Earnings call transcript Q4 2022

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Operator

Good morning, and welcome to MiNK Therapeutics' Fourth Quarter and Full Year 2022 Conference Call and Webcast. All participants will be in a listen-only mode until the question-and-answer session. Please note, this event is being recorded. If anyone has any objections, you may disconnect at this time.

I will now turn the call over to Zack Armen, Head of Investor Relations at MiNK.

Zack Armen

you joining thank today. and you, all us for Thank be webcast our Today's being will available call is and on replay. website for I'd as partnership well opportunities. this that time lines including clinical remind release contain as regulatory to and data development, plans statements, our statements call commercial and for forward-looking regarding like will you these These subject and risks to to statements risks. you more filings SEC for uncertainties, our are details and on we refer

Executive Officer; me Buell, Chief Joining on President and Financial are the Christine Jennifer Dr. and Accounting today call Principal Klaskin, and Officer.

to call Now plans in our to for turn I'd and like over the to XXXX Dr. Buell highlight the ahead. year progress

Jennifer Buell

proud great Zack. and with really you pleasure XXXX Thank much, Good a yielded you advance an quarter everyone. XXXX. today cell field I'm of and excited And our very full and company. to Thanks results share exciting so and on to our earnings dedication up that for for the set of us quite differentiated share the XXXX progress has fourth a to our joining therapy year update active to be morning, a It's and call. in

way the research advancing our year. the already product or naked We've in strides an advancing data iNKT this cell. Recall and more as lead clinic, publicly presented iNKT that is our in be well and made your generating will allogeneic, critical cells, in coming some of important we've agenT-XXX, as in platform clinic which unmodified which of

cancer the these in plans developing to an lung or and We're as anti-PD-X on upcoming monotherapy also as solid relapsed heavily announcing in as collaboration shown leaders combination month. in with solid be meetings these patients OPDIVO in refractory present diseases. promise excited pretreated our are world we'll with clinical KEYTRUDA cancers. have with in cells non-small well that cancer tumor trials, iNKT update tumor for cell such and gastric AACR a are this next trials These cancers, And at progress approved as

These for conference our Boston presentation data the at SITC last or of November. Immunotherapy build in earlier upon Society Cancer

also neurotoxicity. to inaugural it billion alone lymphodepletion on be R&D where X patients deliver flexibility and and our commercially lead reported we November, could can combination cytokine per of to we our we development We that demonstrated with and toxicity We program, observed enable these demonstrated dose findings our up Day without showed first-generation approved without benefit in observations detailed the in last tolerably cell that tolerably or therapies. with cells dose These cells release with syndrome no data CRS of anti-PD-X.

more of data our allo-iNKTs journal Even reported Phase We study patients survival the We've oftentimes in CDC observations XX% ICU. top-tier expected are in in XX% year. compelling of to a with XX%. submitted fatal in hospital viral of a favorably in data control were we to reduction I Furthermore, and survival, these this that of secondary publication infections and the patients rates ARDS. XXX, compares which concluded or

private there this on the and respiratory year. updates of an more viral development with consequences We'll infections distress, indication iNKT approved cells We're financing interest discussions of finance to ARDS which fatal patients acute in have results in associated government therapies. great public providing the and financing externally these Now like and for generated in no discussions from currently be advancement are opportunities. these

many our the in address infections limitation indications allo-iNKTs is made. The beyond outside of productivity the possible made the MiNK and therapy that has development ways. team products use of manufacturing of only of in oncology and cell through oncology

associated limitations can which of and recipients, cost development viral By infections with the the iNKT treating and therapies, respiratory cells, traditional use the First, of we limitations cell focused as and iNKT lymphodepletion using donors the shown need matching of illnesses. for some this. in scalability. on have the addressed and cells, we promise such of avoid We've

We've the production of of thousands generating donor quantities cells large high donor. for which a and from rapid in manufacturing doses cells, iNKT allows technology, of a invested single billions throughput per of

clinical process Our for implementation into cleared FDA now is without our external dependency. trials

Our patients therapies cell is accessible improve designed cell therapy to to scalability manufacturing approach to of more iNKT make overall. and the

mechanism As iNKT medicine available of our also highly action data iNKT their for advancements elucidating advantages cell their in with of of unique underscore mechanisms potential that clinical of we're presented making to programs, understanding and therapies. deepening make At of as cells cancer. the the last we patients progress and year, important continue cells novel over the a living we end long-hypothesized our effective

fight scientists are that to demonstrated activate ability iNKTs killing our And NK memory also macrophages killing and of constrain system that They also cells. that the are tumor iNKTs exhausted of can MX the immunosuppressive cells. signalers help the that cells T power that reported have of MX These kill cells. shown recognize cells tumors. tumors. the Specifically, restore iNKTs capacity We've we the dendritic T immune macrophages. body's

killing tumor we've reported a early in signals important iNKTs can mechanism These help their at this cancers. mechanism in and CDX+ SITC T exhausted very lose which some is to exhausted tumor fighting their observed And CDX+ that solid restoring mechanisms become capability. of This capacity. as overcome explain last cells of benefit cells T and reinvigorate we year, the

iNKTs, capability. tumor modulate to Additionally, including and on can are in natural killer stroma CAR is increase our target an fibroblast made of is variant tumor with has advancement which Targeting killing benefit T development to chimeric progress FAP, these important the several IL-XX-FAP-CAR-iNKT MiNK-XXX. Protein, in MiNK-XXX the research our cells receptor team ways. antigen Activation tumor and the pipeline, patients armored microenvironment designed

By found targeting while FAP intact. solid cancer out tissues. protein that normal FAP-CAR-iNKT, stroma healthy the leaving tumor on seek is cancers, destroy many cells in could cells levels in a absent is specifically we FAT express high most of but that's and evasive

Moreover, response immune against inhibit FAP in disease, promoting known a and key to and metastatic the tumor cancer. is body's play role growth FAP

with FAP by So, response overcome a to potent resistance of these barriers and activate against CAR-iNKT possible cancer. immune targeting is

summary, to CAR-iNKTs minimizing for XXXX. So, with fighting cancer healthy highly molecule while tissues studies and in defense. can any is damage to and targeting the a planned natural approach provide FAP The an specific effective IND-enabling in immune the submission boosting body's

and fully strategy the and in leverage and our with these quickly. core remains for prudence science cancer. dynamic unique fiscal and Now patients delivering markets be products our the public we of collaborations. value will private and time of technology platforms are the of Partnering potential where to critical potential responsibility a to And to our our include

solid and data of to sets complement with At AACR MiNK, internal specific we'll the available efforts iNKTs will with on can our release tumor patients tumor development we deepening further at our where conference. and indications the cancer focus our upcoming types elucidate therapies expands approved and benefit standard-of-care available data select the believe and plans

will to through strategic research and exciting outside our We leverage productivity curation. findings continue of oncology

the our I call financials. to over to Christine go over will now turn

Christine Klaskin

period year to to quarter This XX, million, as supply million XX, and for fourth cash quarter We $XX.X funding the for the Jenn. at XXXX. and has agenT-XXX you, related prospectively. increased internalization results of December This to $XX.X was in fourth manufacturing trial of Thank cost same decreased XXXX $X.X ended million the our the production our for supply, XXXX. $XX.X compared balance and compares was $X.X Cash December XXXX, and with clinical a million in $XX.X used million of which ended respectively. cGMP operations increased million in

Net million of $X.XX million the to net for share. $X.XX year $X.X XXXX. per December million or period the ended per year you. $XX.X or $X.XX and XX, ended Net loss loss share XX, loss to XXXX XXXX, Thank was the a quarter per per for same December share the was of for compared million share $X.X or for $XX.X $X.XX compared

the now Operator? over questions. We'll call turn for

Operator

comes H.C. proceed. [Operator of from Wainright. Bodnar line from Emily first question Instructions] Please the Our

