MRNA · Moderna, Inc.
10-Q filed 2026-05-01 period 2026-03-31
57 Caution
confidence high · source filing on SEC.gov ↗
- Total revenue increased significantly to $389 million in Q1 2026 from $108 million in Q1 2025, driven by higher net product sales of COVID and RSV vaccines.
- Net loss widened to $1,343 million due to a substantial increase in cost of sales to $955 million, reflecting negative gross margins on product sales.
- Moderna entered into a settlement agreement with Arbutus Biopharma and Genevant Sciences on March 3, 2026, and a new collaboration with Recordati in January 2026.
Filing Health Score pillars
Profitability 25%
30
Revenue grew to $389 million from $108 million in Q1 2025, but operating loss widened to $(1,388) million due to a surge in cost of sales to $955 million, resulting in deeply negative margins (Condensed Consolidated Statements of Operations).
Balance sheet 20%
85
Cash, cash equivalents, and investments total over $7.4 billion (including non-current), which vastly exceeds long-term debt of $590 million, and the current ratio remains strong at 2.4 (Condensed Consolidated Balance Sheets).
Cash generation 20%
35
Operating cash flow improved to $(630) million from $(1,037) million in Q1 2025, but remains deeply negative, leading to a free cash flow deficit of $(692) million after $62 million in capital expenditures (Condensed Consolidated Statements of Cash Flows).
Risk flags 20%
80
No going-concern language or restatements were reported, and risk factors remained unchanged, though the company entered into a settlement agreement with Arbutus Biopharma and Genevant Sciences in March 2026 (Item 1A and Exhibit 10.1).
Mgmt signal 15%
65
Management expanded its pipeline through a new collaboration with Recordati in January 2026, securing a $50 million upfront payment, though share repurchases remained paused during the quarter (Note 5 and Item 2).
Key metrics (Three Months Ended March 31, 2026)
revenue: $389 million
cash and equivalents: $1,908 million
total debt: $590 million
shares outstanding: 397 million
net income: $(1,343) million
period: Three Months Ended March 31, 2026
operating cash flow: $(630) million
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.