Rose Loughlin
ModernaAbout Rose Loughlin
Executive Vice President, Research at Moderna (MRNA). Age 41; Harvard A.B. in Physics; UC Berkeley Ph.D. in Biophysics. Joined Moderna in January 2016 and has led research/early development for several years; promoted to EVP, Research and joined the Executive Committee in November 2024. She oversees platform science and therapeutics research, responsible for strengthening Moderna’s pipeline, including oncology programs (INT, mRNA-4359) and partnerships (Merck, Immatics) . Company context during her tenure: FY2024 net product sales $3.1B and cash/ investments $9.5B; cash operating costs reduced 27% YoY and became a multi‑product company (COVID, RSV) . In Q3 2025, revenue was $1.0B, GAAP net loss $(0.2)B, 2025 revenue range narrowed to $1.6–$2.0B, and expected operating expenses lowered to $5.2–$5.4B, reinforcing cost discipline amid pipeline execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Moderna | EVP, Research; previously led research & early development | 2016–present; EVP since Nov 2024 | Leads platform science and therapeutics research; strengthens pipeline across oncology/therapeutics |
| Biogen | Business Development | 2013–2015 | External BD experience informing portfolio/partnering strategy |
| L.E.K. Consulting | Consultant | Prior to 2013 | Strategy/analytical foundation relevant to portfolio prioritization |
External Roles
No public-company board roles disclosed for Rose Loughlin in Moderna’s proxy; section lists only internal biography and prior employers .
Fixed Compensation
Not individually disclosed (Rose is not a Named Executive Officer). Structure for Executive Committee members: annual cash bonus under the Senior Executive Cash Incentive Bonus Plan tied to corporate scorecard performance; target bonus levels for NEOs in 2024 were CEO 150%, President 100%, other NEOs 90% of salary; bonuses incorporate corporate and individual performance factors . 2024 bonus pool funding was determined at 102% based on the corporate scorecard (see table below) .
Performance Compensation
Moderna shifted long-term incentives to improve pay-for-performance: from 2024, CEO equity mix is 50% PSUs / 50% options; other Executive Committee members receive one‑third PSUs, one‑third options, one‑third RSUs, with PSUs introducing long-term financial metrics (through 2026) and pipeline execution goals .
2024 Corporate Objectives (Annual Bonus Scorecard)
| Corporate Objective | Weight | Performance Metric Goals | Actual Performance | Committee Assessment | Payout |
|---|---|---|---|---|---|
| Execute COVID business plan – Product Sales | — | Threshold: $3.0B (0%) to $3.4B (50%); Target: $3.8B–$4.4B | $3.1B | Below Target | 3% |
| Execute COVID business plan – Operating Expense (before COGS) | — | Threshold: $6.4B (0%) to $6.1B (50%); Target: $5.8B | $5.7B | Above Target | 11% |
| Successfully launch RSV vaccine | — | Threshold: US approval; Target: US & EU approval | Approved in US, EU, Canada | Above Target | 13% |
| File flu and flu+COVID vaccines | — | Threshold: File 1 of 3; Target: File 2 of 3 | Filed all 3 (mRNA‑1010/1083/1283) | Maximum | 20% |
| INT clinical execution (melanoma and other indications) | — | Threshold/Target enrollments; Gen 2 process goal | Melanoma max; other indications target; Gen 2 not met | Below Target | 8% |
| Advance late-stage pipeline (rare/latent) | — | Threshold: initiate one pivotal (MMA or PA); Target: initiate both | PA pivotal dosing; Norovirus Ph3; MMA design agreed | Above Target | 13% |
| Expand early pipeline & platform | — | Threshold: 3 INDs/CTAs & 3/5 S&T objectives; Target: 4 INDs/CTAs with novel concept & 4/5 S&T | 5 INDs/CTAs; platform advances | Above Target | 15% |
| Execute disciplined investments (manufacturing sites) | — | Threshold/Target delivery readiness across AUS/CAN/UK | All 3 sites on track for 2025 deliveries | Above Target | 15% |
| Culture/engagement | — | Threshold: Engagement 68; Target: 72 | Engagement 71 | Below Target | 4% |
| Final corporate factor | — | — | — | — | 102% |
Long-Term Incentives (LTI) – Vesting Mechanics
- Stock Options: time-based vesting over 4 years (25% at year 1; remaining in 12 equal quarterly installments); 10-year term; strike at grant-date market price .
