MiNK Therapeutics Q1 2025 Earnings Report

MiNK Therapeutics EPS Results

• Actual EPS: -$0.70
• Consensus EPS: -$0.61
• Beat/Miss: Missed by -$0.09
• One Year Ago EPS: N/A

MiNK Therapeutics Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

MiNK Therapeutics Announcement Details

• Quarter: Q1 2025
• Date: 5/15/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, May 15, 2025
• Conference Call Time: 8:30AM ET

MiNK Therapeutics (NASDAQ:INKT) (NASDAQ: INKT) is a clinical-stage biotechnology company dedicated to developing next-generation natural killer (NK) cell therapies for the treatment of cancer. The company’s proprietary MiNK platform generates memory-like NK cells with enhanced persistence, proliferative capacity and tumor-targeting activity. MiNK’s off-the-shelf, allogeneic approach is designed to overcome the manufacturing and logistical challenges associated with autologous cell therapies while maintaining potent anti-tumor efficacy.

MiNK’s product pipeline includes multiple lead candidates targeting both solid tumors and hematologic malignancies. Each candidate undergoes a standardized, closed-system manufacturing process that integrates proprietary activation, expansion and cryopreservation techniques. This process is intended to ensure consistent cell quality and facilitate rapid deployment in clinical settings. In preclinical studies, MiNK cell candidates have demonstrated tumor reduction and enhanced cytokine production in models of ovarian, lung and hematologic cancers.

The company operates research and development facilities in Massachusetts and a manufacturing site in the Midwest, with a footprint that extends to strategic collaborators in Europe and Asia. MiNK has established partnerships with leading academic medical centers and translational research institutes, enabling access to specialized expertise in immuno-oncology and streamlined pathways to early-stage clinical trials. These alliances support a global development strategy and potential future commercialization efforts.

Founded in 2017, MiNK Therapeutics is led by a seasoned executive team with deep roots in cellular therapy and drug development. The leadership group combines industry veterans and academic scientists, supported by a board of directors with experience spanning immunology, oncology and biotechnology finance. As MiNK advances its clinical pipeline, the company aims to deliver innovative, scalable immunotherapies that address unmet needs in cancer treatment.

MiNK Therapeutics Q1 2025 Earnings Call Transcript

Key Takeaways

• Clinical data in second-line gastric cancer at AACR IO shows INKT cells convert immune-desert tumors into hot tumors, activating both innate and adaptive pathways in refractory patients.
• A metastatic testicular cancer patient refractory to standard therapies achieved a durable complete remission after a single infusion of AGENT 797 with no lymphodepletion, HLA matching, or GVHD.
• Operating cash burn was reduced by 47% year-over-year, supporting continued investment in core clinical programs with a cash balance of $3.2 million as of Q1.
• Early ARDS results demonstrate >70% survival in high-risk ventilated patients, versus historical mortality >70%, highlighting INKT cells’ steroid-resistant anti-inflammatory potential.
• Mink is in confidential discussions on three non-exclusive partnerships across oncology, immunology/inflammatory diseases (ARDS and GVHD), and next-gen engineered cell therapies to diversify capital and accelerate development.

Presentation

[Operator]

Thank you for standing by. My name is Roselle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mink Therapeutics first quarter twenty twenty five financial results. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

[Operator]

If you would like to withdraw your question, press star one again. I will now turn the conference call to Jack Jennifer Ball, Head of Investor Relations. Please go ahead.

[Zack Armen, Head of IR & Corporate Development at Agenus]

Thank you, operator, and thank you all for joining us today. Today's call is being webcast and will be available on our website for replay. I'd like to remind you that this call will include forward looking statements, including those related to our clinical development, regulatory and commercial plans, timelines for data release, and partnership opportunities. These statements are subject to risks and uncertainties. Please refer to our SEC filings available on our website for a detailed description of these risks.

[Zack Armen, Head of IR & Corporate Development at Agenus]

Joining me today are doctor Jennifer Buell, president and chief executive officer, and Christine Klaskin, principal financial and accounting officer. Now I'd like to turn the call over to doctor Buell to highlight our progress from this quarter.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thanks very much, Zach. I appreciate it. And thank you all for joining us today. This quarter, we've made meaningful progress towards our mission, and that's delivering scalable, durable, off the shelf INKT cell therapies to patients with solid tumors and other immune related diseases. In the first Q of twenty twenty five, we executed across three critical areas, and those include clinical progress.

