Moderna Melanoma Adjuvant Trial Hits Primary Endpoint, Cutting Risk 42%, Yet Shares Fall

In Moderna's late-stage trial in 1137 patients with resected high-recurrence-risk melanoma, the combination therapy reduced the relative risk of recurrence or death by 42% and of distant metastasis or death by 38%. Two-year recurrence-free survival was 82.2% versus 70.0%, an absolute benefit of 12.2 percentage points. Despite the positive primary endpoint, shares fell after hours.