Moderna develops vaccines and therapeutics using messenger RNA technology, a platform that instructs the body's own cells to produce proteins that trigger an immune response, rather than using traditional vaccine approaches based on weakened viruses or purified proteins. The company gained widespread recognition for developing one of the first authorized COVID-19 vaccines using this mRNA technology, a commercial success that generated substantial pandemic-era revenue but has declined significantly since as vaccination demand normalized to a smaller, seasonal market. Moderna is working to expand its mRNA platform beyond COVID-19 into vaccines for other infectious diseases, along with mRNA-based treatments for cancer and rare genetic diseases, betting the same underlying technology can address a broader range of conditions. As a biotech company whose commercial success has depended heavily on one product category, Moderna's future results depend significantly on whether its pipeline of new mRNA treatments can reach approval and adoption.