Moderna, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
MRNA$254.19+5.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001682852-25-000044
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001682852-25-000075
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 95 current paragraphs.
42 unchanged; 38 reworded; 15 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
COVID Vaccines
Current report
We have received approval in 40 countries for our 2025-2026 formula for Spikevax. We have also received U.S. Food and Drug Administration (FDA) approval of our 2025-2026 formula for mNEXSPIKE, our new COVID vaccine, in all adults aged 65 and older, as well as individuals aged 12 to 64 years with at least one underlying risk factor. mNEXSPIKE is also approved in Canada and we have filed and are targeting 2026 approvals in Australia, the EU, Japan and Taiwan.
Current report
mRESVIA
Current report
mRESVIA, our vaccine for the prevention of lower respiratory tract disease (LRTD) caused by RSV, has been approved for adults aged 60 years and older in 40 countries. It is also approved in 31 of those countries for individuals 18 to 59 years of age who are at increased risk for disease.
Current report
Moderna's International mRNA Manufacturing Facilities
Current report
In the third quarter of 2025, our mRNA manufacturing facilities in Australia and the United Kingdom were licensed and became operational. These facilities were established under long-term strategic agreements with the respective governments to support domestic mRNA manufacturing and pandemic preparedness. The facilities will enable local supply of our mRNA vaccines and provide rapid response capabilities in the event of future public health emergencies.
Current report
In September 2025, we delivered the first mRNA vaccines fully manufactured in Canada from our facility in Laval, Quebec, marking a significant milestone in our collaboration with the Government of Canada. The site, which received its Drug Establishment License from Health Canada in 2024, now produces the drug substance for our updated Spikevax targeting the LP.8.1 variant. Fill-and-finish of the vaccine, including the new single-use pre-filled syringes, is completed by Novocol Pharma in Cambridge, Ontario. This milestone demonstrates the execution of our end-to-end manufacturing strategy and our ability to provide timely access to locally manufactured mRNA vaccines through partnership with government and industry.
Current report
•COVID: In September 2025, we announced positive preliminary immunogenicity data from ongoing Phase 4 clinical trials evaluating the 2025-2026 formulas of our COVID vaccines, Spikevax and mNEXSPIKE. The 2025-2026 formula of Spikevax, which targets the LP.8.1 variant of SARS-CoV-2, generated greater than an 8-fold increase in LP.8.1-neutralizing antibodies across individuals 12 through 64 years of age with at least one underlying condition that increases their risk for severe outcomes from COVID, and all adults 65 years of age and older. The 2025–2026 formula of mNEXSPIKE, which also targets the LP.8.1 variant, generated greater than a 16-fold increase in LP.8.1-neutralizing antibodies across the same age groups. The safety profiles for both vaccines were consistent with previous studies, with no new safety concerns identified.
Current report
•Seasonal flu vaccine: In October 2025, we presented Phase 3 efficacy and safety data for our seasonal flu vaccine (mRNA-1010) at IDWeek 2025, and Phase 3 relative vaccine efficacy in a high-risk subset of patients at The European Scientific Working Group on Influenza (ESWI) Conference. We expect to complete submissions for approval of mRNA-1010 in the U.S., Canada, Australia and Europe by January 2026.
Current report
•Seasonal flu + COVID vaccine: We presented Phase 3 immunogenicity subanalyses for our flu+COVID combination vaccine (mRNA-1083) for adults aged 50 years and older at the ESWI Conference. We expect to refile with Health Canada in 2025 and are awaiting further guidance from the FDA on refiling. Currently, our mRNA-1083 filing is under review with the European Medicines Agency (EMA).
Current report
•Cytomegalovirus (CMV) vaccine: In October 2025, we announced topline results from the Phase 3 pivotal trial evaluating the efficacy of mRNA-1647, our investigational CMV vaccine. The study did not meet its primary efficacy endpoint of preventing CMV infection in seronegative female participants of childbearing age (16 to 40 years of age). We will discontinue our congenital CMV clinical development program. The Phase 3 trial was a randomized, observer-blind, placebo-controlled study. The study included approximately 7,500 women 16 to 40 years of age from approximately 300 sites across 13 countries, representing the largest trial assessing the efficacy of a CMV vaccine to-date. Vaccine efficacy against primary CMV infection in healthy women was well below our target, ranging from 6% to 23%, depending on the case definition used.
Current report
We plan to continue to evaluate mRNA-1647 in an ongoing Phase 2 trial of bone marrow transplant patients.
Current report
•Glycogen storage disease type 1a (GSD1a): In October 2025, we decided to discontinue our Phase 1 study of mRNA-3745, our rare disease therapeutic targeting GSD1a, in order to evaluate how advancements in our mRNA platform technology can best be applied to this program.
Current report
For the three and nine months ended September 30, 2025, total revenue decreased by $846 million, or 45%, and $1.0 billion, or 44%, respectively, compared to the same periods in 2024, driven by a decline in net product sales. Net product sales decreased by $847 million, or 47%, for the three-month period and $999 million, or 46%, for the nine-month period, primarily due to lower COVID vaccine sales in both the U.S. and international markets. The decrease was more pronounced in the U.S., reflecting lower overall COVID vaccination rates compared to the prior year, and the absence of an approximately $140 million positive adjustment related to sales provision estimates that was recorded in the third quarter of 2024. Outside the U.S., net product sales also declined, mainly due to the completion of certain advance purchase agreements with government customers and the timing of deliveries between the third and fourth quarters of 2025. Other revenue was relatively flat compared to the prior year for both periods, as lower royalty and collaboration revenue were largely offset by higher revenue related to our stand-ready obligation to maintain manufacturing readiness.
Current report
Selling, general and administrative expenses decreased by $13 million, or 5%, for the three months ended September 30, 2025, compared to the same period in 2024. The decrease primarily reflected reductions in consulting and outside services across multiple functions, as well as digital and facility-related costs.
