Moderna and Merck’s personalized mRNA cancer vaccine intismeran autogene met its primary and key secondary endpoints in a Phase 3 trial of 1,137 patients with early-stage melanoma, reducing recurrence risk by 49% and marking what oncology specialists describe as the first successful late-stage therapeutic cancer vaccine after more than a century of failed efforts. The vaccine targets 34 mutations unique to each tumor and is administered with Merck’s Keytruda checkpoint inhibitor. Moderna shares surged 177% in one session after the August 19 results, although they later opened at $142.77 and fell 4.6% on a subsequent Friday; the stock closed at $149.66 on August 26, giving Moderna an approximately $60 billion market capitalization. Argus Research upgraded the company from Hold to Buy with a $180 price target, but Bloomberg data showed five Buy, 16 Hold and two Sell ratings. Investors await detailed Phase 3 data, regulatory developments, evidence that personalized manufacturing can scale economically and results in other cancers. Moderna reported second-quarter 2026 revenue of $145 million, a GAAP net loss of $782 million and $6.9 billion in cash, cash equivalents and investments at June-end, while targeting cash-flow breakeven by 2028.