mRNA Strikes Back: Moderna’s Attempt at a Sequel (MRNA - Q2 2025 Review)
DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.
Dead Or Alive?
by Nathan Brinkman
Moderna is a biotechnology company developing messenger RNA–based therapeutics and vaccines across infectious disease, oncology, rare diseases and autoimmune diseases. The company generated unprecedented revenues during the COVID-19 pandemic and is now in transition toward a multi-product commercial business supported by a deep late-stage pipeline, long-term platform patents, and expanding manufacturing capacity.
Moderna’s strategic emphasis is on seasonal respiratory vaccines, latent virus vaccines (viruses that lie dormant in the body and may cause disease later), and mRNA-based therapeutics, while leveraging its mRNA + LNP delivery platform for longer-duration growth beyond COVID-19.
Since the end of the pandemic, Moderna’s stock has been beaten down, currently trading at approximately 90% of its all time high. Negative perceptions of mRNA vaccines, falling sales since the pandemic, and lackluster sales of mRESVIA are the cause. Can Moderna pick its bloodied self off the ground and turn themselves into a profitable “therapeutics” company? Is there a future beyond COVID-19? Let’s have a look.