Analyst Conference Summary

biotechnology

conference date:August 9, 2022
for quarter ending: June 30, 2022 (second quarter, Q2)

Forward-looking statements

Overview: First clinical data expected before end of 2022. Low on cash. This is the first quarterly analyst conference call for the company.

Basic data (GAAP):

Revenue was zero.

Net Income, diluted, was negative $6.1 million, nearly flat y/y.

EPS (earnings per share), diluted, was negative $0.18, up from negative $0.26 year-earlier (due to increased share count).

Guidance:

None.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "We are on track to present clinical data updates from our lead program, AgenT-797, an allo-iNKT cell therapy, administered alone and in combination with Keytruda or Opdivo this year. We are also excited to present data on our novel pipeline of CAR-iNKTs, including a differentiated, stromal-CAR-iNKT program in solid tumors and a novel armored BCMA-CAR-iNKT designed to be delivered without toxic lymphodepletion; all enabled by our fully internalized cGMP manufacturing and our star team." Products have been shown to retain full potency after freezing. No graft-versus-host disease when inkt cells are moved from one patient to another. Explained other advantages of iNKT cells.

AgenT-797 alone or in combo with Keytruda or Opdivo in solid tumors and multiple myeloma showed encouraging signs of safety and activity in the ongoing Phase 1 trial. Also observed disease modulation of metastatic liver lesions in a patient with refractory rectal cancer and in highly refractory multiple myeloma. Mink has expansion plans in solid tumor cancers where auto-iNKTs have shown benefit, including but not limited to tumors of the lung, liver, bladder, and kidney. Data will be shared at a 2022 conference.

AgenT-797 also revealed early signals of clinical activity in viral ARDS (acute respiratory distress syndrome) with expanded clinical data updates planned for 2H 2022. Viral ARDS has no approved effective therapies. AgenT-797 has been identified as selectable for funding by DARPA, with contract negotiations underway.

Expansion of manufacturing capability for AgenT-797 was completed. This is the first known example of native iNKT manufacturing.

New iNKT programs are in the preclinical pipeline. Data to be presented later this year.

Mink Therapeutics ended the quarter with a cash balance of $29.8 million. $4.6 million cash used in operations.

Operating expenses were $7.7 million, consisting of: R&D $5.9 million; G&A $1.8 million. Other income $1.6 million. Net loss $6.1 million

Q&A:

AgenT-797 update expectations? First in human was in May 2022. Enrolled cohorts at a fast pace due to high interest. Will have meaningful followup information on both the monotherapy and combinations.

Possible multiple dosing? Public, prior data shows they naturally target certain tissues where they recruit T cells. We saw the same preclinically, expect to see in clinical patients. Dose plan is for single administration. We are testing how long the cells persist, which could inform second doses.

Lymphodepletion? We would continue to proceed without lymphodepletion. We could explore that with partners.

We had already shown greatly increased survival in elderly patients hospitalized with Covid. We now have more data. We are working on a DARPA partnership that would investigate further, and beyond more broadly than the Covid epidemic.

We will be disclosing our engineered, as opposed to native cell, programs in the future. We will look for non-dilutive partnerships. We are in active discussions.

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