INKT - Earnings call transcript Q1 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to MiNK Therapeutics First Quarter 2024 Conference Call and Webcast. [Operator Instructions] Please note, this event is being recorded. [Operator Instructions] I would now like to turn the conference over to Zack Armen from MiNK's Investor Relations. Zack, please go ahead.

Zack Armen

Thank you, operator, and thank you all for joining us today. webcast be being website on is replay. for call and available will our Today's

remind this and these website you subject SEC to risks regulatory you forward-looking to release partnership filings updates. well like I'd risks. that for for lines uncertainties, statements and and available lines, are data our among as plans time statements, call regarding clinical commercial statements other development, our and time as more our on including include details and opportunities, on These to we will refer

me President Dijk, Officer; Joining today Christine Accounting Chief are Officer; Scientific Buell, Dr. Klaskin, van and Marc financial and Jennifer Officer. Dr. and Principal Executive Chief

from to Now turn the I'd our Buell like progress quarter. this to over Dr. call to highlight

Jennifer Buell

It's and strategic with the Thank Today, morning the a you this achievements connect long-term discuss and leading latest our first quarter and privilege our of clinical highlight goals. agenT-XXX to to advance innovation all financial plans and our our outline will in will I and in that you, our foundation for milestones advancements, Zack. our also strength sustained discuss programs, MiNK-XXX. growth. notably I

our financials. and streamlining in by operations start Let's progress our

pipeline, improving through improved our manufacturing to Phase programs. towards quarter, focused most support effectively to infrastructure trial ongoing advancing key last by resources XX%, operational us successfully expenses over external on prudence second-line financing our clinical our This health. This reduced efficiency allocate efficiency, and have alignment and, accelerating financial gastric enabled we fortifying has Since critically, nondilutive the in we II our cancer. our financial year, time this our operating strategic more

excited support premium new rapid of advancement announced MINK-XXX, to a at innovative committed our funding our of dedicated will from we an to $X.X million yesterday, This vision. CAR-iNKT Importantly, the a be investor investment XX% or discovery FAP, investment about. tumors. that we activation fibroblast MiNK-XXX the potential particularly our of from in are pipeline our underscores program. lead unique cell program therapy solid And targeting protein, is this

American Cancer the non-small of of at scientists Therapy lung Meeting, MiNK-XXX Annual the exciting presented XXX's We American of showing preclinical expressing mets. compelling a cancer FAP Society demonstrating this tumors. AACR, as Gene and human Cell of just cell fact, previously with at presented activity Association More recently, matter data eradicate ability tumors of past colorectal Research, liver data or month our organoid models cancer in to in

This on of as category. and treatments build men These women advancements same our effective component position the in important in in recent colorectal and is an cancer. addressing for the second findings under now in age leading that XXX urgent the need XX cause in prior death

improves T findings cells, CDX inhibitors. the by tumor. mets, robust mount increased FAP-expressing only immune that enabling administration a with T ability tumor depletes checkpoint destruction, cell Our into combination of amplified More further thereby, show immune-mediated and the stellate liver this targets infiltration simply, mechanism against cell immune-suppressive not also can or to filtration immuno but MiNK-XXX be enhances which body's response the

in MiNK-XXX clinical this will presented PD-X a and were scientists benefit combination which through genesis the a in the more with at in moments. advancing antagonist, go demonstrated these to going just Marc in are of activator that These balstilimab, AACR, detail, botensilimab, is antibodies, Marc While few T-cell multifunctional late-stage late-stage highlight data were our a a this trials. and

the are study, Oncology is the II the Phase pivotal advancing launch in these by Memorial the evaluating second-line turn And iNKT cancer, funding investigator-sponsored This standard Phase program cell cancer cancer. of and II on will of I to funded program clinical a allogeneic Dr. balstilimab, of funded Janjigian. XXX. this February, by as care Sloan gastric program trial program, top Gastrointestinal led Now for we XXX our The most research. combination and the achieved this In significant externally therapy She's promising this of trials. Chief in our to study organization a to at Yelena is is reminder, an milestone unmodified And an stand-up lead with with dedicated innovative of botensilimab and supported is Kettering chemotherapy. -- and Center. and is the Cancer combination developing

expect trial later Enrollment eagerly anticipate from which trial, initial underway. actively We in this is the data the year. we

