Moderna, Inc.
MRNA · Biological Products, (No Diagnostic Substances) · 396.8M shares · +4%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $848M (gross $1.2B, SBC $305M)
Reference price $51.37 · est. market cap ~$20.4B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50mRNA platform (post-COVID revenue collapse) with very heavy cash burn but a large cash cushion.
Strengths
- Large cash cushion, low leverage — current ratio 3.3, D/E 0.07
Risks
- Very heavy cash burn — FCF -$2.07B (1st)
- Revenue collapse — -40%, operating margin -158%
- Pipeline-diversification dependence — per 10-K
Notable findings
- Net lossNet loss (net margin -145.2%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-2065.0M)
- Strong balance sheetStrong balance sheet — $8.1B cash & investments, ~16 quarters of runway
- Revenue declineRevenue -42.6% YoY
- Notable holderHeld by 6 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 7 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$15M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
55.3%
Operating margin
-158.1%
Net margin
-145.2%
Return on equity
-32.6%
Return on assets
-22.9%
ROIC
-26.3%
Revenue growth (QoQ)
-42.6%
Debt / equity
0.1×
Current ratio
3.3×
Free cash flow
-$2.1B
EBITDA
-$2.9B
Tangible book value
$8.6B
Cash & investments
$8.1B
Cash runway
16q
Stock comp / revenue
24.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Hoge Stephen | Option exercise | 16K | $19.15 |
| 2026-06-15 | Hoge Stephen | Sell | 53K | $51.37 |
| 2026-06-15 | Hoge Stephen | Option exercise | 37K | $19.15 |
| 2026-06-05 | Klinger Shannon Thyme | Tax withheld | 5.7K | $51.59 |
| 2026-06-05 | Klinger Shannon Thyme | Option exercise | 12K | — |
| 2026-06-05 | Mock James M | Option exercise | 12K | — |
| 2026-06-05 | Mock James M | Tax withheld | 5.7K | $51.59 |
| 2026-06-04 | Klinger Shannon Thyme | Sell | 3.5K | $50.00 |
| 2026-06-04 | Klinger Shannon Thyme | Option exercise | 3.5K | $30.96 |
| 2026-06-01 | Hoge Stephen | Option exercise | 9.3K | — |
| 2026-06-01 | Mock James M | Option exercise | 2.5K | — |
| 2026-06-01 | Mock James M | Tax withheld | 1.2K | $47.19 |
| 2026-06-01 | Hoge Stephen | Tax withheld | 4.5K | $47.19 |
| 2026-06-01 | Klinger Shannon Thyme | Option exercise | 2.2K | — |
| 2026-06-01 | Klinger Shannon Thyme | Tax withheld | 1.0K | $47.19 |
| 2026-05-28 | Mock James M | Option exercise | 328 | — |
| 2026-05-28 | Mock James M | Tax withheld | 159 | $47.61 |
| 2026-05-28 | Klinger Shannon Thyme | Option exercise | 328 | — |
| 2026-05-28 | Klinger Shannon Thyme | Tax withheld | 159 | $47.61 |
| 2026-05-28 | Hoge Stephen | Option exercise | 610 | — |
| 2026-05-28 | Hoge Stephen | Tax withheld | 295 | $47.61 |
| 2026-05-27 | Mock James M | Tax withheld | 374 | $47.03 |
| 2026-05-27 | Hoge Stephen | Option exercise | 1.4K | — |
| 2026-05-27 | Hoge Stephen | Tax withheld | 695 | $47.03 |
