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Our proprietary venture companies, which are owned by Moderna, are driving internal clinical programs. These teams are focused exclusively on developing messenger RNA (mRNA)-based treatments and will utilize all of the tools and modalities developed at Moderna. Venture teams are incentivized to “pull through” their clinical programs, based on the power of the technology and preclinical results demonstrated.

Moderna’s venture companies were formed so that each can focus on one clinical area at a time, ensuring new drugs are produced most effectively and efficiently, in turn expediting important treatments to patients in need and in many cases for diseases previously untreatable through current approaches.

Onkaido Therapeutics and Valera are our two first venture companies, focused in the discovery and development of mRNA-based treatments in oncology and infectious diseases, respectively. Elpidera is our third venture company, focused exclusively on the development of mRNA-based treatments for rare diseases. Caperna is our fourth venture company, wholly focused on the advancement of personalized cancer vaccines. In addition, we have ventures in development in additional therapeutic areas.