INTerpath-001 de-risks the neoantigen platform; a disclosed-data gate routes the re-rating
The phase 3 win converts Moderna oncology optionality into a concrete FDA 2027 track on an equal Merck profit share. A magnitude and timing gate at the center sends the de-risking credit either to a justified re-rating (pipeline optionality holds) or to multiple compression (weak magnitude or a slip).
patient neoantigen mRNA
LNP + T-cell · PD-1 block
INTerpath-001
intismeran + Keytruda
beats Keytruda alone
RFS · DMFS beat
lung
bladder
kidney
same intismeran platform · phase 2/3
FDA path
2027 · Merck 50/50
data gate
magnitude
robust
weak
timing
2027
slips
re-rating justified
optionality holds
multiple compresses
weak data or slip
de-risking is real
full data confirm · 2027 on track
phase 3 win de-risks the neoantigen platform · re-prices oncology optionality