BioNTech and Moderna have both seen their financials drop since the pandemic ended. The market is basically valuing them entirely on their pipeline progress right now. Moderna seems to be in a better spot. They just posted solid phase 3 results for a melanoma vaccine they are making with Merck. They also got US approval for their new flu vaccine, mFLUSIVA. Both should start bringing in revenue relatively soon. BioNTech has some potential but they are further behind. They are developing a cancer drug with Bristol Myers Squibb, but clinical data is still 18 months out. They also just had to halt a phase 2 trial for a colorectal cancer vaccine due to a safety review. Moderna's market cap is sitting around $61.2B right now compared to BioNTech's $26B, mostly because Moderna actually has late-stage products ready to launch.