摩根士丹利-北美生物制药：MRNAMRK三期黑色素瘤数据公布后个体化新抗原疗法深度更新-INT Deep Dive Refresh following MRNAMRK Ph3 melanoma data-20260823

【价估日录】网整理，

RESEARCH

MorganStanley

August23,202609:51PMGMT

Biopharma|NorthAmerica

INTDeepDiveRefresh

followingMRNA/MRKPh3melanomadata

MRNA/MRKreportedpositivetoplinedatafromaPh3trialofintismeranautogene(individualizedneoantigentherapyorINT)inadjuvantmelanoma.Wereviewthetechnology(includingAlangle),keydebates,theforwardcatalystpathandmarket

opportunitywithin.

PrivateCompany

Wepreviouslyoutlinedindividualizedneoantigentherapies(INT)orcancer

vaccinesasoneofthree'Moonshot'opportunitiesforBiopharmacompanies(seeourworkHERE).Thisfirst'Moonshot'deliveredwithpositivetoplinedatafrom

MRNA/MRK'sPh3INTerpath-001studyofintismeranautogene(mRNA-based

IndividualizedNeoantigenTherapy/INT)inadjuvantmelanoma(seeournotesHEREandHERE).BNTX/Roche(coveredbySaritaKapila)arealsodevelopingamRNA-

based,individualizedNeoantigenSpecificImmunotherapy(iNeST),autogene

cevumeran,andpreviouslypresentedsingle-armPh1datainadjuvantpancreatic

ductaladenocarcinoma(PDAC;seeLINKandwithin).Weoutlinekeydebatesbelowandhavedeepdiveslideswithin.

Fourkeydebates:

·First-willthisapproachtranslatetoothertumortypes(hotvs.cold)andsettings(adjuvantvs.metastatic).MRNA/MRKarepursuing6tumortypesbroadly(subtypesnotincluded)vs.2byBNTX/Roche.

·Second-peaksalespotentialforINT(seeslides24-26).Asabenchmark

Keytrudapeaksalesare$37bnperourestimate,whichisthemostsuccessfuloncologydrugintermsofsales.

·Third-willBNTX/RocheapproachbecompetitiveandresultinaduopolylikeCOVID,orwillthisbeaMRNA/MRKmonopoly(seeslide9for

comparison).

·Fourth-howcentralofaroledoesAlplayinthesetherapies(seeslides6-

8),andistherebroaderreadthroughfortheBiopharmasector.

Fourkeycatalystsahead:(1)FullINTPh3adjuvantmelanomadataatamedicalconferenceintheFall(weseeESMOOct.23-27asapotentialvenue).Theeffectsize(HR/p-valueforRFS)remainsakeyoutstandingquestion.ForINT+Keytrudawebelieve35-45%relativeriskreductionvs.Keytrudaisabenchmarkforoncology

studiesthathitataninterim.(2)INTPh2RCC/kidneydatain2H26or2027.(3)INTPh2MIBCdatain2027.(4)BNTX/RochecevumeranPh2colorectalcancerdatain2027.SeeExhibit1.

FOUNDATION

MORGANSTANLEY&CO.LLC

TerenceCFlynn,Ph.D.EquityAnalyst

Terence.Flyn@morganstanley.oom

ChrisYu,J.D.,Ph.D.EqutyAnalyst

Chris.LYu@morganstanley.oomHaileyHorowitz

ResearchAssociate

HaileyHorowitz@morganstanley.oom

AlexanderYevdokimov,Ph.D.ReseachAssociate

Alexander.Yevdokimov@morganstanley.oomConnorMMassari

EquityAnalyst

Connor.Massani@morganstanleycomDamienHKerner

ResearchAssociate

Damien.HKerner@morganstanleycom

+1212761-2230

+1212761-2535

+1212761-5264

+1212761-2167

+1212761-2417

+1212761-3829

MORGANSTANLEYINDIACOMPANYPRIVATELIMITED+SaketAgarwal

ResearchAssociate

SaketAgarwal@morganstanleycom+91226995-4012

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefimmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtherinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

FOUNDATION

MorganStanley|RESEARCH

Weofferdetailedprofilesofprivatecompaniesinthespaceonslides10-11and28-34.Exhibit1:KeycatalystsforINT/iNeST

CompanyTimingDrugEvent

MRNA/MRK

2H26

intismeranautogene

FullPh3interimdatainadj.melanoma(INTerpath-001)atamedicalconf.

