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 29, 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
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
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 companyAbout 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 loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 29, 24 | $9.20B | −$1.57B | $13.0M | $1.14B | $281M | $1.86B | $112M | $11.0M |
| Q4 '24 · Dec 30, 24 | $9.52B | $825M | −$1.12B | $1.12B | $351M | $966M | $104M | −$3.0M |
| Q1 '25 · Mar 30, 25 | $8.39B | −$1.04B | −$971M | $856M | $212M | $108M | $115M | $4.0M |
| Q2 '25 · Jun 29, 25 | $7.50B | −$919M | −$825M | $700M | $230M | $142M | $130M | $9.0M |
| Q3 '25 · Sep 29, 25 | $6.65B | −$847M | −$200M | $801M | $268M | $1.02B | $125M | −$1.0M |
| Q4 '25 · Dec 30, 25 | $8.13B | $930M | −$826M | $775M | $308M | $678M | $113M | $581M |
| Q1 '26 · Mar 30, 26 | $7.46B | −$630M | −$1.34B | $649M | $173M | $389M | $104M | $17.0M |
| Q2 '26 · Jun 29, 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.