0000950170-24-127033 | 10-Q | XBRL Viewer

Share-based Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

(6) Share-based Compensation Plans

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, 2024 is presented below:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		6,945,716		$	2.03
Granted		2,140,875			0.87
Exercised		(74,230	)		0.09
Forfeited		(52,602	)		2.03
Expired		(7,234	)		2.27
Outstanding at September 30, 2024		8,952,525		$	1.77		7.23	$	1,506,311
Vested or expected to vest at September 30, 2024		8,952,525		$	1.77		7.23	$	1,506,311
Exercisable at September 30, 2024		6,274,811		$	1.45		6.95	$	1,506,311

The weighted average grant-date fair values of options granted during the nine months ended September 30, 2024 and 2023 were $0.69 and $1.79, respectively. During the nine months ended September 30, 2024 and 2023, all options were granted with exercise prices equal to the market value of the underlying shares of common stock on the grant date except certain awards dated January 16, 2024. In January 2024, the Company's Board of Directors approved certain awards. However, the awards were not communicated to employees until May 2024. Accordingly, these awards have a grant date of May 2024, with an exercise price as of the date the Board of Directors approved the awards in January 2024.

As of September 30, 2024, there was $2.7 million of unrecognized share-based compensation expense related to stock options granted to employees, consultants and directors which, if all milestones are achieved on outstanding performance-based awards, will be recognized over a weighted average period of 1.5 years. For awards with performance conditions, expense is recognized if the underlying performance conditions are deemed probable of achievement.

A summary of non-vested stock activity for the nine-month period ended September 30, 2024 is presented below:


	Nonvested Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023		789,503		$	1.18
Granted		216,314			0.92
Vested		(221,234	)		1.04
Forfeited		—			—
Outstanding at September 30, 2024		784,583		$	1.15

As of September 30, 2024, there was $0.7 million of unrecognized share-based compensation expense related to these non-vested shares which will be recognized over a weighted average period of 3.9 years.

During the nine months ended September 30, 2024, 15,392 shares were issued under the 2021 Employee Stock Purchase Plan, 74,230 shares were issued as a result of stock option exercises and 221,234 shares were issued as a result of the vesting of non-vested stock.

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, 2024 and 2023, was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	353	$	105	$	822	$	387
General and administrative		530		834		1,630		2,372
Total share-based compensation expense	$	883	$	939	$	2,452	$	2,759

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Summary of Cash Equivalents

Cash equivalents consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Institutional money market funds	$	6,093	$	6,093	$	2,899	$	2,899

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (8,321,698)	$ (16,999,262)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	161,568	151,045
Share-based compensation	1,420,178	2,758,668
Gain on deconsolidation	(185,352)
Gain on forgiveness of liability	(1,788,204)	(266,780)
Change in fair value of related party note	350,355
Interest accrued on related party note	54,167
Changes in operating assets and liabilities:
Prepaid expenses	(183,167)	256,668
Accounts payable	(1,556,563)	(1,544,216)
Accrued liabilities and other current liabilities	390,524	760,583
Other operating assets and liabilities	1,830,383	2,156,714
Net cash used in operating activities	(7,827,809)	(12,726,580)
Cash flows from investing activities:
Purchases of plant and equipment		(73,561)
Net cash used in investing activities		(73,561)
Cash flows from financing activities:
Proceeds from issuance of related party note	5,000,000
Proceeds from sale of shares in private placement	5,800,000
Proceeds from employee stock purchases and option exercises	19,989	70,466
Purchase of treasury shares to satisfy tax withholdings		(477,637)
Net cash provided by (used in) financing activities	10,819,989	(407,171)
Effect of exchange rate changes on cash	(31,170)	(29,559)
Net increase (decrease) in cash and cash equivalents	2,961,010	(13,236,871)
Cash and cash equivalents, beginning of period	3,367,229	19,635,725
Cash and cash equivalents, end of period	6,328,239	6,398,854
Supplemental cash flow information:
Cash paid for interest	9,027	21,439
Supplemental disclosures - non-cash activities:
Issuance of stock options for payment of certain employee bonuses	1,031,908
Issuance of related party note (Note 8)	$ 792,878
Issuance of common stock, $0.00001 par value, for payment of certain employee bonuses		$ 1,011,358

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

(12) Subsequent Events

On February 26, 2024, the Company received a letter (the “Minimum Bid Price Notice”) from Nasdaq notifying the Company that its common stock, $0.00001 par value per share (the “Common Stock”), failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) based upon the closing bid price of the Common Stock for the 30 consecutive trading days prior to the date of the Minimum Bid Price Notice from Nasdaq and, in accordance with the Nasdaq Listing Rules, the Company was provided a 180-calendar day grace period to regain compliance with the minimum bid price requirement set forth in the Minimum Bid Price Rule, through August 26, 2024.