MRNA/MRK

2H26/2027

intismeranautogene

Ph2potentiallyregistrationalinterimdatainadjuvantRCC

MRNA/MRK

2H26/2027

intismeranautogene

PotentialBLAflinginmelanoma

MRNA/MRK

2027

intismeranautogene

Ph2adjuvantMIBC(INTerpath-005)data

BNTX/Roche

2027

autogenecevumeran

Ph2adj.CRCDFSdata

MRNA/MRK2030intismeranautogenePh3+Keytrudaadj.NSCLC(INTerpath-002)data

SourceCompanyData,MorganStanleyResearch

Thecontentaddressingprivatecompaniesisbeingprovidedforinformational

purposesonlyanddoesnotconstituteasolicitationorimplyfutureresearch

coverageifthecompanygoespublic.Contentisbasedonunauditedinformation.No

investmentrecommendationisprovidedasthereislimitedpublicinformation

availableforprivatecompanies.Investorsshouldconducttheirownduediligenceandbeawarethatadditionalordifferentinformationmaybeprovidedbythecompany

Thevaluationinformationprovidedhereisincudedforillustrativepurposesonly.Theinformationisbasedonpubliclyavailableinformation(fundingrounds,company

disclosure,third-partyvendors,etc.)andwasnotproducedorendorsedbyMorganStanleyResearch.

MorganStanleylRESEARCHFOUNDATION

MorganStanley

MRNA/MRKandBNTX/RocheIndividualized

Neoantigen-SpecificTherapy(INT/iNeST)

TerenceFlynn,Ph.D.

ChrisYu,JD,Ph.D.

HaileyHorowitz

August2026

MORGANSTANLEYRESEARCH3

RESEARCH

FOUNDATION

MorganStanleyl

4

MorganStanley

Overview

·MRNA/MRKandBNTX/RocheareindependentlydevelopingtheirmRNA-based,individualizedimmunotherapies(formerlyknownascancervaccines).

·MRNA/MRK'sprogramisintismeranautogene/INT,whichisbeingdevelopedin6tumortypesbroadly(subtypesnotincluded)vs.2byBNTX/Roche'sautogenecevumeran(oriNeST).

·MRNA/MRKrecentlyreportedpositivetoplinedatafromaPh3studythatINTincombinationwithKeytrudaasadjuvanttherapy(i.e.,postsurgery)formelanomademonstratedstatisticallysignificantand

clinicallymeaningfulimprovementsinefficacy(RFSandDMFS)comparedtoKeytrudaalone.

·Firstdebate-willthisapproachtranslatetoothertumortypes(hotvs.cold)andsettings(adjuvantvs.metastatic).INTPh2datainRCC/kidneyandMIBC/bladderarenextproofpoints.

·Seconddebate-peaksalespotentialforINT(seeslides24-26).AsabenchmarkKeytrudapeaksalesare$37bnperourestimate,whichisthemostsuccessfuloncologydrugintermsofsales.

·Thirddebate-willBNTX/RocheapproachbecompetitiveandresultinaduopolylikeCOVID,orwillthisbeaMRNA/MRKmonopoly(seeslide9forcomparison).

·Fourthdebate-howcentralofaroledoesAlplayinthesetherapies(seeslides6-8),andistherebroaderreadthroughfortheBiopharmasector.

·Weofferdetailedprofilesofprivatecompaniesinthespaceonslides10-11and28-34.

2

RESEARCH

FOUNDATION

MorganStanleyl

MORGANSTANLEYRESEARCH5

MorganStanley

Howdoesanindividualizedneoantigentherapy(INT)work?

Cancercellsareverygoodatevadingtheimmunesystemasthey-looklikehealthycells,turnofftheimmuneresponse,hidefromTcells,createanimmuno-suppressive

environment,andTcellsmaynotfullypenetratetumors.

