MRNA spends far too much, says WSJ’s “Heard-on-the-Street” column: https://www.wsj.com/finance/stocks/pandemic-darling-moderna-needs-a-reality-check-3c375b0e Moderna’s massive pipeline of 45 therapies and vaccines will be the focus of its R&D day next Thursday. But what investors most want to see is that program being trimmed. Moderna is now bleeding cash at a worrying pace. Last year it reported a $4.7 billion net loss, and it is now on track to lose at least another $3 billion this year, according to analyst estimates compiled by FactSet. The company has made the case that it should begin to break even by 2026. But that isn’t looking likely given the slow uptake of the company’s second product, an RSV vaccine that has struggled to gain market share against shots from Pfizer and GSK. … The good news is that, given the size of the company’s massive pipeline, there is plenty of room to find something like $1 billion in cuts.