Stephane Bancel - 11 Dec 2025 Form 4 Insider Report for Moderna, Inc. (MRNA)

Role: Chief Executive Officer, Director
Signature: /s/ James Dillon, as Attorney-in-Fact
Issuer symbol: MRNA
Transactions as of: 11 Dec 2025
Net transactions value: +$7,499,996
Form type: 4
Filing time: 15 Dec 2025, 08:59:23 UTC
Previous filing: 04 Mar 2025
Next filing: 13 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bancel Stephane	Chief Executive Officer, Director	C/O MODERNA, INC., 325 BINNEY STREET, CAMBRIDGE	/s/ James Dillon, as Attorney-in-Fact	15 Dec 2025	0001443340

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MRNA	Common Stock	Options Exercise	$7,499,996	+688,073	+13%	$10.90	6,181,970	11 Dec 2025	Direct	F1
holding	MRNA	Common Stock						9,210,686	11 Dec 2025	See Footnote	F2
holding	MRNA	Common Stock						6,564,880	11 Dec 2025	See Footnote	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MRNA	Stock Option (Right to Buy)	Options Exercise	$0	-688,073	-100%	$0.000000	0	11 Dec 2025	Common Stock	688,073	$10.90	Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Person acquired 688,073 shares of the Issuer's common stock upon the exercise in full of a stock option scheduled to expire on February 23, 2026. The option would have been forfeited if not exercised prior to that date. The Reporting Person paid the full exercise price of $7,499,995.70 ($10.90 per share) and applicable withholding taxes of $5,998,279.76 in cash, for a total cash amount of $13,498,275.46. No shares of the Issuer were sold or withheld in connection with the exercise.
F2	These shares are owned directly by Boston Biotech Ventures. The reporting person disclaims Section 16 beneficial ownership of these securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for Section 16 or any other purpose.
F3	These shares are owned directly by OCHA LLC ("OCHA"). The reporting person is the majority equity unit holder and the sole managing member of OCHA. The reporting person disclaims Section 16 beneficial ownership of these securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for Section 16 or any other purpose.
F4	This option is fully vested and exercisable.