2026 Science Day Showcases Pipeline Breadth - Several Phase I/II Trials Ongoing

Research evidence excerpt

2026 Science Day Showcases Pipeline Breadth - Several Phase I/II Trials Ongoing

Moderna, Inc. (MRNA)

Equity Research

June 25, 2026

Exhibit 3 - MRNA Clinical and Commercial Drivers in 2026

.

Source: Company report

Horizon 1 products naturally include MRNA's approved products and late-stage assets, including

infectious disease vaccines, intismeran autogene, and rare disease therapeutics: (1) INT+PD1

combo should readout Phase III interim data in high-risk (Stage IIB-IV) adjuvant melanoma

(INTerpath-001) in H2:26 (N=1,000+) and is being tested in 8+ other Phase II/III trials, with multiple

Phase II/III cancer readouts in 2026-27. (2) mFlusiva (mRNA vaccine) should be approved in the US for

flu by the Aug 5, 2026 PDUFA following a positive AdCom, which should (3) enable MRNA to seek FDA

clarity on mCombriax (flu/COVID combo), which is already EU-approved. (4) mNexspike/Spikevax

(Covid vaccines) sales growth could be driven by the annualized benefit of OUS partnerships starting

in 2026 (e.g CAN/AUS/UK), partially offset by declining US COVID revenues (5) mRNA-1403 (mRNA

vaccine) has interim Phase III norovirus data in 2026 (event driven). (6) In rare diseases (PA, MMA),

MRNA out-licensed PA (mRNA-3927), which has registrational Phase III data in 2026. Pivotal trial start

for MMA (mRNA-3705) is gating the PA program reads out. (7) We expect minimal sales contributions

from mResvia (RSV) until formal re-vaccination guidance.

For INT+PD1 combo, mgmt remains confident Phase III interim data in high-risk (Stage IIB-IV)

adjuvant melanoma (INTerpath-001) will read out in H2:26 (N=1,000+), as events are accruing in-

line with expectations. (1) Interim scenarios are either early success or continuing toward subsequent

interims/ final analysis (no futility).