The biotech company Moderna is best known for its COVID vaccine.
The vaccine put the small startup on the map and made it billions of dollars.
But in recent years, its business has been in deep trouble.
COVID starts to sort of wind down in terms of the urgency that we're treating it with.
Sales start to drop in the U.S.
Because not as many people are getting vaccinated.
That's our colleague Xavier Martinez, who covers biotech.
And before you know it, their stock has really bottomed out.
It's gone down more than 90% from its peak.
You know, the company is bleeding cash.
You look at the stock chart and it just looks like the tallest mountain in the world.
But earlier this month, Moderna made a surprising announcement.
I remember where I was.
I was on a call with a different company, with a different pharmaceutical company earlier this month.
And I was in the office in a little meeting room.
And my editor comes over and starts waving her hands up and down.
And clearly something is happening.
Hang up the phone now.
There's breaking news.
Exactly, exactly.