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MiNK Therapeutics, Inc. (INKT)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 showed continued operating discipline: net loss narrowed to $1.8M ($0.05/share) from $5.1M ($0.15/share) YoY, driven by sharp reductions in R&D/G&A and manufacturing efficiencies; cash was $6.3M at 9/30, down from $9.3M at 6/30 .
  • Pipeline momentum: Phase 2 agenT-797 in 2L+ gastric cancer roughly halfway enrolled with “informative updates” planned at a major conference in early 2025; SITC preclinical data highlighted synergy with ICIs and bispecifics and progress on PRAME-TCR iNKT .
  • GvHD program advancing toward a Phase 1 with dosing to start in 2025; design seeks to improve engraftment and mitigate GVHD with likely control arm of physician’s choice (steroids) .
  • Estimates context: S&P Global EPS/revenue consensus for Q3 and prior quarters was unavailable at time of request due to API limits; comparisons to Street are not provided.

What Went Well and What Went Wrong

What Went Well

  • Cost discipline and burn reduction: Management cited “operating efficiencies and reductions in operating burn by nearly an additional 60%” vs last year; CFO quantified Q3 net loss of $1.8M ($0.05) vs $5.1M ($0.15) YoY .
  • Clinical execution in gastric: Enrollment “relatively rapidly,” near “halfway done,” with “informative updates” early 2025; management noted activity and tolerability in combinations where 2L gastric has limited options .
  • Scientific validation: At SITC, agenT-797 enhanced ICI and bispecific activity; PRAME‑TCR iNKT showed precise tumor killing across solid tumors in preclinical models .

What Went Wrong

  • Liquidity remains tight: Cash declined to $6.3M at quarter-end from $9.3M in Q2; management emphasized the need to “strengthen this position” despite ongoing cost controls .
  • GvHD timeline push vs earlier ambitions: Q3 communication centers on dosing in 2025; while Q2 had aimed for activation in 2Q24, dosing now guided to 2025 as design/activation progress continues .
  • Limited financial transparency on revenue/margins: As a clinical-stage company, the release focused on OpEx and losses; no revenue or margin disclosures were provided, constraining estimate/variance analysis .

Financial Results

MetricQ1 2024Q2 2024Q3 2024
Net Loss ($USD Millions)$3.813 $2.702 $1.807
Diluted EPS (USD)$(0.11) $(0.07) $(0.05)
R&D Expense ($USD Millions)$2.550 $1.840 $0.541
G&A Expense ($USD Millions)$1.280 $1.062 $1.163
Operating Loss ($USD Millions)$3.830 $3.071 $1.885
Other Income (Expense), net ($USD Millions)$(0.017) $(0.369) $(0.078)
Cash Used in Operations ($USD Millions)$2.542 $2.291 $2.995
Cash & Equivalents ($USD Millions, period-end)$5.817 $9.314 $6.328
Weighted Avg Shares (Millions)34.643 37.142 39.534
RevenueNot disclosed Not disclosed Not disclosed

Notes:

  • Q3 YoY: Net loss improved to $1.8M from $5.1M; EPS to $(0.05) from $(0.15) .
  • No segment revenue or margin metrics were provided in the press materials .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
2L+ Gastric agenT-797 data timingEarly readout“Data presentation this year or very early 2025” (Q2 call) “Results expected at a major conference in early 2025” Narrowed to early 2025
GvHD Phase 1 (agenT-797)Trial initiation/dosingActivation planned in 2Q24; first dosing late 2024/early 2025 (Q2) Activation underway; dosing to start in 2025 Slight delay to 2025 start
MiNK‑215 (FAP CAR‑iNKT) INDIND timingFast‑track IND to early 2025 (Q2) “Plans to file an IND in 2025” (Q2 reiterated in updates) Maintained 2025 window
Cash runwayLiquidity“Cash runway into 2025” (Q2) Not reiterated; $6.3M cash at 9/30/24 Not reiterated; liquidity tighter

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2024)Trend
2L Gastric Phase 2 (agenT‑797 combos with botensilimab/balstilimab + chemo)Actively enrolling since Feb 2024; early signals of benefit; hope for conference data late 2024/early 2025 ~Halfway enrolled; “informative updates” at major conference in early 2025; activity and tolerability highlighted Continued momentum; timing narrowed
GvHD Phase 1Aimed for 2Q24 activation; first dosing late 2024/early 2025 Activation progressing; dosing to start in 2025; prevention/treatment of acute GVHD, control likely physician’s choice (steroids) Slight push; design clarity improving
ARDS (agenT‑797)ATS data; case with rapid cytokine reduction, extubation; interest in externally funded platform trial No new ARDS disclosures in Q3 PR/call excerpts Quiet in Q3; still a strategic option
Manufacturing/cost efficiencyEmphasis on scaling; in-house for 215; burn reduction QoQ/YoY “Operating burn down ~60% YoY”; donor scalability reduces COGS; focus on cash discipline Strengthening
PRAME‑TCR iNKTAACR/Q1 preclinical signals; TCR roadmap SITC data: precise killing in PRAME+ tumors; no lymphodepletion/HLA matching Advancing
iNKT + bispecific/engagersPreclinical plans; hypothesis of synergy SITC data: enhanced T‑cell activation, killing with MUC16/HER2/CLDN18.2/DLL3 engagers Strengthening
Partnerships/non‑dilutive fundingPIPE ($5.8M) and grant/partner pursuit; runway into 2025 Continued pursuit; collaboration with Autonomous Therapeutics on encRNA Ongoing; broader platform reach

