v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
10. Leases

We have entered into various long-term, non-cancelable lease arrangements for our facilities and equipment, expiring at various times through 2039. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease costs under such arrangements on a straight-line basis over the life of the lease. We lease various parcels of land, office, lab, and manufacturing spaces across the globe for our business operations.

Our primary leased campus is our Moderna Science Center (MSC), located in Cambridge, which serves as our headquarters. The MSC, comprising approximately 462,000 square feet, includes our principal executive office and additional office and laboratory spaces. The MSC lease commenced in the third quarter of 2023 and has a term of 15 years, with options for two additional seven-year extensions.

Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 were as follows (in millions):
June 30,December 31,
20262025
Assets:
Right-of-use assets, operating, net(1) (2)
$697 $719 
Right-of-use assets, financing, net(3) (4)
30 42 
Total$727 $761 
Liabilities:
Current:
Operating lease liabilities(5)
$21 $17 
Financing lease liabilities(5)
31 25 
Total current lease liabilities52 42 
Non-current:
Operating lease liabilities, non-current638 653 
Financing lease liabilities, non-current6 20 
Total non-current lease liabilities644 673 
Total$696 $715 
_______
(1)These assets are real estate related assets, which include land, office, manufacturing, and laboratory spaces.
(2)Net of accumulated amortization.
(3)These assets are related to contract manufacturing service agreements.
(4)Included in property, plant and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.
(5)Included in other current liabilities in the condensed consolidated balance sheets.
Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2026, were as follows (in millions):
Fiscal Year
Operating Leases
Financing Leases
2026(remainder of the year)$30 $19 
202778 19 
202881 — 
202982 — 
203080 — 
Thereafter679 — 
Total minimum lease payments
1,030 38 
Less amounts representing interest or imputed interest(371)(1)
Present value of lease liabilities
$659 $37 
Leases
10. Leases

We have entered into various long-term, non-cancelable lease arrangements for our facilities and equipment, expiring at various times through 2039. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease costs under such arrangements on a straight-line basis over the life of the lease. We lease various parcels of land, office, lab, and manufacturing spaces across the globe for our business operations.

Our primary leased campus is our Moderna Science Center (MSC), located in Cambridge, which serves as our headquarters. The MSC, comprising approximately 462,000 square feet, includes our principal executive office and additional office and laboratory spaces. The MSC lease commenced in the third quarter of 2023 and has a term of 15 years, with options for two additional seven-year extensions.

Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 were as follows (in millions):
June 30,December 31,
20262025
Assets:
Right-of-use assets, operating, net(1) (2)
$697 $719 
Right-of-use assets, financing, net(3) (4)
30 42 
Total$727 $761 
Liabilities:
Current:
Operating lease liabilities(5)
$21 $17 
Financing lease liabilities(5)
31 25 
Total current lease liabilities52 42 
Non-current:
Operating lease liabilities, non-current638 653 
Financing lease liabilities, non-current6 20 
Total non-current lease liabilities644 673 
Total$696 $715 
_______
(1)These assets are real estate related assets, which include land, office, manufacturing, and laboratory spaces.
(2)Net of accumulated amortization.
(3)These assets are related to contract manufacturing service agreements.
(4)Included in property, plant and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.
(5)Included in other current liabilities in the condensed consolidated balance sheets.
Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2026, were as follows (in millions):
Fiscal Year
Operating Leases
Financing Leases
2026(remainder of the year)$30 $19 
202778 19 
202881 — 
202982 — 
203080 — 
Thereafter679 — 
Total minimum lease payments
1,030 38 
Less amounts representing interest or imputed interest(371)(1)
Present value of lease liabilities
$659 $37