Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Accounts payable	373)	279)	183)	520)	494)	310)	389)	487)	330)	181)	199)	302)	87)	77)	8)	18)	21)	19)	11)	7)	12)	30)	39)
Accrued liabilities	1,376)	1,333)	1,396)	1,798)	2,224)	1,490)	1,613)	2,101)	1,856)	1,780)	1,608)	1,472)	1,076)	848)	753)	470)	209)	89)	55)	68)	60)	45)	42)
Deferred revenue	379)	702)	559)	568)	1,372)	1,040)	1,219)	2,038)	4,002)	4,093)	5,599)	6,253)	7,977)	7,302)	7,531)	3,867)	1,235)	45)	59)	63)	70)	83)	74)
Income taxes payable	4)	7)	52)	63)	56)	47)	66)	48)	66)	349)	1,592)	876)	565)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other current liabilities	69)	42)	190)	66)	239)	236)	212)	249)	553)	409)	240)	225)	252)	613)	149)	34)	10)	8)	10)	5)	6)	4)	5)
Current liabilities	2,201)	2,363)	2,380)	3,015)	4,385)	3,123)	3,499)	4,923)	6,807)	6,812)	9,238)	9,128)	9,957)	8,840)	8,441)	4,389)	1,474)	162)	135)	143)	148)	162)	159)
Deferred revenue, non-current	95)	95)	58)	83)	166)	692)	673)	673)	175)	405)	464)	615)	498)	175)	179)	177)	208)	208)	143)	139)	143)	140)	157)
Operating lease liabilities, non-current	679)	668)	637)	643)	697)	104)	96)	92)	79)	87)	95)	106)	105)	105)	96)	97)	99)	100)	109)	94)	—)	—)	—)
Financing lease liabilities, non-current	625)	576)	575)	575)	575)	843)	831)	912)	922)	641)	646)	599)	238)	328)	138)	110)	109)	68)	39)	39)	—)	—)	—)
Deferred lease obligation, non-current	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	14)	11)	11)
Lease financing obligation	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	34)	34)	33)
Other non-current liabilities	276)	266)	262)	256)	172)	173)	163)	135)	81)	113)	91)	76)	1)	1)	2)	2)	2)	1)	1)	—)	—)	—)	—)
Non-current liabilities	1,675)	1,605)	1,532)	1,557)	1,610)	1,812)	1,763)	1,812)	1,257)	1,246)	1,296)	1,396)	842)	609)	415)	387)	418)	377)	292)	271)	191)	185)	201)
Total liabilities	3,876)	3,968)	3,912)	4,572)	5,995)	4,935)	5,262)	6,735)	8,064)	8,058)	10,534)	10,524)	10,799)	9,449)	8,856)	4,775)	1,891)	539)	427)	415)	339)	347)	360)
Preferred stock, par value $0.0001; no shares issued or outstanding	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, par value $0.0001	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Additional paid-in capital	751)	631)	487)	371)	277)	193)	731)	1,173)	1,488)	2,413)	3,644)	4,211)	5,003)	4,931)	4,860)	4,802)	4,726)	4,676)	3,268)	2,669)	2,618)	2,582)	2,557)
Accumulated other comprehensive income (loss)	11)	(71)	(101)	(123)	(211)	(263)	(267)	(370)	(351)	(240)	(184)	(24)	31)	16)	1)	3)	5)	8)	(6)	2)	3)	3)	1)
Retained earnings (accumulated deficit)	11,165)	11,152)	12,431)	13,606)	13,389)	17,019)	18,399)	18,320)	16,855)	15,812)	13,615)	9,958)	5,090)	1,757)	(1,023)	(2,244)	(1,971)	(1,737)	(1,621)	(1,496)	(1,370)	(1,246)	(1,111)
Stockholders’ equity	11,927)	11,712)	12,817)	13,854)	13,455)	16,949)	18,863)	19,123)	17,992)	17,985)	17,075)	14,145)	10,124)	6,704)	3,838)	2,561)	2,760)	2,947)	1,641)	1,175)	1,252)	1,339)	1,446)
Total liabilities and stockholders’ equity	15,803)	15,680)	16,729)	18,426)	19,450)	21,884)	24,125)	25,858)	26,056)	26,043)	27,609)	24,669)	20,923)	16,153)	12,694)	7,337)	4,651)	3,486)	2,068)	1,589)	1,591)	1,685)	1,806)

Current liabilities: Current liabilities show significant volatility over the analyzed periods. Starting at a low base in early 2019, there is a marked increase during 2020, peaking in the fourth quarter of 2021. This surge is largely attributable to substantial increases in accrued liabilities, deferred revenue, and accounts payable during this timeframe. After reaching a peak, current liabilities decline notably through 2023 and into the first half of 2024.