Emily Bodnar

will gastric data, may for for be planning for specifically and that? are are you're on cohorts? be an Thanks. Hi, indications good if only about morning. just And what Maybe along talking see expansion is you of And the monotherapy to without or evaluate? to can cohorts Or gastric kind you to combination just any after then others like the going they there's cohort? first cancer comment look

Jennifer Buell

Emily, thanks your question. for

opportunity are treatment options cancer, docetaxel, there's very an are with that includes patients PD-X So, to patients expanding are refractory treated in benefit. are patients And are X% And enthusiastic therapy, we and when on quite to refractory data two we are currently focused sets indications are anti-PD-X gastric and there about enormous them. One, lung for opportunistic reasons: for with expand result response where rates. the lung that the limited

setting, bit either also ourselves complementarity We combination by adding a alone this in or approved with see of quite PD-Xs. into

where the able we be These standard-of-care. to as top rapidly indications enable may a path develop available product monotherapy a of on quite forward

those two the iNKTs that explore following So different at continuing benefits will the in deepen be data on some and where cancers. other about areas we've solid AACR our the discussion presentation to are we'll tumor of

Emily Bodnar

time lines MiNK-XXX when just you sense. enter Makes And for have might can clinic? reiterate Okay. maybe you the the

Jennifer Buell

MiNK-XXX gating XXXX. critical enablement for for be ready this for are items armored product And cell master the could bank. through that BCMA-CAR. IND We've brought manufacturing in

Operator

Riley. Please Patel proceed. from the comes Our from next question Kalpit line B. of

Kalpit Patel

with starting us for expect and cancer? worth Good AACR data expectations what give you should sense we update, for And have would question. or patients of the how Maybe of then maybe a proportion my gastric thanks those can cancer lung of many patients' morning, taking there?

Jennifer Buell

and trial your reminder, accrual launched you set. have dose question, the just for Phase Kalpit. responding see March and to expansion. the hold preliminary about I a the we completed escalation we spoken in is data But Thanks We'll for have what had until

all does therapy. is So, are solid who predominantly of II, mix have it those I Phase study. refractory a to It Phase a prior tumor patients, the

may cohort of So, tumor these certain are the you I a enhanced operational tumor They for some late-line standard Phase types types, which representation with patients. in options are some specific which see we at of of year. completed accrual this our the to the most But cohort, in limited measure the stage of cohort, beginning is therapeutic it patients a development. at for enrichment

So by the of AACR. be from presentation data that much those the time possible as cohort will data as at presenting

Kalpit Patel

be to checkpoint the going for you checkpoint that Okay. And expansion going include are cancer, the then are study? refractory Or in to patients naive? checkpoint naive primarily and cohorts planned in patients both lung

Jennifer Buell

demonstrate refractory therapy, and we to have we'll monotherapy to a This who patients be tolerably few IO have cells. combination. in dose do -- been for we able prior signals. and to checkpoint Mostly sharing have been able from those could the so that we dose failed can We billion reasons. in X iNKT data

PD-X CDX are actually who think is CDX+ the actually I patients those the refractory that that thing observed importantly, trauma cells is commonly suppressive iNKTs for cannot data exhaustion immuno-suppressive that can demonstrating we reverse cells the the past one November, and enter our kill signature also MX do exhausted in T presented macrophages. and

actually Both are have fewer bringing the because of able those, benefits in we've up failed -- generate us the data non-small who set IO-naive anti-PD-X cancer patients that in been therapy believe, patients lung of to and population. very for far we present. with translational cell of

we're on refractory really So, patients. focused the

Kalpit Patel

sense. Thanks, question. my for very taking Make Okay. much

Operator

Baird. Our next question Please the from Allen line Jack proceed. from comes of

Jack Allen

comments if progress. first on to wondering inhibitor, any proprietary previously around the PD-X Great. move you the around congratulations was and had with CTLA-X potential the so I use genesis and you forward I much, the inhibitors. combination Botensilimab question had any my there? thoughts was that had Thank guess about decision you

