Moderna (MRNA) traded higher as the market leaned into a friendlier near-term regulatory path for its first seasonal influenza vaccine using mRNA technology, after the FDA reversed course and said it will review the application once the company amended the submission. That shift reduces a key uncertainty for Moderna’s respiratory franchise and supports expectations that the company could participate in upcoming flu seasons with a differentiated product.

In February 2026, the FDA initially issued a rare refusal-to-file position on Moderna’s flu vaccine submission tied to concerns about the trial comparator, then later agreed to review the application after additional information and amendments were provided. Investors have treated the review decision as a meaningful step because it reopens a regulatory pathway that had looked suddenly at risk for mRNA-based vaccines beyond COVID.

Sentiment has also been buoyed by Moderna’s March 2026 settlement resolving long-running patent litigation over lipid nanoparticle technology used in its COVID-19 vaccine. The settlement included a large payment structure and, importantly for investors, reduces uncertainty over IP risk around Moderna’s commercial COVID products and related platform use.

Key near-term swing factors include the timing and outcome of the FDA’s flu vaccine review, any updates on combination respiratory shots, and upcoming pipeline milestones the company has flagged for 2026 (including late-stage vaccine programs). Traders will also monitor cash trajectory and any guidance changes tied to post-pandemic revenue stabilization and cost controls.