Moderna (MRNA) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38753
Entity Registrant Name	Moderna, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3467528
Entity Address, Address Line One	200 Technology Square
Entity Address, City or Town	Cambridge,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	714-6500
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MRNA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		405,449,527
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001682852
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 5,550	$ 2,624
Investments	3,356	1,984
Accounts receivable	3,142	1,391
Inventory	965	47
Prepaid expenses and other current assets	412	252
Total current assets	13,425	6,298
Investments, non-current	6,442	639
Property and equipment, net	845	297
Right-of-use assets, operating leases	115	90
Restricted cash, non-current	11	11
Deferred tax assets	81	0
Other non-current assets	4	2
Total assets	20,923	7,337
Current liabilities:
Accounts payable	87	18
Accrued liabilities	1,076	470
Deferred revenue	7,977	3,867
Income taxes payable	565	0
Other current liabilities	252	34
Total current liabilities	9,957	4,389
Deferred revenue, non-current	498	177
Operating lease liabilities, non-current	105	97
Financing lease liabilities, non-current	238	110
Other non-current liabilities	1	3
Total liabilities	10,799	4,776
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of September 30, 2021 and December 31, 2020; no shares issued or outstanding at September 30, 2021 and December 31, 2020	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of September 30, 2021 and December 31, 2020; 405 and 399 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	5,003	4,802
Accumulated other comprehensive income	31	3
Retained earnings (accumulated deficit)	5,090	(2,244)
Total stockholders’ equity	10,124	2,561
Total liabilities and stockholders’ equity	$ 20,923	$ 7,337

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	162,000,000	162,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,600,000,000	1,600,000,000
Common stock, shares, issued (in shares)	405,000,000	399,000,000
Common stock, shares, outstanding (in shares)	405,000,000	399,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 4,969,000,000	$ 157,000,000	$ 11,260,000,000	$ 232,000,000
Operating expenses:
Cost of sales	722,000,000	0	1,665,000,000	0
Research and development	521,000,000	344,000,000	1,343,000,000	611,000,000
Selling, general and administrative	168,000,000	48,000,000	366,000,000	109,000,000
Total operating expenses	1,411,000,000	392,000,000	3,374,000,000	720,000,000
Income (loss) from operations	3,558,000,000	(235,000,000)	7,886,000,000	(488,000,000)
Interest income	4,000,000	6,000,000	11,000,000	21,000,000
Other expense, net	(10,000,000)	(3,000,000)	(22,000,000)	(6,000,000)
Income (loss) before income taxes	3,552,000,000	(232,000,000)	7,875,000,000	(473,000,000)
Provision for income taxes	219,000,000	1,000,000	541,000,000	1,000,000
Net income (loss)	$ 3,333,000,000	$ (233,000,000)	$ 7,334,000,000	$ (474,000,000)
Earnings (loss) per share:
Basic (usd per share)	$ 8.27	$ (0.59)	$ 18.25	$ (1.26)
Diluted (usd per share)	$ 7.70	$ (0.59)	$ 17	$ (1.26)
Weighted average common shares used in calculation of earnings (loss) per share:
Basic (in shares)	404	395	402	376
Diluted (in shares)	434	395	431	376
Product sales
Revenue:
Total revenue	$ 4,810,000,000	$ 0	$ 10,740,000,000	$ 0
Grant revenue
Revenue:
Total revenue	140,000,000	145,000,000	473,000,000	187,000,000
Collaboration revenue
Revenue:
Total revenue	$ 19,000,000	$ 12,000,000	$ 47,000,000	$ 45,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,333	$ (233)	$ 7,334	$ (474)
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on available-for-sale debt securities	(3)	(3)	(10)	2
Less: net realized (gains) losses on available-for-sale securities reclassified in net income (loss)	(1)	0	(2)	1
Net (decrease) increase from available-for-sale debt securities	(4)	(3)	(12)	3
Cash flow hedges:
Unrealized gains on derivative instruments	30	0	51	0
Less: net realized (gains) on derivative instruments reclassified in net income	(11)	0	(11)	0
Net increase from derivatives designated as hedging instruments	19	0	40	0
Total other comprehensive income (loss)	15	(3)	28	3
Comprehensive income (loss)	$ 3,348	$ (236)	$ 7,362	$ (471)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2019		337,000
Balance at beginning of period at Dec. 31, 2019	$ 1,175	$ 0	$ 2,670	$ 2	$ (1,497)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from public offering of common stock, net of issuance costs (in shares)		48,000
Proceeds from public offering of common stock, net of issuance costs of $2	1,853		1,853
Exercise of options to purchase common stock, (in shares)		10,000
Exercise of options to purchase common stock	133		133
Purchase of common stock under employee stock purchase plan	3		3
Stock-based compensation	67		67
Other comprehensive income (loss), net of tax	3			3
Net income (loss)	(474)				(474)
Balance at end of period (in shares) at Sep. 30, 2020		395,000
Balance at end of period at Sep. 30, 2020	2,760	$ 0	4,726	5	(1,971)
Balance at beginning of period (in shares) at Jun. 30, 2020		393,000
Balance at beginning of period at Jun. 30, 2020	2,947	$ 0	4,677	8	(1,738)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		2,000
Exercise of options to purchase common stock	27		27
Stock-based compensation	22		22
Other comprehensive income (loss), net of tax	(3)			(3)
Net income (loss)	(233)				(233)
Balance at end of period (in shares) at Sep. 30, 2020		395,000
Balance at end of period at Sep. 30, 2020	2,760	$ 0	4,726	5	(1,971)
Balance at beginning of period (in shares) at Dec. 31, 2020		399,000
Balance at beginning of period at Dec. 31, 2020	2,561	$ 0	4,802	3	(2,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	(2)
Balance at end of period at Mar. 31, 2021				1
Balance at beginning of period (in shares) at Dec. 31, 2020		399,000
Balance at beginning of period at Dec. 31, 2020	$ 2,561	$ 0	4,802	3	(2,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)	5,690	6,000
Exercise of options to purchase common stock	$ 91		91
Purchase of common stock under employee stock purchase plan	5		5
Stock-based compensation	105		105
Other comprehensive income (loss), net of tax	28			28
Net income (loss)	7,334				7,334
Balance at end of period (in shares) at Sep. 30, 2021		405,000
Balance at end of period at Sep. 30, 2021	10,124	$ 0	5,003	31	5,090
Balance at beginning of period at Mar. 31, 2021				1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	15
Balance at end of period (in shares) at Jun. 30, 2021		403,000
Balance at end of period at Jun. 30, 2021	6,704	$ 0	4,931	16	1,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		2,000
Exercise of options to purchase common stock	32		32
Stock-based compensation	40		40
Other comprehensive income (loss), net of tax	15			15
Net income (loss)	3,333				3,333
Balance at end of period (in shares) at Sep. 30, 2021		405,000
Balance at end of period at Sep. 30, 2021	$ 10,124	$ 0	$ 5,003	$ 31	$ 5,090

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Offering expenses	$ 2

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ 7,334	$ (474)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	105	67
Depreciation and amortization	154	24
Amortization/accretion of investments	33	5
Deferred income taxes	(89)	0
Changes in assets and liabilities:
Accounts receivable	(1,751)	(185)
Prepaid expenses and other assets	(186)	(68)
Inventory	(918)	0
Right-of-use assets, operating leases	(25)	(13)
Accounts payable	26	14
Accrued liabilities	600	132
Deferred revenue	4,431	1,240
Income taxes payable	565	0
Operating lease liabilities	8	14
Other liabilities	23	7
Net cash provided by operating activities	10,310	763
Investing activities
Purchases of marketable securities	(10,279)	(2,326)
Proceeds from maturities of marketable securities	1,075	748
Proceeds from sales of marketable securities	1,983	140
Purchases of property and equipment	(164)	(44)
Net cash used in investing activities	(7,385)	(1,482)
Financing activities
Proceeds from public offerings of common stock, net of issuance costs	0	1,853
Proceeds from issuance of common stock through equity plans, net	96	136
Changes in financing lease liabilities	(96)	0
Net cash provided by financing activities	0	1,989
Net increase in cash, cash equivalents and restricted cash	2,925	1,270
Cash, cash equivalents and restricted cash, beginning of year	2,636	248
Cash, cash equivalents and restricted cash, end of period	5,561	1,518
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	66	13
Right-of-use assets obtained through finance lease modifications and reassessments	364	46
Right-of-use assets obtained in exchange for financing lease liabilities	$ 126	$ 0

