IMO a pre-order guarantee is not the same as taking money that is spelled out as a development-funding commitment (https://investors.modernatx.com/news-releases

IMO a pre-order guarantee is not the same as taking money that is spelled out as a development-funding commitment (https://investors.modernatx.com/news-releases/news-release-details/moderna-announces-award-us-government-agency-barda-483-million https://investors.modernatx.com/news-releases/news-release-d...). Moderna's initial funding didn't have an order attached to it, not that was disclosed. In August the US Government did go back and actually purchase vaccines under a separate agreement (https://www.hhs.gov/about/news/2020/08/11/trump-administration-collaborates-with-moderna-produce-100-million-doses-covid-19-investigational-vaccine.html https://www.hhs.gov/about/news/2020/08/11/trump-administrati...). Also: > The May 21, April 16, and March 30 HHS agreements with AstraZeneca, Moderna, and Johnson & Johnson respectively include investments in manufacturing capabilities. (https://www.hhs.gov/coronavirus/explaining-operation-warp-speed/index.html https://www.hhs.gov/coronavirus/explaining-operation-warp-sp...)