A detailed review of Moderna’s trajectory documents major commercial and strategic challenges since its Covid vaccine peak: revenue declines for its pandemic shot, layoffs, restructurings and canceled government contracts. The report cites a >90% drop in market value from 2021 highs, government contract cancellations including a $766 million HHS contract, and internal cost‑cutting measures. Management stresses financial discipline while the company retains substantial cash reserves, a marketed Covid product with meaningful annual sales, and an experimental cancer vaccine that could reshape its outlook if clinical promise converts to approvals.