Medicenna Therapeutics Corp.

Q3 2025 total revenue was $1 billion, including net product sales of $973 million and other revenue of $43 million. Revenue declined 45% year over year, cost of sales fell 60% to $207 million, R&D fell 30% to $801 million, and SG&A fell 5% to $268 million. Net loss was $200 million versus net income of $13 million in Q3 2024, and loss per share was $0.51 versus EPS of $0.03. Cash and investments ended the quarter at $6.6 billion, down from $7.5 billion in Q2. For 2025, Moderna narrowed revenue guidance to $1.6 billion-$2 billion, expects U.S. revenue of $1 billion-$1.3 billion and international revenue of $600 million-$700 million, and raised year-end cash guidance to $6.5 billion-$7 billion. It now expects 2025 cost of sales of $0.8 billion-$0.9 billion, R&D of $3.3 billion-$3.4 billion, SG&A of $1.1 billion, capex of about $300 million, and cash cost of about $4.6 billion.

Stéphane Bancel framed the quarter around three priorities: expanding commercial products, advancing the pipeline, and maintaining financial discipline. He emphasized that mNEXSPIKE is gaining share, that seasonal COVID, flu, RSV, oncology, and rare disease programs can broaden Moderna beyond the pandemic era, and that the company is pushing toward a diversified portfolio. His tone was confident but disciplined, repeatedly stressing cost control, prioritization, and the strategic importance of entering 2026 with a lower cost structure and higher cash balance.

Jamey Mock focused on the numbers behind the improved outlook. He said Q3 revenue was $1 billion, gross product sales were $973 million, and cash and investments were $6.6 billion, with the quarter’s cash decrease mainly due to seasonal working-capital impact. He highlighted that Moderna is on track to beat its 2025 cost plan by over $1 billion on a GAAP basis and by $900 million on a cash-cost basis, and that the company lowered 2025 GAAP operating expense guidance to a midpoint of $5.3 billion. He also pointed to a reduced cost of sales outlook of $0.8 billion-$0.9 billion, R&D of $3.3 billion-$3.4 billion, and year-end cash of $6.5 billion-$7 billion.

Analysts focused on how much more cost can be taken out, what gets deprioritized in R&D, and how Moderna can still reach cash breakeven in 2028. Management said most cost savings are coming from execution and efficiency, but some programs are being deprioritized or slowed as large infectious-disease Phase III studies wind down; they said further R&D reductions should come from sunsetting existing work rather than major new program stops. On the revenue side, management said U.S. COVID demand is tracking with their updated assumption of a 20% to 40% decline in retail vaccinations, while international revenue is now more visible because it is mostly contracted. On CMV, Stephen Hoge said the trial’s top-line result suggests pentamer-neutralizing antibodies were not enough on their own, and Moderna will continue analyzing the data but is discontinuing congenital CMV development.