Moderna, Inc (/məˈdɜːrnə/ mə-DUR-nə)[8] is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts. It focuses on drug discovery, drug development, and vaccine technologies based on messenger RNA (mRNA).[9][10] Moderna's technology platform inserts synthetic nucleoside-modified mRNA (modRNA) into human cells using a coating of lipid nanoparticles. This mRNA then reprograms the cells to prompt immune responses. It is a novel technique, abandoned by other manufacturers due to concerns about the toxicity of lipid nanoparticles at high or frequent doses.[11][12]

Moderna, Inc.
FormerlyModeRNA Therapeutics
FoundedSeptember 2010; 10 years ago (2010-09)
Headquarters200 Technology Square
Cambridge, Massachusetts, U.S.[3]
Key people
ProductsBiotechnological products[6]
RevenueIncrease US$ 232.65 million (2020)[7]
Negative increase US$−488 million (2020)[7]
Negative increase US$−474 million (2020)[7]
Total assetsIncrease US$ 4.75 billion (2020)[7]
Total equityIncrease US$ 2.759 billion (2020)[7]
Number of employees
830 (2019)[7]

In November 2020, it was announced that the Moderna COVID-19 vaccine candidate, mRNA-1273, had shown preliminary evidence of 94% efficacy in preventing COVID-19 disease in a Phase III trial, with only minor flu-like side effects. This led to its submission for emergency use authorization (EUA) in Europe, the United States, and Canada.[13][14] On December 18, 2020, mRNA-1273 was issued an EUA in the United States.[15] On December 23, 2020, it was authorized for use in Canada.[16][17] On January 6, 2021, it was authorized for use in the European Union.[18] On January 8, 2021, mRNA-1273 was authorized for use in the United Kingdom.[19]



Moderna headquarters in Cambridge, Massachusetts

In 2010, ModeRNA Therapeutics was formed to commercialize the research of stem cell biologist Derrick Rossi. Rossi had developed a method of modifying mRNA by first transfecting it into human cells, then dedifferentiating it into bone marrow stem cells which could then be further differentiated into desired target cell types.[20][21] Rossi approached fellow Harvard University faculty member Tim Springer, who solicited co-investment from Kenneth R. Chien, Bob Langer, and venture capital firm Flagship Ventures.[21][22]

In 2011, the CEO of Flagship Ventures (now Flagship Pioneering), Noubar Afeyan, brought in European pharma sales and operations executive Stéphane Bancel as CEO.[21][11] Afeyan personally owned 19.5% of Moderna and was the largest single shareholder, while his fund, Flagship Pioneering, owned 18%.[23]

In March 2013, Moderna and AstraZeneca signed a five-year exclusive option agreement to discover, develop, and commercialize mRNA for treatments in the therapeutic areas of cardiovascular, metabolic, and renal diseases, and selected targets for cancer.[11][24][25] The agreement included a $240 million upfront payment to Moderna, a payment which was "one of the largest ever initial payments in a pharmaceutical industry licensing deal that does not involve a drug already being tested in clinical trials",[24] and an eight percent share in Moderna.[23] As of May 2020, only one candidate has passed Phase I trials, a treatment for myocardial ischemia, labelled AZD8601.[a][27]

In 2013, Rossi, Chien and their team reported that they were able to improve heart function in mice and enhance their long-term survival with a "redirection of their [stem cell] differentiation toward cardiovascular cell types" in a significant step towards regenerative therapeutics for Moderna.[28][29] In the same year and on the strength of the Nature Biotechnology paper, Moderna received from other investors $110 million.[28]

In January 2014, Moderna and Alexion Pharmaceuticals entered a $125 million deal for orphan diseases in need of therapies. Alexion paid Moderna $100 million for ten product options to develop rare-disease treatments, including for Crigler-Najjar syndrome, using Moderna's mRNA therapeutics platform.[30] By 2016, Bancel told an audience of JPMorgan Chase investors that the work with Alexion would shortly enter human trials. However, by 2017, the program with Alexion had been scrapped as the animal trials showed that Moderna's treatment would never be safe enough for humans.[11][12]

In February 2016, a Nature editorial criticized Moderna for not publishing any peer-reviewed papers on its technology, unlike most other emerging and established biotech companies, and compared its approach to that of the controversially failed Theranos.[31] In September 2018, Thrillist published an article titled, "Why This Secretive Tech Start-Up Could Be The Next Theranos",[32] criticizing its reputation for secrecy and the absence of scientific validation or independent peer-review of its research, though having the highest valuation of any U.S. private biotech company at more than $5 billion.[11][33] A former Moderna scientist told Stat: "It's a case of the emperor's new clothes. They're running an investment firm, and then hopefully it also develops a drug that's successful."[11]


In 2018, the company rebranded as "Moderna Inc." with the ticker symbol MRNA, and further increased its portfolio of vaccine development.[10] In December 2018, Moderna became the largest biotech initial public offering in history, raising $621 million (27 million shares at $23 per share) on NASDAQ, and implying an overall valuation of $7.5 billion for the entire company.[34][35] The year-end 2019 SEC filings showed that Moderna had accumulated losses of $1.5 billion since inception, with a loss of $514 million in 2019 alone, and had raised $3.2 billion in equity since 2010.[10][23] At the time, Moderna was selling itself as a "Personalized Cancer Vaccines" manufacturer and one journalist remarked on the "Army of Robots" in the new 200,000-square-foot manufacturing plant with "five fluorescently lit clinical clean rooms" they had recently commissioned that was necessary just for the pre-clinical research:[36]

In the first room, large stainless steel machines turn a digital sequence of genetic building blocks called nucleotides into ring-shaped DNA plasmids. In the second, enzymes convert that DNA into strands of mRNA. In room three, the mRNA gets coated in lipid nanoparticles to help it enter cells. The last and most critical room is deep in the middle of the building, in a sealed-off aseptic block. To go there, employees have to don double layers of gowns and gloves, and move slowly so they don't stir up any microbes that might have slipped past air filters and sanitizing scrub-downs. Preventing contamination here is of utmost importance. It's where the mRNA gets deposited into the vials that will take them to their final destination. [The fifth room is] where the company plans to install a handful of refrigerator-sized, custom-designed robots for producing personalized cancer vaccines.

