Companies · MRNA
Moderna
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Latest analysis
Updated Sep 1, 2026
Moderna raises $3.0B via zero-coupon convertible notes due 2032, earmarking proceeds for oncology growth and debt repayment.
Moderna closed a $3.0 billion convertible note offering on September 1, 2026 — upsized from an initial $2.0 billion target — at 0.00% interest, maturing March 2032, with a conversion price of $210.58 per share representing a 47.5% premium to the August 27 close of $142.77. The transaction is a capital structure decision, not a pipeline event: net proceeds after capped call costs of $328.8 million are directed to general corporate purposes with explicit mention of oncology investment and debt repayment, signaling that oncology is now a named strategic growth vector. The capped call overlay sets dilution protection to a $392.62 cap price, a 175% premium to spot, limiting equity overhang at current share price levels.
Tone: cautiousRevenue
$1.9B
MRNA 10-K · FY 2025
Employees
4,700
Revenue FY2024
$3.2B
Founded
2010
Profile
MRNA 10-K Item 1 · Feb 20, 2026Moderna is a commercial-stage biotechnology company that discovers, develops, and manufactures mRNA-based medicines across infectious disease vaccines, oncology therapeutics, and rare disease therapeutics. Its platform integrates advances in mRNA science, lipid nanoparticle delivery, and manufacturing process science to enable rapid development of a diverse pipeline. As of December 31, 2025, the company had three approved products — Spikevax, mNEXSPIKE, and mRESVIA — and 35 development programs.
Read filing description ↓ Collapse description ↑
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more. With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines. We currently have three commercial products—Spikevax and mNEXSPIKE (our COVID vaccines) and mRESVIA (our vaccine against respiratory syncytial virus (RSV)). mNEXSPIKE, which we launched commercially in the third quarter of 2025, is now our leading product in the U.S. retail channel. Beyond our commercial products, we continue to demonstrate the potential of our platform technology and are advancing a pipeline of development candidates across oncology, rare disease and infectious disease. Our mRNA 'platform' refers to our accumulated knowledge and capabilities in basic and applied sciences. Our platform incorporates advances across three key components—mRNA, delivery and the manufacturing process—to advance our medicines. Since 2022, we have streamlined our production sites into a global manufacturing network to support new product launches and deliver products for multi-year collaborations. We have built and manage mRNA manufacturing facilities in the United Kingdom, Canada and Australia. These facilities were fully licensed in 2025, and the government in each of these countries has entered into a multi-year commitment to purchase mRNA products from us.
Primary products
- Spikevax (mRNA-1273)
- mNEXSPIKE (mRNA-1283)
- mRESVIA (mRNA-1345)
- mRNA-1010 (seasonal influenza vaccine candidate)
- mRNA-1083 (COVID + seasonal influenza combination vaccine candidate)
- intismeran autogene (mRNA-4157)
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe that mRNA as a medicine coupled with our capabilities across mRNA technology, drug discovery, development and manufacturing provide us with a competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined from $3.2 billion in 2024 to $1.9 billion in 2025, driven primarily by continued contraction in COVID vaccine sales across all geographies.
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