On August 27, 2024, the Company received formal notice from Nasdaq stating the Company was unable to regain compliance with the Minimum Bid Price Requirement. The Company appealed and had a hearing before the Panel. On October 21, 2024, MiNK was informed by Nasdaq that the Panel made a determination to grant the request of the Company to continue its listing on The Nasdaq Stock Market subject to, that on or before February 10, 2025, the Company shall demonstrate compliance with the Minimum Bid Price Rule.

Share-based Compensation Plans - Summary of Option Activity (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options, Outstanding at Beginning Balance \| shares	6,945,716
Options, Granted \| shares	2,140,875
Options, Exercised \| shares	(74,230)
Options, Forfeited \| shares	(52,602)
Options, Expired \| shares	(7,234)
Options, Outstanding at Ending Balance \| shares	8,952,525
Options, Vested or expected to vest at September 30, 2024 \| shares	8,952,525
Options, Exercisable at September 30, 2024 \| shares	6,274,811
Outstanding at Beginning Balance, Weighted Average Exercise Price \| $ / shares	$ 2.03
Granted, Weighted Average Exercise Price \| $ / shares	0.87
Exercised, Weighted Average Exercise Price \| $ / shares	0.09
Forfeited, Weighted Average Exercise Price \| $ / shares	2.03
Expired, Weighted Average Exercise Price \| $ / shares	2.27
Outstanding at Ending Balance, Weighted Average Exercise Price \| $ / shares	1.77
Vested or expected to vest at September 30, 2024, Weighted Average Exercise Price \| $ / shares	1.77
Exercisable at September 30, 2024, Weighted Average Exercise Price \| $ / shares	$ 1.45
Outstanding at September 30, 2024, Weighted Average Remaining Contractual Term	7 years 2 months 23 days
Vested or expected to vest at September 30, 2024, Weighted Average Remaining Contractual Term	7 years 2 months 23 days
Exercisable at September 30, 2024, Weighted Average Remaining Contractual Term	6 years 11 months 12 days
Outstanding at September 30, 2024, Aggregate Intrinsic Value \| $	$ 1,506,311
Vested or expected to vest at September 30, 2024, Aggregate Intrinsic Value \| $	1,506,311
Exercisable at September 30, 2024, Aggregate Intrinsic Value \| $	$ 1,506,311

Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

(9) Equity

In May 2024, the Company entered into a Stock Purchase Agreement with an investor (the “Purchaser”), pursuant to which the Company issued and sold an aggregate of 4,640,000 shares of common stock, at a purchase price of $1.25 per share, a 25% premium to the 30-day volume-weighted average stock price, or an aggregate purchase price of approximately $5.8 million. The Purchaser has agreed not sell of any of the common stock prior to November 9, 2024 and to vote all of the shares of common stock that it then owns in accordance with the recommendation of the Company’s board of directors on all matters presented to the Company’s stockholders through May 14, 2025.

On September 13, 2024, MiNK received a letter (the “MVLS Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying it that for the previous 30 consecutive trading days the Company’s Minimum Value of Listed Securities (“MVLS”) was less than $35.0 million, as required by Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”). Nasdaq has provided the Company with 180 calendar days, or until March 12, 2025, to regain compliance. To regain compliance, the Company’s MVLS must meet or exceed $35.0 million for a minimum of ten consecutive trading days.

In the event the Company does not regain compliance with the MVLS Rule prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to the Nasdaq Hearings Panel (the “Panel”). The Company will continue to monitor its MVLS and consider its available options to regain compliance with the MVLS Rule. However, there can be no assurance that the Company will be able to regain compliance with the MVLS Rule.

- Definition

The entire disclosure for equity.

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+ Details

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Payroll	$	910	$	1,831
Professional fees		481		398
Research services		613		302
Contract manufacturing costs		641		2,430
Other		—		76
Total	$	2,645	$	5,037

The above contract manufacturing costs balance as of September 30, 2024 reflects the forgiveness of certain previously recorded liabilities during the quarter ended September 30, 2024. The associated reversal of previously recorded expense was recognized as a reduction to research and development expense.

Other current liabilities of $2.3 million as of both September 30, 2024 and December 31, 2023, represent the advance received under the Company’s research and development agreement with the Belgium Walloon Region Government (“Walloon Region”). In 2022, the Company received notice that the Walloon Region had obtained a default judgment seeking repayment of approximately $2.3 million of the advance based upon the Company allegedly not providing required notification that research and operations in the region were discontinued.

