Moderna, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$1.9B
Gross margin	55.3%
Operating income	−$3.1B
Net income	−$2.8B
Diluted EPS	−$7.26
Cash & equivalents	$2.6B
Total assets	$12.3B
Long-term debt	$590.0M

Key takeaway

Moderna reported a $2.82 billion net loss for FY2025 as COVID vaccine demand continued to decline and RSV sales underperformed expectations.

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Beneath the surface

Combined cash ($2.595B) and available-for-sale securities ($5.54B) total roughly $8.1 billion versus only $590 million in long-term debt, indicating a strong net cash position despite the large reported loss.

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