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Good morning. We’ve got a lot of news today, including two impressive, thorough stories from my colleagues. Please spend some time with Jason’s inside account of Moderna’s tumble and Rose and Lev’s look at the impact of massive cuts at SAMHSA .

The incredible shrinking Moderna

Four years ago, the mRNA therapeutics company Moderna was on top of the world. It had more than quadrupled its staff to nearly 6,000 people, made plans for offices on five continents, leased a gleaming $1.1 billion headquarters, broke ground on a “Moderna University,” and rejected Wall Street’s advice to diversify beyond mRNA.

Today, the company is facing a crisis unlike any in its 15-year-hi

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