Moderna’s stock is riding high after news of a personalized cancer treatment, but CEO Stéphane Bancel is warning about a bigger threat: China’s state-backed push to challenge the U.S. in biotechnology.

In an interview on “Mornings with Maria” Monday, Bancel said that while Washington pulls back on mRNA funding, Beijing is pouring state money into biotechnology to challenge the U.S. Bancel said keeping drug manufacturing on American soil, including at Moderna’s facilities in Massachusetts, helps protect both U.S. patients and America’s lead in healthcare.

“I think the government has an active role to play in taking risk for really innovative…

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