Accounts payable: Accounts payable remain relatively low and stable through 2019, with minor fluctuations. A sharp upward trend begins in 2021, reaching a high in late 2022 of 487 million USD, followed by some volatility and a decrease in mid-2024. This indicates increased short-term obligations to suppliers or vendors during the peak years.
Accrued liabilities: Accrued liabilities display a pronounced rising trend starting in mid-2020, peaking at 2.1 billion USD by the end of 2022. Afterward, the figure decreases steadily into 2023 and remains somewhat elevated but declining through mid-2024. This pattern reflects increasing expenses incurred but not yet paid during the peak years, possibly associated with operational scaling or project expenses.
Deferred revenue (current): Deferred revenue exhibits dramatic growth from mid-2020 through 2021, peaking at nearly 8 billion USD in the third and fourth quarters of 2021. A declining trend follows through 2023 and into 2024. This suggests a surge in prepayments from customers or clients during the earlier periods, likely linked to product or service deliveries, followed by recognition of this revenue in subsequent periods.
Income taxes payable: Income taxes payable data begins only in late 2021 and shows variability with a peak around 1.6 billion USD in the third quarter of 2022, then substantially declining in subsequent quarters to single-digit millions in 2024. This pattern may indicate tax liabilities accumulating due to profitability spikes and subsequent payments or adjustments.
Other current liabilities: Other current liabilities rise sharply from 2019 into 2021, reaching a high of over 600 million USD, followed by a fluctuation and generally declining trend afterward. The data suggests additional short-term obligations increasing with business activity around 2020–2021, then stabilizing.
Non-current liabilities: Non-current liabilities generally increase over the observation period, with a notable rise from 2019 through 2021, topping near 1.8 billion USD by late 2022. Afterwards, non-current liabilities largely stabilize and slightly decline by mid-2024. Financing lease liabilities and operating lease liabilities represent significant components and present increasing trends, especially financing lease liabilities, which peak around late 2022 and remain relatively high.
Total liabilities: Total liabilities show a substantial increase starting in 2020, peaking in late 2021 at over 10.7 billion USD. Thereafter, total liabilities decline steadily through 2023 and 2024, reflecting a reduction in both current and non-current obligations post-peak. This overall pattern suggests a phase of increased financial commitments followed by deleveraging or liability management.
Stockholders’ equity: Stockholders’ equity expands significantly from 2019 through 2021, reaching a peak of over 14 billion USD by the end of 2021. It continues to grow, though at a slower pace, to about 19 billion USD by the end of 2022, before retreating through 2023 and 2024 to approximately 11.9 billion USD. This fluctuation is driven largely by changes in retained earnings, which see dramatic improvement starting in early 2021, transitioning from accumulated deficits to large accumulated earnings, followed by declines.
Retained earnings: Retained earnings were negative and decreasing from 2019 through 2020, indicating losses or deficits accumulating over time. Beginning in early 2021, there is a pronounced reversal with retained earnings sharply increasing to positive values above 18 billion USD in late 2022. Subsequently, retained earnings decline but remain positive through mid-2024. This reflects a period of significant profitability followed by moderate decreases in accumulated earnings.
Accumulated other comprehensive income (loss): Accumulated other comprehensive income/loss fluctuates mildly between positive and negative values. It is marginally positive during early periods, turns negative from 2021 through most of 2023, and shows slight recovery by mid-2024. The magnitudes remain relatively small compared to the other components and suggest limited impact on total equity.
Additional paid-in capital: Additional paid-in capital rises steadily from 2019 to mid-2021 but then decreases sharply from late 2021 through 2023, followed by modest increases in 2024. This pattern may reflect capital raises or equity transactions in earlier periods with subsequent repurchases, adjustments, or amortizations reducing the balance.
Total liabilities and stockholders’ equity: The total of liabilities and stockholders’ equity expands approximately sevenfold from under 2 billion USD in early 2019 to over 24 billion USD at the end of 2021, indicating substantial growth in the company's asset base or financing activities. After reaching this peak, the total contracts through 2023 and early 2024, aligning with the trends in liabilities and equity changes previously noted.

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Moderna Inc. (NASDAQ:MRNA)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data