MiNK Reports First Quarter 2024 Results

MiNK Reports First Quarter 2024 Results

  • Completed $5.8 million private placement financing at 25% 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

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 $5.8 million capital infusion will enable us to accelerate the advancement of MiNK-215 into the clinic, which we believe has exciting potential to address significant unmet needs in solid tumor cancers, as demonstrated by the pre-clinical data we recently presented at AACR."

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 $5.8 million. Cash used in operations for the three months ended March 31, 2024 was $2.5 million compared to $4.4 million for the same period in 2023. Net loss for the first quarter of 2024 was $3.8 million, or $0.11 per share, compared to $5.7 million, or $0.17 per share, for the first quarter of 2023.


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


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

INKT
The Conversation (0)
MiNK Therapeutics Announces Virtual Annual Shareholders Meeting

MiNK Therapeutics Announces Virtual Annual Shareholders Meeting

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 that its Annual Shareholders Meeting will begin at 9:30 a.m. ET. on June 12, 2024, and will be conducted in a virtual format only. Registration for attendees will start at 9:15 a.m. ET.

To participate in the Annual Shareholders Meeting, shareholders should visit www.virtualshareholdermeeting.com/INKT2024 and enter the 16-digit control number found in their proxy materials. Guests may also access the meeting in listen-only mode. No control number is required for guests.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
MiNK Presents AgenT-797 Clinical Activity in Immune-Compromised Transplant Patient with Severe ARDS at ATS Annual Meeting

MiNK Presents AgenT-797 Clinical Activity in Immune-Compromised Transplant Patient with Severe ARDS at ATS Annual Meeting

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 presentation of clinical data on agenT-797 in a complex case of severe acute respiratory distress (ARDS) at the American Thoracic Society (ATS) Annual Meeting. These translational and mechanistic insights build on an expanding dataset of clinical activity for patients with severe ARDS.

"Consistent with our prior publication of the survival benefit of agenT-797 in severe respiratory distress, the observed improvement in this case further demonstrates the potential of allogeneic iNKT cells in this setting," said Dr. Terese Hammond, University of California Los Angeles. "New therapeutic options, like allogeneic cell therapies, are urgently needed to address the critical unmet need in immune-compromised individuals with respiratory distress. I believe this growing body of data illuminates how iNKTs may have an impactful role in treating acute critical illness and merits further investigation."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
MiNK Therapeutics Announces $5.8 Million Private Placement and Appointment of Board Observer

MiNK Therapeutics Announces $5.8 Million Private Placement and Appointment of Board Observer

  • Financing of $5.8 Million at a 25% premium will help advance the clinical development of MiNK-215, an armored-FAP-CAR-iNKT
  • GKCC, LLC joins as a new investor with Katie Chudnovsky appointed as a Board Observer

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 that it has entered into a stock purchase agreement to sell securities in a private placement financing (PIPE) for $5.8 million. This capital injection is earmarked for accelerating the clinical trials of MiNK-215, our leading allogeneic CAR-INKT cell therapy targeting fibroblast activation protein (FAP) in solid tumors, which is planned to enter the clinic in early 2025.

"This funding will help advance our unique armored iNKT therapy MiNK-215," said Dr. Jennifer Buell, President and Chief Executive Officer at MiNK. "MiNK-215 is a novel cell therapeutic with the potential to overcome the limitations of traditional immune checkpoint inhibitors in solid tumors. Recent data highlighted MiNK-215's activity to eradicate tumor cells in a model of MSS colorectal cancer with metastatic liver disease, a critical and growing area of unmet need. We are excited to partner with GKCC and committed to advancing our mission of reshaping the cell therapy landscape."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
MiNK to Provide Corporate Update and First Quarter 2024 Financial Report

MiNK to Provide Corporate Update and First Quarter 2024 Financial Report

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 that the Company will release its first quarter 2024 financial results before the market opens on Tuesday, May 14, 2024. MiNK executives will host a conference call and webcast at 8:30 a.m. ET that morning to discuss the results and to provide a corporate update.

