In July 2025, Merck informed investigators that the study had failed to meet its primary endpoint of recurrence-free survival (RFS). The study was terminated, and patients were unblinded. At this year’s ASCO GI Annual Meeting, the primary results of the study were presented.
KEYNOTE-937 was a global, multicenter, placebo-controlled Phase III study that enrolled a total of 959 patients with hepatocellular carcinoma (HCC) who had undergone surgical resection or radiofrequency ablation but were considered at high risk of recurrence. Patients were randomly assigned in a 1:1 ratio to receive either pembrolizumab or placebo as adjuvant therapy for 12 months after surgery.
At the third interim analysis, with a median follow-up of 50.7 months, pembrolizumab failed to improve recurrence-free survival (RFS). The median RFS was 46.7 months with pembrolizumab versus 45.5 months with placebo (HR = 1.06, 95% CI 0.88–1.26, P = 0.719). The 4-year RFS rate was 50% in both groups. The results were negative. Although this outcome was somewhat expected, it was surprising that there was not even a trend toward improvement in RFS. The median time to recurrence was 52.5 months and 50.1 months in the two groups, respectively.
In addition, distant metastasis-free survival (DMFS) was not improved (HR = 0.98, 95% CI 0.77–1.24), with 4-year DMFS rates of 71% and 70%, respectively.
The median overall survival (OS) had not been reached in either group, and there was no observed trend toward improvement (HR = 1.08, 95% CI 0.81–1.43; nominal P = 0.704). The 4-year overall survival rates were 79% and 81%, respectively.
Regarding safety, Grade ≥3 adverse events (AEs) occurred in 32% of patients receiving pembrolizumab and 22% of those receiving placebo. No treatment-related deaths occurred.
For patients with liver cancer who have undergone potentially curative surgical resection or ablation, PD-1 antibodies should not be continued after surgery for the purpose of preventing recurrence.