Cash and Cash Equivalents - Summary of Cash Equivalents (Details) - Institutional Money Market Funds - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cost	$ 6,093	$ 2,899
Estimated Fair Value	$ 6,093	$ 2,899

Business and Liquidity - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Business and Liquidity Disclosure [Line Items]
Accumulated deficit	$ (141,718,631)	$ (133,396,933)
Cash and cash equivalents	$ 6,328,239	$ 3,367,229

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-based Compensation Plans - Summary of Non-vested Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Nonvested Shares, Outstanding at Beginning Balance \| shares	789,503
Nonvested Shares, Granted \| shares	216,314
Nonvested Shares, Vested \| shares	(221,234)
Nonvested Shares, Outstanding at Ending Balance \| shares	784,583
Outstanding at Beginning Balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1.18
Granted, Weighted Average Grant Date Fair Value \| $ / shares	0.92
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1.04
Outstanding at Ending Balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1.15

Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding principal amount of Note	$ 5,000,000
Gain on deconsolidation of foreign subsidiary	185,352
Convertible Affiliated Note
Debt Instrument [Line Items]
Outstanding principal amount of Note	5,000,000
Other Income, Net
Debt Instrument [Line Items]
Gain on deconsolidation of foreign subsidiary	$ 185,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

(3) Net Loss Per Share

Basic loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding. Diluted loss per common share is calculated by dividing net loss 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, 2024 and 2023, as they would be anti-dilutive:


	Three and Nine Months Ended September 30,
	2024		2023
Stock options		8,952,525		6,771,190
Non-vested shares		784,583		766,786

Accrued and Other Current Liabilities - Summary of Accrued liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Payroll	$ 910,000	$ 1,831,000
Professional fees	481,000	398,000
Research services	613,000	302,000
Contract manufacturing costs	641,000	2,430,000
Other		76,000
Total	$ 2,645,494	$ 5,037,361

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Fair Value Option	Fair Value Option Under the Fair Value Option subsection of Accounting Standards Codification Subtopic 825-10, Financial Instruments – Overall, the Company has the irrevocable option to report most financial assets and liabilities at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The Company has elected to report the related party note it issued to Agenus on February 12, 2024, under the Convertible Promissory Note Purchase Agreement (the “Purchase Agreement” or “Note”) at fair value. The fair value of the Note is determined on a scenario based present value methodology. The outstanding principal amount of the Note was $5.0 million at September 30, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental annual and quarterly disclosures about segment measures of profit or loss as well as significant segment expenditures. It also requires public entities with a single reportable segment to provide all segment disclosures required by the amendments and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. As the Company has a single reportable segment, MiNK expects the adoption of this standard to result in increased disclosures in the notes to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires incremental annual disclosures around income tax rate reconciliations, income taxes paid and other related disclosures. For the Company, ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. The Company is currently evaluating the impact that ASU 2023-09 will have on the notes to its consolidated financial statements. No other new accounting pronouncement issued or effective during the nine months ended September 30, 2024 had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Equipment, net of accumulated depreciation	$ 476,741	$ 495,638
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	39,549,975	34,599,119

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 540,638	$ 3,427,373	$ 4,929,993	$ 12,179,365
General and administrative	1,163,033	1,796,188	3,505,260	5,241,636
Change in fair value of related party note	180,941		350,355
Operating loss	(1,884,612)	(5,223,561)	(8,785,608)	(17,421,001)
Other income, net:
Interest income, net	78,015	107,287	132,995	421,731
Other income, net		8	330,915	8
Net loss	$ (1,806,597)	$ (5,116,266)	$ (8,321,698)	$ (16,999,262)
Per common share data:
Basic net loss per common share	$ (0.05)	$ (0.15)	$ (0.22)	$ (0.5)
Diluted net loss per common share	$ (0.05)	$ (0.15)	$ (0.22)	$ (0.5)
Weighted average number of common shares outstanding, basic	39,533,702	34,497,595	37,115,072	34,293,137
Weighted average number of common shares outstanding, diluted	39,533,702	34,497,595	37,115,072	34,293,137
Other comprehensive income (loss):
Foreign currency translation gain (loss)	$ (61,463)	$ 88,623	$ (241,891)	$ (20,720)
Comprehensive loss	$ (1,868,060)	$ (5,027,643)	$ (8,563,589)	$ (17,019,982)

Accrued and Other Current Liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Current [Line Items]
Other current liabilities		$ 2,392,324	$ 2,453,251
Research and Development Agreement
Other Liabilities Current [Line Items]
Other current liabilities		$ 2,300,000	$ 2,300,000
Research and Development Agreement \| Other Income (Expense), Net
Other Liabilities Current [Line Items]
Repayable advance received	$ 2,300,000

