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Washington, DC 20549
(Mark One)
For the quarterly period ended March 31, 2022
For the transition period from _ to _
Commission File Number: 001-38753


Moderna, Inc.
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)
200 Technology Square
(Address of Principal Executive Offices)(Zip Code)
(617) 714-6500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareMRNAThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

As of April 29, 2022, there were 397,759,517 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.


This Quarterly Report on Form 10-Q (Form 10-Q), including the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains express or implied forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts contained in this Form 10-Q are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q include, but are not limited to, statements about:

our activities with respect to our COVID-19 vaccine, and our plans and expectations regarding future generations of our COVID-19 vaccine, including boosters, that we may develop in response to variants of the SARS-CoV-2 virus, ongoing clinical development, manufacturing and supply, pricing, commercialization, if approved, regulatory matters (including dosage for vaccines and authorization or approval for boosters), demand for COVID-19 vaccines, and third-party and governmental arrangements and potential arrangements;

our ability to contract with third-party suppliers, distributors and manufacturers and their ability to perform adequately, particularly with respect to the timely production and delivery of our COVID-19 vaccine, including any variant booster vaccine candidates, if authorized;

our ability and the ability of third parties with whom we contract to successfully manufacture our commercial products at scale, as well as drug substances, delivery vehicles, development candidates, and investigational medicines for preclinical and clinical use;
costs associated with the ramping up of manufacturing for our products, including our COVID-19 vaccine, both internal and external, as well as costs associated with winding down or terminating relationships or agreements with third-party manufacturers or suppliers in connection with the production of our COVID-19 vaccine;

the scope of protection we are able to establish and maintain for intellectual property rights covering our commercial products, investigational medicines and technology;
the initiation, timing, progress, results, and cost of our research and development programs and our current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and our research and development programs;

risks related to the direct or indirect impact of the COVID-19 pandemic or any future large-scale adverse health event, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays in diagnoses, initiation or continuation of treatment for diseases that may be addressed by our development candidates and investigational medicines, or in patient enrollment in clinical trials, potential clinical trials, regulatory review or supply chain disruptions, and other potential impacts to our business, the effectiveness or timeliness of steps taken by us to mitigate the impact of the pandemic, and our ability to execute business continuity plans to address disruptions caused by the COVID-19 pandemic or future large-scale adverse health event;

our anticipated next steps for our development candidates and investigational medicines that may be slowed down due to the impact of the COVID-19 pandemic, including our resources being significantly diverted towards our COVID-19 vaccine efforts, particularly if the federal government seeks to require us to divert such resources;

our ability to identify research priorities and apply a risk-mitigated strategy to efficiently discover and develop development candidates and investigational medicines, including by applying learnings from one program to our other programs and from one modality to our other modalities;

our ability to obtain and maintain regulatory approval of our investigational medicines;

our ability to commercialize our products, if approved;

the pricing and reimbursement of our medicines, if approved;

the implementation of our business model, and strategic plans for our business, investigational medicines, and technology;

the scope of protection we are able to establish and maintain for intellectual property rights covering our investigational medicines and technology;

estimates of our future expenses, revenues, capital requirements, and our needs for additional financing;

the potential benefits of strategic collaboration agreements, our ability to enter into strategic collaborations or arrangements, and our ability to attract collaborators with development, regulatory, and commercialization expertise;

future agreements with third parties in connection with the commercialization of our investigational medicines, if approved;

the size and growth potential of the markets for our investigational medicines, and our ability to serve those markets;

our financial performance;

the rate and degree of market acceptance of our investigational medicines;

legal and regulatory developments in the United States and foreign countries;

our ability to produce our products or investigational medicines with advantages in turnaround times or manufacturing cost;

the success of competing therapies that are or may become available;

our ability to attract and retain key scientific or management personnel; and

developments relating to our competitors and our industry.

In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled “Risk Factors” and elsewhere in this Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those expressed or implied by the forward-looking statements. No forward-looking statement is a promise or a guarantee of future performance.

The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q.

This Form 10-Q includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.


This Form 10-Q contains references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.


