UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
_________________
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
On March 21, 2024, MiNK Therapeutics, Inc. announced its financial results for the quarter and year ended December 31, 2023. In connection with the announcement, the Company issued a press release, which is being furnished as Exhibit 99.1 to this current report on Form 8-K.
The information set forth under Item 2.02 and in Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
(d) Exhibit
The following exhibit is furnished herewith:
| 99.1 | Press Release dated March 21, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MiNK Therapeutics, Inc. | ||
| Date: March 21, 2024 | By: | /s/ Christine M. Klaskin |
| Christine M. Klaskin | ||
| Principal Financial Officer | ||
EXHIBIT 99.1
MiNK Reports Fourth Quarter and Year-End 2023 Results
NEW YORK, March 21, 2024 (GLOBE NEWSWIRE) -- 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 announced results for the fourth quarter and full-year 2023. MiNK executives will host a conference call and webcast at 8:30 a.m. ET to discuss the results and to provide a corporate update.
“In 2023, MiNK made significant strides in advancing our allogeneic iNKT cell programs, contributing to a growing body of clinical data that underscores the unique advantages of iNKTs and their pivotal role in immunity,” said Dr. Jennifer Buell, Chief Executive Officer and President at MiNK. “We expanded the scope of our pipeline, solidifying key partnerships such as our research agreement with ImmunoScape. As we move forward, our primary focus remains on advancing our lead program, agenT-797, particularly in indications where we have observed promising proof-of-concept data. We are pleased to announce the progression of this program into a Phase 2 study in gastroesophageal cancers and we anticipate sharing initial trial data later this year.”
2023 Highlights
AgenT-797 in Solid Tumors
AgenT-797 in Acute Respiratory Distress (ARDS)
Research Programs
Manufacturing Progress
Financial Results
We ended the year with a cash balance of $3.4 million. Since year-end we received $5 million under our convertible note agreement with Agenus Inc. Cash used in operations for the three and twelve months ended December 31, 2023, was $3.0 million, and $15.8 million, respectively, compared to $4.4 million and $18.9 million for the same periods in 2022.
Net loss for the year ended December 31, 2023 was $22.5 million, or $0.65 per share, compared to net loss for the same period in 2022 of $28 million or $0.83 per share.
| Summary Consolidated Financial Information | ||||||||||||||||
| Condensed Consolidated Balance Sheet Data | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2023 | 2022 | |||||||||||||||
| Cash and cash equivalents | $ | 3,367 | $ | 19,636 | ||||||||||||
| Total assets | 4,552 | 21,472 | ||||||||||||||
| Total stockholders' equity (deficit) | (18,055 | ) | (401 | ) | ||||||||||||
| Other Financial Information | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Cash used in operations | $ | 3,025 | $ | 4,431 | $ | 15,752 | $ | 18,867 | ||||||||
| Non-cash expenses | 1,167 | 706 | 3,810 | 358 | ||||||||||||
| Condensed Consolidated Statements of Operations Data | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,311 | 5,812 | 15,490 | 23,115 | ||||||||||||
| General and administrative | 2,189 | 2,077 | 7,431 | 7,834 | ||||||||||||
| Operating loss | 5,500 | 7,889 | 22,921 | 30,949 | ||||||||||||
| Other expense (income), net | (41 | ) | (120 | ) | (463 | ) | (2,958 | ) | ||||||||
| Net loss | $ | 5,459 | $ | 7,769 | $ | 22,458 | $ | 27,991 | ||||||||
| Per common share data, basic and diluted: | ||||||||||||||||
| Net loss | $ | 0.16 | $ | 0.23 | $ | 0.65 | $ | 0.83 | ||||||||
| Weighted average number of common shares outstanding, basic and diluted | 34,558 | 33,806 | 34,360 | 33,673 | ||||||||||||
Conference Call
Dial in numbers: 646 - 307-1963 (U.S. – NY), 800-715-9871 (U.S. & Canada)
Conference ID: 1391457
Webcast
A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website at https://investor.minktherapeutics.com/events-and-presentations and via https://edge.media-server.com/mmc/p/xa2m5uy7.
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/ or @MiNK_iNKT. Information that may be important to investors will be routinely posted on our website and social media channels.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the therapeutic and curative potential of agenT-797, MiNK-215, and iNKT cells the mechanism of action, potency and safety, interim or top-line data, including statements regarding clinical data of agenT-797 alone and in combination with anti-PD-1, the anticipated benefits of agenT-797 and clinical development plans and timelines. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are subject to risks and uncertainties, including the factors described under the Risk Factors section of the most recent Form 10-K, Form 10-Q and the S-1 Registration Statement filed with the SEC. MiNK cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and MiNK undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investor Contact
917-362-1370
investor@minktherapeutics.com
Media Contact
781-674-4428
communications@minktherapeutics.com
Cover |
Mar. 21, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Mar. 21, 2024 |
| Entity File Number | 001-40908 |
| Entity Registrant Name | MiNK Therapeutics, Inc. |
| Entity Central Index Key | 0001840229 |
| Entity Tax Identification Number | 82-2142067 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 149 Fifth Avenue, Suite 500 |
| Entity Address, City or Town | New York |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 10010 |
| City Area Code | 212 |
| Local Phone Number | 994-8250 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.00001 par value per share |
| Trading Symbol | INKT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |