Translate’s investment case shifts fully to Covid-19

It is just as well that Translate Bio has a Covid-19 vaccine collaboration with Sanofi, otherwise it might today be facing an existential crisis. This is because its lead asset, an inhaled mRNA against cystic fibrosis, appears biologically inert.

Data released after market close yesterday from a second interim analysis of the phase I/II Restore-CF trial of the project in question, MRT5005, showed absolutely no efficacy. This is a big disappointment given the signals of lung function improvement reported at the first interim, and Translate stock opened off 30% this morning.