Neoantigens(i.e."newantigens")arisefromgeneticmutations

·Antigenissomethingonacellrecognizedbytheimmunesystem.Mutatedprotein-codinggenesproduceaberrantantigens,whichcantriggerimmuneresponseifpresentedtoTcells

·Neoantigensonlyappearoncancercells,makingthemaveryspecificmarkerofthecancer—theseantigensarepotentiallyimmunogenicastheyhaven'tbeenseenbytheimmunesystembefore(i.e.non-self)andserveasapatient’s“cancerfingerprint”

INT/iNeSTtherapiesaredesignedbasedonthepersonalizedneoantigenprofileofatumorAnti-PD(L)1,suchasKeytrudaislikelyneededtodriveneoantigen-targetingTcells

·Inanimmuno-suppressivetumorenvironment,theneoantigen-targetingcytotoxicTcellsare“exhausted”bynumerousimmuno-suppressivepathways

·Anti-PD(L)1orotherimmune-checkpointagentsblocktheseimmuno-suppressivepathways,enablingtheTcellstoexerttheircytotoxic/killerfunctiononneoantigen-bearingcancercells

3

MorganStanleylFOUNDATION

MorganStanley

OverviewofINTMechanismofAction

Inthelymphnode,immunecellsactivateTcellsandBcells

TcelBcell

Cancercellpieces

(antigens)are

released

ActivatedTcells

moveintothetumor

Tcellsattackand

killcancercells

ImmunecellspickupINTpieces(antigens)andtraveltothe

lymphnode

TandBcellsmultiplyandgetstronger

①

Source:AdaptedfromLiuetal,JournalofHematology&Oncology

MorganStanleylFOUNDATION

MORGANSTANLEYRESEARCH

MorganStanley

OverviewofINTmanufacturingprocess

Ananalysisisperformedtoidentifyneoantigensthatcouldbetargetedtoactivatethepatient'simmunecells

processweeks*

AnINTiscreatedforthepatientwithpersonalizedmRNAthathelpsthe

immunesystemrecognizethecancer

Asampleofapatient'stumor/bloodiscollected

Productiontakes~4-6

TheINTisadministeredtothepatientviaintramuscularinjection

Source:AdaptedfromModerna/Merck;*perBNTXfactsheet;"needle-to-needle"timeislongerperMRNA,witha60daytarget

MorganStanleylFOUNDATION

8

MorganStanley

MRNA'sneoantigenselectionalgorithmaidedbyAl/machinelearning

3

Intismeran

readingframe

features

Patienttumor

Annotate

Automated

Upto34total

neoantigensin

theindividualized

neoantigen

therapy

manufactured

Design

mRNA

sequence

mutations,

peptide,and

HLAtype

Neoantigenselection

algorithm

PatientnormalDNA-Seq

concatenamer

design

Annotate

neoantigen

Patienttumor

RNA-Seq

PatientHLA

typing

Patientdata

NGS

roosrugoR

AseriesoffullyintegratedAlalgorithmstakesnext-generationsequencing(NGS)datafromtumorandbloodsamples,reviewsthegeneticmutations,andpredictsupto34ofthose

neoantigensthataremostlikelytoelicitanimmuneresponse.

Inpractice,~29%ofneoantigensthatgointothecassettesareimmunogenicperMRNA.

Source:MRNAPresentation

MorganStanleylFOUNDATION

MORGANSTANLEYRESEARCH

MorganStanley

MRNAINTmanufacturingalsoaidedbyAl

MaestroiscoretoourINTproductvision

Visionstatement

BuildthebesIndividualizedMedicinePlatformintheworld,frompatientandsiteexperiencetomanufacturingexecutionanddelivery,optimizedbyreal-worlddatacollectionandAl

INTcoordinationhub

Patientscreeningordering/scheduling

INTadministration

ManufacturingUtilizationModel

Combiningdatafromreol&simulatedpatients

Alassistedmanufacturingplanning

Opfimizedbasedoneachindividuolpotient'ssituation

Manufacturingplanning,execution,distribution

ERPIINTdesign

ManufacturingexecutionsystemLaboxotoryinformationmgmtsystems

SiteExperience

AIDriven

Planning

INTProduction

INTMaestro

·Chainofcustody

·INTdesign

·INTordering

·Centralizedtracking

·MRNAbuiltMaestro(enabledbyAl)tohelpwithINTschedulingandmanufacturing.

·MRNA'sMarlboroughfacility(GMPready)hasoneline,whichcanservicethousandsofpatients,andthefacilitycanbescaledtoincludeanadditionalline.OurINTsalesestimatesimply~8k/52kpatientsreceivetherapyin2030/2040.

Source:MRNAPresentation

MorganStanleyIFOUNDATION

10

MorganStanley

BNTX'sneoantigenselectionalgorithmalsoaidedbyAl

·BNTX'sneoantigenselectionisalsodrivenbyAl,butchooses~20antigens

·PotentialIPdisputesbetweenBNTXandMRNAcouldarisewhenINT(akaPCV)is

commercialized.SeeourpriorIPanalysisnotetitled“PCVComparativePatentAnalysis”(pubd3/29/2023).