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 12, 2024	Jun. 30, 2024	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024
Related Party Transaction [Line Items]
Due to related parties				$ 12,915,252		$ 12,915,252		$ 11,157,073
Principal balance of note				5,000,000		$ 5,000,000
Number of shares options, granted						2,140,875
Stock Options \| Maximum
Related Party Transaction [Line Items]
Stock option, vesting period						4 years
Stock Options \| Minimum
Related Party Transaction [Line Items]
Stock option, vesting period						3 years
Related Party
Related Party Transaction [Line Items]
Due to related parties				12,900,000		$ 12,900,000
Agenus Inc
Related Party Transaction [Line Items]
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 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.
Intercompany allocation included in expense				294,000	$ 236,000	$ 737,000	$ 832,000
Percentage of per share price of equity securities sold in qualified financing	80.00%
Qualified financing terms	In the event of a qualified financing event, as defined in the Note, the outstanding principal amount of the Note plus accrued and unpaid interest shall, at Agenus’ election, either be paid in full or converted into equity shares 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 equity securities sold in the qualified financing. Upon a change of control, the Company will pay Agenus an amount equal to (i) 1.5 times the principal then outstanding under the Note and (ii) the amount of accrued interest then outstanding immediately prior to the closing of such change of control.
Agenus Inc \| Purchase Agreement \| Convertible Promissory Note
Related Party Transaction [Line Items]
Convertible debt issued, principal amount	$ 5,000,000
Convertible debt, annual interest rate	2.00%					17.50%
Convertible debt, interest rate terms	Interest shall accrue and not be payable until converted or paid in connection with the repayment in full of the principal amount of the Note. The Note provides that the Company will pay Agenus on demand the principal amount outstanding, together with any unpaid interest, on or after January 1, 2026.
Convertible debt outstanding amount										$ 5,000,000
Principal balance of note				5,000,000		$ 5,000,000
Accrued and unpaid interest balance				54,167		$ 54,167
Agenus Inc \| New Intercompany Service Agreement
Related Party Transaction [Line Items]
Percentage of service cost						10.00%
Service agreement notice period						60 days
Agenus Inc \| Individual Services
Related Party Transaction [Line Items]
Service agreement notice period						30 days
Agenus Inc \| Business Services and Occupancy Costs
Related Party Transaction [Line Items]
Percentage of service cost						105.00%
Agenus Inc \| Research Services
Related Party Transaction [Line Items]
Percentage of service cost						110.00%
Atlant Clinical Ltd [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party									$ 250,000
Work order received from related party				193,000		$ 193,000
Atlant Clinical Ltd [Member] \| Research and Development
Related Party Transaction [Line Items]
Clinical research services				2,500	4,000	21,000	26,000
Wolf, Greenfield & Sachs, P.C.
Related Party Transaction [Line Items]
Legal services fee				$ 42,000	$ 58,000	121,000	$ 155,000
Dr. Buell
Related Party Transaction [Line Items]
Compensation paid								$ 150,000
Additional compensation received						$ 0
Dr. Buell \| Stock Options
Related Party Transaction [Line Items]
Number of shares options, granted		37,500	37,500

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	MiNK Therapeutics, Inc.
Entity Central Index Key	0001840229
Entity Current Reporting Status	Yes
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		39,549,975
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

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	(11) Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental annual and quarterly disclosures about segment measures of profit or loss as well as significant segment expenditures. It also requires public entities with a single reportable segment to provide all segment disclosures required by the amendments and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. As the Company has a single reportable segment, MiNK expects the adoption of this standard to result in increased disclosures in the notes to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires incremental annual disclosures around income tax rate reconciliations, income taxes paid and other related disclosures. For the Company, ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. The Company is currently evaluating the impact that ASU 2023-09 will have on the notes to its consolidated financial statements. No other new accounting pronouncement issued or effective during the nine months ended September 30, 2024 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 65
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

(7) Related Party Transactions

Until the completion of its Initial Public Offering (“IPO”), 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 certain legal functions. The Company’s consolidated financial statements reflect all costs of doing business related to these operations.

In September 2021, the Company entered into an 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 cell platform, 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 may terminate the New Assignment and License Agreement without cause upon 90 days’ prior written notice to Agenus. Either party may terminate if 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.

Effective April 1, 2022, the Company entered into an Amended and Restated Intercompany Services Agreement (the “New Intercompany Agreement”) with Agenus, which amended and restated the Intercompany General & Administrative Agreement between the Company and Agenus dated September 10, 2021 (the “Prior Intercompany Agreement”). Under the New Intercompany

Agreement, Agenus provides the Company with certain general and administrative support, including, without limitation, financial, facilities management, human resources and information technology administrative support (the “Agenus Services”), and the Company and Agenus provide each other with certain research and development services (the “R&D Services”) and other support services, including legal and regulatory support (the “Shared Services”). The Company is required to pay 10% of Agenus’ costs related to the Agenus Services, and the costs of R&D Services are based upon pass-through costs related to such services plus an allocation of the costs of the employees performing the services. No payment will be due from either party for the Shared Services, provided that the services provided by each party are proportional in scope and volume. 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, and the Company will be covered by certain Agenus insurance policies, subject to certain conditions, including the Company paying the cost of such coverage. Either party may terminate the New Intercompany Agreement upon 60 days’ prior written notice and individual services upon 30 days’ prior written notice.