Description of the Business

Description of the Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our, or the Company) was incorporated in Delaware on July 22, 2016. We are the successor in interest to Moderna LLC, a limited liability company formed under the laws of the State of Delaware in 2013. Our principal executive office is located at 200 Technology Square, Cambridge, MA. We are a biotechnology company creating a new generation of transformative medicines based on messenger RNA (mRNA), to improve the lives of patients. mRNA medicines are designed to direct the body’s cells to produce intracellular, membrane, or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology, and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing vaccines and therapeutics for infectious diseases, immuno-oncology, rare diseases, autoimmune and cardiovascular diseases, independently and with our strategic collaborators. On December 18, 2020, we received an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the emergency use of the Moderna COVID-19 Vaccine (also referred to as mRNA-1273 and marketed under the brand name Spikevax) in individuals 18 years of age or older. We have also received authorization for our COVID-19 vaccine from health agencies in more than 60 countries and from the World Health Organization. Additional authorizations are currently under review in other countries. In addition, we have received authorization for our COVID-19 vaccine for use in adolescents in the United Kingdom, European Union, Japan, Canada, Switzerland, Taiwan, Saudi Arabia, Australia, and the Philippines, and have pending applications for authorization to administer the vaccine to adolescents with regulatory agencies in the United States and other countries. The FDA has approved an update to the EUA for the Moderna COVID-19 vaccine to include a third dose at the 100 µg level for immunocompromised individuals 18 years of age or older in the United States, as well as the administration of 50 µg booster doses for individuals age 65 and older, people aged 18 to 64 who are at high risk of severe COVID-19, and people aged 18 to 64 with frequent institutional or occupational exposure to SARS-CoV-2. In October 2021, the U.S. Advisory Committee on Immunization Practices (ACIP) also endorsed recommending the Moderna COVID-19 Vaccine as a booster, regardless of the original vaccine received by an individual in their primary series. The European Medicines Agency (EMA) has also authorized a third dose of the Moderna COVID-19 vaccine given at least 28 days after the second dose to severely immunocompromised individuals 12 years of age or older, as well as the administration of 50 µg booster doses for individuals 18 years of age and older. In August 2021, we completed the rolling submission process with the FDA for a Biologics License Application (BLA) for our COVID-19 vaccine, which is subject to Priority Review. As of September 30, 2021, we had 37 mRNA development programs in our portfolio with 22 having entered the clinic. In the third quarter of 2021, we refined the way we track our development programs and now separately track each indication of our COVID-19 and RSV vaccine candidates, which resulted in an increase in the number of our development programs. We have incurred significant expenses in connection with the discovery, development and commercialization of our products, and we expect to continue to incur significant expenses for the foreseeable future. We anticipate that our expenses will increase significantly in connection with the ongoing development and commercialization of our COVID-19 vaccine and ongoing activities to support our platform research, drug discovery and clinical development, including development of any new generations of boosters and vaccines against variants of SARS-CoV-2 and vaccines against other respiratory diseases, infrastructure and Research Engine and Early Development Engine (which includes our Moderna Technology Center), digital infrastructure, creation of a portfolio of intellectual property, and administrative support. We may finance our future cash needs that exceed our operating costs through a combination of public or private equity offerings, structured financings and debt financings, government funding arrangements, strategic alliances and marketing, manufacturing, distribution and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements on favorable terms, or at all.

Summary of Basis of Presentatio

Summary of Basis of Presentation and Recent Accounting Standards	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Basis of Presentation and Recent Accounting Standards	Summary of Basis of Presentation and Recent Accounting Standards Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the consolidated financial statements in our 2020 Form 10-K. The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2021 are consistent with those described in our 2020 Form 10-K, except for “Derivative financial instruments” disclosed within Note 6. Use of Estimates We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, research and development expenses, stock-based compensation, leases, fair value of financial instruments, derivative financial instruments, inventory, useful lives of property and equipment, income taxes and our valuation allowance on our deferred tax assets. The actual results that we experience may differ materially from our estimates. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains/losses and gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income (loss). The components of accumulated other comprehensive income for the three and nine months ended September 30, 2021 were as follows (in millions): Unrealized Loss on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive income, balance at December 31, 2020 $ 3 $ — $ 3 Other comprehensive loss (2) — (2) Accumulated other comprehensive income, balance at March 31, 2021 1 — 1 Other comprehensive (loss) income (6) 21 15 Accumulated other comprehensive income, balance at June 30, 2021 $ (5) $ 21 $ 16 Other comprehensive (loss) income (4) 19 15 Accumulated other comprehensive income, balance at September 30, 2021 $ (9) $ 40 $ 31 Restricted Cash We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): September 30, 2021 2020 Cash and cash equivalents $ 5,550 $ 1,506 Restricted cash — 1 Restricted cash, non-current 11 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 5,561 $ 1,518 Recently Issued Accounting Standards Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Product Sales

Product Sales	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Product Sales	Product Sales In December 2020, we began selling our COVID-19 vaccine to the U.S. Government and international governments. Under the supply agreements with these governments, we received or billed for upfront deposits for our future vaccine supply, which are initially recorded as deferred revenue. We recognize revenue based on the fixed price per dose when control of the product has transferred and customer acceptance has occurred as applicable, unless such acceptance provisions are deemed perfunctory. Product sales by customer geographic location was as follows (in millions): Three Months Ended Nine Months Ended United States $ 1,197 $ 4,648 Rest of world 3,613 6,092 Total $ 4,810 $ 10,740 There were no product sales for the three and nine months ended September 30, 2020. As of September 30, 2021, our COVID-19 vaccine was our only commercial product authorized for use. In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing vaccines and therapeutics. As of September 30, 2021, the committed funding, net of revenue earned, was $4 million. An additional $43 million of funding will be available if DARPA exercises additional contract options. In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. In July 2020, we amended our agreement with BARDA to provide for an additional commitment of up to $472 million to support late-stage clinical development of mRNA-1273, including the execution of a 30,000 participant Phase 3 study in the U.S. We further amended the agreement in March 2021 to provide for an additional commitment of $63 million to further support late-stage clinical development, including Phase 2/3 mRNA-1273 pediatric studies. In April 2021, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $236 million in connection with costs associated with the Phase 3 clinical trials for mRNA-1273 and pharmacovigilance efforts. In June 2021, the agreement with BARDA was further amended to award additional funding of $144 million to support pediatric clinical trials for mRNA-1273. The maximum award from BARDA, inclusive of the 2020 and 2021 amendments, was approximately $1.4 billion. Under the terms of the agreement, BARDA will fund the advancement of mRNA-1273 to FDA licensure. All contract options have been exercised. As of September 30, 2021, the remaining available funding, net of revenue earned, wa s $441 million. In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. Three of the four contract options have been exercised. As of September 30, 2021, the remaining available funding, net of revenue earned, was $55 million, with an additional $8 million available if the final contract option is exercised. In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of September 30, 2021, the available funding, net of revenue earned, was $7 million, with up to an additional $80 million available if additional follow-on projects are approved. The following table summarizes grant revenue as of and for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 BARDA $ 128 $ 143 $ 454 $ 183 Other grant revenue 12 2 19 4 Total grant revenue $ 140 $ 145 $ 473 $ 187

Grant Revenue

Grant Revenue	9 Months Ended
	Sep. 30, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Grant Revenue	Product Sales In December 2020, we began selling our COVID-19 vaccine to the U.S. Government and international governments. Under the supply agreements with these governments, we received or billed for upfront deposits for our future vaccine supply, which are initially recorded as deferred revenue. We recognize revenue based on the fixed price per dose when control of the product has transferred and customer acceptance has occurred as applicable, unless such acceptance provisions are deemed perfunctory. Product sales by customer geographic location was as follows (in millions): Three Months Ended Nine Months Ended United States $ 1,197 $ 4,648 Rest of world 3,613 6,092 Total $ 4,810 $ 10,740 There were no product sales for the three and nine months ended September 30, 2020. As of September 30, 2021, our COVID-19 vaccine was our only commercial product authorized for use. In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing vaccines and therapeutics. As of September 30, 2021, the committed funding, net of revenue earned, was $4 million. An additional $43 million of funding will be available if DARPA exercises additional contract options. In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. In July 2020, we amended our agreement with BARDA to provide for an additional commitment of up to $472 million to support late-stage clinical development of mRNA-1273, including the execution of a 30,000 participant Phase 3 study in the U.S. We further amended the agreement in March 2021 to provide for an additional commitment of $63 million to further support late-stage clinical development, including Phase 2/3 mRNA-1273 pediatric studies. In April 2021, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $236 million in connection with costs associated with the Phase 3 clinical trials for mRNA-1273 and pharmacovigilance efforts. In June 2021, the agreement with BARDA was further amended to award additional funding of $144 million to support pediatric clinical trials for mRNA-1273. The maximum award from BARDA, inclusive of the 2020 and 2021 amendments, was approximately $1.4 billion. Under the terms of the agreement, BARDA will fund the advancement of mRNA-1273 to FDA licensure. All contract options have been exercised. As of September 30, 2021, the remaining available funding, net of revenue earned, wa s $441 million. In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. Three of the four contract options have been exercised. As of September 30, 2021, the remaining available funding, net of revenue earned, was $55 million, with an additional $8 million available if the final contract option is exercised. In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of September 30, 2021, the available funding, net of revenue earned, was $7 million, with up to an additional $80 million available if additional follow-on projects are approved. The following table summarizes grant revenue as of and for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 BARDA $ 128 $ 143 $ 454 $ 183 Other grant revenue 12 2 19 4 Total grant revenue $ 140 $ 145 $ 473 $ 187

