Moderna Therapeutics CEO Stéphane Bancel. Photo credit: World Economic Forum / Boris Baldinger, under Creative Commons license

Moderna, the biotech company, has announced its financial results for the second quarter of this year, reporting $66 million in revenues, compared to $13 million in the same quarter last year and much a beat to general analyst expectations for this quarter. The company, however, lost $117 million within the same period. As usual, research and development spend made up the bulk of Moderna’s operating expenses, coming at $152 million for the quarter. During the quarter, Moderna also received $400 million in customer deposits for the potential supply of a coronavirus vaccine that it’s working on, a potential vaccine that has already begun Phase 3 trials.

Moderna ended the quarter with $3.1 billion in cash on its balance sheet, buoyed by $1.3 billion in proceeds that the company got from a share offering in May of this year.