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MiNK Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $540,638 from $3,427,373 in the same quarter the previous year. The decrease is attributed to a gain from the forgiveness of certain liabilities and reduced personnel costs.
General and administrative expenses decreased to $1,163,033 from $1,796,188, primarily due to decreased personnel costs and share-based compensation.
Net loss for the quarter was $1,806,597, compared to $5,116,266 in the previous year. The decrease in net loss is primarily due to reduced operating expenses.
Cash and cash equivalents increased to $6,328,239 as of September 30, 2024, from $3,367,229 at the end of 2023. This increase is due to proceeds from a related party note and a private placement of shares.
MiNK reported a total stockholders' deficit of $17,554,089 as of September 30, 2024, compared to $18,055,449 at the end of 2023.
The filing details MiNK's ongoing development of its iNKT cell therapies, including its most advanced product candidate, agenT-797, which is in Phase 2 trials for gastric cancer and viral ARDS.
MiNK continues to explore strategic partnerships and collaborations to support its liquidity requirements and advance its pipeline of product candidates.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its financial position and the need for additional funding.
MiNK's management is actively monitoring its liquidity position and adjusting spending to preserve cash, while seeking additional funding through partnerships and other financing options.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MiNK Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.