Analyst Conference Summary

biotechnology

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

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $ million, down sequentially from negative $2.8 million, and up from negative $ million year-earlier.

EPS (earnings per share), diluted, was negative $, down sequentially from negative $0.70, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

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

In 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.

In Q2 2025 Mink was selected for funding by NIAID to support its allogeneic iNKT program in GvHD, with a formal award expected by June 2025. This would provide a critical source of non-dilutive capital and external validation. Will work with University of Wisconsin scientists.

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.

At SITC 2024, in November, a presentation of "PRAME-targeted TCR iNKT cell therapy showcased the potential to address limitations of traditional T cell therapies in targeting solid tumors such as NSCLC, ovarian cancer, melanoma, and sarcoma. Preclinical studies indicate that PRAME-TCR-iNKTs can specifically target and kill tumor cells." Can be administered without lymphodepletion. Highly scalable.

A peer-reviewed publication expected in 1H 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.

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 May 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 presented at a 2025 conference.

AgenT-797 Phase 1 trial in GvHD (graft v. host disease) should start in 2025. Depending on external financial support. Will also conduct further pre-clinical studies. Already showed activity in a Phase 1 trial in ARDS (acute respiratory distress syndrome).

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 for early 2025. FAP is often found on cancer cells but rarely on healthy cells. The $5.8 million investor cash raised in May 2024 is specifically for funding MiNK-215.

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

Partnership with ImmunoScape is underway to develop T-cell receptors to tumor antigens. Our iNKT hosts should be ideal for these PCRs.

Mink Therapeutics ended the quarter with a cash balance of $ million, down sequentially from $3.2 million. $ million cash used in operations.

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

Q&A selective summary:

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