{Economic Information Daily, 20th Exclusive} Stimulated by the historic breakthrough in the Phase III clinical trial of the personalized mRNA cancer vaccine Intismeran jointly developed by U.S. biotech firm Moderna and Merck, Moderna's stock price surged nearly 178% overnight, closing at US$174.38. Merck also rose 12.6%, driving a broad rally in Hong Kong-listed vaccine and biotech概念股.

　　mRNA, or messenger ribonucleic acid, refers to the molecular instructions within cells responsible for carrying genetic codes and guiding protein synthesis. The essence of mRNA technology lies in directly delivering genetic blueprints into the body, instructing cells to produce target antigens themselves to trigger an immune response. Unlike traditional preventive vaccines, this "therapeutic" cancer vaccine first identifies unique "neoantigens" in patients through tumor gene sequencing, then injects customized mRNA instructions into the body to drive the immune system to precisely recognize and eliminate residual cancer cells.

　　The world's first commercialized mRNA vaccine was the COVID-19 vaccine jointly developed by Pfizer and BioNTech, which received historic emergency authorization approval from the UK on December 2, 2020, followed by formal approvals from the U.S. FDA and many other countries around the world for widespread use.

　　The INTerpath-001 trial jointly conducted by Moderna and Merck marks the first time globally that an individualized neoantigen therapy and mRNA cancer therapy have achieved positive results in a Phase III clinical trial, with efficacy surpassing the current standard-of-care monotherapy regimen of KEYTRUDA as adjuvant treatment. The trial successfully met its primary endpoint of "Recurrence-Free Survival (RFS)" and key secondary endpoint of "Distant Metastasis-Free Survival (DMFS)," and due to outstanding data performance, reached its target at the first pre-specified interim analysis.

　　This clinical success as a "proof of concept" not only dispels market doubts about mRNA technology having exhausted its benefits post-COVID-19 pandemic, but also broadens the global biotech industry's path in the personalized cancer treatment sector worth tens of billions of dollars. Previously, due to a sharp decline in demand for COVID-19 vaccines, Moderna's stock price plunged 95% from its historical high of US$497.49 in 2021 to a low of US$22.28 in 2025; now, with the trial's success, it effectively announces a "second life" for this platform technology.

　　Jefferies analysts point out that this achievement could extend benefits to more than eight other ongoing Phase II and Phase III solid tumor programs by Moderna testing this vaccine (coded INT), including renal cell carcinoma, bladder cancer, non-small cell lung cancer, and metastatic melanoma, with some clinical data expected to be released陆续 between late 2026 and 2027. Jefferies expects the vaccine could enter the melanoma market as early as 2027, priced similarly to Keytruda, which currently costs about US$200,000 per year.
 (nw)