Moderna, Inc. filings document the regulatory, financial and governance record of a commercial-stage mRNA biotechnology company. Form 8-K reports cover operating results, Regulation FD updates, FDA communications for investigational vaccine submissions, material agreements, patent-litigation settlements and financing arrangements tied to the company's vaccine and therapeutic portfolio.
Proxy and annual-meeting filings disclose board elections, shareholder voting results, executive compensation and governance provisions, including bylaw amendments. The filings also record capital-structure matters such as credit facilities, risk and disclosure controls around pipeline development, and formal updates related to products including Spikevax, mRESVIA, mNEXSPIKE and mCOMBRIAX.
Moderna reported second-quarter 2026 revenue of $145 million, roughly flat year over year, as net product sales fell to $94 million on lower COVID demand, offset by higher stand-ready manufacturing and collaboration revenue. The quarter’s net loss was $782 million, or $(1.97) per share.
For the first six months of 2026, revenue rose 114% to $534 million, driven by higher international COVID vaccine sales, but cost of sales jumped 401% to $1,048 million, largely from $884 million of royalties tied to a $950 million settlement with Arbutus and Genevant. This contributed to a six‑month net loss of $2,125 million and $79 million of inventory write-downs.
R&D and selling, general and administrative expenses declined versus 2025 as late-stage programs wound down and costs were tightened, while the pipeline advanced: EU approval for mCOMBRIAX, a positive FDA advisory vote for flu vaccine mRNA‑1010 (PDUFA August 5, 2026), an expanded CEPI partnership of up to $50 million, and a Recordati deal with a $50 million upfront for mRNA‑3927. Liquidity remained significant with $6,910 million in cash and investments plus a $600 million term loan and undrawn delayed-draw capacity, though a $950 million settlement payment and potential additional exposure of up to $1.3 billion and ongoing litigation remain key overhangs.
Moderna reported second quarter 2026 revenue of $145 million, slightly above the prior year, with $87 million from the U.S. and $58 million from international markets. Cost of sales were $93 million, including $41 million of inventory write-downs and $23 million of unutilized manufacturing capacity costs. Research and development expenses fell 7% to $651 million and selling, general and administrative expenses declined 6% to $216 million. Net loss was $782 million, or $1.97 per share, a $43 million improvement from a year earlier. Cash, cash equivalents and investments totaled $6.9 billion as of June 30, 2026.
For 2026, Moderna targets up to 10% revenue growth versus 2025, with roughly half of revenue from the U.S. and half from international markets and about 55% of second-half revenue recognized in the third quarter. The company now expects 2026 cost of sales of approximately $1.7 billion, research and development expenses of approximately $2.9 billion, and selling, general and administrative expenses of approximately $1.0 billion. Capital expenditures are projected at $0.2 to $0.3 billion, and year-end 2026 cash and investments are projected at $4.7 to $5.2 billion, excluding any use of the remaining $0.9 billion under its credit facility.
Pipeline and regulatory updates include a unanimous VRBPAC recommendation and August 5 PDUFA date for mFLUSIVA, which could become Moderna's fifth approved product. The company reported new approvals and contracts for mRESVIA and mNEXSPIKE, progress on its mRNA-1010 flu program, an interim miss but continued enrollment for the mRNA-1403 norovirus Phase 3 trial, and advancing oncology and rare disease programs such as intismeran and mRNA-3927.
Baillie Gifford & Co filed Amendment No. 7 to a Schedule 13G/A reporting its passive ownership in Moderna, Inc. common stock. As of 06/30/2026, Baillie Gifford & Co beneficially owned 18,206,778 shares, representing 4.59% of the outstanding common stock. It reported sole voting power over 17,920,410 shares and sole dispositive power over all 18,206,778 shares, with no shared voting or dispositive power. The filer is identified as an Investment Adviser organized in Scotland, and indicates that it now has ownership of 5 percent or less of this class.
Moderna President Stephen Hoge reported an option exercise and share sale in company stock on July 15, 2026. He exercised stock options to acquire a total of 53,336 shares of common stock at an exercise price of $19.15 per share, then sold 53,336 shares in open-market transactions at $67.60 per share pursuant to a Rule 10b5-1 trading plan adopted on November 13, 2025. Following these transactions, he reports 1,483,848 shares held directly, plus indirect interests in 151,933 shares held by a trust for the benefit of his spouse and children and 4,116 shares held by Valhalla, LLC, with beneficial ownership of the trust shares disclaimed except for any pecuniary interest.
Stephen Hoge filed a notice for a proposed sale of up to 53,336 shares of Moderna common stock. The shares are tied to a stock option exercise dated 07/15/2026, with sales planned through Fidelity Brokerage Services LLC on the NASDAQ market.
In the prior three months, Hoge sold 53,336 shares on 05/15/2026 for a value of 2,581,462.40 and another 53,336 shares on 06/15/2026 for a value of 2,739,870.32.
Moderna, Inc. director Michael R. McDonnell received equity-based compensation in the form of restricted stock units and a stock option. He was granted 5,733 RSUs vesting in full on July 8, 2027, 1,618 RSUs vesting in full on the earlier of May 6, 2027 or the next annual meeting, and an option for 7,415 shares at an exercise price of $73.80 per share that becomes fully vested and exercisable on July 8, 2027. The RSUs convert into common stock on a one-for-one basis.
Moderna, Inc. filed an initial statement of beneficial ownership for Michael R. McDonnell, identifying him as a director of the company. The filing does not report any equity transactions or derivative positions and serves to register his status as a reporting person with the SEC.
Moderna, Inc. is adding experienced financial executive Michael McDonnell to its Board of Directors, effective July 8, 2026. He will serve as a Class II director until the 2029 annual meeting and join the Board’s Audit Committee.
McDonnell brings more than 35 years of financial leadership, including service as Chief Financial Officer of Biogen Inc. from August 2020 to February 2025 and prior CFO roles at multiple public companies. David Rubenstein is transitioning off the Audit Committee to the Nominating and Corporate Governance Committee. McDonnell will receive compensation under Moderna’s Amended and Restated Non-Employee Director Compensation Policy, and his appointment was also announced in a press release furnished as Exhibit 99.1.
Moderna, Inc. reported that Chief Commercial Officer Banque Soria Ester received new equity awards as part of compensation. She was granted 38,364 restricted stock units, each convertible into one share of common stock. She was also granted 18,658 stock options with an exercise price of $79.76 per share.
For both awards, 25% are scheduled to vest on July 5, 2027, with the remaining portions vesting in twelve equal quarterly installments after that date. These are awards from the company and do not involve any open-market purchases or sales.
Moderna, Inc.’s Chief Financial Officer James M. Mock reported routine equity compensation activity involving restricted stock units (RSUs). On July 2, 2026, 1,452 RSUs converted into 1,452 shares of common stock on a one-for-one basis, reflecting vesting of a prior award.
To cover tax withholding obligations tied to this vesting, 703 shares of common stock were withheld at an effective price of $72.50 per share, a non-market, tax-related disposition rather than an open‑market sale. Following these transactions, Mock directly holds 66,436 shares of common stock and 1,454 RSUs, indicating he retained the majority of the vested shares as ongoing equity exposure.