Collaboration Agreements

Collaboration Agreements	9 Months Ended
	Sep. 30, 2021
Research and Development [Abstract]
Collaboration Agreements	Collaboration Agreements We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across therapeutic areas. As of September 30, 2021 and December 31, 2020, we had collaboration agreements with AstraZeneca plc (AstraZeneca), Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), and others. Please refer to our 2020 Form 10-K under the heading “Third-Party Strategic Alliances” and Note 5 to our consolidated financial statements for further description of these collaboration agreements. The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, Collaboration Revenue by Strategic Collaborator: 2021 2020 2021 2020 AstraZeneca $ 3 $ — $ 7 $ 17 Merck 7 6 11 18 Vertex 5 6 23 10 Other 4 — 6 — Total collaboration revenue $ 19 $ 12 $ 47 $ 45 The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Contract Assets: Accounts receivable $ 6 $ 21 $ (21) $ 6 Contract Liabilities: Deferred revenue $ 240 $ 23 $ (45) $ 218

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	Financial Instruments Cash and Cash Equivalents and Investments The following tables summarize our cash and available-for-sale securities by significant investment category at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 5,550 $ — $ — $ 5,550 $ 5,550 $ — $ — Available-for-sale: Certificates of deposit 85 — — 85 — 85 — U.S. treasury bills 95 — — 95 — 95 — U.S. treasury notes 6,557 1 (5) 6,553 — 2,046 4,507 Corporate debt securities 2,956 1 (4) 2,953 — 1,118 1,835 Government debt securities 113 — (1) 112 — 12 100 Total $ 15,356 $ 2 $ (10) $ 15,348 $ 5,550 $ 3,356 $ 6,442 December 31, 2020 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,624 $ — $ — $ 2,624 $ 2,624 $ — $ — Available-for-sale: Certificates of deposit 239 — — 239 — 215 24 U.S. treasury bills 492 — — 492 — 492 — U.S. treasury notes 87 — — 87 — 38 49 Corporate debt securities 1,788 4 — 1,792 — 1,239 553 Government debt securities 13 — — 13 — — 13 Total $ 5,243 $ 4 $ — $ 5,247 $ 2,624 $ 1,984 $ 639 The amortized cost and estimated fair value of marketable securities by contractual maturity at September 30, 2021 and December 31, 2020 were as follows (in millions): September 30, 2021 Amortized Estimated Due in one year or less $ 3,356 $ 3,356 Due after one year through five years 6,450 6,442 Total $ 9,806 $ 9,798 December 31, 2020 Amortized Estimated Due in one year or less $ 1,981 $ 1,984 Due after one year through five years 638 639 Total $ 2,619 $ 2,623 In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three and nine months ended September 30, 2021 and 2020. We did not recognize any credit-related allowance to available-for-sale securities as of September 30, 2021 and December 31, 2020. As of September 30, 2021 and December 31, 2020, we did not have material gross unrealized losses. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in millions): Fair value at September 30, 2021 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 4,606 $ 4,606 $ — Certificates of deposit 85 — 85 U.S. treasury bills 95 — 95 U.S. treasury notes 6,553 — 6,553 Corporate debt securities 2,953 — 2,953 Government debt securities 112 — 112 Derivative instruments (Note 7) 51 — 51 Total $ 14,455 $ 4,606 $ 9,849 Liabilities: Derivative instruments (Note 7) $ 1 $ — $ 1 Fair value at December 31, 2020 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 660 $ 660 $ — Certificates of deposit 239 — 239 U.S. treasury bills 492 — 492 U.S. treasury notes 87 — 87 Corporate debt securities 1,792 — 1,792 Government debt securities 13 — 13 Total $ 3,283 $ 660 $ 2,623

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We transact business in various foreign currencies and have international sales and expenses denominated in foreign currencies. Therefore, we are exposed to certain risks arising from both our business operations and economic conditions. Our risk management strategy includes the use of derivative financial instruments to hedge: (1) forecasted product sales that are denominated in foreign currencies and (2) foreign currency exchange rate fluctuations on monetary assets or liabilities denominated in foreign currencies. We do not enter into derivative financial contracts for speculative or trading purposes. We do not believe that we are exposed to more than a nominal amount of credit risk in our foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. We classify cash flows from our derivative transactions as cash flows from operating activities in our condensed consolidated statements of cash flows. Cash Flow Hedges We mitigate the foreign exchange risk arising from the fluctuations in foreign currency denominated product sales in Euro through a foreign currency cash flow hedging program, using forward contracts and foreign currency options that do not exceed 15 months in duration. We hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets or other current liabilities, respectively, in our condensed consolidated balance sheets . The gains or losses resulting from changes in the fair value of these hedges are initially recorded as a component of accumulated other comprehensive income (AOCI) in stockholders’ equity and subsequently reclassified to product sales in the period during which the hedged transaction affects earnings. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to other expense, net, in our condensed consolidated statements of operations . We evaluate hedge effectiveness at the inception of the hedge prospectively, and on an on-going basis both retrospectively and prospectively. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded as a component of other expense, net, in our condensed consolidated statements of operations . As of September 30, 2021, we had net deferred gains of $48 million on our foreign currency forward contracts included in AOCI that are expected to be recognized into product sales within the next 12 months. Balance Sheet Hedges We enter into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily accounts receivable in Euro and lease liabilities in Swiss Franc, that are not designated for hedge accounting treatment. Therefore, these forward contracts are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or other current liabilities in our condensed consolidated balance sheets, and gains and losses resulting from changes in the fair value are recorded as a component of other expense, net, in our condensed consolidated statements of operations. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign currency denominated assets and liabilities, which are also recorded to other expense, net, in our condensed consolidated statements of operations. Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions): September 30, 2021 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 1,436 $ 48 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts 556 3 1 Total derivatives $ 1,992 $ 51 $ 1 December 31, 2020 Notional Amount Fair Value Asset (1) Liability (2) Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 368 $ — $ — Total derivatives $ 368 $ — $ — _________ (1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets. (2) As presented in the condensed consolidated balance sheets within other current liabilities. Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2021 were as follows (in millions): Three Months Ended Nine Months Ended Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ 30 $ 51 The effect of our foreign currency derivatives in our condensed consolidated statements of operations for the three and nine months ended September 30, 2021 was as follows (in millions): Statement of Operations Classification Three Months Ended Nine Months Ended Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain reclassified from AOCI into income Product sales $ (11) $ (11) Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain (loss) Other expense, net $ 3 $ (16) There were no hedging activities for the three and nine months ended September 30, 2020.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Raw materials $ 605 $ 37 Work in progress 233 9 Finished goods 127 1 Total inventory $ 965 $ 47

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Laboratory equipment $ 152 $ 121 Leasehold improvements 231 180 Furniture, fixtures and other 8 5 Computer equipment and software 15 13 Internally developed software 9 7 Right-of-use asset, financing (Note 11) 546 56 Construction in progress 158 35 Total 1,119 417 Less: Accumulated depreciation (274) (120) Property and equipment, net $ 845 $ 297

Other Balance Sheet Components

Other Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Components	Other Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Down payments to manufacturing vendors $ 156 $ 217 Other prepaid expenses 105 7 Value added tax receivable 57 7 Derivative assets 51 — Other current assets 43 21 Prepaid expenses and other current assets $ 412 $ 252 Accrued Liabilities Accrued liabilities, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Clinical trials $ 166 $ 98 Raw materials 141 78 Royalties 168 — Development operations 125 29 Manufacturing 196 53 Other external goods and services 87 92 Compensation-related 105 95 Other 88 25 Accrued liabilities $ 1,076 $ 470 Other Current Liabilities Other current liabilities, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Lease liabilities - financing (Note 11) $ 218 $ 24 Lease liabilities - operating (Note 11) 22 6 Other 12 4 Other current liabilities $ 252 $ 34 Deferred Revenue The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Product sales $ 3,799 $ 9,615 $ (5,163) $ 8,251 Grant revenue 5 20 (19) 6 Collaboration revenue 240 23 (45) 218 Total deferred revenue $ 4,044 $ 9,658 $ (5,227) $ 8,475

