MiNK Therapeutics Announces Financial Results for Quarter Ended September 30, 2024

On November 14, 2024, MiNK Therapeutics, Inc. released its financial outcomes for the quarter that concluded on September 30, 2024. The company’s most recent filing with the Securities and Exchange Commission (SEC) revealed the details of its operations during this period. MiNK Therapeutics, a Delaware-based entity trading under the symbol INKT on the NASDAQ Capital Market, provided insights into its financial performance through a press release issued on the same day.

The company reported that its net revenue from IGALMI, a key product, totaled $214 thousand for the third quarter of 2024, a decline from $341 thousand in the corresponding period of 2023. The decrease in sales was primarily attributed to the timing of re-orders from existing customers. However, for the nine months ended September 30, 2024, net revenue reached $1.9 million, reflecting an 89% increase from the same period in 2023. MiNK Therapeutics noted that the rise in revenue was driven by heightened sales activity and the acquisition of new customers, indicating a growing utilization of its offerings.

The company outlined its financial status further by detailing its costs and expenses. The cost of goods sold for the third quarter of 2024 amounted to $1.2 million, compared to $512 thousand in the previous year. This increase was linked to elevated charges for reserves for excess or obsolete inventory as part of the production and delivery processes for IGALMI. Additionally, research and development expenses were notably reduced to $5.1 million in the third quarter of 2024 compared to $19.6 million during the same period in 2023. Similarly, selling, general, and administrative expenses decreased to $7.7 million in 2024 from $24.3 million in 2023.

MiNK Therapeutics declared a net loss of $13.7 million for the third quarter of 2024, a substantial decrease from the net loss of $50.5 million reported in the comparable period of 2023. The company utilized $16.3 million in operating cash during the third quarter of 2024. As of September 30, 2024, MiNK Therapeutics held cash and cash equivalents valued at $40.4 million.

The company did not witness any significant fluctuations in its stock price following the release of its financial results. MiNK Therapeutics continues to focus on its product development and growth strategies, aligning its efforts with the evolving market demands and opportunities within the biopharmaceutical sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MiNK Therapeutics’s 8K filing here.

About MiNK Therapeutics

MiNK Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases. Its product candidate is AGENT-797, an off-the-shelf, allogeneic for iNKT cell therapy and treatment of various myeloma diseases and solid tumours, which is in Phase 1 clinical trials.