Moderna Inc. (MRNA): Framing the upcoming first Phase 3 mRNA cancer data

Research evidence excerpt

Moderna Inc. (MRNA): Framing the upcoming first Phase 3 mRNA cancer data

Equity Research

20 July 2026 | 7:01AM EDT

Moderna Inc. (MRNA): Framing the upcoming first Phase 3 mRNA cancer

data

MRNA is developing an individualized neoantiogen cancer therapy, intismeran, in Salveen Richter, CFA

+1(212)934-4204 |

collaboration with MRK, where interim Phase 3 data in adjuvant Stage II-IV salveen.richter@gs.com

Goldman Sachs & Co. LLC

melanoma in combination with Keytruda versus Keytruda alone is expected this year

Elizabeth Webster, Ph.D.

from the MRK-designed INTerpath-001 study. Intismeran could establish the +1(212)357-9925 |

commercial oncology vertical as MRNA’s first approved product outside of elizabeth.webster@gs.comGoldman Sachs & Co. LLC

respiratory vaccines, and carries expansion opportunities into other solid tumors per Mark Aleynick, Ph.D.

nine ongoing Phase 2 and 3 studies, with additional pipeline efforts (see our Science +1(212)357-6820mark.aleynick@gs.com|

Day note). We are constructive on the data following impressive 5-year Phase 2 Goldman Sachs & Co. LLC

Uthmanresults (hazard ratio (HR)=0.510 on recurrence free survival (RFS)), noting Tolani | +1(212)357-6412

INTerpath-001 leverages the same primary endpoint. Translation of this signal to a tolani.uthman@gs.com Goldman Sachs & Co. LLC

larger Phase 3 (1,089 vs. 157 patients in Phase 2) is the largest risk given the

Matt Dellatorre, Ph.D.

potential for efficacy attenuation historically seen in oncology studies; however the +1(212)855-0830 |

matt.dellatorre@gs.com

Phase 2 was randomized, which increases our confidence. With regard to the Goldman Sachs & Co. LLC

probability-of-success of the first interim, we performed an analysis informed by Lydia Erdman