23

Individual

patientsamples

(bloodandtissue)

Just-in-timemanufacturing

DedicatedmRNAGMPproductionfacilitiesTargetingdeliveryof<5weeks

Continuousplatform

evolution

iNeSTisbeingdevelopedincollaborationwithGenentech

Drivenbydata

Constantimprovementasmoredataaregeneratedandanalyzed

Selectionalgorithms

AlandMLoptimization

On-demandtailored

RNAmanufacturing

Individualized

immunotherapy

Neoantigenprediction

Mappingofmutations

BIONTECH

Source:BNTXPresentation

MorganStanleylFOUNDATION

MORGANSTANLEYRESEARCH

MorganStanley

ComparisonofMRK/MRNAvs.BNTX/RocheindividualizedneoantigenmRNAtherapies

·MRNAandMRKareco-developingintismeranautogene(INT;mRNA-4157)inPh2/3.

·BNTXandRoche(coveredbySaritaKapila)areco-developingautogenecevumeran(BNT122)inPh1/2.

·Thesetherapiesaremostlybeingstudiedintheadjuvantsetting(i.e.,postsurgery).

Moderna/Merck

Intismeranautogene(mRNA-4157)

BioNTech/Roche

Autogenecevumeran(BNT122)

Adjuvantmelanoma(Ph3;PCDOct.'29)

AdjuvantNSCLC(Ph3;PCDsbeginningJune'30)

AdjuvantMIBC(Ph2;PCDApril'27)1Lmet.Melanoma(Ph2;PCDJuly'28)

Tumortypes1LSQNSCLC(Ph2;PCDJuly'29)

RCC(Ph2;PCDJan.'28)

High-riskNMIBC(Ph2;PCDSept.'31)

Adjuvantpancreaticcancer(Ph1;PCDNov.'27)

Peri-operativegastriccancer(Ph1;PCDNov.'27)

#neoantigens

Upto34

Lipid

LNP

mRNA

modifiedmRNA

Source:Companydata,CT.gov,MorganStanleyResearch

AdjuvantCRC(Ph2;PCDNov.'26)AdjuvantPDAC(Ph2;PCDJan.'31)

Upto20

Lipoplex

unmodifiedmRNA

MorganStanleylRESEARCHFOUNDATION

12

MorganStanley

Competitivelandscape

Severalcompanieshaveongoingearlyclinicalworkwithsimilarapproaches(mRNA,peptide,orDNA).

Companynam

e

Publicor

private

Personalizedapproachornot

LeadtumortypeunderclinicaldevelopmentClinicalstage

Abogen

Biosciences

Private

Both—personalizedAB02109;off-the-shelfmulti-KRASABO2102

Solidtumors/resectedNSCLCforABO2109;KRAS-mutantsolidtumorsforABO2102

Phase1

Evaxion

Public一Nasdaq:

EVAX

Personalized—Al-selectedneoantigenpeptidevaccine(EVX-01);upto10neoantigens

Metastaticmelanoma

Phase2

EverestPublic

Both—personaizedEVM16(dozensofantigens);off-the-shelfEVM14

SolidtumorsPhase1

Geneos

Therapeutics

Private

Personalized-neoantigenDNAvaccine(GNOS-PV02);≤40neoantigens

Advancedhepatocellularcarcinoma

Phase1/2

Hangzhou

Neoantigen

Therapeutics

Private

Personaized—neoantigenmRNA(iNeo-Vac-R01)

Advanceddigestive-systemmalignancies

Phase1

Immorna

Private

Off-theshelf—neoantigensrRNA(JCXH-212)

NSCLC

Phase1

Jiangsu

SynthgeneBiotech

Private

Personalized-neoantigenmRNA(SJ-Ne0006)

Resectablepancreaticductaladenocarcinoma

Phase1

Source:Companydata,CT.gov,MorganStanleyResearch;Evaxionisnotcovered;EverestiscoveredbyJackLin

10

MorganStanleylRESEARCHFOUNDATION

MorganStanley

Competitivelandscape(cont.)

