mrna-20200630
false2020Q20001682852December 31P12MP12M8.54.53.51.25us-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationus-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization00016828522020-01-012020-06-30xbrli:shares00016828522020-07-31iso4217:USD00016828522020-06-3000016828522019-12-31iso4217:USDxbrli:shares0001682852mrna:CollaborationArrangementMember2020-04-012020-06-300001682852mrna:CollaborationArrangementMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMember2019-01-012019-06-300001682852us-gaap:GrantMember2020-04-012020-06-300001682852us-gaap:GrantMember2019-04-012019-06-300001682852us-gaap:GrantMember2020-01-012020-06-300001682852us-gaap:GrantMember2019-01-012019-06-3000016828522020-04-012020-06-3000016828522019-04-012019-06-3000016828522019-01-012019-06-300001682852us-gaap:CommonStockMember2020-03-310001682852us-gaap:AdditionalPaidInCapitalMember2020-03-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001682852us-gaap:RetainedEarningsMember2020-03-3100016828522020-03-310001682852us-gaap:CommonStockMember2020-04-012020-06-300001682852us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001682852us-gaap:RetainedEarningsMember2020-04-012020-06-300001682852us-gaap:CommonStockMember2020-06-300001682852us-gaap:AdditionalPaidInCapitalMember2020-06-300001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001682852us-gaap:RetainedEarningsMember2020-06-300001682852us-gaap:CommonStockMember2019-03-310001682852us-gaap:AdditionalPaidInCapitalMember2019-03-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001682852us-gaap:RetainedEarningsMember2019-03-3100016828522019-03-310001682852us-gaap:CommonStockMember2019-04-012019-06-300001682852us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001682852us-gaap:AccountingStandardsUpdate201409Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-03-310001682852us-gaap:AccountingStandardsUpdate201602Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-03-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001682852us-gaap:RetainedEarningsMember2019-04-012019-06-300001682852us-gaap:CommonStockMember2019-06-300001682852us-gaap:AdditionalPaidInCapitalMember2019-06-300001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001682852us-gaap:RetainedEarningsMember2019-06-3000016828522019-06-300001682852us-gaap:CommonStockMember2019-12-310001682852us-gaap:AdditionalPaidInCapitalMember2019-12-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001682852us-gaap:RetainedEarningsMember2019-12-310001682852us-gaap:CommonStockMember2020-01-012020-06-300001682852us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001682852us-gaap:RetainedEarningsMember2020-01-012020-06-300001682852us-gaap:CommonStockMember2018-12-310001682852us-gaap:AdditionalPaidInCapitalMember2018-12-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001682852us-gaap:RetainedEarningsMember2018-12-3100016828522018-12-310001682852us-gaap:CommonStockMember2019-01-012019-06-300001682852us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001682852us-gaap:AccountingStandardsUpdate201409Memberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001682852us-gaap:AccountingStandardsUpdate201409Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001682852us-gaap:AccountingStandardsUpdate201602Memberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001682852us-gaap:AccountingStandardsUpdate201602Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001682852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001682852us-gaap:RetainedEarningsMember2019-01-012019-06-300001682852srt:ScenarioPreviouslyReportedMember2019-04-012019-06-300001682852us-gaap:AccountingStandardsUpdate201602Membersrt:RestatementAdjustmentMember2019-04-012019-06-300001682852srt:ScenarioPreviouslyReportedMember2019-01-012019-06-300001682852us-gaap:AccountingStandardsUpdate201602Membersrt:RestatementAdjustmentMember2019-01-012019-06-300001682852us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310001682852us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:AstraZenecaMember2020-04-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:AstraZenecaMember2019-04-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:AstraZenecaMember2020-01-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:AstraZenecaMember2019-01-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:MerckMember2020-04-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:MerckMember2019-04-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:MerckMember2020-01-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:MerckMember2019-01-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:VertexMember2020-04-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:VertexMember2019-04-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:VertexMember2020-01-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMembermrna:VertexMember2019-01-012019-06-300001682852mrna:OtherCollaborativePartiesMembermrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2020-04-012020-06-300001682852mrna:OtherCollaborativePartiesMembermrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2019-04-012019-06-300001682852mrna:OtherCollaborativePartiesMembermrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2020-01-012020-06-300001682852mrna:OtherCollaborativePartiesMembermrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2019-01-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2020-04-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2019-04-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2020-01-012020-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