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

What the 10-K filed 2026-02-20 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-21.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

1 new

Parts or manufacturing that depend on one or a few suppliers.

“We are dependent on single-source suppliers for some of the components and materials used in, and the manufacturing processes required to develop and commercialize, our products and product candidates.”
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“Our use of single-source suppliers exposes us to several risks, including disruptions in supply, price increases, late deliveries or business interruptions.”
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“Additionally, as part of the FDA’s approval of our product candidates, the FDA will review the manufacturing processes and facilities of our single-source suppliers.”
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New “As a result, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.”
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Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“In August 2022, we filed a lawsuit in the U.S.”
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New “In March 2025, Arbutus and Genevant filed five international lawsuits asserting that our manufacture and sale of Spikevax and/or mRESVIA infringes certain patents concerning lipid nanoparticles.”
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New “The companies filed lawsuits in the Canadian Federal Court, the Tokyo District Court in Japan and the Swiss Federal Patent Court and submitted two lawsuits to the Unified Patent Court (UPC).”
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“In August 2024, a putative shareholder class action complaint was filed against us and certain officers in the U.S.”
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“Between September and November 2024, purported shareholder derivative complaints were filed in the U.S.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited.”
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Debt covenants

5 new

Conditions in loan agreements that, if broken, can make debt due early.

New “The Credit Agreement includes customary affirmative and negative covenants, with which we were in compliance as of December 31, 2025.”
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New “The Credit Agreement is subject to compliance with customary representations and warranties, affirmative covenants, restrictive covenants and events of default.”
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New “Events of default under the Credit Agreement include, among others, nonpayment of principal, interest or other amounts when due, failure to comply with covenants (subject to applicable notice and cure periods), breaches of certain representations and warranties, the occurrence of certain significant adverse events and certain insolvency-related events.”
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New “The Credit Agreement also includes a financial covenant requiring us to maintain minimum cash and cash equivalents (as defined in the Credit Agreement, which primarily consist of our cash, cash equivalents, and available-for-sale securities) as of the last business day of each week of at least $500 million, increasing to $750 million if more than $1.0 billion is drawn under the Credit Agreement.”
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New “As of December 31, 2025, we were in compliance with the applicable terms and covenants under the Credit Agreement.”
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Commitments off the balance sheet

1 new

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

New “Our cost of sales was $1.5 billion, or 47% of our net product sales, in 2024, including third-party royalties of $155 million, inventory write-downs of $495 million, unutilized manufacturing capacity and wind down costs of $368 million, and losses on firm purchase commitments and cancellation fees of $60 million.”
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“As of December 31, 2025, $5 million of the purchase commitments related to raw materials was recorded as an accrued liability for loss on future firm purchase commitments and is included in the purchase obligations line above.”
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“For the years ended December 31, 2025, 2024, and 2023, losses on firm purchase commitments were $24 million, $60 million, and $141 million, respectively.”
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“As of December 31, 2025 and December 31, 2024, the accrued liability for losses on firm future purchase commitments in our consolidated balance sheets was $5 million and $60 million, respectively.”
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“As of December 31, 2025, we had $411 million of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2029.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.