Analyst Conference Summary

biotechnology

conference date: November 11, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2)

Forward-looking statements

Overview: Pipeline progress and first, if tiny, product revenue.

Basic data (GAAP):

Revenue was $200 thousand, up from $0 thousand.

Net income, diluted, was negative $2.55 million, up sequentially from negative $3.1 million, and up from negative $2.89 million year-earlier.

EPS (earnings per share), diluted, was negative $0.50, down sequentially from negative $0.62, and up from negative $0.65 year-earlier.

Guidance:

none

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "We now have a randomized trial running in critical illness, multiple clinical programs enrolling and a path toward pivotal development. This quarter, physicians outside our trials began requesting agenT-797 for their patients, bringing our first pre-commercial revenue. The same unmodified iNKT cells, from the same donor, that drove a 77% disease control rate in PD-1-refractory gastroesophageal cancer are now in a placebo-controlled trial in ARDS, where nearly four in ten patients die and no effective approved drug changes that outcome. Our focus now is delivering the randomized readout designed to show what these cells can do for these patients."

Named Access Program. In several countries outside the US, patients are treated with agenT-979 upon requests originating with a treating physician for an individually identified patient with serious unmet medical need, authorized case by case by the applicable health authority; agenT-797 remains investigational.

In Q3 2026 the Phase 2 study of agenT-797 for ARDS (acute respiratory distress syndrome) continued to advance. Conducted in Lviv, Ukraine for adults with acute lung injury and moderate-to-severe hypoxemic respiratory failure, it will also begin treating U.S. patients soon. Data is expected in 2H 2027. Will enroll 124 patients. Endpoint is prevention of patients advancing to veno-venous ECMO and all-cause mortality through Day 28. Early data from a couple of patients was very positive, showing resolution of ARDS despite multidrug-resistant infections. Estimated possible number of patients in the US is 93,000. In 2027 Mink plans to meet with the FDA about the adaptive Phase 2b/3 trial design.

In September 2026 Mink's agenT-979 was selected for the Draper-led Reversible Ambient Biostabilization team under ARPA-H’s BioStabilization Systems (BoSS) program.

In Q3 2026 a Phase 2 trial of agen T-979, with botensilimab and balstilimab, for patients with MSS colorectal cancer and liver metastases is ongoing. Preclinical data showed Agen-979 worked when Bot/Bal did not work alone.

At the University of Wisconsin–Madison, an investigator-sponsored Phase 1 study of agenT-797 for graft-versus-host disease (GvHD) prevention, funded by an NIAID STTR award and the Mary Gooze Clinical Trial Award, is moving toward first dosing; the University has informed MiNK that it expects the first patient to be scheduled by December 2026.

At SITC, With Imperial College London, MiNK showed that agenT-797 and MiNK-215, the FAP-targeted, IL-15-armored CAR-iNKT candidate, act as living senolytics, clearing the therapy-induced senescent cells that chemotherapy and radiation leave behind. MiNK-215 also eliminated FAP-expressing fibroblasts that shield tumors and drive scarring. These same cells fuel treatment resistance in cancer and progression in fibrotic lung disease – including in ARDS survivors whose lungs continue to scar after leaving the ICU – giving MiNK a single thread from oncology to the lung. Mink intends to study this in sequence: randomized evidence first, then senescence and fibrosis in the clinic.

AgenT-797 has been chosen to prove cell therapy can be deployed without a freezer. This is part of ARPA-H’s BioStabilization Systems (BoSS) program. Mink is working on a fixed-fee basis.

Current externally supported programs include its graft-versus-host disease (GvHD) program supported by NIH STTR funding and the Mary Gooze philanthropic award. In Q4 2026 first patient dosing expected in December.

Strategic discussions to advance agent-797 in end stage pulmonary fibrosis (IPF) are actively underway.

MiNK has engaged in other discusssions of potential clinical partnerships. Together with the C-Further program in pediatric patients with blood cancers and the ARPA-H BoSS participation, MiNK now has four sources of non-dilutive support, allowing it to concentrate its own resources on the randomized ARDS readout.

Mink Therapeutics ended the quarter with a cash balance of $7.5 million, down sequentially from $8.8 million. $1.28 million cashed used in operations.

Operating expenses were $2.8 million, consisting of: R&D $1.8 million; G&A $1.0 million. Change in fair value $na million. Other expense $na million.

Q&A selective summary:

Phase 2b randomized trial, differences in geography? We plan to present more data in 1H 2026. So far observations are validating prior observations. Mortality continues to be consistent. Protocol is to standardize for US type treatment, including ventilator care. Mortality in untreated patients is 40% or higher. Our selection progress is active and rigorous. We validated Lviv site in person. Patients are getting antibiotics and steroids when appropriate. US centers are best in class for ESMO patients. Early improvement in oxygenation will be a key pr

Peer landscape? There was a TLR4 antibody [paridipubuart, Edesa Biotech], showing strategic interest in ARDS. FDA is now more specific about intended target designations. Our therapy has an anti-inflamatory signature, ebabling the lungs to start healing, followed by lungs starting healing and clearing pathogens. We also see epithelial healing cytokines. We need to mitigate acute inflamation early, our treatment is very compelling.

Hyperinflammatory markers, endpoints, FDA meeting topics? We have published sets of biomarkers, and some may be predictive of response to therapy. But currently enrolling all patients, while stratifying by biomarkers. Will discuss with FDA. VVECMO (sp?) invasive therapy, make an endpoint to avoid that. We want the Phase 2 to Phase 3 transition to be seemless so all patients can contribute to registration. Our cells have been shown to act as living senolytics, clearing senescent cells (SITC presentation). Could avoid long-term fibrotic lung lessions. Could avoid lung transplants.

Enrollment in colorectal study? Readout? Actively enrolling. Past first couple of safety cohorts. First readout in early 2027. There is a meaningful cohort, data later.

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