Company: INKT
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0000950170-25-041379
Chunk: 150

Company: MiNK Therapeutics, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 1B
Chunk 150
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PP provides eligible employees the opportunity to acquire the Company’s common stock in a program designed to comply with Section 423 of the Code. There are approximately 135,000 shares reserved for issuance under the ESPP, plus an automatic annual increase on January 1st of each year from 2025 to 2031 equal to the lesser of (i) one percent of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31st and (ii) the number of shares determined by the Company’s board of directors on or prior to such date for such year, up to a maximum of approximately 0.4 million shares in the aggregate.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, service conditions, and generally vest ratably over a 3 or 4-year period. The fair value of each option granted during the period was estimated on the date of grant using the following weighted average assumptions:  

        2024

        2023

        Expected volatility

        93
        %

        92
        %

        Expected term in years

        6

        6

        Risk-free interest rate

        4.3
        %

        3.6
        %

        Dividend yield

        0
        %

        0
        %
       
      The expected term of stock options granted is based on historical data and other factors and represents the period of time that stock options are expected to be outstanding prior to exercise. The risk-free interest rate is based on U.S. Treasury strips with maturities that match the expected term on the date of grant. 

 79

A summary of option activity for 2024 is presented below:  

        Options

        WeightedAverageExercisePrice

        WeightedAverageRemainingContractualTerm(in years)

        AggregateIntrinsicValue

        Outstanding at December 31, 2023

        694,571

        $
        20.30

        Granted

        214,087

        8.73

        Exercised

        (7,423
        )

        0.91

        Forfeited

        (5,505
        )

        3.38

        Expired

        (728
        )

        22.