MiNK Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing allogeneic invariant natural killer T (iNKT) cell therapies, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had 39,549,975 shares of common stock outstanding, with a par value of $0.00001 per share.
As of September 30, 2024, MiNK's cash and cash equivalents stood at $6.3 million, an increase from $3.4 million at the end of 2023. Total current assets also rose to $6.6 million from $3.6 million, while total assets increased to $7.4 million compared to $4.6 million at year-end 2023. Current liabilities decreased significantly to $7.4 million from $11.4 million, contributing to a reduction in total stockholders’ deficit to $(17.6 million) from $(18.1 million).
The company reported a substantial decrease in research and development (R&D) expenses, which totaled $540,638 for the three months ended September 30, 2024, down 84% from $3.4 million in the same period of 2023. For the nine months ended September 30, 2024, R&D expenses were $4.9 million, a 60% decrease from $12.2 million year-over-year. This reduction in expenses contributed to a narrower operating loss of $(1.9 million) for the third quarter, compared to $(5.2 million) in the prior year. The net loss for the quarter was $(1.8 million), down from $(5.1 million) in Q3 2023.
Total revenue for the nine months ended September 30, 2024, was reported at $4.9 million, a decline from $15.5 million for the entire year of 2023. The company continues to face an accumulated deficit of $141.7 million as of the reporting date.
MiNK's liquidity outlook remains cautious, with substantial doubt about its ability to continue as a going concern for the next year. The company plans to seek strategic partnerships and explore non-dilutive financing options to support its operations. Notably, MiNK raised approximately $5.8 million through a private placement of shares in May 2024 and issued a related party note to Agenus for $5 million in February 2024.
The company is advancing its product candidates, including agenT-797, through various clinical trials, with ongoing studies in gastric cancer and viral acute respiratory distress syndrome (ARDS). MiNK is also developing next-generation iNKT programs, MiNK-215 and MiNK-413, with IND submissions expected in 2025.
About MiNK Therapeutics, Inc.
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