Moderna secured backing from the Coalition for Epidemic Preparedness Innovations (CEPI) to underwrite its Phase 3 study of an H5 pandemic influenza vaccine after U.S. government support was withdrawn. CEPI’s involvement revives a funded path to late‑stage testing for Moderna’s mRNA‑based H5 candidate. The move keeps a high‑profile pandemic‑preparedness program alive and underscores reliance on multilateral funders when national funding priorities shift. Success in Phase 3 would strengthen the case for mRNA platforms in pandemic flu preparedness but also spotlights debates over public funding, manufacturing scale, and global allocation of pandemic vaccines.