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Moderna, Inc.

MRNANasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026Score 5/30567% above fair value
$220.83−0.89 (-0.40%)

Close on Nov 2, 2026Market cap $88.16BP/E –Yield –

Moderna Research and development expenses — Total GAAP by Year

Research and development expenses — Total GAAP ($M) ($M)

QuarterlyAnnual

Moderna Research and development expenses — Total GAAP: $3,132M in FY2025, down 31.1% from a year earlier.

Latest, FY2025
3,132
Period ended Dec 31, 2025
Change on a year earlier
-31.1%
4,543 in FY2024
History
10 years
Since FY2016
Sources
7
Documents cited below

Where the FY2025 figure comes from

Source: Form 10-K (filed 2026-02-20) ↗

Reported in Form 10-Q / 10-K Consolidated Statements of Operations & MD&A.

Annual history

Hover a value to see the sentence it was read from; calculated values show their formula

PeriodEndedResearch and development expenses — Total GAAP ($M) ($M)Year on yearSource
FY2025Dec 31, 20253,132-31.1%Form 10-K (filed 2026-02-20) ↗
FY2024Dec 31, 20244,543-6.2%Form 10-K (filed 2026-02-20) ↗
FY2023Dec 31, 20234,845+47.0%Form 10-K (filed 2026-02-20) ↗
FY2022Dec 31, 20223,295+65.5%Form 10-K (filed 2025-02-21) ↗
FY2021Dec 31, 20211,991+45.3%Form 10-K (filed 2024-02-23) ↗
FY2020Dec 31, 20201,370+176.2%Form 10-K (filed 2023-02-24) ↗
FY2019Dec 31, 2019496+9.2%Form 10-K (filed 2022-02-25) ↗
FY2018Dec 31, 2018454+10.6%Form 10-K (filed 2021-02-26) ↗
FY2017Dec 31, 2017411+49.4%Form 10-K (filed 2019-03-13) ↗
FY2016Dec 31, 2016275–Form 10-K (filed 2019-03-13) ↗

Breakdown

What makes up research and development expenses — Total GAAP

Cite this data

StockData. (2026). Moderna Research and development expenses — Total GAAP ($M), annual FY2016–FY2025 [Data set]. Compiled from Moderna SEC filings and investor materials. https://stockdatahq.com/stocks/mrna/kpis/rd-total

See every metric in the Moderna KPI table. Data updated Nov 3, 2026.