MiNK Therepeutics
INKT
conference date: August 14, 2025 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2025 (second quarter, Q2)

Forward-looking
statements
Overview: Remarkable remission in testicular cancer; raised cash.
Basic data (GAAP):
Revenue was zero.
Net income, diluted, was negative $4.2 million, down sequentially from negative $2.8 million, and down from negative $2.7 million year-earlier.
EPS (earnings per share), diluted, was negative $1.06, down sequentially from negative $0.70, and down from negative $0.73 year-earlier.
Guidance:
Cash runway through mid-2026.
Conference Highlights:
Dr. Jennifer Buell, President and CEO of MiNK said: "In Q2, we demonstrated the power of our platform with high impact clinical results, publication of key clinical findings, and competitive, non-dilutive, federal funding. Since quarter-end, we further strengthened our financial position that extends our runway beyond mid-2026. With our cash position, coupled with two separate non-dilutive grants for the clinical advancement of allo-INKTs in GvHD — we can achieve substantial clinical program advancements." iNKT (invariant natural killer T) cells have unique regulatory and immune functions.
Nature's Oncogene, in Q2 2025, detailed a complete remission in a patient with metastatic testicular cancer, from the Phase 1 trial of a single infusion of agenT-797. This was achieved without lymphodepletion, HLA matching, or toxicity. The patient had failed several prior lines of therapy.
Frontiers in Immunology, in Q2 2025, featured the MiNK platform's ability to remodel the tumor microenvironment. Described CAR-iNKTs including MiNK-215 as a next-generation solid tumor solution.
Momentum in late-stage partnership discussions continues. Refining criteria for the partnerships, talking to multimple potential partners.
Also continues to work applying iNKT therapy to ARDS. Expects to announce external funding and a clinical trial.
In Q1 2025 Mink presented new data on agenT-797 at the inaugural AACR IO and ASCO GI, showing very good responses in patients with PD-1 resistant gastroesophageal cancers, in combination with checkpoint inhibitors and chemotherapy.
For GvHD, in Q2 2025 Mink was selected for funding via a Department of Defense STTR grant to support its allogeneic iNKT program in GvHD. This provides a critical source of non-dilutive capital and external validation. An additional clinical competitive grant was awarded to initiate a first-in-human clinical trial of iNKTs in GvHD, with trial initiation targeted in 2H 2025.
In Q4 2024 MiNK entered into a research collaboration with Autonomous Therapeutics, a pioneer in disease-activated RNA medicines, to treat metastatic tumors. The collaboration combines Autonomous encrypted RNA (encRNA) technology with MiNK iNKT cell therapies, MiNK-215 and agenT-797, to develop therapies for metastatic cancer cells. Delivers specific RNA payloads to tumor cells.
AgenT-797 launched an investigator-sponsored Phase 2 trial in 2L gastric cancer in Q4 2023, at Memorial Sloan Kettering, funded by non-dilutive grants. As of August 2025 actively enrolling patients. Includes 797 with standard of care chemo, plus 797 + chemo + bot/bal. This is funded by Stand Up to Cancer. Initial data will be expected in 2025.
MiNK-215, a novel FAP-CAR-iNKT, presented preclinical data at AACR in MSS colorectal cancer liver metastases in April 2024. MiNK-215 IND filing planned. Further advancement of the program is expected in 2025.
MiNK-413, is a differentiated FAP allogeneic armored-BCMA-CAR-iNKT, in preclinical development.
In Q2 2025 non-cash expenses of $1.5 million included repricing of certain equity awards.
Mink Therapeutics ended the quarter with a cash balance of $1.7 million, down sequentially from $3.2 million. $1.6 million cash used in operations. After Q2 ended raised $13 million with an ATM equity stock sale. Common shares outstanding before the ATM were 3.98 million.
Operating expenses were $4.1 million, consisting of: R&D $1.8 million; G&A $1.8 million. Change in fair value $0.4 million. Other expense $0.2 million.
Q&A selective summary:
GvHD trial design? Phase 1, will do a safety run in low dose with a few patients, then a cohort with 1 billion cells, for 20 to 25 patients. Will be able to expand the trial. Compared to other therapies iNKTs appear to be more tolerable and effective. Will help prevent infections.
Gastric cancer? Started 18 months ago. Biomarker data are on our web site. Data to be released include clinical outcomes.
MiNK-215 preclinical data is impressive. Ready to start small scale manufacture. Could be a financial partner for this program. No IND yet.
Difference in the two GvHD programs? Prophylactic setting, not acute GvHD.
Size of GvHD grants? Fully funded. We can add funding if we have specific questions we want answered.
ARDS plan? Should have announcements relatively soon. In earlier tests saw substantial improvements in outcomes during the pandemic. More data soon on atypical pneumonia. Trial will look at 28-day mortality, prevention of secondary infections, number of ventilation free days, all designed to meet FDA standards for registration.
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