$INKT
MiNK Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024034672 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.280M $2.189M $7.431M
YoY Change -22.89% 5.42% -5.14%
% of Gross Profit
Research & Development $2.549M $3.311M $15.49M
YoY Change -39.2% -43.04% -32.99%
% of Gross Profit
Depreciation & Amortization $53.83K $53.57K $204.6K
YoY Change 17.83% 41.23% 68.07%
% of Gross Profit
Operating Expenses $2.549M $5.500M $22.92M
YoY Change -39.2% -30.28% -0.84%
Operating Profit -$3.830M -$22.92M
YoY Change -34.58% -25.94%
Interest Expense $16.62K $41.53K $463.3K
YoY Change -90.11%
% of Operating Profit
Other Income/Expense, Net -$20.00 -$10.00
YoY Change -100.02% -100.0%
Pretax Income -$3.813M -$5.459M -$22.46M
YoY Change -32.94% -29.74% -19.77%
Income Tax
% Of Pretax Income
Net Earnings -$3.813M -$5.459M -$22.46M
YoY Change -32.94% -29.74% -19.77%
Net Earnings / Revenue
Basic Earnings Per Share -$0.11 -$0.65
Diluted Earnings Per Share -$0.11 -$0.16 -$0.65
COMMON SHARES
Basic Shares Outstanding 34.70M 34.52M 34.36M
Diluted Shares Outstanding 34.64M 34.36M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.817M $3.367M $3.367M
YoY Change -60.94% -82.85% -82.85%
Cash & Equivalents $5.800M $3.367M $3.367M
Short-Term Investments
Other Short-Term Assets $122.5K $231.1K $231.1K
YoY Change -61.83% -50.87% -69.95%
Inventory
Prepaid Expenses $59.39K $53.11K
Receivables
Other Receivables
Total Short-Term Assets $5.999M $3.598M $3.598M
YoY Change -61.35% -82.37% -82.37%
LONG-TERM ASSETS
Property, Plant & Equipment $895.0K $954.0K $954.0K
YoY Change -16.1% -10.59% -10.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $895.0K $954.0K $954.0K
YoY Change -16.1% -10.58% -10.58%
TOTAL ASSETS
Total Short-Term Assets $5.999M $3.598M $3.598M
Total Long-Term Assets $895.0K $954.0K $954.0K
Total Assets $6.894M $4.552M $4.552M
YoY Change -58.44% -78.8% -78.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.487M $3.912M $3.912M
YoY Change -41.9% -32.82% -32.82%
Accrued Expenses $5.283M $5.037M $5.037M
YoY Change 91.9% 18.83% 18.85%
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 $11.11M $11.40M $11.40M
YoY Change -1.26% -10.1% -10.1%
LONG-TERM LIABILITIES
Long-Term Debt $4.212M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.60K $11.21M $11.21M
YoY Change -66.45% 10227.33% 21.93%
Total Long-Term Liabilities $31.60K $11.21M $11.21M
YoY Change -66.45% 10227.33% 21.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.11M $11.40M $11.40M
Total Long-Term Liabilities $31.60K $11.21M $11.21M
Total Liabilities $11.14M $22.61M $22.61M
YoY Change -1.8% 76.74% 3.36%
SHAREHOLDERS EQUITY
Retained Earnings -$137.2M -$133.4M
YoY Change 17.67% 20.29%
Common Stock $117.3M $115.8M
YoY Change 4.24% 4.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.30M -$18.06M -$18.06M
YoY Change
Total Liabilities & Shareholders Equity $6.894M $4.552M $4.552M
YoY Change -58.44% -78.8% -78.8%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.813M -$5.459M -$22.46M
YoY Change -32.94% -29.74% -19.77%
Depreciation, Depletion And Amortization $53.83K $53.57K $204.6K
YoY Change 17.83% 41.23% 68.07%
Cash From Operating Activities -$2.542M -$3.036M -$15.76M
YoY Change -41.78% -31.48% -16.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $3.560K $73.56K
YoY Change -100.0% -97.22% -70.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$3.560K -$73.56K
YoY Change -100.0% -97.22% -70.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$407.2K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.007M 2.830K -407.2K
YoY Change -1597.17% 2472.73% 161.68%
NET CHANGE
Cash From Operating Activities -2.542M -3.036M -15.76M
Cash From Investing Activities 0.000 -3.560K -73.56K
Cash From Financing Activities 5.007M 2.830K -407.2K
Net Change In Cash 2.450M -3.036M -16.24M
YoY Change -151.64% -33.4% -15.63%
FREE CASH FLOW
Cash From Operating Activities -$2.542M -$3.036M -$15.76M
Capital Expenditures $0.00 $3.560K $73.56K
Free Cash Flow -$2.542M -$3.039M -$15.84M
YoY Change -41.96% -33.32% -17.16%

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(1) Description of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">MiNK Therapeutics, Inc. (“MiNK” or the “Company”) is a clinical-stage biopharmaceutical company pioneering a novel platform of living medicines based on a rare and potent class of immune cells called 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 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. MiNK's proprietary platform is designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. As such, MiNK believes that its approach represents a highly versatile application for therapeutic development in cancer and immune diseases. MiNK is leveraging its platform and manufacturing capabilities to develop a wholly owned or exclusively licensed pipeline of both native and engineered iNKT cells.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since its inception in 2017, MiNK has incurred losses and expects to continue incurring operating losses and negative cash flows in the future until it is able to generate sales and profits. As of December 31, 2023, MiNK had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">133.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and cash and cash equivalents of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">MiNK believes that its cash and cash equivalents balance along with the additional funding received subsequent to year end from its parent, Agenus Inc. (“Agenus”), and funding planned from a third party will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued. Because the additional funding is influenced by external uncertainties, in accordance with the relevant accounting guidance, the Company is required to disclose that substantial doubt exists about its ability to continue as a going concern for a period of one year after the date of filing of this Annual Report on Form 10-K. The financial statements have been prepared on a basis that assumes MiNK will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management continually monitors MiNK's liquidity position and adjusts spending as needed in order to preserve liquidity. Potential sources of additional funding for the Company include: (1) seeking strategic partnerships and collaborations, as well as out-licensing opportunities, for the Company's portfolio programs and product candidates, (2) exploring avenues for securing non-dilutive financing, such as grants and collaborations to strengthen the Company's balance sheet, and (3) potential of equity or debt financing options. If additional funding is not obtained through these sources, Agenus has indicated a willingness to loan MiNK additional funds to finance its operations.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">MiNK’s product candidates are in various stages of development and 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="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
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