Moderna Announces Results of 2025 Annual Meeting of Stockholders

On April 30, 2025, Moderna held its 2025 Annual Meeting of Stockholders, where all proposals were approved with a quorum present.

Three directors—Noubar Afeyan, Stéphane Bancel, and François Nader—were re-elected to serve three-year terms expiring in 2028. Stéphane Bancel received the most support, with over 245 million votes in favor.

Shareholders also approved, on a non-binding advisory basis, the compensation of the company’s named executive officers, with approximately 192 million votes in favor and 56 million against.

Additionally, Ernst & Young LLP was ratified as Moderna’s independent public accounting firm for 2025, receiving nearly 291 million votes in support.

Moderna Q1 2025 Results: Cost Cuts, Oncology Focus, and Seasonal Revenue Outlook

Moderna reported a first-quarter 2025 net loss of $1.0 billion on revenue of $108 million, down from $167 million in Q1 2024. This decline was mainly driven by a slowdown in COVID-19 vaccine sales, which contributed $84 million in Q1 2025, down from prior levels as COVID becomes a more seasonal market. The company posted a GAAP loss per share of $(2.52), improving slightly from $(3.07) a year earlier.

Despite the weak quarter, Moderna reaffirmed its full-year 2025 revenue guidance of $1.5 to $2.5 billion and expects revenue to be heavily weighted to the second half of the year. It maintained its year-end cash forecast of approximately $6 billion, down from $8.4 billion as of March 31.

Moderna also announced a major cost restructuring, targeting a reduction of $1.4 to $1.7 billion in annual GAAP operating costs by 2027. For 2025, it projects $4.1 billion in R&D expenses and $1.1 billion in SG&A costs, with capital expenditures around $400 million.

Pipeline progress was highlighted across respiratory, latent virus, oncology, and rare disease categories:
- **Respiratory vaccines**: FDA decisions for Moderna’s next-gen COVID-19 vaccine (mRNA-1283) and RSV vaccine (mRNA-1345) are expected by May 31 and June 12, respectively.
- **Latent viruses**: CMV and norovirus vaccines continue in Phase 3, with readouts expected in 2025.
- **Oncology**: Key programs include intismeran autogene (mRNA-4157) in melanoma and other cancers, and the new AIM-T checkpoint therapy (mRNA-4359).
- **Rare diseases**: Registrational trials for propionic acidemia and methylmalonic acidemia are progressing, with FDA support for the latter under the START pilot program.

Operating cash outflow totaled $1.0 billion for the quarter, and total cash, equivalents, and investments declined by $1.8 billion to $8.4 billion.

Despite short-term losses, Moderna continues to focus on long-term growth through a diverse late-stage pipeline targeting up to 10 product approvals.