0001564590-21-058700 | 10-Q | XBRL Viewer

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Document Entity Information - shares	9 Months Ended
Document Entity Information - shares	Sep. 30, 2021	Nov. 26, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	MiNK Therapeutics, Inc.
Entity Central Index Key	0001840229
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-40908
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		33,504,350
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	INKT
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2142067
Entity Address, Address Line One	149 Fifth Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	212
Local Phone Number	994-8250
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash	$ 819,450	$ 2,691,156
Prepaid expenses	13,228	492,060
Other current assets	2,608,870	913,578
Total current assets	3,441,548	4,096,794
Equipment, net of accumulated depreciation of $147,017 and $98,160 at September 30, 2021 and December 31, 2020, respectively	635,887	458,384
Total assets	4,077,435	4,555,178
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	1,648,155	3,141,844
Accrued liabilities	3,084,621	1,859,067
Other current liabilities	5,377,596	5,690,796
Convertible affiliated note, current	65,423,496
Due to related parties	5,027,095	3,530,589
Total current liabilities	80,560,963	14,222,296
Convertible affiliated note, non-current		43,824,000
Other long-term liabilities	27,543	383,058
Commitments and contingencies
STOCKHOLDERS’ DEFICIT
Common stock, par value $0.00001 per share; 35,000,000 shares authorized; 24,219,058 and 24,177,313 shares issued at September 30, 2021 and December 31, 2020, respectively	242	242
Additional paid-in capital	1,461,557	383,712
Accumulated other comprehensive loss	(789,336)	(1,523,038)
Accumulated deficit	(77,183,534)	(52,735,092)
Total stockholders’ deficit	(76,511,071)	(53,874,176)
Total liabilities and stockholders’ deficit	$ 4,077,435	$ 4,555,178

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Equipment, net of accumulated depreciation	$ 147,017	$ 98,160
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	24,219,058	24,177,313

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 3,334,126	$ 2,503,942	$ 10,016,449	$ 8,721,233
General and administrative	814,881	466,861	2,277,759	1,596,081
Change in fair value of convertible affiliated note	9,227,427	2,953,242	9,702,863	2,795,329
Operating loss	(13,376,434)	(5,924,045)	(21,997,071)	(13,112,643)
Other income (expense), net:
Interest expense	(881,323)	(639,026)	(2,430,067)	(1,754,118)
Gain on extinguishment of debt	355,515		355,515
Other income (expense), net	(364,844)	519,878	(376,819)	162,890
Net loss	$ (14,267,086)	$ (6,043,193)	$ (24,448,442)	$ (14,703,871)
Per common share data:
Basic and diluted net loss per common share	$ (0.59)	$ (0.25)	$ (1.01)	$ (0.61)
Weighted average number of common shares outstanding	24,205,446	24,120,669	24,186,794	24,092,235
Other comprehensive loss:
Foreign currency translation gain (loss)	$ 546,111	$ (803,501)	$ 733,702	$ (353,168)
Comprehensive loss	$ (13,720,975)	$ (6,846,694)	$ (23,714,740)	$ (15,057,039)