[Jennifer Buell, President and CEO at Mink Therapeutics]

We presented new data in solid tumors, specifically in second line gastric cancer at the inaugural AACR IO conference, and we showed immune activation and very early clinical activity and responses in patients who were otherwise refractory to checkpoint modulating antibodies. On the capital side, we've continued to reduce our operating cash burn and operate extremely efficiently with a further reduction of about 47 year on year, preserving our ability to invest in our core programs. We've been able to continue to advance our clinical trials through external financing, and those include the advancement of our second line gastric cancer and also the development of two programs, one in ARDS and the other in GVHD, which I'll talk about in just a moment. Strategic momentum. We are advancing confidential discussions for proposals, each of which could extend our runway and accelerate our impact, and I'm gonna go into those in some detail just a moment.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Partnering, as you know, is core to our strategy and it has been. It's essential to unlocking the full potential of our technology, our INKT platform in oncology, in immunology, inflammatory diseases, and of course, our next generation engineered cell therapy. Our platform is really broad and deep. It allows us to take full advantage of what these cells can do, and we remain at the forefront of advancing INKT cell biology off the shelf in patients with immune related conditions. And today, I'm pleased to share that we have three distinct proposals, each aligned with one of our key therapeutic areas.

[Jennifer Buell, President and CEO at Mink Therapeutics]

In oncology and cancer, we're focusing on advancing seven ninety seven in solid tumor cancers, building on the momentum from our gastric and testicular cancer programs. I'll highlight a little bit more about some upcoming data in testicular cancer, but in the meantime, we did just recently present data at AACR that I'll share with you in a few moments. Proposal on immunology and inflammatory conditions. This supports our development of iNKT cells in acute inflammation, such as respiratory distress, as well as inflammatory conditions, such as graft versus host disease, an area of great interest to our team. And a proposal on our next generation pipeline, this encompasses our CAR NKT therapy, our TCR NKT therapy, and our proprietary neoantigen discovery platform with the aim of creating highly targeted off the shelf immune therapies.

[Jennifer Buell, President and CEO at Mink Therapeutics]

These transactions and proposals are not exclusive. In fact, given their distinct focus areas and complementary capabilities of these proposed partners, these proposals may be mutually reinforcing, each bringing differentiated capital, infrastructure, and scientific expertise to accelerate progress within their respective domains. Taken together, these proposals reflect strong external conviction in the value of our INKT platform and represent a rare opportunity to diversify capital, reduce dilution, and accelerate development in multiple high impact areas for MINC. We're engaging with focus and urgency and expect to advance one or more of these in the very near term. We'll continue to keep you abreast, and we plan to host a more formal presentation regrouping with our key stakeholders to be able to announce these in due course.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Now I'm going to turn and highlight a couple of key elements of our programs and our progress to date. In solid tumors, we're particularly encouraged by the continued momentum in our tumor program. And as I mentioned at the ASCO GI and AACR IO inaugural meetings, we presented new data from our Phase II investigator sponsored trial that's being housed at Memorial Sloan Kettering Yelena Gentigian, the Chief of Gastrointestinal Oncology. This study is evaluating LOINKPs or AGENT-seven 97 in combination with two differentiated checkpoint modulating antibodies, botinilimab and bal cilimab, on top of standard of care chemotherapy in patients with second line advanced gastric cancer.

[Jennifer Buell, President and CEO at Mink Therapeutics]

This is a population with no effective therapies in the second line setting. The data demonstrates that INKT cells, when delivered systemically, they rapidly traffic to the tumor microenvironment where they engage both innate and adaptive immune pathways. This is different than what you see with conventional T cells and NK cell technology. This activity, what we've observed, is that we were looking at tumors that effectively were an immune desert. No CD8 T cells, therefore no ability to immunologically manage the cancer.

[Jennifer Buell, President and CEO at Mink Therapeutics]

And what we observed is upon systemic infusion of seven ninety seven, we can transform a cold tumor into an immunologically active or hot tumor promoting these very important CD8 T cells infiltration, activating dendritic cells, and reversing immune exhaustion. And these are in cancers that are resistant to PD one blockade. These findings support our core thesis. INKP cells act as immunologic first responders initiating multilayered antitumor responses through direct tumor killing or cytotoxicity and immune orchestration. We anticipate sharing additional updated clinical updates later this year and the beginning of next year.

