Moderna Inc. (NASDAQ: MRNA)

Moderna is an mRNA biotechnology company that went from pre-revenue startup to pandemic hero with its COVID-19 vaccine (Spikevax). The company's entire platform is built on messenger RNA technology u2014 using synthetic mRNA to instruct cells to produce proteins that trigger immune responses. Moderna is now developing mRNA vaccines for RSV, flu, cancer, and rare diseases. Stu00e9phane Bancel has been CEO since 2011.

COVID vaccine sales have been the sole meaningful revenue source, peaking at $18.4 billion in 2022 before declining sharply. The company is investing heavily in its pipeline (RSV vaccine approved in 2024, flu and cancer vaccines in trials) to diversify beyond COVID. R&D spending exceeds $4.8 billion annually. Moderna needs multiple new product launches to sustain its current valuation.

Derrick Rossi, a Harvard stem cell biologist, co-founded Moderna in 2010 based on modified mRNA research. The company operated in "stealth mode" for years, raising billions without a single approved product. The COVID-19 vaccine was designed in just two days in January 2020 and authorized for emergency use in December 2020. IPO in December 2018 at $23 per share u2014 the largest biotech IPO at the time. The stock hit $497 in 2021.