of lower net product sales.

We expect full year 2025 cost of sales to be lower compared to 2024, primarily driven by a reduction in period charges, particularly lower wind-down costs related to contract manufacturing organization contracts, along with lower anticipated sales volume. We expect this decrease will be partially offset by costs associated with internal manufacturing sites commencing operations in 2025. However, cost of sales as a percentage of net product sales is expected to vary widely due to continued uncertainty around demand and increased market competition. This variability is primarily driven by the fixed nature of a significant portion of our manufacturing costs, which cannot be quickly adjusted in response to changes in sales volume. As part of our long-term strategy, we are continuing to invest in internal manufacturing capabilities to improve cost control and support potential future product launches.

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***Research and development expenses***

Research and development expenses decreased by $521 million, or 43%, for the three months ended June 30, 2025, compared to the same period in 2024. The reduction was primarily driven by a $161 million decrease in clinical manufacturing expenses, reflecting lower production-related spending and reduced allocation to clinical programs. Clinical trial expenses decreased by $106 million, primarily due to lower spending across our RSV, seasonal flu, and COVID programs, driven by program wind-downs and timing of trial activities, partially offset by increased investment in our norovirus program. Pre-clinical research expenses declined by $53 million due to investment reprioritization, and consulting and outside service costs declined by $51 million, consistent with the lower level of clinical study activities. In addition, research and development funding under the Blackstone arrangement resulted in a $62 million benefit in the current period, primarily from revisions to prior period estimates. The prior-year period also included an expense related to the purchase of a priority review voucher.

For the six months ended June 30, 2025, research and development expenses decreased by $728 million, or 32%, compared to the same period in 2024. The decrease was primarily driven by a $271 million reduction in clinical trial expenses, reflecting lower spending across our RSV, seasonal flu, COVID and combination vaccine programs, due to program wind-downs and timing of trial activities, partially offset by increased investment in our norovirus program. Clinical manufacturing expenses decreased by $105 million, driven by reduced production-related spending and lower allocation to clinical programs. Consulting and outside service costs declined by $93 million, and pre-clinical research expenses decreased by $74 million, both driven by reduced program activities and investment reprioritization. Personnel-related expenses declined by $48 million, primarily due to lower headcount. We also recognized a $62 million benefit from the Blackstone research and development funding in the current period, primarily from revisions to prior period estimates. Separately, the prior-year period included an expense related to the purchase of a priority review voucher.

We continue to anticipate a reduction in research and development expenses in 2025 compared to 2024, driven by disciplined cost management, portfolio prioritization, and a focused approach to pipeline execution. While we remain committed to advancing our pipeline and late-stage programs, including our INT, norovirus, CMV, seasonal flu and combination vaccine programs, we are also implementing operational efficiencies across the organization, including meaningful resourcing adjustments to align with the current stage of our pipeline and to support long-term sustainability.

***Selling, general and administrative expenses***

Selling, general and administrative expenses decreased by $38 million, or 14%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease was primarily driven by broad-based reductions in consulting and outside service costs, compensation and other personnel-related expenses due to lower headcount, and commercial and marketing activities.

For the six months ended June 30, 2025, selling, general and administrative expenses decreased by $100 million, or 18%, compared to the same period in 2024. The decrease was mainly driven by a $29 million reduction in consulting and outside services across all functions, a $26 million reduction in personnel-related expenses due to lower headcount, and lower legal, marketing, and technology and facility-related costs, which together contributed to a $49 million reduction. The decrease in both periods reflects continued cost discipline and efforts to streamline operations.

We continue to anticipate a modest reduction in selling, general and administrative expenses in 2025 compared to 2024. This reflects our ongoing commitment to operating efficiency as we expand our global commercial, regulatory, sales and marketing infrastructure, while continuing to invest in digital capabilities and leverage artificial intelligence technologies. In parallel, we are making organizational refinements to better align resources with the evolving needs of the business and support long-term scalability.

**Interest income**

For the three months ended June 30, 2025, interest income decreased by $30 million, or 27%, compared to the same period in 2024. For the six months ended June 30, 2025, interest income decreased by $60 million, or 26%, compared to the same period in 2024. The decreases were primarily due to lower average investment balances.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**Other income (expense), net**

The following tables summarize other income (expense), net for the periods presented (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change 2025 vs. 2024** |
| | **2025** | **2024** | $**%** |
| Loss on investments | $— | $(23) | (100)% |
| Interest expense | (1) | (6) | (83)% |
| Other income, net | 9 | 2 | 350% |
| Total other income (expense), net | $8 | $(27) | (130)% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change 2025 vs. 2024** |
| | **2025** | **2024** | $**%** |
| Loss on investments | $(7) | $(38) | (82)% |
| Interest expense | (2) | (12) | (83)% |
| Other income, net | 13 | 4 | 225% |
| Total other income (expense), net | $4 | $(46) | (109)% |

---

For the three and six months ended June 30, 2025, we recorded total other income, net of $8 million and $4 million, respectively, compared to total other expense, net of $27 million and $46 million for the same periods in 2024. The improvement was largely driven by lower equity investment losses and a reduction in interest expense. Interest expense is primarily related to our finance leases related to our Moderna Technology Center prior to its acquisition in December 2024, and certain contract manufacturing service agreements. Please refer to <u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u> to our condensed consolidated financial statements for additional information.

