MRNA · 10-Q · 2026Q2 · Full report
Liquidity and Cash Position
Moderna, Inc. · 2026-07-31 · Importance 73 · Surprise 66 · No source text
Cash, cash equivalents and investments totaled $6.91 billion at June 30, 2026, down $1.2 billion, or 15%, from December 31, 2025, primarily due to $1.2 billion of operating cash outflows and $99 million of property and equipment purchases. Moderna’s working capital declined 28% to $3.281 billion, driven in part by the $950 million litigation settlement accrual, which was paid in July 2026. The company had drawn $600 million of a $1.5 billion Ares-led term loan facility, with $900 million of delayed-draw commitments available through November 2027 and November 2028, subject to conditions and regulatory milestones. Management believes available cash, investments, expected product-sale cash generation and credit-facility borrowings will fund projected operations and capital expenditures for at least the next 12 months, although continued investment is expected to produce negative operating cash flow.
Key facts
- Working capital decreased by $1.3 billion, or 28%, as of June 30, 2026 compared to December 31, 2025, primarily driven by a decrease in cash, cash equivalents and current investments of $661 million, an increase in accrued liabilities of $523 million largely driven by the $950 million litigation settlement accrual, and a $196 million increase in deferred revenue, partially offset by a decrease in accounts payable of $150 million. source
- Moderna, Inc.'s cash, cash equivalents and investments decreased by $1.2 billion, or 15%, as of June 30, 2026 compared to December 31, 2025. source
- Net change in assets and liabilities included an increase in accrued liabilities and accounts payable of $347 million driven by the $950 million litigation settlement accrual, an increase in deferred revenue of $195 million, a decrease in accounts receivable net of $167 million, and an increase in inventory of $126 million for the six months ended June 30, 2026. source
- Cash and cash equivalents at June 30, 2026: $1,723 million. source
- Cash and cash equivalents at December 31, 2025: $2,595 million. source
- Investments (current) at June 30, 2026: $3,415 million. source
- Investments (current) at December 31, 2025: $3,204 million. source
- Total current assets at June 30, 2026: $5,815 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | negative | realized | -12.6% | Total assets at June 30, 2026: $10,961 million. |
| cash | negative | realized | -10.9% | Moderna, Inc.'s cash, cash equivalents and investments decreased by $1.2 billion, or 15%, as of June 30, 2026 compared to December 31, 2025. |
| cash | negative | realized | -10.6% | Net cash used in operating activities for the six months ended June 30, 2026 was $1,156 million and consisted of net loss of $2,101… |
| liability | negative | realized | -4.8% | Working capital decreased by $1.3 billion, or 28%, as of June 30, 2026 compared to December 31, 2025, primarily driven by a decrease in… |
| liability | negative | realized | -4.7% | Total liabilities at June 30, 2026: $4,200 million. |
| liability | negative | realized | -1.8% | Working capital decreased by $1.3 billion, or 28%, as of June 30, 2026 compared to December 31, 2025, primarily driven by a decrease in… |
| liability | positive | realized | +1.4% | Working capital decreased by $1.3 billion, or 28%, as of June 30, 2026 compared to December 31, 2025, primarily driven by a decrease in… |
| cash | negative | realized | -0.9% | The decrease in cash, cash equivalents and investments was primarily due to a net cash outflow from operating activities of $1.2 billion… |
| cash | unclear | realized | — | Reconciliation shows cash and cash equivalents of $1,723 million and $1,279 million in the cash, cash equivalents and restricted cash… |
| assets | positive | realized | — | As of June 30, 2026 Moderna, Inc.'s cash and cash equivalents were $1,723 million, investments were $3,415 million, investments… |
| assets | positive | realized | — | Working capital as of June 30, 2026 was $3,281 million, with current assets of $5,815 million and current liabilities of $2,534 million. |
| liability | negative | realized | — | Working capital as of June 30, 2026 was $3,281 million, with current assets of $5,815 million and current liabilities of $2,534 million. |