[Jennifer Buell, President and CEO at Mink Therapeutics]

In parallel, we expect a peer reviewed publication describing a complete response in a patient with metastatic testicular cancer. This patient was treated on our phase one trial with seven ninety seven, and they were treated with seven ninety seven, our alloINKTs alone in this setting. The patient had progressed through platinum based chemotherapy, autologous stem cell transplantation, radiation, and checkpoint and TIGIT based regimens prior to enrolling in the trial. Following a single infusion of AGENT seven ninety seven, the patient achieved a durable, complete clinical, radiological, and biochemical remission. Treatment was delivered without lymphodepletion or HLA matching and showed no evidence of cytokine release syndrome or GVHD.

[Jennifer Buell, President and CEO at Mink Therapeutics]

The post treatment analysis reveals elevated interferon gamma. We're observing some robust tumor activity by immune effector cells, and we're also observing peripheral persistence. Our cells still continue to persist beyond six months which give us a large therapeutic window to continue to dose these patients. This case exemplifies the unique biology of iNKT cells, their ability to rapidly home to tumors, dismantle immunosuppressive barriers, and activate both NK and CD8 T cells even in tumors previously unresponsive to immunotherapy. Alongside our gastric cancer findings, this finding reinforces INKT cells as a novel off the shelf immune therapy platform with the potential to deliver durable benefit in hard to treat solid tumors.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Beyond oncology, we're continuing to advance seven ninety seven in immune related diseases such as respiratory distress, acute respiratory distress syndrome, and graft versus host disease. Our iNKT platform showed early on and continues to show compelling promise in immune mediated diseases where inflammation, immune dysregulation, and poor treatment options converge to create really devastating clinical realities for patients. In ARDS, a life threatening condition with no FDA approved therapies, AGENT seven ninety seven has shown the potential to change the treatment paradigm. As we published in Nature Communications and presented at the American Thoracic Society, our data demonstrated improved survival and meaningful inflammatory control in critically ill ventilated patients, many of whom would otherwise face mortality rates exceeding seventy percent. We, on the other hand, observed survival rates exceeding seventy percent.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Truly pathbreaking. Our signals observed in a high risk ICU population is a powerful indication of INKT's steroid resistant anti inflammatory activity and their ability to reduce secondary infections and their impact on pulmonary function and immune tonology. Consistent with the new leadership and priorities at the FDA, we are working urgently to make our therapies accessible through well designed clinical trials, compassionate use programs, and accelerated development pathways that reflect the seriousness and unmet nature of these conditions. The agency's increased receptivity to novel immune based approaches, especially in indications like ARDS, give us further confidence in our regulatory path forward. In graft versus host disease, we're prepared to initiate a phase one trial of seven ninety seven in patients undergoing allogeneic bone marrow transplant.

[Jennifer Buell, President and CEO at Mink Therapeutics]

We've spoken to you about this before. And as you know, advancing this program has been in part contingent upon securing financing to be able to advance this really responsibly and efficiently. GvHD remains one of the most severe and unpredictable complications of transplant, often leading to multi organ damage, prolonged hospitalization, poor quality of life, and disease progression. Our INKT approach, which requires no lymphodepletion, no genetic matching, and poses minimal to no risk of GVHD itself, is uniquely suited for this setting. The trial will be supported primarily through external partnerships, allowing us to advance this high impact program with minimal capital outlay.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Further reinforcing the momentum, we've we were recently selected for probable funding by the National Institute of Allergy and Infectious Diseases. We expect the formal award we were recently notified just just a couple of weeks ago that we expect the formal award by June. This would provide critical non dilutive funding and a strong endorsement from one of the world's most respectful respected federal research agencies with this and with this award, MINC will launch a collaboration of preclinical and clinical research with our colleagues and scientific advisers at University of Wisconsin. Together, ARDS and GVHD represent a large underserved markets where MINKS iNKP platform can deliver outsized impact. We remain committed to advancing these programs rapidly guided by scientific conviction and a growing mandate to bring transformative immune based therapies to patients in need.

