The year 2026 has turned into a pivotal year for the biotech capital markets.
Venture funding for biotech firms reached $9.1 billion in the first half of the year, the highest total since 2022, with 38 acquisitions being completed over the same period, marking the sector’s greatest M&A pace in at least seven years
Underneath that broad recovery, mRNA technology is struggling to prove its post-pandemic second act, with few equities representing the tension as effectively as Moderna Inc. (NASDAQ:MRNA). Q1 Top-Line Surge The stock had risen more than 170% year-to-date by the first week of July and was still up 90-100% by the third week of July. The reason for this rise begins with real, though modest, financial data.
Total revenue for the first quarter of 2026 reached $389 million, up 260% year-over-year from $108 million in Q1 2025, with net product sales of $352 million, up 309%. International markets accounted for approximately 80% of top-line revenue, suggesting a shift away from domestic post-pandemic demand. At the same time, management achieved a 26% year-over-year reduction in adjusted cash costs, exhibiting increased operational discipline.