MiNK Announces Q1 2024 Results

MiNK Therapeutics, Inc., a clinical-stage biopharmaceutical firm listed on NASDAQ under the symbol INKT, has announced its first-quarter results for 2024. The company is renowned for its pioneering work in allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies aimed at treating cancer and other immune-mediated diseases. A conference call and webcast were scheduled by MiNK executives to discuss these results and provide a corporate update.

Dr. Jennifer Buell, the CEO and President of MiNK, highlighted the significant strides made during the quarter in their iNKT cell programs. She emphasized the company's focus on generating clinical data from their leading program, agenT-797, bolstering their financial position, and advancing next-generation therapies. The company recently secured $5.8 million through a private placement financing, which will accelerate the clinical development of MiNK-215. This investigational IL-15 armored fibroblast activation protein (FAP)-targeting CAR-iNKT cell therapy is currently in IND enabling studies, with a filing planned for 2025.

Key developments in their business operations include the successful closure of a private placement financing agreement, raising $5.8 million with a new investor. This financial boost is aimed at accelerating the clinical entry of MiNK-215. Additionally, Yekaterina Chudnovsky, an experienced attorney, venture investor, and patient advocate, has been appointed as a Board Observer at MiNK.

In terms of clinical program updates, the Phase 2 trial for agenT-797 in gastroesophageal cancers, led by Dr. Yelena Janjigian at Memorial Sloan Kettering Cancer Center, has been actively enrolling participants since February 2024. This trial evaluates the combination of agenT-797 with Agenus' botensilimab, balstilimab, and standard chemotherapy, with initial results anticipated by the end of the year.

MiNK will also present clinical findings of agenT-797 in treating severe respiratory distress at the American Thoracic Society (ATS) Annual Meeting on May 21, 2024. The poster presentation will focus on a complex case involving severe COVID-19 complications in a renal transplant patient. The abstract, titled "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," is scheduled for May 21, 2024, from 11:30 a.m. to 1:15 p.m. PST.

Another highlight is the development of MiNK-215, which showed promising preclinical results against MSS colorectal cancer liver metastases at the AACR Annual Meeting in April 2024. The therapy exhibited significant tumor elimination capabilities through immune activation and tumor stroma remodeling. Plans are in place to expedite the IND filing to early 2025.

Financially, MiNK ended the quarter with a cash balance of $5.8 million. Cash used in operations for the three months ended March 31, 2024, totaled $2.5 million, down from $4.4 million in the same period in 2023. The 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.

In summary, MiNK Therapeutics has made substantial progress in its research and financial positioning during the first quarter of 2024. The company's advancements in iNKT cell therapies, particularly the development of agenT-797 and MiNK-215, highlight its commitment to addressing unmet needs in cancer treatment and immune-mediated diseases.