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (36,333,760)	$ 241	$ 294,783	$ (132,590)	$ (36,496,194)
Beginning Balance, Shares at Dec. 31, 2019		24,059,035
Net loss	(4,392,547)				(4,392,547)
Other comprehensive income (loss)	635,905			635,905
Grant and recognition of stock options	400		400
Recognition of parent stock options	29,530		29,530
Option exercises	400	$ 1	399
Option exercises, Shares		27,830
Ending Balance at Mar. 31, 2020	(40,060,072)	$ 242	325,112	503,315	(40,888,741)
Ending Balance, Shares at Mar. 31, 2020		24,086,865
Beginning Balance at Dec. 31, 2019	(36,333,760)	$ 241	294,783	(132,590)	(36,496,194)
Beginning Balance, Shares at Dec. 31, 2019		24,059,035
Net loss	(14,703,871)
Ending Balance at Sep. 30, 2020	(51,336,336)	$ 242	349,245	(485,758)	(51,200,065)
Ending Balance, Shares at Sep. 30, 2020		24,121,652
Beginning Balance at Mar. 31, 2020	(40,060,072)	$ 242	325,112	503,315	(40,888,741)
Beginning Balance, Shares at Mar. 31, 2020		24,086,865
Net loss	(4,268,131)				(4,268,131)
Other comprehensive income (loss)	(185,571)			(185,571)
Grant and recognition of stock options	244		244
Recognition of parent stock options	12,635		12,635
Option exercises	150		150
Option exercises, Shares		10,436
Ending Balance at Jun. 30, 2020	(44,500,745)	$ 242	338,141	317,744	(45,156,872)
Ending Balance, Shares at Jun. 30, 2020		24,097,301
Net loss	(6,043,193)				(6,043,193)
Other comprehensive income (loss)	(803,502)			(803,502)
Grant and recognition of stock options	347		347
Recognition of parent stock options	10,407		10,407
Option exercises	350		350
Option exercises, Shares		24,351
Ending Balance at Sep. 30, 2020	(51,336,336)	$ 242	349,245	(485,758)	(51,200,065)
Ending Balance, Shares at Sep. 30, 2020		24,121,652
Beginning Balance at Dec. 31, 2020	(53,874,176)	$ 242	383,712	(1,523,038)	(52,735,092)
Beginning Balance, Shares at Dec. 31, 2020		24,177,313
Net loss	(3,846,194)				(3,846,194)
Other comprehensive income (loss)	353,305			353,305
Grant and recognition of stock options	263,081		263,081
Recognition of parent stock options	19,949		19,949
Ending Balance at Mar. 31, 2021	(57,084,035)	$ 242	666,742	(1,169,733)	(56,581,286)
Ending Balance, Shares at Mar. 31, 2021		24,177,313
Beginning Balance at Dec. 31, 2020	(53,874,176)	$ 242	383,712	(1,523,038)	(52,735,092)
Beginning Balance, Shares at Dec. 31, 2020		24,177,313
Net loss	$ (24,448,442)
Option exercises, Shares	41,745
Ending Balance at Sep. 30, 2021	$ (76,511,071)	$ 242	1,461,557	(789,336)	(77,183,534)
Ending Balance, Shares at Sep. 30, 2021		24,219,058
Beginning Balance at Mar. 31, 2021	(57,084,035)	$ 242	666,742	(1,169,733)	(56,581,286)
Beginning Balance, Shares at Mar. 31, 2021		24,177,313
Net loss	(6,335,162)				(6,335,162)
Other comprehensive income (loss)	(165,714)			(165,714)
Grant and recognition of stock options	356,097		356,097
Recognition of parent stock options	51,206		51,206
Ending Balance at Jun. 30, 2021	(63,177,608)	$ 242	1,074,045	(1,335,447)	(62,916,448)
Ending Balance, Shares at Jun. 30, 2021		24,177,313
Net loss	(14,267,086)				(14,267,086)
Other comprehensive income (loss)	546,111			546,111
Grant and recognition of stock options	365,760		365,760
Recognition of parent stock options	21,602		21,602
Option exercises	150		150
Option exercises, Shares		41,745
Ending Balance at Sep. 30, 2021	$ (76,511,071)	$ 242	$ 1,461,557	$ (789,336)	$ (77,183,534)
Ending Balance, Shares at Sep. 30, 2021		24,219,058

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (24,448,442)	$ (14,703,871)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	54,126	38,923
Share-based compensation	1,077,695	53,563
Interest accrued on convertible affiliated note	2,430,067	1,754,118
Gain on extinguishment of debt	(355,515)
Change in fair value of convertible affiliated note	9,702,863	2,795,329
Changes in operating assets and liabilities:
Prepaid expenses	477,755	(102,398)
Accounts payable	(1,504,911)	1,796,245
Accrued liabilities and other current liabilities	1,224,729	(1,195,487)
Repayable advance received		1,774,788
Other operating assets and liabilities	216,799	1,168,711
Net cash used in operating activities	(11,124,834)	(6,620,079)
Cash flows from investing activities:
Purchases of plant and equipment	(249,260)	(95,212)
Net cash used in investing activities	(249,260)	(95,212)
Cash flows from financing activities:
Proceeds from option exercises	150	900
Proceeds from the issuance of long-term debt		355,515
Proceeds from issuance of convertible affiliated note	9,459,422	7,415,150
Net cash provided by financing activities	9,459,572	7,771,565
Effect of exchange rate changes on cash	42,816	(68,274)
Net (decrease) increase in cash	(1,871,706)	988,000
Cash, beginning of period	2,691,156	299,036
Cash, end of period	$ 819,450	$ 1,287,036

Description of Business

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business

(1) Description of Business

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.

