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Leases | 3 Months Ended
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Mar. 31, 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 March 31, 2026 and December 31, 2025 were as follows (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Assets: |  |  |  |
Right-of-use assets, operating, net(1) (2) |  | $ | 706 |  |  | $ | 719 |
Right-of-use assets, financing, net(3) (4) |  | 36 |  |  | 42 |
Total |  | $ | 742 |  |  | $ | 761 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating lease liabilities(5) |  | $ | 19 |  |  | $ | 17 |
Financing lease liabilities(5) |  | 31 |  |  | 25 |
Total current lease liabilities |  | 50 |  |  | 42 |
Non-current: |  |  |  |
Operating lease liabilities, non-current |  | 645 |  |  | 653 |
Financing lease liabilities, non-current |  | 13 |  |  | 20 |
Total non-current lease liabilities |  | 658 |  |  | 673 |
Total |  | $ | 708 |  |  | $ | 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 March 31, 2026, were as follows (in millions):
Fiscal Year | Operating Leases |  | Financing Leases
2026 | (remainder of the year) | $ | 47 |  |  | $ | 26 |  |
2027 |  | 78 |  |  | 20 |  |
2028 |  | 81 |  |  | — |  |
2029 |  | 82 |  |  | — |  |
2030 |  | 80 |  |  | — |  |
Thereafter | 679 |  |  | — |  |
Total minimum lease payments | 1,047 |  |  | 46 |  |
Less amounts representing interest or imputed interest | (383) |  |  | (2) |  |
Present value of lease liabilities | $ | 664 |  |  | $ | 44 |  |
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 March 31, 2026 and December 31, 2025 were as follows (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Assets: |  |  |  |
Right-of-use assets, operating, net(1) (2) |  | $ | 706 |  |  | $ | 719 |
Right-of-use assets, financing, net(3) (4) |  | 36 |  |  | 42 |
Total |  | $ | 742 |  |  | $ | 761 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating lease liabilities(5) |  | $ | 19 |  |  | $ | 17 |
Financing lease liabilities(5) |  | 31 |  |  | 25 |
Total current lease liabilities |  | 50 |  |  | 42 |
Non-current: |  |  |  |
Operating lease liabilities, non-current |  | 645 |  |  | 653 |
Financing lease liabilities, non-current |  | 13 |  |  | 20 |
Total non-current lease liabilities |  | 658 |  |  | 673 |
Total |  | $ | 708 |  |  | $ | 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 March 31, 2026, were as follows (in millions):
Fiscal Year | Operating Leases |  | Financing Leases
2026 | (remainder of the year) | $ | 47 |  |  | $ | 26 |  |
2027 |  | 78 |  |  | 20 |  |
2028 |  | 81 |  |  | — |  |
2029 |  | 82 |  |  | — |  |
2030 |  | 80 |  |  | — |  |
Thereafter | 679 |  |  | — |  |
Total minimum lease payments | 1,047 |  |  | 46 |  |
Less amounts representing interest or imputed interest | (383) |  |  | (2) |  |
Present value of lease liabilities | $ | 664 |  |  | $ | 44 |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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