In this first installment of a two-part series, the dire situation in which Moderna found itself immediately prior to the emergence of COVID-19 is discussed in detail, revealing that Moderna—very much like the now disgraced company Theranos—had long been a house of cards with sky-high valuations completely disconnected from reality. Part 2 will explore how that reality would have come crashing down sometime in 2020 or 2021 were it not for the advent of the COVID-19 crisis and Moderna's subsequent partnership with the US government and the highly unusual processes involving its vaccine's development and approval. Despite the emergence of real-world data challenging the claims that Moderna's COVID-19 vaccine is safe and effective, Moderna's booster is being rushed through by some governments, while others have recently banned the vaccine's use in young adults and teens due to safety concerns.