If you would like to read the Refusal to File letter: https://static.modernatx.com/pm/6cef78f8-8dad-4fc9-83d5-d2fb...
More information was shared from HHS spokespeople after Moderna posted the letter, which companies usually keep secret because they are embarrassing.
The FDA's main objection is that Moderna refused to follow very clear FDA guidance from 2024 to test its product in a clinical trial against a CDC-recommended flu vaccine to compare safety and efficacy. Specifically, FDA said it was "pretty clear" that it recommended using a high-dose comparator in seniors. By comparison, Moderna used a standard-dose comparator in seniors. The implication is that this choice juiced Moderna's efficacy stats.
This has nothing directly to do with safety.
Source: I work in pharma