Analyst Conference Summary

biotechnology

conference date: May 14, 2024 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2024 (first quarter, Q1)

Forward-looking statements

Overview: Continues to make progress, but needs more funding, even after raising $5.8 million in Q2.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $3.8 million, down sequentially from negative $5.5 million, and up from negative $5.7 million year-earlier.

EPS (earnings per share), diluted, was negative $0.11, up sequentially from negative $0.16, and up from negative $0.17 year-earlier.

Guidance:

None.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "This quarter we made significant strides across our iNKT cell programs, as we remain focused on generating clinical data from our lead program, agenT-797, strengthening our financial position, and advancing our innovative next-generation therapies. The $5.8 million capital infusion will enable us to accelerate the advancement of MiNK-215 into the clinic, which we believe has exciting potential to address significant unmet needs in solid tumor cancers, as demonstrated by the pre-clinical data we recently presented at AACR." Looking to improve financial position with reduced cash burn and the cash raise.

More data will be presented in April for AgenT-797. In November 2023 at SITC Mink presented AgenT-797 data showing "promising results in patients with late-stage metastatic cancer, including NSCLC, testicular, appendiceal, and gastric cancers, refractory to traditional therapies. More than 30% of these patients experienced disease stabilization or biomarker responses, and a patient with gastric cancer achieved a durable clinical response. This is especially significant, considering agenT-797's administration does not require HLA matching or toxic pre-conditioning, setting a new standard in the field of cell therapy."

Mink continues to build knowledge about iNKT cells. Seeing several biomarkers of immunological activation, including cytokines. Looking for persistent resistance to tumors; has shown 797 persists for at least 6 months.

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. Will include 797 with standard of care chemo, plus 797 + chemo + bot/bal. Accrued initial cohort and have some early promising patient responses. This is funded by Stand Up to Cancer.

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. Mink plans for expansion into autoimmune and inflammatory diseases. "Poised" for a clinical trial for viral ARDS that is externally funded. Data was published in Nature Communications in Q2 2024. Will present more data at the ATS annual meeting on May 23, 2024.

The $5.8 million investor cash raise is specifically for funding MiNK-215.

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.

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

Mink Therapeutics ended the quarter with a cash balance of $5.8 million, up sequentially from $3.4 million. $2.5 million cash used in operations. In Q1 2024 received $5 million from a convertible note from Agenus. In Q2 2024 completed a $5.8 million stock sale.

Operating expenses were $3.8 million, consisting of: R&D $2.6 million; G&A $1.3 million. Other expense $0 million.

Q&A selective summary:

Phase 2 study enrollment? Enrolling patients quickly into 3 arms. We are not revealing number o be enrolled in each arm, but largest arm includes all the therapies, and we will have enough to show patients and activity with about 40 patients. So far patients are tolerating all five agents well. Likely to have some mature data by end of year.

Pipeline priorities, given limited funding? Gastric cancer trial is now externally funded. Now expanded to cohorts we are most excited about. ARDS is in a post Phase 1, expanded access phase. When Phase 2 begins will be partially paid for externally.

MiNK-215 plan? Based on preclinical data, we are going after FAP expressing colorectal cancer. We also have clinical data in FAP NSCLC. Later we will investigate other FAP expressing tumors.

We are pursuing a possible investigator sponsored trial in graft-versus-host disease. Still looking for financing.

Introduced 3 scientists who are working to expand possible combinations with 215.

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