Moderna shares plunged 8.75% to $47.33 after CEO Stéphane Bancel announced the company would not fund new Phase 3 vaccine trials in the foreseeable future, citing unprofitability due to regulatory hurdles.
- The CEO stated that regulatory delays and difficulty securing U.S. market access have made vaccine research and development unprofitable.
- Moderna is strategically shifting its investment focus toward its oncology pipeline.
- This new focus highlights the promising intismeran autogene program, which is being developed in partnership with Merck.