Jarvi On's questions to Moderna Inc (MRNA) leadership • Q2 2025
Question
Jarvi On, on behalf of Jeff Meacham, asked how Moderna balances R&D cost-cutting with advancing its late-stage pipeline and if the decision to add secondary endpoints for the CMV trial was prompted by the FDA.
Answer
CFO Jamey Mock and CEO Stéphane Bancel explained that financial discipline involves pausing new Phase 3 studies for latent vaccines and leveraging partnerships, like with Merck, while still investing significantly in late-stage assets like CMV and oncology. President Stephen Hoge clarified that Moderna initiated the CMV trial update to maximize its value but did so in consultation with regulators.