$INKT
MiNK Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023009762 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.661M $2.077M $7.834M
YoY Change -63.38% -49.89% -30.06%
% of Gross Profit
Research & Development $4.194M $5.812M $23.12M
YoY Change 47.66% 168.18% 65.51%
% of Gross Profit
Depreciation & Amortization $45.69K $37.93K $121.7K
YoY Change 68.73% 59.17% 56.17%
% of Gross Profit
Operating Expenses $4.194M $7.889M $23.12M
YoY Change -43.13% 24.98% 65.51%
Operating Profit -$5.854M -$30.95M
YoY Change -20.61% 9.14%
Interest Expense $168.1K $0.00 $0.00
YoY Change 19718.4% -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $120.0K $2.705M
YoY Change -100.0% -79.96% 330.06%
Pretax Income -$5.686M -$7.769M -$27.99M
YoY Change -26.89% 34.78% -7.35%
Income Tax
% Of Pretax Income
Net Earnings -$5.686M -$7.769M -$27.99M
YoY Change -26.89% 34.78% -7.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.17 -$0.83
Diluted Earnings Per Share -$0.17 -$0.23 -$0.83
COMMON SHARES
Basic Shares Outstanding 33.91M 33.79M 33.67M
Diluted Shares Outstanding 33.97M 33.67M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.89M $19.64M $19.64M
YoY Change -57.07% -49.51% -49.51%
Cash & Equivalents $14.90M $19.60M $19.64M
Short-Term Investments
Other Short-Term Assets $320.9K $470.3K $769.0K
YoY Change -59.3% -36.81% 6.35%
Inventory
Prepaid Expenses $309.1K $298.7K
Receivables
Other Receivables
Total Short-Term Assets $15.52M $20.40M $20.40M
YoY Change -56.25% -48.52% -48.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.067M $1.067M $1.067M
YoY Change 60.36% 75.9% 75.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.067M $1.067M $1.067M
YoY Change 60.36% 75.89% 75.88%
TOTAL ASSETS
Total Short-Term Assets $15.52M $20.40M $20.40M
Total Long-Term Assets $1.067M $1.067M $1.067M
Total Assets $16.59M $21.47M $21.47M
YoY Change -54.1% -46.64% -46.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.002M $5.823M $5.823M
YoY Change 61.04% 94.38% 94.38%
Accrued Expenses $2.753M $4.239M $4.239M
YoY Change 3.77% 140.31% 140.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.25M $12.68M $12.68M
YoY Change -40.27% -22.97% -22.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $94.18K $108.5K $9.190M
YoY Change
Total Long-Term Liabilities $94.18K $108.5K $9.190M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.25M $12.68M $12.68M
Total Long-Term Liabilities $94.18K $108.5K $9.190M
Total Liabilities $11.34M $12.79M $21.87M
YoY Change -39.77% -22.31% 32.84%
SHAREHOLDERS EQUITY
Retained Earnings -$116.6M -$110.9M
YoY Change 28.56% 33.7%
Common Stock $112.5M $110.8M
YoY Change 3.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.476M -$401.3K -$401.3K
YoY Change
Total Liabilities & Shareholders Equity $16.59M $21.47M $21.47M
YoY Change -54.1% -46.64% -46.64%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$5.686M -$7.769M -$27.99M
YoY Change -26.89% 34.78% -7.35%
Depreciation, Depletion And Amortization $45.69K $37.93K $121.7K
YoY Change 68.73% 59.17% 56.17%
Cash From Operating Activities -$4.366M -$4.431M -$18.87M
YoY Change 4.05% 160.27% 47.09%
INVESTING ACTIVITIES
Capital Expenditures $13.50K $127.8K $250.0K
YoY Change 45557.14% 0.43%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.50K -$127.8K -$250.0K
YoY Change -45757.14% 0.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -334.4K 110.0 -155.6K
YoY Change -48637.74% -100.0% -100.32%
NET CHANGE
Cash From Operating Activities -4.366M -4.431M -18.87M
Cash From Investing Activities -13.50K -127.8K -250.0K
Cash From Financing Activities -334.4K 110.0 -155.6K
Net Change In Cash -4.744M -4.558M -19.25M
YoY Change 12.93% -111.97% -153.19%
FREE CASH FLOW
Cash From Operating Activities -$4.366M -$4.431M -$18.87M
Capital Expenditures $13.50K $127.8K $250.0K
Free Cash Flow -$4.380M -$4.558M -$19.12M
YoY Change 4.37% 167.73% 46.2%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">(1) Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">MiNK Therapeutics, Inc. (“MiNK” or the “Company”) is a clinical stage biopharmaceutical company focused on developing allogeneic invariant natural killer T (“iNKT”) cell therapies to treat cancer and other life-threatening illnesses.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Since inception, in 2017, until the completion of the Company’s initial public offering (“IPO”), the Company financed its operations primarily through funding from Agenus Inc. (“Agenus”), its parent company. The Company has incurred losses since inception and, as of December 31, 2022, had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">110.9</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. MiNK expects to continue incurring operating losses and negative cash flows for the foreseeable future. Based on the Company’s current plans and projections, MiNK believes its cash and cash equivalents balance as of December 31, 2022 of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">19.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Management continually monitors the Company’s liquidity position and adjusts spending as needed in order to preserve liquidity. The Company’s future liquidity needs will be determined primarily by the success of its operations with respect to the progression of the Company’s product candidates and key development and regulatory events in the future. Potential sources of additional funding for the Company include: (1) pursuing collaboration, out-licensing and/or partnering opportunities for the Company’s portfolio programs and product candidates with one or more third parties, (2) securing debt financing and/or (3) selling equity securities. If additional funding is not obtained through these sources the Company has the ability to borrow certain funds from its parent company.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">MiNK’s product candidates are in various stages of development and significant additional expenditures will be required if the Company starts new trials, encounters delays in its programs, applies for regulatory approvals, continues development of its technologies, expands its operations, and/or brings its product candidates to market. The eventual total cost of each clinical trial is dependent on a number of factors such as trial design, length of the trial, number of clinical sites, and number of patients. The process of obtaining and maintaining regulatory approvals for new therapeutic products is lengthy, expensive, and uncertain. Because all of the Company’s programs are at an early stage of clinical development, the Company is unable to reliably estimate the cost of completing its research and development programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements, and, therefore, when, if ever, material cash inflows are likely to commence</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(c) Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases those estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">(13) Contingencies</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company may currently be, or may become, a party to legal proceedings. While the Company currently believes that the ultimate outcome of any of these proceedings will not have a material adverse effect on its financial position, results of operations, or liquidity, litigation is subject to inherent uncertainty. Furthermore, litigation consumes both cash and management attention.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
131000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
86000

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