U.S. biotech company Moderna, which is in the late stages of testing a potential COVID-19 vaccine, reported a five-fold increase in revenue Wednesday for the second quarter.
Based in Cambridge, Mass., Moderna posted total revenue of $66 million for the April-June period — more than five times its $13 million revenue for Q2 2019. It reported, however, a total net loss of $117 million.
Moderna began a late-stage trial for the mRNA-1273 vaccine candidate last week and expects results as early as October.
Revenue was aided partly by federal grants for development of the vaccine candidate. Moderna received a $483 million federal contract in April to test the candidate and said last month tests have shown a “rapid and strong” immune response against COVID-19.
CEO Stephane Bancel said the company is in discussions with “several countries” for potential mRNA-1273 supply agreements and has so far received $400 million in deposits.