Removed paragraphs (13)
Previous report
We have three commercial products—Spikevax®, our original COVID vaccine, mRESVIA®, our vaccine against respiratory syncytial virus (RSV), and mNEXSPIKE®, our next-generation COVID vaccine. mNEXSPIKE, our newest commercial product, was approved by the U.S. Food and Drug Administration (FDA) in May 2025 for individuals aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. In June 2025, the FDA approved mRESVIA for adults aged 18 through 59 years who are at increased risk for RSV disease, expanding the previous indication for mRESVIA for adults 60 years and older. In July 2025, the FDA approved Spikevax for children six months through 11 years who are at increased risk for COVID-19 disease, expanding the previous indication for Spikevax for individuals 12 years and older.
Previous report
Next-Generation COVID Vaccine
Previous report
In May 2025, the FDA approved mNEXSPIKE (mRNA-1283), our next-generation COVID-19 vaccine, for individuals aged 65 years and older and individuals aged 12 through 64 years with at least one underlying risk factor. The approval was based on a randomized, observer-blind, active-controlled Phase 3 study that enrolled approximately 11,400 participants aged 12 and older. The trial met its primary endpoint, with mRNA-1283 demonstrating non-inferior vaccine efficacy compared to Spikevax (mRNA-1273), and showed a 9.3% higher relative vaccine efficacy in the overall population, and a 13.5% higher relative efficacy in adults aged 65 and older. The safety profile of mRNA-1283 was consistent with mRNA-1273, with fewer local reactions and comparable systemic reactions. We expect to make mNEXSPIKE available in the U.S. for the 2025-2026 respiratory virus season, alongside Spikevax and mRESVIA.
Previous report
RSV Vaccine
Previous report
In June 2025, the FDA approved an expanded use of mRESVIA, our RSV vaccine, for the prevention of lower respiratory tract disease in adults aged 18 through 59 years with underlying health conditions that increase their risk for RSV disease. This approval builds on the initial authorization granted in May 2024 for adults aged 60 years and older. The expanded approval was supported by a Phase 3 study that demonstrated safety and immunogenicity in individuals with underlying health conditions, with immune responses meeting prespecified non-inferiority criteria compared to those observed in older adults. Neutralizing antibody levels were consistent across both the 18-49 and 50-59 age subgroups. We plan to supply mRESVIA for both approved adult populations in the U.S. for the 2025-2026 respiratory virus season.
Previous report
Pandemic Influenza Vaccine
Previous report
In May 2025, we received notice from the U.S. Department of Health and Human Services (HHS) that our award for the late-stage development of mRNA-based pandemic influenza vaccines, funded through the Rapid Response Partnership Vehicle (RRPV) by the Biomedical Advanced Research and Development Authority (BARDA), would be terminated. The program was previously supported by two awards totaling up to $766 million to accelerate the development and licensure of mRNA-based pre-pandemic influenza vaccines targeting the H5 influenza virus and additional influenza subtypes. Funding received under the awards was immaterial as of June 30, 2025. Interim results from our Phase 1/2 study of mRNA-1018 demonstrated a rapid, potent, and durable immune response, with 97.8% of participants achieving HAI titers ≥1:40 at Day 43. The vaccine was generally well-tolerated. We will explore alternatives for late-stage development and manufacturing of the H5 program consistent with our strategic commitment to pandemic preparedness.
Previous report
•Seasonal flu vaccine: In June 2025, we announced positive results from the Phase 3 efficacy study (P304) of mRNA-1010, our seasonal influenza vaccine candidate. The trial enrolled over 40,000 adults aged 50 years and older across 11 countries. mRNA-1010 achieved the most stringent superiority criterion prespecified in the protocol, with a relative vaccine efficacy (rVE) of 26.6% (95% CI: 16.7%, 35.4%) compared to a licensed standard-dose seasonal influenza vaccine. Strong rVE was also observed for each influenza strain contained in the vaccine, including A/H1N1 (29.6%), A/H3N2 (22.2%), and B/Victoria (29.1%). Efficacy was consistent across age groups, risk profiles, and prior influenza vaccination status, including an rVE of 27.4% in participants aged 65 years and older. Safety and tolerability of mRNA-1010 were consistent with prior Phase 3 results. We are submitting mRNA-1010 data for publication, presenting data at medical conferences and preparing to file mRNA-1010 for FDA approval.
Previous report
•Seasonal flu + COVID vaccine: We shared positive Phase 3 immunogenicity data for our flu+COVID combination vaccine (mRNA-1083) for adults aged 50 years and older at our 2024 R&D Day event. In May 2025, we announced that in consultation with the FDA, we had voluntarily withdrawn the pending Biologics License Application (BLA) for mRNA-1083 with the plan to resubmit after vaccine efficacy data from our mRNA-1010 Phase 3 trial were available. We are engaging with regulators on data requirements for resubmitting the BLA for mRNA-1083.
Previous report
•Cytomegalovirus (CMV) vaccine: In April 2025, we shared 36-month durability data from a Phase 2 extension trial of our CMV vaccine candidate (mRNA-1647) at the ESCMID 2025 Global Congress. The pivotal Phase 3 study of mRNA-1647 is fully enrolled and has accrued sufficient cases for evaluation of the primary endpoint of the study, evaluating its efficacy, safety and immunogenicity in the prevention of primary infection in women of childbearing age. We are updating our analysis plan to add secondary endpoints. We remain blinded and anticipate a Phase 3 final analysis in 2025.
