Moderna is paying up to $2.25bn to settle the patent lawsuit with Genevant and Arbutus regarding the LNP technology in their Covid vaccine. The deal includes $950m upfront, with another $1.3bn contingent on a separate appeal, though the company says the extra payment isn't probable. This wraps up the litigation and gives them a license for the tech. On the earnings side, they posted an $826m net loss for Q4 2025 due to declining vaccine sales. They are aiming to break even in 2028 by shifting focus to oncology and rare diseases.