Unless the context otherwise requires, the terms “Moderna,” “the Company,” “we,” “us,” and “our” in this Form 10-Q refer to Moderna, Inc. and its consolidated subsidiaries.

Our website, www.modernatx.com, including the Investor Relations section, www.investors.modernatx.com; and corporate blog www.modernatx.com/moderna-blog; as well as our social media channels: Facebook, www.facebook.com/modernatx; Twitter, www.twitter.com/modernatx; and LinkedIn, www.linkedin.com/company/modernatx; contain a significant amount of information about us, including financial and other information for investors. We encourage investors to visit these websites and social media channels as information is frequently updated and new information is shared. Information contained on our website and social media channels shall not be deemed incorporated into, or be a part of, this Form 10-Q.

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Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

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Item 1. Financial Statements

(Unaudited, in millions, except per share data)
March 31,December 31,
Current assets:
Cash and cash equivalents
$5,048 $6,848 
5,067 3,879 
Accounts receivable
3,173 3,175 
Inventory1,942 1,441 
Prepaid expenses and other current assets
1,120 728 
Total current assets
16,350 16,071 
Investments, non-current
9,171 6,843 
Property and equipment, net
1,341 1,241 
Right-of-use assets, operating leases132 142 
Restricted cash, non-current
12 12 
Deferred tax assets521 326 
Other non-current assets
82 34 
Total assets
$27,609 $24,669 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$199 $302 
Accrued liabilities
1,608 1,472 
Deferred revenue
5,599 6,253 
Income taxes payable1,592 876 
Other current liabilities
240 225 
Total current liabilities
9,238 9,128 
Deferred revenue, non-current
464 615 
Operating lease liabilities, non-current95 106 
Financing lease liabilities, non-current646 599 
Other non-current liabilities
91 76 
Total liabilities10,534 10,524 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued or outstanding at March 31, 2022 and December 31, 2021
Common stock, par value $0.0001; 1,600 shares authorized as of March 31, 2022 and December 31, 2021; 400 and 403 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
Additional paid-in capital
3,644 4,211 
Accumulated other comprehensive loss(184)(24)
Retained earnings13,615 9,958 
Total stockholders’ equity
17,075 14,145 
Total liabilities and stockholders’ equity
$27,609 $24,669 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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(Unaudited, in millions, except per share data)
Three Months Ended March 31,
Product sales$5,925 $1,733 
Grant revenue126 194 
Collaboration revenue15 10 
Total revenue6,066 1,937 
Operating expenses:
Cost of sales1,017 193 
Research and development554 401 
Selling, general and administrative268 77 
Total operating expenses1,839 671 
Income from operations4,227 1,266 
Interest income15 4 
Other expense, net(13)(10)
Income before income taxes4,229 1,260 
Provision for income taxes572 39 
Net income$3,657 $1,221 
Earnings per share:
Basic$9.09 $3.05 
Diluted $8.58 $2.84 
Weighted average common shares used in calculation of earnings per share:
Basic402 400 
Diluted426 430 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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(Unaudited, in millions)

Three Months Ended March 31,
Net income$3,657 $1,221 
Other comprehensive loss, net of tax:
Available-for-sales securities:
Unrealized losses on available-for-sale debt securities(178)(2)
Less: net realized losses on available-for-sale securities reclassified in net income 7  
Net decrease from available-for-sale debt securities(171)(2)
Cash flow hedges:
Unrealized gains on derivative instruments25  
Less: net realized (gains) on derivative instruments reclassified in net income(14) 
Net increase from derivatives designated as hedging instruments11  
Total other comprehensive loss(160)(2)
Comprehensive income $3,497 $1,219 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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(Unaudited, in millions)
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Stockholders’ Equity
Balance at December 31, 2021403 $ $4,211 $(24)$9,958 $14,145 
Exercise of options to purchase common stock1 — 12 — — 12 
Stock-based compensation— — 44 — — 44 
Other comprehensive loss, net of tax— — — (160)— (160)
Repurchase of common stock(4)— (623)— — (623)
Net income— — — — 3,657 3,657 
Balance at March 31, 2022400 $ $3,644 $(184)$13,615 $17,075 

Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ Equity
Balance at December 31, 2020399 $ $4,802 $3 $(2,244)$2,561 
Exercise of options to purchase common stock2 — 28 — — 28 
Stock-based compensation— — 30 — — 30 
Other comprehensive loss, net of tax— — — (2)— (2)
Net income— — — — 1,221 1,221 
Balance at March 31, 2021401 $ $4,860 $1 $(1,023)$3,838 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents
(Unaudited, in millions)
Three Months Ended March 31,
Operating activities
Net income$3,657 $1,221 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
44 30 
Depreciation and amortization
79 15 
Amortization/accretion of investments
18 5 
Deferred income taxes(146)(50)
Changes in assets and liabilities:
Accounts receivable
1 (1,819)
Prepaid expenses and other assets
Right-of-use assets, operating leases
10 2 
Accounts payable
Accrued liabilities
114 285 
Deferred revenue
Income taxes payable716 90 
Operating lease liabilities
Other liabilities
35 3 
Net cash provided by operating activities2,763 2,971 
Investing activities
Purchases of marketable securities
Proceeds from maturities of marketable securities
441 339 
Proceeds from sales of marketable securities
1,377 242 
Purchases of property and equipment
Investment in convertible notes(35) 
Net cash used in investing activities
Financing activities
Proceeds from issuance of common stock through equity plans12 28 
Repurchase of common stock (623) 
Changes in financing lease liabilities(31)(2)
Net cash (used in) provided by financing activities(642)26 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,800)2,817 
Cash, cash equivalents and restricted cash, beginning of year
6,860 2,636 
Cash, cash equivalents and restricted cash, end of period
$5,060 $5,453 
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities
$64 $21 
Right-of-use assets obtained through finance lease modifications and reassessments$ $51 
Right-of-use assets obtained in exchange for financing lease liabilities$94 $ 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


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1. Description of the Business

Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our, or the Company) is a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines to improve the lives of patients. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology, and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, autoimmune and cardiovascular diseases, independently and with our strategic collaborators.

On December 18, 2020, we received an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the emergency use of the Moderna COVID-19 Vaccine (also referred to as mRNA-1273 and marketed under the brand name Spikevax®) at the 100 µg dose level in individuals 18 years of age or older. Subsequently, we have also received authorization for our COVID-19 vaccine from health agencies in more than 70 countries and from the World Health Organization. In addition, we have received authorization for a two-dose 100 µg primary series of our COVID-19 vaccine in adolescents aged 12-17 years in more than 40 countries. We have received authorization for a two-dose 50 µg primary series of our COVID-19 vaccine in children ages 6 to 11 in more than 35 countries. The FDA, European Medicines Agency (EMA), Swissmedic and other health agencies around the world have authorized a booster dose of our COVID-19 vaccine at the 50 µg dose level for adults ages 18 years and older.

In January 2022, we received full commercial approval for Spikevax to prevent COVID-19 in individuals 18 years of age and older in the United States. Spikevax also has full commercial approval in individuals 18 years of age and older in Canada and the United Kingdom. In April 2022, we submitted a request for an EUA for a two-dose 25 μg primary series of our COVID-19 vaccine in children 6 months to 6 years of age to the FDA. Similar requests for pediatric authorizations are underway with international regulatory authorities.

2. Summary of Basis of Presentation and Recent Accounting Standards

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2021 Form 10-K.

The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2022 are consistent with those described in our 2021 Form 10-K. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods.

Use of Estimates

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, income taxes, valuation allowance on deferred tax assets, leases, fair value of financial instruments, derivative financial instruments, inventory, firm purchase commitment liabilities,

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useful lives of property and equipment, research and development expenses, and stock-based compensation. The actual results that we experience may differ materially from our estimates.

Comprehensive Income

Comprehensive income includes net income and other comprehensive loss for the period. Other comprehensive loss consists of unrealized gains/losses and gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income.

The components of accumulated other comprehensive loss for the three months ended March 31, 2022 were as follows (in millions): 
Unrealized Loss on Available-for-Sale Debt SecuritiesNet Unrealized Gains on Derivatives Designated As Hedging InstrumentsTotal
Accumulated other comprehensive loss, balance at December 31, 2021$(40)$16 $(24)
Other comprehensive loss(171)11 (160)
Accumulated other comprehensive loss, balance at March 31, 2022$(211)$27 $(184)

Restricted Cash

We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows. 

