Moderna, Inc.

Company facts

Industry

Biological Products, (No Diagnostic Substances)

Headquarters

Cambridge, Massachusetts

Most recent report

10-Q, filed Nov 6, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 1682852

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 9 sections worth reading, with 1 positive, 9 notable, and 7 negative flags.

• Item 1

  New $3B convertible note, $950M settlement, $1.3B contingent payment, and a profitable quarter after losses.
  Notable

  • Recordati collaboration: $50M upfront received in Q2 2026, with up to $110M in milestones and tiered royalties.
  • Inventory write-downs of $133M in nine months 2026, mainly from excess and expired COVID vaccine stock.
  • Issued $3.0B in 0.00% convertible notes due 2032, netting ~$3.0B, with $329M used for capped calls to limit dilution.
  • European Patent EP 3 590 949 revoked by Technical Board of Appeal, dismissing related national proceedings in several countries.
  Negative

  • Paid $950M to settle Arbutus/Genevant litigation in July 2026; up to $1.3B more may be due depending on appeal outcome.
  • Potential additional payment of up to $1.3 billion depending on the outcome of the appeal; no accrual recorded.

• Legal Proceedings (Item 1)

  Multiple patent suits with recent court rulings, a settlement, and a securities class action dismissed but appealable.
  Positive

  • Securities class action dismissed with prejudice in October 2026; decision subject to appeal.
  Notable

  • Settled all GSK disputes with cross-licenses; no payments required. October 2026.
  • Filed new UPC complaint against Pfizer/BioNTech asserting a different European patent (EP 3 981 437). September 2026.
  • CureVac filed three patent infringement complaints in 2026 across UPC, Spain, and Switzerland.
  Negative

  • European Patent No. 3 590 949 revoked in all contracting states; German and UK proceedings still pending. September 2026.

• Risk Factors (Item 1A)

  New risk section on convertible notes with specific debt terms, conversion mechanics, and dilution risks.
  Notable

  • Accounting for notes will increase reported interest expense and reduce diluted EPS if profitable.
  • Capped call transactions with financial institutions aim to reduce dilution but carry counterparty default risk.
  Negative

  • Company may not generate enough cash to repay notes at maturity or upon conversion, risking default.
  • Holders can require repurchase at 100% principal upon a fundamental change; failure to pay triggers default.
  • Conversion feature, if triggered, could force cash settlement or reclassify debt as current, hurting liquidity.
  • Conversion of notes into stock could dilute existing shareholders and depress stock price.

What changed: Sep 2026 vs. Jun 2026

About 24% of MRNA's Sep 2026 10-Q is new information. 77 paragraphs were added, 139 changed, and 49 removed. Below are the most important lines SECSift identified.

• Item 1 132
• Item 1A 26
• Item 6 3
• Item 4 2
• Item 5 1
• Item 3 1
• Item 2 1