Allocated Agenus services primarily include payroll related expenses, facility costs, insurance and stock-based compensation, and are included in the accompanying financial statements based on certain estimates and allocations described above. Under the Prior Intercompany Agreement, the allocation methods primarily included time devoted to activities and headcount-based allocations. Agenus business services and occupancy costs were allocated to the Company based on the Company’s headcount as a percentage of Agenus’ and the Company was required to pay 105% of Agenus’ costs for these business services and occupancy costs. Research services were charged between the entities based on hours recorded by Agenus employees as time spent on specific projects, applied to hourly wage rates, and the Company paid 110% of Agenus’ costs for these research services. 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 $294,000 and $236,000 for the three months ended September 30, 2024 and 2023, respectively, and $737,000 and $832,000 for the nine months ended September 30, 2024 and 2023, respectively, is included in “Operating expenses” in the Company’s statement of operations and “Due to related parties,” of $12.9 million as of September 30, 2024, in the Company’s condensed consolidated balance sheet. Agenus has agreed to not require repayment of the related party balance prior to December 31, 2025.

On February 12, 2024, the Company and Agenus entered into a Convertible Promissory Note Purchase Agreement pursuant to which the Company issued to Agenus a convertible promissory note in the principal amount of up to $5.0 million. The Purchase Agreement sets forth the terms and conditions, including representations and warranties, for the Company’s issuance and sale of the Note to Agenus.

The Company may draw down on the principal amount of the Note from time to time with Agenus’s consent in any increment, either in the form of advancements or payments made by Agenus on the Company’s behalf. The Note carries an annual rate of interest rate of 2% (the “Interest Rate”) that accrues from the date funds are paid or advanced by Agenus to the Company. Interest shall accrue and not be payable until converted or paid in connection with the repayment in full of the principal amount of the Note. The Note provides that the Company will pay Agenus on demand the principal amount outstanding, together with any unpaid interest, on or after January 1, 2026. In the event of a qualified financing event, as defined in the Note, the outstanding principal amount of the Note plus accrued and unpaid interest shall, at Agenus’ election, either be paid in full or converted into equity shares 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 equity securities sold in the qualified financing. Upon a change of control, the Company will pay Agenus an amount equal to (i) 1.5 times the principal then outstanding under the Note and (ii) the amount of accrued interest then outstanding immediately prior to the closing of such change of control.

In March 2024, MiNK received $5.0 million from Agenus and the Note was fully drawn. As of September 30, 2024, the Note had a principal balance of $5.0 million, an accrued and unpaid interest balance of $54,167 and an effective interest rate of 17.5%.

In January 2023, the Company's CEO (“Dr. Buell”), became an employee of Agenus in the role of Chairman of the Executive Council and she was appointed to the Agenus Board of Directors in June 2024. As an employee of Agenus, Dr. Buell is paid $150,000 annually. In January 2023 Dr. Buell was granted an option to acquire 37,500 shares of Agenus common stock that vest over a period of four years and in June 2024 she was granted an option to acquire 37,500 shares of Agenus common stock that vest over a period of three years. Dr. Buell receives no additional compensation as an Agenus board member.

In 2022, the Company entered into a Master Services Agreement with Atlant Clinical Ltd. (“Atlant”), a subsidiary of Agenus, to provide clinical trial support services to the Company, including an eTMF platform, medical monitoring and data manager services. The Company’s Audit and Finance Committee approved the engagement under its related-party transactions policy for up to $250,000 in services. These services are expected to be completed in 2024. As of September 30, 2024, the Company had entered into work orders with Atlant totaling approximately $193,000, plus out of pocket expenses which are to pass through to Company at cost. For

the three and nine months ended September 30, 2024, approximately $2,500 and $21,000, respectively, and for the three and nine months ended September 30, 2023, approximately $4,000 and $26,000, respectively, related to these services is included in “Research and development” expense in the Company’s condensed consolidated statements of operations.

Dr. Buell's spouse is a partner in the law firm of Wolf, Greenfield & Sachs, P.C. (“Wolf Greenfield”), which provided legal services to the Company during the periods ended September 30, 2024 and 2023, and continues to do so. For the three and nine months ended September 30, 2024, the Company expensed Wolf Greenfield fees totaling approximately $42,000 and $121,000, respectively, and for the three and nine months ended September 30, 2023, the Company expensed Wolf Greenfield fees totaling approximately $58,000 and $155,000, respectively. Dr. Buell’s spouse does not receive direct compensation from the fees paid to Wolf Greenfield by the Company and the fees paid by the Company to Wolf Greenfield in the period were an insignificant amount of Wolf Greenfield’s revenues. The Company’s Audit and Finance Committee approved these services under its related-party transactions policy.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023, as they would be anti-dilutive:


	Three and Nine Months Ended September 30,
	2024		2023
Stock options		8,952,525		6,771,190
Non-vested shares		784,583		766,786

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	Sep. 30, 2024 $ / shares
Common stock, par value	$ 0.00001
Employee Bonus
Common stock, par value	$ 0.00001