Conference Call

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Portage Biotech Announces Upcoming PORT-2 Poster Presentation at the 2023 American Society of Clinical Oncology  Annual Meeting

Portage Biotech Announces Upcoming PORT-2 Poster Presentation at the 2023 American Society of Clinical Oncology Annual Meeting

Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company advancing novel multi-targeted therapies for use as single agents and in combination, announced the acceptance of a poster presentation at the American Society of Clinical Oncology (ASCO) Annual Meeting, taking place June 2-6, 2023 in Chicago, IL. The poster will include updated data from the Company's Phase 12 trial evaluating its lead invariant natural killer T cell (iNKT) engager program, PORT-2 (IMM60), alone and in combination with pembrolizumab in patients with advanced melanoma and metastatic non-small cell lung cancer (NSCLC).

Poster Presentation Details:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Actinogen

Actinogen confirms 100th participant in XanaMIA phase 2b/3 Alzheimer’s disease trial and interim analysis timeline

Actinogen Medical ASX: ACW (“ACW” or “the Company”) is pleased to announce that the 100th participant in its pivotal XanaMIA phase 2b/3 randomized trial of Xanamem® for Alzheimer’s disease (AD) has now passed all screening tests and is scheduled for randomization and treatment in July. This establishes the timeline for the planned safety and efficacy futility interim analysis by an independent Data Monitoring Committee (DMC).

Keep reading...Show less
Emyria Limited

Medibank to Fund Emyria’s PTSD Program at Perth Clinic

Emyria Limited (ASX: EMD) (“Emyria”, or the “Company”) a leader in developing and delivering innovative mental health treatments, is pleased to announce that Medibank Private Limited (“Medibank”), Australia’s largest private health insurer, has commenced funding for eligible customers to access Emyria’s Empax PTSD care program delivered in association with Perth Clinic.

Keep reading...Show less
ASX:HIQ

HITIQ Announces Exclusive Global Agreement with Shock Doctor for PROTEQT Instrumented Mouthguard

Common Shareholder Questions – Entitlement Offer

HITIQ Limited (ASX: HIQ) (HITIQ or the Company), a pioneer in concussion management, proudly announces an exclusive global agreement with Shock Doctor, the world’s leading mouthguard innovator. This landmark agreement marks Shock Doctor’s two-year effort to design a mouthguard that will integrate HITIQ’s PROTEQT technology. The result is a fully developed, market-ready solution that merges HITIQ’s smart sensor technology with Shock Doctor’s unmatched global production partner capabilities.

Keep reading...Show less
HeartSciences Inc

HeartSciences Receives FDA Breakthrough Device Designation for MyoVista Insights AI-ECG Algorithm for Detecting Aortic Stenosis

Aortic Stenosis is a Serious and Widespread Condition; The AI-ECG Algorithm Offers a Powerful Diagnostic Solution Designed for Seamless Integration with Hospital EHR Systems

Keep reading...Show less
Zoono Group

Exclusive UK Packaging Agreement signed between Sharpak Aylesham Limited, Zoono, and OSY

Zoono Group Limited (Company) (ASX: ZNO) is pleased to update the market on an exclusive contract signed with Sharpak Aylesham Limited (Sharpak) and the Company’s partner in the food supply chain sector, OSY Group Limited (OSY).

Keep reading...Show less
Amplia Therapeutics

Accent Trial Data Demonstrates that Narmafotinib + Chemotherapy Combination Superior to Chemotherapy Alone

Amplia Therapeutics Limited (ASX: ATX), (“Amplia” or the “Company”), is pleased to announce important new data from our ongoing ACCENT clinical trial in pancreatic cancer. The trial is investigating the Company’s best-in-class FAK inhibitor narmafotinib in combination with standard-of-care chemotherapies gemcitabine and Abraxane. Fifteen (15) confirmed partial responses (PRs) have now been recorded in the trial, a level of response sufficient to demonstrate that the combination of narmafotinib and chemotherapy is superior to chemotherapy alone.
Keep reading...Show less

Latest Press Releases

Related News

×