Moderna Inc. (MRNA) delivered a batch of updates at the 44th Annual J.P. Morgan Healthcare Conference on Monday, and investors weren't quite sure what to make of it. The stock jumped initially, then proceeded to give back those gains and then some, finishing the day down as broader markets struggled.

The Financial Picture

Moderna raised its 2025 revenue expectations to approximately $1.9 billion, which sits $100 million above the midpoint the company shared during its third-quarter earnings call. That's the good news. The company also trimmed its 2025 expected GAAP operating expenses by $200 million and bumped up its projected year-end cash balance to approximately $8.1 billion.

Looking ahead to 2026, Moderna reiterated its plan to deliver up to 10% revenue growth and pegged GAAP operating expenses at approximately $4.9 billion. The company outlined further operating expense reductions planned for 2027 as it pushes toward targeted cash breakeven in 2028.

Pipeline Progress

On the product front, Moderna highlighted potential first approvals of its seasonal flu vaccine and flu/COVID combination vaccine beginning in 2026. The company also expects multiple pivotal trial data readouts across oncology, rare disease and infectious disease programs next year.

In oncology, Moderna continues advancing its personalized cancer vaccine mRNA-4157 in collaboration with Merck, with several Phase 2 and Phase 3 trials ongoing across multiple tumor types. The company also expects potential Phase 2 data readouts in 2026 for its wholly owned cancer antigen therapy mRNA-4359.

Additional Developments

Moderna announced it closed a five-year term loan facility for up to $1.5 billion and secured a funding commitment of up to $54.3 million from the Coalition for Epidemic Preparedness Innovations to support a Phase 3 trial for its investigational H5 pandemic influenza vaccine.

Despite the seemingly positive updates, Moderna shares were trading 3.59% lower at $33.09 by the end of the session.