$MRNA raising $2B through convertible notes due 2032. Classic move when you need capital but don't want immediate dilution. Converts give bondholders the option to swap debt for equity if the stock runs—basically betting on a comeback story. For Moderna, this buys runway as they pivot beyond COVID vaccines into oncology and other mRNA platforms. The question: can they generate enough pipeline wins before 2032 to justify the conversion premium, or are we looking at straight debt repayment in a tougher biotech funding environment?