Moderna is undergoing deep restructuring after Covid‑era revenue declines and unmet expectations for next‑generation mRNA programs. The company has cut costs, faced canceled government contracts and seen market value fall dramatically from its pandemic peak, prompting layoffs and strategic pivots. Reporting cites pressure from investors and reduced federal support, including a canceled HHS contract for pandemic influenza preparedness. Moderna still holds sizable cash reserves and a Covid vaccine generating revenue, but pipeline gaps and slower-than‑expected commercial progress for other mRNA candidates have left the company vulnerable. Executives frame the changes as fiscal discipline; external observers question whether further restructuring or asset sales will be necessary to restore investor confidence and funding for R&D.