annually Most also clinical severe data distress. alone. from trial we've cancer, pulmonary in a full to over set advance This XXX respiratory our in individuals continued in diseases, was recently, Beyond U.S. the specifically the I affecting XXX,XXX is in condition just activity, or These severe an Communications cells important are in the data active couple approved currently Nature's effective clinical months respiratory this distress. iNKT that ago. disease. highlighted a therapies no role There published for play with of patients or Phase

respiratory continued XXX emergency of use. expanded and who Her access Society XXXX San diagnosed expert Annual treated our in XX. renal Meeting, We severe updates case mechanisms. ], following on the the under distress upcoming with or present the critical are share pulmonology dosing at excited and Trace Diego, and latest the from is to Meeting, patients is a transplant Thoracic compassionate care from data additional through will May Dr. American [ APS with respiratory Hammon severe with patient XXX distress California acute a

patients, expect our about data iNKT the the severe months cells significant excited in in the ahead. on of updates we data potential of program We're and this yet disclosed the a in this a difference make need will supports to further further and underscores meaningful these lives distress. the conference, and at disclosed not respiratory unmet have previously While presentation published been be

accelerate Phase these actively as progress the programs. quarter development the and and XXXX gastric as advancing in year pulmonary us of cancer. made are XXX We'll also programs. distress exciting stage manufacturing to and position our iNKT this II discovery clinic the our in iNKT we've setting trial in well expand with platform of the respiratory in-house in continue of advancement include cell our an our that lead cells, Overall, programs for And the

deeply to I'm the MiNK-XXX commitment now provide Dijk over be program. Marc? patient van appreciate to the We unwavering deeper call turn we support. Marc and improving outcomes, our into insight to to going Dr. continued continue in your to

Marcus van Dijk

X very actually morning, you, our important tissue Marc Thank in Good opinion. will cancer which is avoidance suppression, the to -- differentiators very, designed for of relief unique of the treatment everyone. van cancer tumors efficacy uniquely the X: homing, latter properties potential maximize solid our promising are lymphodepletion, Dijk, of insight overall and Jen. on and the to targeted I'm further therapies, immune into and some iNKT key of cell-based I outcome and provide

our Our XX from liver and the lungs. lead severe T clinical agenT-XXX, cancer rapidly disease translocate indicates iNKT pulmonary and covering bloodstream data that cell as the to essential therapy, patients tissues the across such

X own for remain for up to immune prolonged and post the is in the response, and Importantly, enhancing it active This these durable diseases. other detectable therapeutic presence effects potential cells as cancer months elemental amplifies infusion. body's significantly immune-related

our therapy T we've natural epithelial that news cell protein, challenging MiNK-XXX lung week the the preclinical alone. to therapy counteract focus first-class the models, killing advancements, this and reported tumors showed and or of small lung cancer. on models, partially armored in fibroblast cell were is our the findings tumor to elimination increasing subject environment immunosuppressive of in iNKT cells. cells short. and FAP resulting capacity cancer commensurate MiNK-XXX, properties substantial Turning compared non-small cell activating cell in the which to previously with differentiated is efficacy improved This with lung CAR-iNKT and native found exhausted survival In infiltration, for T engineered targeting origin latest specifically in robust including consistent T of like These restoring to I'd colorectal

reducing We further specifically immune MiNK-XXX promoting thereby microenvironment. reported the stromal the eliminated tumor cancer-associated local network targeted and suppression type in disrupting tumor that expressing fibroblasts, and

patients are upon for We've advanced for recently at recent effectiveness cells immunotherapies an treatments an These metastases of metastases Liver by immunosuppressive stable traditional to characterized struggle of conventional of colorectal which microsatellite cells, notorious success we this the showcased creates AACR typically April liver with and in model expanded MiNK-XXX's excluded alluded limiting Meeting, environment overcome. organoid abundance in a Jen T in preclinical metastases. of as already an and year, immune cancer where tumor colorectal to, this cancer. lot data

to targeted facilitate cell IL-XX fight is but ability immune to effectively. the enhances these It therapy challenges. armored system's not T deeper only FAP, overall to CAR-iNKT more an cancer designed infiltration, stroma MiNK-XXX, overcome the tumor also cell remolds

Our this immunosuppressive clearly limited new preclinical provides already cells, relocation stellate as patients it a in which tumor sort these MiNK-XXX deplete alluded, have And can for FAP treatment-resistant liver liver results can reduction significant And of Jen that and is trigger metastases. component have key of of this even metastases. hope who a model options. very expressing showed a shown it that

