Moderna announced that Jacqueline Miller, M.D., the company’s Chief Medical Officer who led clinical development of the Spikevax COVID-19 vaccine, will step down effective March 2. Miller joined Moderna in 2018 and oversaw pivotal Phase 3 trials that supported Emergency Use Authorization in 2020. Her departure follows a 40% reduction in R&D headcount over the past 12 months as the company shifts focus to cost efficiency and next-generation mRNA candidates. Moderna said an internal search is underway for Miller’s successor and expects a seamless handover to minimize impact on ongoing vaccine trials and regulatory filings.

Effective March 2, David Berman, M.D., Ph.D., will assume the newly created role of Chief Development Officer at Moderna. Berman most recently served as Global Head of Oncology Development at BioGenix and brings over 20 years of experience in late-stage clinical programs. Moderna highlighted Berman’s leadership of a multi-center Phase 2 trial in solid tumors enrolling more than 400 patients and his track record of securing Breakthrough Therapy designations. The appointment underscores Moderna’s intensified push into oncology and combination vaccines, including its intismeran cancer vaccine program and COVID/flu combo candidate currently in Phase 1/2.

Moderna’s future growth hinges on its COVID/flu bivalent vaccine, an RSV candidate targeting adults over 60, and the intismeran oncology program—projects that could drive combined peak annual revenues north of $8 billion by 2030 according to management guidance. The company reported a cash runway extending into 2027 after reducing operating expenses by 25% year-over-year and cutting headcount by 35%. Analysts project breakeven by 2028, with forward price-to-sales multiples near 5× and adjusted price-to-earnings around 12×, reflecting premium valuation for its mRNA platform leadership despite elevated spending and solo development risk.