Previous report
For the three months ended June 30, 2025, total revenue decreased by $99 million, or 41%, compared to the same period in 2024, driven by declines in both net product sales and other revenue. Net product sales decreased by $70 million, or 38%, largely due to lower sales in the U.S. market, driven by both reduced sales volume, reflecting lower COVID vaccination rates, and a lower average selling price. Rest-of-World sales remained relatively stable compared to the prior year. Other revenue decreased by $29 million, or 51%, primarily due to the absence of upfront licensing revenue recognized in the prior year and a reduction in grant revenue as reimbursable activities under our BARDA contract progressively wound down, concluding in June 2025.
Previous report
For the six months ended June 30, 2025, total revenue decreased by $158 million, or 39%, compared to the same period in 2024, primarily driven by a $151 million, or 43%, decline in net product sales. The decrease was mainly attributable to lower sales in the U.S. market, reflecting reduced sales volume due to lower COVID vaccination rates, as well as a lower average selling price. Rest-of-World sales also declined, to a lesser extent, primarily due to lower sales volume. Other revenue decreased by $7 million, or 12%, primarily due to lower licensing and grant revenue, consistent with the drivers noted in the three-month period. These decreases were partially offset by an increase in other revenue recognized in connection with our stand-ready obligation under long-term strategic agreements with certain government entities.
Previous report
Selling, general and administrative expenses decreased by $38 million, or 14%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease was primarily driven by broad-based reductions in consulting and outside service costs, compensation and other personnel-related expenses due to lower headcount, and commercial and marketing activities.
Reworded paragraphs (38)
Previous wording
Since our founding in 2010, we have transformed from a research-stage company advancing programs in the field of mRNA to a commercial enterprise with a diverse clinical portfolio of vaccines and therapeutics across several modalities, a broad intellectual property portfolio and integrated manufacturing capabilities that allow for rapid clinical and commercial production at scale. We have a diverse and extensive development pipeline of 30 development candidates across our 39 development programs, of which 35 are in clinical studies currently.
Current wording
Since our founding in 2010, we have transformed from a research-stage company advancing programs in the field of mRNA to a commercial enterprise with a diverse clinical portfolio of vaccines and therapeutics across several modalities, a broad intellectual property portfolio and integrated manufacturing capabilities that allow for rapid clinical and commercial production at scale. We currently have three commercial products—Spikevax®, our original COVID vaccine, mRESVIA®, our vaccine against respiratory syncytial virus (RSV), and mNEXSPIKE®, our new COVID vaccine. Additionally, we have a diverse and extensive development pipeline of 30 development candidates across 40 development programs, of which 37 are in clinical studies currently.
Previous wording
For the second quarter of 2025, we recognized net product sales of $114 million, compared to $184 million for the second quarter of 2024. Loss per share was $(2.13) for the second quarter of 2025, compared to $(3.33) for the second quarter of 2024.
Current wording
For the third quarter of 2025, we recognized net product sales of $973 million, compared to $1.8 billion for the third quarter of 2024. Net loss per share was $(0.51) for the third quarter of 2025, compared to net income per share of $0.03 for the third quarter of 2024.
Previous wording
•Norovirus vaccine: The Phase 3 study evaluating the efficacy, safety and immunogenicity of our trivalent vaccine candidate against norovirus (mRNA-1403) is accruing cases. The timing of the Phase 3 readout will be dependent on case accruals.
Current wording
•Norovirus vaccine: Our ongoing Phase 3 safety and efficacy study of our trivalent vaccine candidate against norovirus (mRNA-1403) has not accrued sufficient cases and will enroll a second Northern Hemisphere season (2025-2026) for additional case accruals. The timing of the Phase 3 readout will continue to be dependent on case accruals.
Previous wording
•Intismeran autogene (INT): We continue to demonstrate the potential clinical benefit of mRNA-4157. In collaboration with Merck, the Phase 3 clinical trial for adjuvant melanoma is fully enrolled. Two non-small cell lung cancer (NSCLC) Phase 3 studies for individuals with and without prior neoadjuvant treatment are enrolling. Separate randomized Phase 2 studies for high-risk muscle invasive and high-risk non-muscle invasive bladder cancer are enrolling, and a randomized Phase 2 study for adjuvant renal cell carcinoma is fully enrolled. We and Merck have also launched a new Phase 2 study of first-line treatment for patients with metastatic melanoma.
Current wording
•Intismeran autogene (INT): We continue to make progress on advancing mRNA-4157 in the clinic. In collaboration with Merck, the Phase 3 clinical trial for adjuvant melanoma is fully enrolled. Two non-small cell lung cancer (NSCLC) Phase 3 studies for individuals with and without prior neoadjuvant treatment are enrolling. Separate randomized Phase 2 studies for high-risk muscle invasive and high-risk non-muscle invasive bladder cancer are enrolling, a Phase 2 study of first-line treatment for patients with metastatic melanoma is also enrolling, and a randomized Phase 2 study for adjuvant renal cell carcinoma is fully enrolled. Further, we and Merck have launched a new Phase 2 study of first-line treatment for patients with metastatic squamous NSCLC.
Previous wording
•Checkpoint adaptive immune modulation therapy (AIM-T). The Checkpoint AIM-T (mRNA-4359) Phase 1/2 study in first-line melanoma and first-line metastatic NSCLC is ongoing, and is in the Phase 2 portion of the study. The first-line metastatic NSCLC arm is currently enrolling patients.
Current wording
•Checkpoint adaptive immune modulation therapy (AIM-T). The Phase 1/2 study of mRNA-4359, our investigational mRNA-based therapy designed to elicit T-cell immune responses against tumor and immunosuppressive cells, is ongoing. Phase 1b data for mRNA-4359 was recently presented at the 2025 European Society for Medical Oncology (ESMO) Congress. The Phase 2 portion of the study, which includes cohorts in first-line metastatic melanoma and first-line metastatic NSCLC, is enrolling patients.
