1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
INKT
Event Date
2021-10-15
IPO Date (Actual)
2021-10-13
Sector
Health Care
Subsector
Biotechnology
Offer Range
$12.00-$12.00
Shares Offered
3.33M
33.5M
$427.2M
9.9%
Implied Upside vs Midpoint
Description
We are a clinical stage biopharmaceutical company pioneering the discovery, development and commercialization of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases. iNKT cells are a distinct T cell population that combine durable memory responses with the rapid cytolytic features of natural killer (NK) cells. iNKT cells offer distinct therapeutic advantages as a platform for allogeneic therapy in that the cells naturally home to tissues, aid clearance of tumors and infected cells and suppress graft-versus-host-disease (GvHD). Our proprietary platform is designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. As such, we believe that our approach represents a highly versatile application for therapeutic development in cancer and immune diseases. We are leveraging our platform and manufacturing capabilities to develop a wholly owned or exclusively licensed pipeline of both native and engineered iNKT cells, and anticipate having multiple clinical and preclinical readouts in 2021 and 2022. --- Our most advanced product candidate, AGENT-797, is an off-the-shelf, allogeneic, native iNKT cell therapy that is currently in multiple Phase 1 clinical trials. We have commenced a Phase 1 clinical trial of AGENT-797 for the treatment of multiple myeloma and expect to report top-line data from this trial in the fourth quarter of 2021. In addition, in August 2021, we received FDA clearance to initiate a clinical study for the treatment of solid tumors, which we intend to advance as our lead indication for AGENT-797 as a monotherapy and in combination with checkpoint inhibitors. We currently expect to have preliminary readouts from this clinical trial in the first half of 2022 in indications that may lead to an accelerated path to marketing approval. We also intend to initiate a Phase 1 study of AGENT-797 in GvHD in the fourth quarter of 2021, and we currently expect to report top-line data from this trial in the second half of 2022. Finally, with the unique circumstances of the COVID-19 pandemic, we were able to commence first-in-human studies of AGENT-797 in acute respiratory distress (ARDS) secondary to COVID-19 and are preparing a protocol to expand into ARDS secondary to other life-threatening infectious diseases such as influenza. We currently expect to report top-line data from this Phase 1 trial in the fourth quarter of 2021 and a Phase 2 trial in the second half of 2022. In addition, we are advancing a pipeline of next-generation allogeneic, engineered iNKT programs. Our two most advanced engineered programs are (1) a chimeric antigen receptor (CAR)-iNKT program targeting B-cell maturation antigen (BCMA), which we refer to as BCMA-CAR-iNKT, and (2) a tumor stromal targeting CAR-iNKT program, which we refer to as stromal target-CAR-iNKT. These programs are both in preclinical development and we expect to file IND applications for each in 2022. Limitations of Current Approaches to Cell Therapy The field of immuno-oncology has revolutionized cancer treatment by harnessing and redirecting immune cell tumor targeting, with the most profound impact being made within cell therapy. T cells engineered with CARs have changed the paradigm of treatment for patients with B-cell malignancies with high response rates in previously intractable cancers. Despite this progress, there are limitations to CAR-T cell therapy in both the autologous and evolving allogeneic settings, including practical, logistical and toxicity issues. As a result of these limitations, there is rapidly growing interest in other immune effector cells for CAR engineering, including NK cells, yd T cells and macrophages. We believe our approach, harnessing iNKT cells, offers significant advantages over existing cell therapies. Our Solution: Allogeneic iNKT Cell Therapy Platform Our platform builds on the unique features of native iNKT cells and our advanced manufacturing and engineering capabilities. We believe this enables us to develop a portfolio of robust, highly pure, off-the-shelf, allogeneic products that can be delivered to patients worldwide for treatment of a wide array of indications in cancer and other immune-mediated diseases. Allogeneic iNKT cell therapy is an adoptive cell therapy that involves the infusion of cells derived from healthy donors. We believe that iNKT cell therapies have the potential to address many of the key limitations of current cell therapy approaches, particularly through the ability to (1) rapidly treat patients real-time after diagnosis, (2) improve response rates and the durability of responses, (3) address more indications and a broader patient population, (4) improve tolerability, (5) be administered without lympho-depletion and (6) scale at a favorable cost profile. --- We were incorporated as AgenTus Biosciences Inc. in Delaware in July 2017. We changed our name to AgenTus Therapeutics, Inc. in October 2017 and to MiNK Therapeutics, Inc. in June 2021. Our principal executive offices are located at 149 Fifth Avenue Suite 500, New York, NY 10010, and our telephone number is 212-994-8250. Our website is www.minktherapeutics.com.
MiNK Therapeutics, Inc. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Operating income | ($28.4M) | ($30.9M) | ($11.3M) | ($12.6M) |
| Net income | ($30.2M) | ($28.0M) | ($10.8M) | ($12.5M) |
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $40.2M | $21.5M | $5.7M | $14.2M |
| Total equity | $23.8M | ($401K) | ($19.6M) | ($14.2M) |
| Cash & equivalents | $38.9M | $19.6M | $4.6M | $13.4M |