Our to to as bring team produce life-saving this the early to XXXX is also advance on backing and announced to patients track and early accelerate commitment This possible. our this the relentless financial underscores to our as advancing and but treatments material efforts teams, just filing innovative quickly recently to IND to aim potentially size the clinical-grade clinical in year. of development as as stage. committed we're And to therapy research with not

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

Christine Klaskin

earlier. to same prior Cash of million, for the in million. to XXXX. operations X $X.X ended million for $X.X Jen of balance the compared months used XXXX period Cash in March funds mentioned is the receipt was $X.X XX, This the

$X.X Net XXXX. XXXX or a loss for loss of of compared first for of was $X.XX quarter to or per first the the $X.XX share per million quarter $X.X net share, million

I back operator will to over questions. now call for the the turn

Operator

Bodnar from And Wainwright. of the question with line first Instructions] your Emily [Operator H.C. comes

Emily Bodnar

me, for few A guess. I

So comment first far in the that maybe expected patients with in to February. treated [indiscernible] on you enrolled the you clarify each be Phase then maybe how can X the if enrollment since in are study? how going II first could many treatment of arms the patient you And one, so

bit financial your question more you comment taking and on kind ones quite a maybe your last But back indications at priorities of which is expenses of the then just bit quarter, of focusing current are you're and question. are could a kind And operating what which decreased have moment? pipeline-wise on given a of burner a this

Jennifer Buell

first the We'll question, very question. you trial. enrollment is II Emily, your your with into thank Phase for which start gastric about cancer much

to as wait to reminder, wait XX-day did not to So maybe just patients. -- a between essentially trial require this a us do do

line second allows we plus the very but cells So the get able [ ] care plus the get that were to continue alone, into cancer. cells exposure cells will quickly enroll Ramtax so. to [ And -- that standard [ and of us bot-val to gastric in ] and patients do to patients bot-val the trial ]

to We a able of have patients patients specified been we will number that yet But each on dose it the demonstrate not could to number only of say, most suffice publicly in of in also not have benefit have pronounced allow of -- cohort. we we combination, alone to will safety patients. these activity us each decouple see for the and requisite where so that we but products

combinations the mechanistically with the in to as be combination only some but extent patients tease essentially, exposed to also who agents patients to the those, able XX-patient are on of update study, far have And believe patients, will standard patients share do will do of cohorts we've the ] those bot-val demonstrate in of not the tolerating quite able expect to have out all half an and we be to enrolled. be to so signals which first quite areas [ excited that been in We expand we this about year. beneficial been most to the well, see we second we're deepen X may And profound that that pretty contribution We that care ] the start quite benefit. of we tolerable. and have been and a components [ that

quite really enrolling the to of started in patients, we've year, I in first the quarter this of Given been we enrollment pace able quickly. as February, bring mentioned, in

data say, present late second And during of half to those we'll this will information some have at presentations. elucidated So I'll additional be year year. conference, mature a

which and one in of II, the been I patients, So Phase we while total each is on about we number the arms, the of on agent-XXX haven't will patients addressed think the number with plus largest of of that each proportion have patients your in of of multi-combo, arms, cells, exposure balstilimab. of patients and proportion enrollment the the discrete a iNKT the botensilimab

of Agenus' population. to So multifunctional [ care then, of that's Balstilimab that PD-X, and from activator course, is Agenus. also this standard patient the Ramtax immune binds in CTLA-X ]

question, funds. going I'm your would with Financially, questions allocation financial be to of which your conclude

So our least so this we is by cancer the the largely quarter, II Phase part year, particular, -- the external efficiency that driven in large reduction of really funding first gastric operational at saw in was in the trial.

