Moderna第二季虧損收窄至7.82億美元 上半年歐洲銷售帶動收入倍增

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM10-Q

(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _ to _ 
Commission File Number: 001-38753 

Moderna, Inc. 
(Exact Name of Registrant as Specified in Its Charter)

Delaware81-3467528
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)

325 Binney Street

Cambridge,Massachusetts02142

(Address of Principal Executive Offices)(Zip Code)

(617) 714-6500 
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareMRNAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer o
Non-accelerated filer o
Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of July 24, 2026, there were 399,235,889 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (Form 10-Q) contains express or implied forward-looking statements. All statements other than those of historical facts contained in this Form 10-Q are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements in this Form 10-Q include, but are not limited to, statements about: 

•our ability to drive use of our commercial products and expectations regarding a return to sales growth in 2026;

•our ability to execute on our prioritized research and development portfolio;

•our ability to deliver cost efficiency across our business;

•our expectations regarding the size and durability of the respiratory vaccine market;

•the availability of mCOMBRIAX across the EU, subject to national regulatory and access procedures;

•our long-term strategic partnerships with government entities;

•anticipated near-term regulatory actions for our product candidates, including potential filings, reviews and approvals, including the potential approval of mFLUSIVA;

•anticipated milestones for our pipeline programs, including potential data readouts and other near-term catalysts;

•our ability to obtain and maintain regulatory approval of our product candidates across our portfolio;

•our ability to successfully launch and commercialize our products and the timing of launches;

•expectations regarding mRNA-4157 Phase 3 adjuvant melanoma data in 2026 and the potential of our oncology portfolio;

•our ability and the ability of third parties with whom we contract to successfully manufacture, supply and distribute our commercial products and any future commercial products at scale, as well as drug substances, delivery vehicles, development candidates, and investigational medicines for preclinical and clinical use;

•financing and funding options we may consider as part of our research and development strategy;

•our ability to successfully contract with third-party suppliers, distributors and manufacturers;

•internal and external costs associated with manufacturing our products and the impact on our cost of sales, and our anticipated cost of sales as a percentage of net product sales;

•the scope of protection we are able to establish and maintain for intellectual property rights, including those covering our commercial products, product candidates and technology, and our expectations regarding pending legal proceedings related to our intellectual property;

•the timing of initiation, progress, completion, results and cost of our clinical trials, preclinical studies and research and development programs, as well as those of our collaborators;

•participant enrollment in our clinical trials, including timing;

•potential advantages of mRNA as compared to traditional medicine;

•the implementation of our business model and strategic plans for our business, products, product candidates and technology;

•the pricing and reimbursement of our products, if approved;

•the build out of our manufacturing and commercial operations;

•estimates of our future expenses, revenues and capital requirements;

•our operation and funding requirements, including our forecast of the period of time through which our financial resources will be adequate to support our operations;

•the potential benefits of strategic collaboration agreements and our ability to enter into strategic collaborations or other agreements with collaborators with development, regulatory and commercialization expertise;

•our financial performance;

•our tax positions and related tax liabilities; 

•legal and regulatory developments in the United States and foreign countries;

•our ability to produce our products or product candidates with advantages in turnaround times or manufacturing cost; and

•developments relating to our competitors and our industry. 

Forward-looking statements often contain words such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our operational or financial performance, and involve risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled “Risk Factors” and elsewhere in this Form 10-Q and under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results could differ materially from those expressed or implied by the forward-looking statements. 

The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statements, except as required by applicable securities law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q. However, any further disclosures made on related subjects in our subsequent reports filed with the Securities and Exchange Commission should be consulted.

TRADEMARKS

This Form 10-Q contains references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to may appear without the ® or ™ symbols, but such references are not intended to indicate that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our reference to other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

NOTE REGARDING COMPANY REFERENCES

Unless the context otherwise requires, the terms “Moderna,” the “Company,” “we,” “us” and “our” in this Form 10-Q refer to Moderna, Inc. and its consolidated subsidiaries.
ADDITIONAL INFORMATION

Our website, www.modernatx.com, including the Investor Relations section, www.investors.modernatx.com; and corporate blog www.modernatx.com/moderna-blog, and our Statements and Perspectives webpage, https://investors.modernatx.com/Statements--Perspectives/default.aspx; as well as our social media channels: Facebook, www.facebook.com/modernatx; X, www.x.com/moderna_tx (@moderna_tx); LinkedIn, www.linkedin.com/company/modernatx; Instagram (@moderna_tx); and Threads (@moderna_tx) contain a significant amount of information about us, including financial and other information for investors. We encourage investors to visit these websites and social media channels as information is frequently updated and new information is shared. Information contained on our website, corporate blog and social media channels shall not be deemed incorporated into, or be a part of, this Form 10-Q.

