The thing about a technology platform company: once they have got their platform, churning out things on the platform becomes exceptionally efficient, and it's very easy to be prolific. The complication from that is that while you can now be ultra-efficient in the development of drug candidates, doing the actual trials for all of them becomes problematic. Trials are slow and expensive. Thanks to COVID, Moderna can probably float a bunch of trials on their own, but it's still tricky.

Moderna also has a delivery problem. They're being sued by several parties over their use of lipid nanoparticles, and that will continue to be an albatross around their neck until they resolve it or switch.