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In the latest joint podcast episode by Biotech Blueprint × Biotech Capital Compass, we zoom in on Moderna and where the company stands in 2026. We work through the Q1 earnings beat, the unprecedented FDA refusal-to-file on mRNA-1010, the CMV Phase 3 failure, the Vertex cystic fibrosis wind down, and the individualized neoantigen therapy (INT) program that has moved to the center of the pipeline. The short companion piece below picks up one thread from the conversation, which is the pattern across Moderna’s wins and losses, and what it suggests about where the platform actually works.