Jennifer Buell

glad still asked. I'm Jack, you

portfolio. not some well elucidate about at -- with combination making in AACR the we'll advancing be we about in that in announcements be did some from the hands agents Genesis combination, as will both of different We our our combinations as which

presentation I data was ASCO Botensilimab. and think really importantly; GI Genesis at most recent

those be therapies. host aware, the to who to benefit have for prior bringing And product of that be may a failed less solid extraordinary appears cancers tumor

shared as XX% that includes the non-small response think, cancer. patients cohort the recent in MA are PD-X with rates cell earnings lung that call, as cancer. I lung exceeding, well SS, they really colorectal of most non-small So cell that cancer refractory At

the demonstrated cells And previously of and that and or combination agenT-XXX what iNKT we collaborated both were complementarity Botensilimab. version actually had on preclinical studies in with synergy

of was the the [ph] saw disease, eliminated with of combination model, PD-X lung XX% the and we in OVA about the it CTLA-X, XX% that to disease. BXX So, metastatic model

we with set alone and that Botensilimab cells so Beltsville two that and mess did liver our combination The the in eradication. Botensilimab or the saw and put when combination you about three same together, in cells to the with reduction near cells or complete

complementarity of us Botensilimab be expanding mechanisms really before. because benefit sets opportunities what I see up few could the mentioned that of the it the So, for we a with important of that

we in have releasing some also the that be productive. where will We preclinical may additional data other combination indications

a the areas and Botensilimab of we've we the disease. liver in benefit is metastatic bit of we cells that One can the with What believe is see a patients shared expand We and also disease, about only eliminate mets. but -- in had it liver in patient disease. the in home study metastatic cells delivery disease our with those the some settings in liver not modulate disease the

combination, that that believe the to agenT-XXX iNKT cells AACR. expand Botensilimab we benefit talking there's an about at we'll by So, more to adding opportunity enormous do this of the and be

Jack Allen

how this on iNKT at an I guess as going thinking MiNK oncology, are we be broader autologous And about the Great. relates had your it expect hold safety one Thank And development then how of host if the allogeneic and versus timetable outside recent indication in any one, much. graft program disease? a of just competitors then to of autologous from versus of should that's the I And partnered thinking I was we're you a follow-ups. you, clinical you quick about on that outside on portfolio, iNKTs? first point? the comments two so to wondering have

Jennifer Buell

questions, Great Okay. Jack.

we GvHD, we're only So, of some mentioned, potential the not GvHD, And we patients, supportive enormous first, quick path a where I indicate we need on to bring be both for there, data a see and market dynamic have to but quite really also thoughtful. to forward benefit an as for to course, in engraftment success. for

through from where that -- of in now, area and into looking extent not we sheet right at an support and our in investigators ways are additional result would balance collaborations ways as have strategic this that's the is we This sponsored advancing well. clinic

that and very designed believe rapid potential more So, in program we about making soon. and We've way program, upcoming in we'll designed forward cells the announcements that that the a bring be talking a the it approval, some is can weeks. be we'll about to

fatality referring a can connectivity the and a neuroblastoma. on Our to, with which fast we a who was see who actually is clinical patient which that patient patient you're And had had the metapneumovirus, it's is actually This that seen trial believe lymphodepleted. And patients do. trial. lymphodepleted are that they pediatric as in fatal you need something to we patients not with from is connect, commonly their

allo-iNKTs lymphodepleted. We the no have We've neurotox, very upgrade no CRS, not serious could demonstrated related tolerably, we no three. of that administer toxicity,

a administered of can So, tolerably we're without be update also setting. are quite site dosed that where about sharing do that an I position cells even we be and really seeing And believe and the in in cells, the we'll lymphodepletion.

