Moderna (NASDAQ: MRNA) reveals preliminary 2025 revenue, expenses and cash

Rhea-AI Filing Summary

Moderna, Inc. provided preliminary, unaudited figures for its fiscal year ended December 31, 2025 in connection with a presentation at the 44th Annual J.P. Morgan Healthcare Conference. The company expects approximately $1.9 billion in revenue for 2025 and GAAP operating expenses of $5.0–$5.2 billion, indicating that reported operating costs are expected to significantly exceed revenue. Moderna also currently expects to have about $8.1 billion in cash, cash equivalents and investments in marketable securities as of December 31, 2025, highlighting a substantial liquidity position. All figures are preliminary, unaudited, and may change as the 2025 year-end audit is completed.

Insights

Biopharma equity analyst

Moderna flags 2025 loss profile but strong cash reserves.

Moderna expects about $1.9 billion in 2025 revenue against GAAP operating expenses of $5.0–$5.2 billion. On its face, this implies a sizeable operating loss for the year, consistent with a company investing heavily in R&D, manufacturing, or commercialization beyond near-term COVID revenue.

The company also anticipates holding roughly $8.1 billion in cash, cash equivalents and marketable securities as of December 31, 2025. That level of liquidity provides substantial runway to fund its pipeline and operations, even with a negative operating spread.

The figures are explicitly described as preliminary and unaudited, and the ongoing year-end audit could change them. Future detailed filings for the year ended December 31, 2025 will show the final revenue mix, expense breakdown, and any non-cash items that shape the true earnings profile.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 12, 2026

MODERNA, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-38753

81-3467528

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

325 Binney Street
Cambridge, MA						02142
(Address of principal executive offices)						(Zip code)

Registrant’s telephone number, including area code: (617) 714-6500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0001 per share

MRNA

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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.       ☐

Item 2.02 Results of Operations and Financial Condition.

On January 12, 2026, Moderna, Inc. (the “Company”) issued a press release (the “Press Release”) in connection with the Company’s presentation on the same date at the 44th Annual J.P. Morgan Healthcare Conference. The Press Release contains certain preliminary financial information as of and for the fiscal year ended December 31, 2025. Specifically, the Press Release states that (i) the Company expects approximately $1.9 billion (unaudited) in revenue for the fiscal year ended December 31, 2025, (ii) the Company expects GAAP operating expenses of $5.0 - $5.2 billion (unaudited) for the fiscal year ended December 31, 2025, and (iii) the Company’s current expectation with respect to its cash, cash equivalents and investments in marketable securities as of December 31, 2025 is approximately $8.1 billion (unaudited).

The information in this Item 2.02 is unaudited and preliminary and does not present all information necessary for an understanding of the Company’s results of operations for the fiscal year ended December 31, 2025, or financial condition as of December 31, 2025. The audit of the Company’s financial statements for the year ended December 31, 2025 is ongoing and could result in changes to the information in this Item 2.02.

Item 7.01    Regulation FD Disclosure.

The disclosure in Item 2.02 above is hereby incorporated by reference into this Item 7.01.

The information contained in Items 2.02 and 7.01, as well as Exhibit 99.1, to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
No.						Description
99.1						Press release issued by Moderna, Inc. dated January 12, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 12, 2026						MODERNA, INC.
			By:			/s/ James M. Mock
						James M. Mock
						Chief Financial Officer

FAQ

What preliminary 2025 revenue did Moderna (MRNA) report in this 8-K?

Moderna expects approximately $1.9 billion (unaudited) in revenue for the fiscal year ended December 31, 2025, as disclosed in connection with its J.P. Morgan Healthcare Conference presentation.

What 2025 GAAP operating expenses did Moderna (MRNA) disclose?

Moderna currently expects GAAP operating expenses of $5.0–$5.2 billion (unaudited) for the fiscal year ended December 31, 2025.

How much cash and investments does Moderna (MRNA) expect at year-end 2025?

Moderna’s current expectation is approximately $8.1 billion (unaudited) in cash, cash equivalents and investments in marketable securities as of December 31, 2025.

Are Moderna’s 2025 figures in this 8-K final and audited?

No. The company states the revenue, operating expense, and cash figures are preliminary and unaudited, and that the ongoing audit for the year ended December 31, 2025 could result in changes.

Why did Moderna (MRNA) release this preliminary 2025 financial information?

Moderna issued a press release with preliminary 2025 figures in connection with its presentation at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026.

Does this 8-K state that the information is filed or furnished to the SEC?

The company states that the information in Items 2.02 and 7.01 and Exhibit 99.1 is not deemed “filed” for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings except if specifically referenced.