Company profile
SEC EDGAR ↗- Industry
- Biological Products, (No Diagnostic Substances)
- Listed
- Nasdaq: MRNA
- Incorporated
- DE
- Headquarters
- Cambridge, MA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $1.94B
- Net income
- −$2.82B
- Total assets
- $12.3B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $1.94B | −$2.82B | $12.3B |
| FY2024 | $3.24B | −$3.56B | $14.1B |
| FY2023 | $6.85B | −$4.71B | $18.4B |
| FY2022 | $19.3B | $8.36B | $25.9B |
| FY2021 | $18.5B | $12.2B | $24.7B |
| FY2020 | $803.0M | −$747.0M | $7.34B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Records on Moderna, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2022 | Moat Anatomy | Read the story → | Moat Anatomy Casebook → |
| 2023 | Bet-the-Company | Read the story → | Bet-the-Company Casebook → |
Run one of these yourself
The decisions Moderna faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The All-In Bet · Decision Forks
Moderna Raised $1.8B for a Drug Factory With Zero Products. A Virus Became Its First Proof
By its 2018 IPO Moderna had raised $1.8B, shipped zero products, and was the biggest venture-backed biotech IPO ever. The bet wasn't on a drug. It was on a factory for drugs - and a virus, not the pipeline, became its first proof.
8 min
The Crossroads · Decision Forks
Moderna's Revenue Fell 83%, and the Next 24 Months Are Binary
Moderna's revenue collapsed 83% from its peak, and its $25 million RSV launch barely moved. The whole company now rests on a cancer-vaccine Phase 3 that hasn't reported and combo shots years from revenue. The next 24 months are binary, not managed.
8 min
The Moat Anatomy · Moat & Competition
Moderna Has a Platform and a Boom. Only One of Them Is Still Generating Revenue.
Moderna's pitch was never one vaccine - it was a programmable platform that could build any vaccine. But after the boom, the platform has shipped exactly one new product: mRESVIA, at $25M in 2024. The moat is real. It just hasn't started paying yet.
8 min
The Moat Anatomy · Moat & Competition
Moderna Paid $2.25 Billion to Settle Patents It Was Already Using
The story is that Moderna owns mRNA. The record says otherwise: it paid $2.25 billion to settle the lipid patents it was already using, is fighting NIH over who invented the vaccine, and saw its Pfizer suit paused. The real moat is the thing no court can touch.
8 min