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Moderna is founded in Cambridge, MA to industrialize mRNA therapeutics. The company is a decade old when Spikevax gets an EUA.
Moderna IPOs on Nasdaq (Dec 2018), then the largest biotech IPO. Pre-revenue listing; COVID is not yet in the S-1 as a product.
FDA EUA for Spikevax. FY 2025 company revenue is $1.94B. The APA world is over.
FDA approves mRESVIA, first RSV mRNA vaccine. Third adult RSV product. Share fight, not a new TAM. 2025 mRESVIA sales $8M.
Congenital CMV Phase 3 miss (6% to 23% efficacy). Program killed. Pipeline value shifts to oncology plus flu.
FDA approves mFLUSIVA (mRNA-1010) on 5 Aug 2026 for adults 50+, first US mRNA flu shot. ACIP and contracting still decide 2026-27 volume.