For the year ending 2025-12-31, MRNA had $668M increase in cash & cash equivalents over the period. -$2,065M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -2,822 | -3,561 | -4,714 | 8,362 |
| Stock-based compensation | 483 | 429 | 305 | 226 |
| Depreciation and amortization | - | - | - | 348 |
| Leased assets expensed | - | - | - | 0 |
| Depreciation and amortization | 215 | 189 | 621 | - |
| Amortization/accretion of investments | 67 | 95 | 61 | -31 |
| Loss on equity investments, net | -8 | -52 | -35 | - |
| Deferred income taxes | - | - | 828 | -559 |
| Other non-cash items | -77 | -60 | -7 | -28 |
| Accounts receivable, net | -156 | -534 | -493 | -1,790 |
| Prepaid expenses and other assets | -153 | -145 | -974 | 1,699 |
| Inventory | 34 | -83 | -747 | -492 |
| Right-of-use assets, operating leases | -38 | 53 | 605 | -21 |
| Accounts payable | -92 | -69 | 13 | 240 |
| Accrued liabilities | -2 | -385 | -340 | 612 |
| Deferred revenue | 41 | -439 | -2,060 | -4,157 |
| Income taxes payable | - | - | 15 | -828 |
| Operating lease liabilities | -21 | 28 | 551 | -14 |
| Other liabilities | -6 | 78 | 73 | 88 |
| Net cash used in operating activities | -1,873 | -3,004 | -3,118 | 4,981 |
| Purchases of marketable securities | 5,768 | 6,529 | 3,760 | 11,435 |
| Proceeds from maturities of marketable securities | 5,563 | 5,562 | 5,575 | 3,151 |
| Proceeds from sales of marketable securities | 2,353 | 3,967 | 3,206 | 3,548 |
| Purchases of property, plant and equipment | 192 | 1,051 | 707 | 400 |
| Acquisition of business, net of cash acquired | 0 | 0 | 85 | - |
| Purchase of intangible asset | 10 | - | - | - |
| Investment in convertible notes and equity securities | 0 | 0 | 23 | 40 |
| Net cash provided by investing activities | 1,946 | 1,949 | 4,206 | -5,176 |
| Proceeds from credit facility | 600 | - | - | - |
| Proceeds from offerings of common stock, net of issuance costs | - | - | - | 0 |
| Payment of credit facility issuance costs | 22 | - | - | - |
| Proceeds from issuance of common stock through equity plans | 35 | 66 | 46 | 65 |
| Tax payments related to net share settlements on equity awards | 2 | 0 | 1,153 | 3,329 |
| Changes in financing lease liabilities | 18 | 10 | 270 | 184 |
| Net cash provided by (used in) financing activities | 593 | 56 | -1,377 | -3,448 |
| Effect of changes in exchange rates on cash and cash equivalents | 2 | - | - | - |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 668 | -999 | -289 | -3,643 |
| Cash, cash equivalents and restricted cash, beginning of year | 1,929 | 2,928 | 3,217 | 6,860 |
| Cash, cash equivalents and restricted cash, end of year | 2,597 | 1,929 | 2,928 | 3,217 |
Moderna, Inc. (MRNA)
Moderna, Inc. (MRNA)