Moderna Inc (NASDAQ:MRNA) reported a growth of 406% to $66.4 million in Q2 2020. It is on the backdrop of a rise in grant revenues and collaboration revenues from AstraZeneca plc (NYSE:AZN).
R&D spending at $151.9 million
R&D expenses of Moderna surged to $151.9 million in Q2 2020 from $128.3 million in Q2 2019. It is mainly due to an increase in outside services and consulting expenses, clinical development of mRNA-1273, and headcount. As of June 30, 2020, Moderna holds a cash balance of $24.9 million.
CEO of Moderna, Stephane Bancel, said the company commenced a new growth in Q2 2020 by building a commercial team. It is a breakthrough for the company in several years. The company committed to providing innovative medicines for the patients.
Moderna is in discussions with several nations worldwide to supply mRNA-1273, a coronavirus candidate. The company received $400 million as of July 31, 2020, to supply this innovative drug. It will reasonably do the pricing for the formulation because of the impact of ongoing coronavirus crises.
Phase 2 clinical trial of mRNA-1273
Moderna enrolled patients for the Phase 2 clinical study of coronavirus candidates. In the US, the company commenced Phase 3 clinical study involving 30,000 volunteers in alliance with BARDA and NIH on July 27, 2020. The investigation is part of its efforts to contain infectious diseases around the world.
Moderna is investigating the improved dosing of antibodies in Phase 1 clinical trial to treat the chikungunya virus. It administers mRNA-1944 in healthy adults through intravenous infusion.
Moderna temporarily halted new site initiation and enrollment for MMA because of ongoing coronavirus crises. As of now, Moderna holds 23 mRNA candidates under development in its pipeline.
Zika virus vaccine
Moderna completed enrollment for the Phase 1 clinical trial of mRNA-1893 with all dose cohorts (30, 10, 250, and 100 µg). It obtained positive data from its interim analysis for the 250 µg and 100 µg dose cohorts after administering the second vaccine. All dose levels demonstrated a strong neutralize response for ZIKV. The company is developing mRNA-1893 in collaboration with BARDA (Biomedical Advanced Research and Development Authority). Moderna is also developing vaccines for other infectious diseases.