MiNK Therapeutics Inc (INKT) Reports Q3 2023 Results: Clinical Progress Amid Financial Challenges
MiNK Therapeutics Inc (NASDAQ:INKT) presented promising data for its allogeneic iNKT cell therapy, agenT-797, with durable benefits in solid tumor cancers.
The company reported a decrease in cash balance to $6.4 million in Q3 from $10.6 million in Q2 and $19.6 million at the end of 2022.
Net loss for the nine months ended September 30, 2023, was $17 million, or $0.50 per share, an improvement from a net loss of $20.2 million, or $0.60 per share, in the same period of 2022.
AgenT-797 is set to be part of a randomized phase 2 clinical trial for 2L gastric cancer, externally funded and led by a renowned oncologist.
On November 9, 2023, MiNK Therapeutics Inc (NASDAQ:INKT), a clinical-stage biopharmaceutical company, released its financial results for the third quarter of 2023. The company, which specializes in the development of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies for cancer and immune-mediated diseases, reported advancements in its clinical programs and financial metrics.
Clinical Advancements and Strategic Focus
MiNK Therapeutics Inc (NASDAQ:INKT) highlighted significant clinical progress with its iNKT cell therapy platform, particularly with agenT-797, which demonstrated long-term persistence and clinical benefits in solid tumor cancer patients. The therapy has shown potential in treating severe respiratory distress and is being considered for expansion into autoimmune and inflammatory diseases. The company's President and CEO, Dr. Jennifer Buell, emphasized the importance of these advancements and the strides made in expanding internal cGMP manufacturing capabilities.
Financial Performance
The financial results revealed a decrease in cash balance, with $6.4 million on hand at the end of Q3 2023, compared to $10.6 million at the end of Q2 and $19.6 million at the end of the previous year. The cash used in operations for the three and nine months ended September 30, 2023, was $4.2 million and $12.7 million, respectively, showing a reduction from the same periods in 2022. The net loss for the nine months ended September 30, 2023, was $17 million, or $0.50 per share, which is an improvement from the net loss of $20.2 million, or $0.60 per share, for the same period in 2022.
Upcoming Clinical Trials and Funding
The company is preparing for a randomized phase 2 clinical trial of agenT-797 in combination with standard care chemotherapy and Agenus botensilimab/balstilimab for patients with 2L gastric cancer. This trial is set to launch within the year and will be externally funded and led by Dr. Yelena Janjigian, Chief of Gastrointestinal Oncology at Memorial Sloan Kettering Cancer Center.
MiNK Therapeutics Inc (NASDAQ:INKT) is committed to advancing its pipeline of iNKT cell therapies and has positioned itself as a pioneer in the field. Despite the financial challenges indicated by the reduced cash balance and operational expenses, the company's clinical progress and the potential of its therapies offer a promising outlook for investors and patients alike. The full earnings report and further details can be accessed on the company's website and through the upcoming conference call and webcast.
For more detailed information on MiNK Therapeutics Inc (NASDAQ:INKT)'s financials and operational updates, investors and interested parties are encouraged to visit the Events & Presentations page of the company's website or join the conference call and webcast.
Explore the complete 8-K earnings release (here) from MiNK Therapeutics Inc for further details.
This article first appeared on GuruFocus.