Previous wording
•Propionic acidemia (PA) therapeutic: In an ongoing Phase 1/2 study designed to evaluate safety and pharmacology in trial participants with PA, our investigational therapeutic (mRNA-3927) has been generally well-tolerated to date with no events meeting protocol-defined dose-limiting toxicity criteria. Early results suggest potential decreases in annualized metabolic decompensation event (MDE) frequency compared to pre-treatment, and the majority of patients have elected to continue on the open label extension study. mRNA-3927 is in a registrational study.
Current wording
•Propionic acidemia (PA) therapeutic: We recently presented final results from the Part 1 dose-escalation cohorts of our ongoing Phase 1/2 study and cumulative data from ongoing participants in the extension study of our investigational therapeutic for PA (mRNA-3927) at the International Congress of Inborn Errors of Metabolism (ICIEM) 2025. In the study, which is designed to evaluate safety and pharmacology in trial participants with PA, mRNA-3927 has been generally well-tolerated to date with no events meeting protocol-defined dose-limiting toxicity criteria. Previously presented results suggest potential decreases in annualized metabolic decompensation event (MDE) frequency compared to pre-treatment, and the majority of patients have elected to continue on the open label extension study. mRNA-3927 is in a registrational study and target enrollment has been reached.
Previous wording
•Methylmalonic acidemia (MMA) therapeutic: Our investigational therapeutic for MMA (mRNA-3705) has been selected by the FDA for the Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program. We and the FDA have agreed on the pivotal study design. We expect to start a registrational study in 2025.
Current wording
•Methylmalonic acidemia (MMA) therapeutic: We recently shared interim data from the Phase 1/2 study of our investigational therapeutic for MMA (mRNA-3705) at ICIEM 2025. mRNA-3705 has been selected by the FDA for the Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program. We and the FDA have agreed on the pivotal study design. We expect to start a registrational study in 2026.
Previous wording
The following chart shows our current pipeline of 39 development programs across our several modalities.
Current wording
The following chart shows our current pipeline of 40 development programs across our several modalities.
Previous wording
Abbreviations: BARDA, Biomedical Advanced Research and Development Authority; CMV, cytomegalovirus; EBV, Epstein-Barr virus; HIV, human immunodeficiency virus; hMPV, human metapneumovirus; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR NMIBC, high-risk non-muscle invasive bladder cancer; HSV, herpes simplex virus; IAVI, International AIDS Vaccine Initiative; ILCM, Institute for Life Changing Medicines; IM, infectious mononucleosis; NIH, National Institutes of Health; NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; RSV, respiratory syncytial virus; VZV, varicella-zoster virus.
Current wording
Abbreviations: CMV, cytomegalovirus; EBV, Epstein-Barr virus; HIV, human immunodeficiency virus; hMPV, human metapneumovirus; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR MIBC, high-risk muscle invasive bladder cancer; HR NMIBC, high-risk non-muscle invasive bladder cancer; HSV, herpes simplex virus; IM, infectious mononucleosis; NSCLC, non-small cell lung cancer; pCR, pathological complete response; RCC, renal cell carcinoma; RSV, respiratory syncytial virus; VZV, varicella-zoster virus.
Previous wording
As of June 30, 2025, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for RSV disease. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. As of June 30, 2025, we had not yet launched commercial sales of mNEXSPIKE.
Current wording
As of September 30, 2025, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for RSV disease. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. We launched commercial sales of mNEXSPIKE in the third quarter of 2025.
Previous wording
We sell our COVID vaccine to the commercial market as well as to foreign governments and international organizations. We launched commercial sales of our RSV vaccine in the third quarter of 2024. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.
Current wording
We sell our COVID vaccines, Spikevax and mNEXSPIKE, to the commercial market as well as to foreign governments and international organizations. We launched commercial sales of our RSV vaccine, mRESVIA, in the third quarter of 2024. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.
Previous wording
Prior to the third quarter of 2023, we sold our COVID vaccine to the U.S. Government, foreign governments and international organizations. The agreements and related amendments with these entities generally do not include variable consideration, such as discounts, rebates or returns. Certain of these agreements entitle us to upfront deposits for our COVID vaccine supply, initially recorded as deferred revenue. As of June 30, 2025, we had deferred revenue of $221 million associated with customer deposits received or billable under supply agreements, of which $156 million is expected to be realized in less than one year.
Current wording
Certain agreements may include upfront payments for our vaccine supply, initially recorded as deferred revenue. As of September 30, 2025, we had deferred revenue of $144 million related to product sales, of which $79 million is expected to be realized in less than one year.
Previous wording
We expect demand for our COVID and RSV vaccines to follow a seasonal pattern aligned with fall and winter vaccination campaigns in both hemispheres. As COVID has transitioned to a seasonal respiratory vaccine, we anticipate a decline in net product sales for the full year 2025 compared to 2024, primarily due to lower expected vaccination rates and increased competition. Although we commenced sales of our RSV vaccine in the third quarter of 2024, product sales from our RSV vaccine are not expected to present a significant portion of total product sales in 2025.
Current wording
We expect demand for our COVID and RSV vaccines to follow a seasonal pattern aligned with fall and winter vaccination campaigns in both hemispheres. As COVID has transitioned to a seasonal respiratory vaccine, we anticipate a decline in net product sales for the full year 2025 compared to 2024, primarily due to lower expected vaccination rates and a more competitive commercial market environment. Although we commenced sales of our RSV vaccine in the third quarter of 2024, product sales from our RSV vaccine are not expected to present a significant portion of total product sales in 2025.
Previous wording
Cost of sales for the three months ended June 30, 2025 was $119 million, which included third-party royalties of $6 million, inventory write-downs of $38 million, unutilized manufacturing capacity and wind-down costs of $52 million. Cost of sales for the six months ended June 30, 2025 was $209 million, which included third-party royalties of $11 million, inventory write-downs of $80 million, primarily related to our finished and semi-finished COVID vaccine inventory and certain raw materials, unutilized manufacturing capacity and wind-down costs of $73 million, and losses on firm purchase commitments of $17 million. Please refer to Note 7 to our condensed consolidated financial statements for inventory related charges. These charges in 2025, other than royalties, were largely driven by customer demand forecast adjustments and commitments related to manufacturing capacity.
