[ruchin_k]

Super interesting take! Agree - Moderna has huge potential.

The one thought that comes up in my mind is about how binary / step function like the outcome for moderna is, and its implications on how it is valued in public markets. I.e., if they are able to find 1 new use case for mRNA (like cancer), the upside outcome is an overwhelming 1. Versus if they dont, the outcome is a 0. Public markets generally value companies as a function of

(1) their potential (which moderna has a lott of) and (2) the probability of that potential manifesting into reality

Regardless, agree! Moderna has massive potential. The above thought was more from the perspective of decoding why the public markets may be undervaluing it :)