Table of Contents

PART I.
Page
Item 1.Financial Statements (Unaudited)
5

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
5

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025
6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025
7

Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2026 and 2025
8

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
10

Notes to Condensed Consolidated Financial Statements
11

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
29

Item 3.Quantitative and Qualitative Disclosures about Market Risk
38

Item 4.Controls and Procedures
38

PART II.

Item 1.
Legal Proceedings
39

Item 1A.
Risk Factors
39

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
39

Item 5.
Other Information
40

Item 6.Exhibits
41

SIGNATURES
42

Table of Contents 

Item 1. Financial Statements

MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions, except per share data)

June 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$1,723 $2,595 
Investments3,415 3,204 
Accounts receivable, net17 184 
Inventory280 153 
Prepaid expenses and other current assets380 408 
Total current assets5,815 6,544 
Investments, non-current1,772 2,336 
Property, plant and equipment, net2,059 2,134 
Right-of-use assets, operating leases697 719 

Other non-current assets618 605 
Total assets$10,961 $12,338 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$167 $317 
Accrued liabilities1,909 1,386 
Deferred revenue295 99 

Other current liabilities163 185 
Total current liabilities2,534 1,987 
Deferred revenue, non-current147 153 
Operating lease liabilities, non-current638 653 
Financing lease liabilities, non-current6 20 
Long-term debt591 590 
Other non-current liabilities284 285 
Total liabilities4,200 3,688 
Commitments and contingencies (Note 12)

Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025 
— — 
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2026 and December 31, 2025; 399 and 394 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Additional paid-in capital1,644 1,382 
Accumulated other comprehensive income19 45 
Retained earnings5,098 7,223 
Total stockholders’ equity6,761 8,650 
Total liabilities and stockholders’ equity$10,961 $12,338 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

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MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Net product sales$94 $114 $446 $200 
Other revenue51 28 88 50 

Total revenue145 142 534 250 
Operating expenses:
Cost of sales93 119 1,048 209 
Research and development651 700 1,300 1,556 
Selling, general and administrative216 230 389 442 
Total operating expenses960 1,049 2,737 2,207 
Loss from operations(815)(907)(2,203)(1,957)
Interest income67 81 139 171 
Other (expense) income, net(19)8 (37)4 
Loss before income taxes(767)(818)(2,101)(1,782)
Provision for income taxes15 7 24 14 
Net loss$(782)$(825)$(2,125)$(1,796)

Net loss per share
Basic and diluted
$(1.97)$(2.13)$(5.36)$(4.64)

Weighted average common shares used in calculation of net loss per share

Basic and diluted
398 388 396 387 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

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MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in millions)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(782)$(825)$(2,125)$(1,796)
Other comprehensive (loss) income, net of tax:    
Available-for-sale securities:
Unrealized (losses) gains on available-for-sale securities(4)5 (21)21 
Less: net realized gains on available-for-sale securities reclassified in net loss(1)— (1)(1)
Net (decrease) increase from available-for-sale securities(5)5 (22)20 

Pension and postretirement obligation adjustments— (1)— 1 
(Losses) gains on foreign currency translation(1)9 (4)12 
Total other comprehensive (loss) income(6)13 (26)33 
Comprehensive loss$(788)$(812)$(2,151)$(1,763)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7

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MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited, in millions)

Common StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive IncomeRetained EarningsTotal
Stockholders’
Equity
SharesAmount
Balance at March 31, 2026397 $— $1,503 $25 $5,880 $7,408 
Vesting of restricted common stock units1 — — — — — 
Exercise of options to purchase common stock1 — 13 — — 13 
Tax payments related to net share settlements on equity awards— — (2)— — (2)
Issuance of common stock under employee stock purchase plan— — 10 — — 10 
Stock-based compensation— — 120 — — 120 
Other comprehensive loss, net of tax— — — (6)— (6)

Net loss— — — — (782)(782)
Balance at June 30, 2026399 $— $1,644 $19 $5,098 $6,761 

Common StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive
IncomeRetained EarningsTotal
Stockholders’
Equity
SharesAmount
Balance at March 31, 2025387 $— $982 $10 $9,074 $10,066 

Vesting of restricted common stock2 — — — — — 
Exercise of options to purchase common stock— — 3 — — 3 

Issuance of common stock under employee stock purchase plan— — 12 — — 12 
Stock-based compensation— — 130 — — 130 
Other comprehensive income, net of tax— — — 13 — 13 