Companyname

Publicorprivate

Personalizedapproachornot

Leadtumortypeunderclinicaldevelopment

Clinicalstage

NeoCuraPrivate

Nykode

Public—

Therapeutics

OsloBørs

Shanghai

RegeneleadTherapies

Private

ShanghaiXinpuBiotechnology

Private

Transgene

Public一

Euronext

Paris:TNG

Source:Companydata,CT.gov,Morgan

PrimarilypersonalizedneoantigenmRNA;alsodevelopingshared/publicneoantigens

Gastric/esophageal/livercancers;broaderadvancedsolidtumors

Phase1

Phase2overall;Phase2ready

for

personalized

VB10.NEO

Phase1

Phase1

Both—individualizedVB10.NEO(10-20

neoantigens)andoff-the-shelfvaccinessuchas

VB10.16

HPV16+cancersforoff-the-shelfprogram;advancedsolidtumorsforVB10.NEO

Personalized—neoantigenmRNA

Resectedpancreaticadenocarcinoma;alsoresectedNSCLC

Personalized—mRNA(XP-004);10-20neoantigens

Adjuvantpancreaticcancer

Both—individualizedTG4050(≤30neoantigens)andshared-antigenTG4001

HPV-negativehead&necksquamouscellcarcinoma

Phase2

StanleyResearch;NykodeandTransgenearenotcovered

11

MORGANSTANLEYRESEARCH

13

RESEARCH

FOUNDATION

MorganStanleyl

14

MorganStanley

Off-the-shelfmRNAimmunotherapies

·Off-the-shelfmRNAimmunotherapies

BNT113BNT116

1LMultiplesettings

HPV16+PD-L1CPS≥1HNSCCPhase2/3

NSCLC

Phase1&2

+Pembrolizumab

Mono&combowithIO&ADCs

·Recruitmentongoing

·TrialupdatedtoPhase2/3

·RecruitmentcompletedinPhase2in1LNSCLC²

·DatapresentedatSITC2023,AACR2024,SITC2024and

AACR2026

·DatainfrailpatientspresentedatAACR2025

·DatainpatientsafterCRTpresentedatWCLC2025

·DataexpectedatWCLC2026

Phase3interimanalysis

expectedin2026

couldbemoresuitedforthemetastaticsetting.

·BNTXisdevelopingaplatformof“FixVac”assets,whicharenot

personalizedtothepatient'stumorsample.

·FixVacvaccinestargetafixedsetofsharedtumorantigenscommonly

expressedacrosspatientswithagivencancertype,enabling“off-the-shelf

treatment.

·BNTXplanstopresentinterimPh3dataforBNT113inHPV+,PD-L1CPS≥1HNSCCin2H26.

Source:Companypresentation

12

MorganStanleylFOUNDATION

MORGANSTANLEYRESEARCH

MorganStanley

Datatodate:MRNA/MRK

KEYNOTE-942:INTPh2adjuvantmelanomatrialdesign

Randomized,Phase2,open-labelstudyinadjuvantresectedmelanomapatientsathighriskofrecurrence

2:1Randomization

Combinationtreatmentarm:mRNA-4157(V940)+pembrolizumab

Upto1yearofpembrolizumabtreatment

mRNA-4157(V940)1mgIMQ3Wforupto9doses+

pembrolizumab200mgIVQ3Wforupto18cycles

(n=107)

Stratifiedbydiseasestageb

Follow-up:

Controltreatmentarm:Pembrolizumabonly

Upto1yearofpembrolizumabtreatment

Pembrolizumab200mgIVQ3Wforupto18cycles

(n=50)

Keyeligibilitycriteria

·StageIⅢB,OⅢIC,IID,orIVcutaneouS

melanoma

·Completesurgicalresectionwithin

·Disease-freeat

Primaryendpoint:

RFSC.d

Secondaryendpoints:

DMFSe,

safety,tolerability

13weekspriorto

firstpembrolizumabdose

upto5years

followingthe

firstdoseof

pembrolizumab

studyentry

·ECOGPS0-1

·TissueavailableforNGS

Source:Companydata

13

MorganStanleylRESEARCHFOUNDATION

16

MorganStanley

Datatodate:MRNA/MRK

BaselinecharacteristicsfromtheINTPh2melanomatrial(KEYNOTE-942)

Characteristic,n(%)

mRNA-4157(V940)+pembro(n=107)

Pembro(n=50)

Sex

Male

Female

70(65.4)31(62.0)

37(34.6)19(38.0)

Age,years

Mean(SD)

Range(median)

61.3(13.50)59.4(14.25)

63(26-83)61.5(24-89)

Agegroup

<65years≥65years

59(55.1)28(56.0)