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions):
March 31,
Cash and cash equivalents $5,048 $5,442 
Restricted cash, non-current 12 11 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated
    statements of cash flows
$5,060 $5,453 

Recently Issued Accounting Standards Not Yet Adopted

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

3. Product Sales

Product sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international
governments and Gavi (on behalf of the COVAX Facility).


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Product sales by customer geographic location were as follows (in millions):
Three Months Ended March 31,
United States$945 $1,358 
Europe2,076 284 
Rest of world (1)
2,904 91 
Total $5,925 $1,733 
(1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccine around the world, particularly for low- and middle-income countries.

As of March 31, 2022, our COVID-19 vaccine (marketed under the brand name Spikevax) was our only commercial product authorized for use.

As of March 31, 2022 and December 31, 2021, we had deferred revenue of $5.9 billion and $6.7 billion, respectively, related to customer deposits. We expect $5.5 billion of our deferred revenue related to customer deposits as of March 31, 2022 to be realized in less than one year. Timing of product manufacturing, delivery, and receipt of marketing approval will determine the period in which revenue is recognized.

4. Grant Revenue

In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing therapeutics and vaccines. As of March 31, 2022, the committed funding, net of revenue earned was $7 million. An additional $33 million of funding will be available if DARPA exercises additional contract options.

In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. The agreement was amended in both 2020 and 2021 to provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study, pediatric clinical trials and pharmacovigilance studies. In March 2022, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $308 million, in connection with costs associated with the clinical development for the adolescent and pediatric studies and the Phase 3 pivotal study. The maximum award from BARDA, inclusive of the 2020, 2021 and 2022 amendments, was approximately $1.7 billion. All contract options have been exercised. As of March 31, 2022, the remaining available funding, net of revenue earned was $378 million.

In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. Three of the four contract options have been exercised. As of March 31, 2022, the remaining available funding, net of revenue earned was $46 million, with an additional $8 million available if the final contract option is exercised.

In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of March 31, 2022, the available funding, net of revenue earned was $7 million, with up to an additional $80 million available if additional follow-on projects are approved.

The following table summarizes grant revenue for the periods presented (in millions):
Three Months Ended March 31,
BARDA$122 $192 
Other grant revenue4 2 
Total grant revenue$126 $194 


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5. Collaboration Agreements

We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across therapeutic areas. As of March 31, 2022 and December 31, 2021, we had collaboration agreements with AstraZeneca plc (AstraZeneca), Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), and others. Please refer to our 2021 Form 10-K under the heading “Third-Party Strategic Alliances” and Note 5 to our consolidated financial statements for further description of these collaboration agreements.

The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions):
Three Months Ended March 31,
Collaboration Revenue by Strategic Collaborator:20222021
Merck$10 $ 
Vertex4 9 
Other1 1 
Total collaboration revenue$15 $10 

The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the three months ended March 31, 2022 (in millions):
December 31, 2021AdditionsDeductionsMarch 31, 2022
Contract Assets:
Accounts receivable$9 $3 $(9)$3 
Contract Liabilities:
Deferred revenue$204 $3 $(15)$192 

As of March 31, 2022, the aggregated amount of the transaction price allocated to performance obligations under our collaboration agreements that are unsatisfied or partially unsatisfied was $268 million.

In addition to the collaboration agreements mentioned above, we have other collaborative and licensing arrangements that we do not consider to be individually significant to our business at this time. Pursuant to these agreements, we may be required to make upfront payments and payments upon achievement of various development, regulatory and commercial milestones, which in the aggregate could be significant. Future milestone payments, if any, will be reflected in our consolidated financial statements when the corresponding events become probable. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized.

