Five gates still decide the re-rating — tap a gate to close it and watch the terminal value unwind.
Reset all open
V940/INTerpath-001 path from pivotal readout to Moderna valuation re-rating
market capitalizes the mid-2030s stream today
INTerpath-001
RFS + DMFS positive
Data presented
international meeting
Regulatory filing
rolling / priority
Approval
co-commercial · 50/50
Moderna 50%
Merck 50%
partner retains half
costs + profits split 50/50
OS data
survival
Filing
delay risk
Safety
1,137 pts
COGS / scale
manufacturing
Other tumors
adjuvant NSCLC
Terminal value
earned — market cap holds
value of the stream is kept
click a gate to open or close it — the route cuts at the first closed gate