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Moderna Inc. (NASDAQ:MRNA)

This company has been moved to the archive! The financial data has not been updated since November 7, 2024.

Common-Size Balance Sheet: Assets

Moderna Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 15.78 12.39 27.76 35.76 14.84
Investments 30.92 25.90 15.72 27.04 54.56
Accounts receivable, net 4.84 5.36 12.87 18.95 0.34
Inventory 1.10 3.67 5.84 0.63 0.00
Prepaid services 0.99 0.84 0.51 0.21 0.53
Down payments to manufacturing vendors 0.54 0.89 0.48 2.95 0.00
Down payments for materials and supplies 0.37 0.85 1.16 0.00 0.00
Collaboration receivable 0.33 0.04 0.00 0.00 0.00
Interest receivable 0.32 0.24 0.11 0.00 0.00
Value added tax receivable 0.27 0.54 0.28 0.00 0.00
Income tax receivable 0.10 0.04 0.00 0.00 0.00
Tenant improvement allowance receivable 0.00 0.16 0.21 0.14 0.26
Prepaid income taxes 0.00 0.72 0.09 0.00 0.00
Convertible note receivable 0.00 0.14 0.00 0.00 0.00
Other current assets 0.48 0.17 0.11 0.15 0.49
Prepaid expenses and other current assets 3.40% 4.62% 2.95% 3.45% 1.29%
Current assets 56.03% 51.94% 65.15% 85.84% 71.02%
Investments, non-current 25.38 32.17 27.74 8.71 10.07
Property, plant and equipment, net 10.56 7.80 5.03 4.05 12.68
Right-of-use assets, operating leases 3.87 0.47 0.58 1.23 5.44
Deferred tax assets 0.44 3.80 1.32 0.00 0.00
Down payments and prepayments, non-current 1.86 0.00 0.00 0.00 0.00
Inventory, non-current 0.92 3.52 0.00 0.00 0.00
Equity investments 0.36 0.16 0.00 0.00 0.00
Goodwill 0.28 0.00 0.00 0.00 0.00
Finite-lived intangible asset 0.24 0.00 0.00 0.00 0.00
Restricted cash 0.02 0.05 0.00 0.00 0.00
Other 0.04 0.09 0.19 0.18 0.80
Other non-current assets 3.72% 3.82% 0.19% 0.18% 0.80%
Non-current assets 43.97% 48.06% 34.85% 14.16% 28.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The asset composition of the balance sheet has undergone a significant structural transition between 2019 and 2023, characterized by a shift from a highly liquid, current-asset-dominant posture toward a more balanced distribution between current and non-current assets. Total current assets peaked in 2020 at 85.84% before declining and stabilizing at 56.03% by the end of 2023.

Liquidity and Cash Management
A period of high volatility is observed in the allocation of cash and short-term investments. Cash and cash equivalents rose sharply from 14.84% in 2019 to a peak of 35.76% in 2020, before retreating to 15.78% in 2023. Concurrent with this, short-term investments experienced a substantial decline from 54.56% in 2019 to 15.72% in 2021, followed by a recovery to 30.92% by 2023. This suggests a dynamic reallocation of liquid reserves to support operational scaling and subsequent capital preservation.
Working Capital Dynamics
Accounts receivable showed a dramatic increase from 0.34% in 2019 to 18.95% in 2020, reflecting a rapid expansion in commercial activity. This figure trended downward thereafter, reaching 4.84% in 2023. Inventory levels, which were negligible in 2019, peaked at 5.84% in 2021 before decreasing to 1.10% in 2023, indicating an optimization of supply chain management and inventory turnover.
Non-Current Asset Evolution
Non-current assets have increased as a proportion of total assets, rising from 28.98% in 2019 to 43.97% in 2023. A primary driver of this growth was non-current investments, which expanded from 10.07% in 2019 to a peak of 32.17% in 2022. Additionally, property, plant, and equipment (PP&E) followed a U-shaped trend, dropping from 12.68% in 2019 to 4.05% in 2020, and subsequently climbing to 10.56% by 2023, signaling sustained investment in physical infrastructure.
Other Asset Trends
Right-of-use assets remained minimal for several years but saw a notable increase to 3.87% in 2023. Deferred tax assets showed a temporary spike to 3.80% in 2022 before falling to 0.44% in 2023. Other non-current assets also expanded significantly from 0.80% in 2019 to 3.72% in 2023, contributing to the overall increase in the non-current asset base.

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