Loading...
•
Sep 30, 2020
Moderna Q3 2020 Earnings Report
Moderna reported financial results and business updates for Q3 2020.
Key Takeaways
Moderna's Q3 2020 saw revenue of $157.9 million, primarily driven by increases in grant revenue related to the BARDA agreement for the mRNA-1273 vaccine candidate. The company's net loss was $233.6 million. Moderna received $1.1 billion in customer deposits for the supply of mRNA-1273, recorded as deferred revenue.
Phase 3 study of COVID-19 vaccine candidate (mRNA-1273) fully enrolled with 30,000 participants.
Positive interim data from Phase 2 study of CMV vaccine candidate (mRNA-1647) announced; pivotal Phase 3 trial expected to begin in 2021.
Received $1.1 billion of customer deposits for supply of mRNA-1273 in Q3 2020, recorded as deferred revenue.
Moderna team continued to execute on plan in the third quarter.
Moderna
Moderna
Forward Guidance
Moderna updated its 2020 outlook, expecting positive net cash provided by operating activities and used for purchases of property and equipment to be between $0.1 billion and $0.3 billion, driven by customer deposits of approximately $1.2 billion received year-to-date as of September 30, 2020.
Positive Outlook
- Anticipated clinical next steps and catalysts for each of our development programs
- The potential for mRNA-1273 to generate binding and neutralizing antibodies, as well as the safety and tolerability of mRNA-1273
- Expected timing for the Phase 3 pivotal trial of mRNA-1647
- Plans to create a combination vaccine
- Potential for collaborations with strategic partners to produce new therapies
Challenges Ahead
- Preclinical and clinical development is lengthy and uncertain
- No commercial product using mRNA technology has been approved and may never be approved
- mRNA drug development has substantial clinical development and regulatory risks
- Potential adverse impacts due to the global COVID-19 pandemic
- The safety and efficacy of mRNA-1273 has not yet been established