Shares of Moderna, Inc. (MRNA) fell sharply in pre-market trading on Friday, dropping 5.47% following the release of its second-quarter earnings report.

The company reported revenue of $100 million for the quarter, which fell short of the consensus estimate of $103 million. Despite posting a narrower-than-expected loss per share of $1.97 compared to the estimated loss of $2.08, the top-line miss appeared to weigh on investor sentiment.

Moderna also reiterated its plan to deliver up to 10% revenue growth in 2026 and provided an expected year-end cash balance of $4.7 billion to $5.2 billion, but the revenue shortfall in the current quarter overshadowed the forward-looking statements.