Moderna and Merck disclosed detailed Phase 3 results for intismeran autogene in high-risk melanoma, reporting a 42% reduction in the risk of recurrence or death versus pembrolizumab alone. The companies also reported a 38% reduction in the risk of metastasis or death. In the trial of 1,137 patients, the dual regimen combined a personalized mRNA vaccine targeting tumor neoantigens with Merck’s anti–PD-1 therapy pembrolizumab. The findings met key endpoints and were accepted for publication in the New England Journal of Medicine, the companies said. Despite the clinical benefit signal, market sentiment turned negative after social media leaks and the initial release of results, with at least one analyst characterizing the reaction as “sell-the-news.” Moderna and Merck said they are engaging regulators to seek approval, with overall survival and quality-of-life data still pending.