Analyst Conference Summary

biotechnology

conference date: May 15, 2025 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2025 (fisrt quarter, Q1)

Forward-looking statements

Overview: Continues to make progress with clinical trials, very low on cash, says making progress towards cash infusion.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $2.8 million, down sequentially from negative $2.5 million, and up from negative $3.8 million year-earlier.

EPS (earnings per share), diluted, was negative $0.70, down sequentially from negative $0.62, and up from negative $1.10 year-earlier.

Guidance:

Cash runway to end of 2025.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "This quarter marks a turning point in the evolution of MiNK. Our platform is demonstrating the power of iNKT cells to transform immune responses in both cancer and inflammatory diseases. With late-stage strategic discussions underway across oncology, immunology, and next-generation engineered cell therapies, MiNK is positioned to unlock the full value of our technology. These partnerships—alongside our clinical advances and expanded access to non-dilutive capital—will allow us to deliver off-the-shelf iNKT therapies to patients with urgency, focus, and scale." Working on getting more external financial support, but details are confidential. Reduced cash burn.

Has received three distinct proposals. Each is aligned with one of Mink's key therapeutic areas. One proposal is on 797. One on immunology and inflamation. One on our next generation pipeline including CAR T, TCR and neonantigen platforms. Not exclusive proposals. Each bringing capital and infrastucture. Expect to advance one or more deals in the near term.

In 2025 Mink presented new data on agenT-797 at the inaugural AACR IO and ASCO GI, showing very good responses in patients with PD-1 resistant gastroesophageal cancers, in combination with checkpoint inhibitors and chemotherapy.

In Q2 2025 Mink was selected for funding by NIAID to support its allogeneic iNKT program in GvHD, with a formal award expected by June 2025. This would provide a critical source of non-dilutive capital and external validation. Will work with University of Wisconsin scientists.

In Q4 2024 MiNK entered into a research collaboration with Autonomous 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 develop therapies for metastatic cancer cells. Delivers specific RNA payloads to tumor cells.

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.

A peer-reviewed publication expected in 1H 2025 will detail a complete remission in a patient with metastatic testicular cancer, from the Phase 1 trial of a single infusion of agenT-797. This was achieved without lymphodepletion, HLA matching, or toxicity.

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. As of May 2025 actively enrolling patients. 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 a 2025 conference.

AgenT-797 Phase 1 trial in GvHD (graft v. host disease) should start in 2025. Depending on external financial support. Will also conduct further pre-clinical studies. Already showed activity in a Phase 1 trial in ARDS (acute respiratory distress syndrome).

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 $3.2 million, down sequentially from $4.6 million. $1.3 million cash used in operations.

Operating expenses were $2.7 million, consisting of: R&D $1.3 million; G&A $1.3 million. Change in fair value $0.2 million. Other income $0.07 million.

Q&A selective summary:

Testicular patient complete response? Publication will come soon. It is a unique case. 12 month follow up. At 24 months came in, doctor saw the complete response, with no other therapy. Patient had had multiple lesions, including in the liver. Also observed liver results in Phase 1. Seeing long term disease stabilization at 12 month follow ups, likely need to do longer follow ups.

Phase 2 gastric trial timing? Believe data can be presented in 2025 or early 2026.

NIAID possible delay? Actually, it was delayed from late last year, have been reassured will get formal notification in June. This is a high priority for us and the government for GVHD.

GVHD trial design? Phase 1 trials. First, at U Wisconsin, is steroid-refractory acute GVHD. Also hopes for a prophylaxis program. Hope to discuss with regulators very soon.

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