At this trajectory, the runway question is everything. Moderna's Q1 2026 10-Q, filed May 1, 2026, reports cash and cash equivalents of about $1.9 billion at March 31, 2026 — down from roughly $2.6 billion at year-end 2025. Quarterly R&D in the period was about $649 million, down from $856 million in the prior-year quarter.
Step back to see the whole arc. The company's filings show cash and equivalents of about $6.8 billion at the end of 2021, the height of its pandemic windfall, then a steady draw-down to roughly $1.9 billion at year-end 2024 before the 2025 partial recovery. That is what spending down a once-in-a-generation cash position looks like in GAAP terms.
The dilution-math caution matters even for a company this large. Moderna has the balance sheet to fund operations for now, but the combination — falling cash off a 2021 peak, still-substantial quarterly R&D — is precisely the configuration that forces the spend discipline visible in the FY2025 10-K, where full-year R&D fell to about $3.1 billion.
The investor-protective read: the raise-versus-runway debate for Moderna is less about an imminent dilutive emergency and more about how long the existing cash funds an mRNA pipeline that has not yet replaced pandemic revenue. The filings give you the numerator (cash) and the burn; the runway is what you compute from them.
Every cash and R&D figure above is a reported balance-sheet or income-statement line drawn from Moderna's primary SEC filings, surfaced via EdgarBeast as an evidence index — the Q1 2026 10-Q and FY2025 10-K on sec.gov.