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.

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 financial data over the annual periods ending December 31, 2019, through December 31, 2023, exhibit notable trends across liabilities, equity, and various expense categories.

Liabilities: Current liabilities indicated a significant increase from 143 million US dollars in 2019 to a peak of 9,128 million in 2021, followed by a sharp decline to 3,015 million in 2023. Similarly, accrued liabilities escalated substantially from 68 million in 2019 to 1,472 million in 2021 but then decreased to 1,798 million in 2023 after peaking in 2022 at 2,101 million. Deferred revenue, particularly current, showed a large rise from 63 million in 2019 to 6,253 million in 2021, but then declined markedly to 568 million by 2023. Non-current liabilities increased moderately over the years, peaking at 1,812 million in 2022 before falling slightly to 1,557 million in 2023. This fluctuating pattern in liabilities suggests dynamic changes in obligations, potentially linked to business cycles or changes in financing strategies.
Stockholders' Equity: Stockholders’ equity followed a generally increasing trend from 1,175 million in 2019 to a high of 19,123 million in 2022, before dropping to 13,854 million in 2023. The principal contributor to this trend was the retained earnings, which transitioned from a negative balance of -1,496 million in 2019 to a positive and substantial 18,320 million in 2022, then contracted somewhat to 13,606 million in 2023. Additional paid-in capital peaked at 4,802 million in 2020, then declined significantly to 371 million in 2023. The accumulated other comprehensive income (loss) became increasingly negative from 3 million in 2020 to a low of -370 million in 2022, partially recovering to -123 million in 2023. Overall, the equity trends point to strong profitability or capital accumulation through 2022, followed by some contraction in 2023.
Expense Categories and Operational Items: Operational costs such as compensation-related expenses rose steadily from 27 million in 2019 to 245 million in 2023, indicating growth in personnel-related expenses. Clinical trials and manufacturing expenses experienced substantial growth from 6 million each in 2019 to peak values in 2022 (319 million and 400 million respectively), but both declined sharply in 2023 (175 million and 167 million respectively). Development operations and other external goods and services displayed more variable patterns, with spikes in intermediate years and declines in the latest period. Royalties showed a downward trend from 241 million in 2021 to 122 million in 2023. Raw materials costs followed a similar pattern with a notable peak at 316 million in 2022, falling sharply to 27 million in 2023. These patterns suggest shifting operational emphases, perhaps reflecting changes in production scale, project pipelines, or cost management efforts.
Other Items: Accounts payable increased markedly from 7 million in 2019 to 520 million in 2023, with substantial growth especially between 2020 and 2021. Provisions related to product sales appeared only in 2023 with a value of 556 million, indicating new liabilities or reserves established in that year. Property, plant and equipment rose from no values reported prior to 2022 to 94 million in 2023, suggesting capital expenditures or asset acquisitions in recent periods. Loss on future firm purchase commitments emerged in 2022 at 268 million and decreased to 79 million in 2023, reflecting recognition of potential contract losses initially and subsequent mitigation or revaluation.

In summary, the data reflect a period of accelerated growth and expansion peaking mostly around 2020 to 2022, with large increases in liabilities, equity, and expenses tied to operations and production activities. The final year, 2023, shows signs of consolidation or contraction, with reductions in liabilities, income, and several key expense categories. These trends may correspond to changes in market conditions, strategic shifts, or lifecycle phases of business activities.

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Moderna Inc. (NASDAQ:MRNA)

Balance Sheet: Liabilities and Stockholders’ Equity