The mRNA cancer vaccine breakthrough from Moderna and Merck has pushed this once speculative corner of biotech into the spotlight, and investors are taking notice of how quickly expectations can reset when trial data shifts the story. That kind of sharp repricing can create both opportunity and risk if you are exposed to similar news. This article walks through 3 stocks linked to this catalyst so you can judge whether they still fit your portfolio.

The three stocks below are a useful sample of how different mRNA and immuno-oncology stories can play out around a shared catalyst. However, the full screen surfaced 30 more companies with equally compelling narratives that are not covered here. If you want to go broader before focusing on your own shortlist, head straight into the mRNA and Immuno-Oncology Innovators screener to identify, compare, and analyze the highest conviction mRNA and immuno-oncology ideas for your watchlist.

Inovio Pharmaceuticals (INO)

Inovio Pharmaceuticals sits squarely in the mRNA and immuno-oncology conversation through its DNA medicines platform aimed at HPV-related cancers and infectious diseases, using engineered plasmid DNA and its CELLECTRA delivery devices to train the immune system in a vaccine like way. Lead candidate INO-3107 targets recurrent respiratory papillomatosis, alongside a broader pipeline that includes programs in cervical precancer, throat cancer, glioblastoma, Ebola, COVID-19, and HIV. The company has a market cap of about $123 million, which places it at the smaller end of this screener’s universe.

Investors looking at the Moderna and Merck melanoma news as a sign that cancer vaccines and IO combinations are gaining traction may find Inovio Pharmaceuticals interesting as a smaller, higher risk adjacent play. The company is still pre commercial and reported a net loss of $25.7 million in the first half of 2026, so the story hinges on whether DNA vaccine candidates like INO-3107 and INO-3112 can move through FDA review and combination trials into real sales. With collaborations across big pharma and government agencies, and with analyst expectations for future revenue and earnings to build from a near zero base, the potential prize is meaningful, but so is the funding and execution risk that follows any early stage biotech.

Inovio Pharmaceuticals is a high conviction, early stage cancer vaccine story that many investors still treat as a simple binary bet. Before you decide how it fits your watchlist, read the 3 key rewards and 3 important warning signs (2 are major!)

Build your own mRNA and immuno-oncology shortlist

Inovio Pharmaceuticals and the two other stocks in this article all came from a single filter, but the real edge is in shaping your own rules. Use our flexible Screener to mix valuation, growth, quality, and risk filters to suit your style, or jump straight into our curated Investing Ideas.

BioInvent International (OM:BINV)

BioInvent International focuses on antibody based immuno oncology therapies, developing immuno modulatory antibodies that are designed to work alongside checkpoint inhibitors like Keytruda, which fits cleanly with the mRNA and Immuno Oncology Innovators screener theme. The company currently generates all of its SEK 217.9 million in revenue from developing antibody based drugs, with sales concentrated in the USA and supported by smaller contributions from Europe and Sweden. With a market cap of about SEK 1.5 billion, BioInvent International provides pure play exposure to immuno oncology at a size where clinical data and partnerships can still have a meaningful impact.

Investors watching Moderna and Merck adjust expectations for cancer immunotherapy may want BioInvent International on their radar because it offers a focused antibody approach that is already being tested in combination with checkpoint inhibitors across several tumor types. Fast Track status for BI 1808 in recurrent ovarian cancer and early data in cutaneous T cell lymphoma help explain why partners like Merck and AstraZeneca are engaged, even though the company is still loss making and funding risk is a key consideration. The mix of early efficacy signals, regulatory support and dependence on future trial readouts creates a classic high risk, high potential immuno oncology profile that some investors may want to examine closely ahead of upcoming data releases.

BioInvent International’s antibody combinations and fast track status may hint at a story investors are underestimating, especially with Merck and AstraZeneca involved. Get the full context in the 2 key rewards and 1 important warning sign

TriSalus Life Sciences (TLSI)

TriSalus Life Sciences gives you targeted exposure to immuno oncology by pairing its Pressure Enabled Drug Delivery platform with drugs for hard to treat liver and pancreatic cancers, fitting neatly into the mRNA and Immuno Oncology Innovators theme around tumor microenvironment and checkpoint combos. The company currently generates about US$45 million in revenue from its Trisalus segment, all from the United States, reflecting a focused commercial footprint around its TriNav infusion system and related procedures. With a market cap of roughly US$324 million, TriSalus Life Sciences sits firmly in the smaller cap bracket where new clinical data, reimbursement decisions and partnerships can matter a lot.

TriSalus Life Sciences may appeal if you are looking for immuno oncology exposure that links real world device revenue to a higher risk drug pipeline. The company already sells its TriNav PEDD catheters into liver cancer procedures and is working to expand into areas such as uterine and thyroid embolization. In parallel, nelitolimod is being tested in combination with checkpoint inhibitors for tumors that are often resistant to existing treatments. At the same time, TriSalus remains loss making, has relied on shareholder dilution and was removed from several Russell indexes in 2026, which can affect liquidity and sentiment. The next phase of clinical data and any partnership deals will be important in showing whether TriSalus can translate its IO ambitions and reimbursement progress into a more durable business story.

TriSalus Life Sciences is tying real device revenue to an ambitious cancer pipeline, and the real swing factor may be how its trial path and funding needs play out next. Get the full story in the analysis report for TriSalus Life Sciences

Seeking Fresh Alternatives Beyond Biotech?

Markets move fast and the best breakout stories often get caught before most investors notice. Scan fresh ideas with real momentum while it still matters and consider acting while opportunities are still developing.

• Track companies building real cash strength before markets re-rate them by running the list of solid balance sheet and fundamentals (50 results) and spot balance sheets that still look under the radar.
• Hunt for resilient income payers that could help steady a portfolio as prices swing by checking the 11 dividend fortresses and seeing which yields still look supported.
• Explore potential exposure to the next infrastructure wave by reviewing the 39 power grid technology and infrastructure stocks and finding operators linked to grid upgrades while interest is still building.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.