MiNK Therapeutics Reports Third Quarter 2024 Results and Business Update
MiNK Therapeutics reported Q3 2024 financial results and business updates. The company ended Q3 with $6.3 million cash balance, with reduced cash burn of $3 million for Q3 and $7.8 million for nine months of 2024. Net loss was $1.8 million ($0.05 per share) for Q3 and $8.3 million ($0.22 per share) for nine months.
Key developments include Dr. Robert Kadlec joining the Board, a research collaboration with Autonomous Therapeutics for metastatic tumors, and two presentations at SITC 2024. The company's Phase 2 trial for gastric cancer is ongoing with data expected in early 2025, and a Phase 1 GvHD trial is planned for 2025.
MiNK Therapeutics ha riportato i risultati finanziari del Q3 2024 e aggiornamenti aziendali. L'azienda ha chiuso il Q3 con un saldo di cassa di 6,3 milioni di dollari, con un burn rate ridotto a 3 milioni di dollari per il Q3 e 7,8 milioni di dollari per i nove mesi del 2024. La perdita netta è stata di 1,8 milioni di dollari (0,05 dollari per azione) per il Q3 e 8,3 milioni di dollari (0,22 dollari per azione) per i nove mesi.
Tra i principali sviluppi ci sono l'ingresso del Dott. Robert Kadlec nel Consiglio, una collaborazione di ricerca con Autonomous Therapeutics per i tumori metastatici e due presentazioni al SITC 2024. Il trial di Fase 2 per il cancro gastrico è attualmente in corso, con dati attesi all'inizio del 2025, e un trial di Fase 1 per la GvHD è pianificato per il 2025.
MiNK Therapeutics informó sobre los resultados financieros del tercer trimestre de 2024 y actualizaciones comerciales. La compañía terminó el tercer trimestre con un saldo de efectivo de 6.3 millones de dólares, con una reducción en la quema de efectivo de 3 millones de dólares para el tercer trimestre y 7.8 millones de dólares para los nueve meses de 2024. La pérdida neta fue de 1.8 millones de dólares (0.05 dólares por acción) para el tercer trimestre y 8.3 millones de dólares (0.22 dólares por acción) para los nueve meses.
Los desarrollos clave incluyen la incorporación del Dr. Robert Kadlec a la Junta, una colaboración de investigación con Autonomous Therapeutics para tumores metastásicos, y dos presentaciones en SITC 2024. El ensayo de Fase 2 para el cáncer gástrico está en curso, con datos esperados a principios de 2025, y se planea un ensayo de Fase 1 para GvHD en 2025.
MiNK Therapeutics는 2024년 3분기 재무 결과 및 사업 업데이트를 보고했습니다. 회사는 630만 달러의 현금 잔고로 3분기를 마감했으며, 3분기 동안 현금 소모가 300만 달러로 감소하고, 2024년 9개월 동안은 780만 달러였습니다. 3분기 순손실은 180만 달러 (주당 0.05 달러)였고, 9개월 동안 830만 달러 (주당 0.22 달러)였습니다.
주요 발전 사항으로는 로버트 카들릭 박사가 이사회에 합류하고, 전이성 종양을 위한 Autonomous Therapeutics와의 연구 협력 및 SITC 2024에서의 두 가지 발표가 포함됩니다. 위암에 대한 2상 임상 시험이 진행 중이며, 데이터는 2025년 초에 예상되며, GvHD에 대한 1상 임상 시험은 2025년으로 계획되어 있습니다.
MiNK Therapeutics a rapporté les résultats financiers du T3 2024 et les mises à jour commerciales. La société a terminé le T3 avec un solde de trésorerie de 6,3 millions de dollars, avec une réduction de la consommation de trésorerie de 3 millions de dollars pour le T3 et de 7,8 millions de dollars pour neuf mois de 2024. La perte nette s'élevait à 1,8 million de dollars (0,05 dollar par action) pour le T3 et 8,3 millions de dollars (0,22 dollar par action) pour les neuf mois.
Les développements clés incluent l'entrée du Dr Robert Kadlec au conseil d'administration, une collaboration de recherche avec Autonomous Therapeutics pour les tumeurs métastatiques, ainsi que deux présentations lors du SITC 2024. L'essai de Phase 2 pour le cancer de l'estomac est en cours, avec des données attendues début 2025, et un essai de Phase 1 pour la GvHD est prévu pour 2025.
MiNK Therapeutics berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 und Geschäftsergebnisse. Das Unternehmen beendete das 3. Quartal mit einem Barguthaben von 6,3 Millionen Dollar, mit reduziertem Bargeldverbrauch von 3 Millionen Dollar im 3. Quartal und 7,8 Millionen Dollar über neun Monate 2024. Der Nettoverlust betrug 1,8 Millionen Dollar (0,05 Dollar pro Aktie) im 3. Quartal und 8,3 Millionen Dollar (0,22 Dollar pro Aktie) über neun Monate.
Wichtige Entwicklungen umfassen den Beitritt von Dr. Robert Kadlec zum Vorstand, eine Forschungskooperation mit Autonomous Therapeutics für metastasierte Tumoren und zwei Präsentationen auf der SITC 2024. Die Phase-2-Studie für Magenkrebs läuft nach Plan, mit Daten, die Anfang 2025 erwartet werden, und eine Phase-1-Studie für GvHD ist für 2025 geplant.