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases We have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2035. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. We have two campuses in Massachusetts, our Cambridge facility and our Moderna Technology Center, located in Norwood. We also lease other office spaces globally for our business operations. Operating Leases Cambridge facility We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge facility leases have expiry ranges from 2022 to 2029. Finance Leases Moderna Technology Center We have an industrial technology center in Norwood, Massachusetts, our Moderna Technology Center (MTC), which comprises three buildings, MTC South, MTC North, and MTC East. In August 2016, we entered into a lease agreement for approximately 200,000 square feet of office, laboratory, and light manufacturing space (MTC South). The lease will expire in September 2032. We have the option to extend the term for two extension periods of ten years each at market-based rents. In February 2019, we entered into a lease agreement for office and laboratory space of approximately 200,000 square feet (MTC North). The lease commenced in the second quarter of 2019 and had an initial expiration date of 2031. We have the option to extend the lease for up to four additional five-year terms. In May 2020, we entered into an amendment to the lease whereby we exercised an option available in the original lease to receive a tenant improvement allowance in the amount of $22 million to be paid back over the term of the lease with interest and extend the term of the lease to 2035. In April 2021, we entered into a lease agreement for a 240,000 square foot building located on the same campus for expansion of our commercial and clinical activities (MTC East). The lease will expire in February 2034. We have the option to extend the term for two extension periods of five years each at market-based rents. Embedded Leases We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. As of September 30, 2021 and December 31, 2020, we had lease liabilities of $218 million and $24 million, respectively, related to the embedded leases. As of September 30, 2021 and December 31, 2020, we had right-of-use assets of $238 million and zero, as certain embedded leases dedicated to our COVID-19 vaccine program were deemed to have no alternative use prior to the EUA from the FDA in December 2020. Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 were as follows (in millions): September 30, December 31, 2021 2020 Assets: Right-of-use assets, operating, net (1) (2) $ 115 $ 90 Right-of-use assets, financing, net (3) (4) 416 55 Total $ 531 $ 145 Liabilities: Current: Operating lease liabilities (5) $ 22 $ 6 Financing lease liabilities (5) 218 24 Total current lease liabilities 240 30 Non-current: Operating lease liabilities, non-current 105 97 Financing lease liabilities, non-current 238 110 Total non-current lease liabilities $ 343 $ 207 Total $ 583 $ 237 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated depreciation. (3) These assets are real estate assets related to the MTC South, MTC North, and MTC East leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets. Future minimum lease payments under our non-cancelable lease agreements at September 30, 2021, are as follows (in millions): Fiscal Year Operating Leases (1) Financing Leases (1) 2021 (remainder of the year) $ 7 $ 66 2022 31 173 2023 25 19 2024 16 19 2025 17 19 Thereafter 94 600 Total minimum lease payments 190 896 Less amounts representing interest or imputed interest (63) (440) (2) Present value of lease liabilities $ 127 $ 456 ______ (1) Includes optional extensions in the MTC South, MTC North, and MTC East lease terms, which represent a total of $445 million undiscounted future lease payments.
Leases	Leases We have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2035. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. We have two campuses in Massachusetts, our Cambridge facility and our Moderna Technology Center, located in Norwood. We also lease other office spaces globally for our business operations. Operating Leases Cambridge facility We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge facility leases have expiry ranges from 2022 to 2029. Finance Leases Moderna Technology Center We have an industrial technology center in Norwood, Massachusetts, our Moderna Technology Center (MTC), which comprises three buildings, MTC South, MTC North, and MTC East. In August 2016, we entered into a lease agreement for approximately 200,000 square feet of office, laboratory, and light manufacturing space (MTC South). The lease will expire in September 2032. We have the option to extend the term for two extension periods of ten years each at market-based rents. In February 2019, we entered into a lease agreement for office and laboratory space of approximately 200,000 square feet (MTC North). The lease commenced in the second quarter of 2019 and had an initial expiration date of 2031. We have the option to extend the lease for up to four additional five-year terms. In May 2020, we entered into an amendment to the lease whereby we exercised an option available in the original lease to receive a tenant improvement allowance in the amount of $22 million to be paid back over the term of the lease with interest and extend the term of the lease to 2035. In April 2021, we entered into a lease agreement for a 240,000 square foot building located on the same campus for expansion of our commercial and clinical activities (MTC East). The lease will expire in February 2034. We have the option to extend the term for two extension periods of five years each at market-based rents. Embedded Leases We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. As of September 30, 2021 and December 31, 2020, we had lease liabilities of $218 million and $24 million, respectively, related to the embedded leases. As of September 30, 2021 and December 31, 2020, we had right-of-use assets of $238 million and zero, as certain embedded leases dedicated to our COVID-19 vaccine program were deemed to have no alternative use prior to the EUA from the FDA in December 2020. Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 were as follows (in millions): September 30, December 31, 2021 2020 Assets: Right-of-use assets, operating, net (1) (2) $ 115 $ 90 Right-of-use assets, financing, net (3) (4) 416 55 Total $ 531 $ 145 Liabilities: Current: Operating lease liabilities (5) $ 22 $ 6 Financing lease liabilities (5) 218 24 Total current lease liabilities 240 30 Non-current: Operating lease liabilities, non-current 105 97 Financing lease liabilities, non-current 238 110 Total non-current lease liabilities $ 343 $ 207 Total $ 583 $ 237 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated depreciation. (3) These assets are real estate assets related to the MTC South, MTC North, and MTC East leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets. Future minimum lease payments under our non-cancelable lease agreements at September 30, 2021, are as follows (in millions): Fiscal Year Operating Leases (1) Financing Leases (1) 2021 (remainder of the year) $ 7 $ 66 2022 31 173 2023 25 19 2024 16 19 2025 17 19 Thereafter 94 600 Total minimum lease payments 190 896 Less amounts representing interest or imputed interest (63) (440) (2) Present value of lease liabilities $ 127 $ 456 ______ (1) Includes optional extensions in the MTC South, MTC North, and MTC East lease terms, which represent a total of $445 million undiscounted future lease payments.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Strategic Collaborations Under our strategic collaboration agreements, we are committed to perform certain research, development, and manufacturing activities. As part of our personalized cancer vaccine (PCV) Agreement and PCV/SAV Agreement (which also relates to shared neoantigen mRNA cancer vaccine) with Merck, we are committed to perform certain research, development and manufacturing activities related to PCV products through an initial Phase 2 clinical trial up to a budgeted amount of $243 million for both periods as of September 30, 2021 and December 31, 2020. Please refer to Note 5 for our consolidated financial statements in our 2020 Form 10-K. Legal Proceedings We are not currently a party to any material legal proceedings. Indemnification Obligations As permitted under Delaware law, we indemnify our officers, directors, and employees for certain events, occurrences while the officer, or director is, or was, serving at our request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. We have standard indemnification arrangements in our leases for laboratory and office space that require us to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or non-performance under our leases. We enter into indemnification provisions under our agreements with counterparties in the ordinary course of business, typically with business partners, contractors, clinical sites and customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. Through the three and nine months ended September 30, 2021 and the year ended December 31, 2020, we had not experienced any losses related to these indemnification obligations, and no material claims were outstanding. We do not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. Purchase Commitments and Purchase Orders We enter into agreements in the normal course of business with vendors and contract manufacturing organizations (CMOs) for raw materials and manufacturing services and with vendors for preclinical research studies, clinical trials and other goods or services. As of September 30, 2021, we h ad $2.3 billion of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2024. As of September 30, 2021, we had $69 million o f non-c ancelable purchase commitments related to clinical services and other goods and services which are expected to be paid through 2026. These amounts represent our minimum contractual obligations, including termination fees. In addition to purchase commitments, we have agreements with third parties for various services, including services related to clinical operations and support and contract manufacturing, for which we are not contractually able to terminate for convenience and avoid any and all future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, we are contractually obligated to make certain payments to vendors, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. At September 30, 2021 and December 31, 2020, we had cancelable open purchase orders of $1.3 billion and $897 million, respectively, in total under such agreements for our significant clinical operations and support and contract manufacturing. These amounts represent only our estimate of those items for which we had a contractual commitment to pay at September 30, 2021 and December 31, 2020, assuming we would not cancel these agreements. The actual amounts we pay in the future to the vendors under such agreements may differ from the purchase order amounts. On June 26, 2017, we entered into sublicense agreements with Cellscript, LLC and its affiliate, mRNA RiboTherapeutics, Inc. to sublicense certain patent rights. Pursuant to each agreement, we are required to pay certain license fees, annual maintenance fees, minimum royalties on future net sales and milestone payments contingent on achievement of certain development, regulatory and commercial milestones for specified products, on a product-by-product basis. Commercial milestone payments, up to $24 million, and royalties based on annual net sales of licensed products for therapeutic and prophylactic products are accounted for as additional expense of the related product sales in the period in which the corresponding sales occur. For the three and nine months ended September 30, 2021, we recognized $168 million and $400 million, respectively, of royalty expenses associated with our product sales, which was recorded to cost of sales in our condensed consolidated statements of operations. We did not recognize any such royalties for the three and nine months ended September 30, 2020 as we did not have product sales during the period. Additionally, we have other in-license agreements with third parties which require us to make future development, regulatory and commercial milestone payments for specified products associated with the agreements. The achievement of these milestones was not deemed probable as of September 30, 2021. Moderna Science Center In September 2021, we announced an investment in our Moderna Science Center (MSC), in Cambridge, Massachusetts. MSC will integrate scientific and non-scientific spaces, including our principal executive offices, and is being built to support our growth as we continue to advance our pipeline of mRNA medicines. In relation to the investment, we entered into a lease agreement for approximately 462,000 square feet and will undergo an approximately two-year building project. Following the building project, the lease term is 15 years, subject to our right to extend the lease for up to two additional seven-year terms. Pursuant to this lease agreement, we are committed to approximately $1.1 billion non-cancellable rent payments for the initial lease term. Construction at the location has begun, and we expect to begin a phased move-in process in 2023.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of September 30, 2021, we had a total of 58 million shares reserved for future issuance under our Equity Plans, of which 31 million shares were reserved for equity awards previously granted, and 27 million shares were available for future grants under the 2018 Equity Pla n. Options The following table summarizes our option activity during the nine months ended September 30, 2021: Number of Options (in millions) Weighted- Weighted- Weighted- Aggregate Intrinsic Value (1) (in millions) Outstanding at December 31, 2020 34.06 $ 17.14 $ 9.12 6.7 years $ 2,976 Granted 1.28 195.93 86.02 Exercised (5.69) 15.77 8.89 Canceled/forfeited (0.86) 26.97 14.51 Outstanding at September 30, 2021 28.79 25.09 12.43 6.1 years 10,362 Exercisable at September 30, 2021 16.84 12.68 6.56 5.0 years 6,266 Expected to vest at September 30, 2021 11.95 42.56 20.71 7.6 years 4,096 _______ (1) Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those options in the money as of September 30, 2021. The total intrinsic value of options exercised was $1.2 billion for the nine months ended September 30, 2021. The aggregate intrinsic value represents the difference between the exercise price and the selling price received by option holders upon the exercise of stock options during the period. The total consideration recorded as a result of stock option exercises was approximately $91 million for the nine months ended September 30, 2021. Restricted Common Stock Units (RSUs) and Performance Stock Units (PSUs) The following table summarizes our RSU and PSU activity during the nine months ended September 30, 2021: Units Weighted-Average Fair Value per Unit Outstanding, non-vested at December 31, 2020 2.19 $ 30.85 Issued 0.63 198.19 Vested (0.48) 27.41 Canceled/forfeited (0.10) 43.72 Outstanding, non-vested at September 30, 2021 2.24 78.43 The total fair value of restricted stock units vested during the nine months ended September 30, 2021 was $13 million. The total intrinsic value of restricted stock units vested during the nine months ended September 30, 2021 was $108 million. During the first quarter of 2021, we granted PSUs to certain senior executives with vesting that is contingent upon the achievement of specified preestablished goals over the performance period, generally three years. The actual number of common shares ultimately issued is calculated by multiplying the number of PSUs by a payout percentage ranging from 0% to 200%. The estimated fair value of PSUs is based on the grant date fair value. 2018 Employee Stock Purchase Plan (ESPP) We sold an immaterial number of shares under the ESPP during the nine months ended September 30, 2021. As of September 30, 2021, 4 million shares were available for future issuance under the ESPP. The following table presents the components and classification of stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options $ 27 $ 18 $ 73 $ 57 RSUs and PSUs 12 3 29 8 ESPP 1 1 3 2 Total $ 40 $ 22 $ 105 $ 67 Cost of sales $ 1 $ — $ 13 $ — Research and development 25 13 54 40 Selling, general and administrative 14 9 38 27 Total $ 40 $ 22 $ 105 $ 67 As of September 30, 2021, there was $348 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 3.0 years at September 30, 2021. Share Repurchase Program On August 2, 2021, our Board of Directors authorized a Share Repurchase Program of our common stock, which expires on August 2, 2023. Pursuant to the Share Repurchase Program, we may repurchase up to $1.0 billion of our outstanding common stock. The timing and actual number of shares repurchased depend on a variety of factors, including price, general business and market conditions, and other investment opportunities, and shares may be repurchased through open market purchases through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state and foreign income taxes. For the three and nine months ended September 30, 2021, we recorded provisions for income taxes of $219 million and $541 million, respectively, compared to $1 million in each of the same periods in 2020. Our effective tax rate for the three and nine months ended September 30, 2021 was 6% and 7%, respectively, and was lower than the U.S. statutory rate primarily due to the benefit related to the release of the valuation allowance on the majority of our tax attributes and other deferred tax assets, the benefit of the foreign derived intangible income deduction, as well as a discrete item for excess tax benefits related to stock-based compensation. Our effective tax rate for the three and nine months ended September 30, 2020 was lower than the U.S. statutory rate primarily due to the valuation allowance. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to be in effect for the years in which differences are expected to reverse. On a periodic basis, we reassess any valuation allowances that we maintain on our deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. In the first quarter of 2021, we reassessed the valuation allowance noting the increase in positive evidence, including significant revenue growth, expectations regarding future profitability, and successful supply chain and manufacturing capabilities to meet global product demand. After assessing both the positive evidence and negative evidence, we determined it was more likely than not that we will realize the majority of our deferred tax assets. Therefore, we determined we should reverse the majority of our valuation allowance through the annual effective tax rate (AETR) with respect to amounts we expect to realize through current year income. In addition, for the nine months ended September 30, 2021, we have recorded a discrete benefit of $49 million related to the release of the valuation allowance on deferred tax assets that we expect to utilize in future years. We maintain a valuation allowance on certain state tax attributes that we expect will expire prior to the utilization. We file U.S. federal income tax returns and income tax returns in various state, local and foreign jurisdictions. We are not currently subject to any tax assessment from an income tax examination in the United States or any other major taxing jurisdiction since inception.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share The computation of basic earnings (loss) per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and potential dilutive common shares outstanding during the period as determined by using the treasury stock method. Basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020 were calculated as follows (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 3,333 $ (233) $ 7,334 $ (474) Denominator: Basic weighted-average common shares outstanding 404 395 402 376 Effect of dilutive securities 30 — 29 — Diluted weighted-average common shares outstanding 434 395 431 376 Basic EPS $ 8.27 $ (0.59) $ 18.25 $ (1.26) Diluted EPS $ 7.70 $ (0.59) $ 17.00 $ (1.26) The following common stock equivalents, presented based on amounts outstanding as of September 30, 2020 were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because their inclusion would have been anti-dilutive (in millions): September 30, 2020 Stock options 37 Restricted common stock units 2 Total 39

