Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Moderna Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 2.82 1.88 1.22 0.25 0.45
Provisions related to product sales 3.02 0.00 0.00 0.00 0.00
Compensation-related 1.33 0.73 0.51 1.30 1.73
Clinical trials 0.95 1.23 1.15 1.33 0.40
Manufacturing 0.91 1.55 0.92 0.73 0.37
Development operations 0.76 0.34 0.56 0.40 0.16
Other external goods and services 0.74 1.02 0.32 1.25 1.35
Royalties 0.66 0.79 0.98 0.00 0.00
Property, plant and equipment 0.51 0.02 0.00 0.00 0.00
Loss on future firm purchase commitments 0.43 1.04 0.00 0.00 0.00
Commercial 0.30 0.19 0.48 0.33 0.25
Raw materials 0.15 1.22 1.05 1.06 0.00
Accrued liabilities 9.76% 8.13% 5.97% 6.40% 4.26%
Deferred revenue 3.08 7.88 25.35 52.71 3.98
Income taxes payable 0.34 0.19 3.55 0.00 0.00
Financing lease liabilities, current 0.00 0.62 0.67 0.33 0.00
Operating lease liabilities, current 0.14 0.14 0.19 0.08 0.23
Other 0.22 0.20 0.06 0.05 0.09
Other current liabilities 0.36% 0.96% 0.91% 0.46% 0.32%
Current liabilities 16.36% 19.04% 37.00% 59.82% 9.00%
Deferred revenue, non-current 0.45 2.60 2.49 2.42 8.75
Operating lease liabilities, non-current 3.49 0.36 0.43 1.33 5.89
Financing lease liabilities, non-current 3.12 3.53 2.43 1.50 2.43
Other non-current liabilities 1.39 0.52 0.31 0.03 0.01
Non-current liabilities 8.45% 7.01% 5.66% 5.27% 17.08%
Total liabilities 24.81% 26.05% 42.66% 65.09% 26.09%
Preferred stock, $0.0001; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.0001 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 2.01 4.54 17.07 65.45 167.95
Accumulated other comprehensive income (loss) -0.67 -1.43 -0.10 0.04 0.11
Retained earnings (accumulated deficit) 73.84 70.85 40.37 -30.58 -94.15
Stockholders’ equity 75.19% 73.95% 57.34% 34.91% 73.91%
Total liabilities and stockholders’ equity 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 financial structure exhibits a significant transition from a reliance on external equity financing and accumulated deficits to a position dominated by internally generated earnings. Total liabilities experienced a sharp increase in 2020, peaking at 65.09% of total liabilities and stockholders’ equity, before steadily declining to 24.81% by the end of 2023. Conversely, stockholders’ equity, after a temporary dip in 2020, recovered to represent 75.19% of the total capital structure by 2023.

Current Liability Dynamics
A pronounced volatility is observed in current liabilities, which rose from 9.00% in 2019 to 59.82% in 2020, subsequently falling to 16.36% by 2023. This trend was primarily driven by deferred revenue, which surged to 52.71% in 2020 before contracting to 3.08% in 2023, suggesting a period of massive advance payments that were recognized as revenue over subsequent years. Accrued liabilities showed a consistent upward trend, increasing from 4.26% in 2019 to 9.76% in 2023.
Non-Current Liability Trends
Non-current liabilities remained relatively stable compared to current obligations, moving from 17.08% in 2019 to 8.45% in 2023. Financing lease liabilities in the non-current category showed a gradual increase from 2.43% in 2019 to 3.12% in 2023, while operating lease liabilities remained low until a notable increase to 3.49% in 2023.
Equity Composition and Solvency
The most significant shift occurred within stockholders’ equity components. Additional paid-in capital, which represented 167.95% of total liabilities and equity in 2019, declined sharply to 2.01% by 2023 as the overall balance sheet expanded. Simultaneously, retained earnings transitioned from a substantial accumulated deficit of -94.15% in 2019 to a positive contribution of 73.84% in 2023. This indicates a fundamental shift from a capital-burning phase to a high-profitability phase where earnings are the primary driver of equity growth.
Operational Obligations
Accounts payable increased gradually from 0.45% in 2019 to 2.82% in 2023. New liability categories emerged in later years, such as provisions related to product sales, which appeared in 2023 at 3.02%, reflecting the evolution of the company's commercial operations and associated obligations.

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