48(44.9)22(44.0)

ECOGPSscore

0

90(84.1)

15(14.0)

40(80.0)

9(18.0)

Stageb

StageIICStageIIIDStageIV

89(83.2)

2(1.9)

16(15.0)

42(84.0)

2(4.0)

6(12.0)

LDH,U/L

Median(range)>ULN

189.5(118-528)

5(4.7)

185.5(113-1180)

3(6.0)

LymphnodedissectionPD-L1status

34(31.8)

15(30.0)

Positive

Negative

Indeteminantc

69(64.5)

13(12.1)

25(23.4)

27(54.0)

5(10.0)

18(36.0)

BRAF

V600KorV600EmutationWTe

41(38.3)

66(61.7)

20(40.0)

30(60.0)

Tumormutationalburden

<10mutations/Mb≥10mutations/Mb

26(24.3)

79(73.8)

19(38.0)

30(60.0)

Source:Companydata

14

MorganStanleylFOUNDATION

MORGANSTANLEYRESEARCH

MorganStanley

Datatodate:MRNA/MRK

5-yearfollow-updataofINTPh2trialinadjuvantmelanomashowadurableresponse

·INT+Keytrudashowedsustained

improvementonRFSprimaryendpointvs.Keytrudamonotherapy(HR=0.51)

·INT+KeytrudashowedapositiveOStrendvs.Keytrudamonotherapy

(HR=0.47).

·4yrOSrateof92%forthecombovs.86%withKeytrudaalone.

一Intismeranpluspembrolizumab

Pembrolizumab

80.4%

73.8%

78.3%

72.4%

62.2%

155.6%

49.1%

Median(95%CI).monthsEvents,%(nN)Hazardratio(95%CI)

Survival,%

Intismeranpluspembrolizumab

Pambrolizumab

NE26.2(28/107)0.510(0.294-0.887)

44.65(16.59-NE)46.0(23/50)

1218243036

4866

TimeFromFirstDoseofPembrolizumab,Months

70(13)57(24)

84(7)

37(2)

107(0)

50(09

78(9)74(11)

29(3)27(4)

55(260(79)

17(12)

41(2)

19(10

Recurrence-Free

96.0%

196.0%

93.4%

一Pembrollzumab+Censored

93.8%

92.2%

93.4%!

Suvival,%

Hazardralifo95%C)

0.471(0.165-1.345)

Events,%(nN)

Median(95%CI).months

Intismeranpluspembrolizumab

6.5(7107)

14.0(7150)

NE

NE(59.83-NE)

TimeFromFirstDoseofPembrolizumab,Months

25(75)

86(17)85(18

16740)100(592(11)

892)

65(365

21(23

Overall

·ResultsfromBNT122Ph1pancreaticcancertrialsimilarlyshoweddurability,witha90%survivalrateforrespondersat6years(Balanchandranetal,AACR2026).

Source:Companydata,ASCO2026

15

MorganStanleylRESEARCHFOUNDATION

18

MorganStanley

Datatodate:MRNA/MRK

KEYNOTE-942:Ph2trialinadjuvantmelanoma,5yrfollow-up(safety)

Intismeran+Pembrolizumab(n=104)Pembrolizumab(n=50)

Event,n(%)AnygradeGrade≥3AnygradeGrade≥3

AnyAE104(100)35(33.7)47(94.0)15(30.0)

Anytreatment-relatedAE104(100)26(25.0)42(84.0)7(14.0)

SeriousAE14(13.5)13(12.5)5(10.0)4(8.0)

Immune-mediatedAEsa38(36.5)11(10.6)19(38.0)6(12.0)

Intismeran+pembrolizumab(n=104),n(%)Grade1Grade2Grade3Grade4/5Total(n=104)

Patientswithintismeran-relatedAEb33(31.7)54(51.9)11(10.6)098(94.2)

Fatigue39(37.5)18(17.3)5(4.8)062(59.6)

Injectionsitepain37(35.6)25(24.0)0062(59.6)

Chills49(47.1)4(3.8)0053(51.0)

Pyrexia35(33.7)15(14.4)1(1.0)051(49.0)

Injectionsiteerythema28(26.9)5(4.8)0033(31.7)

Headache19(18.3)13(12.5)0032(30.8)

Influenza-likeillness21(20.2)10(9.6)0031(29.8)

Nausea23(22.1)3(2.9)0026(25.0)

Myalgia