Share-based Compensation Plans - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 883	$ 939	$ 2,452	$ 2,759
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	353	105	822	387
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 530	$ 834	$ 1,630	$ 2,372

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant-date fair values of options granted	$ 0.69	$ 1.79
Unrecognized share-based compensation expense related to stock options	$ 2.7
Weighted average period of unrecognized share-based compensation expense	3 years 10 months 24 days
Stock option exercises	74,230
Shares issued, vesting of non-vested stock	221,234
Unrecognized share-based compensation expense related to non-vested shares	$ 0.7
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	15,392
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	1 year 6 months
Minimum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	3 years
Maximum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	4 years

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 6,328,239	$ 3,367,229
Prepaid expenses	235,786	53,111
Other current assets	11,195	177,964
Total current assets	6,575,220	3,598,304
Equipment, net of accumulated depreciation of $476,741 and $495,638 at September 30, 2024 and December 31, 2023, respectively	799,522	953,977
Total assets	7,374,742	4,552,281
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	2,361,175	3,911,973
Accrued liabilities	2,645,494	5,037,361
Other current liabilities	2,392,324	2,453,251
Total current liabilities	7,398,993	11,402,585
Related party note	4,611,644
Other long-term liabilities	2,942	48,072
Due to related parties	12,915,252	11,157,073
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Common stock, par value $0.00001 per share; 150,000,000 shares authorized; 39,549,975 and 34,599,119 shares issued at September 30, 2024 and December 31, 2023, respectively	395	346
Additional paid-in capital	124,836,985	115,772,085
Accumulated other comprehensive loss	(672,838)	(430,947)
Accumulated deficit	(141,718,631)	(133,396,933)
Total stockholders' deficit	(17,554,089)	(18,055,449)
Total liabilities and stockholders' deficit	$ 7,374,742	$ 4,552,281

Fair Value Measurement - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Principal balance of note	$ 5.0
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of note	$ 4.6

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

(4) Cash and Cash Equivalents

Cash equivalents consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Institutional money market funds	$	6,093	$	6,093	$	2,899	$	2,899

Share-based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity for the nine-month period ended September 30, 2024 is presented below:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		6,945,716		$	2.03
Granted		2,140,875			0.87
Exercised		(74,230	)		0.09
Forfeited		(52,602	)		2.03
Expired		(7,234	)		2.27
Outstanding at September 30, 2024		8,952,525		$	1.77		7.23	$	1,506,311
Vested or expected to vest at September 30, 2024		8,952,525		$	1.77		7.23	$	1,506,311
Exercisable at September 30, 2024		6,274,811		$	1.45		6.95	$	1,506,311

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for the nine-month period ended September 30, 2024 is presented below:


	Nonvested Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023		789,503		$	1.18
Granted		216,314			0.92
Vested		(221,234	)		1.04
Forfeited		—			—
Outstanding at September 30, 2024		784,583		$	1.15

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, 2024 and 2023, was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	353	$	105	$	822	$	387
General and administrative		530		834		1,630		2,372
Total share-based compensation expense	$	883	$	939	$	2,452	$	2,759

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Sep. 13, 2024	May 31, 2024
Nasdaq MVLS Notice
Class of Stock [Line Items]
Number of trading days	30 days
Minimum value of listed securities regain compliance period	180 days
Minimum value of listed securities for ten trading days	$ 35.0
Nasdaq MVLS Notice \| Maximum
Class of Stock [Line Items]
Minimum value of listed securities	$ 35.0
Stock Purchase Agreement \| Common Stock
Class of Stock [Line Items]
Aggregate number of shares issued and sold		4,640,000
Purchase price per share		$ 1.25
Aggregate purchase price		$ 5.8
Premium percentage		25.00%

Subsequent Events - Additional Information (Details) - USD ($)	Feb. 26, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, par value		$ 0.00001	$ 0.00001
Nasdaq Minimum Bid Price Notice
Subsequent Event [Line Items]
Common stock, par value	$ 0.00001
Minimum bid price required for Listing	$ 1
Number of consecutive trading days	30 days

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,806,597)	$ (2,701,806)	$ (3,813,295)	$ (5,116,266)	$ (6,196,955)	$ (5,686,041)	$ (8,321,698)	$ (16,999,262)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued liabilities

Accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Payroll	$	910	$	1,831
Professional fees		481		398
Research services		613		302
Contract manufacturing costs		641		2,430
Other		—		76
Total	$	2,645	$	5,037

Contingencies

9 Months Ended

Sep. 30, 2024

Loss Contingency [Abstract]

Contingencies

(10) 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.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

Net Loss Per Share - Schedule of Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	8,952,525	6,771,190	8,952,525	6,771,190
Non-Vested Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	784,583	766,786	784,583	766,786

