10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 001-40908

 

MiNK Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-2142067

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

149 Fifth Avenue

Suite 500

New York, NY

10010

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 212-994-8250

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.00001 per share

 

INKT

 

Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 3, 2023, the registrant had 34,519,540 shares of common stock, $0.00001 par value per share, outstanding.

 

 

 

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2023 and 2022

2

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2023 and 2022

3

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

5

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

11

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

16

Item 4.

Controls and Procedures

16

 

 

 

PART II.

OTHER INFORMATION

17

 

 

 

Item 1.

Legal Proceedings

17

Item 1A.

Risk Factors

17

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

17

Item 6.

Exhibits

18

 

Signatures

19

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

MINK THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

September 30,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,398,854

 

 

$

19,635,725

 

Prepaid expenses

 

 

41,959

 

 

 

298,667

 

Other current assets

 

 

29,341

 

 

 

470,300

 

Total current assets

 

 

6,470,154

 

 

 

20,404,692

 

Equipment, net of accumulated depreciation of $432,507 and $283,682 at
   September 30, 2023 and December 31, 2022, respectively

 

 

991,458

 

 

 

1,066,910

 

Total assets

 

$

7,461,612

 

 

$

21,471,602

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

Accounts payable

 

$

4,280,894

 

 

$

5,823,000

 

Accrued liabilities

 

 

3,846,753

 

 

 

4,238,555

 

Other current liabilities

 

 

2,266,408

 

 

 

2,621,611

 

Total current liabilities

 

 

10,394,055

 

 

 

12,683,166

 

Other long-term liabilities

 

 

63,980

 

 

 

108,500

 

Due to related parties

 

 

10,584,370

 

 

 

9,081,239

 

Commitments and contingencies

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

Common stock, par value $0.00001 per share; 150,000,000 shares
  authorized;
34,519,540 and 33,856,428 shares issued at
  September 30, 2023 and December 31, 2022, respectively

 

 

345

 

 

 

339

 

Additional paid-in capital

 

 

114,670,386

 

 

 

110,829,900

 

Accumulated other comprehensive loss

 

 

(313,188

)

 

 

(292,468

)

Accumulated deficit

 

 

(127,938,336

)

 

 

(110,939,074

)

Total stockholders’ deficit

 

 

(13,580,793

)

 

 

(401,303

)

Total liabilities and stockholders’ deficit

 

$

7,461,612

 

 

$

21,471,602

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

1


 

MINK THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

3,427,373

 

 

$

6,149,778

 

 

$

12,179,365

 

 

$

17,303,205

 

General and administrative

 

 

1,796,188

 

 

 

1,837,571

 

 

 

5,241,636

 

 

 

5,756,864

 

Operating loss

 

 

(5,223,561

)

 

 

(7,987,349

)

 

 

(17,421,001

)

 

 

(23,060,069

)

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

107,287

 

 

 

92,960

 

 

 

421,731

 

 

 

118,488

 

Other income, net

 

 

8

 

 

 

1,562,759

 

 

 

8

 

 

 

2,720,108

 

Net loss

 

$

(5,116,266

)

 

$

(6,331,630

)

 

$

(16,999,262

)

 

$

(20,221,473

)

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(0.15

)

 

$

(0.19

)

 

$

(0.50

)

 

$

(0.60

)

Weighted average number of common shares outstanding

 

 

34,497,595

 

 

 

33,757,164

 

 

 

34,293,137

 

 

 

33,627,954

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

$

88,623

 

 

$

(1,375,464

)

 

$

(20,720

)

 

$

546,993

 

Comprehensive loss

 

$

(5,027,643

)

 

$

(7,707,094

)

 

$

(17,019,982

)

 

$

(19,674,480

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

2


 

MINK THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

Treasury Stock

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In
Capital

 

 

Number of
Shares

 

 

Par
Value

 

 

Other
Comprehensive
Income (Loss)

 

 

Accumulated
Deficit

 

 

Total

 

Balance at December 31, 2022

 

 

33,856,428

 

 

$

339

 

 

$

110,829,900

 

 

 

 

 

$

 

 

$

(292,468

)

 

$

(110,939,074

)

 

 

(401,303

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,686,041

)

 

 

(5,686,041

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(81,335

)

 

 

 

 

 

(81,335

)

Exercise of stock options and employee share purchases

 

 

99,555

 

 

 

1

 

 

 

45,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,496

 

Vesting of nonvested shares

 

 

30,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant and recognition of stock options

 

 

 

 

 

 

 

 

887,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

887,811

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

33,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,328

 

Issuance of shares for employee bonuses

 

 

476,804

 

 

 

5

 

 

 

726,260

 

 

 

(163,759

)

 

 

(379,921

)

 

 

 

 

 

