But at this point, the most intense focus is on Moderna's Phase 3 trial for a personalized cancer treatment for melanoma, said RBC Capital Markets analyst Luca Issi. Moderna may be able to share the first interim data as soon as next year, Hoge said, though the company can't promise an exact date since it's an event-driven study. That means enough people in the trial need to relapse before Moderna can analyze whether its treatment kept cancer from returning longer. If the treatment succeeds, it could launch in 2027 or 2028, Hoge said. That leaves Moderna largely dependent on its vaccines until then. An ongoing patent dispute over Moderna's Covid-19 shot could also eat into the company's cash, analysts say, adding they expect the legal proceedings to play out next year. Time will tell whether the divergent strategies win over Wall Street long term.