Moderna, Inc. (MRNA) saw its stock plummet by 5.06% in pre-market trading on Thursday, following reports that the Trump administration is considering withdrawing funding for the company's $590 million bird flu vaccine contract.

The contract, awarded by the Biden administration in its final days, aimed to advance the development of Moderna's messenger RNA (mRNA)-based bird flu vaccine. However, the new Trump administration is reevaluating the deal as part of a broader push to scrutinize spending on mRNA vaccines, a technology widely used during the COVID-19 pandemic.

According to reports, the potential loss of this significant funding could deal a blow to Moderna's future revenue and growth prospects, as the bird flu contract was seen as a significant part of its pipeline. Investors are likely concerned that without this funding, Moderna may struggle to advance the development of the vaccine, hampering its ability to diversify its revenue streams beyond COVID-19 vaccines.