Moderna said net product sales for Q2 2025 were $114 million, compared to $184 million for Q2 2024, and loss per share was $(2.13) for Q2 2024, compared to $(3.33) for the prior-year period.

10-QQuarterly reportFiled Aug 1, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Moderna said net product sales for Q2 2025 were $114 million, compared to $184 million for Q2 2024, and loss per share was $(2.13) for Q2 2024, compared to $(3.33) for the prior-year period.
The company said total revenue for Q2 2025 decreased $99 million (41%) compared to the same period in the prior year, and cost of sales as a percentage of net product sales was 105% for Q2 2024, compared to 62% in the prior-year period. It cited lower net product sales as the driver of the increase in the ratio.
Moderna said research and development expenses for Q2 2025 decreased $521 million (43%) compared to the same period in the prior year. The company cited a $161 million decrease in clinical manufacturing expenses as a driver of the reduction and said research and development funding under the Blackstone arrangement resulted in a $62 million benefit in the current period.
Moderna said cash, cash equivalents and investments as of June 30, 2025 decreased by $2.0 billion, or 21%, compared to December 31, 2024. The company cited net cash outflow from operating activities of $2.0 billion and purchases of property and equipment of $120 million during the 6 months ended 2025 as factors for the decrease.

Key figures

Quarter ended June 30, 2025

Revenue: $142M
Operating income: −$907M
Net income: −$825M
EPS: −$2.13

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2025 Net Product Sales $114 million

Moderna said net product sales for Q2 2025 were $114 million, compared to $184 million for Q2 2024, and loss per share was $(2.13) for Q2 2024, compared to $(3.33) for the prior-year period.

Source · Based on the MD&A text of the filing

Q2 Total Revenue Down $99 million (41%), Cost of Sales Ratio 105%

The company said total revenue for Q2 2025 decreased $99 million (41%) compared to the same period in the prior year, and cost of sales as a percentage of net product sales was 105% for Q2 2024, compared to 62% in the prior-year period. It cited lower net product sales as the driver of the increase in the ratio.

Source · Based on the MD&A text of the filing

Q2 Research and Development Expenses Down $521 million (43%)

Moderna said research and development expenses for Q2 2025 decreased $521 million (43%) compared to the same period in the prior year. The company cited a $161 million decrease in clinical manufacturing expenses as a driver of the reduction and said research and development funding under the Blackstone arrangement resulted in a $62 million benefit in the current period.

Source · Based on the MD&A text of the filing

Operating Cash Outflow $2.0 billion for 6 Months, Cash and Investments Down 21%

Moderna said cash, cash equivalents and investments as of June 30, 2025 decreased by $2.0 billion, or 21%, compared to December 31, 2024. The company cited net cash outflow from operating activities of $2.0 billion and purchases of property and equipment of $120 million during the 6 months ended 2025 as factors for the decrease.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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