been had on study. executing in Phase I ARDS, a had trials, myeloma and number solid-tumor in in trial trial cancers, MiNK agenT-XXX I also of So multiple trials our sponsor-driven we the Phase also

is trial that leader we it's expand second-line accelerating expand therapeutic treat the gastric focused trial to she's to expand Dream that Stand Tory which the cancer. resulted gastric cost offset is options where most Dr. the called, parties. in have on for designated continue is to this on the pursue the cancer. What has efforts most in trial her and non-dilutive to is Foundation, the is significant is Kettering, really patients therapies funded through of with the it essentially gastric our reduction have able that been patients Sloan that The Yelena Memorial That expenses off with operating now Coast in Chief for external III we're excited to Team, focusing Cancer's been through cancer about. of and Phase Up to Janjigian, effective cohorts foundation

programs interest concluded financing And mentioned II we support a I access some will trial, well we're area preparing treat own I under great of to to team. conducting patients as Additionally, our as from nondilutive continuing support while us, randomized earlier. are our be as have ARDS only and Phase not our compassionate with published study, to a are we which we Phase launch an

be continue our large platform through expenses. And it joint will So largely control conducted will program also a to financed, to it be trial. a will allow externally that and operating us

quickly data be year, possible. will II developing on the and cancer this pathway that as study, as focus gastric the to our advance delivering a So Phase really ascertaining program

financed, expanding be We population clearance cells acute also, distressed true bring to will published and we expiration, we rates respiratory saw externally prevention trial parallel, in priority that the the mortality Nature of patients pronounced believe secondary showed can exceeded clinical a severe for historically signals exceeded high large we about that that benefit a in we'll that a and saw our these in The that largely signal Communications randomized patients in we company. observed that rate infections, showed virus, survival of of that rapid XX% that XX%. be

available is effort where which So corticosteroids. that's this a dramatic improvement over patients been in to focusing our at point what's is clinic. we're And this currently the

portfolio our mentioned Annual programs our which pipeline van And partnership our during we're call, and Marc our with how Dijk last as Additionally, presented I to continue our discovery advancing was a XXXX earlier, TCR through mature. Summary, ImmunoScape.

very as get be, of and our we're this armored morning, promising program advancing will today to try an development this us announced grade to answers by I as yesterday so into early through CAR-iNKT, and question. clinical material We to accelerate imperative I as MINK-XXX the hope year our it and XXXX. new just possible which with to your generate we'll do allow quickly will clinic looking investment, the be that FAP as as early

Operator

Your line the Allen comes question with of Baird. from next Jack

Jack Allen

program. I had I first question was on XXX guess the the

sit that? clinic, the disease on what program sort about clinical also versus that graft where think tumors As then you to a a you host into the and you how do And the follow-ups both asset then in you to think development look as about have well. few And advance ARDS there? I solid you expect just study do of question

Jennifer Buell

the first, start with let's Jack, is XXX. which Well, Excellent.

approach a been most functionality the of could area as to be and tumors we've the clinic, be molecule expressing this preclinical of believe able the Now, we determine interest. lot we impactful great interrogate and Obviously, our FAP clinic. where in would of fit best

an is with urgent high This forward FAP colorectal at need broadly, quickly data and incidents an an as disease AACR population, presented know asset preclinical more potential to this and prevalence of in the move the molecule We really younger expressing cancer. colorectal We will growing we And area that unmet need. an in possible. really the in explore FAP there's expressing therapy but demonstrates is a of as emphasis cancers. the

can expressing we address lung there's some that we very as molecule Those colorectal. cell exciting with opportunity, Similarly, a the patients well not models. expressing some gap preclinical where actually shared have that we're biologically in of FAP a observing as non-small very areas data obvious need but believe currently in tumors we development in FAP in lung cancer, are unmet only a

we're So where starting. that's

course, optimize couple with and development pursue patients another emphasis will But expressing the us of other and opportunity an FAP non-small represents cell we even a FAP to and tumors interrogate accelerate Of cancer colorectal the identification lung sarcoma and with large for is a indications, molecule in this cancer. disease one. by expressing of

Jack Allen

color. you great securing you there out ARDS, it Got funding, that it do to are it to relates external relates as that then aspects it. have what the buttoned potential as And where That's before that to be need funding? fits think

that host I there. program also hear any discussion versus I'd an love ground then it as there well. previous of on to And getting believe as updates external off a relates was to the graft disease,

Jennifer Buell

Absolutely.

identified we the -- that external execution So the essentially and platform team designed funding, already platform the operational started has responsible the trial is on of activating centers. is trial and that have the for protocol

we end would goal sometime of shortly be expect early the as to do over so, We by announcing this just modifications we That's week. of budget to it our to then we the respect thereafter. final and should some as contract, which terms with and even agreed up we're wrap making the time, have allocation the

actually On did And of versus brilliant a in then disease, in this stem also molecules an undergoing scientific into profound you pursuing job we only summarizing our of potential these cells disease is need. hematopoietic host area, may how have investigator-sponsored insights graft who a patients transplantation. are course, an This unmet in we've host the own graft are cells but indication, these the trial. Jack, deepened versus of preventing and cell only not effect not in mitigating

