Moderna is an overpromising, underdelivering company that had previously failed to bring even a single drug to market. Despite this poor track record, it became the first company to get US federal backing for COVID vaccine development. It’s vaccine is based on unproven and potentially dangerous technology, yet was granted “emergency use” authorization in December 2020. Moderna has also become a stock market darling, with a market capitalization that simply cannot be justified by its current revenue prospects.