MRNA · 10-Q · 2026Q3 · Full report
Licensing / Collaboration Deals
Moderna, Inc. · 2026-11-06 · Importance 38 · Surprise 42 · In source text
In January 2026, Moderna entered a collaboration agreement with Recordati for investigational propionic acidemia therapeutic mRNA-3927; the transaction closed on March 16, 2026, and Moderna received an upfront payment in the second quarter, recognized as collaboration revenue over time. Moderna granted Recordati an exclusive, royalty-bearing worldwide license, will lead clinical development through approval, and Recordati will lead global commercialization after approval. Moderna is also eligible for development and regulatory milestones, commercial and sales milestones, and tiered royalties on net sales; the filing does not disclose the dollar amounts in the provided text.
Key facts
- In January 2026, Moderna entered into a collaboration with Recordati for development and commercialization of investigational propionic acidemia therapeutic mRNA-3927. source
- Moderna granted Recordati an exclusive, royalty-bearing worldwide license to develop and commercialize mRNA-3927; Moderna will lead clinical development through approval and Recordati will lead global commercialization upon approval. source
- Under the Recordati agreement, Moderna is eligible for up to an amount in development and regulatory milestones, additional commercial and sales milestones, and tiered royalties on net sales. source
- After mFLUSIVA’s first commercial sale in September 2026, Blackstone became entitled to low single-digit percentage royalties and up to an amount in sales milestone payments based on net sales of Moderna’s influenza and combination vaccines. source
- The Moderna-Recordati transaction closed on March 16, 2026, and Moderna received an upfront payment in the second quarter of 2026, recognized as collaboration revenue over time. source
- In March 2024, Moderna entered a Blackstone funding arrangement under which Blackstone committed up to an amount to support development of Moderna’s investigational mRNA-based influenza vaccine. source
- Under its collaboration, licensing, and research and development funding arrangements, Moderna may be obligated to make future milestone and royalty payments. source
- No Blackstone royalties or sales milestone payments had been accrued as of September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | contingent | — | Under the Recordati agreement, Moderna is eligible for up to an amount in development and regulatory milestones, additional commercial and… |
| operating_income | negative | contingent | — | After mFLUSIVA’s first commercial sale in September 2026, Blackstone became entitled to low single-digit percentage royalties and up to an… |