Moderna

Moderna is an American biotechnology company headquartered in Cambridge, Massachusetts, focused on messenger RNA (mRNA) therapeutics and vaccines. Founded in September 2010 under the name ModeRNA Therapeutics, the company spent its early years in stealth mode, conducting preclinical research on modified mRNA to instruct human cells to produce therapeutic proteins. By 2012, Moderna had reached unicorn status, raising $40 million from Flagship Pioneering and other investors. Between 2011 and 2017, the company raised approximately $2 billion in venture capital, one of the largest private biotech financings at the time.

The company's breakthrough came in 2020 when it developed Spikevax, one of the first COVID-19 vaccines authorized for emergency use. The vaccine was developed in just 63 days from genetic sequencing of the virus to the first human injection, a feat that validated the mRNA platform on a global scale. Spikevax generated tens of billions in revenue, allowing Moderna to expand its pipeline and manufacturing capacity. However, as pandemic demand waned, the company faced a sharp decline, with revenue dropping to $1.94 billion in 2025 and market value falling more than 90% from its 2021 peak.

Moderna's pipeline includes 44 treatment and vaccine candidates, 37 of which have entered clinical trials. In 2024, the company received approval for mRESVIA, an RSV vaccine, and mNEXSPIKE, an updated COVID-19 vaccine. Other candidates target influenza, HIV, Epstein-Barr virus, Nipah virus, chikungunya, Zika virus, and several cancer vaccines. Moderna is also developing a combination flu-COVID-19 vaccine. The company maintains a net cash position of $4.55 billion and has restructured operations to focus on cost discipline amid declining revenues. [edit]