2019-01-012019-06-300001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2019-12-310001682852mrna:CollaborationArrangementIncludingArrangementsWithAffiliateMemberMember2020-06-30mrna:option0001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMember2013-03-310001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMember2013-03-012013-03-310001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMember2013-06-30mrna:milestone0001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMembermrna:DevelopmentMilestonesMember2013-06-300001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMembermrna:RegulatoryMilestonesMember2013-06-300001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMembermrna:CommercialMilestonesMember2013-06-30xbrli:pure0001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMembersrt:MaximumMember2013-03-012013-03-310001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMember2016-01-012016-12-310001682852mrna:A2013OptionAgreementAndServicesAndCollaborationAgreementMembermrna:VEGFAProductAZD8601Member2018-01-012018-12-310001682852srt:MaximumMembermrna:A2016StrategicAllianceWithAstraZenecaIL12Member2016-01-012016-01-310001682852mrna:A2016StrategicAllianceWithAstraZenecaIL12Membersrt:MinimumMember2016-01-012016-01-310001682852mrna:A2016StrategicAllianceWithAstraZenecaIL12Member2016-01-012016-01-310001682852mrna:A2017StrategicAllianceWithAstraZenecaRelaxinMembersrt:MinimumMember2017-10-012017-10-310001682852srt:MaximumMembermrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2017-10-012017-10-310001682852mrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2017-10-012017-10-310001682852mrna:AmendedAndRestatedOptionAgreementRelatedAmendedAndRestatedServicesAndCollaborationAgreementWithAstraZenecaMember2018-06-300001682852mrna:AmendedAndRestatedOptionAgreementRelatedAmendedAndRestatedServicesAndCollaborationAgreementWithAstraZenecaMember2018-06-012018-06-300001682852mrna:UpfrontPaymentMembermrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:UpfrontPaymentMembermrna:Combined2018AZAgreementsMember2019-12-310001682852mrna:Combined2018AZAgreementsMembermrna:SublicenseReimbursementMember2020-06-300001682852mrna:Combined2018AZAgreementsMembermrna:SublicenseReimbursementMember2019-12-310001682852mrna:MilestonePaymentsMembermrna:ToxicityMilestonesMembermrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:MilestonePaymentsMembermrna:ToxicityMilestonesMembermrna:Combined2018AZAgreementsMember2019-12-310001682852mrna:MilestonePaymentsMembermrna:Combined2018AZAgreementsMembermrna:CompetitionMilestonesMember2020-06-300001682852mrna:MilestonePaymentsMembermrna:Combined2018AZAgreementsMembermrna:CompetitionMilestonesMember2019-12-310001682852mrna:EstimatedReimbursementMembermrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:EstimatedReimbursementMembermrna:Combined2018AZAgreementsMember2019-12-310001682852mrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:Combined2018AZAgreementsMember2019-12-310001682852mrna:Combined2018AZAgreementsMember2020-04-012020-06-300001682852mrna:Combined2018AZAgreementPerformanceObligationMembermrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:IL12PerformanceObligationMembermrna:Combined2018AZAgreementsMember2020-06-300001682852mrna:Combined2018AZAgreementsMembermrna:OncologyDevelopmentTargetPerformanceObligationMember2020-06-300001682852mrna:Combined2018AZAgreementsMembermrna:DevelopmentAndCommercializationLicenseAndManufacturingObligationsForIL12Member2020-06-300001682852mrna:Combined2018AZAgreementsMembermrna:DevelopmentAndCommercializationRightsAndManufacturingServicesForAnOncologyDevelopmentTargetMember2020-06-300001682852mrna:Combined2018AZAgreementsMember2020-07-012020-06-300001682852mrna:Combined2018AZAgreementsMember2028-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:Combined2018AZAgreementsMember2020-04-012020-06-300001682852mrna:CollaborationArrangementMembermrna:Combined2018AZAgreementsMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:Combined2018AZAgreementsMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:Combined2018AZAgreementsMember2019-01-012019-06-300001682852mrna:OptionExerciseFeeMembermrna:VEGFExercise2016Member2020-06-300001682852mrna:OptionExerciseFeeMembermrna:VEGFExercise2016Member2019-12-310001682852mrna:MilestonePaymentsMembermrna:VEGFExercise2016Member2020-06-300001682852mrna:MilestonePaymentsMembermrna:VEGFExercise2016Member2019-12-310001682852mrna:SublicenseReimbursementMembermrna:VEGFExercise2016Member2020-06-300001682852mrna:SublicenseReimbursementMembermrna:VEGFExercise2016Member2019-12-310001682852mrna:VariableConsiderationMembermrna:VEGFExercise2016Member2020-06-300001682852mrna:VariableConsiderationMembermrna:VEGFExercise2016Member2019-12-310001682852mrna:VEGFExercise2016Member2020-06-300001682852mrna:VEGFExercise2016Member2019-12-310001682852mrna:VariableConsiderationMembermrna:VEGFExercise2016Member2020-01-012020-06-300001682852mrna:VEGFExercise2016Member2020-07-012020-06-300001682852mrna:VEGFExercise2016Member2020-04-012020-06-300001682852mrna:VEGFExercise2016Member2019-04-012019-06-300001682852mrna:VEGFExercise2016Member2020-01-012020-06-300001682852mrna:VEGFExercise2016Member2019-01-012019-06-300001682852mrna:CollaborationArrangementMembermrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2019-01-012019-06-300001682852mrna:CollaborationArrangementMembermrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:A2017StrategicAllianceWithAstraZenecaRelaxinMember2020-04-012020-06-300001682852mrna:MerckAgreement2015Member2015-01-012019-05-31mrna:candidate0001682852mrna:MerckAgreement2015Member2019-05-310001682852mrna:MilestonePaymentsMembermrna:MerckAgreement2015Member2015-01-012019-05-310001682852mrna:MerckAgreement2015Member2016-01-012016-01-310001682852mrna:MerckAgreement2015Member2018-01-012018-12-310001682852mrna:UpfrontPaymentMembermrna:MerckAgreement2015Member2018-01-012018-12-310001682852mrna:UpfrontPaymentResearchAndDevelopmentMembermrna:MerckAgreement2015Member2018-01-012018-12-310001682852mrna:UpfrontPaymentMembermrna:MerckAgreement2015Member2020-06-300001682852mrna:UpfrontPaymentMembermrna:MerckAgreement2015Member2019-12-310001682852mrna:UpfrontPaymentResearchAndDevelopmentMembermrna:MerckAgreement2015Member2020-06-300001682852mrna:UpfrontPaymentResearchAndDevelopmentMembermrna:MerckAgreement2015Member2019-12-310001682852mrna:MerckAgreement2015Member2020-01-012020-06-300001682852mrna:MerckAgreement2015Member2019-01-012019-12-310001682852mrna:MerckAgreement2015Member2020-06-300001682852mrna:MerckAgreement2015Member2019-12-310001682852mrna:MerckAgreement2015Member2020-04-012020-06-3000016828522020-07-01mrna:MerckAgreement2015Member2020-06-300001682852mrna:CollaborationArrangementMembermrna:MerckMay2019AgreementMember2020-04-012020-06-300001682852mrna:CollaborationArrangementMembermrna:MerckMay2019AgreementMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:MerckMay2019AgreementMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:MerckMay2019AgreementMember2019-01-012019-06-300001682852mrna:CollaborationArrangementMembermrna:MerckAgreement2015Member2020-04-012020-06-300001682852mrna:CollaborationArrangementMembermrna:MerckAgreement2015Member2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:MerckAgreement2015Member2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:MerckAgreement2015Member2019-01-012019-06-300001682852mrna:CollaborationArrangementMembermrna:SeparateAgreementsWithMerckMember2020-04-012020-06-300001682852mrna:CollaborationArrangementMembermrna:SeparateAgreementsWithMerckMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:SeparateAgreementsWithMerckMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:SeparateAgreementsWithMerckMember2019-01-012019-06-300001682852mrna:PersonalizedMRNACancerVaccinesPCVCollaborationAndLicenseAgreementWithMerckSharpAndDohmeCorpMember2016-06-012016-06-300001682852mrna:PersonalizedMRNACancerVaccinesPCVCollaborationAndLicenseAgreementWithMerckSharpAndDohmeCorpMember2016-06-300001682852mrna:PersonalizedMRNACancerVaccinesProductsMembermrna:PCVSAVAgreementMember2018-04-300001682852us-gaap:SeriesHPreferredStockMembermrna:PersonalizedMRNACancerVaccinesPCVCollaborationAndLicenseAgreementWithMerckSharpAndDohmeCorpMember2018-04-012018-04-300001682852mrna:UpfrontPaymentMembermrna:PCVSAVAgreementMember2020-06-300001682852mrna:UpfrontPaymentMembermrna:PCVSAVAgreementMember2019-12-310001682852mrna:UpfrontPaymentPremiumAssociatedWithContemporaneousSaleOfPreferredStockMembermrna:PCVSAVAgreementMember2020-06-300001682852mrna:UpfrontPaymentPremiumAssociatedWithContemporaneousSaleOfPreferredStockMembermrna:PCVSAVAgreementMember2019-12-310001682852mrna:PCVSAVAgreementMembermrna:ClinicalSupplyReimbursementMember2020-06-300001682852mrna:PCVSAVAgreementMembermrna:ClinicalSupplyReimbursementMember2019-12-310001682852mrna:PCVSAVAgreementMember2020-06-300001682852mrna:PCVSAVAgreementMember2019-12-310001682852mrna:PCVSAVAgreementMembermrna:ClinicalSupplyReimbursementMember2020-04-012020-06-300001682852mrna:PCVPerformanceObligationMembermrna:PCVSAVAgreementMember2020-06-300001682852mrna:KRASPerformanceObligationMembermrna:PCVSAVAgreementMember2020-06-300001682852mrna:PCVSAVAgreementMember2020-07-012020-06-300001682852mrna:CollaborationArrangementMembermrna:PCVSAVAgreementMember2020-04-012020-06-300001682852mrna:CollaborationArrangementMembermrna:PCVSAVAgreementMember2019-04-012019-06-300001682852mrna:CollaborationArrangementMembermrna:PCVSAVAgreementMember2020-01-012020-06-300001682852mrna:CollaborationArrangementMembermrna:PCVSAVAgreementMember2019-01-012019-06-300001682852mrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2016-07-012016-07-310001682852mrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2019-07-012019-07-31mrna:extension_period0001682852mrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMembermrna:DevelopmentMilestonesMember2019-07-310001682852mrna:RegulatoryMilestonesMembermrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2019-07-310001682852mrna:RegulatoryMilestonesSubsequentProductsMembermrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2019-07-310001682852mrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2020-06-300001682852mrna:UpfrontPaymentMembermrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2020-06-300001682852mrna:ResearchAndDevelopmentFundingMembermrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2020-06-300001682852mrna:UpfrontPaymentMembermrna:VertexFirstMember2020-06-300001682852mrna:ResearchAndDevelopmentFundingMembermrna:VertexFirstMember2020-06-300001682852mrna:VertexFirstMember2020-06-300001682852mrna:VertexFirstMember2020-07-012020-06-300001682852mrna:VertexFirstMember2020-04-012020-06-300001682852mrna:VertexFirstMember2019-04-012019-06-300001682852mrna:VertexFirstMember2020-01-012020-06-300001682852mrna:VertexFirstMember2019-01-012019-06-300001682852mrna:VertexAgreement2019AgreementMember2020-04-012020-06-300001682852mrna:VertexAgreement2019AgreementMember2019-04-012019-06-300001682852mrna:VertexAgreement2019AgreementMember2020-01-012020-06-300001682852mrna:VertexAgreement2019AgreementMember2019-01-012019-06-300001682852mrna:VertexAgreementsMember2020-04-012020-06-300001682852mrna:VertexAgreementsMember2019-04-012019-06-300001682852mrna:VertexAgreementsMember2020-01-012020-06-300001682852mrna:VertexAgreementsMember2019-01-012019-06-300001682852mrna:VertexAgreements1Member2020-06-300001682852mrna:VertexAgreements1Member2019-12-3100016828522020-07-01mrna:StrategicCollaborationAndLicenseAgreementWithVertexPharmaceuticalsIncorporatedAndVertexPharmaceuticalsEuropeLimitedMember2020-06-300001682852mrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-04-012020-04-300001682852mrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-06-300001682852mrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2016-09-012016-09-300001682852mrna:ContractOptionsMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-04-012020-06-300001682852mrna:ContractOptionsMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-06-300001682852mrna:TheBillAndMelindaGatesFoundationMembermrna:InitialProjectMember2020-06-300001682852us-gaap:GrantMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-04-012020-06-300001682852us-gaap:GrantMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2019-04-012019-06-300001682852us-gaap:GrantMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2020-01-012020-06-300001682852us-gaap:GrantMembermrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember2019-01-012019-06-300001682852us-gaap:GrantMembermrna:OtherGrantRevenueMember2020-04-012020-06-300001682852us-gaap:GrantMembermrna:OtherGrantRevenueMember2019-04-012019-06-300001682852us-gaap:GrantMembermrna:OtherGrantRevenueMember2020-01-012020-06-300001682852us-gaap:GrantMembermrna:OtherGrantRevenueMember2019-01-012019-06-300001682852us-gaap:GrantMember2020-06-300001682852us-gaap:GrantMember2019-12-310001682852us-gaap:CashAndCashEquivalentsMember2020-06-300001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:CashAndCashEquivalentsMember2020-06-300001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2020-06-300001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2020-06-300001682852us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-06-300001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-06-300001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-06-300001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-06-300001682852us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:USTreasurySecuritiesMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:USTreasurySecuritiesMembermrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:USTreasurySecuritiesMembermrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2020-06-300001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2020-06-300001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2020-06-300001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2020-06-300001682852us-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-06-300001682852us-gaap:CashAndCashEquivalentsMember2019-12-310001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:CashAndCashEquivalentsMember2019-12-310001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2019-12-310001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2019-12-310001682852us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2019-12-310001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2019-12-310001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2019-12-310001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2019-12-310001682852us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:USTreasurySecuritiesMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:USTreasurySecuritiesMembermrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:USTreasurySecuritiesMembermrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2019-12-310001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2019-12-310001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2019-12-310001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Membermrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2019-12-310001682852us-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852mrna:CurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852mrna:NoncurrentMarketableSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001682852us-gaap:CertificatesOfDepositMember2020-06-300001682852us-gaap:USTreasurySecuritiesMember2020-06-300001682852mrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2020-06-300001682852us-gaap:CertificatesOfDepositMember2019-12-310001682852us-gaap:USTreasurySecuritiesMember2019-12-310001682852mrna:USGovernmentAgenciesAndCorporateDebtSecuritiesMember2019-12-310001682852us-gaap:EquipmentMember2020-06-300001682852us-gaap:EquipmentMember2019-12-310001682852us-gaap:LeaseholdImprovementsMember2020-06-300001682852us-gaap:LeaseholdImprovementsMember2019-12-310001682852us-gaap:PropertyPlantAndEquipmentOtherTypesMember2020-06-300001682852us-gaap:PropertyPlantAndEquipmentOtherTypesMember2019-12-310001682852us-gaap:ComputerEquipmentMember2020-06-300001682852us-gaap:ComputerEquipmentMember2019-12-310001682852us-gaap:SoftwareDevelopmentMember2020-06-300001682852us-gaap:SoftwareDevelopmentMember2019-12-310001682852mrna:RightOfUseAssetFinancingMember2020-06-300001682852mrna:RightOfUseAssetFinancingMember2019-12-310001682852us-gaap:ConstructionInProgressMember2020-06-300001682852us-gaap:ConstructionInProgressMember2019-12-310001682852mrna:VaccineSupplyMember2020-06-30mrna:campusutr:sqft0001682852mrna:CambridgeMassachusettsMember2019-12-310001682852mrna:TwoHundredTechnologySquareMembermrna:CambridgeMassachusettsMember2019-08-310001682852mrna:FiveHundredTechnologySquareMembermrna:CambridgeMassachusettsMember2019-08-310001682852mrna:TwoHundredTechnologySquareMembermrna:CambridgeMassachusettsMember2016-05-31iso4217:USDutr:sqft0001682852mrna:TwoHundredTechnologySquareMembermrna:CambridgeMassachusettsMember2016-05-012016-05-310001682852mrna:MTCSouthMembermrna:NorwoodMassachusettsMember2016-08-310001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2019-02-280001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2019-06-300001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2020-05-310001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2020-06-010001682852mrna:MTCSouthMembermrna:NorwoodMassachusettsMember2020-06-300001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2020-06-300001682852mrna:MTCSouthMembermrna:NorwoodMassachusettsMember2020-01-012020-06-300001682852mrna:MTCNorthMembermrna:NorwoodMassachusettsMember2020-01-012020-06-300001682852mrna:PersonalizedMRNACancerVaccinesProductsMembermrna:PersonalizedMRNACancerVaccinesPCVCollaborationAndLicenseAgreementWithMerckSharpAndDohmeCorpMember2020-06-300001682852mrna:PersonalizedMRNACancerVaccinesProductsMembermrna:PersonalizedMRNACancerVaccinesPCVCollaborationAndLicenseAgreementWithMerckSharpAndDohmeCorpMember2019-12-310001682852mrna:SupplyAndManufacturingAgreementsMember2020-06-300001682852us-gaap:PurchaseCommitmentMember2020-06-300001682852mrna:ClinicalOperationsAndSupportCommitmentMember2020-06-300001682852mrna:ClinicalOperationsAndSupportCommitmentMember2019-12-3100016828522018-02-2800016828522018-05-0700016828522018-12-110001682852us-gaap:IPOMember2018-12-112018-12-110001682852us-gaap:IPOMember2018-12-110001682852us-gaap:IPOMemberus-gaap:CommonStockMember2018-12-110001682852mrna:PublicEquityOfferingMember2020-02-142020-02-140001682852mrna:PublicEquityOfferingMember2020-02-140001682852us-gaap:OverAllotmentOptionMember2020-02-142020-02-140001682852mrna:PublicEquityOfferingMember2020-05-212020-05-210001682852mrna:PublicEquityOfferingMember2020-05-210001682852mrna:StockOptionAndIncentivePlan2018Member2018-11-300001682852mrna:StockOptionAndIncentivePlan2018Member2018-11-302018-11-300001682852mrna:ServiceBasedAwardsMember2020-01-012020-06-300001682852mrna:ServiceBasedAwardsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-01-012020-06-30mrna:installment0001682852us-gaap:ShareBasedCompensationAwardTrancheTwoMembermrna:ServiceBasedAwardsMember2020-01-012020-06-300001682852us-gaap:EmployeeStockOptionMembermrna:StockOptionAndGrantPlan2016Member2020-01-012020-06-300001682852us-gaap:EmployeeStockOptionMember2020-06-300001682852mrna:StockOptionAndIncentivePlan2018Member2020-06-3000016828522019-01-012019-12-310001682852us-gaap:RestrictedStockUnitsRSUMember2019-12-310001682852us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001682852us-gaap:RestrictedStockUnitsRSUMember2020-06-300001682852us-gaap:EmployeeStockMembermrna:EmployeeStockPurchasePlan2018Member2018-12-050001682852us-gaap:EmployeeStockMembermrna:EmployeeStockPurchasePlan2018Member2018-12-052018-12-050001682852us-gaap:EmployeeStockMember2020-01-012020-06-300001682852us-gaap:EmployeeStockMember2020-06-300001682852us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001682852us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001682852us-gaap:EmployeeStockOptionMembersrt:WeightedAverageMember2020-06-300001682852us-gaap:EmployeeStockOptionMembersrt:WeightedAverageMember2019-06-300001682852us-gaap:EmployeeStockMember2019-01-012019-06-300001682852us-gaap:EmployeeStockMembersrt:WeightedAverageMember2020-06-300001682852us-gaap:EmployeeStockMembersrt:WeightedAverageMember2019-06-300001682852us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001682852us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001682852mrna:RestrictedStockAndRestrictedStockUnitsRSUMember2020-04-012020-06-300001682852mrna:RestrictedStockAndRestrictedStockUnitsRSUMember2019-04-012019-06-300001682852mrna:RestrictedStockAndRestrictedStockUnitsRSUMember2020-01-012020-06-300001682852mrna:RestrictedStockAndRestrictedStockUnitsRSUMember2019-01-012019-06-300001682852us-gaap:EmployeeStockMember2020-04-012020-06-300001682852us-gaap:EmployeeStockMember2019-04-012019-06-300001682852us-gaap:ResearchAndDevelopmentExpenseMember2020-04-012020-06-300001682852us-gaap:ResearchAndDevelopmentExpenseMember2019-04-012019-06-300001682852us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-06-300001682852us-gaap:ResearchAndDevelopmentExpenseMember2019-01-012019-06-300001682852us-gaap:GeneralAndAdministrativeExpenseMember2020-04-012020-06-300001682852us-gaap:GeneralAndAdministrativeExpenseMember2019-04-012019-06-300001682852us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-06-300001682852us-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-06-300001682852us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001682852us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001682852us-gaap:RestrictedStockMember2020-01-012020-06-300001682852us-gaap:RestrictedStockMember2019-01-012019-06-300001682852us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001682852us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300001682852mrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMemberus-gaap:SubsequentEventMember2020-07-262020-07-260001682852mrna:BiomedicalAdvancedResearchAndDevelopmentAuthorityMemberus-gaap:SubsequentEventMember2020-05-012020-07-260001682852mrna:MRNA1273SupplyMemberus-gaap:SubsequentEventMember2020-08-060001682852us-gaap:SubsequentEventMember2020-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _ to _
Commission File Number: 001-38753

