Moderna is confronting a sharp strategic reset as Covid vaccine sales recede, government contract cancellations hit revenue projections and the company executes layoffs and restructurings. Reporting detailed reduced market valuation, cancelled HHS contracts and executive moves that together pressured investor confidence. Company leaders pointed to cost discipline and a continued focus on pipeline programs, including a cancer vaccine and ongoing mRNA research. Observers warned that delivering on novel mRNA indications will require sustained capital, successful late‑stage trials, and regained commercial momentum to offset declining pandemic‑era revenues.