- Reduced cash burn from $4.2M to $3M in Q3 2024 YoY
- Decreased net loss from $5.1M to $1.8M in Q3 2024 YoY
- Research collaboration with Autonomous Therapeutics for metastatic tumors
- Phase 2 trial in gastric cancer progressing with data expected early 2025
- Low cash position of $6.3M may require additional funding
- Operating loss of $1.9M in Q3 2024
- Continued net losses of $8.3M for nine months of 2024
Insights
The Q3 results reveal significant financial improvements despite ongoing challenges. The company reduced its cash burn rate substantially, with cash used in operations dropping to
The pipeline developments show strategic progress in both oncology and autoimmune sectors. The Phase 2 gastric cancer trial with agenT-797 and the planned GvHD trial represent key value drivers. The SITC presentations demonstrate promising preclinical data, particularly in combining iNKT cells with checkpoint inhibitors and developing PRAME-targeted therapies for solid tumors. The collaboration with Autonomous Therapeutics to develop encRNA-enhanced cell therapies could potentially improve targeting of metastatic cancers. However, with reduced R&D spending, the development timeline might be extended.
NEW YORK, Nov. 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 third quarter 2024. MiNK will host a conference call and webcast at 8:30 a.m. ET.
“Our progress this quarter reflects MiNK’s commitment to advancing effective and scalable therapies in cancer and immune-mediated diseases,” said Jennifer Buell, PhD, Chief Executive Officer of MiNK Therapeutics. “We have continued to expand our iNKT cell therapy platform and partnerships to address high-need areas, recently showcasing the versatility of iNKT cells in two presentations at SITC. Our clinical programs are advancing with the ongoing Phase 2 study in second-line and later-stage gastric cancer, with initial data anticipated early next year. These developments underscore our momentum in delivering impactful treatments for patients.”
Recent Business Updates:
- Board Appointment: Dr. Robert Kadlec, a recognized authority in biodefense, pandemic preparedness, and public health strategy, has joined MiNK’s Board of Directors. Dr. Kadlec’s expertise in public health and biodefense will support MiNK’s iNKT cell platform in addressing critical infectious diseases.
- Research Collaboration: MiNK and Autonomous Therapeutics, a pioneer in disease-activated RNA medicines, entered into a research collaboration to target and treat metastatic tumors. The collaboration combines Autonomous’ encrypted RNA™ (encRNA) technology with MiNK’s iNKT cell therapies, MiNK-215 and agenT-797, with the goal of developing therapies to effectively target metastatic cancer cells.
- SITC 2024 Presentations: Two poster presentations at the Society for Cancer Immunotherapy (SITC) 2024 Annual Meeting highlighted the potential of iNKT cell therapies in advancing cancer treatment:
- AgenT-797 demonstrated enhanced activity of checkpoint inhibitors and bispecific engagers in combination.
- PRAME-targeted TCR iNKT cell therapy showcased the potential to address limitations of traditional T cell therapies in targeting solid tumors such as NSCLC, ovarian cancer, melanoma, and sarcoma. Preclinical studies indicate that PRAME-TCR-iNKTs can specifically target and kill tumor cells.
- Solid Tumor Clinical Program: AgenT-797 is advancing in an enrolling Phase 2 trial in second-line and later-stage advanced gastroesophageal cancer at Memorial Sloan-Kettering Cancer Center, with results expected at a major conference in early 2025.
- Graft-versus-Host Disease (GvHD) Program: MiNK is advancing initiation of Phase 1 trial with external financial support to investigate agenT-797 for the treatment of GvHD, in collaboration with leading research institutions in the U.S. and EU for dosing to start in 2025.
Financial Results
MiNK ended the quarter with a cash balance of
Net loss for the three and nine months ended September 30, 2024, was
| Summary Consolidated Financial Information | |||||||||||||||
| Condensed Consolidated Balance Sheet Data | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| September 30, 2024 | December 31, 2023 | ||||||||||||||
| Cash and cash equivalents | $ | 6,328 | $ | 3,367 | |||||||||||
| Total assets | 7,375 | 4,552 | |||||||||||||
| Other Financial Information | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash used in operations | $ | 2,995 | $ | 4,209 | $ | 7,828 | $ | 12,727 | |||||||
| Condensed Consolidated Statements of Operations Data | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 541 | $ | 3,427 | $ | 4,930 | $ | 12,179 | |||||||
| General and administrative | 1,163 | 1,796 | 3,505 | 5,242 | |||||||||||
| Change in fair value of related party note | 181 | - | 350 | - | |||||||||||
| Operating loss | 1,885 | 5,223 | 8,785 | 17,421 | |||||||||||
| Other income, net | (78 | ) | (107 | ) | (464 | ) | (422 | ) | |||||||
| Net loss | $ | 1,807 | $ | 5,116 | $ | 8,321 | $ | 16,999 | |||||||
| Per common share data, basic and diluted: | |||||||||||||||
| Net loss | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.22 | ) | $ | (0.50 | ) | |||
| Weighted average number of common shares outstanding, basic and diluted | 39,534 | 34,498 | 37,115 | 34,293 | |||||||||||
Conference Call
Dial-in numbers: 646-307-1963 (New York), 800-715-9871 (USA & Canada)
Conference ID: 5606166
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/ukmiq8bo/.
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 potential, anticipated benefit, plans and timelines of iNKT cells and encrypted RNA, as well as the collaboration between MiNK and Autonomous Therapeutics. 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, Form 10-Q and the S-1 Registration Statement 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 and Autonomous undertake 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
Media Contact
781-674-4428
communications@minktherapeutics.com
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