Propionic acidemia therapy (mRNA-3927)

mRNA-3927 is an mRNA therapy for propionic acidemia, a rare inherited metabolic disorder. It is designed to supply the two protein subunits that patients cannot make. Moderna leads clinical development, and in January 2026 it agreed with Recordati to commercialize the drug globally, with up to $160 million in upfront and near-term payments to Moderna.

Why it matters to the stock. It is Moderna's first major bet outside vaccines. A positive pivotal result would support rare-disease revenue and show the platform works for chronic treatments, not only vaccines.