https://cdn.kscope.io/c3f20966a241f91b3eb36136ef5229cb-mrna-20200630_g1.jpg

Moderna, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware81-3467528
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)
200 Technology Square
Cambridge,Massachusetts02139
(Address of Principal Executive Offices)(Zip Code)
(617) 714-6500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareMRNAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No x


As of July 31, 2020, there were 394,586,852 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.



SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”), including the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains express or implied forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q include, but are not limited to, statements about:

the initiation, timing, progress, results, safety and efficacy, and cost of our research and development programs and our current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and our research and development programs;
the ultimate impact of the current coronavirus pandemic, or the COVID-19 pandemic, or any other health epidemic, on our business, manufacturing, clinical trials, research programs, supply chain, regulatory review, healthcare systems or the global economy as a whole;

risks related to the direct or indirect impact of the COVID-19 pandemic or any future large-scale adverse health event, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays in diagnoses, initiation or continuation of treatment for diseases that may be addressed by our development candidates and investigational medicines, or in patient enrollment in clinical trials, potential clinical trials, regulatory review or supply chain disruptions, and other potential impacts to our business, the effectiveness or timeliness of steps taken by us to mitigate the impact of the pandemic, and our ability to execute business continuity plans to address disruptions caused by the COVID-19 pandemic or future large-scale adverse health event;

our activities with respect to mRNA-1273, our investigational vaccine against SARS-CoV-2, the novel strain of coronavirus that causes COVID-19, including our plans and expectations regarding clinical development, manufacturing, pricing, commercialization, if approved, regulatory matters and potential third-party arrangements;

our anticipated next steps for our development candidates and investigational medicines that may be slowed down due to the impact of the COVID-19 pandemic, including our resources being significantly diverted towards mRNA-1273, including if the federal government seeks to require us to divert such resources;

our ability to identify research priorities and apply a risk-mitigated strategy to efficiently discover and develop development candidates and investigational medicines, including by applying learnings from one program to our other programs and from one modality to our other modalities;
our ability and the potential to successfully manufacture our drug substances, delivery vehicles, development candidates, and investigational medicines for preclinical use, for clinical trials and on a larger scale for commercial use, if approved;
the ability and willingness of our third-party strategic collaborators to continue research, development and manufacturing activities relating to our development candidates and investigational medicines;
our ability to obtain funding for our operations necessary to complete further development, manufacturing and commercialization of our investigational medicines;
our ability to obtain and maintain regulatory approval of our investigational medicines;
our ability to commercialize our products, if approved;
the pricing and reimbursement of our investigational medicines, if approved;
the implementation of our business model, and strategic plans for our business, investigational medicines, and technology;
the scope of protection we are able to establish and maintain for intellectual property rights covering our investigational medicines and technology;
estimates of our future expenses, revenues, capital requirements, and our needs for additional financing;



the potential benefits of strategic collaboration agreements, our ability to enter into strategic collaborations or arrangements, and our ability to attract collaborators with development, regulatory, manufacturing and commercialization expertise;
future agreements with third parties in connection with the manufacturing and commercialization of our investigational medicines, if approved;
the size and growth potential of the markets for our investigational medicines, and our ability to serve those markets;
our financial performance;
the rate and degree of market acceptance of our investigational medicines;
regulatory developments in the United States and foreign countries;
our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;
our ability to produce our products or investigational medicines with advantages in turnaround times or manufacturing cost;
the success of competing therapies that are or may become available;
our ability to attract and retain key scientific or management personnel;
the impact of laws and regulations;
developments relating to our competitors and our industry; and
other risks and uncertainties, including those discussed in Part II, Item 1A - Risk Factors in this Form 10-Q. 
In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled “Risk Factors” and elsewhere in this Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those expressed or implied by the forward-looking statements. No forward-looking statement is a promise or a guarantee of future performance.
The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q.
This Form 10-Q includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.

NOTE REGARDING COMPANY REFERENCES
Unless the context otherwise requires, the terms “Moderna,” “the Company,” “we,” “us,” and “our” in this Form 10-Q refer to Moderna, Inc. and its consolidated subsidiaries.




Table of Contents

PART I.
Page
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


Table of Contents
Item 1. Financial Statements

MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share and per share data)
June 30,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents
$1,761,629  $235,876  
Investments
955,384  867,124  
Accounts receivable
33,362  5,369  
Prepaid expenses and other current assets
45,337  19,403  
Restricted cash
1,032  1,032  
Total current assets
2,796,744  1,128,804  
Investments, non-current
354,916  159,987  
Property and equipment, net
229,939  201,495  
Right-of-use assets, operating leases92,046  86,414  
Restricted cash, non-current
10,791  10,791  
Other non-current assets
1,570  1,931  
Total assets
$3,486,006  $1,589,422  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$18,817  $7,090  
Accrued liabilities
89,204  67,652  
Deferred revenue
45,244  63,310  
Other current liabilities
8,382  5,063  
Total current liabilities
161,647  143,115  
Deferred revenue, non-current
208,478  138,995  
Operating lease liabilities, non-current99,636  93,675  
Financing lease liabilities, non-current68,136  38,689  
Other non-current liabilities
1,224  138  
Total liabilities
539,121  414,612  
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162,000,000 shares authorized as of June 30, 2020
     and December 31, 2019; no shares issued or outstanding at June 30, 2020 and
     December 31, 2019
    
Common stock, par value $0.0001; 1,600,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 393,277,267 and 336,536,985 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
39  34  
Additional paid-in capital
4,675,987  2,669,426  
Accumulated other comprehensive income
8,256  1,804  
Accumulated deficit
(1,737,397) (1,496,454) 
Total stockholders’ equity
2,946,885  1,174,810  
Total liabilities and stockholders’ equity
$3,486,006  $1,589,422  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Table of Contents
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2020
2019 (1)
2020
2019 (1)
Revenue:
Collaboration revenue
$28,442  $10,030  $32,899  $24,145  
Grant revenue
37,909  3,053  41,841  4,963  
Total revenue
66,351  13,083  74,740  29,108  
Operating expenses:
Research and development
151,856  128,305  266,993  258,718  
General and administrative
36,622  28,487  60,736  55,740  
Total operating expenses
188,478  156,792  327,729  314,458  
Loss from operations
(122,127) (143,709) (252,989) (285,350) 
Interest income
7,092  10,322  14,944  21,294  
Other expense, net
(1,530) (1,877) (2,684) (3,808) 
Loss before income taxes
(116,565) (135,264) (240,729) (267,864) 
Provision for (benefit from) income taxes148  (324) 214  (348) 
Net loss
$(116,713) $(134,940) $(240,943) $(267,516) 
Net loss per share, basic and diluted
$(0.31) $(0.41) $(0.66) $(0.81) 
Weighted average common shares used in net loss per share, basic and diluted
380,531,488  329,176,107  366,818,254  328,994,058  
________
(1) Restated to conform to ASC 842. See accompanying Note 2.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