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to September 30, 2021, we have entered into additional commitments and supply agreements with customers to provide up to 58 million doses of our COVID-19 vaccine and our updated variant booster vaccine candidate based on the initial confirmed volume, subject to modifications.

Summary of Basis of Presentat_2

Summary of Basis of Presentation and Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the consolidated financial statements in our 2020 Form 10-K.
Principles of Consolidation	The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, research and development expenses, stock-based compensation, leases, fair value of financial instruments, derivative financial instruments, inventory, useful lives of property and equipment, income taxes and our valuation allowance on our deferred tax assets. The actual results that we experience may differ materially from our estimates.
Comprehensive Income (Loss)	Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains/losses and gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income (loss).
Restricted cash	We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Summary of Basis of Presentat_3

Summary of Basis of Presentation and Recent Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income for the three and nine months ended September 30, 2021 were as follows (in millions): Unrealized Loss on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive income, balance at December 31, 2020 $ 3 $ — $ 3 Other comprehensive loss (2) — (2) Accumulated other comprehensive income, balance at March 31, 2021 1 — 1 Other comprehensive (loss) income (6) 21 15 Accumulated other comprehensive income, balance at June 30, 2021 $ (5) $ 21 $ 16 Other comprehensive (loss) income (4) 19 15 Accumulated other comprehensive income, balance at September 30, 2021 $ (9) $ 40 $ 31
Schedule of Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): September 30, 2021 2020 Cash and cash equivalents $ 5,550 $ 1,506 Restricted cash — 1 Restricted cash, non-current 11 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 5,561 $ 1,518
Schedule of Reconciliation of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): September 30, 2021 2020 Cash and cash equivalents $ 5,550 $ 1,506 Restricted cash — 1 Restricted cash, non-current 11 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 5,561 $ 1,518

Product Sales (Tables)

Product Sales (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	Product sales by customer geographic location was as follows (in millions): Three Months Ended Nine Months Ended United States $ 1,197 $ 4,648 Rest of world 3,613 6,092 Total $ 4,810 $ 10,740

Grant Revenue (Tables)

Grant Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes grant revenue as of and for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 BARDA $ 128 $ 143 $ 454 $ 183 Other grant revenue 12 2 19 4 Total grant revenue $ 140 $ 145 $ 473 $ 187 The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, Collaboration Revenue by Strategic Collaborator: 2021 2020 2021 2020 AstraZeneca $ 3 $ — $ 7 $ 17 Merck 7 6 11 18 Vertex 5 6 23 10 Other 4 — 6 — Total collaboration revenue $ 19 $ 12 $ 47 $ 45

Collaboration Revenue (Tables)

Collaboration Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Research and Development [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes grant revenue as of and for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 BARDA $ 128 $ 143 $ 454 $ 183 Other grant revenue 12 2 19 4 Total grant revenue $ 140 $ 145 $ 473 $ 187 The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended September 30, Nine Months Ended September 30, Collaboration Revenue by Strategic Collaborator: 2021 2020 2021 2020 AstraZeneca $ 3 $ — $ 7 $ 17 Merck 7 6 11 18 Vertex 5 6 23 10 Other 4 — 6 — Total collaboration revenue $ 19 $ 12 $ 47 $ 45
Schedule of Changes in Balances of Receivables and Contract Liabilities	The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Contract Assets: Accounts receivable $ 6 $ 21 $ (21) $ 6 Contract Liabilities: Deferred revenue $ 240 $ 23 $ (45) $ 218 The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Product sales $ 3,799 $ 9,615 $ (5,163) $ 8,251 Grant revenue 5 20 (19) 6 Collaboration revenue 240 23 (45) 218 Total deferred revenue $ 4,044 $ 9,658 $ (5,227) $ 8,475

