Analyst Conference Summary

biotechnology

conference date: August 10, 2023, press release only
for quarter ending: June 30, 2023 (second quarter, Q2)

Forward-looking statements

Overview: Continues pipeline development, reports some positive data, low on cash.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $6.2 million, down sequentially from negative $5.7 million, and down from negative $6.1 million year-earlier.

EPS (earnings per share), diluted, was negative $0.18, down sequentially from negative $0.17, and flat from negative $0.18 year-earlier.

Guidance:

None.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "We made significant clinical progress with our lead compound, agenT-797, an allogeneic iNKT therapy, showing persistence and clinical benefit in patients with solid tumor cancers. We will expand on this progress with the launch of our externally funded randomized phase 2 trial in 2L gastric cancer and plan to provide meaningful updates across our clinical programs, manufacturing, and business later this year"

Believes this is the most flexible cell therapy in development. More MINK-215 data was reported on May 19, 2023 at ASGCT for lung cancer. AgenT-797 of ARDS new data was be presented at ATS on May 21, 2023. Then more expected in 2H 2023. Expects to have a fully donor independent manufacturing process by next year. This makes capital costs very low for a cell therapy company.

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. Data was presented at AACR in Q2 2023. A durable partial response (PR) was observed in a patient with metastatic gastric cancer who had no response to prior anti-PD-1 alone or in combination with standard chemotherapy. The patient received agenT-797 in combination with anti-PD-1 and achieved a 42% tumor reduction that continued beyond 9 months. These were very sick, refractory patients. Durable disease stabilization and biomarker responses were also observed in anti-PD-1 refractory NSCLC and testicular cancers. 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. Showed early signals of benefit without lymphodepletion or neurotoxicity.

AgenT-797 will launch a Phase 2 trial in gastric cancer in Q3 2023, at Memorial Sloan Kettering, funded by non-dilutive grants.

AgenT-797 showed improved survival activity, 70%, in viral ARDS (acute respiratory distress syndrome) with expanded clinical data updates for ATS on May 21, 2023. 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. Cleared by FDA.

MiNK-215, a novel FAP-CAR-iNKT, and MiNK-413, a differentiated FAP allogeneic armored-BCMA-CAR-iNKT, presented preclinical data at ASGCT in Q2 2023. MiNK-215 IND filing planned for 2024. FAP is often found on cancer cells but rarely on healthy cells.

MiNK-413, a differentiated allogeneic armored-BCMA-CAR-iNKT, had preclinical data presented at SITC 2022.

Mink Therapeutics ended the quarter with a cash balance of $10.6 million, down sequentially from $14.9 million. $4.1 million cash used in operations.

Operating expenses were $6.3 million, consisting of: R&D $4.6 million; G&A $1.8 million. Other income $0 million.

Q&A:

none

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