The Company has incurred losses since inception and, as of September 30, 2021, had an accumulated deficit of $77.2 million. Since inception until the completion of the Company’s initial public offering (see Note 13 to the Unaudited Interim Condensed Consolidated Financial Statements), the Company financed its operations primarily through funding from Agenus Inc. (Agenus), its parent company. 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 quarter end cash balance, plus the proceeds received from its initial public offering, will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued.

Management continually addresses 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 additional debt financing and/or (3) selling equity securities.

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.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

(2) Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the years ended December 31, 2020 and 2019 (annual financial statements), included in the Company’s Amended Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC) on October 12, 2021. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual consolidated financial statements. In the opinion of the Company’s management, the condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. All significant intercompany transactions and accounts have been eliminated in consolidation. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management 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 financial statements and the reported amount of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that it believes to be reasonable under the circumstances. Actual results could differ materially from those estimates.

For the Company’s foreign subsidiaries, the local currency is the functional currency. Assets and liabilities of its foreign subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while expenses are translated into U.S. dollars using average exchange rates during the period. The cumulative translation adjustment resulting from changes in exchange rates are included in the condensed consolidated balance sheets as a component of accumulated other comprehensive loss in total stockholders’ deficit.

Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

(3) Net Loss Per Share

Basic income and loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding instruments such as stock options. Because the Company reported a net loss for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. Therefore, the following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of September 30, 2021 and 2020, as they would be anti-dilutive:

	Three and Nine Months Ended September 30,
	2021		2020
Stock options		4,911,263		2,713,425
Non-vested shares		695,750		—

Other Current Assets

9 Months Ended

Sep. 30, 2021

Other Assets [Abstract]

Other Current Assets

(4) Other Current Assets

Other current assets consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
VAT receivable	$	35	$	20
Insurance recovery		—		234
Deferred offering costs		2,563		539
Other		11		121
Total	$	2,609	$	914

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued and Other Current Liabilities

(5) Accrued and Other Current Liabilities

Accrued liabilities consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Payroll	$	360	$	240
Professional fees		1,820		1,186
Research services		905		66
VAT		—		324
Other		—		43
Total	$	3,085	$	1,859

Other current liabilities of $5.4 million and $5.7 million as of September 30, 2021 and December 31, 2020, respectively, consisted entirely of the repayable advance received under the Company’s research and development agreement with the Belgium Walloon Region Government. During 2020, the Company discontinued research efforts related to this program and is evaluating its options in accordance with the terms of the agreement.

Share-based Compensation Plans

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation Plans

(6) Share-based Compensation Plans

The Company’s 2018 Equity Incentive Plan provided for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code, nonstatutory stock options, restricted stock, unrestricted stock and other equity-based awards, such as stock appreciation rights, and stock units including restricted stock units for up to 13,915,000 shares of the Company’s common stock (subject to adjustment in the event of stock splits and other similar events).

In September 2021, the Company’s stockholders approved the 2021 Equity Incentive Plan (2021 Plan). The 2021 Plan provides for the granting of equity-based awards to the Company’s employees, directors and consultants. The provisions of the plan allow for automatic annual increases for the shares reserved under the 2021 Plan.

In September 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (2021 ESPP). The 2021 ESPP initially provides for the issuance of up to 375,000 shares of common stock to employees. The provisions of the 2021 ESPP provide for automatic annual increases for shares reserved under the 2021 ESPP.

The Company primarily uses the Black-Scholes option pricing model to value options granted to employees and non-employees, as well as options granted to members of the Company’s Board of Directors. All stock option grants have 10-year terms and generally vest ratably over a 3 or 4-year period.

