MiNK Reports First Quarter 2024 Results
Rhea-AI Summary
MiNK Therapeutics (NASDAQ: INKT) reported its Q1 2024 results, highlighting significant progress in its invariant natural killer T (iNKT) cell therapy programs. Key developments include a $5.8 million private placement financing at a 25% premium, which will expedite the clinical entry of MiNK-215 for solid tumors. Clinical trials for agenT-797 in gastroesophageal cancers are ongoing, with initial results expected later in 2024. Preclinical data showcased MiNK-215's potential in treating MSS colorectal cancer liver metastases. Financially, MiNK ended the quarter with $5.8 million in cash, reduced net losses to $3.8 million (down from $5.7 million in Q1 2023), and decreased operating expenses.
Positive
- Raised $5.8 million through private placement financing at a 25% premium.
- MiNK-215 shows promising preclinical data against MSS colorectal cancer liver metastases.
- Ongoing Phase 2 trial for agenT-797 in gastroesophageal cancers with initial results expected later this year.
- Net loss reduced to $3.8 million from $5.7 million year-over-year.
- Operating expenses decreased from $5.854 million to $3.830 million year-over-year.
- Cash used in operations for Q1 2024 was $2.5 million, down from $4.4 million in Q1 2023.
Negative
- Ended Q1 2024 with a cash balance of $5.8 million, which may limit long-term financial flexibility.
- Net loss per share, though reduced, still stands at $0.11 per share, impacting investor returns.
- General and administrative expenses remain notable at $1.28 million for the quarter.
News Market Reaction
On the day this news was published, INKT gained 14.31%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Completed
$5.8 million private placement financing at25% premium - Upcoming presentation of agenT-797 in severe respiratory distress at the American Thoracic Society (ATS)
- AACR presentation reported MiNK-215 eliminated MSS colorectal cancer liver metastases in human organoid models
NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- MiNK Therapeutics, Inc. (NASDAQ: INKT), a clinical-stage biopharmaceutical company pioneering the discovery, development, and commercialization of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases, today announced results for the first quarter 2024. MiNK executives will host a conference call and webcast at 8:30 a.m. ET to discuss the results and provide a corporate update.
“This quarter we made significant strides across our iNKT cell programs, as we remain focused on generating clinical data from our lead program, agenT-797, strengthening our financial position, and advancing our innovative next-generation therapies,” said Dr. Jennifer Buell, Chief Executive Officer, and President of MiNK. “The
Business Updates:
- MiNK successfully closed a private placement financing (PIPE) agreement, raising
$5.8 million with a new investor. The proceeds will accelerate the clinical entry of MiNK-215, an investigational IL-15 armored fibroblast activation protein (FAP)-targeting CAR-iNKT cell therapy, currently in IND enabling studies with a filing planned for 2025. - Yekaterina ("Katie") Chudnovsky, an accomplished attorney, venture investor, and dedicated patient advocate, has been appointed as a Board Observer at MiNK.
Clinical Program Updates:
- AgenT-797 in Gastroesophageal Cancers: Phase 2 investigator-sponsored trial, led by Dr. Yelena Janjigian at Memorial Sloan Kettering Cancer Center, has been actively enrolling since February 2024. The trial assesses the combination of agenT-797 with Agenus' botensilimab, balstilimab, and standard of care chemotherapy with initial results expected later this year (NCT06251973).
- ATS Annual Meeting Presentation: A poster presentation at the upcoming ATS Annual Meeting on May 21, 2024, will highlight the clinical efficacy of agenT-797 in treating respiratory distress, particularly focusing on a complex case involving severe COVID-19 complications in a renal transplant patient.
- Abstract Title: Persistent SARS-CoV-2 Viremia, COVID-19 Associated Acute Respiratory Distress Syndrome, Severe Coagulopathy and Massive Hemoptysis in a Renal Transplant Patient on Veno-Venous Extracorporeal Membrane Oxygenation
- Abstract Number: P439
- Date and Time: May 21, 2024, 11:30 a.m. – 1:15 p.m. PST
MiNK-215 Development:
- Data presented at the AACR Annual Meeting in April 2024, presented robust preclinical data showing MiNK-215’s effectiveness against MSS colorectal cancer liver metastases. The therapy demonstrated significant tumor elimination capabilities through immune activation, tumor stroma remodeling, and enhanced tumor killing. Plans are in place to fast-track the IND filing to early 2025.
Financial Results
We ended the quarter with a cash balance of
| Summary Consolidated Financial Information | |||||||
| Condensed Consolidated Balance Sheet Data | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| Cash and cash equivalents | $ | 5,817 | $ | 3,367 | |||
| Total assets | 6,894 | 4,552 | |||||
| Other Financial Information | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| Three months ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Cash used in operations | $ | 2,542 | $ | 4,366 | |||
| Non-cash expenses | 650 | 967 | |||||
| Condensed Consolidated Statements of Operations Data | |||||||
| (in thousands, except per share data) | |||||||
| (unaudited) | |||||||
| Three months ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Operating expenses: | |||||||
| Research and development | 2,550 | 4,194 | |||||
| General and administrative | 1,280 | 1,660 | |||||
| Operating loss | 3,830 | 5,854 | |||||
| Other income, net | (17 | ) | (168 | ) | |||
| Net loss | $ | 3,813 | $ | 5,686 | |||
| Per common share data, basic and diluted: | |||||||
| Net loss | $ | (0.11 | ) | $ | (0.17 | ) | |
| Weighted average number of common shares outstanding, basic and diluted | 34,643 | 33,967 | |||||
Conference Call
Dial-in numbers: 646-307-1963 (U.S. – NY), 800-715-9871 (U.S. & Canada)
Conference ID: 7888464
Webcast
A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website at https://investor.minktherapeutics.com/events-and-presentations and via https://edge.media-server.com/mmc/p/vc5onn9q.
About MiNK Therapeutics
MiNK Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery, development, and commercialization of allogeneic invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases. MiNK is advancing a pipeline of both native and next generation engineered iNKT programs, with a platform designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. The company is headquartered in New York, NY. For more information, visit https://minktherapeutics.com/ or @MiNK_iNKT. Information that may be important to investors will be routinely posted on our website and social media channels.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the therapeutic and curative potential of agenT-797, MiNK-215, and iNKT cells the mechanism of action, potency and safety, interim or top-line data, including statements regarding clinical data of agenT-797 alone and in combination with anti-PD-1, the anticipated benefits of agenT-797 and clinical development plans and timelines. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are subject to risks and uncertainties, including the factors described under the Risk Factors section of the most recent Form 10-K filed with the SEC. MiNK cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and MiNK undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investor Contact
917-362-1370
investor@minktherapeutics.com
Media Contact
781-674-4428
communications@minktherapeutics.com
FAQ
How much did MiNK Therapeutics raise in their recent private placement financing?
What is the key highlight of MiNK's preclinical data presented at AACR 2024?
When are the initial results expected for the agenT-797 Phase 2 trial in gastroesophageal cancers?
What was MiNK Therapeutics' net loss for Q1 2024?
How did MiNK Therapeutics' operating expenses change in Q1 2024 compared to Q1 2023?
