On the numbers, here is what the filing actually says. In its FY2025 annual report on Form 10-K, filed February 20, 2026, Moderna reported research and development expense of approximately $3.1 billion for the year ended December 31, 2025. That is a meaningful step down from the roughly $4.5 billion the company reported for 2024 and the $4.8 billion peak it disclosed for 2023.
R&D as a share of the story is the story here. Moderna built its expense base during the pandemic-era mRNA expansion, and the multi-year sequence — peak in 2023, then two consecutive annual declines — is the clearest quantitative signal in the filing that management is sizing the platform to a smaller post-pandemic revenue base rather than the COVID-vaccine surge that funded it.
The balance-sheet side moved the other way. The same 10-K discloses cash and cash equivalents of about $2.6 billion at December 31, 2025, up from roughly $1.9 billion at the end of 2024. For a company managing a revenue cliff, the combination — falling operating spend, higher year-end cash — is the disclosed shape of a deliberate retrenchment.
For context on the descent itself: Moderna's own historical filings put R&D at about $2.0 billion in 2021 and $3.3 billion in 2022 before the 2023 peak. The platform's investment curve, in other words, went up fast and is now coming back down — and every figure in that arc is a reported GAAP line item in the company's SEC disclosures.
The evidence trail here runs through the company's primary SEC record, surfaced via EdgarBeast as a filing-data and evidence index; the figures above are quoted from the Moderna FY2025 Form 10-K itself, not from a press release. Disclosed, not promised — that is the standard this desk holds.