A summary of option activity for the nine-month period ended September 30, 2021 is presented below:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		2,713,425		$	0.01
Granted		2,239,583			3.03
Exercised		(41,745	)		0.01
Outstanding at September 30, 2021		4,911,263		$	1.38		8.7	$	8,076,285
Vested or expected to vest at September 30, 2021		4,911,263		$	1.38		8.7	$	8,076,285
Exercisable at September 30, 2021		1,469,656		$	0.09		8.1	$	4,451,743

The weighted average grant-date fair values of options granted during the nine-month period ended September 30, 2021 was $1.76. During the nine-month period ended September 30, 2021, all options were granted with exercise prices equal to the market value of the underlying shares of common stock on the grant date.

As of September 30, 2021, there was $3.0 million of unrecognized share-based compensation expense related to these stock options which, if all milestones are achieved, will be recognized over a weighted average period of 2.4 years.

A summary of non-vested stock activity for the nine-month period ended September 30, 2021 is presented below:

	Nonvested Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		55,660	$	0.01
Granted		695,750		3.03
Outstanding at September 30, 2021		751,410	$	2.81

As of September 30, 2021, there was $2.1 million of unrecognized share-based compensation expense related to these non-vested shares which will be recognized over a weighted average period of 2.0 years.

Stock based compensation expense also includes expense related to awards to employees of the Company from the Agenus 2019 Equity Incentive Plan. The impact on the Company’s results of operations from share-based compensation for the three and nine months ended September 30, 2021 and 2020, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	50,895	$	10,537	$	136,173	$	33,130
General and administrative		336,467		217		941,522		20,433
Total share-based compensation expense	$	387,362	$	10,754	$	1,077,695	$	53,563

Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

(7) Related Party Transactions

Until the completion of its initial public offering, the Company relied on Agenus for all of its working capital requirements. For the periods presented, certain of the Company’s operations were fully integrated with Agenus, including, but not limited to, corporate functions such as finance, human resources, information technology and legal functions. The Company’s consolidated financial statements reflect the costs of doing business related to these operations.

In September 2021, the Company entered into a new Intercompany General & Administrative Services Agreement with Agenus (the New Intercompany Services Agreement). Pursuant to the New Intercompany Services Agreement, Agenus provides MiNK with

administrative support, including, without limitation, financial, legal, information technology and human resources administrative support and non-administrative services as may be agreed to between the parties from time to time. Agenus provides the services under the New Intercompany Services Agreement on a cost-plus basis and the Company is required to pay 105% of Agenus’ costs. Under the New Intercompany Services Agreement, the Company is also entitled to use Agenus’ business offices and laboratory space and equipment in exchange for the Company contributing a proportionate payment for the use of such facilities and equipment. Either party may terminate the New Intercompany Services Agreement upon 30 days’ prior written notice.

Allocated Agenus services primarily include payroll related expenses, facility costs and stock-based compensation and are included in the accompanying financial statements based on certain estimates and allocations. The allocation methods primarily include time devoted to activities and headcount-based allocations. Agenus business services and occupancy costs are allocated to the Company based on the Company’s headcount as a percentage of Agenus’. Under the prior intercompany services agreement between Agenus and MiNK, research services were charged between the entities based on hours spent on specific projects applied to hourly wage rates. As such, these allocations may not be indicative of the actual amounts that would have been recorded had the Company operated as an independent, publicly traded company for the periods presented.

Allocation of Agenus Services, net of approximately $529,000 and $294,000 for the three months ended September 30, 2021 and 2020, respectively, and $1.7 million and $928,000 for the nine months ended September 30, 2021 and 2020, respectively, is included in Operating expenses in the Company’s statement of operations and Due to related parties in the Company’s consolidated balance sheet.

In February 2021, the Company entered into a fifth Convertible Promissory Note (the Note) with Agenus with terms identical to the convertible promissory note, as amended, issued to Agenus on April 1, 2019, increasing the amount of borrowing capacity to up to $50.0 million and extending the maturity to July 1, 2022. In September 2021, the Company entered into an amendment to the convertible promissory note with Agenus to provide, among other things, that the Note would automatically convert into the Company’s common stock upon the completion of the Company’s initial public offering.