| 2026-05-27 | Klinger Shannon Thyme | Option exercise | 773 | — |
| 2026-05-27 | Mock James M | Option exercise | 773 | — |
| 2026-05-27 | Klinger Shannon Thyme | Tax withheld | 374 | $47.03 |
| 2026-05-21 | AFEYAN NOUBAR | Option exercise | 9.3K | $19.15 |
| 2026-05-21 | AFEYAN NOUBAR | Sell | 9.3K | $46.84 |
| 2026-05-15 | Hoge Stephen | Option exercise | 37K | $19.15 |
| 2026-05-15 | Hoge Stephen | Option exercise | 16K | $19.15 |
| 2026-05-15 | Hoge Stephen | Sell | 53K | $48.40 |
| 2026-05-01 | Hussain Abbas | Sell | 5.7K | $46.63 |
| 2026-04-30 | Rubenstein David M. | Option exercise | 8.1K | — |
| 2026-04-30 | Horning Sandra | Option exercise | 16K | — |
| 2026-04-30 | Hussain Abbas | Option exercise | 16K | — |
| 2026-04-30 | NABEL ELIZABETH G | Option exercise | 16K | — |
| 2026-04-30 | Nader Francois | Option exercise | 12K | — |
| 2026-04-30 | Tallett Elizabeth E | Option exercise | 4.1K | — |
| 2026-04-02 | Mock James M | Option exercise | 1.5K | — |
| 2026-04-02 | Mock James M | Tax withheld | 703 | $50.03 |
| 2026-03-05 | Klinger Shannon Thyme | Option exercise | 12K | — |
| 2026-03-05 | Mock James M | Tax withheld | 5.7K | $57.80 |
| 2026-03-05 | Mock James M | Option exercise | 12K | — |
| 2026-03-05 | Klinger Shannon Thyme | Tax withheld | 5.7K | $57.80 |
| 2026-03-02 | Klinger Shannon Thyme | Sell | 14K | $52.29 |
| 2026-03-02 | Klinger Shannon Thyme | Option exercise | 14K | $30.96 |
| 2026-02-27 | Hoge Stephen | Tax withheld | 296 | $51.71 |
| 2026-02-27 | Hoge Stephen | Option exercise | 1.4K | — |
| 2026-02-27 | Hoge Stephen | Tax withheld | 695 | $51.71 |
| 2026-02-27 | Hoge Stephen | Option exercise | 37K | — |
| 2026-02-27 | Hoge Stephen | Tax withheld | 18K | $51.71 |
| 2026-02-27 | Klinger Shannon Thyme | Option exercise | 233 | — |
| 2026-02-27 | Klinger Shannon Thyme | Tax withheld | 113 | $51.71 |
| 2026-02-27 | Hoge Stephen | Option exercise | 611 | — |
| 2026-02-27 | Klinger Shannon Thyme | Option exercise | 329 | — |
| 2026-02-27 | Klinger Shannon Thyme | Tax withheld | 160 | $51.71 |
| 2026-02-27 | Klinger Shannon Thyme | Option exercise | 774 | — |
| 2026-02-27 | Klinger Shannon Thyme | Tax withheld | 375 | $51.71 |
| 2026-02-27 | Klinger Shannon Thyme | Option exercise | 8.7K | — |
| 2026-02-27 | Klinger Shannon Thyme | Tax withheld | 4.2K | $51.71 |
| 2026-02-27 | Hoge Stephen | Tax withheld | 316 | $51.71 |
| 2026-02-27 | Hoge Stephen | Option exercise | 652 | — |
| 2026-02-27 | Mock James M | Option exercise | 329 | — |
| 2026-02-27 | Mock James M | Tax withheld | 160 | $51.71 |
| 2026-02-27 | Mock James M | Option exercise | 774 | — |
| 2026-02-27 | Mock James M | Tax withheld | 375 | $51.71 |
| 2026-02-27 | Mock James M | Option exercise | 9.9K | — |
| 2026-02-27 | Mock James M | Tax withheld | 4.8K | $51.71 |
