Moderna, and most other manufacturers, received direct grant funding for both research and manufacturing through Operation Warp Speed via the CARES Act. I miss

Moderna, and most other manufacturers, received direct grant funding for both research and manufacturing through Operation Warp Speed via the CARES Act. I misspoke when I said Pfizer received that funding however, they only received an advance purchase agreement (which is not cash, but it does have a value even before maturation). Companies use advance purchase agreements as collateral for loans and other grant funding. It's also notable that Pfizer/BioNTech did receive grant money from other governments, up front.