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6. Financial Instruments

Cash and Cash Equivalents and Investments

The following tables summarize our cash and available-for-sale securities by significant investment category at March 31, 2022 and December 31, 2021 (in millions):
March 31, 2022
Estimated Fair ValueCash and
Cash and cash equivalents$5,048 $ $ $5,048 $5,048 $ $ 
Certificates of deposit251   251  251  
U.S. treasury bills515  (2)513  513  
U.S. treasury notes7,956  (147)7,809  2,820 4,989 
Corporate debt securities5,665  (117)5,548  1,470 4,078 
Government debt securities122  (5)117  13 104 
Total$19,557 $ $(271)$19,286 $5,048 $5,067 $9,171 
December 31, 2021
Estimated Fair ValueCash and
Cash and cash equivalents$6,848 $ $ $6,848 $6,848 $ $ 
Certificates of deposit80   80  80  
U.S. treasury bills479   479  479  
U.S. treasury notes6,595  (31)6,564  1,984 4,580 
Corporate debt securities3,508  (20)3,488  1,323 2,165 
Government debt securities112  (1)111  13 98 
Total$17,622 $ $(52)$17,570 $6,848 $3,879 $6,843 

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at March 31, 2022 and December 31, 2021 were as follows (in millions):
March 31, 2022
Fair Value
Due in one year or less$5,094 $5,067 
Due after one year through five years9,415 9,171 
Total$14,509 $14,238 

December 31, 2021
Fair Value
Due in one year or less$3,882 $3,879 
Due after one year through five years6,892 6,843 
Total$10,774 $10,722 

In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation.

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Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three months ended March 31, 2022 and 2021. We did not record any credit-related allowance to available-for-sale securities as of March 31, 2022 and December 31, 2021.

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position at March 31, 2022 and December 31, 2021 (in millions):
Less than 12 Months12 Months or MoreTotal
Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
As of March 31, 2022:
U.S. treasury bills$(2)$513 $ $ $(2)$513 
U.S. treasury notes(147)7,722   (147)7,722 
Corporate debt securities(117)4,646  1 (117)4,647 
Government debt securities(5)116   (5)116 
Total$(271)$12,997 $ $1 $(271)$12,998 
As of December 31, 2021:
U.S. treasury bills$ $329 $ $ $ $329 
U.S. treasury notes(31)6,332   (31)6,332 
Corporate debt securities(20)2,573  1 (20)2,574 
Government debt securities(1)112   (1)112 
Total$(52)$9,346 $ $1 $(52)$9,347 

At March 31, 2022 and December 31, 2021, we held 569 and 384 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

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The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in millions):
Fair value at March 31, 2022Fair Value Measurement Using
Level 1Level 2
Money market funds$2,808 $2,808 $ 
Certificates of deposit251  251 
U.S. treasury bills513  513 
U.S. treasury notes7,809  7,809 
Corporate debt securities5,548  5,548 
Government debt securities117  117 
Derivative instruments (Note 7)
35  35 
Total$17,081 $2,808 $14,273 
Derivative instruments (Note 7)
$9 $ $9 

Fair value at December 31, 2021Fair Value Measurement Using
Level 1Level 2
Money market funds$2,329 $2,329 $ 
Certificates of deposit80  80 
U.S. treasury bills479  479 
U.S. treasury notes6,564  6,564 
Corporate debt securities3,488  3,488 
Government debt securities111  111 
Derivative instruments (Note 7)
21  21 
Total$13,072 $2,329 $10,743 
Derivative instruments (Note 7)
$7 $ $7 

As of March 31, 2022 and December 31, 2021, we did not have non-financial assets or liabilities measured at fair value on a recurring basis and did not have any Level 3 financial assets or financial liabilities.

In addition, as of March 31, 2022, we had $30 million in equity investments without readily determinable fair values, which are recorded within other non-current assets in our condensed consolidated balance sheets and excluded from the fair value measurement tables above. We did not have equity investments as of December 31, 2021.

7. Derivative Financial Instruments

We transact business in various foreign currencies and have international sales and expenses denominated in foreign currencies. Therefore, we are exposed to certain risks arising from both our business operations and economic conditions. Our risk management strategy includes the use of derivative financial instruments to hedge: (1) forecasted product sales that are denominated in foreign currencies and (2) foreign currency exchange rate fluctuations on monetary assets or liabilities denominated in foreign currencies. We do not enter into derivative financial contracts for speculative or trading purposes. We do not believe that we are exposed to more than a nominal amount of credit risk in our foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. We classify cash flows from our derivative transactions as cash flows from operating activities in our condensed consolidated statements of cash flows.