| 2026-02-23 | Hoge Stephen | Option exercise | 112K | $19.15 |
| 2026-02-23 | Hoge Stephen | Option exercise | 48K | $19.15 |
| 2026-02-23 | Hoge Stephen | Sell | 160K | $48.84 |
| 2026-02-11 | Bancel Stephane | Tax withheld | 5.5K | $41.99 |
| 2026-02-11 | Mock James M | Grant | 2.6K | — |
| 2026-02-11 | Mock James M | Tax withheld | 1.3K | $41.99 |
| 2026-02-11 | Klinger Shannon Thyme | Grant | 2.6K | — |
| 2026-02-11 | Klinger Shannon Thyme | Tax withheld | 1.3K | $41.99 |
| 2026-02-11 | Hoge Stephen | Grant | 4.9K | — |
| 2026-02-11 | Hoge Stephen | Tax withheld | 2.4K | $41.99 |
| 2026-02-11 | Bancel Stephane | Grant | 11K | — |
| 2026-01-05 | Mock James M | Option exercise | 1.5K | — |
| 2026-01-05 | Mock James M | Tax withheld | 780 | $30.86 |
| 2025-12-11 | Bancel Stephane | Option exercise | 688K | $10.90 |
| 2025-12-11 | AFEYAN NOUBAR | Option exercise | 24K | $10.90 |
| 2025-12-11 | AFEYAN NOUBAR | Sell | 24K | $29.48 |
| 2025-12-09 | Hussain Abbas | Sell | 504 | $27.60 |
| 2025-12-05 | Mock James M | Option exercise | 47K | — |
| 2025-12-05 | Mock James M | Tax withheld | 23K | $25.49 |
| 2025-12-05 | Klinger Shannon Thyme | Option exercise | 47K | — |
| 2025-12-05 | Klinger Shannon Thyme | Tax withheld | 23K | $25.49 |
| 2025-12-01 | Klinger Shannon Thyme | Option exercise | 233 | — |
| 2025-12-01 | Klinger Shannon Thyme | Tax withheld | 113 | $25.98 |
| 2025-12-01 | Hoge Stephen | Option exercise | 652 | — |
| 2025-12-01 | Hoge Stephen | Tax withheld | 316 | $25.98 |
| 2025-11-28 | Klinger Shannon Thyme | Option exercise | 329 | — |
| 2025-11-28 | Hoge Stephen | Tax withheld | 295 | $25.01 |
| 2025-11-28 | Mock James M | Option exercise | 329 | — |
| 2025-11-28 | Mock James M | Tax withheld | 160 | $25.01 |
| 2025-11-28 | Hoge Stephen | Option exercise | 610 | — |
| 2025-11-28 | Klinger Shannon Thyme | Tax withheld | 160 | $25.01 |
| 2025-11-26 | Mock James M | Tax withheld | 374 | $24.75 |
| 2025-11-26 | Mock James M | Option exercise | 773 | — |
| 2025-11-26 | Klinger Shannon Thyme | Option exercise | 773 | — |
| 2025-11-26 | Klinger Shannon Thyme | Tax withheld | 374 | $24.75 |
| 2025-11-26 | Hoge Stephen | Option exercise | 1.4K | — |
| 2025-11-26 | Hoge Stephen | Tax withheld | 695 | $24.75 |
| 2025-10-03 | Mock James M | Tax withheld | 703 | $28.37 |
| 2025-10-03 | Mock James M | Option exercise | 1.5K | — |
| 2025-10-02 | Hussain Abbas | Option exercise | 1.4K | — |
| 2025-08-29 | Klinger Shannon Thyme | Option exercise | 232 | — |
| 2025-08-29 | Klinger Shannon Thyme | Tax withheld | 113 | $24.47 |
| 2025-08-29 | Hoge Stephen | Option exercise | 651 | — |
| 2025-08-29 | Hoge Stephen | Tax withheld | 315 | $24.47 |
| 2025-08-28 | Mock James M | Tax withheld | 160 | $25.10 |
| 2025-08-28 | Mock James M | Option exercise | 329 | — |
| 2025-08-28 | Klinger Shannon Thyme | Option exercise | 329 | — |