Table of Contents
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2020
2019 (1)
2020
2019 (1)
Net loss
$(116,713) $(134,940) $(240,943) $(267,516) 
Other comprehensive income:
   Unrealized gain on available-for-sale debt securities, net of tax of $0 and $608, for the three months ended June 30, 2020 and 2019, respectively, and net of tax of $0 and $1,148 for the six months ended June 30, 2020 and 2019, respectively
13,171  2,167  5,561  4,075  
Less: amounts recognized for net realized loss (gain) included in net loss
1,212  (17) 891  (14) 
Total other comprehensive income
14,383  2,150  6,452  4,061  
Comprehensive loss
$(102,330) $(132,790) $(234,491) $(263,455) 
______
(1) Restated to conform to ASC 842. See accompanying Note 2.


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7

Table of Contents
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, in thousands except share data)
Common Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders’
Equity
SharesAmount
Balance at March 31, 2020
370,102,805  $37  $3,267,648  $(6,127) $(1,620,684) $1,640,874  
Proceeds from public offering of common stock, net of issuance costs of $978
17,600,000  1  1,303,303  —  —  1,303,304  
Vesting of restricted common stock units
46,123  —  —  —  —  —  
Exercise of options to purchase common stock, net
5,354,601  1  78,196  —  —  78,197  
Purchase of common stock under employee stock purchase plan173,738  —  2,917  —  —  2,917  
Stock-based compensation
—  —  23,923  —  —  23,923  
Unrealized loss on marketable securities
—  —  —  14,383  —  14,383  
Net loss
—  —  —  —  (116,713) (116,713) 
Balance at June 30, 2020
393,277,267  $39  $4,675,987  $8,256  $(1,737,397) $2,946,885  
Common Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Accumulated
Deficit (1)
Total
Stockholders’
Equity (1)
SharesAmount
Balance at March 31, 2019
328,853,340  $33  $2,556,709  $591  $(1,115,008) $1,442,325  
Vesting of restricted common stock
58,564  —  —  —  —  —  
Exercise of options to purchase common stock, net
1,046,268  —  3,930  —  —  3,930  
Transition adjustment from adoption of ASC 606—  —  —  —  —    
Transition adjustment from adoption of ASC 842—  —  —  —  —    
Stock-based compensation
—  —  21,495  —  —  21,495  
Unrealized gain on marketable securities
—  —  —  2,150  —  2,150  
Net loss
—  —  —  —  (134,940) (134,940) 
Balance at June 30, 2019
329,958,172  $33  $2,582,134  $2,741  $(1,249,948) $1,334,960  
_______
(1) Restated to conform to ASC 842. See accompanying Note 2.



8

Table of Contents
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders’ Equity
SharesAmount
Balance at December 31, 2019336,536,985  $34  $2,669,426  $1,804  $(1,496,454) $1,174,810  
Proceeds from public offering of common stock, net of issuance costs of $2,086
47,863,158  4  1,852,755  —  —  1,852,759  
Vesting of restricted common stock units160,114  —  —  —  —  —  
Exercise of options to purchase common stock, net8,543,272  1  106,553  —  —  106,554  
Purchase of common stock under employee stock purchase plan173,738  —  2,917  —  —  2,917  
Stock-based compensation—  —  44,336  —  —  44,336  
Unrealized loss on marketable securities—  —  —  6,452  —  6,452  
Net loss—  —  —  —  (240,943) (240,943) 
Balance at June 30, 2020393,277,267  $39  $4,675,987  $8,256  $(1,737,397) $2,946,885  


Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income
Accumulated Deficit (1)
Total Stockholders’ Equity (1)
SharesAmount
Balance at December 31, 2018328,798,904  $33  $2,538,155  $(1,320) $(1,006,627) $1,530,241  
Vesting of restricted common stock107,475  —  —  —  —  —  
Exercise of options to purchase common stock, net1,051,793  —  3,987  —  —  3,987  
Transition adjustment from adoption of ASC 606—  —  —  —  27,984  27,984  
Transition adjustment from adoption of ASC 842—  —  —  —  (3,789) (3,789) 
Stock-based compensation—  —  39,992  —  —  39,992  
Unrealized gain on marketable securities—  —  —  4,061  —  4,061  
Net loss—  —  —  —  (267,516) (267,516) 
Balance at June 30, 2019329,958,172  $33  $2,582,134  $2,741  $(1,249,948) $1,334,960  

__________
(1) Restated to conform to ASC 842. See accompanying Note 2.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9

