Analyst Conference Summary

biotechnology

conference date: March 31, 2026 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $ million, up sequentially from negative $2.9 million, and down from negative $ million year-earlier.

EPS (earnings per share), diluted, was negative $, up sequentially from negative $0.65, and down from negative $ year-earlier.

Guidance:

Has cash runway through 2026.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: ""

iNKT (invariant natural killer T) cells have unique regulatory and immune functions. agenT-797 has shown the ability to restore immune function and is now positioned as a platform therapeutic. MiNK is the international leader in this field.

In Q3 2025, At SITC 2025, MiNK reported updated clinical data showing sustained tumor regression and immune reprogramming with agenT-797 (plus a PD-1 agent) across diverse checkpoint-refractory cancers, including complete remissions lasting more than two years and survival exceeding three years in late stage, refractory cancers. Safety profile was favorable. There was a durable response in gastric cancer. A metastatic renal cancer patient remained progression free beyond 2 years. Tumors of responders showed immune cell infiltration and broad activation of cytotoxic pathways. agenT-797 reprograms the tumor environment, turning cold tumors hot.

In Q3 2025 MiNK initiated a preclinical and Phase 1 study of agenT-797 with the goal of preventing GvHD and reduce relapse in stem-cell transplant patients. The study, led by Dr. Hongtao Liu and Dr. Jenny Gumperz University of Wisconsin Carbone Cancer Center (UWCCC), is supported by the Mary Gooze Clinical Trial and Translation Award and an NIH STTR grant from NIAID. The Phase 1 portion of the trial should initiate in Q1 2026.

Dr. Terese C. Hammond, a nationally recognized expert in pulmonary and critical care medicine, joined MiNK as Head of Inflammatory and Pulmonary Diseases to lead the late-stage ARDS and GvHD programs. Said MiNK is redefining the architecture of immune therapies to rebalance immunity.

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.

Early data from our randomized Phase 2 trial in severe pulmonary inflammatory disease is expected in 2026. Preparing for expanding into a Phase 3 program.

Also continues to work applying iNKT therapy to ARDS. Expects to announce external funding and a clinical trial.

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.

MiNK-413, is a differentiated FAP allogeneic armored-BCMA-CAR-iNKT, in preclinical development.

Mink Therapeutics ended the quarter with a cash balance of $ million, up sequentially from $14.3 million. $ million cash used in operations. In Q4 raised $1.2 million with an ATM equity stock sale.

Operating expenses were $ million, consisting of: R&D $ million; G&A $ million. Change in fair value $ million. Other expense $ million.

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