Moderna’s billionaire CEO reaped nearly $400 million last year. He also got a raise.

Stéphane Bancel, chief executive of Moderna, had a good year in 2022, exercising stock options that netted him nearly $393 million.

The company decided his pay wasn’t good enough. The Cambridge, Mass.-based biotech, known for its lifesaving coronavirus vaccine, raised his salary last year by 50 percent to $1.5 million.

Moderna is now down almost 95 percent from its peak. Even more stunning, its enterprise value (the value of its stock minus its cash on hand) is now just north of zero dollars, zero cents. That's what investors think mRNA jab technology is now worth.