Analyst Conference Summary

biotechnology

conference date:November 3, 2022
for quarter ending: September 30, 2022 (third quarter, Q3)

Forward-looking statements

Overview: Pipeline development continues.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $6.3, down sequentially from negative $6.1 million, and up from negative $14.3 million year-earlier.

EPS (earnings per share), diluted, was negative $0.19, down sequentially from negative $0.18, and up from negative $0.59 year-earlier (due to increased share count).

Guidance:

None.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "Our team has continued to excel as we focus on advancing both our clinical stage programs and next-generation pipeline, while scaling up our internal cGMP manufacturing capabilities. This progress is exemplified in the five upcoming presentations at this year’s SITC conference and our upcoming R&D Day."

Five MiNK abstracts will be reported at SITC on Nov. 8 to 12. MiNK will host an R&D day on November 10 from 1:00 to 3:00 PM PT.

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. Enrollment completed. 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. Enrollment completed. 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.

MiNK-215, a novel FAP-CAR-iNKT, and MiNK-413, a differentiated allogeneic armored-BCMA-CAR-iNKT, will have preclinical data presented at SITC. In IND-enabling studies, MiNK-215 IND filing planned for 2023.

Mink Therapeutics ended the quarter with a cash balance of $24.2 million, down sequentially from $29.8 million. $5.6 million cash used in operations.

Operating expenses were $8.0 million, consisting of: R&D $6.2 million; G&A $1.8 million. Other income $1.7 million. Net loss $6.3 million

Q&A:

797 combinations? Data presented at ACR for metastatic lung lesions showed PD1 or CTLA4 were greatly enhanced by 797. Including near complete tumor eradication. Started, as usual, with late-stage patients. We showed our cells could be administered tolerably including with PD1 therapies. Believe will do better in earlier disease stages and with improved Agenua CTLA-4 agent Botensilimab. Preclinical combo models had great results. May also work well with standard of care chemotherapy, with preclinical data at SITC.

GVHD trial timeline? Getting ready to make an announcement, but regulatory considerations are in play. Will talk more about GVHD at the R&D day.

Data emphasis at SITC will be on multiple myeloma. Showcase will be solid tumors, where we have seen unprecedented activity.

Biomarker details? Our cells secrete cytokines, details at SITC about underlaying mechanisms and persistance.

In combination with approved agents, could reveal benefits in cholangio carcinoma, NSCLC,and hepatular carcinoma, once they have become refractory to check-point inhibitors.

Potential partnerships? We are the most advanced inkt company. We also have inkt engager technology. We are in strategic discussions with partners that could help us accelerate devopment and our financial capabilities. We are also seeking DARPA funding.

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