MRNA Explodes on Cancer Vaccine BreakthroughModerna, Inc.BATS:MRNAmoonyptoForget Bitcoin, Biotech season is here! MRNA just pumped 125% and suddenly everyone’s a cancer vaccine expert Moderna and Merck announced positive Phase 3 results for their personalized mRNA cancer vaccine, intismeran, which is being tested alongside Merck’s Keytruda in patients with high risk melanoma. The results showed that the combination met its primary endpoint for recurrence-free survival and also reduced the risk of the cancer spreading The significance of the announcement is difficult to overstate for Moderna. This is being viewed as the first successful late stage trial of a personalized mRNA cancer vaccine, providing clinical validation that Moderna’s technology could work beyond infectious diseases. The company has spent years investing heavily in mRNA technology, but investors have been waiting for evidence that the platform can generate major products outside COVID19. Today’s results potentially change that narrative and give Moderna a much larger addressable market in oncology The partnership with Merck is another important part of the investment thesis. Intismeran is designed around each patient’s tumor, using genetic information from the tumor to create a personalized vaccine, while Keytruda stimulates the immune system. The Phase 3 trial included 1,137 patients with high-risk stage IIB-IV melanoma, and the combination outperformed Keytruda alone. Moderna and Merck plan to take the data to regulators, creating a potential path toward commercialization as early as the coming years Today’s rally also builds on a broader transformation in Moderna’s pipeline. Earlier this month, the FDA approved mFLUSIVA, Moderna’s mRNA-based influenza vaccine for adults 50 and older. It is the first FDA-approved mRNA flu vaccine and gives Moderna another commercial product beyond COVID-19. While the flu vaccine is unlikely to justify a 100% stock move by itself, it strengthens the argument that Moderna is successfully diversifying its business However, investors should be careful about chasing the move after such an extreme repricing. Moderna remains loss-making, with the stock trading at a negative P/E, and the commercial value of intismeran is still dependent on regulatory approval, manufacturing, pricing and eventual adoption. Detailed survival and efficacy data from the trial have not yet been fully disclosed, meaning the market is currently pricing in a significant amount of future success. The stock’s move from the low $60s to above $120 in a single session shows just how aggressively expectations have changed