MRNA · 10-Q · 2026Q3

Moderna, Inc.

Filed 2026-11-06 · Healthcare · View original filing on EDGAR

Everything MRNA's SEC filings said, ranked

Ranked Events

• Litigation Settlement ExposureImportance 71 · Surprise 60
  In March 2026, Moderna agreed to settle worldwide Arbutus/Genevant litigation concerning Spikevax and mRESVIA, also obtaining certainty for its infectious-disease portfolio, including mNEXSPIKE, mCOMBRIAX, and…
• Convertible Notes and Capped CallsImportance 71 · Surprise 60
  In September 2026, Moderna issued $3.0 billion of 0.00% Convertible Senior Notes due 2032 and received approximately $3.0 billion in net proceeds. The notes mature in March 2032 and may be settled in cash, common…
• Liquidity and Cash PositionImportance 69 · Surprise 64
  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…
• Revenue Performance and MixImportance 63 · Surprise 56
  Third-quarter 2026 total revenue increased 29% to $1.313 billion from $1.016 billion, while nine-month revenue increased 46% to $1.847 billion from $1.266 billion. Net product sales increased 31% to $1.273 billion for…
• Operating Expense TrendsImportance 58 · Surprise 48
  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,…
• Market Demand TrendsImportance 58 · Surprise 56
  Higher COVID vaccine sales in international markets drove the increase in Moderna’s product sales in both the third quarter and first nine months of 2026, with deliveries under long-term strategic partnerships with…
• Product / Drug Pipeline ProgressImportance 53 · Surprise 60
  Moderna and Merck reported positive Phase 3 INTerpath-001 results for intismeran autogene (mRNA-4157) plus KEYTRUDA in patients with completely resected stage IIB–IV melanoma. After median follow-up of 24.6 months, the…
• Gross Margin DriversImportance 48 · Surprise 40
  Third-quarter 2026 cost of sales was $318 million, including $65 million of third-party royalties, $54 million of inventory write-downs, and $29 million of unutilized manufacturing capacity costs. Cost of sales was 24%…
• Patent Infringement LawsuitImportance 47 · Surprise 60
  Moderna and Pfizer/BioNTech have brought patent actions or asserted challenges concerning Moderna’s mRNA platform technology and vaccine designs in the United States, Germany, the Netherlands, the UK, Ireland, and…
• Outstanding IndebtednessImportance 44 · Surprise 24
  In November 2025, Moderna entered a credit agreement providing for a $1.5 billion term-loan facility and had drawn $600 million as of September 30, 2026. The facility includes $400 million of delayed-draw commitments…
• Operating Cash Flow TrendsImportance 44 · Surprise 24
  Net cash used in operating activities was $2.7 billion for the nine months ended September 30, 2026, reflecting a $2.0 billion net loss, $527 million of non-cash adjustments, and a $1.3 billion net change in assets and…
• Guidance / OutlookImportance 44 · Surprise 42
  Moderna expects product sales to return to growth in 2026, supported by the full-year impact of long-term strategic partnerships with government entities. For 2026, it anticipates a modest decrease in cost of sales…
• Licensing / Collaboration DealsImportance 38 · Surprise 42
  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…
• Interest Rate ExposureImportance 33 · Surprise 14
  Moderna’s senior secured term loan bears interest at a variable rate of Term SOFR plus 5.50% or a base rate plus 4.50%, at the Company’s option. The initial term loan’s interest rate was approximately 9.23% at…
• Product Launch and TransitionImportance 33 · Surprise 42
  Moderna launched mFLUSIVA, its seasonal influenza vaccine, in the United States in September 2026 for the 2026–2027 respiratory virus season after FDA approval for adults aged 50 and older. The vaccine was also…
• Income Tax Rate ChangesImportance 28 · Surprise 30
  Income tax provision was $9 million for third-quarter 2026 and $33 million for the first nine months, compared with $13 million and $27 million, respectively, in 2025. The third-quarter 2026 effective tax rate was…
• Strategic InitiativesImportance 26 · Surprise 24
  Moderna expects significant future cash outflows for research and development, clinical activities, manufacturing, and commercial infrastructure. The company specifically cites intismeran autogene and other oncology…
• Supply Chain And InventoryImportance 26 · Surprise 24
  Moderna reported inventory write-downs primarily for inventory exceeding expected demand, shelf-life expiration, and other inventory adjustments. Raw materials and work-in-progress have variable shelf lives, and the…
• Interest Rate EnvironmentImportance 23 · Surprise 22
  Interest income decreased 15% in the third quarter and 18% in the first nine months of 2026 compared with the same periods in 2025. Moderna attributed the declines primarily to lower average investment balances and…
• Seasonal Demand TrendsImportance 20 · Surprise 6
  Moderna anticipates seasonal fluctuations in demand for its COVID, influenza and RSV vaccines. Management expects higher sales during the fall and winter seasons. The filing does not quantify the anticipated seasonal…

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