Current wording
Cost of sales for the three months ended September 30, 2025 was $207 million, which included third-party royalties of $43 million, and inventory write-downs of $67 million. Cost of sales for the nine months ended September 30, 2025 was $416 million, which included third-party royalties of $54 million, inventory write-downs of $147 million, primarily related to our finished and semi-finished COVID vaccine inventory and certain raw materials, unutilized manufacturing capacity and wind-down costs of $50 million, and losses on firm purchase commitments of $24 million. Please refer to Note 7 to our condensed consolidated financial statements for inventory related charges. These charges in 2025, other than royalties, were largely driven by proactive production decisions to maintain supply flexibility and commitments related to manufacturing capacity.
Previous wording
Cost of sales was relatively flat for both the three and six months ended June 30, 2025, compared to the same periods in 2024. Cost of sales as a percentage of net product sales was 105% and 104% for the three and six months ended June 30, 2025, respectively, compared to 62% and 60% for the corresponding periods in 2024. The increases were primarily due to the impact of lower net product sales.
Current wording
Cost of sales for the three and nine months ended September 30, 2025 decreased by $307 million and $309 million, or 60% and 43%, respectively, compared to the same periods in 2024. Cost of sales as a percentage of net product sales was 21% and 35% for the three and nine months ended September 30, 2025, respectively, compared to 28% and 33% for the corresponding periods in 2024. The decrease for the three-month period was primarily driven by lower inventory write-downs and reduced unutilized manufacturing capacity, while the increase for the nine-month period reflected the impact of lower net product sales.
Previous wording
We expect full year 2025 cost of sales to be lower compared to 2024, primarily driven by a reduction in period charges, particularly lower wind-down costs related to contract manufacturing organization contracts, along with lower anticipated sales volume. We expect this decrease will be partially offset by costs associated with internal manufacturing sites commencing operations in 2025. However, cost of sales as a percentage of net product sales is expected to vary widely due to continued uncertainty around demand and increased market competition. This variability is primarily driven by the fixed nature of a significant portion of our manufacturing costs, which cannot be quickly adjusted in response to changes in sales volume. As part of our long-term strategy, we are continuing to invest in internal manufacturing capabilities to improve cost control and support potential future product launches.
Current wording
We expect full year 2025 cost of sales to be lower compared to 2024, primarily driven by a reduction in period charges, particularly lower wind-down costs related to contract manufacturing organization contracts and inventory write-downs, along with lower anticipated sales volume. We expect this decrease will be partially offset by costs associated with internal manufacturing sites commencing operations in 2025. However, cost of sales as a percentage of net product sales is expected to vary widely due to continued uncertainty around demand and increased market competition. This variability is primarily driven by the fixed nature of a significant portion of our manufacturing costs, which cannot be quickly adjusted in response to changes in sales volume. As part of our long-term strategy, we continue to invest in internal manufacturing capabilities to improve cost control and support potential future product launches.
Previous wording
Research and development expenses decreased by $521 million, or 43%, for the three months ended June 30, 2025, compared to the same period in 2024. The reduction was primarily driven by a $161 million decrease in clinical manufacturing expenses, reflecting lower production-related spending and reduced allocation to clinical programs. Clinical trial expenses decreased by $106 million, primarily due to lower spending across our RSV, seasonal flu, and COVID programs, driven by program wind-downs and timing of trial activities, partially offset by increased investment in our norovirus program. Pre-clinical research expenses declined by $53 million due to investment reprioritization, and consulting and outside service costs declined by $51 million, consistent with the lower level of clinical study activities. In addition, research and development funding under the Blackstone arrangement resulted in a $62 million benefit in the current period, primarily from revisions to prior period estimates. The prior-year period also included an expense related to the purchase of a priority review voucher.
Current wording
Research and development expenses decreased by $336 million, or 30%, for the three months ended September 30, 2025, compared to the same period in 2024. Clinical trial expenses declined by $117 million, driven by lower activity in the RSV, COVID, and seasonal flu programs as a result of trial wind-downs and higher research and development funding from Blackstone for the seasonal flu program, partially offset by increased investment in our norovirus program. Clinical manufacturing costs decreased by $44 million, reflecting lower production-related spending due to reduced activity levels. Preclinical research expenses decreased by $22 million due to investment reprioritization, and consulting and outside service costs declined by $17 million, consistent with the lower level of clinical and manufacturing activities. The prior-year period also included an expense related to the purchase of a priority review voucher.
Previous wording
For the six months ended June 30, 2025, research and development expenses decreased by $728 million, or 32%, compared to the same period in 2024. The decrease was primarily driven by a $271 million reduction in clinical trial expenses, reflecting lower spending across our RSV, seasonal flu, COVID and combination vaccine programs, due to program wind-downs and timing of trial activities, partially offset by increased investment in our norovirus program. Clinical manufacturing expenses decreased by $105 million, driven by reduced production-related spending and lower allocation to clinical programs. Consulting and outside service costs declined by $93 million, and pre-clinical research expenses decreased by $74 million, both driven by reduced program activities and investment reprioritization. Personnel-related expenses declined by $48 million, primarily due to lower headcount. We also recognized a $62 million benefit from the Blackstone research and development funding in the current period, primarily from revisions to prior period estimates. Separately, the prior-year period included an expense related to the purchase of a priority review voucher.
