Mink Therapeutics (INKT) Q2 2024 earnings summary

Executive summary

• Advanced clinical-stage iNKT cell therapy programs, with agenT-797 in phase II for gastric cancer and ARDS, and MiNK-215 preclinical CAR-iNKT therapy targeting solid tumors, supported by collaborations and external funding.

• Initiated or planned phase I trial in steroid-refractory acute GvHD, with first dosing expected late 2024 or early 2025 and external funding support.

• Emphasized fiscal conservatism, non-dilutive funding, and strategic partnerships to maintain financial health and accelerate development.

• Pipeline includes next-gen engineered iNKT programs (MiNK-215, MiNK-413) and a collaboration with ImmunoScape for TCR therapies.

Financial highlights

• Ended Q2 2024 with $9.3 million in cash, up from $3.4 million at year-end 2023, supporting operations into 2025.

• Net loss for Q2 2024 was $2.7 million ($0.07/share), and $6.5 million ($0.18/share) for the first six months, both improved from prior year periods.

• R&D expenses decreased 60% to $1.8 million for Q2 2024; G&A expenses fell 41% to $1.1 million for Q2.

• Cash used in operations was $2.3 million for Q2 2024, down from $2.6 million in Q1 and nearly 50% lower year-over-year.

• Raised $5.8 million in a private placement at a 25% premium in May 2024 and fully drew a $5.0 million convertible note from Agenus.

Outlook and guidance

• Cash runway is expected to last more than one year from the financial statement issuance date, but substantial doubt exists about the ability to continue as a going concern due to parent company Agenus's financial position.

• Expect data from the ongoing phase II gastric cancer trial at a major oncology conference in late 2024 or early 2025.

• GvHD trial to begin enrollment by late 2024 or early 2025, with initial data anticipated in the second half of 2025.

• IND filing for MiNK-215 planned for 2025, with focus on FAP-expressing solid tumors.

• Additional funding will be required beyond one year; potential sources include partnerships, non-dilutive financing, or further loans from Agenus.