Quick Take: Moderna‘s science day emphasizes pivot towards Oncology & more, while cash discipline remains high

Research evidence excerpt

Quick Take: Moderna‘s science day emphasizes pivot towards Oncology & more, while cash discipline remains high

25 June 2026

Courtney Breen

+1 917 344 8407

US Biopharmaceuticals courtney.breen@bernsteinsg.com

Moderna Inc Woody Polglase

+1 917 344 8314

Rating woody.polglase@bernsteinsg.com

Market-Perform Louisa Qiu

Price Target +1 917 344 8495

louisa.qiu@bernsteinsg.com

MRNA 45.00 USD Specialist Sales

Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

Quick Take: Moderna's science day emphasizes pivot towards

Oncology & more, while cash discipline remains high

MRNA held their Science Day at their headquarters in Boston today. We write this note to

Close Date 25 Jun 2026

breifly summarize the key programs of note & important messaging from the company.

MRNA Close Price (USD) 59.75

Most critically, cash-discipline messaging was extremely consistent (even without the Price Target (USD) 45.00

CFO present for comments). The company reinforced this in multiple ways: 1) There will be Upside/(Downside) (25)%

no increase in expenses, even when the new RWE Flu study for >65y population to confirm 52-Week Range 67.74/22.28

potential FDA accelerated approval; 2) For Horizon two (modalities in clinic) and Horizon SPX 7,358.22

three (FIH before ‘28), successful assets will not just naturally progress beyond POC to large FYE Dec

or pivotal studies without an assessment of gating on company revenue, trade-offs to limit Div Yield NA

cash-burn, and considering partnerships /outlicensing or other sources of funding to support Market Cap (USD) (M) 23,708

development. EV (USD) (M) 19,801

Performance YTD 1M 6M 12M

The approach to data generation for the new modalities appears to be smart, Absolute (%) 102.6 27.5 82.4 122.5

gated & as de-risked as possible.