The Note had a principal balance of $45.5 million at September 30, 2021. In accordance with the terms of the Note, interest was computed on the basis of a 360-day year at 8% and accrued but was not payable until converted or paid. The Note was automatically converted, at a rate equal to the quotient obtained by dividing (i) the amount due on the date of conversion by (ii) 80% of the per share price of the Company’s common stock sold in the Company’s initial public offering, into 5,451,958 shares of the Company’s common stock upon completion of the initial public offering on October 19, 2021.

In September 2021, the Company entered into a new Intellectual Property Assignment and License Agreement with Agenus (the New Assignment and License Agreement), upon which the prior intercompany agreement between Agenus and MiNK was terminated. Pursuant to the New Assignment and License Agreement, Agenus assigned to the Company certain patent rights and know-how related to its iNKT product candidates and other patents and know-how related to its business. In addition to the patent rights assigned to the Company by Agenus, the Company also received an exclusive, royalty-free, sublicensable license to research, develop, manufacture and commercialize certain licensed technology in the field. The New Assignment and License Agreement further provides for the Company to grant Agenus a field-limited, non-exclusive, royalty-free license under the assigned patent rights, subject to MiNK’s discretion and provided such access would not reasonably result in a disruption of planned MiNK activities. Agenus has also agreed to provide the Company with Agenus’ biological material upon written request in order for the Company to use such material in its development activities of a combination therapy. Agenus may withhold the transfer of biological material, including, but not limited to, checkpoint modulating antibodies, for various reasons, including if such transfer would reasonably result in a disruption of planned Agenus activities. For any materials Agenus does share with the Company, the parties have agreed to enter into a separate agreement governing the transfer and providing for joint ownership of the data. Agenus has agreed that during the full term of the New Assignment and License Agreement, and for three years thereafter, it will not develop, manufacture or commercialize an iNKT cell therapy, directly or indirectly by transferring such technology. The Company has the sole responsibility to develop, manufacture and commercialize products under this New Assignment and License Agreement. The Company may terminate the New Assignment and License Agreement without cause upon 90 days’ prior written notice to Agenus. Either party may terminate if they believe there has been a material breach which has not been cured within 90 days (or 45 days for breach of payment obligations) of receiving such notice.

Other Long-term Liabilities

9 Months Ended

Sep. 30, 2021

Other Longterm Debt Current And Noncurrent [Abstract]

Other Long-term Liabilities

(8) Other Long-term Liabilities

In May 2020, the Company entered into a promissory note with Bank of America, NA for aggregate loan proceeds of $356,000 (the Loan) under the Small Business Administration (the SBA) Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the CARES Act). In September 2021, the Company received notification that its forgiveness application was approved. As such, in the quarter ending September 30, 2021, the Loan was extinguished, and a $356,000 gain was recorded in the accompanying condensed consolidated statements of operations and comprehensive loss.

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

(9) Fair Value Measurement

The Company measured the Note at fair value. The fair value of the Note at September 30, 2021 and December 31, 2020 was $65.4 million and $43.8 million, respectively, based on the Level 2 valuation hierarchy of the fair value measurements standard using a scenario based present value methodology that was derived by evaluating the nature and terms of the Note and considering the prevailing economic and market conditions at the balance sheet date. The principal amount of the Note at September 30, 2021 and December 31, 2020, was $45.5 million and $36.1 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

(10) Equity

In September 2021, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, to increase the number of authorized shares of common stock to 35,000,000.

In September 2021, the Company effected a 2.783-for-one split of the Company’s common stock. All common share, per share and related information included in the accompanying financial statements have been adjusted retroactively, where applicable, to reflect the split.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Contingencies

9 Months Ended

Sep. 30, 2021

Loss Contingency [Abstract]

Contingencies

(11) Contingencies

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 and consumes both cash and management attention.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

(12) Recent Accounting Pronouncements

Recently Issued and Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740): simplifying the Accounting for Income Taxes. This ASU enhances and simplifies multiple aspects of the income tax accounting guidance in ASC 740. The Company adopted the standard on January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements.

No other new accounting pronouncement issued or effective during the nine months ended September 30, 2021 had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

(13) Subsequent Events

In October 2021, the Company completed an initial public offering of 3,333,334 shares of its common stock, at a public offering price of $12.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $46.0 million, which includes the exercise of the underwriters option to acquire an additional 500,000 shares at the public offering price, which shares were delivered on November 3, 2021. Subsequent to the completed offering, the Company continued to be majority owned by Agenus.

