MRNA · 10-Q · 2026Q2 · Full report

Operating Expense Trends

Moderna, Inc. · 2026-07-31 · Importance 59 · Surprise 48 · In source text

Second-quarter 2026 research and development expense decreased $49 million, or 7%, while six-month expense decreased $256 million, or 16%, year over year. Six-month R&D reductions included $119 million less clinical trial expense, $77 million less personnel-related and stock-based compensation expense, and $49 million less outside-services expense. The clinical-trial decline reflected the wind-down of several late-stage programs, including the flu-plus-COVID, congenital CMV, and norovirus programs, while portfolio reprioritization drove lower personnel costs. Selling, general and administrative expense declined $14 million, or 6%, in the quarter and $53 million, or 12%, in the six-month period, primarily from lower employee costs, marketing spending, and other operating expenses.

Key facts

• As of June 30, 2026, there was $1.7 billion of Moderna, Inc.'s Board of Directors’ authorization for repurchases of common stock remaining outstanding under the 2022 Repurchase Programs, with no expiration date. source
• Research and development expense line shows amounts including $1,300 million and $1,556 million in the condensed consolidated statements of operations. source
• Net loss for the period (one column): ($2,125) million. source
• Net loss for the other period (one column): ($1,796) million. source
• Moderna, Inc. reported a net loss of $2,125 million for the six months ended June 30, 2026 and net losses of $2,800 million and $3,600 million for the years 2025 and 2024, respectively. source
• As of June 30, 2026, Moderna, Inc. had $ million of total unrecognized compensation cost related to unvested stock-based compensation expected to be recognized over a weighted-average period of 2.8 years. source
• For the six months ended June 30, 2026, research and development expenses decreased by $256 million, or 16%, compared to the same period in 2025. source
• Selling, general and administrative expenses decreased by $53 million, or 12%, for the six months ended June 30, 2026 compared to the same period in 2025. source

Impact estimates