Cancer vaccines are entering a new commercial era. After decades of mixed clinical results, advances in neoantigen discovery, mRNA delivery and combination immunotherapy have revitalized the field. The following 5 oncology vaccines, either marketed or in late-stage development, showcase where capital, partnerships and clinical momentum are converging.
1. mRNA-4157 (V940) – Moderna & Merck
mRNA-4157 (V940) is among the most clinically advanced personalized neoantigen cancer vaccines in development. Built on Moderna’s mRNA platform and tailored to each patient’s tumor mutations, the vaccine is being evaluated in combination with Merck’s KEYTRUDA® (pembrolizumab).
A Phase III trial in resected high-risk melanoma is underway, positioning V940 as a potential first-to-market personalized mRNA cancer vaccine. The program gained additional commercial weight in 2023 when Merck exercised its option to co-develop and co-commercialize the asset, paying Moderna USD 250m upfront.
Beyond its clinical ambition, V940 is widely viewed as part of Merck’s broader lifecycle strategy as the company looks to sustain oncology leadership ahead of KEYTRUDA’s expected patent cliff later this decade. If successful, the program could validate individualized mRNA manufacturing at commercial scale – a pivotal test for the entire neoantigen field.
2. Autogene Cevumeran (BNT122) – BioNTech & Genentech
BioNTech’s autogene cevumeran (BNT122) represents a parallel push into individualized mRNA cancer vaccines. Developed in partnership with Genentech (Roche Group), the program is being evaluated across several solid tumors, including pancreatic cancer.
The collaboration, originally announced in 2016, included a substantial upfront payment (approximately USD 310m) along with significant milestone potential. The partnership allows BioNTech to expand its oncology footprint while integrating into Roche’s established immunotherapy portfolio.
Clinically and commercially, BNT122 serves as a competitive counterpoint to Moderna’s program, showcasing that multiple major players are betting on personalized mRNA vaccines as a next-generation oncology platform.
3. BNT113 – BioNTech
While BioNTech’s BNT122 is individualized, BNT113 reflects a different strategic approach. This “off-the-shelf” mRNA vaccine encodes HPV16-derived tumor antigens (E6 and E7) and is being evaluated in HPV16-positive head and neck cancer.
Currently in an ongoing pivotal Phase II/III study in combination with pembrolizumab, BNT113 targets a defined, biomarker-selected patient population. Unlike personalized vaccines, it offers scalability advantages due to standardized manufacturing.
From a commercial perspective, BNT113 illustrates an important debate in oncology vaccines: whether fixed, shared antigens in virally driven cancers may offer a more practical pathway to market compared to fully individualized neoantigen approaches.
4. ELI-002 – Elicio Therapeutics
ELI-002 represents a differentiated strategy focused on lymph node-targeted immune activation. Using amphiphile technology designed to enhance antigen delivery to lymph nodes, the vaccine targets KRAS mutations, including G12D and G12R variants frequently found in pancreatic cancer.
Elicio entered the public markets through a reverse merger with Angion Biomedica. The company is positioning ELI-002 in the minimal residual disease (MRD) setting, part of an approach aligned with a broader industry shift toward earlier intervention, where immune modulation may be more effective.
Commercially, targeting KRAS-mutated tumors in early-stage or MRD settings could open substantial patient populations, particularly if the delivery platform demonstrates durable immune responses.
5. Gardasil 9 – Merck
While therapeutic cancer vaccines dominate innovation headlines, preventive HPV vaccines remain the most commercially successful oncology-related vaccines to date.
Merck’s Gardasil 9 protects against multiple high-risk HPV strains linked to cervical, anal and certain head and neck cancers. The franchise generated approximately USD 8.9bn in revenue in 2023, with slightly lower but still multi-billion-dollar sales reported in 2024.
Gardasil demonstrates what large-scale oncology vaccine success looks like: broad public health integration, national immunization programs and sustained global demand. It provides a real-world benchmark against which emerging therapeutic cancer vaccines will ultimately be measured.