MRNA · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
Moderna, Inc. · 2026-11-06 · Importance 69 · Surprise 64 · Contradicted
At September 30, 2026, Moderna reported $1.195 billion of cash and cash equivalents and $6.781 billion of available-for-sale securities at estimated fair value, for approximately $7.976 billion in combined cash and securities. Cash and cash equivalents declined from $2.595 billion at December 31, 2025, while total investments increased from $5.540 billion to $6.781 billion. The company used $2.715 billion of cash in operating activities during the first nine months of 2026 and ended the period with $1.196 billion of cash, cash equivalents and restricted cash. The balance sheet reported $2.958 billion of convertible notes and $6.631 billion of total liabilities at September 30, 2026; financing activities included $3.000 billion of convertible-note proceeds.
Key facts
- Net investing cash flows decreased by $3.5 billion, or 173%, for the nine months ended September 30, 2026 compared with the same period in 2025. source
- The decrease in cash, cash equivalents and investments primarily reflected $2.7 billion of net operating cash outflow, partly offset by $2.6 billion net proceeds from convertible notes after capped-call payments during the first nine months of 2026. source
- Moderna reported cash and cash equivalents of $1.195 billion and investments of $3.976 billion as of September 30, 2026. source
- Moderna’s investing activities used $1.462 billion of cash in the nine months ended September 30, 2026. source
- Moderna’s net cash provided by financing activities was $2.776 billion during the nine months ended September 30, 2026. source
- As of September 30, 2026, Moderna had $7.976 billion in cash, cash equivalents and investments, compared with $8.135 billion at December 31, 2025. source
- Moderna reported a net loss of $2.0 billion for the nine months ended September 30, 2026, and net losses of $2.8 billion in 2025 and $3.6 billion in 2024. source
- Moderna’s cash, cash equivalents and restricted cash totaled $1.196 billion at September 30, 2026, versus $1.134 billion at September 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -26.0% | Net investing cash flows decreased by $3.5 billion, or 173%, for the nine months ended September 30, 2026 compared with the same period in… |
| cash | negative | realized | -4.7% | The working capital increase primarily reflected a $1.2 billion increase in accounts receivable from quarterly product sales, partly… |
| cash | negative | realized | -1.2% | Moderna’s cash, cash equivalents and investments decreased by $159 million, or 2%, from December 31, 2025 to September 30, 2026. |
| cash | positive | realized | +0.5% | Moderna’s cash, cash equivalents and restricted cash totaled $1.196 billion at September 30, 2026, versus $1.134 billion at September 30,… |