Matt Frankel

It's important to put this into perspective.

Essentially, the FDA took issue with the methods of Moderna's late-stage clinical trials with this flu vaccine.

I'm not saying that they don't want an mRNA flu vaccine, just they have issues with the methods.

It's curious that they approved the method earlier and then went back on it.

It's really worth noting that the U.S.

is just one market.

the U.S.

not starting a clinical review process.

They've already had these applications approved in the EU, in Canada, in Australia.

There's others expected soon.

It's not like this is a death knell for the project, even if the FDA doesn't consider it, ultimately.

In the clinical trials, the mRNA flu vaccine did show

greater efficacy by a significant amount compared with the traditional flu vaccines that we get now.

Moderna has other candidates in late stage, which are like Phase III trials, including several of its cancer treatments.

The company recently said that it's hoping to secure 10 different product approvals by the end of next year, 2027.

This is just one piece of the puzzle.

Not saying that this isn't a big deal, but it is important to keep this in perspective.

Tyler, I don't think you're being too political at all by asking that.

I think the administration's attitude toward vaccines has become generally more cautious.

That's not a political statement.