Moderna is facing a deep strategic inflection as Covid‑vaccine sales wane and promised mRNA pipeline successes have yet to materialize. The company has cut costs, disclosed layoffs and restructurings, and seen a sharp decline in market value after the U.S. government cancelled a large pandemic‑preparedness contract. Executives say they are tightening spending and prioritizing programs, including a cancer vaccine that remains a potential reviver for the pipeline. Financial pressures and slower commercial momentum have prompted investor skepticism and repeated internal reorganizations. Analysts warn that Moderna’s next phase depends on converting mRNA platform promise into profitable, diversified product lines beyond Covid, and on navigating shifting government support for pandemic programs.