MRNA · 10-Q · 2026Q3 · Full report

Operating Expense Trends

Moderna, Inc. · 2026-11-06 · Importance 58 · Surprise 48 · In source text

Research and development expense decreased $218 million, or 27%, in third-quarter 2026 and $474 million, or 20%, in the first nine months of 2026. Nine-month reductions included $246 million in clinical trial expense, $152 million in personnel-related costs and stock-based compensation, and $58 million in outside services; lower spending on late-stage flu-plus-COVID, congenital CMV, RSV, and norovirus studies was partly offset by higher oncology and COVID postmarketing spending. Selling, general and administrative expense increased $14 million, or 5%, in the quarter because of higher legal expense, but decreased $39 million, or 5%, for the nine months, including $27 million lower employee-related costs and $24 million lower commercial and marketing spending. Portfolio reprioritization and resource realignment contributed to lower personnel costs and stock-based compensation.

Key facts

• Research and development expenses decreased by $474 million, or 20%, in the first nine months of 2026 compared with the same 2025 period. source
• Moderna expects significant future cash outflows for intismeran autogene, other oncology programs, norovirus, new COVID vaccines against SARS-CoV-2 variants, late-stage clinical development, digital and artificial intelligence capabilities, global commercial, regulatory, sales and marketing infrastructure, and manufacturing facilities; most of these costs will not be reimbursed or otherwise paid by collaborators or alliances. source
• Moderna is incurring and expects to continue incurring costs for postmarketing requirements and commitments for certain approved products, including ongoing clinical and safety studies; their scope, timing, and duration may evolve with regulatory requirements. source
• The first-nine-month 2026 R&D decrease included $246 million lower clinical trial expenses, $152 million lower personnel-related costs and stock-based compensation, and $58 million lower outside services. source
• Research and development expenses decreased by $218 million, or 27%, in the third quarter of 2026 compared with the same period in 2025. source
• Moderna anticipates substantial ongoing expenses, particularly for research and development of development candidates and clinical activities for investigational medicines. source
• Third-quarter 2026 research and development expense reductions included $127 million lower clinical trial expenses, including a $33 million benefit under the Blackstone funding arrangement, and $75 million lower personnel-related costs and stock-based compensation. source
• Lower clinical trial expenses reflected reduced spending on flu plus COVID combination, congenital CMV, RSV and norovirus programs; first-nine-month reductions were partly offset by higher oncology and COVID postmarketing commitment spending. source

Impact estimates