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Moderna, Merck Show Long-Term Survival For mRNA-Keytruda Combo

Key Takeaway: Moderna's mRNA neoantigen therapy combined with Merck's Keytruda has shown promising long-term results in reducing the risk of recurrence or death in advanced melanoma patients. At the five-year mark of the Phase IIb KEYNOTE-942/mRNA-4157-P201 study, the combination maintained a 49% reduction in risk compared to Keytruda alone. The companies are advancing to Phase III trials for melanoma and lung cancer.
Price reaction · baseline $41.83 (2026-01-16 close) · hit after-hours · 2 other MRNA headline(s) in the window, move may be shared
day 0 close · peak
+2.8%

Market Sentiment Analysis

POSITIVE FACTORS

  • Significant reduction in recurrence or death risk by nearly half.
  • Long-term data supports the efficacy of the mRNA-Keytruda combination.
  • Consistent safety profile across multiple readouts.

BiopharmaWatch Analysis

From our catalyst data and publicly available data · not financial advice
Best trade, last catalyst
+47%
120-day peak, hindsight
Typical move
5.1%
average across 3 past catalysts
Cash runway
~22 mo
Low dilution risk
Lead asset
mRNA-1645-eODGT8
Phase 1 · HIV Infections

Full Press Release Details

Moderna’s mRNA neoantigen therapy reduced the risk of recurrence or death in patients with advanced melanoma by nearly half at the five-year mark of a mid-stage trial when paired with partner Merck’s Keytruda. The latest results build on the companies’ efforts to develop a long-term solution to the intractable skin cancer that often recurs even after complete removal via surgery.
The data come from an analysis of the Phase IIb KEYNOTE-942/mRNA-4157-P201 study, an open label trial that paired Moderna’s therapy with Merck’s immuno-oncology juggernaut. Patients had high-risk stage three or four melanoma and underwent complete resection prior to receiving the treatment combo or Keytruda alone for a year.
In a readout at the three-year mark inDecember 2023, the combo reduced the risk of recurrence or death by 49% compared to Keytruda alone.
In Tuesday’s release, the companies said that number was the same at the five-year mark. They did not report what Keytruda alone achieved. The study originally reached the primary endpoint in December 2022, achieving arisk reduction of 44%.
Moderna and Merck said in a statement that the data builds on the analyses performed at two years and three years. Safety was consistent with previous readouts.
Intismeran autogene, previously known as mRNA-4157, is a therapeutic vaccine that aims to boost the efficacy of the immune system in fighting cancer. The vaccine is designed to generate T cell responses targeted to the patient’s specific tumor.
The companies are working on a fully enrolled Phase III trial for the combo as an adjuvant treatment in melanoma, while enrollment is underway for a Phase III test in lung cancer, a Phase II test in renal cell carcinoma and more.

Frequently Asked Questions

What is the mRNA-Keytruda combination?

It is a treatment pairing Moderna's mRNA neoantigen therapy with Merck's Keytruda for advanced melanoma.

What were the results of the Phase IIb trial?

The trial showed a 49% reduction in recurrence or death risk at the five-year mark.

What is the purpose of Intismeran autogene?

It aims to enhance the immune system's response against cancer by targeting specific tumors.

What are the next steps for this treatment?

The companies are advancing to Phase III trials for melanoma and lung cancer.

Last updated: Jan 20, 2026