Moderna’s post‑pandemic strategy has faltered as Covid vaccine revenues decline and promised mRNA pipeline successes have yet to materialize, according to an expansive industry account. The company has cut costs, faced canceled government contracts and seen market value erode from its 2021 peak. CEO Stéphane Bancel and President Stephen Hoge have led restructurings as Moderna pivots from pandemic-era growth to a leaner organization. Sources cited in the report include former Moderna executives and public filings showing government contract cancellations and declining market capitalization. Despite a shrinking market value, Moderna retains significant cash reserves and several late‑stage assets, including an oncology vaccine program that investors still watch closely. The piece frames current moves as defensive repositioning while management seeks revenue diversification beyond Covid shots.