In October 2021, in connection of the completion of the Company’s initial public offering, the Convertible Promissory Note was automatically converted into 5,451,958 shares of the Company’s common stock.

In October 2021, also in connection with the completion of the Company’s initial public offering, the Company’s authorized capital stock increased to 155,000,000 shares, all with a par value of $0.00001 per share, of which:

•

150,000,000 shares are designated as common stock; and

•

5,000,000 shares are designated as preferred stock.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Anti-dilutive Securities

Therefore, the following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of September 30, 2021 and 2020, as they would be anti-dilutive:

	Three and Nine Months Ended September 30,
	2021		2020
Stock options		4,911,263		2,713,425
Non-vested shares		695,750		—

Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2021

Other Assets [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
VAT receivable	$	35	$	20
Insurance recovery		—		234
Deferred offering costs		2,563		539
Other		11		121
Total	$	2,609	$	914

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accrued Liabilities Current [Abstract]

Summary of Accrued liabilities

Accrued liabilities consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Payroll	$	360	$	240
Professional fees		1,820		1,186
Research services		905		66
VAT		—		324
Other		—		43
Total	$	3,085	$	1,859

Share-based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity

A summary of option activity for the nine-month period ended September 30, 2021 is presented below:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		2,713,425		$	0.01
Granted		2,239,583			3.03
Exercised		(41,745	)		0.01
Outstanding at September 30, 2021		4,911,263		$	1.38		8.7	$	8,076,285
Vested or expected to vest at September 30, 2021		4,911,263		$	1.38		8.7	$	8,076,285
Exercisable at September 30, 2021		1,469,656		$	0.09		8.1	$	4,451,743

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for the nine-month period ended September 30, 2021 is presented below:

	Nonvested Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		55,660	$	0.01
Granted		695,750		3.03
Outstanding at September 30, 2021		751,410	$	2.81

Summary of Share-based Compensation Expense

The impact on the Company’s results of operations from share-based compensation for the three and nine months ended September 30, 2021 and 2020, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	50,895	$	10,537	$	136,173	$	33,130
General and administrative		336,467		217		941,522		20,433
Total share-based compensation expense	$	387,362	$	10,754	$	1,077,695	$	53,563

Description of Business - Additional Information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 77,183,534	$ 52,735,092

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Net Loss Per Share - Schedule of Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	4,911,263	2,713,425	4,911,263	2,713,425
Non-Vested Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	695,750		695,750

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Other Assets [Abstract]
VAT receivable	$ 35,000	$ 20,000
Insurance recovery		234,000
Deferred offering costs	2,563,000	539,000
Other	11,000	121,000
Total	$ 2,608,870	$ 913,578

Accrued and Other Current Liabilities - Summary of Accrued liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Payroll	$ 360,000	$ 240,000
Professional fees	1,820,000	1,186,000
Research services	905,000	66,000
VAT		324,000
Other		43,000
Total	$ 3,084,621	$ 1,859,067

Accrued and Other Current Liabilities - Additional Information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Current [Abstract]
Other current liabilities	$ 5,377,596	$ 5,690,796

Share-based Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant-date fair values of options granted \| $ / shares	$ 1.76
Unrecognized share-based compensation expense related to stock options \| $	$ 3.0
Weighted average period of unrecognized share-based compensation expense	2 years
Unrecognized share-based compensation expense related to non-vested shares \| $	$ 2.1
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option grants, term	10-year
Weighted average period of unrecognized share-based compensation expense	2 years 4 months 24 days
Maximum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	4 years
Minimum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	3 years
2018 EIP \| Common Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant \| shares	13,915,000
2021 Employee Stock Purchase Plan (“2021 ESPP”) \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of shares of common stock to employees \| shares	375,000

