Moderna, Inc.

Good day and thank you for standing by. Welcome to the Moderna First Quarter 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lavina Tulukdar, Head of Investor Relations at Moderna. Please go ahead.

Thank you, Kevin. Good morning, everyone. And thank you for joining us on today's call to discuss Moderna's first quarter 2025 financial results and business updates. You can access the press release issued this morning, as well as the slides that we will be reviewing by going to the investor section of our website. On today's call are Sivan Bansal, our chief executive officer, Stephen Hogue, our president, and Jamie Mock, our chief financial officer. Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see slide two of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. With that, I will now turn the call over to Sifat.

Thank you, Labina. Good morning or good afternoon, everyone. Thank you for joining us today. I will start with a review of our business in Q1. Jimmy will present our financial results and our outlook. Stephen will review our clinical programs, and I will come back to our key priorities and catalysts before we take your questions. Let me start with a review of our financials. Our Q1 revenues were $0.1 billion, and a loss of $1 billion. These were in line with our expectations and reflect the highly seasonal nature of our respiratory vaccine business. We ended the quarter with $8.4 billion in cash and investments. As you are aware, we are focused on financial discipline. I'm pleased to announce that continued cost reduction efforts in the first quarter of 2025 led to a 19% reduction of cost of sales, R&D, ESG, and D combined compared to the first quarter of 2024. I would like to thank our team for their great work. During the quarter, we made solid progress against our three priorities. Priority number one, expanding markets for commercial products. Earlier this year, we were awarded a tender opportunity allowing us to compete for COVID vaccine business in Europe. Additionally, during the quarter, Mresvia received approvals in Australia, in Taiwan, and in the UK, and most recently, in Switzerland. This is in addition to approvals we received in 2024 in the US, EU, and Canada. Our second priority is a single pipeline to direct sales growth and diversification. I am excited to announce the expansion of our oncology portfolio with checkpoint medicine, which Stephen will review later. For phase three through program, we have exceeded the required number of case accruals to run an interim vaccine efficacy analysis. We also presented encouraging data from other key programs, including RSV, CMV, and INC at recent medical conferences. We are pleased to share that IMC will now be known by the IM, or International Non-Proprietary Name, of Intense Meron Autogenes. This distinction reflects a growing maturity of our product development program and marks an important milestone as we continue advancing towards potential regulatory approvals. And finally, on our third priority, executing with financial discipline. The first quarter of 2025 marks the third consecutive quarter where we reduce combined R&D and SG&A expenses by double digit year over year.