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash and Available-for-Sale Securities by Significant Investment Category	The following tables summarize our cash and available-for-sale securities by significant investment category at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 5,550 $ — $ — $ 5,550 $ 5,550 $ — $ — Available-for-sale: Certificates of deposit 85 — — 85 — 85 — U.S. treasury bills 95 — — 95 — 95 — U.S. treasury notes 6,557 1 (5) 6,553 — 2,046 4,507 Corporate debt securities 2,956 1 (4) 2,953 — 1,118 1,835 Government debt securities 113 — (1) 112 — 12 100 Total $ 15,356 $ 2 $ (10) $ 15,348 $ 5,550 $ 3,356 $ 6,442 December 31, 2020 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,624 $ — $ — $ 2,624 $ 2,624 $ — $ — Available-for-sale: Certificates of deposit 239 — — 239 — 215 24 U.S. treasury bills 492 — — 492 — 492 — U.S. treasury notes 87 — — 87 — 38 49 Corporate debt securities 1,788 4 — 1,792 — 1,239 553 Government debt securities 13 — — 13 — — 13 Total $ 5,243 $ 4 $ — $ 5,247 $ 2,624 $ 1,984 $ 639
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity	The amortized cost and estimated fair value of marketable securities by contractual maturity at September 30, 2021 and December 31, 2020 were as follows (in millions): September 30, 2021 Amortized Estimated Due in one year or less $ 3,356 $ 3,356 Due after one year through five years 6,450 6,442 Total $ 9,806 $ 9,798 December 31, 2020 Amortized Estimated Due in one year or less $ 1,981 $ 1,984 Due after one year through five years 638 639 Total $ 2,619 $ 2,623
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in millions): Fair value at September 30, 2021 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 4,606 $ 4,606 $ — Certificates of deposit 85 — 85 U.S. treasury bills 95 — 95 U.S. treasury notes 6,553 — 6,553 Corporate debt securities 2,953 — 2,953 Government debt securities 112 — 112 Derivative instruments (Note 7) 51 — 51 Total $ 14,455 $ 4,606 $ 9,849 Liabilities: Derivative instruments (Note 7) $ 1 $ — $ 1 Fair value at December 31, 2020 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 660 $ 660 $ — Certificates of deposit 239 — 239 U.S. treasury bills 492 — 492 U.S. treasury notes 87 — 87 Corporate debt securities 1,792 — 1,792 Government debt securities 13 — 13 Total $ 3,283 $ 660 $ 2,623

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Foreign Currency Derivatives	Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions): September 30, 2021 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 1,436 $ 48 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts 556 3 1 Total derivatives $ 1,992 $ 51 $ 1 December 31, 2020 Notional Amount Fair Value Asset (1) Liability (2) Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 368 $ — $ — Total derivatives $ 368 $ — $ — _________ (1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets. (2) As presented in the condensed consolidated balance sheets within other current liabilities. Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2021 were as follows (in millions): Three Months Ended Nine Months Ended Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ 30 $ 51 The effect of our foreign currency derivatives in our condensed consolidated statements of operations for the three and nine months ended September 30, 2021 was as follows (in millions): Statement of Operations Classification Three Months Ended Nine Months Ended Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain reclassified from AOCI into income Product sales $ (11) $ (11) Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain (loss) Other expense, net $ 3 $ (16)

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Raw materials $ 605 $ 37 Work in progress 233 9 Finished goods 127 1 Total inventory $ 965 $ 47

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Laboratory equipment $ 152 $ 121 Leasehold improvements 231 180 Furniture, fixtures and other 8 5 Computer equipment and software 15 13 Internally developed software 9 7 Right-of-use asset, financing (Note 11) 546 56 Construction in progress 158 35 Total 1,119 417 Less: Accumulated depreciation (274) (120) Property and equipment, net $ 845 $ 297

Other Balance Sheet Components

Other Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Down payments to manufacturing vendors $ 156 $ 217 Other prepaid expenses 105 7 Value added tax receivable 57 7 Derivative assets 51 — Other current assets 43 21 Prepaid expenses and other current assets $ 412 $ 252
Schedule of Accrued Liabilities	Accrued liabilities, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Clinical trials $ 166 $ 98 Raw materials 141 78 Royalties 168 — Development operations 125 29 Manufacturing 196 53 Other external goods and services 87 92 Compensation-related 105 95 Other 88 25 Accrued liabilities $ 1,076 $ 470
Schedule of Other Current Liabilities	Other current liabilities, as of September 30, 2021 and December 31, 2020 consists of the following (in millions): September 30, December 31, 2021 2020 Lease liabilities - financing (Note 11) $ 218 $ 24 Lease liabilities - operating (Note 11) 22 6 Other 12 4 Other current liabilities $ 252 $ 34
Schedule of Deferred Revenue	The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Contract Assets: Accounts receivable $ 6 $ 21 $ (21) $ 6 Contract Liabilities: Deferred revenue $ 240 $ 23 $ (45) $ 218 The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2021 (in millions): December 31, 2020 Additions Deductions September 30, 2021 Product sales $ 3,799 $ 9,615 $ (5,163) $ 8,251 Grant revenue 5 20 (19) 6 Collaboration revenue 240 23 (45) 218 Total deferred revenue $ 4,044 $ 9,658 $ (5,227) $ 8,475

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Assets And Liabilities, Lessee	Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 were as follows (in millions): September 30, December 31, 2021 2020 Assets: Right-of-use assets, operating, net (1) (2) $ 115 $ 90 Right-of-use assets, financing, net (3) (4) 416 55 Total $ 531 $ 145 Liabilities: Current: Operating lease liabilities (5) $ 22 $ 6 Financing lease liabilities (5) 218 24 Total current lease liabilities 240 30 Non-current: Operating lease liabilities, non-current 105 97 Financing lease liabilities, non-current 238 110 Total non-current lease liabilities $ 343 $ 207 Total $ 583 $ 237 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated depreciation. (3) These assets are real estate assets related to the MTC South, MTC North, and MTC East leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets.
Schedule of Finance Lease Maturity	Future minimum lease payments under our non-cancelable lease agreements at September 30, 2021, are as follows (in millions): Fiscal Year Operating Leases (1) Financing Leases (1) 2021 (remainder of the year) $ 7 $ 66 2022 31 173 2023 25 19 2024 16 19 2025 17 19 Thereafter 94 600 Total minimum lease payments 190 896 Less amounts representing interest or imputed interest (63) (440) (2) Present value of lease liabilities $ 127 $ 456 ______ (1) Includes optional extensions in the MTC South, MTC North, and MTC East lease terms, which represent a total of $445 million undiscounted future lease payments.
Schedule of Operating Lease Maturity	Future minimum lease payments under our non-cancelable lease agreements at September 30, 2021, are as follows (in millions): Fiscal Year Operating Leases (1) Financing Leases (1) 2021 (remainder of the year) $ 7 $ 66 2022 31 173 2023 25 19 2024 16 19 2025 17 19 Thereafter 94 600 Total minimum lease payments 190 896 Less amounts representing interest or imputed interest (63) (440) (2) Present value of lease liabilities $ 127 $ 456 ______ (1) Includes optional extensions in the MTC South, MTC North, and MTC East lease terms, which represent a total of $445 million undiscounted future lease payments.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Options Activity	The following table summarizes our option activity during the nine months ended September 30, 2021: Number of Options (in millions) Weighted- Weighted- Weighted- Aggregate Intrinsic Value (1) (in millions) Outstanding at December 31, 2020 34.06 $ 17.14 $ 9.12 6.7 years $ 2,976 Granted 1.28 195.93 86.02 Exercised (5.69) 15.77 8.89 Canceled/forfeited (0.86) 26.97 14.51 Outstanding at September 30, 2021 28.79 25.09 12.43 6.1 years 10,362 Exercisable at September 30, 2021 16.84 12.68 6.56 5.0 years 6,266 Expected to vest at September 30, 2021 11.95 42.56 20.71 7.6 years 4,096 _______ (1) Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those options in the money as of September 30, 2021.
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes our RSU and PSU activity during the nine months ended September 30, 2021: Units Weighted-Average Fair Value per Unit Outstanding, non-vested at December 31, 2020 2.19 $ 30.85 Issued 0.63 198.19 Vested (0.48) 27.41 Canceled/forfeited (0.10) 43.72 Outstanding, non-vested at September 30, 2021 2.24 78.43
Schedule of Stock-Based Compensation Expense	The following table presents the components and classification of stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options $ 27 $ 18 $ 73 $ 57 RSUs and PSUs 12 3 29 8 ESPP 1 1 3 2 Total $ 40 $ 22 $ 105 $ 67 Cost of sales $ 1 $ — $ 13 $ — Research and development 25 13 54 40 Selling, general and administrative 14 9 38 27 Total $ 40 $ 22 $ 105 $ 67

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders	Basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020 were calculated as follows (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 3,333 $ (233) $ 7,334 $ (474) Denominator: Basic weighted-average common shares outstanding 404 395 402 376 Effect of dilutive securities 30 — 29 — Diluted weighted-average common shares outstanding 434 395 431 376 Basic EPS $ 8.27 $ (0.59) $ 18.25 $ (1.26) Diluted EPS $ 7.70 $ (0.59) $ 17.00 $ (1.26)
Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share	The following common stock equivalents, presented based on amounts outstanding as of September 30, 2020 were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because their inclusion would have been anti-dilutive (in millions): September 30, 2020 Stock options 37 Restricted common stock units 2 Total 39