Current wording
For the nine months ended September 30, 2025, research and development expenses decreased by $1.1 billion, or 31%, compared to the same period in 2024. Clinical trial spending declined by $403 million, primarily due to reduced activity in the RSV, COVID, and flu+COVID combination vaccine programs, consistent with trial wind-downs and the timing of trial activities, partially offset by increased investment in our norovirus program. Clinical manufacturing costs were $196 million lower, driven by reduced production-related spending due to reduced activity levels. Additionally, both clinical trial and clinical manufacturing expenses included a $62 million benefit from the Blackstone research and development funding related to the seasonal flu program in the second quarter of 2025, reflecting revisions to prior period estimates. Consulting and outside service costs declined by $110 million, and preclinical research expenses decreased by $96 million, both driven by reduced program activities and investment reprioritization. Separately, the prior-year period included an expense related to the purchase of two priority review vouchers.
Previous wording
We continue to anticipate a reduction in research and development expenses in 2025 compared to 2024, driven by disciplined cost management, portfolio prioritization, and a focused approach to pipeline execution. While we remain committed to advancing our pipeline and late-stage programs, including our INT, norovirus, CMV, seasonal flu and combination vaccine programs, we are also implementing operational efficiencies across the organization, including meaningful resourcing adjustments to align with the current stage of our pipeline and to support long-term sustainability.
Current wording
We continue to anticipate a reduction in research and development expenses in 2025 compared to 2024, driven by disciplined cost management, portfolio prioritization, and a focused approach to pipeline execution. While we remain committed to advancing our pipeline and late-stage programs, including our intismeran autogene, norovirus, seasonal flu and combination vaccine programs, we are also implementing operational efficiencies across the organization, including meaningful resourcing adjustments to align with the current stage of our pipeline and to support long-term sustainability.
Previous wording
For the six months ended June 30, 2025, selling, general and administrative expenses decreased by $100 million, or 18%, compared to the same period in 2024. The decrease was mainly driven by a $29 million reduction in consulting and outside services across all functions, a $26 million reduction in personnel-related expenses due to lower headcount, and lower legal, marketing, and technology and facility-related costs, which together contributed to a $49 million reduction. The decrease in both periods reflects continued cost discipline and efforts to streamline operations.
Current wording
For the nine months ended September 30, 2025, selling, general and administrative expenses decreased by $113 million, or 14%, compared to the same period in 2024. The decrease was mainly driven by a $42 million broad-based reduction in consulting and outside services, lower digital and facility-related costs of $21 million, a $21 million decrease in legal expenses, and a $20 million decrease in personnel-related expenses due to lower headcount. The decreases in both periods largely reflects continued cost discipline and ongoing efforts to streamline operations.
Previous wording
We continue to anticipate a modest reduction in selling, general and administrative expenses in 2025 compared to 2024. This reflects our ongoing commitment to operating efficiency as we expand our global commercial, regulatory, sales and marketing infrastructure, while continuing to invest in digital capabilities and leverage artificial intelligence technologies. In parallel, we are making organizational refinements to better align resources with the evolving needs of the business and support long-term scalability.
Current wording
We continue to anticipate a reduction in selling, general and administrative expenses in 2025 compared to 2024. This reflects our ongoing commitment to operating efficiency as we expand our global commercial, regulatory, sales and marketing infrastructure, while continuing to invest in digital capabilities and leverage artificial intelligence technologies. In parallel, we are making organizational refinements to better align resources with the evolving needs of the business and support long-term scalability.
Previous wording
For the three months ended June 30, 2025, interest income decreased by $30 million, or 27%, compared to the same period in 2024. For the six months ended June 30, 2025, interest income decreased by $60 million, or 26%, compared to the same period in 2024. The decreases were primarily due to lower average investment balances.
Current wording
For the three months ended September 30, 2025, interest income decreased by $30 million, or 29%, compared to the same period in 2024. For the nine months ended September 30, 2025, interest income decreased by $90 million, or 27%, compared to the same period in 2024. The decreases were primarily due to lower average investment balances.
Previous wording
For the three and six months ended June 30, 2025, we recorded total other income, net of $8 million and $4 million, respectively, compared to total other expense, net of $27 million and $46 million for the same periods in 2024. The improvement was largely driven by lower equity investment losses and a reduction in interest expense. Interest expense is primarily related to our finance leases related to our Moderna Technology Center prior to its acquisition in December 2024, and certain contract manufacturing service agreements. Please refer to Note 10 to our condensed consolidated financial statements for additional information.
Current wording
For the three and nine months ended September 30, 2025, total other income, net, was immaterial and $4 million, respectively, compared to total other expense, net, of $12 million and $58 million for the same periods in 2024. The improvement was largely driven by lower equity investment losses and a reduction in interest expense. Interest expense is primarily related to our finance leases related to our Moderna Technology Center prior to its acquisition in December 2024, and certain contract manufacturing service agreements. Please refer to Note 10 to our condensed consolidated financial statements for additional information.
Previous wording
Provision for income taxes for the three and six months ended June 30, 2025, remained immaterial and consistent with the same periods in 2024. The effective tax rates also remained consistent and continues to be immaterial. Both reflect the continued maintenance of our global valuation allowance, which limits our ability to recognize tax benefits from the losses. Please refer to Note 13 to our condensed consolidated financial statements for additional details.
Current wording
Provision for income taxes for the three and nine months ended September 30, 2025, remained immaterial and consistent with the same periods in 2024. The effective tax rates for both periods in 2025 continue to reflect the maintenance of our global valuation allowance, which limits our ability to recognize tax benefits from the losses. Please refer to Note 13 to our condensed consolidated financial statements for additional details.
Previous wording
Our cash, cash equivalents and investments are invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. Investments, consisting primarily of government and corporate debt securities, are stated at fair value. Cash, cash equivalents and investments as of June 30, 2025 decreased by $2.0 billion, or 21%, compared to December 31, 2024. The decrease in cash, cash equivalents and investments was primarily due to a net cash outflow from operating activities of $2.0 billion and purchases of property and equipment of $120 million during the six months ended June 30, 2025.