**Income taxes**

Provision for income taxes for the three and six months ended June 30, 2025, remained immaterial and consistent with the same periods in 2024. The effective tax rates also remained consistent and continues to be immaterial. Both reflect the continued maintenance of our global valuation allowance, which limits our ability to recognize tax benefits from the losses. Please refer to <u>[Note 13](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_103)</u> to our condensed consolidated financial statements for additional details.

**Liquidity and capital resources**

The following table summarizes our cash, cash equivalents, investments and working capital as of June 30, 2025 and December 31, 2024 (in millions):

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Financial assets: |  |  |
| Cash and cash equivalents | $1279 | $1927 |
| Investments | 3852 | 5098 |
| Investments, non-current | 2374 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $7505 | $9519 |
| Working capital: |  |  |
| Current assets | $6171 | $8099 |
| Current liabilities | 1572 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $4599 | $5893 |

---

Our cash, cash equivalents and investments are invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. Investments, consisting primarily of government and corporate debt securities, are stated at fair value. Cash, cash equivalents and investments as of June 30, 2025 decreased by $2.0 billion, or 21%, compared to December 31, 2024. The decrease in cash, cash equivalents and investments was primarily due to a net cash outflow from operating activities of $2.0 billion and purchases of property and equipment of $120 million during the six months ended June 30, 2025.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

Working capital, defined as current assets less current liabilities, as of June 30, 2025 decreased by $1.3 billion, or 22%, compared to December 31, 2024. This was primarily driven by a decrease in cash, cash equivalents and current investments of $1.9 billion to fund operations, partially offset by a decrease in accrued liabilities and accounts payable of $670 million, driven by lower spend during the period.

As of June 30, 2025, we did not have any off-balance sheet arrangements, other than those obligations and commitments disclosed herein.

***Cash flow***

The following table summarizes the primary sources and uses of cash for each period presented (in millions):

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Net cash (used in) provided by: |  |  |
| Operating activities | $(1956) | $(2263) |
| Investing activities | 1294 | 1767 |
| Financing activities | 13 | 48 |

---

***Operating activities***

We derive cash flows from operations primarily from cash collected from customer deposits and accounts receivable related to our product sales and other revenue, as well as certain government-sponsored and private organizations, strategic alliances and funding arrangements. Our operating cash flows are significantly affected by our use of cash for operating expenses and working capital to support the business.

Beginning in the third quarter of 2020, we entered into supply agreements with the U.S. Government, foreign governments and international organizations for the supply of our COVID vaccine and received upfront deposits. In the third quarter of 2023, we commenced sales of our COVID vaccine to the U.S. commercial market, in addition to continuing sales to foreign governments and international organizations. In the U.S., our COVID vaccine is sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. We also commenced sales of our RSV vaccine in the third quarter of 2024. Wholesalers and distributors typically do not make upfront payments to us. As of June 30, 2025, we had $221 million in deferred revenue related to customer deposits received or billable.

Net cash used in operating activities for the six months ended June 30, 2025 was $2.0 billion and consisted of net loss of $1.8 billion, non-cash adjustments of $348 million and a net change in assets and liabilities of $508 million. Non-cash items primarily included stock-based compensation of $245 million, and depreciation and amortization of $96 million. The net change in assets and liabilities was mainly due to a decrease in accrued liabilities and accounts payable of $598 million, driven by overall lower spend in the period, an increase in prepaid expenses and other assets of $150 million, driven by collaboration receivables, an increase in inventory of $122 million, driven by increased manufacturing of our COVID vaccine for the upcoming season, and partially offset by a decrease in accounts receivable of $310 million, driven by timing of collections.

Net cash used in operating activities decreased by $307 million, or 14%, during the six months ended June 30, 2025, compared to the same period in 2024, primarily attributable to a decrease in net loss of $658 million, partially offset by a change in accounts receivable of $419 million, driven by declined product sales.

***Investing activities***

Our primary investing activities consist of purchases, sales, and maturities of our investments, capital expenditures for land, building, leasehold improvements, manufacturing, laboratory, computer equipment and software, and business development.

