Every material Form 8-K Moderna filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Moderna reported third-quarter 2026 revenue of $1.3 billion and net income of $0.2 billion, returning to a profit compared to a net loss in the same period last year. Driven by this performance and pipeline progress, the company raised its full-year 2026 revenue growth outlook to 15% to 25% and increased its expected year-end cash and investments balance to between $8.1 billion and $8.3 billion. Shareholders also received updates on positive Phase 3 data for intismeran in melanoma and the U.S. FDA approval of the mFLUSIVA vaccine.
Third-quarter 2026 total revenue grew 29% year-over-year to $1.3 billion, with GAAP net income of $162 million or $0.38 per diluted share.
Full-year 2026 expected revenue growth was raised to 15% to 25%, up from the previous expectation of up to 10% growth.
Year-end 2026 cash and investments are now projected to be $8.1 billion to $8.3 billion, bolstered by operational execution and a $2.6 billion net proceeds convertible notes offering.
Research and development expenses for 2026 are now expected to be approximately $2.7 billion, reduced from the prior estimate of approximately $2.9 billion.
Moderna appointed Juan Andres, a former Moderna executive who retired in 2023, as its new Chief Operating Officer, effective October 5, 2026, reporting to CEO Stephane Bancel. The company also said Chief Technical Operations and Quality Officer Jerh Collins will retire, so the appointment adds a senior operations role while a manufacturing leader departs.
Juan Andres, 62, starts as COO on October 5, 2026 and will serve on the Executive Committee.
Andres receives an initial base salary of $800,000 and a target annual bonus of 90% of base salary.
A new hire equity award with total value of $5,000,000 is subject to four-year vesting; annual equity target is $4,000,000 to $5,000,000.
Jerh Collins, Ph.D., Chief Technical Operations and Quality Officer, will retire; the filing gives no retirement date.
Moderna completed a private offering of $3.0 billion in 0.00% convertible senior notes due March 1, 2032, including the full exercise of a $400 million option for additional notes. The notes carry no regular interest, and the company expects about $285.0 million of net proceeds to go toward the cost of capped call transactions, with the rest for general corporate purposes, which may include oncology growth and debt repayment.
Offering size: $3.0 billion aggregate principal, including $400 million from the initial purchasers' option, completed September 1, 2026
Initial conversion price of about $210.58 per share, a 47.5% premium over the $142.77 closing price on August 27, 2026
Capped call transactions cost approximately $285.0 million; estimated net proceeds are about $2,957.3 million including the option
Notes may not be redeemed before September 6, 2029, except in a cleanup redemption
Moderna reported second-quarter 2026 revenue of $145 million, up from $142 million a year earlier, and a GAAP net loss of $(0.8) billion, or $(1.97) per share, versus $(2.13) per share in the prior-year quarter. The company improved its 2026 operating expense outlook, lowering R&D to approximately $2.9 billion and projecting year-end cash and investments of $4.7 to $5.2 billion, but its norovirus candidate mRNA-1403 did not meet early-success criteria at a Phase 3 interim analysis.
Q2 2026 revenue $145 million vs $142 million; net loss $(782) million vs $(825) million
Loss per share $(1.97) vs $(2.13) in Q2 2025
2026 R&D now approximately $2.9 billion (from $3.0 billion); cost of sales approximately $1.7 billion (from $1.8 billion), including a $0.9 billion litigation settlement charge
mRNA-1403 norovirus Phase 3 missed interim early-success criteria; mFLUSIVA U.S. PDUFA date is August 5, 2026
Moderna's Board appointed Michael McDonnell, former Chief Financial Officer of Biogen Inc., as a director effective July 8, 2026, and placed him on the Audit Committee. The filing describes the appointment as a board change and reports no financial results, guidance, or compensation figures beyond standard non-employee director grants.
Michael McDonnell was appointed to the Board effective July 8, 2026, as a Class II director serving until the 2029 annual meeting.
He served as Chief Financial Officer of Biogen Inc. from August 2020 through February 2025.
He joins the Audit Committee; David Rubenstein left the Audit Committee and joined the Nominating and Corporate Governance Committee.
Moderna reported first-quarter 2026 revenue of $389 million, up $281 million from the same period in 2025, with about 80% from international markets. The company posted a net loss of $1.3 billion, or $(3.40) per share, including a $0.9 billion litigation settlement charge, and reiterated its target of up to 10% revenue growth for 2026 while now projecting year-end cash and investments of $4.5 to $5.0 billion.
Revenue was $389 million in Q1 2026 versus $108 million in Q1 2025; Q1 net loss was $(1.3) billion versus $(1.0) billion a year earlier.
Loss per share was $(3.40) versus $(2.52); the litigation settlement had a $(2.22) per-share impact.
For 2026, Moderna targets up to 10% revenue growth; cost of sales is now expected to be about $1.8 billion, including the $0.9 billion charge.
Cash and investments were $7.5 billion at March 31, 2026; a $950 million settlement payment is expected in Q3 2026.
Moderna and Arbutus/Genevant agreed on March 3, 2026 to settle all pending patent infringement litigation between them, covering Spikevax and mRESVIA, with no future royalties owed. Moderna must pay a $950 million lump sum by July 8, 2026, and may owe a further $1.3 billion contingent payment depending on a Federal Circuit appeal over whether 28 U.S.C. § 1498 bars the claims; if Moderna prevails, no further payments are due.
$950 million noncontingent lump sum payment due on or before July 8, 2026
Contingent payment of $1.3 billion, due within 90 days of a Federal Circuit decision, if § 1498 does not bar the claims
Moderna may appeal the § 1498 issue to the Federal Circuit; full prevailing outcome means no further payments
Fully paid-up, royalty-free license covers Spikevax, mNEXSPIKE and mRESVIA; full agreement to be filed with the Form 10-Q for the quarter ending March 31, 2026
Moderna reported fourth-quarter 2025 revenue of $678 million, down 30% from a year earlier, while its net loss narrowed to $826 million and loss per share improved to $(2.11). The company reiterated a 2026 target of up to 10% revenue growth, but disclosed that the U.S. FDA issued a Refusal-to-File letter for its seasonal flu vaccine, which the company says it is working to address through a Type A meeting.
Q4 2025 revenue was $678 million, down 30% from Q4 2024; net loss was $826 million versus $1.1 billion, and loss per share was $(2.11) versus $(2.91).
Full-year 2025 revenue was $1.9 billion, down 40%; full-year net loss was $2.8 billion versus $3.6 billion in 2024.
2026 framework: revenue growth of up to 10%, R&D of about $3.0 billion, SG&A of about $1.0 billion, and year-end cash and investments of $5.5 to $6.0 billion.
The U.S. FDA issued a Refusal-to-File letter for the mRNA-1010 seasonal flu vaccine; Moderna has requested a Type A meeting.
Moderna issued preliminary, unaudited 2025 results at the J.P. Morgan Healthcare Conference. Expected revenue of about $1.9 billion is $100 million above the midpoint of its prior $1.6 to $2.0 billion range, and expected GAAP operating expenses were lowered by $200 million. The audit is ongoing and figures could change, and full results are due February 13, 2026.
2025 revenue expected at about $1.9 billion (unaudited), $100 million above the midpoint of the $1.6 to $2.0 billion range from the 3Q25 call
2025 GAAP operating expenses now expected at $5.0 to $5.2 billion (unaudited), an improvement of $200 million
Year-end 2025 cash, cash equivalents and investments expected at about $8.1 billion, including a $0.6 billion draw on a $1.5 billion term loan
2026 framework reiterated: up to 10% revenue growth and about $4.9 billion in GAAP operating expenses
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