Share-based Compensation Plans - Summary of Option Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options, Outstanding at Beginning Balance	2,713,425
Options, Granted	2,239,583
Options, Exercised	(41,745)
Options, Outstanding at Ending Balance	4,911,263
Options, Vested or expected to vest at September 30, 2021	4,911,263
Options, Exercisable at September 30, 2021	1,469,656
Outstanding at Beginning Balance, Weighted Average Exercise Price	$ 0.01
Granted, Weighted Average Exercise Price	3.03
Exercised, Weighted Average Exercise Price	0.01
Outstanding at Ending Balance, Weighted Average Exercise Price	1.38
Vested or expected to vest at September 30, 2021, Weighted Average Exercise Price	1.38
Exercisable at September 30, 2021, Weighted Average Exercise Price	$ 0.09
Outstanding at September 30, 2021, Weighted Average Remaining Contractual Term	8 years 8 months 12 days
Vested or expected to vest at September 30, 2021, Weighted Average Remaining Contractual Term	8 years 8 months 12 days
Exercisable at September 30, 2021, Weighted Average Remaining Contractual Term	8 years 1 month 6 days
Outstanding at September 30, 2021, Aggregate Intrinsic Value	$ 8,076,285
Vested or expected to vest at September 30, 2021, Aggregate Intrinsic Value	8,076,285
Exercisable at September 30, 2021, Aggregate Intrinsic Value	$ 4,451,743

Share-based Compensation Plans - Summary of Non-vested Stock Activity (Details)	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Nonvested Shares, Outstanding at Beginning Balance \| shares	55,660
Nonvested Shares, Granted \| shares	695,750
Nonvested Shares, Outstanding at Ending Balance \| shares	751,410
Outstanding at Beginning Balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 0.01
Granted, Weighted Average Grant Date Fair Value \| $ / shares	3.03
Outstanding at Ending Balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 2.81

Share-based Compensation Plans - Summary of Stock Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 387,362	$ 10,754	$ 1,077,695	$ 53,563
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	50,895	10,537	136,173	33,130
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 336,467	$ 217	$ 941,522	$ 20,433

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Feb. 28, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Promissory note principal balance	$ 45,500,000		$ 45,500,000			$ 36,100,000
Agenus
Related Party Transaction [Line Items]
Promissory note principal balance	$ 45,500,000		$ 45,500,000
Percentage of computation of interest			8.00%
Percentage value of common stock sold in initial public offering	80.00%		80.00%
Stock issued during period			5,451,958
Period of license agreement			3 years
Period for breach of payment obligations			45 days
Terminate license agreement period			90 days
Related party transaction, description			The Company may terminate the New Assignment and License Agreement without cause upon 90 days’ prior written notice to Agenus. Either party may terminate if they believe there has been a material breach which has not been cured within 90 days (or 45 days for breach of payment obligations) of receiving such notice
Agenus \| Maximum
Related Party Transaction [Line Items]
Increasing amount of borrowing capacity					$ 50,000,000.0
Agenus \| Operating Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 529,000	$ 294,000	$ 1,700,000	$ 928,000
New Intercompany Service Agreement \| Agenus
Related Party Transaction [Line Items]
Percentage of service cost			105.00%
Service agreement notice period			30 days

Other Long-term Liabilities - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2020	Sep. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 355,515	$ 355,515
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Aggregate loan proceeds	$ 356,000
Gain on extinguishment of debt		$ 356,000

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Promissory note principal balance	$ 45.5	$ 36.1
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of note	$ 65.4	$ 43.8

Equity - Additional Information (Details)	1 Months Ended	9 Months Ended
Equity - Additional Information (Details)	Sep. 30, 2021 shares	Sep. 30, 2021 shares	Dec. 31, 2020 shares
Equity [Abstract]
Common stock, shares authorized	35,000,000	35,000,000	35,000,000
Stock split ratio	2.783
Stock split ratio, description		In September 2021, the Company effected a 2.783-for-one split of the Company’s common stock.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Nov. 03, 2021	Oct. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, par value			$ 0.00001	$ 0.00001
Common stock, shares authorized			35,000,000	35,000,000
IPO \| Subsequent Event
Subsequent Event [Line Items]
Stock issued during period	500,000	3,333,334
Shares issued, price per share		$ 12.00
Proceeds from issuance of common stock		$ 46.0
Convertible promissory note automatically converted into common stock		5,451,958
Authorized capital stock increased		155,000,000
Common stock, par value		$ 0.00001
Common stock, shares authorized		150,000,000
Preferred stock, shares authorized		5,000,000