Analyst Conference Summary

biotechnology

conference date: March 18, 2025 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2024 (fourth quarter, Q4)

Forward-looking statements

Overview: Continues to make progress with clinical trials, but very low on cash.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $2.5 million, down sequentially from negative $1.8 million, and up from negative $5.5 million year-earlier.

EPS (earnings per share), diluted, was negative $0.62, down sequentially from negative $0.05, and up from negative $1.58 year-earlier.

Guidance:

Cash runway to end of 2025.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "Throughout 2024, MiNK advanced its mission to bring off-the-shelf iNKT cell therapies to patients fighting hard-to-treat cancers and severe immune-related disorders. We made significant clinical strides, strengthened our manufacturing foundation, and forged strategic alliances. Through disciplined capital management, we are positioned to scale efficiently and seize new collaboration opportunities for value creation. With our rapid AI-driven drug discovery platform generating a world-class library of phosphorylated neoantigens and proprietary TCRs, MiNK is uniquely poised to progress a new standard in oncology and beyond. . . We will continue to pair scientific discipline with operational rigor, a strategy designed to enable value-inflection in 2025 and beyond." Working on getting more external financial support. Also exploring the platform for use in biodefense. More clinical updates as 2025 progresses.

In Q4 2024 MiNK entered into a research collaboration with Autonomous Therapeutics, a pioneer in disease-activated RNA medicines, to treat metastatic tumors. The collaboration combines Autonomous encrypted RNA (encRNA) technology with MiNK iNKT cell therapies, MiNK-215 and agenT-797, to develop therapies for metastatic cancer cells. Delivers specific RNA payloads to tumor cells.

At SITC 2024, in November, a presentation of "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." Can be administered without lymphodepletion. Highly scalable.

AgenT-797 demonstrated enhanced activity of checkpoint inhibitors and bispecific engagers AACR IO in 2025 and at the Society for Cancer Immunotherpay (SITC) 2024 annual meeting in November.

AgenT-797 launched an investigator-sponsored Phase 2 trial in 2L gastric cancer in Q4 2023, at Memorial Sloan Kettering, funded by non-dilutive grants. Includes 797 with standard of care chemo, plus 797 + chemo + bot/bal. This is funded by Stand Up to Cancer. Initial data will be presented at an early 2025 conference.

AgenT-797 Phase 1 trial in GvHD (graft v. host disease) should start in 2025. Has external financial support. Will also conduct further pre-clinical studies. Already showed activity in a Phase 1 trial in ARDS (acute respiratory distress syndrome).

MiNK-215, a novel FAP-CAR-iNKT, presented preclinical data at AACR in MSS colorectal cancer liver metastases in April 2024. MiNK-215 IND filing planned for early 2025. FAP is often found on cancer cells but rarely on healthy cells. The $5.8 million investor cash raised in May 2024 is specifically for funding MiNK-215.

MiNK-413, is a differentiated FAP allogeneic armored-BCMA-CAR-iNKT, in preclinical development.

Partnership with ImmunoScape is underway to develop T-cell receptors to tumor antigens. Our iNKT hosts should be ideal for these PCRs.

Preclinical development of PRAME-TCR iNKTs demonstrated high specificity and potent tumor-killing against intracellular cancer targets resistant to conventional therapies. MiNK's expertise in accessing a proprietary library of phosphorylated peptides and personalized neoantigens supports the generation of high-quality TCRs.

Mink Therapeutics ended the quarter with a cash balance of $4.6 million, down sequentially from $6.3 million. $1.73 million cash used in operations.

Operating expenses were $2.5 million, consisting of: R&D $1.4 million; G&A $0.8 million. Change in fair value $0.3 million. Other expense $0 million.

Q&A selective summary:

2025 focus? 797 should advance in gastric cander and gvhd in 2025. These cells have properties that are superior to T cells or natural killer T cells. We demonstrated that with biomarkers at the conference. That sets us up for the data we will present at a major conference in 2025. A majority of patients are enrolled, and we started in 2023, so we should have some good long-term data. MiNK-215 will also be a focus in 2025, entering the clinic.

Investigator feed back? KOLs will present data this year. Accumulating patients at Memorial Sloan Kettering. Getting funding from Stand Up To Cancer. Does not know if the program will be registrational, but seeking an agressive path to approval for gastric cancer.

PRAME? PRAME-TCR iNKTs have great properties, which we have demonstrated. Even recruit T cells. Data is on web site. We hold a proprietary platform of about 4000 neo-antigen targets. There is industry interest in this.

GVHD federal funding? Fluid time right now. One of our advisory board members published this mechanism. We are optimistic the program will advance, despite current government turmoil. Ready to start a trial when funding comes in. Also talking to partners and investors.

We believe we have cash through the end of 2025.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: