Moderna (MRNA) 10-K Summaries & Annual Filing History
Review Moderna, Inc. (MRNA) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Moderna reported a net loss and declining revenue in the latest annual period, reflecting decreased demand for its products. The company continues to invest in operations and capital projects while drawing on its credit facility to support liquidity.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$1.9B
Revenue reported for the fiscal year.
Operating income
-$3.1B
Income from operations reported for the year.
Net income
-$2.8B
Net income reported for the year.
Operating cash flow
-$1.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $19.3B | +4.3% |
| Dec 31, 2023 | $6.8B | -64.4% |
| Dec 31, 2024 | $3.2B | -52.7% |
| Dec 31, 2025 | $1.9B | -39.9% |
Business overview
Moderna is a biotechnology company focused on developing messenger RNA-based medicines and vaccines. Its business description refers to items addressing operations, risk factors, and unresolved staff comments within the filing.
Financial performance
Revenue declined compared to the prior year, while both operating income and net income were negative. Operating cash flow was also negative, indicating cash used in operations exceeded inflows.
Material risks
The filing indicates risks typical for a biotechnology company, including those related to product development, regulatory approval, and market acceptance. Unresolved staff comments and cybersecurity are also noted as areas of concern.
Liquidity and capital
Cash, cash equivalents, and investments decreased year over year, primarily due to funding operating activities and capital expenditures. The company partially offset these outflows by drawing on its credit facility and maintains a focus on liquidity and capital preservation.
What to watch
Monitor the trajectory of revenue and operating cash flow in the next filing to assess demand trends and cash burn rate.