Description

Moderna’s Oncology Bets Are Entering a Crucial Phase—Do the Upcoming Readouts Change the Long-Term Story?

Moderna, Inc. reported its financial results for the fourth quarter and full year 2025, highlighting both progress and challenges. The company generated $1.9 billion in revenue, predominantly from sales of its COVID vaccines, Spikevax and mNEXSPIKE. This marked a significant decrease from prior years, reflecting a broader trend of declining COVID vaccine demand. Despite the revenue drop, the company achieved a notable 30% reduction in operating expenses, closing 2025 with $8.1 billion in cash and investments. However, Moderna reported a net loss of $2.8 billion for the year, maintaining its cash position through controlled operational spending and strategic financial maneuvers, including drawing on a credit facility. Moderna faces regulatory hurdles, notably the FDA’s Refusal-to-File letter concerning its flu vaccine candidate, mRNA-1010, highlighting uncertainty in the U.S. regulatory landscape. This has posed potential setbacks for the flu vaccine’s U.S. market entry.