Current wording
Our cash, cash equivalents and investments are invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. Investments, consisting primarily of government and corporate debt securities, are stated at fair value. Cash, cash equivalents and investments as of September 30, 2025 decreased by $2.9 billion, or 30%, compared to December 31, 2024. The decrease in cash, cash equivalents and investments was primarily due to a net cash outflow from operating activities of $2.8 billion and purchases of property and equipment of $153 million during the nine months ended September 30, 2025.
Previous wording
Working capital, defined as current assets less current liabilities, as of June 30, 2025 decreased by $1.3 billion, or 22%, compared to December 31, 2024. This was primarily driven by a decrease in cash, cash equivalents and current investments of $1.9 billion to fund operations, partially offset by a decrease in accrued liabilities and accounts payable of $670 million, driven by lower spend during the period.
Current wording
Working capital, defined as current assets less current liabilities, decreased by $1.0 billion, or 17%, as of September 30, 2025, compared to December 31, 2024. This was primarily driven by a decrease in cash, cash equivalents and current investments of $2.5 billion to fund operations, partially offset by an increase in accounts receivable of $688 million, mainly due to timing of collections, a decrease in accrued liabilities and accounts payable of $387 million, driven by lower spend during the period, and an increase in inventory of $215 million, driven by manufacturing of our COVID vaccines.
Previous wording
We derive cash flows from operations primarily from cash collected from customer deposits and accounts receivable related to our product sales and other revenue, as well as certain government-sponsored and private organizations, strategic alliances and funding arrangements. Our operating cash flows are significantly affected by our use of cash for operating expenses and working capital to support the business.
Current wording
We derive cash flows from operations primarily from cash collected from accounts receivable and customer deposits related to our product sales and other revenue, as well as certain government-sponsored and private organizations, strategic alliances and funding arrangements. Our operating cash flows are significantly affected by our use of cash for operating expenses and working capital to support the business.
Previous wording
Beginning in the third quarter of 2020, we entered into supply agreements with the U.S. Government, foreign governments and international organizations for the supply of our COVID vaccine and received upfront deposits. In the third quarter of 2023, we commenced sales of our COVID vaccine to the U.S. commercial market, in addition to continuing sales to foreign governments and international organizations. In the U.S., our COVID vaccine is sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. We also commenced sales of our RSV vaccine in the third quarter of 2024. Wholesalers and distributors typically do not make upfront payments to us. As of June 30, 2025, we had $221 million in deferred revenue related to customer deposits received or billable.
Current wording
We sell our vaccines to the commercial market as well as to foreign governments and international organizations. In the U.S., our vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Certain agreements may include upfront payments for our vaccine supply, initially recorded as deferred revenue. As of September 30, 2025, we had $144 million in deferred revenue related to product sales.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 was $2.0 billion and consisted of net loss of $1.8 billion, non-cash adjustments of $348 million and a net change in assets and liabilities of $508 million. Non-cash items primarily included stock-based compensation of $245 million, and depreciation and amortization of $96 million. The net change in assets and liabilities was mainly due to a decrease in accrued liabilities and accounts payable of $598 million, driven by overall lower spend in the period, an increase in prepaid expenses and other assets of $150 million, driven by collaboration receivables, an increase in inventory of $122 million, driven by increased manufacturing of our COVID vaccine for the upcoming season, and partially offset by a decrease in accounts receivable of $310 million, driven by timing of collections.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $2.8 billion and consisted of net loss of $2.0 billion, non-cash adjustments of $519 million and a net change in assets and liabilities of $1.3 billion. Non-cash items primarily included stock-based compensation of $370 million, and depreciation and amortization of $148 million. The net change in assets and liabilities was mainly due to an increase in accounts receivable of $703 million, driven by timing of collections, a decrease in accrued liabilities and accounts payable of $310 million and other liabilities of $137 million, driven by overall lower spend in the period, and an increase in inventory of $213 million, driven by increased manufacturing of our COVID vaccines, partially offset by an increase in deferred revenue of $108 million due to upfront payments received in excess of revenue recognized.
Previous wording
Net cash used in operating activities decreased by $307 million, or 14%, during the six months ended June 30, 2025, compared to the same period in 2024, primarily attributable to a decrease in net loss of $658 million, partially offset by a change in accounts receivable of $419 million, driven by declined product sales.
Current wording
Net cash used in operating activities decreased by $1.0 billion, or 27%, during the nine months ended September 30, 2025, compared to the same period in 2024, primarily attributable to a decrease in net loss of $445 million, a change in deferred revenue of $285 million driven by collections of upfront payment in excess of revenue recognized, and a change in accrued liabilities and accounts payable of $208 million driven by continued decrease in spend.
Previous wording
Our primary investing activities consist of purchases, sales, and maturities of our investments, capital expenditures for land, building, leasehold improvements, manufacturing, laboratory, computer equipment and software, and business development.
Current wording
Our primary investing activities consist of purchases, sales, and maturities of our investments, capital expenditures for facilities, manufacturing and laboratory equipment, and computer equipment and software, as well as business development activities.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2025 was $1.3 billion, driven primarily by proceeds from maturities and sales of marketable securities of $4.5 billion, partially offset by purchases of marketable securities of $3.1 billion, and purchases of property and equipment of $120 million.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2025 was $2.0 billion, driven primarily by proceeds from maturities and sales of marketable securities of $6.4 billion, partially offset by purchases of marketable securities of $4.2 billion, and purchases of property and equipment of $153 million.
Previous wording
Net investing cash flows decreased by $473 million, or 27%, during the six months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in proceeds from maturities and sales of marketable securities of $1.1 billion, partially offset by a decrease in purchases of marketable securities of $331 million, and a decrease in purchases of plant, property and equipment of $258 million.
