MiNK Therapeutics, Inc. reported a net loss of $10.8 million for the fiscal year ending December 31, 2024, a significant decrease from the $22.5 million loss recorded in the previous year. The company’s accumulated deficit now stands at $144.2 million. Research and development expenses dropped by 59% to $6.3 million, primarily due to a $1.8 million gain from the forgiveness of certain liabilities, reduced clinical trial costs, and a decrease in personnel expenses. General and administrative expenses also fell by 42% to $4.3 million, reflecting lower personnel costs and share-based compensation.
In terms of operational developments, MiNK Therapeutics is advancing its lead product candidate, agenT-797, an allogeneic iNKT cell therapy, through multiple clinical trials. The company has initiated a Phase 2 trial for agenT-797 in second-line gastric cancer and is also exploring its use in treating viral acute respiratory distress syndrome (ARDS). The Phase 1 trial for ARDS showed a survival rate of over 70% among mechanically ventilated patients, significantly higher than the 10% survival rate in a contemporaneous control group. The company has treated nearly 100 patients across various immune-related diseases, demonstrating the potential of its iNKT cell therapies.
Strategically, MiNK has entered into collaborations to enhance its product development pipeline. In December 2023, the company announced a partnership with ImmunoScape to develop next-generation T-cell receptor therapies targeting novel solid tumor antigens. Additionally, MiNK has established a research collaboration with Autonomous Therapeutics to leverage its precision RNA technology alongside its iNKT cell therapies. These partnerships are expected to accelerate the development of innovative therapies and expand the company’s market reach.
As of December 31, 2024, MiNK Therapeutics had cash and cash equivalents of $4.6 million, which the company believes will be sufficient to meet its liquidity needs for over a year. However, the company acknowledges the need for additional funding to support ongoing operations and development activities. Potential sources of funding include strategic partnerships, collaborations, and equity or debt financing. The company’s ability to continue as a going concern is contingent upon securing this additional capital, as indicated by the substantial doubt expressed in its financial statements.
Looking ahead, MiNK Therapeutics aims to advance its clinical programs and expand its pipeline of engineered iNKT cell therapies. The company is focused on obtaining regulatory approvals for its product candidates while managing the complexities of clinical trials and market entry. The success of these initiatives will be critical for the company’s future growth and ability to generate revenue, as it has yet to commercialize any products.
About MiNK Therapeutics, Inc.
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