Cash and investments ended at $7.5 billion, down from $8.4 billion at the end of Q1, primarily due to operating losses.
Cost of sales was $119 million, representing 105% of net product sales, up from 62% last year, driven by lower volume.
In Q2 2025, Moderna reported revenues of $2.1 billion and a net loss of $0.8 billion, in line with expectations and reflecting the seasonal nature of the respiratory vaccine business.
Net loss improved by $454 million compared to Q2 2024, with loss per share improving from $3.33 to $2.13.
Net product sales were $114 million, primarily from COVID vaccine sales, with the U.S. accounting for approximately 80% of sales.
Other revenue totaled $28 million, down from last year due to a $30 million upfront licensing payment recognized in Q2 2024.
Product sales declined 38% year-over-year but were slightly above expectations due to a stronger-than-expected U.S. spring booster season.
R&D expenses were $700 million, down 43% year-over-year, primarily due to winding down respiratory trials and lower clinical manufacturing costs.
SG&A expenses were $230 million, down 14% year-over-year, reflecting broad-based cost reductions.
Adjusted EBITDA margin expanded by approximately 260 basis points year-over-year to 12.3%.
Balance sheet remains strong with $550 million in cash and no debt.
Free cash flow was $15 million for the quarter, driven by improved working capital and reduced accounts receivable.
Multiomics gross margin declined 500 basis points to 42.6%, due to product mix, lower volume in Sanger Sequencing and Gene Synthesis, and nonrecurring items.
Multiomics segment revenue was $66 million, up 4% reported and 3% organic, driven by next-generation sequencing growth and large customer deals.
Non-GAAP EPS for the quarter was $0.19.
Non-GAAP gross margin improved to 48.5%, up 180 basis points year-over-year, driven by favorable sales mix and operational efficiencies.
Q3 revenue totaled $144 million, flat year-over-year on a reported basis and down 2% organically.
Sample Management Solutions (SMS) revenue was $78 million, down 4% reported and 6% organic, impacted by softer bookings and timing delays.
SMS segment gross margin increased 760 basis points to 53.6%, reflecting favorable product mix and cost management.
Dafinchi