Current wording
Net investing cash flows decreased by $494 million, or 20%, during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in proceeds from maturities and sales of marketable securities of $1.3 billion, partially offset by a decrease in purchases of marketable securities of $420 million, and a decrease in purchases of plant, property and equipment of $376 million.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025 was $13 million, primarily related to proceeds from issuance of common stock through equity plans.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025 was $12 million, primarily related to proceeds from issuance of common stock through equity plans.
Previous wording
Net cash provided by financing activities decreased by $35 million, or 73%, during the six months ended June 30, 2025, compared to the same period in 2024, mainly due to a decrease in proceeds from issuance of common stock through equity plans of $30 million.
Current wording
Net cash provided by financing activities decreased by $47 million, or 80%, during the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to a decrease in proceeds from issuance of common stock through equity plans of $36 million.
Previous wording
Our principal sources of funding as of June 30, 2025 consisted of cash and cash equivalents, investments, and cash we may generate from operations. From our inception to the end of 2020, we incurred significant losses from operations due to our significant research and development expenses. Following authorization of our first commercial product in December 2020, we generated significant net income in both 2022 and 2021. We also incurred a net loss of $1.8 billion for the six months ended June 30, 2025 and net losses of $3.6 billion and $4.7 billion for 2024 and 2023, respectively. We have retained earnings of $8.2 billion as of June 30, 2025.
Current wording
Our principal sources of funding as of September 30, 2025 consisted of cash and cash equivalents, investments, and cash we may generate from operations. From our inception to the end of 2020, we incurred significant losses from operations due to our significant research and development expenses. Following authorization of our first commercial product in December 2020, we generated significant net income in both 2022 and 2021. We also incurred a net loss of $2.0 billion for the nine months ended September 30, 2025 and net losses of $3.6 billion and $4.7 billion for the years 2024 and 2023, respectively. We have retained earnings of $8.0 billion as of September 30, 2025.
Previous wording
We have significant future capital requirements including expected operating expenses to conduct research and development activities, operate our organization, and meet capital expenditure needs. We anticipate maintaining substantial expenses across all areas of our ongoing activities, particularly as we continue research and development of our development candidates and clinical activities for our investigational medicines. This also extends to our manufacturing costs, including our arrangements with our supply and manufacturing partners. Our ongoing work on our INT, norovirus, flu+COVID combination, and CMV vaccine candidates, development of any new COVID vaccines against variants of SARS-CoV-2, late-stage clinical development, investments in digital capabilities and artificial intelligence technologies, and buildout of global commercial, regulatory, sales and marketing infrastructure and manufacturing facilities will require significant cash outflows in future periods, most of which will not be reimbursed or otherwise paid for by our partners or collaborators. We may also incur additional costs related to postmarketing commitments, though the timing and scope of such commitments remain uncertain. In addition, we have substantial facility, lease and purchase obligations (refer to Note 10 and Note 11 to our condensed consolidated financial statements). We have entered into various collaboration and licensing agreements, as well as a research and development funding arrangement with a third party. These arrangements collectively encompass the funding of specific research and development activities, with the distinction that under the research and development funding arrangement, we receive funding. However, for all these arrangements, we may be obligated to make potential future milestone and royalty payments.
Current wording
We have significant future capital requirements including expected operating expenses to conduct research and development activities, operate our organization, and meet capital expenditure needs. We anticipate maintaining substantial expenses across all areas of our ongoing activities, particularly as we continue advancing research and development for our investigational medicines. This also extends to our manufacturing costs, including our arrangements with our supply and manufacturing partners. Our ongoing work on our intismeran autogene, norovirus, and flu+COVID combination vaccine candidates, development of any new COVID vaccines against variants of SARS-CoV-2, late-stage clinical development, investments in digital capabilities and artificial intelligence technologies, and buildout of global commercial, regulatory, sales and marketing infrastructure and manufacturing facilities will require significant cash outflows in future periods, most of which will not be reimbursed or otherwise paid for by our partners or collaborators. We may also incur additional costs related to postmarketing commitments, though the timing and scope of such commitments remain uncertain. In addition, we have substantial facility, lease and purchase obligations (refer to Note 10 and Note 11 to our condensed consolidated financial statements). We have entered into various collaboration and licensing agreements, as well as a research and development funding arrangement with a third party. These arrangements collectively encompass the funding of specific research and development activities, with the distinction that under the research and development funding arrangement, we receive funding. However, for all these arrangements, we may be obligated to make potential future milestone and royalty payments.
Previous wording
We believe that our cash, cash equivalents, and investments as of June 30, 2025, together with cash expected to be generated from product sales, will be sufficient to enable us to fund our projected operations and capital expenditures through at least the next 12 months from the issuance of these financial statements included in this Form 10-Q. We are subject to all the risks related to the development and commercialization of novel medicines, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors, which may adversely affect our business. For example, we experienced a decline in customer demand for our COVID vaccine in 2023 and 2024, and this trend has continued into 2025, reflecting the market's ongoing transition to a seasonal commercial pattern in the endemic COVID vaccine market. We foresee that our commitment to investing in our business for future product launches may lead to continued negative cash flows from operations in upcoming periods. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.
Current wording
We believe that our cash, cash equivalents, and investments as of September 30, 2025, together with cash expected to be generated from product sales, will be sufficient to enable us to fund our projected operations and capital expenditures through at least the next 12 months from the issuance of these financial statements included in this Form 10-Q. We are subject to all the risks related to the development and commercialization of novel medicines, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors, which may adversely affect our business. For example, we experienced a decline in customer demand for our COVID vaccine in 2023 and 2024, and this trend has continued into 2025 as the market transitions to a more competitive and commercially driven environment. We foresee that our commitment to investing in our business for future product launches may lead to continued negative cash flows from operations in upcoming periods. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.