Table of Contents
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Six Months Ended June 30,
2020
2019 (1)
Operating activities
Net loss
$(240,943) $(267,516) 
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
44,336  39,992  
Depreciation and amortization
15,045  14,793  
Amortization/accretion of investments
1,947  (2,360) 
Loss on disposal of property and equipment226  14  
Changes in assets and liabilities:
Accounts receivable
(27,993) 8,067  
Prepaid expenses and other assets
(11,788) 6,035  
Right-of-use assets, operating leases
(12,387) (3,580) 
Accounts payable
11,473  (1,471) 
Accrued liabilities
20,189  (27,796) 
Deferred revenue
51,417  (23,100) 
Operating lease liabilities
14,007  3,395  
Other liabilities
4,405  674  
Net cash used in operating activities
(130,066) (252,853) 
Investing activities
Purchases of marketable securities
(903,613) (843,313) 
Proceeds from maturities of marketable securities
516,913  563,634  
Proceeds from sales of marketable securities
108,016  39,200  
Purchases of property and equipment
(24,855) (18,181) 
Net cash used in investing activities
(303,539) (258,660) 
Financing activities
Proceeds from public offering of common stock, net of issuance costs1,852,759    
Proceeds from issuance of common stock through equity plans, net
106,554  3,987  
Charges to financing lease obligation45  483  
Net cash provided by financing activities
1,959,358  4,470  
Net increase (decrease) in cash, cash equivalents and restricted cash
1,525,753  (507,043) 
Cash, cash equivalents and restricted cash, beginning of year
247,699  670,491  
Cash, cash equivalents and restricted cash, end of period
$1,773,452  $163,448  
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities
$9,210  $6,074  
______
(1) Restated to conform to ASC 842. See accompanying Note 2.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

10

Table of Contents
MODERNA, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Description of the Business

Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, or the Company) was incorporated in Delaware on July 22, 2016. We are the successor in interest to Moderna LLC, a limited liability company formed under the laws of the State of Delaware in 2013. Our principal executive office is located at 200 Technology Square, Cambridge, MA.

We are a biotechnology company creating a new generation of transformative medicines based on messenger RNA (mRNA), to improve the lives of patients. mRNA medicines are designed to direct the body’s cells to produce intracellular, membrane, or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology, and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, autoimmune and cardiovascular diseases, independently and with our strategic collaborators.

Since inception, we have incurred significant net losses. As of June 30, 2020, we had an accumulated deficit of $1.74 billion. We may continue to incur significant expenses and operating losses for the foreseeable future. In addition, we anticipate that our expenses will increase significantly in connection with our ongoing activities to support our platform research, drug discovery and clinical development, infrastructure and Research Engine and Early Development Engine, digital infrastructure, creation of a portfolio of intellectual property, expansion into global markets, and administrative support.

We do not expect to recognize significant revenue from sales of potential mRNA medicines unless and until we successfully complete clinical development and obtain regulatory approval for one or more of our investigational medicines. If we seek to obtain regulatory approval for any of our investigational medicines, we expect to incur significant commercialization expenses. Our investigational vaccine against the novel coronavirus (mRNA-1273), which is currently in clinical trials, has been developed rapidly to respond to the global COVID-19 pandemic. We are expending significant efforts to further the rapid development of this potential vaccine and expect to continue to do so over the next 12 months. These efforts have required and will continue to require the expenditure of significant funds and the establishment of significant worldwide infrastructure and partnerships.

As a result, we expect we will need substantial additional funding to support our continued operations and pursue our growth strategy. Until we can generate significant revenue from potential mRNA medicines, if ever, we expect to finance our operations through a combination of public or private equity offerings, structured financings and debt financings, government funding arrangements, strategic alliances and marketing, manufacturing, distribution and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our programs. We believe that our cash, cash equivalents, and investments as of June 30, 2020 will be sufficient to enable us to fund our projected operations through at least the next 12 months from the issuance of our financial statements.

Because of the numerous risks and uncertainties associated with pharmaceutical development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate revenues from the sale of our investigational medicines, including mRNA-1273, if approved, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce our operations.

2. Summary of Basis of Presentation and Recent Accounting Standards

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard
11

Table of Contents
Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the consolidated financial statements in our 2019 Form 10-K.

The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including critical accounting policies or estimates related to revenue recognition, research and development expenses, income tax provisions, stock-based compensation, leases, and useful lives of long-lived assets. We base our estimates on historical experience and on various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results that we experience may differ materially from our estimates. Significant estimates relied upon in preparing these financial statements include, among others, those related to fair value of equity awards, revenue recognition, research and development expenses, leases, fair value instruments, useful lives of property and equipment, income taxes, and our valuation allowance on our deferred tax assets.

Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2020 are consistent with those described in our 2019 Form 10-K, except for "Pre-Launch Inventory" and as noted within the “Recently Adopted Accounting Standards” section below.

Effective on December 31, 2019, we lost our emerging growth company (EGC) status which accelerated the requirement of ASC 842 (Lease Accounting) adoption. As a result, we adjusted our previously reported consolidated financial statements effective January 1, 2019 in our 2019 Form 10-K, and amendments to previously filed Forms 10-Q were not required. Accordingly, our prior period condensed consolidated financial statements and information, as presented herein, have been restated to conform to the new standard.

The following tables summarize the effects of adopting ASC 842 on our condensed consolidated financial statements for the three and six months ended June 30, 2019 (in thousands, except per share data):

Three Months Ended June 30, 2019Six Months Ended June 30, 2019
ASC 842ASC 842
Previously reportedAdjustmentsAs adjustedPreviously reportedAdjustmentsAs adjusted
Operating expenses:
Research and development $128,496  $(191) $128,305  $259,071  $(353)