Net cash provided by investing activities for the six months ended June 30, 2025 was $1.3 billion, driven primarily by proceeds from maturities and sales of marketable securities of $4.5 billion, partially offset by purchases of marketable securities of $3.1 billion, and purchases of property and equipment of $120 million.

Net investing cash flows decreased by $473 million, or 27%, during the six months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in proceeds from maturities and sales of marketable securities of $1.1 billion, partially offset by a decrease in purchases of marketable securities of $331 million, and a decrease in purchases of plant, property and equipment of $258 million.

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***Financing activities***

Net cash provided by financing activities for the six months ended June 30, 2025 was $13 million, primarily related to proceeds from issuance of common stock through equity plans.

Net cash provided by financing activities decreased by $35 million, or 73%, during the six months ended June 30, 2025, compared to the same period in 2024, mainly due to a decrease in proceeds from issuance of common stock through equity plans of $30 million.

***Operation and funding requirements***

Our principal sources of funding as of June 30, 2025 consisted of cash and cash equivalents, investments, and cash we may generate from operations. From our inception to the end of 2020, we incurred significant losses from operations due to our significant research and development expenses. Following authorization of our first commercial product in December 2020, we generated significant net income in both 2022 and 2021. We also incurred a net loss of $1.8 billion for the six months ended June 30, 2025 and net losses of $3.6 billion and $4.7 billion for 2024 and 2023, respectively. We have retained earnings of $8.2 billion as of June 30, 2025.

We have significant future capital requirements including expected operating expenses to conduct research and development activities, operate our organization, and meet capital expenditure needs. We anticipate maintaining substantial expenses across all areas of our ongoing activities, particularly as we continue research and development of our development candidates and clinical activities for our investigational medicines. This also extends to our manufacturing costs, including our arrangements with our supply and manufacturing partners. Our ongoing work on our INT, norovirus, flu+COVID combination, and CMV vaccine candidates, development of any new COVID vaccines against variants of SARS-CoV-2, late-stage clinical development, investments in digital capabilities and artificial intelligence technologies, and buildout of global commercial, regulatory, sales and marketing infrastructure and manufacturing facilities will require significant cash outflows in future periods, most of which will not be reimbursed or otherwise paid for by our partners or collaborators. We may also incur additional costs related to postmarketing commitments, though the timing and scope of such commitments remain uncertain. In addition, we have substantial facility, lease and purchase obligations (refer to <u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u> and <u>[Note 11](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_91)</u> to our condensed consolidated financial statements). We have entered into various collaboration and licensing agreements, as well as a research and development funding arrangement with a third party. These arrangements collectively encompass the funding of specific research and development activities, with the distinction that under the research and development funding arrangement, we receive funding. However, for all these arrangements, we may be obligated to make potential future milestone and royalty payments.

We believe that our cash, cash equivalents, and investments as of June 30, 2025, together with cash expected to be generated from product sales, will be sufficient to enable us to fund our projected operations and capital expenditures through at least the next 12 months from the issuance of these financial statements included in this Form 10-Q. We are subject to all the risks related to the development and commercialization of novel medicines, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors, which may adversely affect our business. For example, we experienced a decline in customer demand for our COVID vaccine in 2023 and 2024, and this trend has continued into 2025, reflecting the market's ongoing transition to a seasonal commercial pattern in the endemic COVID vaccine market. We foresee that our commitment to investing in our business for future product launches may lead to continued negative cash flows from operations in upcoming periods. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.

**Critical accounting policies and significant judgments and estimates**

There have been no material changes in our critical accounting policies and estimates in the preparation of our condensed consolidated financial statements during the three months ended June 30, 2025 compared to those disclosed in our 2024 Form 10-K.

**Contractual Obligations**

As of June 30, 2025, other than disclosed within <u>[Note 10](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_85)</u> and <u>[Note 11](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_91)</u> to our condensed consolidated financial statements, there have been no material changes to our contractual obligations and commitments from those described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2024 Form 10-K.

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**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

Our market risks, and the way we manage them, are summarized in Part II, Item 7A., "Quantitative and Qualitative Disclosures About Market Risk" of our 2024 Form 10-K. There have been no material changes to our market risk or to our management of such risks for the three and six months ended June 30, 2025.

**Item 4. Controls and Procedures**

**Disclosure Controls and Procedures**

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of June 30, 2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Effectiveness of Controls**

Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by the collusion of two or more people or by a management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**PART II**

**Item 1. Legal Proceedings** 

We are involved in various claims and legal proceedings of a nature considered ordinary course in our business, including those described in our 2024 Form 10-K under the heading "Legal Proceedings." Most of the issues raised by these claims are highly complex and subject to substantial uncertainties. For a description of risks relating to these and other legal proceedings we face, see Part I, Item 1A., "Risk Factors," of our 2024 Form 10-K, including the discussion under the headings entitled "Risks related to our intellectual property" and "Risks related to the manufacturing of our commercial products and product candidates." The outcome of any such proceedings, regardless of the merits, is inherently uncertain; therefore, assessing the likelihood of loss and any estimated damages is difficult and subject to considerable judgment.

