NEW YORK - Biotech firm MiNK Therapeutics, Inc. is on the brink of being delisted from the Nasdaq Stock Market after failing to meet the minimum bid price requirement. The company's common stock has closed below the $1.00 threshold for over 30 consecutive trading days, triggering a notice from Nasdaq.
Despite occasional surges above the $1.00 mark during the 180-day grace period, which ended on August 26, 2024, MiNK Therapeutics was unable to maintain the required bid price. On Monday, the company received a formal notification from Nasdaq confirming its non-compliance with the Bid Price Rule.
In response, MiNK Therapeutics plans to request a hearing before the Nasdaq Hearings Panel to appeal the delisting process. This move will temporarily halt the delisting and allow the company's stock to remain on The Nasdaq Capital Market until the hearing's conclusion.
However, there is no guarantee that the panel will decide to continue listing the company, nor is there certainty that MiNK Therapeutics will meet the listing criteria within any extension period granted.
The potential delisting presents a significant challenge for MiNK Therapeutics, a Delaware-incorporated company operating in the biological products sector. Formerly known as AgenTus Therapeutics, Inc., the company changed its name on January 12, 2021, and is headquartered at 149 Fifth Avenue, New York.
In other recent news, MiNK Therapeutics has reported progress for the second quarter of 2024. The company has disclosed updates on their primary cell therapy programs, AgenT-797 and MiNK-215. AgenT-797 is currently in a Phase II trial for gastric cancer and ARDS, with plans for a Phase I trial for GvHD. MiNK-215, which targets solid tumors, is expected to file an IND in 2025.
MiNK Therapeutics has also emphasized its financial strategy, engaging in non-dilutive funding and strategic partnerships. The company ended the quarter with a cash balance of $9.3 million and reported a decrease in operational cash burn compared to the previous quarter. However, it did report a net loss of $2.7 million for Q2 2024.
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