Moderna, Inc.

Moderna, Inc. reported a net loss of $2.82 billion for fiscal year 2025, driven by a significant operating loss of $3.07 billion. Total revenue for the year was $1.94 billion, while total operating expenses reached $5.02 billion, with research and development costs accounting for $3.13 billion of that total. The company maintained a strong liquidity position with $2.60 billion in cash and cash equivalents and $3.20 billion in investments, resulting in total current assets of $6.54 billion. Cash flow from operations was negative $1.87 billion, but this was offset by $1.95 billion in net cash provided by investing activities and $593 million from financing activities, leading to a net increase in cash of $668 million. The company ended the year with total assets of $12.34 billion and stockholders' equity of $8.65 billion.

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