Moderna’s melanoma ‘breakthrough’ gets a reality check

Some of the Phase III data Moderna & Merck withheld in August have now leaked—and despite the spin from market analysts, the numbers tell a more sober story than the original headlines suggested.

Two months ago, Moderna and Merck announced that the personalised mRNA cancer vaccine Intismeran had succeeded in a major Phase III melanoma trial when combined with the immunotherapy drug Keytruda.

The companies called it a “landmark moment.” News reports declared a breakthrough, and investors piled in. But as I reported at the time, the companies had not released any meaningful Phase III data.

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They said the trial had met its endpoints, but provided little detail. There was no way for anyone outside the companies to judge how much benefit Intismeran added to Keytruda—or what harms patients experienced.

We were told the data would be presented at the European Society for Medical Oncology congress in Madrid this Saturday.

But now, the data have been leaked.