Science Day Highlights: Expanding The Horizons Of The mRNA & LNP Platforms

Research evidence excerpt

Science Day Highlights: Expanding The Horizons Of The mRNA & LNP Platforms

Biotechnology

Moderna

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 26, 2026

Price: $59.75 (06/25/2026) Science Day Highlights: Expanding The

Price Target: $40.00 Horizons Of The mRNA & LNP Platforms

HOLD (2)

ESG SCORE: 54/100

Tyler Van Buren THE TD COWEN INSIGHT

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We attended Moderna's inaugural Science Day, where mgmt provided a detailed update

tyler.vanburen@tdsecurities.com

on its early-stage pipeline. The company is beginning to generate FIH data from sentinel

Greg W. Torres, Ph.D. programs, which can enable rapid scaling across modalities, if successful. Investment into

646 562 1351 these programs is already embedded in the '28 breakeven framework, and PhIII INT data

gregory.wiessner@tdsecurities.com

remains the most transformative near-term catalyst.

Nicholas Lorusso

646 562 1390 The mRED Framework Retains Focus On 2028 Breakeven, While Creating New Scalable

nick.lorusso@tdsecurities.com Long-Term Growth Drivers

Sam Rollenhagen Management introduced mRED (Moderna Research and Early Development) as the company’s

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centralized innovation engine designed to accelerate the translation of early scientific insights

samuel.rollenhagen@tdsecurities.com

into clinical proof-of-concept. This approach is supported by a modality selection framework

Ikenna Okafor, Ph.D. prioritizing platform advantage, scalability, and portfolio balance. Emerging modalities from

646 562 1395 this framework span novel cancer antigen therapies, T-cell engagers, therapeutic vaccines,

ikenna.okafor@tdsecurities.com and in vivo cell therapies, each leveraging shared mRNA/LNP components to enable rapid

Key Data iteration and expansion across indications.

Symbol NASDAQ: MRNA

Market Cap $23.7B