(RTTNews) - Moderna, Inc. (MRNA) reported a second quarter net loss of $116.7 million compared to a loss of $134.9 million, prior year. Loss per share was $0.31 compared to a loss of $0.41. On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.35, for the quarter. Analysts' estimates typically exclude special items.
Second quarter total revenue was $66.4 million compared to $13.1 million, a year ago. Analysts expected revenue of $27.43 million for the quarter. Total revenue increased, due to increases in both collaboration revenue and grant revenue. Research and development expenses were $151.9 million compared to $128.3 million, prior year.
"In the second quarter, we began discussions with several countries for supply agreements for mRNA-1273 and as of July 31, we have received approximately $400 million of customer deposits for potential supply," said Stphane Bancel, CEO.
For 2020, the company now expects net cash used in operating activities and for purchases of property and equipment to be between $0.65 to $0.85 billion; this includes approximately $400 million of customer deposits received as of July 31, 2020 for potential supply of mRNA-1273.
Moderna currently has 23 mRNA development candidates in its portfolio with 13 in clinical studies. The Phase 3 COVE study with COVID-19 vaccine (mRNA-1273) began on July 27; enrollment is on track to complete in September. The company said it will provide an update when enrollment is complete.
Moderna ended the quarter with $3.1 billion in cash, cash equivalents and investments. In May 2020, the company raised approximately $1.30 billion in net proceeds through a public equity offering.