Moderna to pay $950 million with no future royalties to resolve all global litigation; corresponding charge expected in Q1 2026
District Court’s Section 1498 decision to be appealed to the Federal Circuit Court of Appeals with potential additional payment contingent on the outcome; no accrual recorded for potential additional payment as loss is not considered probable
2026 year-end cash and cash equivalents now expected to be in the range of $4.5 – $5.0 billion
CAMBRIDGE, MA / ACCESS Newswire / March 3, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced that it has entered into a settlement agreement with Arbutus Biopharma Corporation and Genevant Sciences GmbH resolving all litigation worldwide, including between the parties in the U.S. District Court for the District of Delaware.
The settlement resolves all worldwide Arbutus/Genevant litigation related to Spikevax® and mRESVIA® and provides certainty going forward for Moderna’s full infectious disease portfolio, including mNEXSPIKE®, mCOMBRIAX® and its future vaccine pipeline, with no future royalties owed. Under the terms of the agreement, Moderna will make a lump sum payment of $950 million in the third quarter of 2026.
Under the agreement, Moderna will appeal to the Federal Circuit to argue its government-contractor immunity defense limits its liability under federal statute, 28 U.S.C. § 1498. If Moderna ultimately prevails on that issue, no further payments will be due. If, however, the Federal Circuit affirms liability under Section 1498, Moderna has agreed to make an additional payment of up to $1.3 billion within 90 days of that decision, depending on the scope of the decision. Thereafter, should Moderna ultimately prevail through further proceedings – whether en banc, at the Supreme Court, or on remand to the district court – Arbutus/Genevant will refund the full payment plus interest.
Moderna expects to record a charge of $950 million in the first quarter of 2026 related to the settlement payment. The Company has concluded that a loss related to the pending Section 1498 proceeding is not probable, and accordingly, expects no charge to be recorded.
As a result of the settlement, Moderna expects to end 2026 with $4.5 to $5.0 billion in cash and cash equivalents, and retains access to up to $900 million under its existing credit facility. The total projected liquidity available to the Company at the end of 2026 will be $5.4 to $5.9 billion.
“Resolving this legacy matter from our pandemic response removes uncertainty and allows us to turn our full focus to Moderna’s exciting near-term future,” said Stéphane Bancel, Chief Executive Officer of Moderna. “In 2026, we will return to revenue growth and end the year with a strong balance sheet, with more than $5 billion in liquidity, as we drive toward breakeven in 2028. This year we also expect the approval of our flu plus COVID combination and standalone flu vaccines, and several highly anticipated therapeutic clinical trial results in cancer and in rare disease. We remain focused on driving growth by delivering transformative medicines to patients.”
Moderna continues to actively enforce and defend its intellectual property portfolio, including affirmative claims against other market participants such as Pfizer and BioNTech. The Company continues to believe that assets will exceed liabilities across its portfolio of intellectual property litigation.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna’s mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company’s values and mindsets, Moderna’s mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
Spikevax®, mRESVIA®, mNEXSPIKE® and mCOMBRIAX® are registered trademarks of Moderna.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna’s settlement with Arbutus/Genevant; Moderna’s appeal to the Federal Circuit of the District Court’s Section 1498 decision, including potential outcomes; potential additional payment contingent on the outcome of the appeal; Moderna’s expected 2026 year-end cash balance and total projected liquidity; certainty for Moderna’s full infectious disease portfolio; the expected $950 million charge in the first quarter of 2026; Moderna’s credit facility; Moderna’s expected revenue growth in 2026; Moderna’s expected breakeven in 2028; expected approval of Moderna’s flu plus COVID combination and standalone flu vaccines this year; anticipated therapeutic clinical trial results in cancer and rare disease; Moderna’s ongoing intellectual property litigation; and Moderna’s belief that assets will exceed liabilities across its portfolio of intellectual property litigation. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this press release.
Moderna Contacts
Media:
Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
Chris.Ridley@modernatx.com
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com
SOURCE: Moderna, Inc.
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