Moderna is confronting a deep business reset after Covid‑era revenues shrank and anticipated mRNA follow‑ons failed to materialize at scale. Internal and external reporting details layoffs, cost cuts and the federal cancellation of a $766 million HHS contract for bird‑flu preparedness. The company’s market value has fallen from its 2021 peak by more than 90%, press accounts note. Executives acknowledge tighter budget discipline while the firm still maintains a Covid vaccine generating over $1 billion in sales and a cancer vaccine program viewed as promising. Investors and industry peers are recalibrating expectations for mRNA platforms, with the company pursuing leaner operations as it seeks clinical validation for next‑generation programs.