Cambridge biotech tracker · Cambridge
Moderna
Listed on Nasdaq as MRNA, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $6.91B
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $268M
- avg. operating cash flow, 4 qtrs
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $782M
- Q2 '26
- R&D expense
- $651M
- 68% of opex
- Raised, last 4 qtrs
- +$611M
- net financing cash flow
- Next readout
- Feb 2027
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
5+ years
Cash at Q2 '26 divided by the average burn of the last four quarters, $89.4M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Feb 2027estimated
A Study to Investigate the Safety and Efficacy of mRNA-1403 in Participants ≥18 Years of Age for the Prevention of Acute Gastroenteritis
Acute Gastroenteritis · Norovirus Acute Gastroenteritis
NCT06592794 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 5+ years
- Time to the date
- 3 months
It is about 3 months out. At the current burn there is roughly 74 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026Phase 1/2A Study of mRNA-3745 in Adult and Pediatric Participants With Glycogen Storage Disease Type 1a (GSD1a)
- Feb 2027Phase 3A Study to Investigate the Safety and Efficacy of mRNA-1403 in Participants ≥18 Years of Age for the Prevention of Acute Gastroenteritis
- Mar 2027Phase 2A Study to Evaluate the Efficacy, Safety, and Immunogenicity of mRNA-1647 Cytomegalovirus (CMV) Vaccine in Allogenic Hematopoietic Cell Transplantation (HCT) Participants.
- Aug 2027Phase 1A Study of mRNA-4106 or mRNA-4200 Administered Alone or in Combination With Anti-Cancer Agents in Participants With Solid Tumors
- Aug 2027Phase 1/2Open-Label Study of mRNA-3927 in Participants With Propionic Acidemia
- Nov 2027Phase 1Safety, Tolerability, and Immunogenicity of mRNA-4157 Alone and in Combination in Participants With Solid Tumors
- Jan 2029Phase 2A Study to Investigate Multiple Sclerosis Relapse Prevention With mRNA-1195 Compared With Placebo in Participants Aged 18 to ≤55 Years
- Aug 2029Phase 2A Study to Evaluate the Safety, Reactogenicity, and Immunogenicity of mRNA-1283 in Participants ≥6 Months to <12 Years of Age
Pipeline
24 active trials, through phase 4.
Phase 1 · 10Phase 1/2 · 7Phase 2 · 5Phase 4 · 4Phase 3 · 2
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Feb 2027, about 3 months out. That leaves roughly 74 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 5+ years of runway
Cash and investments of $6.91B at Q2 '26 against an average operating cash burn of $268M per quarter over the last four reported quarters runs out around November 2032. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position down $2.29B since Q3 '24
Net financing inflows of $611M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $256M above cash burn
The Q2 '26 net loss of $782M includes non-cash charges, including $120M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 68% of operating expenses
$651M of R&D against $960M of total operating expenses in Q2 '26, with G&A at $216M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $145M in Q2 '26
The balance sheet carries $442M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
$591M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Retained earnings of $5.10B
Cumulative profits exceed cumulative losses, which puts this company in a different accounting conversation from most of the neighborhood.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $9.20B | −$1.57B | $13.0M | $1.14B | $281M | $1.86B | $112M | $11.0M |
| Q4 '24 · Dec 31, 24 | $9.52B | $825M | −$1.12B | $1.12B | $351M | $966M | $104M | −$3.0M |
| Q1 '25 · Mar 31, 25 | $8.39B | −$1.04B | −$971M | $856M | $212M | $108M | $115M | $4.0M |
| Q2 '25 · Jun 30, 25 | $7.50B | −$919M | −$825M | $700M | $230M | $142M | $130M | $9.0M |
| Q3 '25 · Sep 30, 25 | $6.65B | −$847M | −$200M | $801M | $268M | $1.02B | $125M | −$1.0M |
| Q4 '25 · Dec 31, 25 | $8.13B | $930M | −$826M | $775M | $308M | $678M | $113M | $581M |
| Q1 '26 · Mar 31, 26 | $7.46B | −$630M | −$1.34B | $649M | $173M | $389M | $104M | $17.0M |
| Q2 '26 · Jun 30, 26 | $6.91B | −$526M | −$782M | $651M | $216M | $145M | $120M | $14.0M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.