MiNK Q2 2024 Results and Business Update

MiNK Therapeutics, Inc. (NASDAQ: INKT), a leader in the development of allogeneic invariant natural killer T (iNKT) cell therapies, has revealed its financial and operational results for the second quarter of 2024. The company is pushing forward with its innovative treatments for cancer and immune-mediated diseases. 

Significant progress has been made with MiNK's lead program, agenT-797. This therapy is currently in a Phase 2 study for second-line gastric cancer. The company is also accelerating the IND-enabling activities for its CAR-iNKT therapy, MiNK-215, which targets FAP-expressing cells. Expanded data on agenT-797, presented at the recent American Thoracic Society (ATS) 2024 annual meeting, highlight its potential in addressing severe respiratory conditions, particularly in immune-compromised patients.

In a recent clinical case involving a renal transplant patient experiencing severe COVID-19-induced respiratory distress, agenT-797 led to a rapid reduction in cytokines, successful extubation, and prompt discharge after just one dose, showcasing its significant promise in treating acute respiratory distress syndrome (ARDS). MiNK aims to continue developing agenT-797 in ARDS through a large-scale, externally funded trial.

The Phase 2 study for second-line gastric cancer at Memorial Sloan Kettering Cancer Center is progressing quickly, with early data to be unveiled at an upcoming medical conference. Additionally, a Phase 1 study for agenT-797 in Graft-versus-Host Disease (GvHD) is scheduled to begin in the second quarter of 2024, aiming to mitigate this severe complication following allogeneic stem cell transplantation. The unique properties of iNKT cells could offer an innovative approach to control GvHD by reducing inflammation and promoting immune tolerance.

Moreover, MiNK's preclinical program MiNK-215, an investigational IL-15 armored CAR-iNKT cell therapy targeting fibroblast activation protein (FAP), is showing promising preclinical activity in solid tumors, including MSS colorectal cancer liver metastases and non-small-cell-lung cancer. The company plans to fast-track the IND filing for MiNK-215 to early 2025.

Financially, MiNK has successfully raised $5.8 million through a private placement financing agreement in May 2024, which was secured at a 25% premium from a new investor. This financial boost, along with increased efficiency and progress in externally funded trials, extends the company’s cash runway into 2025.

For the second quarter of 2024, MiNK reported a cash balance of $9.3 million, reflecting a reduction in cash used in operations to $2.3 million from $2.6 million in the first quarter of 2024. The company reported a net loss of $2.7 million, or $0.07 per share, for the three months ended June 30, 2024, and $6.5 million, or $0.18 per share, for the six months ended June 30, 2024. This is a significant improvement compared to the same periods in 2023, where the net loss was $6.2 million, or $0.18 per share, and $11.9 million, or $0.35 per share, respectively.

MiNK Therapeutics, headquartered in New York, is dedicated to pioneering the discovery and commercialization of iNKT cell therapies designed for off-the-shelf delivery. The company’s approach combines native and next-generation engineered iNKT programs, with a scalable platform for reproducible manufacturing. 

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