MRNAModerna

Health care · Biotechnology · Nasdaq

Moderna is a pioneer and leader in the field of mRNA medicine. 10-K, Item 1

Employees: 4,700
Headquarters: Cambridge, MA
CEO: Stephane Bancel
Next results: around Jan 11, 2027

RevenueFY2016–25 $1.9B−39.9% FY2024: $3.2B 10-K FY2025 · XBRL Net incomeFY2016–25 −$2.8B FY2024: −$3.6B 10-K FY2025 · XBRL Free cash flowFY2016–25 −$2.1B FY2024: −$4.1B 10-K FY2025 · XBRL Operating marginFY2016–25 -158.1%−36.2 pts -206.4% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 20, 2026 against Feb 21, 2025

Area	What changed	Source
Risk factors	29 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Inventory growing faster than revenue	Inventory +30.8% vs revenue -39.9% (+70.7 pts)	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 20, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-21. Quoted as filed.

Regulatory and market uncertainty have and may continue to impact our business and the markets for our products. Our ability to successfully commercialize our approved vaccines and any future products depends in part on evolving regulatory requirements, public health recommendations and market acceptance. In 2025, changes at U.S.…
10-K, Item 1A

All 29 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +30.8% vs revenue -39.9% (+70.7 pts)
✓
Receivables -48.6% vs revenue -39.9% (-8.7 pts)
✓
Cash from operations −$1.9B vs net income −$2.8B (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: Ernst & Young LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: Provisions for returns on product sales
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 6, 20268-K Quarterly results 8-K item 2.02
Nov 6, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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Work on MRNA in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MRNA/export.csv") into a cell.