Analyst Conference Summary

biotechnology

conference date: November 14, 2024 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2024 (second quarter, Q2)

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 $1.8 million, up sequentially from negative $2.7 million, and up from negative $5.1 million year-earlier.

EPS (earnings per share), diluted, was negative $0.05, up sequentially from negative $0.07, and up from negative $0.15 year-earlier.

Guidance:

Cash runway into 2025.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "Our progress this quarter reflects MiNK’s commitment to advancing effective and scalable therapies in cancer and immune-mediated diseases. We have continued to expand our iNKT cell therapy platform and partnerships to address high-need areas, recently showcasing the versatility of iNKT cells in two presentations at SITC. Our clinical programs are advancing with the ongoing Phase 2 study in second-line and later-stage gastric cancer, with initial data anticipated early next year. These developments underscore our momentum in delivering impactful treatments for patients" Working on getting more external financial support.

In Q4 2024 MiNK entered into a research collaboration withAutonomous 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 develope therapies for metastatic cancer cells.

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

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 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.

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.

Mink Therapeutics ended the quarter with a cash balance of $6.3 million, down sequentially from $9.3 million. $3.0 million cash used in operations.

Operating expenses were $1.9 million, consisting of: R&D $0.5 million; G&A $1.2 million. Change in fair value $0.2 million. Other expense $0.1 million.

Q&A selective summary:

Gastric study enrollment? Progress is rapid. Started with cells alone, then added bot/bal. Some patients have mature data, but since conducted by an IST, they will release the data at the conference. Enrollment continues. 2L gastric cancer has high unmet medical need.

R&D expense decline? Maximizing efficiency. Exploiting scalability from a single donor.

Acute GVHD has high unmet medical need. Control arm will be physicians choice, with corticosteroids the current standard.

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