for don't cells. the very lymphodepletion think that of and I So, secondary or think reads unfortunate led to is a case related that safety circumstance to that [indiscernible] through tolerability to lymphodepletion it infection, patient. iNKT this the to subsequent the with viral I

Operator

comes Matt final line Blair. Phipps Our question of the William from proceed. Please from

Matt Phipps

of I SITC, the poster wondering data was with cells. one actually efficacy FAP-CAR preclinical on NY-ESO at the best the and combined T was an some

for So how of data trying to does at enrollment patient do you populations program? do how thoughts an that immune-excluded any And plan biomarker just that pick like combination your development look kind of Or maybe around for then phenotype? on program? this influence you preclinical or

Jennifer Buell

Matt. that's of you. Well, set great Thank a questions,

that what environment So, stimulated the look that program, chronic up a model NY-ESO-TCR we using exemplify like. would it to actually and for set antigen

cells reinvigorate And and potential. then cells we that at also T actually cells curing actually poster constantly overcome our are happens that. can to perturbation these when perturbed. CDX+ that what immune do demonstrated we at And So, could

cells that T better can to into to help these then review us invoke reverse was carry stroma So CDX+ killing. exhaustion model understand and mechanistic the cells what and

opportunities upfront. for the that with molecule won't it will gives seeing at population. potential of we selected design measure beginning, for but biomarker restrict that the us Now We a for

benefit we the to of to biomarker activity tumors it So, restricting we be for broad may if it, have will the independent stop clinical will population -- enhance more by way another look expressing selection.

assess broad, for or will tumors. then and then we decide we'll So, exclude enrich the need if to and start we

Matt Phipps

Got kind can't therapies how given a BCMA on I is maybe it. relapsed construct, maybe yet, of cell kind go late out was like do BCMA therapy, evidence stage? entrenched have previous exposure -- or or targeting of the GPRCXD guys grew And don't And or program, something then treating are after just think that's multi-mile dual this I bit a of you that I a commercial why guess, different line BCMA of becoming? not only

Jennifer Buell

Mouse I with modern have problem of rate. see the express progress is is more are we're therapy still very response BCMA BCMA some some what high And that progress the Scientific remarkable Matt, X/X hear there certainly continuously therapies, Marcellus competitive. we on including BCMA them BCMA Advisory we of and that continued seeing on But and Board. patients [ph] our antigen. a

our access ability to appear been product still think of manufacturing and challenge address. response durability despite iNKT access we've high both And does be challenges would We and with that for capabilities, robust demonstrate I those can the a patients BCMA a and to to patients, really response respect the there So to able enable in also certainly the scalability to that which see we to rates. of broader with our

using now. iNKT commercially immunity I'll what's superior to presented BCMA available SITC you. present conducted demonstrated our our IL-XX CAR right we data did We and that that with with have armored compared also it poster We've we actually antitumor and BCMA IL-XX. share And

program in and competitive sooner. to -- can selective that that its we creation have with to even be opportunities order announced believe significant due we've has previously that we program really prioritized bring value nature That

us who need the because and right would for in well, committed we've program a previously, to is collaborations predominantly available groups it program of advancing BCMA been actually contemplate and compared in now. BCMA we're what's the for as with that exciting is accessible Now is embarked strategic to a sustainable I a discussions degeneration program that mentioned more we that very reasons

Operator

CEO, now like turn Jenn call I over to Buell, remarks. would closing to the for

Jennifer Buell

you forward was Thank looking all you with and AACR. speaking very operator. be again. to Thank at with a Bye-bye. you today It much, pleasure you to

Operator

and This conclude Thank your call. for ladies you, today's does gentlemen. Thank you participation.

You may now disconnect.

MiNK Therapeutics (INKT) 21 Mar 232022 Q4 Earnings call transcript