[Form 4] Moderna, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lemonade, Inc. (symbol LMND) has filed a Form 144 notice covering a proposed sale of 11,000 common shares. The shares are intended to be sold on 07 July 2025 through Fidelity Brokerage Services LLC on the NYSE at an aggregate market value of $466,400. The notice states that 73,266,170 shares of the class are outstanding, so the planned sale represents roughly 0.015 % of that total.

The filing is submitted on behalf of Timothy E. Bixby, the “person for whose account the securities are to be sold.” Acquisition information shows the shares derive from an option granted 01 Dec 2019, exercised for cash on 07 July 2025.

Prior insider activity: Over the past three months, the same seller has executed seven separate transactions totaling 45,916 shares for gross proceeds of approximately $1.86 million, with individual sale dates ranging from 03 June 2025 to 30 June 2025.

The signatory affirms awareness of Rule 10b5-1 obligations and declares no undisclosed material adverse information. No additional financial or operational data about Lemonade is included in this Form 144.

Positive

• Sale represents only 0.015 % of outstanding shares, implying negligible dilution or liquidity impact.
• Full Rule 144 disclosure including prior 90-day transactions and broker details, indicating regulatory compliance and transparency.

Negative

• Continued insider selling trend: 45,916 shares already sold over past three months plus an additional planned 11,000 shares.
• Gross proceeds of ~$1.86 M in recent sales may be interpreted by some investors as reduced insider confidence.

Insights

Financial Analyst

TL;DR: Modest–scale insider sale adds to recent $1.9 M disposals; unlikely to affect float but continues selling trend.

This Form 144 indicates another 11 k-share sale by Timothy E. Bixby, bringing his three-month total to roughly 46 k shares worth $1.86 M. The planned sale equals only 0.015 % of shares outstanding, so share-supply impact is minimal. Nevertheless, the continued liquidation pattern may be viewed cautiously by investors who monitor insider sentiment, especially because the sales are clustered within a single quarter. Absent any accompanying business update, the filing is information-only; valuation impact should therefore be limited unless the market extrapolates a negative signal from the selling cadence.

Corporate Governance Specialist

TL;DR: Routine Rule 144 filing; demonstrates compliance but flags sustained insider selling streak.

From a governance standpoint, the issuer is meeting disclosure requirements: the form details broker, dates, share counts, prior 90-day sales, and asserts no undisclosed MNPI. The proposed transaction appears to follow a structured plan (possible 10b5-1 usage noted), supporting transparency. However, consecutive sales totalling nearly $2 M within three months can raise perception risk among shareholders tracking leadership alignment. Because the stake sold is minute relative to float, I classify the market impact as low but directionally negative.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mock James M

(Last) (First) (Middle)

C/O MODERNA, INC.

325 BINNEY STREET

(Street)

CAMBRIDGE MA 02142

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Moderna, Inc. [ MRNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/03/2025		M(1)		1,453	A	(1)	17,644	D
Common Stock	07/03/2025		F(2)		703	D	$30.28	16,941	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	07/03/2025		M(1)			1,453	(3)	(3)	Common Stock	1,453	$0	7,264	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Represents shares withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the vest of restricted stock units.

3. 25% of the shares subject to this restricted stock unit award vested on October 5, 2023 with the remainder vesting in twelve (12) equal quarterly installments thereafter.

	/s/ James Dillon, As Attorney-in-Fact	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Lemonade (LMND) shares are being proposed for sale in the latest Form 144?

The filing covers 11,000 common shares with an estimated market value of $466,400.

What percentage of LMND’s outstanding shares does the 11,000-share sale represent?

Approximately 0.015 % of the 73,266,170 shares outstanding.

Who is the selling shareholder listed in the Form 144 for Lemonade?

The notice is filed for Timothy E. Bixby, as the person for whose account the shares will be sold.

How many LMND shares has Timothy E. Bixby sold in the last three months?

He has already sold 45,916 shares across seven transactions, generating roughly $1.86 million in gross proceeds.

When is the proposed sale date for the 11,000 LMND shares?

The approximate sale date disclosed is 07 July 2025.