Name: Moderna Inc. (NASDAQ:MRNA) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Accounts payable	520)	487)	302)	18)	7)
Provisions related to product sales	556)	—)	—)	—)	—)
Compensation-related	245)	190)	126)	95)	27)
Clinical trials	175)	319)	283)	97)	6)
Manufacturing	167)	400)	227)	53)	6)
Development operations	140)	88)	137)	29)	3)
Other external goods and services	137)	264)	79)	92)	21)
Royalties	122)	203)	241)	—)	—)
Property, plant and equipment	94)	5)	—)	—)	—)
Loss on future firm purchase commitments	79)	268)	—)	—)	—)
Commercial	56)	48)	119)	24)	4)
Raw materials	27)	316)	260)	78)	—)
Accrued liabilities	1,798)	2,101)	1,472)	470)	68)
Deferred revenue	568)	2,038)	6,253)	3,867)	63)
Income taxes payable	63)	48)	876)	—)	—)
Financing lease liabilities, current	—)	161)	165)	24)	—)
Operating lease liabilities, current	25)	35)	46)	6)	4)
Other	41)	53)	14)	3)	1)
Other current liabilities	66)	249)	225)	34)	5)
Current liabilities	3,015)	4,923)	9,128)	4,389)	143)
Deferred revenue, non-current	83)	673)	615)	177)	139)
Operating lease liabilities, non-current	643)	92)	106)	97)	94)
Financing lease liabilities, non-current	575)	912)	599)	110)	39)
Other non-current liabilities	256)	135)	76)	2)	—)
Non-current liabilities	1,557)	1,812)	1,396)	387)	271)
Total liabilities	4,572)	6,735)	10,524)	4,775)	415)
Preferred stock, $0.0001; no shares issued or outstanding	—)	—)	—)	—)	—)
Common stock, par value $0.0001	—)	—)	—)	—)	—)
Additional paid-in capital	371)	1,173)	4,211)	4,802)	2,669)
Accumulated other comprehensive income (loss)	(123)	(370)	(24)	3)	2)
Retained earnings (accumulated deficit)	13,606)	18,320)	9,958)	(2,244)	(1,496)
Stockholders’ equity	13,854)	19,123)	14,145)	2,561)	1,175)
Total liabilities and stockholders’ equity	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 balance sheet exhibits a period of extreme volatility and rapid expansion between 2019 and 2023, characterized by a massive surge in both liabilities and equity during the mid-period, followed by a contraction in the most recent fiscal year. Total liabilities peaked in 2021 at 10,524 million US$, before decreasing to 4,572 million US$ by 2023. Simultaneously, stockholders' equity grew from 1,175 million US$ in 2019 to a peak of 19,123 million US$ in 2022, ending at 13,854 million US$ in 2023.

Current Liabilities and Revenue Recognition: Current liabilities show a dramatic increase from 143 million US$ in 2019 to a peak of 9,128 million US$ in 2021. This trend was primarily driven by deferred revenue, which escalated from 63 million US$ in 2019 to 6,253 million US$ in 2021, indicating a significant influx of advance payments. By 2023, deferred revenue declined sharply to 568 million US$, suggesting the recognition of these advances as earned revenue.; Accrued liabilities followed a steady upward trajectory from 68 million US$ in 2019 to a peak of 2,101 million US$ in 2022, before moderating to 1,798 million US$ in 2023. Within this category, compensation-related accruals showed consistent year-over-year growth, while clinical trial and manufacturing accruals peaked in 2022 before declining in 2023.
Non-Current Liabilities and Obligations: Non-current liabilities expanded from 271 million US$ in 2019 to 1,812 million US$ in 2022. A notable shift occurred in 2023, where operating lease liabilities, non-current, spiked to 643 million US$ from 92 million US$ in the prior year, indicating an increase in long-term lease commitments.; Financing lease liabilities reached their zenith in 2022 at 912 million US$ before decreasing to 575 million US$ in 2023, reflecting a reduction in lease-backed financing obligations.
Stockholders' Equity and Retained Earnings: The equity structure underwent a fundamental transformation. Retained earnings moved from an accumulated deficit of 1,496 million US$ in 2019 to a substantial surplus of 13,606 million US$ by 2023, peaking at 18,320 million US$ in 2022. This shift indicates a transition from a venture-funded research phase to a period of high profitability.; Additional paid-in capital peaked in 2020 at 4,802 million US$ but declined precipitously to 371 million US$ by 2023. This downward trend in paid-in capital, contrasted with the rise in retained earnings, suggests a shift in the company's capital composition away from external equity contributions toward internally generated capital.

Overall, the financial position shifted from a lean, deficit-funded operation in 2019 to a highly capitalized entity with significant retained earnings by 2023. The reduction in total liabilities and stockholders' equity from 2022 to 2023 suggests a period of normalization following a period of unprecedented growth in obligations and asset bases.

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