Moderna is a biotech company that develops and sells mRNA-based medicines. The core concept is that synthetic mRNA, once delivered into cells, instructs those cells to produce specific proteins — either vaccine antigens that train the immune system, or therapeutic proteins to treat disease. Today, Moderna's revenues are almost entirely derived from COVID-19 vaccines. Moderna has three approved products: Spikevax (COVID, broad population), mNEXSPIKE (next-generation COVID vaccine for older adults and high-risk individuals), and mRESVIA (RSV for adults 60+). Moderna sells these vaccines to governments and public health agencies under multi-year contracts, and to wholesalers and pharmacies in the U.S. retail channel. The U.S. accounts for roughly 62% of revenues, with the rest from international markets. Beyond COVID, Moderna's pipeline includes a seasonal flu vaccine under FDA review, a flu+COVID combination vaccine under review in Europe and Canada, and a norovirus vaccine in Phase 3. In oncology, Moderna's most important pipeline asset is intismeran autogene, a personalized mRNA cancer therapy co-developed with Merck on a 50/50 cost and profit-share basis. Intismeran sequences a patient's tumor, designs patient-specific mRNA, and administers it alongside Merck's KEYTRUDA. Moderna also has rare disease programs in propionic acidemia and methylmalonic acidemia, and a cystic fibrosis program with Vertex. Moderna's near-term strategy centers on growing COVID vaccine share internationally, launching flu vaccines, and advancing pipeline readouts — targeting cash breakeven by 2028.