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ (401,303)	$ 339	$ 110,829,900		$ (292,468)	$ (110,939,074)
Beginning Balance, Shares at Dec. 31, 2022		33,856,428
Net loss	(5,686,041)					(5,686,041)
Other comprehensive income (loss)	(81,335)				(81,335)
Exercise of stock options and employee share purchases, Shares		99,555
Exercise of stock options and employee share purchases	45,496	$ 1	45,495
Vesting of nonvested shares, 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	346,344	$ 5	726,260	$ (379,921)
Issuance of shares for employee bonuses, shares		476,804
Issuance of shares for employee bonus, treasury shares				(163,759)
Retirement of treasury shares	379,919	$ (2)		$ 379,921
Retirement of treasury shares, share		(163,759)		163,759
Ending Balance at Mar. 31, 2023	(4,475,781)	$ 343	112,522,794		(373,803)	(116,625,115)
Ending Balance, Shares at Mar. 31, 2023		34,299,441
Beginning Balance at Dec. 31, 2022	(401,303)	$ 339	110,829,900		(292,468)	(110,939,074)
Beginning Balance, Shares at Dec. 31, 2022		33,856,428
Net loss	(16,999,262)
Ending Balance at Sep. 30, 2023	(13,580,793)	$ 345	114,670,386		(313,188)	(127,938,336)
Ending Balance, Shares at Sep. 30, 2023		34,519,540
Beginning Balance at Mar. 31, 2023	(4,475,781)	$ 343	112,522,794		(373,803)	(116,625,115)
Beginning Balance, Shares at Mar. 31, 2023		34,299,441
Net loss	(6,196,955)					(6,196,955)
Other comprehensive income (loss)	(28,008)				(28,008)
Option exercises	22,020		22,020
Option exercises, Shares		32,211
Vesting of nonvested shares		$ 1	(1)
Vesting of nonvested shares, Shares		46,313
Grant and recognition of stock options	864,918		864,918
Recognition of parent stock options	33,347		33,347
Share retirement, Shares		(192)
Issuance of shares for employee bonuses	187,377	$ 1	285,094	$ (97,718)
Issuance of shares for employee bonuses, shares		127,026
Issuance of shares for employee bonus, treasury shares				(42,120)
Retirement of treasury shares	97,718			$ 97,718
Retirement of treasury shares, share		(42,120)		42,120
Ending Balance at Jun. 30, 2023	(9,495,364)	$ 345	113,728,172		(401,811)	(122,822,070)
Ending Balance, Shares at Jun. 30, 2023		34,462,679
Net loss	(5,116,266)					(5,116,266)
Other comprehensive income (loss)	88,623				88,623
Exercise of stock options and employee share purchases, Shares		12,761
Exercise of stock options and employee share purchases	2,950		2,950
Vesting of nonvested shares, Shares		44,100
Grant and recognition of stock options	906,150		906,150
Recognition of parent stock options	33,114		33,114
Ending Balance at Sep. 30, 2023	(13,580,793)	$ 345	114,670,386		(313,188)	(127,938,336)
Ending Balance, Shares at Sep. 30, 2023		34,519,540
Beginning Balance at Dec. 31, 2023	(18,055,449)	$ 346	115,772,085		(430,947)	(133,396,933)
Beginning Balance, Shares at Dec. 31, 2023		34,599,119
Net loss	(3,813,295)					(3,813,295)
Other comprehensive income (loss)	45,167				45,167
Issuance of related party note (Note 8)	792,878		792,878
Exercise of stock options and employee share purchases, Shares		22,851
Exercise of stock options and employee share purchases	6,896		6,896
Vesting of nonvested shares		$ 1	(1)
Vesting of nonvested shares, Shares		77,086
Grant and recognition of stock options	697,563		697,563
Recognition of parent stock options	27,033		27,033
Ending Balance at Mar. 31, 2024	(20,299,207)	$ 347	117,296,454		(385,780)	(137,210,228)
Ending Balance, Shares at Mar. 31, 2024		34,699,056
Beginning Balance at Dec. 31, 2023	(18,055,449)	$ 346	115,772,085		(430,947)	(133,396,933)
Beginning Balance, Shares at Dec. 31, 2023		34,599,119
Net loss	$ (8,321,698)
Option exercises, Shares	74,230
Vesting of nonvested shares, Shares	221,234
Ending Balance at Sep. 30, 2024	$ (17,554,089)	$ 395	124,836,985		(672,838)	(141,718,631)
Ending Balance, Shares at Sep. 30, 2024		39,549,975
Beginning Balance at Mar. 31, 2024	(20,299,207)	$ 347	117,296,454		(385,780)	(137,210,228)
Beginning Balance, Shares at Mar. 31, 2024		34,699,056
Net loss	(2,701,806)					(2,701,806)
Other comprehensive income (loss)	(225,595)				(225,595)
Option exercises	6,288		6,288
Option exercises, Shares		28,655
Vesting of nonvested shares		$ 1	(1)
Vesting of nonvested shares, Shares		77,809
Sale of shares in private placement	5,800,000	$ 46	5,799,954
Sale of shares in private placement, Shares		4,640,000
Grant and recognition of stock options	818,864		818,864
Recognition of parent stock options	25,313		25,313
Ending Balance at Jun. 30, 2024	(16,576,143)	$ 394	123,946,872		(611,375)	(139,912,034)
Ending Balance, Shares at Jun. 30, 2024		39,445,520
Net loss	(1,806,597)					(1,806,597)
Other comprehensive income (loss)	(61,463)				(61,463)
Exercise of stock options and employee share purchases, Shares		38,116
Exercise of stock options and employee share purchases	6,801		6,801
Vesting of nonvested shares		$ 1	(1)
Vesting of nonvested shares, Shares		66,339
Grant and recognition of stock options	857,812		857,812
Recognition of parent stock options	25,501		25,501
Ending Balance at Sep. 30, 2024	$ (17,554,089)	$ 395	$ 124,836,985		$ (672,838)	$ (141,718,631)
Ending Balance, Shares at Sep. 30, 2024		39,549,975

