Moderna

Moderna is a biotechnology company built on messenger RNA technology, which vaulted to prominence with its COVID-19 vaccine. It is now working to apply the mRNA platform to a broad pipeline spanning respiratory vaccines, cancer therapies and rare diseases, though revenue has fallen sharply since the pandemic peak and the company is investing heavily to prove its next generation of products. Moderna pays no dividend and, given its return to operating losses and heavy research spending, is unlikely to for the foreseeable future. All available capital flows into its pipeline. This is a speculative, high-risk growth story whose value rests entirely on clinical and commercial success, with no income component whatsoever for shareholders.