We program. have launch not the announced yet that of

program, the accumulated to designed So be we launch not would yet we have financing necessary have but that it. the

really time, advancing. programs And prudent the this advancing. an our able not about we're be in this at we get we being to can will focused very priority so, host are we us during this time. is ways area this quite versus to it's capital efforts But do to So a graft clinical that find that, to at for but doing to moment, continue allocate

Jack Allen

Got makes on progress. again a sense. it. That Congratulations of lot the

Operator

of line question Phipps next from the Your Matt William with comes Blair.

Matthew Phipps

CAR, of of with have and On or something activity this the or the a I to T just FAP has addition of TCR a think isn't if it how again you've combined this drive other should including monotherapy activity kind you enough preclinical know with the think a is directed other lot be things. you work being really done, of combined cells. IL-XX in combined, therapies, curious other And can about that whether it

Jennifer Buell

interrogation monotherapy a as leading other are combinations observing of may a this that excellent of the couple address activity. that in really which important monotherapy are we're may efficacy escape expand to includes us, we the the XXX in have and today we demonstrate to And where And mechanisms, is optimal we capacity, of call onto tumor parallel for this and invited with kind those exploring guests that would that take. case up need molecule Matt, special who question. the in milestones the an effort be that

who And at the Radiation Eleni how So on there immune on and And Nils prior of Agenus. He Cornell And efforts working Agenus, Dr. emphasis Department. address not leading there. an He's Dan line, his may this MD who in of U.K. and from familiar together on of our botensilimab joined determinants enhance the Cambridge people microenvironment was efficacy. scientist optimizing Therapeutics. the Anderson us he are to modulate professor associate inventors Center. at to site exactly up is also before. of discovery working our tumor X Dr. Discovery And at met one with for in and in biology to Weill them. is the you'll Cancer the be Chen. Head accomplished Nils is have and combination this has Head Rudqvist, Oncology MiNK is been that, our team really this question. you was Discovery

give Nils areas be some want monotherapy Dan we're to my to I'm will most rapid to question. going would with you you he lead development in to just you Dan response And could launch, quick and which we the review goal path in of a and expand a identify how to activity, give about forward, I'll turn turn to tumors, expressing from Eleni where to it give this. particularly and your FAP deeper And combinations. give us over perspective, to deeper thinking our it insight efficacy with and work interrogate and

Dan Chen

you the Thank for question.

preclinical first several data. the MiNK-XXX do with to the monotherapy reasons expect based and on part, we for activity So

particularly turn, observed in X we've tumors, FAP in fibroblast models, post that of a killing direct evident . cells, tumor and -- First, tested. tumor cells. tumor other cold models metastases infiltration cancer T we microenvironment, or [indiscernible] preclinical of liver In expressing like which massive that FAP there observed is within was expressing including the we've cells

be monotherapy MiNK-XXX, liver an we can model therapy nonresponsiveness to we've pancreatic enhance particularly the to tumors up So T in to as expect activity refractory promote which are infiltration response as [ have and iNKTs, this CTLA-X, ] including where where areas as activity, with we situations includes combination the cell a PD-X, expect open the promote well indeed ideal checkpoint models, well. metastases bot-val to modeled partner bot-val adding [ both monotherapy responsiveness, environment ], ability macro and in do the T-cell we X to to given seen

Jennifer Buell

Thank you, Dan.

did have other Matt, you any questions?

Matthew Phipps

it No, that's me. you. Thank for

Operator

with And Q&A to conference our back that remarks. session. I closing over turn concludes Okay. Buell the Jennifer for that, will now

Jennifer Buell

Thank our much, programs, to on with focus continuing progress advancements and you for We updated thank medicines deliver and I you diseases. and forward our time today. your patients all advancing to keep to you with stage continuing strengthen other our today. real cancer clinical joining financial to look very and us on a appreciate foundation, immune-mediated And innovative

Operator

gentlemen, that all and call. for you Thank concludes Ladies today's joining.

You may now disconnect.

MiNK Therapeutics (INKT) 14 May 242024 Q1 Earnings call transcript