Name: Moderna Inc. (NASDAQ:MRNA) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Moderna Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	2,907)	3,205)	6,848)	2,624)	236)
Investments	5,697)	6,697)	3,879)	1,984)	867)
Accounts receivable, net	892)	1,385)	3,175)	1,391)	5)
Inventory	202)	949)	1,441)	47)	—)
Prepaid services	182)	216)	126)	16)	8)
Down payments to manufacturing vendors	100)	229)	118)	217)	—)
Down payments for materials and supplies	68)	219)	287)	—)	—)
Collaboration receivable	61)	11)	—)	—)	—)
Interest receivable	59)	61)	27)	—)	—)
Value added tax receivable	50)	140)	70)	—)	—)
Income tax receivable	19)	10)	—)	—)	—)
Tenant improvement allowance receivable	—)	42)	51)	10)	4)
Prepaid income taxes	—)	187)	23)	—)	—)
Convertible note receivable	—)	36)	—)	—)	—)
Other current assets	88)	44)	26)	11)	8)
Prepaid expenses and other current assets	627)	1,195)	728)	253)	20)
Current assets	10,325)	13,431)	16,071)	6,298)	1,129)
Investments, non-current	4,677)	8,318)	6,843)	639)	160)
Property, plant and equipment, net	1,945)	2,018)	1,241)	297)	201)
Right-of-use assets, operating leases	713)	121)	142)	90)	86)
Deferred tax assets	81)	982)	326)	—)	—)
Down payments and prepayments, non-current	342)	—)	—)	—)	—)
Inventory, non-current	170)	910)	—)	—)	—)
Equity investments	66)	42)	—)	—)	—)
Goodwill	52)	—)	—)	—)	—)
Finite-lived intangible asset	44)	—)	—)	—)	—)
Restricted cash	4)	12)	—)	—)	—)
Other	7)	24)	46)	13)	13)
Other non-current assets	685)	988)	46)	13)	13)
Non-current assets	8,101)	12,427)	8,598)	1,039)	461)
Total assets	18,426)	25,858)	24,669)	7,337)	1,589)

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 overall asset trajectory of the organization is characterized by a period of rapid expansion between 2019 and 2022, followed by a notable contraction in 2023. Total assets grew from 1,589 million US$ in 2019 to a peak of 25,858 million US$ in 2022, before declining to 18,426 million US$ by the end of 2023. This growth was primarily driven by a surge in liquidity and operational scaling, while the subsequent decrease reflects a reduction in both current and non-current asset holdings.

Liquidity and Cash Management: A significant accumulation of liquid assets occurred between 2019 and 2021. Cash and cash equivalents rose from 236 million US$ in 2019 to a peak of 6,848 million US$ in 2021, before stabilizing at 2,907 million US$ in 2023. Concurrently, short-term investments grew steadily, peaking at 6,697 million US$ in 2022. Non-current investments mirrored this trend, expanding from 160 million US$ in 2019 to 8,318 million US$ in 2022, before a sharp reduction to 4,677 million US$ in 2023. This suggests a strategic shift from aggressive capital accumulation to a period of asset utilization or divestment.
Working Capital and Operational Assets: Operational assets showed high volatility aligned with commercial activity. Accounts receivable net peaked in 2021 at 3,175 million US$, subsequently falling to 892 million US$ by 2023. Inventory followed a similar pattern, rising from negligible levels in 2019 to 1,441 million US$ in 2021, then dropping sharply to 202 million US$ in 2023. These trends indicate a peak in commercial throughput and billing during the 2021 period, followed by a normalization of inventory levels and a reduction in outstanding receivables.
Long-term Infrastructure and Fixed Assets: Property, plant, and equipment (PPE) exhibited a consistent upward trend for several years, increasing from 201 million US$ in 2019 to 2,018 million US$ in 2022, before a slight dip to 1,945 million US$ in 2023. This pattern indicates a sustained investment in physical infrastructure and production capacity. Additionally, right-of-use assets associated with operating leases saw a substantial increase in 2023, rising to 713 million US$ from 121 million US$ in 2022, suggesting a shift toward leased facilities or expanded contractual obligations for space.
Other Non-Current Assets and Intangibles: The composition of non-current assets shifted in the latter years of the period. Deferred tax assets peaked in 2022 at 982 million US$ but fell precipitously to 81 million US$ by 2023. The introduction of goodwill (52 million US$) and finite-lived intangible assets (44 million US$) in 2023 suggests a transition toward acquisition-based growth or the capitalization of acquired intellectual property.

In summary, the financial position transitioned from a lean research-oriented balance sheet in 2019 to a heavily capitalized industrial scale by 2022, and finally toward a more consolidated asset base in 2023. The reduction in total assets is primarily attributable to a decrease in non-current investments and a significant drawdown of current operational assets such as receivables and inventory.

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