— Megan Molteni for Wired Magazine[36]

In 2018, the President of the company told a journalist of the planned personalised cancer vaccines that "It's not something that is like 'oh, this is the right color for you,' it's actually, 'no, we invented this color for you.'"[36]

Another well-regarded senior scientist who works for Moderna, Melissa Moore, predicted in 2018 that her team "is about to publish a paper showing they can engineer an off-switch into mRNAs, so they only express proteins in the cells Moderna wants them to, like, say, cancer cells".[36]

In March 2020, in a White House meeting between the Trump administration and pharmaceutical executives, Bancel told the president Moderna could have a COVID-19 vaccine ready in a few months.[10] The next day, the FDA approved clinical trials for the Moderna vaccine candidate, with Moderna later receiving investment of $483 million from Operation Warp Speed.[10] Moderna board member, Moncef Slaoui, was appointed head scientist for the Operation Warp Speed project.[10]

The Guardian mentioned CMO Tal Zaks as well as Moore who is "chief scientific officer in charge of the mRNA technology" in a profile about the corporation, which has yet to turn a yearly profit in the decade since its inception. Moderna plans to sell its covax product at US$32 to $37 per shot.[37]

As of December 2020 with all of the effervescence surrounding COVID-19 for which they were developing a vaccine, Moderna was valued at $60 billion.[38]


Moderna develops mRNAs that are delivered in lipid nanoparticle, using mRNA with pseudouridine nucleosides. Candidates are designed to have improved folding and translation efficiency via insertional mutagenesis.[39]

The Moderna COVID-19 vaccine candidate, mRNA-1273, was shown in a Phase I trial to be immunogenic in a small number of volunteers aged 18–55 years.[40] As of December 2020, no mRNA vaccine had completed Phase III clinical trials or had been licensed for prophylactic use against COVID-19, although the Moderna and Pfizer COVID-19 vaccines had been approved for marketing under emergency use authorizations from the FDA and regulatory agencies in other countries.[41][42]


Since 2011, Moderna has been led by CEO Stéphane Bancel, a French businessman with a pharmaceutical sales and operations background.[11][10] Bancel has been described as having a secretive approach to Moderna, and as being a tough operator.[11][10] Though never having worked with RNA before, Stat noted that Bancel "is listed as a co-inventor on more than 100 of Moderna's early patent applications, unusual for a CEO who is not a PhD scientist".[11] After Noubar Afeyan and Robert Langer, Bancel is the largest individual shareholder in the company.[43]

Stephen Hoge, M.D., is president and a former McKinsey & Company management consultant who joined in 2012; he is the fourth-largest individual shareholder in the company.[43][5]

David Meline is CFO.[5]


Noubar Afeyan, CEO of Flagship Pioneering, has been the chairman of Moderna's board of directors since 2011.[44] Afeyan who has a Ph.D. in biochemical engineering[45] holds his interest in Moderna through various Flagship Pioneering vehicles. At the 2018 IPO, documents filed stated that Afeyan owned 19.5% of the company, while Flagship owned 18%, thus giving Afeyan control over 37.5% of the company.[23]

In May 2020, Moderna board member Dr. Moncef Slaoui resigned from the company to become Chief Scientist for US's "Operation Warp Speed", a group designed to accelerate the development of a vaccine for the coronavirus. Slaoui continued to hold more than $10 million in stock options in the company in his new role while the federal government invested $483 million in the company to assist in coronavirus vaccine trials. Senator Elizabeth Warren called the holding a conflict of interest and said Slaoui should have divested his options.[46]

COVID-19 vaccineEdit

Vials of Moderna COVID-19 vaccine

The Moderna COVID‑19 vaccine, codenamed mRNA-1273, is a COVID‑19 vaccine developed by the United States National Institute of Allergy and Infectious Diseases (NIAID), the Biomedical Advanced Research and Development Authority (BARDA), and Moderna. It is administered by two 0.5 mL doses given by intramuscular injection given four weeks apart.[47]

It is an RNA vaccine composed of nucleoside-modified mRNA (modRNA) encoding a spike protein of SARS-CoV-2, which is encapsulated in lipid nanoparticles. Along with the Pfizer–BioNTech COVID-19 vaccine, it was one of the two RNA vaccines developed and deployed in 2020 against COVID‑19.

On 18 December 2020, mRNA-1273 was issued an Emergency Use Authorization by the United States Food and Drug Administration (FDA).[48][49][50][51] It was first authorized for use in Canada on 23 December 2020,[52] in Israel on 5 January 2021,[53] in the European Union on 6 January 2021,[54][55][56] in the United Kingdom on 8 January 2021,[57][58] and in Singapore on 3 February 2021.[59]

See alsoEdit


  1. ^ The relative success of AZD8601 is attributed to the fact that Moderna has been able to inject mRNA direct into the heart muscle without needing a drug delivery system. However, only the heart and some skin areas are capable of absorbing "naked mRNA".[26]


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External linksEdit