- RSUs: time-based vesting over 4 years (25% at year 1; remaining quarterly); builds actual ownership, less dilutive than options .
- PSUs: 3-year performance period; cliff vest based on pre-set portfolio/financial metrics; 2024–2026 PSUs add long-term financial goals aligned to communicated targets and late-stage pipeline execution beyond respiratory .
Equity Ownership & Alignment
- Stock ownership guidelines: Executive Committee members must hold stock equal to 3× annual salary; only owned shares count (excludes unexercised options and unvested PSUs/RSUs). Those subject to policy on/after Jan 1, 2021 must hold 50% of net shares from vested RSUs until compliant .
- Anti-hedging/pledging: Executives and directors are prohibited from short sales, derivatives, hedging, margin borrowing, and pledging Moderna stock; 10b5‑1 trading plans are required to pre‑plan sales .
- Clawback: Board must seek recoupment of excess performance-based compensation paid due to financial restatements (faultless clawback) and may recoup for misconduct causing material harm .
- Option exchange: 2025 Special Meeting option exchange program explicitly excludes Executive Committee members, reinforcing shareholder-friendly alignment for senior leaders .
Employment Terms
- Standard agreements: Non‑competition and non‑solicitation covenants apply for one year post‑termination; perpetual confidentiality applies; all Executive Committee equity grants approved by Compensation Committee/Board .
- Executive Severance Plan (double‑trigger CoC): Upon qualifying termination within 12 months of change‑of‑control, severance equals 150% of salary, 150% of target bonus, pro‑rated current-year bonus, 18 months of health contribution, full acceleration of unvested time‑based equity, and pro‑rated PSUs based on better of target or actual performance; outside CoC, severance equals 12 months’ salary, target bonus, and up to 12 months’ health contribution .
Performance & Track Record
- Oncology leadership: Under her remit, Moderna expanded INT (mRNA‑4157) to multiple Phase 3/2 indications and launched additional studies (e.g., metastatic melanoma, NSCLC; bladder, renal cell) in collaboration with Merck (50/50 cost/profit sharing), evidencing scaled clinical execution and capital discipline .
- Platform innovation: Advanced mRNA‑4359 (PD‑L1/IDO) and multiplex T‑cell engagers; continued progression of cell therapy enhancers and in vivo CAR‑M approaches, aiming at broader, durable responses without additive toxicity .
- Company operating performance: FY2024 delivered multi‑product status and 27% reduction in cash operating costs; Q3 2025 revenue $1.0B with narrowed 2025 revenue range, reduced expected operating expenses, and strengthened year‑end cash outlook, supporting capacity to fund pipeline she leads .
Compensation Committee & Governance Context
- Peer benchmarking: Committee calibrates pay using a large-cap biopharma peer set; increased PSU weighting and added long‑term financial metrics to PSU program beginning 2024 to sharpen shareholder alignment .
- Say‑on‑pay: 91% approval in 2024 (and 88% in 2023), with investors endorsing heavier use of PSUs and transparent goal disclosure; outreach incorporated feedback on retention and equity mix .
Investment Implications
- Alignment: Executive Committee equity mix (one‑third PSUs/options/RSUs) plus strict ownership, 10b5‑1 requirements, and anti‑hedging/pledging produce strong alignment and reduce opportunistic selling risk; Executive Committee exclusion from the 2025 employee option exchange underscores discipline at senior levels .
- Retention risk: Broader company stock price pressure reduced realizable equity values across leaders; while special retention grants were used for CFO/Chief Legal Officer in 2024, no such disclosure exists for Rose. Severance protections and clear CoC terms mitigate flight risk, with PSUs linking value to long‑term milestones under her remit .
- Trading signals: Quarterly RSU vesting schedules and 10b5‑1 plans drive pre‑scheduled activity; watch late‑Q1/Q2 vest dates from Feb‑27 grant cycles and PSU determination windows for potential Form 4 activity, while policy constraints reduce discretionary timing risk .
- Execution vector: Oncology pipeline breadth (INT Phase 3 enrollments; mRNA‑4359 Phase 2) provides event catalysts (e.g., 2026 readouts) directly tied to PSU performance metrics; cost discipline and narrowed 2025 guide strengthen funding runway for research under her leadership .
Note: Individual compensation figures (salary, target bonus %, equity grant sizes) for Rose Loughlin are not disclosed in proxy tables; analysis relies on Moderna’s Executive Committee compensation framework and governance policies applicable to her role .