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MiNK Therapeutics Inc. (INKT-3.12%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details MiNK's focus on developing allogeneic, off-the-shelf invariant natural killer T (iNKT) cell therapies for cancer and immune-mediated diseases. The company is advancing its lead product candidate, agenT-797, in multiple clinical trials.
MiNK reported a net loss of $10.8 million for the year ended December 31, 2024, compared to a net loss of $22.5 million in the previous year. The decrease in net loss is attributed to reduced research and development expenses and general and administrative costs.
Research and development expenses decreased to $6.3 million from $15.5 million in the previous year, primarily due to a gain from the forgiveness of certain liabilities and decreased costs associated with clinical trials and personnel.
General and administrative expenses decreased to $4.3 million from $7.4 million, mainly due to reduced personnel costs and share-based compensation expenses.
MiNK's cash and cash equivalents as of December 31, 2024, were $4.6 million. The company anticipates that its cash balance, along with potential funding from corporate transactions, will be sufficient to meet liquidity requirements for more than one year.
MiNK's product pipeline includes native and engineered iNKT cell therapies, with ongoing clinical trials in solid tumors and viral acute respiratory distress syndrome. The company is also advancing preclinical programs targeting BCMA and FAP using engineered iNKT cells.
The company acknowledges the need for additional funding to support its operations and is exploring strategic partnerships, collaborations, and non-dilutive financing options.
MiNK remains focused on leveraging its proprietary platform to develop scalable and reproducible manufacturing processes for off-the-shelf iNKT cell therapies.
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. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.