Net loss— — — — (825)(825)
Balance at June 30, 2025389 $— $1,127 $23 $8,249 $9,399 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

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Common StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive IncomeRetained EarningsTotal
Stockholders’
Equity
SharesAmount
Balance at December 31, 2025394 $— $1,382 $45 $7,223 $8,650 
Vesting of restricted common stock3 — — — — — 
Exercise of options to purchase common stock2 — 32 — — 32 
Tax payments related to net share settlements on equity awards— — (4)— — (4)
Issuance of common stock under employee stock purchase plan— — 10 — — 10 
Stock-based compensation— — 224 — — 224 
Other comprehensive loss, net of tax— — — (26)— (26)

Net loss— — — — (2,125)(2,125)
Balance at June 30, 2026399 $— $1,644 $19 $5,098 $6,761 

Common StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive
(Loss) IncomeRetained EarningsTotal
Stockholders’
Equity
SharesAmount
Balance at December 31, 2024386 $— $866 $(10)$10,045 $10,901 

Vesting of restricted common stock3 — — — — — 
Exercise of options to purchase common stock— — 5 — — 5 
Tax payments related to net share settlements on equity awards— — (1)— — (1)
Issuance of common stock under employee stock purchase plan— — 12 — — 12 
Stock-based compensation— — 245 — — 245 
Other comprehensive income, net of tax— — — 33 — 33 

Net loss— — — — (1,796)(1,796)
Balance at June 30, 2025389 $— $1,127 $23 $8,249 $9,399 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9

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MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

Six Months Ended June 30,
20262025
Operating activities
Net loss$(2,125)$(1,796)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation224 245 
Depreciation and amortization122 96 
Amortization/accretion of investments(21)(37)
Loss on equity investments, net2 8 

Other non-cash items10 36 
Changes in assets and liabilities:
Accounts receivable, net167 310 
Prepaid expenses and other assets70 (150)
Inventory(126)(122)
Right-of-use assets, operating leases21 19 
Accounts payable(128)(203)
Accrued liabilities475 (395)
Deferred revenue195 68 

Operating lease liabilities(15)(10)
Other liabilities(27)(25)
Net cash used in operating activities(1,156)(1,956)
Investing activities
Purchases of marketable securities(1,904)(3,059)
Proceeds from maturities of marketable securities1,442 3,424 
Proceeds from sales of marketable securities814 1,059 
Purchases of property, plant and equipment(99)(120)
Purchase of intangible asset— (10)

Net cash provided by investing activities253 1,294 
Financing activities

Proceeds from issuance of common stock through equity plans42 17 

Tax payments related to net share settlements on equity awards(4)(1)
Changes in financing lease liabilities(7)(3)
Net cash provided by financing activities31 13 
Effect of changes in exchange rates on cash and cash equivalents(1)1 
Net decrease in cash, cash equivalents and restricted cash(873)(648)
Cash, cash equivalents and restricted cash, beginning of year2,597 1,929 
Cash, cash equivalents and restricted cash, end of period$1,724 $1,281 
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities$36 $47 
Purchases of intangible asset included in accounts payable and accrued liabilities
74 — 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
10

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MODERNA, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Description of the Business

Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our or the Company) is a biotechnology company advancing a new class of medicines made of messenger RNA (mRNA). mRNA medicines are designed to direct the body’s cells to produce intracellular, membrane or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing medicines across infectious disease vaccines, oncology therapeutics and rare disease therapeutics.

Since our founding in 2010, we have transformed from a research-stage company advancing programs in the field of mRNA to a commercial enterprise with a diverse clinical portfolio of vaccines and therapeutics across several modalities, a broad intellectual property portfolio and integrated manufacturing capabilities that allow for rapid clinical and commercial production at scale. As of June 30, 2026, we had four approved products—Spikevax® and mNEXSPIKE®, our COVID vaccines, mRESVIA®, our vaccine against respiratory syncytial virus (RSV), and mCOMBRIAX® , our flu plus COVID combination vaccine, which was approved in Europe for individuals 50 years of age and older. Additionally, we have a diverse development pipeline of 26 development candidates across our 36 development programs currently in clinical studies.

2. Summary of Basis of Presentation and Recent Accounting Standards

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2025 Form 10-K.

The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2026 are consistent with those described in our 2025 Form 10-K. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. We anticipate seasonal fluctuations in demand for our COVID and RSV vaccines, with higher sales expected during the fall and winter seasons. 

Use of Estimates

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements