Moderna, Inc. (MRNA) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the Moderna Second Quarter 2026 Conference Call. [Operator Instructions] Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lavina Talukdar. Please go ahead.

Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's Second Quarter 2026 Financial Results and Business Update. You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the Investors section of our website. On today's call are Stephane Bancel, our Chief Executive Officer; Stephen Hoge, our President; Jamey Mock, our Chief Financial Officer; and David Berman, our Chief Development Officer. Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see Slide 2 of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. With that, I will now turn the call over to Stephane.

Thank you, Lavina. Good morning or good afternoon, everyone. Thank you for joining us. After my review of the second quarter, Jamey will present our financial results and outlook, followed by Stephen with recent business updates. And David will review our clinical progress in oncology and rare diseases. And then I will close by discussing our key value drivers. As you know, the second quarter is always light for seasonal vaccines. We generated revenue of EUR 0.1 billion, which exceeded the top of our range. Our focus on financial discipline continued. We reduced cash cost by 10% in Q2 compared to the second quarter of 2025. We reported a net loss of EUR 0.8 billion. We ended the quarter with $6.9 billion in cash and investments, maintaining a strong balance sheet while continuing to invest in our pipeline. Overall, I am pleased with our continued execution across the business. This team has done a great job to get us ready for the '26, '27 vaccination season, and our pipeline is progressing well. During the quarter, we delivered several important updates across our pipeline. In our respiratory portfolio, our seasonal flu vaccine, mRNA-1010, received a positive recommendation from the U.S. VRBPAC. This represents another important milestone ahead of our August 5 PDUFA date and brings us one step closer to potentially making out flu vaccine available to patients. For norovirus vaccine, mRNA-1403, following an interim analysis, we are preparing to enroll an additional cohort in its Phase III trial. In oncology, we are very pleased to present the 5-year Phase II update of incismiran autogene in combination with KEYTRUDA in adjuvant melanoma at ASCO 2026, highlighting the continued durability of the clinical benefit observed of this program. We also presented important translation data that provides additional confidence in the mechanism of action of our individualized neoantigen therapy. And finally, we're excited to announce that dosing has begun in 2 cancer antigen therapy programs. The Phase I/II study of mRNA-4194 in Lynch syndrome and the Phase I study of mRNA-4200 in solid tumors. Beyond our pipeline, we also had several notable corporate achievements during the quarter. We are pleased to expand our partnership with CEPI to explore the development of an Ebola vaccine, reinforcing our long-standing commitment to global health security and pandemic preparedness. We were also honored to be named the World's Most Impactful Company by Time Magazine, recognizing our pioneering work in mRNA science. This recognition reflects both the global impact we made during the pandemic and our continued effort to advance a broad pipeline of innovative medicine and expand access to mRNA technology worldwide. Turning now to our leadership team. I'd like to highlight 2 important appointments we announced this quarter. As we continue to strengthen Moderna for the next phase of growth, I'm very pleased to welcome Ester Banque as our new Chief Commercial Officer. Ester joined us with more than 30 years of commercial leadership experience and an outstanding track record of leading high-performing organization across the health care industry. More recently, she led U.S. operation at Zoetis and before that, held several commercial leadership role at BMS and Novartis, where she helped bring important medicines to patients around the world. Ester now leads our global commercial organization as we prepare for multiple launches and continue expanding into new markets. We are delighted to have Esther join Moderna and have been enjoying working closely with her. I'm also pleased to welcome Michael McDonald to Moderna's Board of Directors. Michael is familiar to many of you as most recently, he served as Executive Vice President and Chief Financial Officer of Biogen. Michael brings more than 2 decades of public company CFO experience and deep expertise across finance, capital markets, Investor Relations and corporate governance. His experience across the life science and technology sectors will be a valuable addition to our Board as we continue to execute our strategy and create long-term value. We are delighted to welcome Michael to Moderna's Board. With that, I will now turn to Jamey.

Thanks, Stephane, and hello, everyone. Today, I'll start with our second quarter financial results and then review our updated financial framework for 2026. Let me start with our commercial performance. For the second quarter, total revenue was $145 million, above the guidance range we provided on the first quarter call. Our geographic mix for the quarter was 60% U.S. and 40% international. For the first half of the year, total revenue was $0.5 billion with 31% from the U.S. and 69% from international markets. Our long-term strategic partnerships drove the strong international contribution during the first half. Overall, we are pleased with our first half performance and are reiterating our expectation for revenue growth of up to 10% in 2026. We continue to expect a roughly 50-50 split between U.S. and international revenue for the full year, and we expect third quarter revenue will represent approximately 55% of our second half revenue. Now let me turn to our second quarter financial performance on Slide 10. As I just mentioned, revenue was $145 million in the quarter, up 2% from the prior year. Cost of sales for the quarter was $93 million, a 22% decrease compared to the prior year, primarily driven by lower unutilized manufacturing capacity costs as we continue to improve our manufacturing efficiency. R&D expenses for the quarter were $651 million, a 7% decrease compared to last year. The decline was driven by lower clinical development costs following the wind down of several late-stage programs. SG&A expenses for the quarter were $216 million, down 6% from last year, reflecting continued cost discipline across the organization. Our income tax provision was immaterial in both periods as we continue to maintain a global valuation allowance, which limits our ability to recognize tax benefits from losses. Net loss for the quarter was $782 million, improving by $43 million or 5% compared to last year. Loss per share was $1.97, and for the quarter compared to $2.13 last year. We ended the quarter with cash and investments of $6.9 billion compared to $7.5 billion at the end of the first quarter. The decrease primarily reflected cash used to fund operations as we continue to invest in R&D and advance our pipeline. In July, we paid $950 million related to the litigation settlement announced earlier this year, which will be reflected in our third quarter cash balance. Now let's turn to our financial framework for 2026. We still expect total revenue to grow up to 10% in 2026 with the geographic mix and quarterly phasing I previously mentioned. Our 2026 revenue guidance factors in potential future declines in COVID vaccination rates and continues to assume no revenue from mFlusiva and mCombriax. We are lowering our cost of sales projection by $0.1 billion to $1.7 billion, reflecting additional manufacturing efficiency gains. The $1.7 billion estimate includes $0.9 billion of expense related to the previously announced litigation settlement charge. We are also lowering our R&D expense estimate by $0.1 billion to $2.9 billion due to operational efficiencies and SG&A expenses are still expected to be approximately $1 billion, flat versus the prior year. Similar to 2025, our commercial spend will be more heavily weighted to the second half of the year due to the seasonality of our business. In aggregate, excluding the $0.9 billion litigation charge, we are expecting total GAAP operating expenses of $4.7 billion and $4 billion of cash costs which excludes stock-based compensation, depreciation and amortization, each reflect a $0.2 billion improvement compared to our previous guidance. We expect taxes to be negligible in 2026. Capital expenditures are still projected to be between $0.2 billion and $0.3 billion. Cash and investments are now projected to be between $4.7 billion and $5.2 billion at the end of 2026 which reflect the improvement in our cash cost guidance. As a reminder, our cash guidance does not assume any additional drawdown from our remaining $0.9 billion undrawn credit facility. With that, I will now turn the call over to Stephen.

Thank you, Jamey, and good morning or good afternoon, everyone. Today, I'll take you through our recent business updates. Slide 13 outlines our multiyear revenue growth strategy, anchored in geographic expansion and portfolio expansion from the continued advancement of our product pipeline. For 2026, we continue to expect revenue growth of up to 10%, driven by our long-term strategic partnerships in the United Kingdom, Canada and Australia and supported by the continued growth of mNEXSPIKE. Looking across the 3-year horizon, we are building toward a broader and more diversified portfolio, including flu, our combination flu in COVID vaccine and norovirus as well as late-stage programs in oncology and rare disease, while continuing to expand our global commercial footprint. We're making tangible progress against this strategy, and mNEXSPIKE is now approved in Japan and Taiwan. Our flu program received a unanimous recommendation from the Verpac FDA Advisory Committee, and we signed a joint procurement contract with the European Commission for up to 24 million doses of mRESVIA across 6 countries. We also received approval for mRESVIA in Mexico and a label expansion for the product in Australia. In Latin America, we advanced our strategic partnership in Brazil by signing an agreement with a local manufacturer to support our multiyear COVID vaccine supply agreement with the government. Finally, as our commercial portfolio expands, emerging real-world evidence strengthens the support for our respiratory portfolio. Slide 14 highlights our approved infectious disease portfolio and several recent updates across the products. Starting with COVID, health authorities in the United States and Europe have selected the XFG strain for the '26, '27 season, and we are updating both Spikevax and mNEXSPIKE to target this strain for the upcoming vaccination season. For Spikevax, we also recently published a real-world evidence study. A link to the study is included on this slide. And mNEXSPIKE is now approved in the United States, Europe, Canada, Australia and as mentioned earlier, now in Japan and Taiwan. Additional filings are planned for the second half of 2026. We also published a real-world evidence study evaluating the adjusted vaccine effectiveness against COVID-related hospitalization during the most recent 2025, 2026 season, which I will discuss in more detail shortly. Turning to America, which is approved in 44 countries. Most recently, it was approved in Mexico for all adults aged 60 and older as well as high-risk adults age 18 to 59. We also received a label expansion in Australia to include high-risk adults aged 18 to 59. In addition, a real-world evidence study evaluating vaccine effectiveness against hospitalization and associated with RSV-related acute respiratory illness was published for mRESVIA. Finally, mCombriax is now approved in the European Union is under review in Canada, Australia and most recently, Japan. In the United States. We are awaiting approval of our stand-alone flu vaccine before seeking further guidance from the FDA on next steps for refiling the combo here. Slide 15 highlights the emerging real-world evidence supporting mNEXSPIKE's clinical profile. As a reminder, during its first season on the market in 2025, 2026, mNEXSPIKE captured approximately 24% of the total U.S. retail covid vaccine market. Uptake was particularly strong among older adults with mNEXSPIKE bike accounting for approximately 34% of the retail market among individuals aged 65 and older. This market uptake was supported in part by the Phase III head-to-head data of mNEXSPIKE versus Spikevax. The subsequent real-world analysis evaluated adjusted vaccine effectiveness against hospitalization with documented COVID-19 during the 2025, 2026 season. Among adult age 65 and older, vaccine effectiveness was approximately 59% for mNEXSPIKE compared with a matched unvaccinated cohort. Among adults age 75 and older, it was approximately 67%. These estimates were numerically higher than those observed for a competitor vaccine and separately matched analysis. While this real-world study was not designed as a head-to-head comparison, the numerical differences are encouraging, particularly when considered alongside the vaccine efficacy observed for mNEXSPIKE versus Spikevax in the Phase III head-to-head trial. Taken together, the strong initial market uptake and the emerging real world evidence highlight mNEXSPIKE's potential, particularly among older adults. Turning now to our late-stage infectious disease pipeline. And starting with flu, we are grateful for the unanimous VRBPAC recommendation for mRNA-1010 and look forward to the potential for approval with the PDUFA date of August 5 in the United States. mRNA-1010 is also under review in the European Union, Canada and Australia. The efficacy and safety results from our Phase III study were recently published in the New England Journal of Medicine. A link to the publication is included at the bottom of the slide. For our neurovirus vaccine, mRNA-1403, the Phase III study did not meet the statistical criteria for early success at its interim analysis. The study remains blinded as we now prepare to enroll an additional fourth cohort. With that, I will now turn the call over to David, who will provide a more detailed update on our oncology and rare disease pipelines.

Thank you, Stephen. Before I begin the review of our oncology and rare disease pipeline, I want to take a moment to say how excited I am to be here. Before joining Moderna, I followed the company's oncology portfolio and Intismeran, in particular, very closely. The strength and potential of the pipeline were an important part of what attracted me to the Chief Development official role. Since joining the company and spending time with the teams, I have become even more impressed by the quality of the science, the depth of the programs and the opportunities ahead of us. With that, let me take you through the progress we are making across our oncology and rare disease pipeline. Starting with Intismeran, our individualized cancer therapy developed in partnership with Merck, the program continues to advance across a broad portfolio of 9 Phase II and Phase III studies. In adjuvant melanoma, the Phase III study is fully enrolled and we look forward to the interim analysis in 2026. At ASCO, we presented the 5-year update from the Phase II study of Intismeran in combination with KEYTRUDA in the adjuvant melanoma setting as well as translational data demonstrating the induction of de novo neoantigen-specific T cells following treatment. A link to our ASCO investor event presentation is on the bottom of this slide. Our Phase III development program also includes studies in adjuvant non-small cell lung cancer, including a Phase III study in patients without a pathologic complete response following neoadjuvant therapy as well as the recently initiated Stage I study evaluating Intismeran, both as monotherapy and in combination with KEYTRUDA Fulin. Across the Phase II portfolio, the adjuvant renal cell carcinoma and muscle invasive bladder cancer studies are fully enrolled and continue to accrue events. We are often asked when we expect these studies to read out. Because both studies are event driven, it is difficult to predict the timing with precision. The renal cell carcinoma study has been fully enrolled since the second quarter of 2025. So it is possible that the threshold for the analysis could be reached this year. However, it is also possible that this occurs next year. It depends on the pace of event accrual. The muscle invasive bladder cancer study completed enrollment earlier this year, and we currently expect the readout to be more likely in 2027, again, subject to the timing of event accrual. Non-muscle invasive bladder cancer study continues to enroll. As a reminder, this trial is evaluating both Intismeran with BCG in combination as well as Intismeran monotherapy. Beyond the late-stage portfolio, our Phase I studies in adjuvant pancreatic cancer and perioperative gastric cancer are also fully enrolled, and we look forward to sharing data from these programs as they mature. Taken together, the breadth and continued execution across the Intismeran program reflect our commitment to evaluating this therapy across multiple tumor types and stages of disease. Outside of Intismeran, we continue to advance a broad portfolio of oncology programs across cancer antigen therapies, T-cell engagers and cell therapy enhancement. mRN-4359 is in a Phase II program in first-line metastatic melanoma and second-line or later metastatic melanoma. It is also being evaluated in first-line metastatic non-small cell lung cancer. We are also advancing 2 additional cancer antigen therapies. mRNA-4106 and mRNA-4200 in a Phase I study in patients with advanced solid tumors. I'm pleased to report that dosing has now begun with mRNA-4200 alongside the ongoing evaluation of mRNA-4106. In addition, mRNA-4194 has entered clinical development with dosing now underway in a Phase I/II study in individuals with Lynch syndrome. This program is designed to evaluate the potential of our technology in an earlier cancer interception setting. Our T cell engager, mRNa-2808 also continues to advance in a Phase I/II study in multiple myeloma with patients actively dosing. Finally, in collaboration with Immatics, dosing continues in the Phase I study of mRNA-4203 in combination with the anzu-cel therapy. These programs demonstrate the breadth of our oncology pipeline and the continued progress we are making across several distinct therapeutic approaches. Moving now to Slide 20. In rare diseases, our propionic acidemia, or PA program is fully enrolled in its registrational study, and we expect data from the study in 2026. For our methylmalonic acidemia or MMA program, as mentioned last quarter, we have deferred our decision on a pivotal trial until the PA readouts. With this review, I will now hand it over to Stephane.

Thank you, David, Stephen and Jamey. Looking at the second half of the year. On the commercial and financial side, we remain on track for up to 10% revenue growth this year and also remain committed to improving our operational efficiency and achieving our new lowered cash cost guidance of approximately $4 billion. We also expect to build on last year's success, mNEXSPIKE launch and to continue expanding across the COVID patients around the world. We look forward to approvals for mCombriax in Canada and Japan. And following the positive recommendation from the U.S. VRBPAC, we now look forward to the August 5 PDUFA date and potential approval of our seasonal flu vaccine in the U.S. We also anticipate approval for flu in Canada and Europe. From a pipeline perspective, oncology remains a key focus with important milestones ahead for Intismeran in multiple tumor types. As David said, a [indiscernible] study in PA, we expect data this year. We have a busy second half of the year ahead of us. Success will come from disciplined execution across our key priorities, and I'm confident in our team's ability to deliver. We will be happy to host you in Cambridge or online for Analyst Day on November 12. Finally, I would like to thank our employees around the world for their continued commitment to our mission and for everything they have accomplished this quarter. With that, operator, we'll be happy to take questions.

[Operator Instructions] Our first question comes from Salveen Richter with Goldman Sachs.

Two questions for me. One is in the case that the Phase III Intismeran melanoma study passes the first interim and progresses to a second and/or final analysis, how should we interpret that in the context of powering an event accrual? And how detailed will your disclosure be? And the second question for me. If the trial is indeed positive here, how do we think about read through to other tumor types like lung in the context of tumor mutational burden but also the fact that you're talking about different neoantigens that play the key role there as you think about the cassette.

A lot of questions in there. I think with regard to the phase -- to your first question, if the Phase III INT study in melanoma continues it continues. We haven't disclosed the statistical powering or the thresholds for early interim efficacy. So I think I won't really address any more about that. With regard to the press release, I think it's too early. Let's see what the data is, and then we'll figure out what exactly the wording will be in the press release. I think with your other question, if Intismeran is positive, what's the read through, I think it's a very important question, one I've given a lot of thought to. I think there are several important things we need to see here. One is what is the degree of efficacy that we see. Number two, are we confident that the mechanism that we see can be validated. And I think with regard to that, the answer that -- the data that we've shown at ASCO confirms that we do -- when we give the neoantigen vaccine, we do see neoantigen-specific T cells, and we know those T cells can kill the tumor. So I think that we have move to other tumors where checkpoints do work, and we know that this mechanism that I just talked about is the mechanism by which other checkpoints do work. And so since checkpoints work in lung cancer, and bladder, I think that gives us increased reason to believe in bladder. I think the big question comes out in tumors where checkpoints don't work and that's pancreatic cancer into a lesser degree, gastric. So that's why we're conducting Phase II trials and Phase I expanded trials in those other tumors.

And Salveen, maybe on your first question, just to fill in a little bit. As David said, we haven't disclosed statistical analysis plan. But suffice it to say, it's an interim analysis, and there are still subsequent planned analyses. And ourselves with our partner, Merck designed the overall study to evaluate the full commercial profile of the product. And so we do think that there's a commercially valuable product that could emerge maybe only in the final analysis, but that wouldn't meet the criteria for early efficacy at the interim. And obviously, we'll move forward with the study accruing events to characterize that, but we do still see there is an opportunity there.

Our next question comes from Tyler Van Buren with TD Cowen.

Another one on the Phase III melanoma INT readout. Forgive me, but I have to ask for more granularity on timing. How close are you to achieving all the events required for the first analysis? What percentage of events for the first analysis have been observed? And what's your level of confidence that we'll get the data readout this year.

Tyler, good to hear from you. So we're not going to disclose any more details around the specific timing aside from that second half in terms of powering. I think in terms of confidence, the fact that we had this very strong randomized Phase II data that had consistent efficacy in all the subsets was very promising to me. And the fact, as I mentioned, that the translational data confirms the mechanism of action. I don't think that there's anything else that can be done ahead of a randomized Phase II. And so that's what we're conducting.

Got it. And if it succeeds in the Phase III, do you expect standard review? Or is a priority review possible? And can you remind us what your capacity to treat patients would be on approval?

So priority review will always be subject to the data, but we certainly hope, certainly, if we're successful that it will be under consideration and then an accelerated review process is possible. As David said, we are we're highly confident we'll get that data in the second half of this year or at least that interim analysis will be conducted. And if that is positive, again, we don't have the data yet. Then we would obviously make the case for an accelerated review, and we think it'll be supported by any profile that looked like the Phase II. Now as to commercial capabilities, we have been establishing the manufacturing in Massachusetts and a dedicated facility that will be able to support launch. We believe that facility can support our commercial profile that ourselves and our partner, Merck, have articulated for several years to come. We hope we have to build more in the future if there's more demand, if all goes well. But we do believe we can satisfy the initial indication out of that facility and that we'd be ready to go next year if all went perfectly to plan.

Our next question comes from Ellie Merle with Barclays.

Just 2 for me, 1 on flu and then 1 on INT. Just in terms of flu, I guess curious if you've had any discussions with the FDA regarding strain selection for 2027, specifically, if there's a mismatch in the selected strains in the beginning of the year with the circulating streams later in the year, would you be able to update your strains the other flu vaccines wouldn't be able to. Basically, just curious if this came up at all in the discussions and how you're thinking about this as a potential possibility in 2027. And then just a second question, INT interesting analysis on the immunogenicity that you presented at ASCO, curious if there's any learnings in terms of how you think about the algorithm for the selection of the neoantigen since there seems to be variability between patients in terms of the number of neoantigens that patients had immune responses for. So curious how you're thinking about that and potential ways that you could theoretically optimize the selection of the neoantigens.

Thank you for both questions. So I'll take the flu one and obviously have David take INT. So first, in terms of discussions with U.S. FDA. The answer is yes. Those have happened. In fact, they even happened at the advisory committee. And so there was active discussion both between the agency and the committee members as well as the company on how we would address a potential mismatch or a late strain selection. Our demonstrated capability in the COVID context is less than 2 months, and so strain selections have happened as late as early July in the history of COVID, and we've been able to make a full vaccination season to work with millions of doses. And that was discussed at the Vera and obviously had been part of the basis for pursuing accelerated approval in our discussions with the agency. Now the process by which that would happen would ultimately fall to public health to articulate. And so FDA, CDC, WHO, others would need to accommodate a late strain selection if they wanted to. And those discussions, I would describe as in the early stage. The first step is to get the product approved. So there's a potential to address such a situation. And then the second step was to work closely public health to define how we would do that and under what circumstances they would want us to do that.

Ellie, with regard to your second question, it's a very interesting question. So we see that about 29% of our neoantigens that go into our cassettes in general, in general are immunogenic. And the data that we showed is that for the patients that we showed, there were between 1 to 18 neoantigens that were reactive in each patient. So the good news is you only need 1 neoantigen reactive T cell in order for there to be activity. Of course, the more the -- in theory, at least be more the better. In terms of what we're doing, to improve. We do have an ongoing program to try and improve this algorithm. In fact, we're using artificial intelligence to try to develop the next algorithm. I think the key thing will be when we get an efficacy readout linking our algorithm to efficacy. I think that will be the next important step here.

Our next question comes from Terence Flynn with Morgan Stanley..

Great. Maybe just on your flu vaccine, I was wondering if you could provide any update in terms of your thoughts on potential pricing either some of the inputs or how you're thinking about analogs there? And then on the norovirus interim, just any insight in terms of what that means for potential effect size.

Great. Thank you for both questions. So first on flu pricing, look, it's a little premature. Those conversations are ongoing, but it's all subject to us getting the product approved, obviously. When we think about the positioning of that product, at least on our own with the data, we feel confident about that profile given the relative vaccine efficacy demonstrated in the Phase III trial. It's been published in the New England Journal relative to standard dose that it really is in the enhanced category from our perspective and importantly, offer some features, for instance, the lack of egg adaptation that are even more specialized than some of the available therapies. And so we will be assessing from a health economic perspective, the potential value of those and in discussions with payers and other bodies, making sure that we characterize those potential benefits as we think about pricing in the future. But again, first step is let's get the product approved, which we're working on right now. As it relates to norovirus, there will not be much more I can say than what we have right now because we are still -- the study is blinded and continuing. We have not previously disclosed the statistical analysis plan associated with it, so it would be inappropriate to do that now. Suffice it to say what we are doing is we know we will need additional cases from a further cohort to strengthen that statistical analysis and we're working hard on preparing to stand up that part of the study.

Our next question comes from Cory Kasimov with Evercore ISI.

I wanted to also ask on Intismeran but on the RCC front. And can you speak to the immunicity data that you have that and it gives you confidence that Intismeran works as well in low TMB RCC as what you've seen so far in melanoma and non-small cell lung cancer.

So that trial is still ongoing. So we don't actually have that data yet. But we will be showing some data later this year on other tumors that are hard to treat. And I think the fact that we can demonstrate immunogenicity in, for example, pancreatic cancer, I think, leads us to believe that we can identify neoantigens and creates a neoantigen vaccine for RCC as well. I think we have confidence in that.

And I think the one thing I'd add is at least in the context of our Phase II melanoma study, which is through 5 years, we had previously published that or presented that TMB did not correlate with a difference. In fact, low TMB melanoma -- adjuvant melanoma patients had a consistent hazard ratio as those with high. So it gives us some reason to believe that, that will translate, but to be fair, that is in the melanoma context. And as David said, we're still waiting for data in other histologies.