MiNK Therapeutics Corporate Update and First Quarter 2022 Financial Report

Rhea-AI Summary

MiNK Therapeutics announced its Q1 2022 results, reporting a cash balance of $34.7 million and a projected 2022 cash burn of $16.8 million. The company is progressing well with its clinical programs, including agenT-797 studies for solid tumors and multiple myeloma, aiming for data readouts in 2H 2022. They launched an in-house GMP manufacturing process targeting 10,000 doses/year and advanced their pipeline with IND enabling studies for BCMA-CAR-iNKT.

However, net losses for Q1 were $7.8 million, up from $3.8 million in Q1 2021, driven by increased clinical activities.

Positive

• Progressing clinical studies for agenT-797 with readouts expected in 2H 2022.
• Launched GMP manufacturing process with a target of 10,000 doses/year.
• Early biomarker signals of activity in multiple myeloma studies.

Negative

• Net loss increased to $7.8 million in Q1 2022, up from $3.8 million the previous year.
• Per share losses rose to $0.23 from $0.16.

• Clinical updates from solid tumor cancers and ARDS with allo-agenT-797 are on track for 2H 2022
• GMP manufacturing launch in 1H 2022 with target 10,000 doses/yr
• BCMA-CAR-iNKT and stromal-CAR-iNKT preclinical results 2H 2022
• Ended First Quarter with $34.7M in cash with a projected 2022 cash burn of $16.8M

NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) -- MiNK Therapeutics, Inc., 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 reported financial results for the first quarter 2022 and provided a corporate business update.

“MiNK has made important progress in advancing our ongoing clinical programs, manufacturing platform, and differentiated pipeline,” said Jennifer Buell, Ph.D., President and CEO of MiNK Therapeutics. “We are on track for data readouts this year designed to underscore the characteristics of iNKT cells and the potential to expand durability of clinical benefit with favorable tolerability, including the elimination of toxic lymphodepletion.”

Recent Business Progress and Future Milestones

AgenT-797 +/- CPIs in Solid Tumors:

• Phase 1 study evaluating agenT-797, without lymphodepletion, alone and in combination with approved anti-PD-1 in solid tumor cancers has cleared early dose cohorts and is in expansion cohorts. On track for data readouts in 2H 2022.
  

AgenT-797 in Multiple Myeloma:

• Accrual continues in phase 1 study of agenT-797, without lymphodepletion, in relapsed/refractory multiple myeloma. Completed early dose cohorts with early biomarker signals of activity and no dose limiting toxicities. Data updates on track for 2H 2022.
  

Acute respiratory distress syndrome (ARDS) program:

• Phase 1/2 expansion initiated and underway evaluating agenT-797 in severe ARDS secondary to COVID-19 and influenza.
  

Next generation iNKT platforms (iNKT engagers, CAR-iNKT platforms, TCRs):

• IND enabling studies underway for BCMA-CAR-iNKT and stromal targeting CAR-iNKT (undisclosed target). Presentation of preclinical data planned for 2H 2022.
• Advancing differentiated and novel programs for TCRs (IND ready program) and iNKT cell engagers.

MiNK Internal Manufacturing Capabilities Ready for GMP Launch:

• Launched automated closed system manufacturing process in-house for high yield iNKT production. In-house manufacturing preparing to launch GMP production to support internal clinical supply in 2022.
  

Fourth Quarter and Full Year 2021 Financial Results

Cash used in operations for the three-months ended March 31, 2022, and 2021 was $4.2 million.

We ended the first quarter 2022 with a cash balance of $34.7 million as compared to $38.9 million at December 31, 2021.

Net loss for the quarter ended March 31, 2022, was $7.8 million which includes non-cash expenses of $813,000 compared to a net loss for the same period of 2021 of $3.8 million, which includes non-cash expenses of $358,000. Per share losses were $0.23 in the first quarter of 2022 as compared to $0.16 per share, for the same period in 2021. This increased net loss reflects our increased clinical and pre-clinical activity and increased headcount.

Summary Consolidated Financial Information
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
	March 31, 2022				December 31, 2021
Cash and cash equivalents	$	34,688			$	38,889
Total assets		36,142				40,242
Total stockholders' equity		17,308				23,776
Other Financial Information
(in thousands)
(unaudited)
	Three months ended March 31,
		2022				2021
Cash used in operations	$	4,196			$	4,209
Non-cash expenses	$	813			$	358
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
	Three months ended March 31,
		2022				2021
Operating expenses:
Research and development		5,277				3,097
General and administrative		2,097				595
Change in fair value of convertible affiliated note (non-cash)		-				(684	)
Operating loss		7,374				3,008
Other expense (income), net		403				838
Net loss	$	7,777			$	3,846
Per common share data, basic and diluted:
Net loss	$	(0.23	)		$	(0.16	)
Weighted average number of common shares outstanding, basic and diluted		33,504				24,177

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, please visit https://minktherapeutics.com/.

Forward-Looking Statements

This release contains forward-looking statements. You can identify these forward-looking statements by the fact they use words such as “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “intend,” “plan,” “believe,” “will,” “potential,” “opportunity,” “future” and other words and terms of similar meaning and include statements that they do not relate strictly to historical or current facts. In particular, these statements relate to, among other things, our business strategy, our research and development, our product development efforts, uncertainty regarding our future operating plans, results, objectives, expectations, and intentions. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes to differ materially from current expectations. Therefore, we caution investors such statements need to be evaluated in light of all the information contained in our filings with the SEC on our Annual Report on Form 10-K, among others. Furthermore, the statements speak only as of the date of this document, and we undertake no obligation to update or revise these statements, except as required by law.

Contact

Ethan Lovell
339-927-1763
ethan.lovell@agenusbio.com

Media Relations

MiNK Therapeutics
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com

FAQ

What is MiNK Therapeutics' cash position as of Q1 2022?

MiNK Therapeutics ended Q1 2022 with a cash balance of $34.7 million.

What are the projected cash burn figures for MiNK Therapeutics in 2022?

The projected cash burn for MiNK Therapeutics in 2022 is $16.8 million.

When can we expect data readouts for agenT-797?

Data readouts for agenT-797 are expected in the second half of 2022.

What was the net loss for MiNK Therapeutics in Q1 2022?

The net loss for MiNK Therapeutics in Q1 2022 was $7.8 million.