Business and Liquidity

9 Months Ended

Sep. 30, 2024

Business And Liquidity [Abstract]

Business and Liquidity

(1) Business and Liquidity

MiNK Therapeutics, Inc. (“MiNK” or the “Company”) is a clinical-stage biopharmaceutical company pioneering the discovery, development and manufacturing of allogeneic, off-the-shelf, invariant natural killer T (“iNKT”) cell therapies to treat cancer and other immune-mediated diseases. iNKT cells are a distinct T cell population that combine durable memory responses with the rapid cytolytic features of natural killer cells. iNKT cells offer distinct therapeutic advantages as a platform for allogeneic therapy in that the cells naturally home to tissues, aid clearance of tumors and infected cells, and suppress graft-versus-host-disease. MiNK’s proprietary platform is designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. As such, the Company believes that its approach represents a highly versatile application for therapeutic development in cancer and immune diseases. MiNK is leveraging its platform and manufacturing capabilities to develop a wholly owned or exclusively licensed pipeline of both native and engineered iNKT cells.

Since its inception in 2017, MiNK has incurred losses and expects to continue incurring operating losses and negative cash flows in the future until it is able to generate sales and profits. As of September 30, 2024, MiNK had an accumulated deficit of $141.7 million and cash and cash equivalents of $6.3 million. MiNK believes that its cash and cash equivalents balance, plus anticipated funding from partnerships, will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued. Because the completion of anticipated funding is not entirely within the Company’s control, the Company is required to disclose that substantial doubt exists about its ability to continue as a going concern for a period of one year after the date of filing of this Quarterly Report on Form 10-Q.

Management continually monitors MiNK's liquidity position and adjusts spending as needed in order to preserve liquidity. To support its liquidity requirements the Company will require additional funding. Potential sources of additional funding for the Company include: (1) seeking strategic partnerships and collaborations, as well as out-licensing opportunities, for the Company's portfolio programs and product candidates, (2) exploring avenues for securing non-dilutive financing, such as grants, collaborations, and providing fee-based services to strengthen the Company's balance sheet, and (3) potential of equity or debt financing options.

The financial statements have been prepared on a basis that assumes MiNK will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

MiNK’s product candidates are in various stages of development and 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.

Fair Value Measurement

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

(8) Fair Value Measurement

The Company measures the Note at fair value. The fair value of the Note at September 30, 2024 was $4.6 million, 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, some of which are considered Level 2 inputs under the fair value measurements standard. As of September 30, 2024 the Note had a principal balance of $5.0 million. The initial difference between the determined fair value at the issuance of the Note and the proceeds received was recorded as additional paid-in capital at the date of issuance. The subsequent difference between the fair value of the Note at issuance and the fair value of the Note as of September 30, 2024 was recorded in "Operating expenses" in the Company's condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024.

- 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

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+ Details

Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

(2) Significant Accounting Policies

Fair Value Option

Under the Fair Value Option subsection of Accounting Standards Codification Subtopic 825-10, Financial Instruments – Overall, the Company has the irrevocable option to report most financial assets and liabilities at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The Company has elected to report the related party note it issued to Agenus on February 12, 2024, under the Convertible Promissory Note Purchase Agreement (the “Purchase Agreement” or “Note”) at fair value. The fair value of the Note is determined on a scenario based present value methodology. The outstanding principal amount of the Note was $5.0 million at September 30, 2024.

Other Policies

The Company’s remaining significant accounting policies are disclosed in the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024. Since the date of those financial statements there have been no changes, other than the fair value option policy defined above, to the Company’s significant accounting policies.

Financial Statement Preparation

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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

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 income (loss) in total stockholders’ deficit.

In the nine months ended September 30, 2024, the Company deconsolidated a foreign subsidiary and recognized a gain of approximately $185,000, included in "Other income, net" on its condensed consolidated statements of operations and comprehensive loss.