[Jennifer Buell, President and CEO at Mink Therapeutics]

And on the operational efficiency side, we have been continuing to expand our work in the field by reducing and and reducing operating burn. We have continued to retain our top scientific leaders. We continue to internalize operational execution of our programs, data management and clinical research activities, has allowed us to operate far far more efficiency in a far less capital intensive way. These actions further reflect our commitment to financial discipline and operational focus. With that, I'll turn the call over to Christine for a review of the financials.

[Christine Klaskin, CFO at Mink Therapeutics]

Thank you, Jen. We ended the quarter with a cash balance of $3,200,000 Cash used in operations for the three months ended 03/31/2025 was $1,300,000 This is reduced from $2,500,000 for the same period in 2024. Our net loss for the first quarter of twenty twenty five was $2,800,000 or $0.70 per share. This compares to $3,800,000 or $1.1 per share for the first quarter of twenty twenty four.

[Christine Klaskin, CFO at Mink Therapeutics]

Thank you. And operator, we are now ready to take questions.

[Operator]

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We will pause for just a moment to compile the Q and A roster. Your first question comes from the line of Emily Budnar with H. C. Wainwright. Please go ahead.

[Emily Bodnar, Biotech Equity Research Analyst at H.C. Wainwright & Co.]

Hi, good morning. Thanks for taking my questions. I guess, first one on the testicular patient, congrats on the CR there. Are you able to say how long after treatment was initiated that the CR was observed? And if you can comment on, I guess, your overall plan in testicular cancer going forward, and if there's any other indications that you're still looking at.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Emily, thanks for the question. And this publication is expecting out somewhat imminently and that information will be in the publication, but I can share with you this is a unique case and it exemplifies the value of immune therapy. It's not surprising that in the twelve month follow-up period the patient actually had disease stabilization. And we were monitoring the patient and not less than a year after that, so in twenty four months the patient came back in to see the PI of the study with a complete remission and no other treatment. So this patient had been treated by the investigator, continued his clinical treatment with the investigator clinical observations with no additional treatment put into the patient after the single infusion.

[Jennifer Buell, President and CEO at Mink Therapeutics]

And the complete response was formally designated at month twenty four after the initial treatment of seven ninety seven. And in addition, the patient had multiple lesions. Disease was really quite widespread, and you'll see this outlined in the paper. And what was really quite intriguing was disease reduction really in all of the lesions including the liver and that's a very important biomarker for us. We are seeing activity of Ion KTs in active disease in the liver.

[Jennifer Buell, President and CEO at Mink Therapeutics]

We've observed this in our phase one study, we've also observed it in our gastric cancer trial, and now we've observed it with this testicular cancer case. The patient has a lung met that appears to be indolent at this point that he does not want to undergo a biopsy but the nodule appears to have nothing but dead tissue based on all of the scanning that has been completed. So we're really quite enthusiastic about this and it has encouraged us to continue to do another survival sweep and clinical interrogation of other patients on the trial. What we found to be most intriguing when we presented the data, we presented essentially with a median of twelve months of follow-up. And we had some responses in the trial, but predominantly we saw long term disease stabilization.

[Jennifer Buell, President and CEO at Mink Therapeutics]

And this includes in patients with pancreatic cancer, non small cell lung cancer, testicular cancer, appendiceal, and gastric. And those observations when we stopped that we concluded the follow-up period of the trial we may be underestimating the ultimate clinical benefit of INKT cells so we'll be getting a further clinical sweep of these patients and updating the field on the findings.

[Emily Bodnar, Biotech Equity Research Analyst at H.C. Wainwright & Co.]

Okay great and on the phase two gastric trial are you still kind of on track for initial efficacy data in the second half of this year?

[Jennifer Buell, President and CEO at Mink Therapeutics]

That's what we're on target to do. They're continuing to enroll and we'll be in touch with Doctor. Jen Shigian about the soonest presentation. So we have been looking at some GI specific conferences as well as some of the major oncology conferences for an update in a clinical presentation. It's ultimately within her discretion So, it will be no later than early next year.

[Jennifer Buell, President and CEO at Mink Therapeutics]

That would be the latest, but we're still on track. We're still targeting to get something out by the end of this year.

[Emily Bodnar, Biotech Equity Research Analyst at H.C. Wainwright & Co.]