| 2025-08-28 | Klinger Shannon Thyme | Tax withheld | 160 | $25.10 |
| 2025-08-28 | Hoge Stephen | Option exercise | 611 | — |
| 2025-08-28 | Hoge Stephen | Tax withheld | 296 | $25.10 |
| 2025-08-27 | Hoge Stephen | Option exercise | 1.4K | — |
| 2025-08-27 | Klinger Shannon Thyme | Tax withheld | 375 | $24.73 |
| 2025-08-27 | Mock James M | Tax withheld | 375 | $24.73 |
| 2025-08-27 | Hoge Stephen | Tax withheld | 695 | $24.73 |
| 2025-08-27 | Mock James M | Option exercise | 774 | — |
| 2025-08-27 | Klinger Shannon Thyme | Option exercise | 774 | — |
| 2025-08-05 | Rubenstein David M. | Option exercise | 850 | — |
| 2025-07-03 | Mock James M | Option exercise | 1.5K | — |
| 2025-07-03 | Mock James M | Tax withheld | 703 | $30.28 |
| 2025-06-11 | Hussain Abbas | Sell | 312 | $28.00 |
| 2025-06-06 | Klinger Shannon Thyme | Option exercise | 1.1K | — |
| 2025-06-06 | Klinger Shannon Thyme | Tax withheld | 551 | $26.12 |
| 2025-05-30 | Hoge Stephen | Option exercise | 652 | — |
| 2025-05-30 | Hoge Stephen | Tax withheld | 316 | $26.93 |
| 2025-05-30 | Klinger Shannon Thyme | Option exercise | 233 | — |
| 2025-05-30 | Klinger Shannon Thyme | Tax withheld | 113 | $26.93 |
| 2025-05-28 | Hoge Stephen | Tax withheld | 295 | $26.76 |
| 2025-05-28 | Mock James M | Option exercise | 328 | — |
| 2025-05-28 | Mock James M | Tax withheld | 159 | $26.76 |
| 2025-05-28 | Klinger Shannon Thyme | Option exercise | 328 | — |
| 2025-05-28 | Klinger Shannon Thyme | Tax withheld | 159 | $26.76 |
| 2025-05-28 | Hoge Stephen | Option exercise | 610 | — |
| 2025-05-27 | Hoge Stephen | Tax withheld | 695 | $26.26 |
| 2025-05-27 | Mock James M | Tax withheld | 374 | $26.26 |
| 2025-05-27 | Mock James M | Option exercise | 773 | — |
| 2025-05-27 | Hoge Stephen | Option exercise | 1.4K | — |
| 2025-05-27 | Klinger Shannon Thyme | Option exercise | 773 | — |
| 2025-05-27 | Klinger Shannon Thyme | Tax withheld | 374 | $26.26 |
| 2025-04-30 | NABEL ELIZABETH G | Option exercise | 979 | — |
| 2025-04-30 | Rubenstein David M. | Option exercise | 677 | — |
| 2025-04-30 | Hussain Abbas | Option exercise | 892 | — |
| 2025-04-30 | Horning Sandra | Option exercise | 979 | — |
| 2025-04-04 | Mock James M | Option exercise | 1.5K | — |
| 2025-04-04 | Mock James M | Tax withheld | 703 | $25.73 |
| 2025-03-07 | Klinger Shannon Thyme | Option exercise | 1.1K | — |
| 2025-03-07 | Klinger Shannon Thyme | Tax withheld | 551 | $34.30 |
| 2025-03-03 | Bancel Stephane | Buy | 103K | $31.04 |
| 2025-03-03 | Bancel Stephane | Buy | 57K | $31.53 |
| 2025-03-03 | SAGAN PAUL | Buy | 32K | $31.76 |
| 2025-02-28 | Mock James M | Option exercise | 329 | — |
| 2025-02-28 | Mock James M | Tax withheld | 160 | $31.09 |
| 2025-02-28 | Klinger Shannon Thyme | Option exercise | 233 | — |
| 2025-02-28 | Klinger Shannon Thyme | Tax withheld | 113 | $31.09 |
