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Biotech unicorn Moderna Therapeutics baffled its peers last month when it raised $500 million in a seventh round of venture financing. How, the question went, did the company sell investors on a $7.5 billion valuation despite outstanding questions about its science?

STAT obtained Moderna’s investor slide deck, one in which the company predicts billion-dollar futures for drugs only tested in mice and argues its vaccines business can bring in $15 billion in annual revenue.

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  • Sounds like investors are getting either stupid or they have too much capital to throw away. Investing on a dec of slide which is 100000% based upon assumptions, not science and data.

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