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*Proceedings Related to Patents Owned by Arbutus*

As more fully described in our 2024 Form 10-K, Arbutus Biopharma Corporation (Arbutus) and Genevant Sciences GmbH (Genevant) filed a complaint against us in the U.S. District Court for the District of Delaware asserting that our manufacture and sale of our COVID vaccine willfully infringes certain U.S. patents concerning lipid nanoparticles. The Court has rescheduled trial to begin March 9, 2026.

*Proceedings Related to Patents Owned by GSK* 

In July 2025, GlaxoSmithKline Biologicals SA (GSK) filed two lawsuits in Unified Patent Court (UPC) asserting that our manufacture and sale of Spikevax and/or mRESVIA infringe certain European patents owned by GSK concerning liposomes and modified liposomes for RNA delivery. The two actions seek relief in all UPC member states and in additional European Patent Convention contracting states. The complaints seek monetary and injunctive relief.

*Proceedings Related to Patents Owned by Alnylam*

As more fully described in our 2024 Form 10-K, Alnylam Pharmaceuticals, Inc. (Alnylam) has two proceedings against us in the U.S. District Court for the District of Delaware asserting that our manufacture and sale of our COVID vaccine infringes certain U.S. patents concerning cationic lipids. The Court entered a Final Judgment of non-infringement of all asserted patents in these lawsuits. In the first case, Alnylam appealed and the Federal Circuit Court of Appeals decided the appeal in our favor on June 4, 2025. The second case remains pending.

 **Item 1A. Risk Factors**

Information regarding risk and uncertainties related to our business appears in Part I, Item 1A. "Risk Factors" of our 2024 Form 10-K. There have been no material changes from the risk factors previously disclosed in the 2024 Form 10-K.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

***Issuer Purchases of Equity Securities***

On August 1, 2022, our Board of Directors authorized a share repurchase program for our common stock of up to $3.0 billion, with no expiration date. During the three months ended June 30, 2025, there were no shares repurchased. As of June 30, 2025, $1.7 billion of our Board of Directors' authorization for repurchases of our common stock remains outstanding, with no expiration date.

For details about our share repurchase programs, please refer to Note 12 to our consolidated financial statements, as set forth in our 2024 Form 10-K.

**Item 5. Other Information**

None of our directors or "officers," as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, adopted or terminated a Rule 10b5-1 trading plan or arrangement or a non-Rule 10b5-1 trading plan or arrangement, as defined in Item 408(c) of Regulation S-K, during the fiscal quarter covered by this report.

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<u>[**Table of Contents**](#if15c5b1eb13e4e83bdbdf86f0e53f2fb_10)</u> 

**Item 6. Exhibits** 

The Exhibits listed below are filed or incorporated by reference as part of this Form 10-Q.

---

| | |
|:---|:---|
| **Exhibit No.** | **<u>Exhibit Index</u>** |
| 31.1\* | <u>[Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit3116302025.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit3126302025.htm)</u> |
| 32.1+ | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit3216302025.htm)</u> |
| 101.INS\* | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Link Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

\* Filed herewith

---

| | |
|:---|:---|
| + | The certification furnished in Exhibit 32.1 hereto is deemed to accompany this Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certification will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference. |

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**SIGNATURES**

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | |
|:---|:---|:---|
| | | **MODERNA, INC.** |
| Date: | By: | /s/ Stéphane Bancel |
| August 1, 2025 |  |  |
|  |  | Stéphane Bancel |
|  |  | Chief Executive Officer and Director |
|  |  | (*Principal Executive Officer)* |
| Date: | By: | /s/ James M. Mock |
| August 1, 2025 |  |  |
|  |  | James M. Mock |
|  |  | Chief Financial Officer |
|  |  | (*Principal Financial Officer)* |

---

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**CERTIFICATIONS**

I, Stéphane Bancel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Moderna, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 1, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Stéphane Bancel |
|  |  | Stéphane Bancel |
|  |  | Chief Executive Officer<br>(Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**CERTIFICATIONS**

I, James M. Mock, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Moderna, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 1, 2025 | <br>By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ James M. Mock |
|  |  | James M. Mock |
|  |  | Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Moderna, Inc. (the "Company") for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Stéphane Bancel, Chief Executive Officer of the Company, and James M. Mock, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 1, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Stéphane Bancel |
|  |  | Stéphane Bancel |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: August 1, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ James M. Mock |
|  |  | James M. Mock |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

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