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MiNK Therapeutics, Inc. (NASDAQ:INKT), whose stock has surged over 460% in the past week and currently trades at $40.61, announced Tuesday that it has entered into an at-the-market issuance sales agreement with B. Riley Securities, Inc. as sales agent. Under the terms of the agreement, MiNK Therapeutics may offer and sell shares of its common stock, with a maximum aggregate offering price of up to $50 million, from time to time through B. Riley Securities. The offering comes as InvestingPro data shows the company’s short-term obligations exceed its liquid assets, with a current ratio of 0.3.
The sales will be made pursuant to the company’s registration statement on Form S-3, which was filed with the Securities and Exchange Commission on November 3, 2022, and became effective on November 8, 2022. A prospectus supplement related to this offering was dated Tuesday.
The legal opinion regarding the issuance of the shares was provided by Latham & Watkins LLP, according to the company’s filing.
This information is based on a statement in a press release and a recent SEC filing.
In other recent news, MiNK Therapeutics announced a significant development with the publication of a case study in the journal Oncogene. The study detailed a patient with metastatic testicular cancer achieving complete remission after treatment with MiNK’s iNKT cell therapy, agenT-797, in combination with nivolumab. This patient had previously undergone multiple treatments without success, including chemotherapy and stem cell transplants. The therapy was well-tolerated, with no adverse effects like cytokine release syndrome or graft-versus-host disease, and donor iNKT cells were detectable for up to six months post-infusion. Additionally, MiNK presented data from its Phase 2 trial in second-line gastric cancer, showing promising results such as immune activation and extended survival beyond 12 months for some patients. William Blair recently downgraded MiNK’s stock to Market Perform, citing the stock’s surge beyond their fair-value estimate. Meanwhile, H.C. Wainwright maintained a Buy rating with a $35 price target, following the publication of the testicular cancer case study. MiNK continues to enroll patients in its ongoing Phase 2 gastric cancer trial, with more data expected soon.
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