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Cash Flow Hedges

We mitigate the foreign exchange risk arising from the fluctuations in foreign currency denominated product sales in Euro through a foreign currency cash flow hedging program, using forward contracts and foreign currency options that do not exceed 15 months in duration. We hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets or other current liabilities, respectively, in our condensed consolidated balance sheets. The gains or losses resulting from changes in the fair value of these hedges are initially recorded as a component of accumulated other comprehensive income (loss) (AOCI) in stockholders’ equity and subsequently reclassified to product sales in the period during which the hedged transaction affects earnings. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to other expense, net in our condensed consolidated statements of income. We evaluate hedge effectiveness at the inception of the hedge prospectively, and on an on-going basis both retrospectively and prospectively. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded as a component of other expense, net in our condensed consolidated statements of income. As of March 31, 2022, we had net deferred gains of $35 million on our foreign currency forward contracts included in AOCI that are expected to be recognized into product sales within the next 12 months.

Balance Sheet Hedges

We enter into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily accounts receivable, accounts payable and lease liabilities in Euro, Japanese Yen and Swiss Franc, that are not designated for hedge accounting treatment. Therefore, these forward contracts are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or other current liabilities in our condensed consolidated balance sheets, and gains and losses resulting from changes in the fair value are recorded as a component of other expense, net in our condensed consolidated statements of income. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign currency denominated assets and liabilities, which are also recorded to other expense, net, in our condensed consolidated statements of income.

Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions):
March 31, 2022
Notional AmountFair Value
Asset (1)
Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts$969 $35 $ 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts627  9 
Total derivatives $1,596 $35 $9 


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December 31, 2021
Notional AmountFair Value
Asset (1)
Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts$565 $20 $ 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts$1,370 $1 $7 
Total derivatives$1,935 $21 $7 
(1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets.
(2) As presented in the condensed consolidated balance sheets within other current liabilities.

Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income for the three months ended March 31, 2022 were as follows (in millions):
Three Months Ended
March 31, 2022
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts$25 

The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 was as follows (in millions):
Statement of Income ClassificationThree Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts
Net gain reclassified from AOCI into incomeProduct sales$14 $ 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts
Net realized and unrealized gainOther expense, net$28 $35 

There were no cash flow hedging activities for the three months ended March 31, 2021.


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8. Inventory

Inventory as of March 31, 2022 and December 31, 2021 consisted of the following (in millions):
March 31,December 31,
Raw materials$1,072 $870 
Work in progress 513 338 
Finished goods357 233 
Total inventory$1,942 $1,441 

Inventory is recorded at the lower of cost or net realizable value. On a quarterly basis, we evaluate the composition of inventory to identify excess, obsolete, slow-moving or otherwise unsaleable items. We also assess whether we have any excess firm, non-cancelable, purchase commitment liabilities, resulting from our supply agreements with third-party vendors on a quarterly basis. The determination of net realizable value of inventory and firm purchase commitment liabilities requires judgment, including consideration of many factors, such as estimates of future product demand, current and future market conditions, potential product obsolescence, expiration and utilization of raw materials under firm purchase commitments and contractual minimums, among others.

Inventory write-downs as a result of excess, obsolescence, scrap or other reasons, and losses on firm purchase commitments are recorded as a component of cost of sales in our condensed consolidated statements of income. For the three months ended March 31, 2022, inventory write-downs were $189 million and losses on firm purchase commitments, recorded as an accrued liability in our condensed consolidated balance sheets, were $159 million. Such charges were immaterial for the three months ended March 31, 2021.

9. Property and Equipment, Net

Property and equipment, net, as of March 31, 2022 and December 31, 2021 consisted of the following (in millions):
March 31,December 31,
Manufacturing and laboratory equipment$179 $175 
Leasehold improvements
353 313 
Furniture, fixtures and other16 11 
Computer equipment and software