Okay, great. Lastly, I'm just curious in terms of the funding that you mentioned from the NIAID, if you've kind of heard of any changes or delays in government funding just with all those new news lately? Thanks.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Well, I'm with you. So we had heard of a delay we expected this at the beginning of the year. So the six month delay is, know, delays that we have seen globally have impacted us however we were reassured to get a formal notification from NIAID that we can expect to hear that we had probable funding and can expect to hear conclusively in June. NIAID has not been as heavily impacted as some of the other agencies and so this for us is a high priority for the government and for the agency, graft versus host disease and our technology presents a really novel way of addressing this problem with engraftment success and reduction in GVHD and better clinical outcomes. We're optimistic and the most recent correspondence from the government continues to boost our optimism.

[Emily Bodnar, Biotech Equity Research Analyst at H.C. Wainwright & Co.]

Okay, great. Thanks for taking the questions.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thank you.

[Operator]

Your next question comes from the line of Matt Fitz with William Blair. Please go ahead.

[Matthew Phipps, Equity Research Analyst at William Blair]

Hi, Matt. Thanks for the update. Was wondering if maybe just go over some of the details of the GvAC trial. Are you still planning on acute patients and maybe any thoughts on kind of prior treatments or what type of patients you'll be looking to enroll?

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thanks so much Matt. So there are two places where we will ultimately be studying GVHD and the first with this financing support and with the priority at University of Wisconsin to bring this forward and this is under the leadership of Jenny Gumpers who's a scientific advisor and wrote the seminal paper on the mechanism of buying KTs and GVHD. The opportunity for us in steroid refractory acute GVHD represents a very fast path forward. That's just we have identified and developed a phase one program for that. We have also developed a phase one program for prophylaxis and that's engraftment success and a reduction in GVHD and in that disease setting we have a pathway that may be even faster.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Both of these will be going to the regulators for a discussion with them imminently and then we will choose the priority program to advance. Both opportunities for us, I'm going have Fiasco Favano who's been working with the investigators in the clinical development of this speak just a little bit more to the enrichment that we're planning at this time.

[Thiago Favano, Senior Director, Portfolio Operations at Mink Therapeutics]

Hi, thanks for your question. So, for the phase one, we are going to explore not only GVHD, but also a few other complications of transplants that still represent an unmet need, even though we do have available treatments and drugs for prevention, the other effects, they still represent unmet needs. Based on prior robust literature and some of our own studies, we expect the NKTs not only to prevent or combat GVHD, but also to prevent infections, contribute to a better engraftment, and also prevent maintaining graft versus leukemia effect to prevent disease relapse. So we all know that under treatment of GVHD patients get immunosuppressed and that makes it easier for them to have relapse or infections, which is a major complication. And in this Phase I, we are going to observe all these other effects on top of preventing GVHD, which paves the way for Phase II and II studies that Jen explained, we will explore in treatment of steroid refractory GVHD, and then another opportunity in prevention, represents an even faster way for approval.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thanks, Diego. And Matt, I'm gonna add something to this. There are two things happening in parallel. One is the funding opportunity. And if the award is as we anticipate it will be, which is the full committed funding, then we will have an opportunity to in our own hands interrogate both prophylaxis as well as mitigation in steroid refractory patients.

[Jennifer Buell, President and CEO at Mink Therapeutics]

And so that's why we've developed two programs to be able to do that. In the case that we can fund independently with the grant funding one program, there's a strategic collaborator who's at the table right now and has shared proposal with us to advance the other, which would be the prophylactic setting.

[Matthew Phipps, Equity Research Analyst at William Blair]

Great. Okay. Thanks for the updates, John.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thank you, Matt.

[Operator]

That ends the Q and A session. I will now turn the call back over to Jennifer Buell for closing remarks. Please go ahead.

[Jennifer Buell, President and CEO at Mink Therapeutics]

Thank you, Operator. Thank you all for joining us today. We look forward to interacting with you in the upcoming days.

Participants

Analysts

• Zack Armen, Head of IR & Corporate Development at Agenus
• Jennifer Buell, President and CEO at Mink Therapeutics
• Christine Klaskin, CFO at Mink Therapeutics
• Emily Bodnar, Biotech Equity Research Analyst at H.C. Wainwright & Co.
• Matthew Phipps, Equity Research Analyst at William Blair
• Thiago Favano, Senior Director, Portfolio Operations at Mink Therapeutics