Management Commentary

  • “Operating efficiencies and reductions in operating burn by nearly an additional 60%… We remain acutely aware of our cash position… will continue to identify additional areas for cost containment and efficiency.” — CEO Jennifer Buell .
  • “We’re close to halfway done with enrollment… we will be looking forward to some informative updates at the upcoming conference… early in 2025.” — CEO on gastric Phase 2 .
  • “We’ve really reduced our cost of starting material for cell manufacturing… that’s made an enormous impact financially for us.” — CEO on R&D/COGS drivers .
  • “MiNK ended the quarter with a cash balance of $6.3 million… Net loss for the three months… was $1.8 million, or $0.05 per share.” — CFO (also reflected in PR) .
  • “AgenT‑797… is advancing in an enrolling Phase 2 trial… with results expected at a major conference in early 2025.” — PR .
  • “MiNK is advancing initiation of Phase 1 [GvHD]… dosing to start in 2025.” — PR/8‑K .

Q&A Highlights

  • Gastric enrollment and data scope: Enrollment ~halfway with multiple treatment cohorts (iNKT induction; iNKT+bot/bal; iNKT+bot/bal+chemo). Expect early‑2025 conference update; management positive on clinical activity and tolerability vs limited 2L SOC .
  • R&D decline drivers: Manufacturing scalability with single donor reduces input/testing costs; continuing pipeline innovation (MiNK‑215, PRAME‑TCR) while cutting OpEx .
  • GvHD design: Focus on acute GVHD prevention/treatment post‑allo HSCT; endpoints to evaluate engraftment and GVHD mitigation; likely control physician’s choice, often steroids; trial activation underway with dosing in 2025 .

Estimates Context

  • Wall Street consensus (S&P Global) for EPS and revenue for Q3 2024 and prior quarters was unavailable due to API request limits at retrieval time; as a result, we cannot provide beat/miss versus consensus. If desired, we can refresh once access is restored.

Key Takeaways for Investors

  • Cost curve bending: Q3 net loss improved to $1.8M ($0.05) with R&D cut to $0.54M, showcasing disciplined burn and manufacturing leverage; monitor sustainability as trials scale .
  • Liquidity is the gating factor: Cash fell to $6.3M from $9.3M in Q2; management is pursuing external funding/partners—financing or partnerships remain key stock drivers .
  • Near‑term catalyst: Early‑2025 gastric Phase 2 data readout at a major conference could be a binary event on clinical activity and safety of multi‑agent combinations .
  • GvHD optionality: First‑in‑man dosing guided to 2025 with a design geared to engraftment and GVHD mitigation; rapid 28‑day endpoints could enable 2H25 data once dosing begins .
  • Platform breadth thesis: SITC data support iNKT synergy with ICIs/engagers and progress in PRAME‑TCR—broadening optionality across solid tumors and combinations .
  • Watch manufacturing scale as strategic edge: Single‑donor scalability and no lymphodepletion positioning could prove differentiating in combinations and cost per dose .
  • Estimate visibility: With no reported revenue and limited financial guidance, trading likely pivots around clinical milestones and financing updates; Street comparisons pending S&P consensus availability.
Sources:  
- Q3 2024: 8‑K/PR and call transcript **[1840229_0001171843-24-006360_exh_991.htm:0]** **[1840229_0001171843-24-006360_exh_991.htm:1]** **[1840229_db3aaee751d24300bdaf95f055fdeefa_0]** **[1840229_db3aaee751d24300bdaf95f055fdeefa_1]** **[1840229_INKT_3408741_1]** **[1840229_INKT_3408741_5]** **[1840229_INKT_3408741_6]** **[1840229_INKT_3408741_7]**.  
- Q2 2024: 8‑K/PR and call transcript **[1840229_0001171843-24-004721_exh_991.htm:0]** **[1840229_0001171843-24-004721_exh_991.htm:1]** **[1840229_INKT_3398527_1]** **[1840229_INKT_3398527_4]** **[1840229_INKT_3398527_5]** **[1840229_INKT_3398527_6]** **[1840229_INKT_3398527_8]**.  
- Q1 2024: 8‑K/PR **[1840229_0001171843-24-002826_exh_991.htm:0]** **[1840229_0001171843-24-002826_exh_991.htm:1]**.  
- Additional PRs: SITC datasets and collaborations **[1840229_90438135b8bb454f86f13dc1fd8370d8_0]** **[1840229_90438135b8bb454f86f13dc1fd8370d8_1]** **[1840229_a2bd745ee46346698977dea06d4e477b_0]**.