Moderna Inc. raised $2.0 billion in convertible notes, with an additional $300 million subject to overallotment, as the biotech firm seeks to bolster its financial position amid a sharp decline in revenue. The offering, announced on August 27, 2026, follows a $1.72 billion cash balance reported as of June 30, 2026. Proceeds will fund oncology pipeline investments, debt repayment, and capped call transactions to mitigate equity dilution.
The company’s cash runway is estimated at 2 to 2.5 years, based on a quarterly cash burn of $600 million to $700 million. Moderna’s revenue has collapsed by 99% from its 2022 peak of $19.3 billion, with Q2 2026 figures at $145 million. Consensus estimates project full-year 2026 revenue at $2.1 billion, rising to $3.3 billion by 2028.
Moderna reported net losses of $2.8 billion in fiscal 2025 and $2.1 billion in the first half of 2026. The company’s stock, trading at $141.58 as of August 27, 2026, remains well below its 52-week high of $176.66. Its current ratio stands at 2.3x.
The convertible notes carry no regular interest and will convert into equity if the stock appreciates, with capped calls set to limit dilution at a 150% premium over the pricing date’s stock price. On August 19, 2026, Moderna and Merck announced Phase 3 breakthrough data for the intismeran cancer vaccine program, a key driver of the oncology investment strategy.
