Moderna Secures $1.5 Billion Five-Year Credit Facility from Ares Management

Rhea-AI Summary

Moderna (NASDAQ:MRNA) closed a five-year non-dilutive term loan facility for up to $1.5 billion with Ares Management Credit Funds on November 20, 2025.

The facility includes a $600 million initial term loan funded at closing, a $400 million delayed-draw term loan available through November 2027, and an additional $500 million delayed-draw tranche available through November 2028 that is contingent on achievement of key regulatory milestones aligned with Moderna's late-stage clinical pipeline.

Moderna reiterated its 2025 financial guidance and reaffirmed a target to reach cash breakeven by 2028. The company also scheduled an Analyst Day webcast for November 20, 2025 at 9:00 a.m. ET.

Positive

• $1.5B five-year non-dilutive facility secured
• $600M funded at closing enhances near-term liquidity
• Reiterated 2025 financial guidance and 2028 cash breakeven target

Negative

• Remaining $900M subject to future draws or conditions
• Final $500M tranche contingent on regulatory milestones

Insights

Capital Markets Strategist

Moderna secured a flexible, non-dilutive $1.5 billion facility that strengthens liquidity and supports its 2028 cash breakeven goal.

The financing provides immediate access to $600 million and two delayed-draw tranches totaling $900 million, one of which is contingent on meeting specified regulatory milestones tied to the late-stage pipeline. This structure preserves equity, extends the company’s funding runway, and leaves strategic optionality by allowing draws through November 2027 and November 2028.

Key dependencies and risks include the conditional $500 million tranche that requires regulatory milestone achievement, and the company’s ability to execute on pipeline timelines without diluting shareholders. Watch for mentions of milestone definitions at the upcoming Analyst Day on November 20, 2025, covenant terms in the loan documentation, and cash-flow progress toward the cited 2028 breakeven target over the next 12–24 months.

Non-dilutive financing from premier lender bolsters strong balance sheet and provides increased flexibility

Company reiterates 2025 financial guidance provided on 3Q25 earnings call and targets cash breakeven by 2028

CAMBRIDGE, MA / ACCESS Newswire / November 20, 2025 / Moderna, Inc. (NASDAQ:MRNA) today announced it has closed a five-year term loan facility for up to $1.5 billion of capital from Ares Management Credit Funds (Ares), a leading global alternative investment manager, to increase flexibility.

The non-dilutive debt financing consists of three tranches over five years, including:

• A $600 million initial term loan funded at closing

• A $400 million delayed draw term loan facility (DDTL), available in multiple draws at Moderna's discretion through November 2027

• An additional $500 million DDTL, available in multiple draws at Moderna's discretion through November 2028. This tranche is contingent on the achievement of key regulatory milestones aligned with Moderna's late-stage clinical pipeline

"While we remain well-positioned to achieve our 2028 cash breakeven target, this additional capital enhances our strong balance sheet and enables increased flexibility over the coming years," said Jamey Mock, Chief Financial Officer of Moderna. "Ares is a highly reputable lender in the healthcare space, and we are proud to have their valuable financial backing in pursuit of our long-term financial targets."

"We are pleased to provide flexible capital to Moderna at this pivotal moment in their growth trajectory," said Doug Dieter, DrPH, Co-Head of Ares Specialty Healthcare. "Moderna has already demonstrated the power of its mRNA platform with multiple commercial products and has an impressive and differentiated clinical pipeline. This investment reflects Moderna's disciplined approach to capital management and our support of their long-term financial strategy."

Moderna will host its Analyst Day event for investors at 9:00 a.m. ET on November 20, 2025. A live webcast of the presentation will be available under "Events and Presentations" in the Investors section of the Moderna website: https://investors.modernatx.com/. A replay of the webcast will be archived on Moderna's website for at least 30 days following the presentation.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's credit facility with Ares; Moderna's financial condition and operational flexibility; Moderna's 2025 financial guidance; Moderna's 2028 cash breakeven target; and Moderna's ability to achieve key regulatory milestones aligned with its late-stage pipeline and to draw on future tranches. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in subsequent filings made by Moderna with the U.S. Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

Moderna Contacts

Media:

Chris Ridley
Head of Global Media Relations
+1 617-800-3651
Chris.Ridley@modernatx.com

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com

SOURCE: Moderna, Inc.

View the original press release on ACCESS Newswire

FAQ

What did Moderna (MRNA) announce on November 20, 2025 about new financing?

Moderna announced a five-year non-dilutive facility for up to $1.5 billion from Ares Management Credit Funds.

How much of the Moderna (MRNA) $1.5B facility was funded at closing on November 20, 2025?

$600 million was funded at closing.

What are the delayed-draw terms of Moderna's (MRNA) new credit facility?

A $400M delayed draw is available through November 2027 and an additional $500M delayed draw is available through November 2028 contingent on regulatory milestones.

Does Moderna (MRNA) say this financing affects its 2025 guidance?

Moderna reiterated its 2025 financial guidance alongside the financing announcement.

What financial target did Moderna (MRNA) reaffirm with the new Ares facility?

Moderna reaffirmed its target to achieve cash breakeven by 2028.

When and how can investors view Moderna's (MRNA) Analyst Day presentation on November 20, 2025?

The Analyst Day is at 9:00 a.m. ET on November 20, 2025 and a live webcast and replay will be available in the Investors > Events and Presentations section of Moderna's website.