A STAT feature chronicles Moderna’s post‑pandemic retrenchment, detailing slumping Covid‑vaccine revenues, government contract cancellations, layoffs and a sharp market‑value decline from 2021 peaks. The piece describes internal restructuring, pipeline challenges and external political headwinds after HHS canceled pandemic preparedness contracts and public support cooled. Moderna still holds substantial cash reserves and a high‑profile oncology vaccine program, but the STAT investigation highlights the gap between pandemic windfalls and sustainable commercial franchises. Executives have emphasized cost discipline and pipeline prioritization as the company pursues new blockbusters. Investors and partners will parse the company’s near‑term financing, R&D prioritization and partnership strategy as Moderna seeks to translate mRNA platform momentum into durable revenue streams beyond Covid boosters.