Description of the Business - A

Description of the Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021program
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of development programs	37
Number of clinics	22

Summary of Basis of Presentat_4

Summary of Basis of Presentation and Recent Accounting Standards - Components of Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 6,704		$ 2,561	$ 2,947	$ 2,561	$ 1,175
Other comprehensive loss	15	$ 15	(2)	(3)	28	3
Balance at end of period	10,124	6,704		2,760	10,124	2,760
Unrealized Loss on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(5)	1	3		3
Other comprehensive loss	(4)	(6)	(2)
Balance at end of period	(9)	(5)	1		(9)
Net Unrealized Gains on Derivatives Designated As Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	21	0	0		0
Other comprehensive loss	19	21	0
Balance at end of period	40	21	0		40
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	16	1	3	8	3	2
Other comprehensive loss	15			(3)	28	3
Balance at end of period	$ 31	$ 16	$ 1	$ 5	$ 31	$ 5

Summary of Basis of Presentat_5

Summary of Basis of Presentation and Recent Accounting Standards - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,550	$ 2,624	$ 1,506
Restricted cash	0		1
Restricted cash, non-current	11	11	11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 5,561	$ 2,636	$ 1,518	$ 248

Product Sales (Details)

Product Sales (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,969,000,000	$ 157,000,000	$ 11,260,000,000	$ 232,000,000
Deferred revenue	8,475,000,000		8,475,000,000		$ 4,044,000,000
Product sales
Disaggregation of Revenue [Line Items]
Total revenue	4,810,000,000	$ 0	10,740,000,000	$ 0
Deferred revenue	8,251,000,000		8,251,000,000		$ 3,799,000,000
Remaining performance obligations	7,900,000,000		7,900,000,000
United States | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	1,197,000,000		4,648,000,000
Rest of world | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,613,000,000		$ 6,092,000,000

Grant Revenue (Details)

Grant Revenue (Details) $ in Millions	1 Months Ended				3 Months Ended		9 Months Ended		18 Months Ended
	Apr. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Sep. 30, 2016USD ($)option	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)option	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Contract option exercised					$ 8,475		$ 8,475		$ 8,475			$ 4,044
Number of participant | option							30,000
Total grant revenue					4,969	$ 157	$ 11,260	$ 232
Grant revenue
Disaggregation of Revenue [Line Items]
Contract option exercised					6		6		6			$ 5
Total grant revenue					140	145	473	187
DARPA
Disaggregation of Revenue [Line Items]
Award amount		$ 56
DARPA | Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding					4		4		4
Available funding					43		43		43
BARDA
Disaggregation of Revenue [Line Items]
Award amount			$ 483	$ 126			117		1,400
Amount committed for funding					441		441		441
Additional commitment										$ 144	$ 63		$ 472
Potential reimbursements	$ 236
Number of contract options | option				3
Number of contract options exercised | option				4
BARDA | Grant revenue
Disaggregation of Revenue [Line Items]
Total grant revenue					128	143	454	183
BARDA | Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding					55		55		55
Available funding					8		8		8
The Bill & Melinda Gates Foundation | Initial project
Disaggregation of Revenue [Line Items]
Contract option exercised					80		80		80
Available funding					7		7		$ 7
Other grant revenue | Grant revenue
Disaggregation of Revenue [Line Items]
Total grant revenue					$ 12	$ 2	$ 19	$ 4

Collaboration Revenue - Summary

Collaboration Revenue - Summary of Total Consolidated Net Revenues from Strategic Collaborators (Details) - Collaboration Revenue by Strategic Collaborator: - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 19	$ 12	$ 47	$ 45
AstraZeneca
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	3	0	7	17
Merck
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	7	6	11	18
Vertex
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	5	6	23	10
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 4	$ 0	$ 6	$ 0

Collaboration Revenue - Changes

Collaboration Revenue - Changes in Balances of Receivables and Contract Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Contract Liabilities:
Beginning balance	$ 4,044
Additions	9,658
Deductions	(5,227)
Ending balance	8,475
Collaboration Revenue by Strategic Collaborator:
Contract Assets:
Beginning balance	6
Additions	21
Deductions	(21)
Ending balance	6
Contract Liabilities:
Beginning balance	240
Additions	23
Deductions	(45)
Ending balance	218
Remaining performance obligations	$ 310

Financial Instruments - Summary

Financial Instruments - Summary of Cash and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 9,806	$ 2,619
Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,356	5,243
Unrealized Gains	2	4
Unrealized Losses	(10)	0
Estimated Fair Value	15,348	5,247
Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,550	2,624
Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,356	1,984
Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,442	639
Cash and cash equivalents | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,550	2,624
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	5,550	2,624
Cash and cash equivalents | Cash and cash equivalents | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,550	2,624
Cash and cash equivalents | Current Marketable Securities | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Cash and cash equivalents | Non- Current Marketable Securities | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	85	239
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	85	239
Certificates of deposit | Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit | Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	85	215
Certificates of deposit | Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	24
U.S. treasury bills | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	95	492
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	95	492
U.S. treasury bills | Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury bills | Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	95	492
U.S. treasury bills | Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,557	87
Unrealized Gains	1	0
Unrealized Losses	(5)	0
Estimated Fair Value	6,553	87
U.S. treasury notes | Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes | Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,046	38
U.S. treasury notes | Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,507	49
Corporate debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,956	1,788
Unrealized Gains	1	4
Unrealized Losses	(4)	0
Estimated Fair Value	2,953	1,792
Corporate debt securities | Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Corporate debt securities | Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,118	1,239
Corporate debt securities | Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,835	553
Government debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	113	13
Unrealized Gains	0	0
Unrealized Losses	(1)	0
Estimated Fair Value	112	13
Government debt securities | Cash and cash equivalents | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Government debt securities | Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	12	0
Government debt securities | Non- Current Marketable Securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 100	$ 13

Financial Instruments - Amortiz

Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 3,356	$ 1,981
Due after one year through five years	6,450	638
Amortized Cost	9,806	2,619
Estimated Fair Value
Due in one year or less	3,356	1,984
Due after one year through five years	6,442	639
Total	$ 9,798	$ 2,623

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Credit losses related allowance	$ 0		$ 0		$ 0

Financial Instruments - Financi

Financial Instruments - Financial Assets Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Derivative Instruments	$ 51
Derivative Instruments	1
Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	15,348	$ 5,247
Certificates of deposit | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	85	239
U.S. treasury bills | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	95	492
U.S. treasury notes | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,553	87
Corporate debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,953	1,792
Government debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	112	13
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Derivative Instruments	51
Assets, fair value disclosure	14,455	3,283
Derivative Instruments	1
Fair Value, Recurring | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Derivative Instruments	0
Assets, fair value disclosure	4,606	660
Derivative Instruments	0
Fair Value, Recurring | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Derivative Instruments	51
Assets, fair value disclosure	9,849	2,623
Derivative Instruments	1
Fair Value, Recurring | Money market funds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,606	660
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,606	660
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	85	239
Fair Value, Recurring | Certificates of deposit | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Certificates of deposit | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	85	239
Fair Value, Recurring | U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	95	492
Fair Value, Recurring | U.S. treasury bills | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | U.S. treasury bills | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	95	492
Fair Value, Recurring | U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,553	87
Fair Value, Recurring | U.S. treasury notes | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | U.S. treasury notes | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,553	87
Fair Value, Recurring | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,953	1,792
Fair Value, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,953	1,792
Fair Value, Recurring | Government debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	112	13
Fair Value, Recurring | Government debt securities | Fair Value, Inputs, Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Government debt securities | Fair Value, Inputs, Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 112	$ 13

Derivative Financial Instrume_3

Derivative Financial Instruments - Cash Flow Hedges (Details) $ in Millions	Sep. 30, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency hedges expected to be recognized within the next 12 months	$ 48

Derivative Financial Instrume_4

Derivative Financial Instruments - Balance Sheet Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,992		$ 1,992
Derivative assets	51		51
Derivative liability	1		1
Unrealized gains on derivative instruments	30	$ 0	51	$ 0
Less: net realized (gains) on derivative instruments reclassified in net income	11	$ 0	11	$ 0
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount					$ 368
Derivative assets					0
Derivative liability					0
Foreign currency forward contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,436		1,436
Derivative assets	48		48
Derivative liability	0		0
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	556		556		368
Derivative assets	3		3		0
Derivative liability	1		1		$ 0
Foreign currency forward contracts | Product sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Less: net realized (gains) on derivative instruments reclassified in net income	(11)		(11)
Foreign currency forward contracts | Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized and unrealized gain (loss)	$ 3		$ (16)

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 605	$ 37
Work in progress	233	9
Finished goods	127	1
Total inventory	$ 965	$ 47

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,119		$ 1,119		$ 417
Less: Accumulated depreciation	(274)		(274)		(120)
Property and equipment, net	845		845		297
Depreciation and amortization	70	$ 8	154	$ 24
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	152		152		121
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	231		231		180
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8		8		5
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15		15		13
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9		9		7
Right of use of asset, financing
Property, Plant and Equipment [Line Items]
Property and equipment, gross	546		546		56
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 158		$ 158		$ 35