 

 

 

346,344

 

Retirement of treasury shares

 

 

(163,759

)

 

 

(2

)

 

 

 

 

 

163,759

 

 

 

379,921

 

 

 

 

 

 

 

 

 

379,919

 

Balance at March 31, 2023

 

 

34,299,441

 

 

$

343

 

 

$

112,522,794

 

 

 

 

 

$

 

 

$

(373,803

)

 

$

(116,625,115

)

 

$

(4,475,781

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,196,955

)

 

 

(6,196,955

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,008

)

 

 

 

 

 

(28,008

)

Grant and recognition of stock options

 

 

 

 

 

 

 

 

864,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

864,918

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

33,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,347

 

Option exercises

 

 

32,211

 

 

 

 

 

 

22,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,020

 

Vesting of nonvested shares

 

 

46,313

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share retirement

 

 

(192

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares for employee bonuses

 

 

127,026

 

 

 

1

 

 

 

285,094

 

 

 

(42,120

)

 

 

(97,718

)

 

 

 

 

 

 

 

 

187,377

 

Retirement of treasury shares

 

 

(42,120

)

 

 

 

 

 

 

 

 

42,120

 

 

 

97,718

 

 

 

 

 

 

 

 

 

97,718

 

Balance at June 30, 2023

 

 

34,462,679

 

 

$

345

 

 

$

113,728,172

 

 

 

 

 

$

 

 

$

(401,811

)

 

$

(122,822,070

)

 

$

(9,495,364

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,116,266

)

 

 

(5,116,266

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88,623

 

 

 

 

 

 

88,623

 

Grant and recognition of stock options

 

 

 

 

 

 

 

 

906,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

906,150

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

33,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,114

 

Exercise of stock options and employee share purchases

 

 

12,761

 

 

 

 

 

 

2,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Vesting of nonvested shares

 

 

44,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2023

 

 

34,519,540

 

 

$

345

 

 

$

114,670,386

 

 

 

 

 

$

 

 

$

(313,188

)

 

$

(127,938,336

)

 

$

(13,580,793

)

 

3


 

MINK THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

Treasury Stock

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In
Capital

 

 

Number of
Shares

 

 

Par
Value

 

 

Other
Comprehensive
Income (Loss)

 

 

Accumulated
Deficit

 

 

Total

 

Balance at December 31, 2021

 

 

33,476,523

 

 

$

335

 

 

$

107,349,265

 

 

 

 

 

$

 

 

$

(625,269

)

 

$

(82,947,862

)

 

$

23,776,469

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,777,101

)

 

 

(7,777,101

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

522,771

 

 

 

 

 

 

522,771

 

Option exercises

 

 

84,391

 

 

 

1

 

 

 

688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

689

 

Grant and recognition of stock options

 

 

 

 

 

 

 

 

741,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

741,773

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

43,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,733

 

Balance at March 31, 2022

 

 

33,560,914

 

 

$

336

 

 

$

108,135,459

 

 

 

 

 

$

 

 

$

(102,498

)

 

$

(90,724,963

)

 

$

17,308,334

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,112,742

)

 

 

(6,112,742

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,399,686

 

 

 

 

 

 

1,399,686

 

Grant and recognition of stock options

 

 

 

 

 

 

 

 

796,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

796,924

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

3,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,886

 

Option exercises

 

 

48,118

 

 

 

 

 

 

301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

301

 

Forfeiture of restricted stock

 

 

(20,872

)

 

 

 

 

 

(75

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

Issuance of shares for employee bonuses

 

 

125,199

 

 

 

1

 

 

 

293,523

 

 

 

(43,665

)

 

 

(157,194

)

 

 

 

 

 

 

 

 

136,330

 

Retirement of treasury shares

 

 

(43,665

)

 

 

 

 

 

 

 

 

43,665

 

 

 

157,194

 

 

 

 

 

 

 

 

 

157,194

 

Balance at June 30, 2022

 

 

33,669,694

 

 

$

337

 

 

$

109,230,018

 

 

 

 

 

$

 

 

$

1,297,188

 

 

$

(96,837,705

)

 

$

13,689,838

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,331,630

)

 

 

(6,331,630

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,375,464

)

 

 

 

 

 

(1,375,464

)

Grant and recognition of stock options

 

 

 

 

 

 

 

 

745,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

745,880

 

Recognition of parent stock options

 

 

 

 

 

 

 

 

27,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,019

 

Option exercises

 

 

116,235

 

 

 

1

 

 

493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

494

 

Balance at September 30, 2022

 

 

33,785,929

 

 

$

338

 

 

$

110,003,410

 

 

 

 

 

$

 

 

$

(78,276

)

 

$

(103,169,335

)

 

$

6,756,137

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

MINK THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2023