| 2025-02-28 | Klinger Shannon Thyme | Option exercise | 329 | — |
| 2025-02-28 | Klinger Shannon Thyme | Tax withheld | 160 | $31.09 |
| 2025-02-28 | Hoge Stephen | Option exercise | 652 | — |
| 2025-02-28 | Hoge Stephen | Tax withheld | 316 | $31.09 |
| 2025-02-28 | Hoge Stephen | Option exercise | 611 | — |
| 2025-02-28 | Hoge Stephen | Tax withheld | 296 | $31.09 |
| 2025-02-27 | Mock James M | Option exercise | 1.3K | — |
| 2025-02-27 | Mock James M | Tax withheld | 642 | $33.58 |
| 2025-02-27 | Mock James M | Option exercise | 3.1K | — |
| 2025-02-27 | Mock James M | Tax withheld | 1.5K | $33.58 |
| 2025-02-27 | Mock James M | Option exercise | 1.3K | — |
| 2025-02-27 | Mock James M | Tax withheld | 642 | $33.58 |
| 2025-02-27 | Klinger Shannon Thyme | Option exercise | 3.1K | — |
| 2025-02-27 | Klinger Shannon Thyme | Tax withheld | 1.5K | $33.58 |
| 2025-02-27 | Klinger Shannon Thyme | Option exercise | 2.7K | — |
| 2025-02-27 | Klinger Shannon Thyme | Tax withheld | 1.3K | $33.58 |
| 2025-02-27 | Hoge Stephen | Option exercise | 5.7K | — |
| 2025-02-27 | Hoge Stephen | Tax withheld | 2.8K | $33.58 |
| 2025-02-12 | Klinger Shannon Thyme | Grant | 2.0K | — |
| 2025-02-12 | Klinger Shannon Thyme | Tax withheld | 1.1K | $30.93 |
| 2025-02-12 | Hoge Stephen | Grant | 5.7K | — |
| 2025-02-12 | Hoge Stephen | Tax withheld | 2.8K | $30.93 |
| 2025-02-12 | Bancel Stephane | Grant | 13K | — |
| 2025-02-12 | Bancel Stephane | Tax withheld | 6.4K | $30.93 |
| 2025-02-07 | Hoge Stephen | Option exercise | 523 | — |
| 2025-02-07 | Hoge Stephen | Tax withheld | 281 | $33.61 |
| 2025-01-03 | Mock James M | Option exercise | 1.5K | — |
| 2025-01-03 | Mock James M | Tax withheld | 780 | $42.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-11 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-01 | ResultsExhibits | filing ↗ |
| 2026-03-05 | Material agreement | filing ↗ |
| 2026-02-13 | ResultsExhibits | filing ↗ |
| 2026-02-11 | Reg FDOtherExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-05 | Reg FDExhibits | filing ↗ |
| 2025-11-24 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-11 | 2026-05-06 | 0001682852-26-000101 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001682852-26-000057 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0001682852-26-000060 ↗ |
| 8-K | 2026-03-05 | 2026-03-03 | 0001682852-26-000047 ↗ |
| 10-K | 2026-02-20 | 2025-12-31 | 0001682852-26-000033 ↗ |
| 8-K | 2026-02-13 | 2026-02-13 | 0001682852-26-000015 ↗ |
| 8-K | 2026-02-11 | 2026-02-03 | 0001682852-26-000012 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001682852-26-000007 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0001682852-26-000003 ↗ |
| 8-K | 2025-11-24 | 2025-11-19 | 0001628280-25-053816 ↗ |
| 8-K | 2025-11-20 | 2025-11-20 | 0001628280-25-053318 ↗ |
| 8-K | 2025-11-13 | 2025-11-12 | 0001628280-25-052055 ↗ |