MiNK Therapeutics Reports Fourth Quarter & Full Year 2024 Results and Highlights Business Progress

Core Insights - MiNK Therapeutics, Inc. reported significant business progress and clinical advancements in its fourth quarter and full year 2024 financial results, emphasizing its commitment to developing allogeneic, off-the-shelf invariant natural killer T (iNKT) cell therapies for challenging cancers and immune-related disorders [1][2] Operational Highlights - The company made substantial clinical strides, enhanced its manufacturing capabilities, and established strategic alliances throughout 2024 [2] - MiNK's rapid AI-driven drug discovery platform is generating a library of phosphorylated neoantigens and proprietary TCRs, positioning the company to set a new standard in oncology [2][6] Clinical Advancements - AgenT-797 demonstrated enhanced immune activation and improved efficacy of checkpoint inhibitors in heavily pretreated patients, with ongoing Phase 2 trials in advanced gastric cancer showing promising early data [7] - The therapy also showed an approximately 80% survival rate in acute respiratory distress patients compared to 10% in hospital controls, with late-stage trials planned [7] - MiNK's PRAME-TCR iNKTs exhibited high specificity and potent tumor-killing capabilities against resistant cancer targets [7] - MiNK-215 (IL-15 Armored CAR-iNKT) displayed robust anti-tumor activity in metastatic colorectal cancer models [7] Strategic Growth and Manufacturing Optimization - MiNK's advanced manufacturing process allows for the production of billions of donor-derived iNKT cells per run, facilitating rapid global distribution and enhancing patient access [7] - The company entered a research collaboration with Autonomous Therapeutics to develop precision RNA-iNKT therapies for metastatic tumors [7] Financial Highlights - MiNK raised $5.8 million in private financing in 2024 and ended the year with a cash balance of$4.6 million [8][9] - Cash used in operations decreased to $1.7 million for Q4 2024 from$3.0 million in Q4 2023, and for the full year, it decreased to $9.6 million from$15.8 million [8][10] - The net loss for 2024 was $10.8 million, or$2.86 per share, a significant reduction from a net loss of $22.5 million, or$6.54 per share, in 2023 [8][12]