MiNK Therapeutics Reports Corporate Update and First Quarter 2023 Financial Results
11 5월 2023 - 9:00PM
MiNK Therapeutics, Inc. (NASDAQ: INKT), a clinical-stage
biopharmaceutical company pioneering the discovery, development,
and commercialization of allogeneic, off-the-shelf, invariant
natural killer T (iNKT) cell therapies to treat cancer and other
immune-mediated diseases, today provided a corporate update and
reported financial results for the first quarter 2023.
“This quarter we have achieved significant progress across our
iNKT cell platform. Our lead program, agenT-797, has shown
pioneering data in advanced solid cancers at AACR and we have
launched expansion studies in anti-PD-1 refractory NSCLC and
gastric cancer”, said Dr. Jennifer Buell, President and CEO at
MiNK. “We are proud to remain the most clinically advanced
allo-iNKT company with robust manufacturing capabilities and a
novel pipeline of next generation therapies, including our novel
FAP-CAR-iNKT.”
Allogeneic iNKT cell therapy (agenT-797) showed clinical
benefit and tolerable safety across a range of heavily pre-treated
solid tumor cancers at AACR 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 (4.3x106 cells/kg) in
combination with anti-PD-1 and achieved a 42% tumor reduction that
continued beyond 9 months.
- Durable disease stabilization and
biomarker responses were also observed in anti-PD-1 refractory
NSCLC and testicular cancers.
- iNKT cells can be administered
without lymphodepletion, persist for >~8 weeks, and generate and
mobilize immune cells into the tumor for cancer cell
destruction.
- A tolerable safety profile was
observed up to 1x107 cells, with no neurotoxicity, dose-limiting
toxicities, or severe cytokine release syndrome (> grade
3).
- MiNK expands trials in NSCLC and
launches an independent trial in metastatic gastric cancer led by
Dr. Yelena Janjigian, Chief of GI Oncology at Memorial Sloan
Kettering.
- AgenT-797 will be administered in
combination with standard chemotherapy with and without immune
checkpoint inhibitors. The study is planned to be externally funded
by non-dilutive grant funding.
- MiNK will supply trial with its
in-house manufacturing capability, currently producing 5,000
doses/year with rapidly expanding capacity.
Upcoming Presentations:
- MiNK continues to advance next
generation CAR-iNKT programs and will present new data on
allogeneic FAP-CAR-iNKT, MiNK-215, at American Society of Gene and
Cell Therapy (ASGCT) Annual Meeting on May 19th.
Title: Development of an Allogeneic
FAP-CAR iNKT Cell Therapy to Modulate the Immunosuppressive Stroma
and Improves Anti-Tumor Immunity Against Non-Small Cell Lung
CarcinomaPresenting Author: Dr. Shannon Boi Date/Time: May 19th,
2023, 12:00-2:00 pm ETAbstract number: 1488
- Dr. Terese Hammond, West Region
Medical Director at Sound Critical Care, to present clinical data
from phase 1/2 study of agenT-797 in viral ARDS at American
Thoracic Society (ATS) Annual Meeting (Abstract Number: 10725) on
May 21st.
First Quarter 2023 Financial Results
We ended the first quarter 2023 with a cash balance
of $14.9 million as compared to $19.6
million at December 31, 2022. Cash used in operations for
the quarter ended March 31, 2023, was $4.4 million,
compared to $4.2 million for the same period in 2022.
Net loss for the quarter ended March 31, 2023,
was $5.7 million or $0.17 per share, compared
to a net loss for the first quarter of 2022 of $7.8
million or $0.23 per share.
Summary Consolidated Financial Information |
|
|
|
|
Condensed Consolidated Balance Sheet Data |
(in thousands) |
(unaudited) |
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
Cash and cash equivalents |
$ |
14,892 |
|
|
$ |
19,636 |
|
Total assets |
|
16,589 |
|
|
|
21,472 |
|
|
|
|
|
|
|
|
|
Other Financial Information |
(in thousands) |
(unaudited) |
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Cash used in operations |
$ |
4,366 |
|
|
$ |
4,196 |
|
Non-cash expenses |
|
967 |
|
|
|
813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
Data |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
|
4,194 |
|
|
|
5,277 |
|
General and administrative |
|
1,660 |
|
|
|
2,097 |
|
|
|
|
|
Operating loss |
|
5,854 |
|
|
|
7,374 |
|
|
|
|
|
Other expense (income), net |
|
(168 |
) |
|
|
403 |
|
|
|
|
|
Net loss |
$ |
5,686 |
|
|
$ |
7,777 |
|
|
|
|
|
Per common share data, basic and diluted: |
|
|
|
Net loss |
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
Weighted average number of common shares outstanding, basic and
diluted |
|
33,967 |
|
|
|
33,504 |
|
|
|
|
|
Forward Looking Statements
This release contains forward-looking statements. You can
identify these forward-looking statements by the fact they use
words such as “could,” “expect,” “anticipate,” “estimate,”
“target,” “may,” “project,” “intend,” “plan,” “believe,” “will,”
“potential,” “opportunity,” “future” and other words and terms of
similar meaning and include statements that they do not relate
strictly to historical or current facts. In particular, these
statements relate to, among other things, the mechanism of action,
efficacy and safety of our iNKT technology and therapeutic
candidates, business strategy, our research and development plans,
our product development efforts, funding and partnering
opportunities, future operating plans, results, objectives,
expectations, and intentions. Such forward-looking statements are
based on current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes to differ materially
from current expectations. Therefore, we caution investors such
statements need to be evaluated in light of all the information
contained in our filings with the SEC on our Annual
Report on Form 10-K, among others. Furthermore, the statements
speak only as of the date of this document, and we undertake no
obligation to update or revise these statements, except as required
by law.
Conference Call and Webcast
MiNK will host a conference call and webcast to discuss its
first quarter 2023 financial results and business updates today,
Thursday, May 11th, 2023, at 8:30 AM ET. The webcast is available
on the events and presentations page of the company website and at
https://edge.media-server.com/mmc/p/4c4qmbci). The conference ID is
8437743. To access live by phone, call 646-307-1963 (USA-NY) or
800-715-9871 (USA & Canada).
About MiNK Therapeutics
MiNK Therapeutics is a clinical-stage biopharmaceutical company
pioneering the discovery, development, and commercialization of
allogeneic invariant natural killer T (iNKT) cell therapies to
treat cancer and other immune-mediated diseases. MiNK is advancing
a pipeline of both native and next generation engineered iNKT
programs, with a platform designed to facilitate scalable and
reproducible manufacturing for off-the-shelf delivery. The company
is headquartered in New York, NY. For more information, visit
https://minktherapeutics.com/. Follow us on Twitter @MiNK_iNKT.
Contact
Alexa Buffa781-674-4428communications@minktherapeutics.com
Investor relationsZack
Armen917-362-1370investor@minktherapeutics.com
MiNK Therapeutics (NASDAQ:INKT)
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