On October 2, 2026, embargoed phase three results for Moderna's mRNA cancer therapy, given with Merck's Keytruda, leaked two days before a scheduled presentation via Oncology Central. The trial of 1,137 patients succeeded, but the reduction in recurrence or death came in at 42% versus 49% in phase two, and Moderna stock fell 26% intraday before closing down 18%. Discussion has settled on that gap as the number behind the selloff, with later reads framing the same data as a roughly 40% reduction in melanoma spread risk versus standard immunotherapy. A separate thread now covers a trader who sold Moderna calls at a loss and put roughly $500,000 into puts hours before the leak.