Other Balance Sheet Component_2

Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Down payments to manufacturing vendors	$ 156	$ 217
Other prepaid expenses	105	7
Value added tax receivable	57	7
Derivative assets	51	0
Other current assets	43	21
Prepaid expenses and other current assets	$ 412	$ 252

Other Balance Sheet Component_3

Other Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical trials	$ 166	$ 98
Raw materials	141	78
Royalties	168	0
Development operations	125	29
Manufacturing	196	53
Other external goods and services	87	92
Compensation-related	105	95
Other	88	25
Accrued liabilities	$ 1,076	$ 470

Other Balance Sheet Component_4

Other Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - financing	$ 218	$ 24
Lease liabilities - operating	22	6
Other	12	4
Other current liabilities	$ 252	$ 34

Other Balance Sheet Component_5

Other Balance Sheet Components - Deferred Revenue (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	$ 4,044
Additions	9,658
Deductions	(5,227)
Ending balance	8,475
Product sales
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	3,799
Additions	9,615
Deductions	(5,163)
Ending balance	8,251
Grant revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	5
Additions	20
Deductions	(19)
Ending balance	6
Collaboration revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	240
Additions	23
Deductions	(45)
Ending balance	$ 218

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²extension_periodnumberOfBuildingsnumberOfCampuses	Sep. 30, 2020	Apr. 30, 2021ft²extension_period	Dec. 31, 2020USD ($)	May 31, 2020USD ($)	Feb. 28, 2019ft²	Aug. 31, 2016ft²extension_period
Lessee, Lease, Description [Line Items]
Number of campuses | numberOfCampuses	2
Lease liabilities	$ 127,000,000
Right-of-use assets, operating leases	115,000,000			$ 90,000,000
Amounts representing interest or imputed interest, operating lease	63,000,000
Embedded Leases
Lessee, Lease, Description [Line Items]
Lease liabilities	218,000,000			24,000,000
Right-of-use assets, operating leases	$ 238,000,000			$ 0
Incremental borrowing rate	0.60%
Cambridge leases
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	261
Norwood leases | MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Number of buildings | numberOfBuildings	3
Amounts representing interest or imputed interest, operating lease	$ 445,000,000
Norwood leases | MTC South
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²							200
Number of extension periods | extension_period							2
Extension term							10 years
Imputed interest rate	17.20%
Norwood leases | MTC North
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²						200
Number of extension periods | extension_period	4
Extension term	5 years
Allowance for tenant improvements					$ 22,000,000
Incremental borrowing rate	8.20%
Norwood leases | MTC East
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²			240
Number of extension periods | extension_period			2
Extension term			5 years
Incremental borrowing rate		3.70%

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets, operating, net	$ 115	$ 90
Right-of-use assets, financing, net	416	55
Total	531	145
Operating lease liabilities, current	22	6
Financing lease liabilities, current	218	24
Total current lease liabilities	240	30
Operating lease liabilities, non-current	105	97
Financing lease liabilities, non-current	238	110
Total non-current lease liabilities	343	207
Total	$ 583	$ 237
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2021USD ($)
Operating Leases
2021 (remainder of the year)	$ 7
2022	31
2023	25
2024	16
2025	17
Thereafter	94
Total minimum lease payments	190
Less amounts representing interest or imputed interest	(63)
Present value of lease liabilities	127
Financing Leases
2021 (remainder of the year)	66
2022	173
2023	19
2024	19
2025	19
Thereafter	600
Total minimum lease payments	896
Less amounts representing interest or imputed interest	(440)
Present value of lease liabilities	$ 456

Commitments and Contingencies -

Commitments and Contingencies - Strategic Collaborations (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
PCV agreement | PCV products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Budgeted amount	$ 243	$ 243

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitments and Purchase Orders (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Supply and manufacturing agreements
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 2,300
Clinical Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	69
Clinical operations and support commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 1,300	$ 897

Commitments and Contingencies_3

Commitments and Contingencies - Licenses to Patented Technology (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Jun. 26, 2017
Commitments and Contingencies Disclosure [Abstract]
Commercial milestone payments			$ 24
Consideration paid	$ 168	$ 400

Commitments and Contingencies_4

Commitments and Contingencies - Moderna Science Centre (Details) ft² in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)ft²option
Lessee, Lease, Description [Line Items]
Additional payment	$ 190
Moderna Science Centre
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	462
Lease agreement for building project	2 years
Lease term	15 years
Number of extension periods | option	2
Extension term	7 years
Additional payment	$ 1,100

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized for issuance (in shares)	58,000			58,000
Stock options exercised (in shares)				5,690
Total intrinsic value of options exercised				$ 1,200,000,000
Exercise of options to purchase common stock	$ 32,000,000		$ 27,000,000	91,000,000	$ 133,000,000
Restricted stock units				13,000,000
Total unrecognized compensation cost related to non-vested stock-based compensation	348,000,000			$ 348,000,000
Weighted-average period of cost expected to be recognized				3 years
Authorized amount for share repurchase program						$ 1,000,000,000
Stock repurchased	$ 0			$ 0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized for issuance (in shares)	31,000			31,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share available for future issuance (in shares)	4,000			4,000
Restricted common stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock units				$ 108,000,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		0.00%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		200.00%
2018 Equity Plan | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	27,000			27,000

Stock-Based Compensation - Opti

Stock-Based Compensation - Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Options (in millions)
Outstanding at beginning of period (in shares) | shares	34,060
Granted (in shares) | shares	1,280
Exercised (in shares) | shares	(5,690)
Cancelled/forfeited (in shares) | shares	(860)
Outstanding at end of period (in shares) | shares	28,790	34,060
Weighted- Average Exercise Price per Share
Outstanding at beginning of period (usd per share)	$ 17.14
Granted (usd per share)	195.93
Exercised (usd per share)	15.77
Cancelled/forfeited (usd per share)	26.97
Outstanding at end of period (usd per share)	25.09	$ 17.14
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (usd per share)	9.12
Granted (usd per share)	86.02
Exercised (usd per share)	8.89
Cancelled/forfeited (usd per share)	14.51
Outstanding at end of period (usd per share)	$ 12.43	$ 9.12
Outstanding and Exercisable
Number of Options, Exercisable (in shares) | shares	16,840
Weighted- Average Exercise Price per Share, Exercisable (usd per share)	$ 12.68
Weighted- Average Grant Date Fair Value per Share, Exercisable (usd per share)	$ 6.56
Weighted- Average Remaining Contractual Term, Outstanding	6 years 1 month 6 days	6 years 8 months 12 days
Weighted- Average Remaining Contractual Term, Exercisable	5 years
Aggregate Intrinsic Value, Outstanding | $	$ 10,362	$ 2,976
Aggregate Intrinsic Value, Exercisable | $	$ 6,266
Expected to vest
Number of Options (in shares) | shares	11,950
Weighted- Average Exercise Price per Share (usd per share)	$ 42.56
Weighted- Average Grant Date Fair Value per Share (usd per share)	$ 20.71
Weighted- Average Remaining Contractual Term	7 years 7 months 6 days
Aggregate Intrinsic Value | $	$ 4,096

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Common Stock and Common Stock Units Activity (Details) - Restricted common stock units shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, non-vested at beginning of period (in shares) | shares	2,190
Issued (in shares) | shares	630
Vested (in shares) | shares	(480)
Canceled, forfeited (in shares) | shares	(100)
Outstanding, non-vested at end of period (in shares) | shares	2,240
Weighted-Average Fair Value per Unit
Outstanding, non-vested at beginning of period (usd per share) | $ / shares	$ 30.85
Issued (usd per share) | $ / shares	198.19
Vested (usd per share) | $ / shares	27.41
Canceled, forfeited (usd per share) | $ / shares	43.72
Outstanding, non-vested at end of period (usd per share) | $ / shares	$ 78.43

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 40	$ 22	$ 105	$ 67
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1	0	13	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	25	13	54	40
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	14	9	38	27
Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	27	18	73	57
RSUs and PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12	3	29	8
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1	$ 1	$ 3	$ 2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 219	$ 1	$ 541	$ 1
Effective income tax rate	6.00%		7.00%
Decrease in valuation allowance			$ 49

Earnings (Loss) per Share - Bas

Earnings (Loss) per Share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ 3,333	$ (233)	$ 7,334	$ (474)
Denominator:
Basic weighted-average common shares outstanding (in shares)	404	395	402	376
Effect of dilutive securities (in shares)	30	0	29	0
Diluted weighted-average common shares outstanding (in shares)	434	395	431	376
Basic EPS (usd per share)	$ 8.27	$ (0.59)	$ 18.25	$ (1.26)
Diluted EPS (usd per share)	$ 7.70	$ (0.59)	$ 17	$ (1.26)

Earnings (Loss) per Share - Com

Earnings (Loss) per Share - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) shares in Millions	9 Months Ended
	Sep. 30, 2020shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	39
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	37
Restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Nov. 04, 2021dose
Subsequent event
Subsequent Event [Line Items]
Number of doses of vaccine candidate	58,000,000