What should I know about Moderna?
Moderna is a US biotechnology company based in Cambridge, Massachusetts, that develops vaccines and medicines using messenger RNA (mRNA), a molecule that tells the body's cells how to make a protein. It was founded in 2010 and went public in December 2018 in what was then the largest biotech IPO. Stéphane Bancel has been chief executive since 2011. Its COVID-19 vaccine Spikevax brought it to prominence. In the second quarter of 2026 it reported revenue of about $0.1 billion and a net loss of about $0.8 billion.
What are Moderna's main drugs?
Moderna's main product is Spikevax, its COVID-19 vaccine, which received US emergency authorisation in December 2020 and full FDA approval in 2022. It also has an RSV vaccine, mRNA-1345 (sold as mRESVIA), and on 5 August 2026 it received FDA approval for its influenza vaccine, mFLUSIVA. COVID-19 vaccine sales are seasonal and have fallen sharply from their pandemic peak, which is why quarterly revenue can be very low outside the autumn and winter vaccination season.
What is Moderna currently developing?
Moderna's recent milestone was the August 2026 FDA approval of its flu vaccine mFLUSIVA. Its RSV vaccine continues to generate clinical data, including studies in transplant recipients and in people given the shot alongside a flu vaccine. The company is also developing an H5 avian flu vaccine, though US government funding for it was cut. After HHS ended that contract, Moderna said it would explore alternatives for late-stage development and manufacturing.
Have there been any controversies involving Moderna?
On 29 May 2025 the US Department of Health and Human Services cancelled Moderna's contract to develop an H5N1 bird flu vaccine, worth more than $700 million in potential funding. An HHS spokesperson said mRNA technology "remains under-tested" and that continuing was "not scientifically or ethically justifiable." Moderna's chief executive said the termination "adds uncertainty" but pointed to a strong immune response and safety profile in interim data.
Is Moderna publicly traded, and how big is it?
Yes. Moderna trades on the Nasdaq under the ticker MRNA and is part of the S&P 500. Its market value was about $80 billion on 5 October 2026, with the shares at about $187 and about 429 million shares outstanding. The company is not profitable: in the second quarter of 2026 it reported a net loss of about $0.8 billion on revenue of about $0.1 billion.