MRNA — 10-K Filing

At December 31, 2025, we had $4.1 billion, $3.3 billion, and $89 million of federal, state and foreign net operating loss carryforwards, respectively, of which $4.1 billion, $1.6 billion, and $89 million respectively, will not expire and $1.7 billion of state net operating loss carryforwards will begin to expire in 2032. At December 31, 2025, we also had federal and state research and development tax credit carryforwards of $111 million and $208 million, respectively, the majority of which will begin to expire in 2030. We recognize, in our financial statements, the effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. A reconciliation of the beginning and ending amounts of unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):Years Ended December 31,202520242023Unrecognized tax benefits at beginning of the period$240 $231 $128 Decrease due to prior positions:Tax positions for prior years(3)(10)— Settlements with tax authorities— — (27)Increase due to current year tax positions:Additions based on tax positions for current year4 19 44 Additions based on tax positions for prior years— — 86 Unrecognized tax benefits at end of the period $241 $240 $231 As of December 31, 2025, we had $241 million of net unrecognized tax benefits, which would affect our tax rate if recognized. Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinary course of business. We do not anticipate a material change to our unrecognized tax benefits over the next twelve months that would have an adverse effect on our consolidated operating results.

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