Analyst Conference Summary

biotechnology

conference date: November 14, 2025 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3)

Forward-looking statements

Overview: Clinical data showing sustained tumor regression. GvHD collaboration launched.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $2.9 million, up sequentially from negative $4.2 million, and down from negative $1.8 million year-earlier.

EPS (earnings per share), diluted, was negative $0.65, up sequentially from negative $1.06, and down from negative $0.46 year-earlier. Sharecount increased to 4.44 million from 3.95 million year-earlier.

Guidance:

Has cash runway through 2026.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "This quarter, MiNK achieved meaningful clinical and organizational milestones as we continue our disciplined path toward pivotal development. The durability and mechanistic depth of our off-the-shelf iNKT cell therapy, agenT-797 results, paired with the launch of our grant supported GvHD study and new leadership in critical care, underscore the breadth of our platform and the momentum driving MiNK forward. We believe our iNKT therapies can restore immune balance across settings where current treatments have failed — in cancer, transplant, and severe inflammation, where we prepare for the next phase of clinical expansion. . . MiNK is now fully indepenent, as Agenus now has less than 50% of the stock." 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.

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.

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 expects to report further progress on strategic partnerships and manufacturing in 2026. Expects this will continue to strengthen the balance sheet.

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 $14.3 million, up sequentially from $1.7 million. $0.9 million cash used in operations. In Q3 raised $13 million with an ATM equity stock sale. Common shares outstanding before the ATM were 3.98 million; end of Q3 were ?. In Q4 raised another $1.2 million.

Operating expenses were $3.2 million, consisting of: R&D $1.1 million; G&A $1.8 million. Change in fair value $0.2 million. Other expense $0.2 million.

Q&A selective summary:

Combo cohort of 6 patients, thinking of expanding? We are seeing a growing population of patients who failed PD1 therapies. The dramatic responses came from adding agenT-797 to patients who are continuing their PD1. We are getting ready for a Phase 2 combination study in second-line gastric cancer, to be externally funded. We are also looking for a cohort in the germ cell family, which could be a relatively rapid development into Phase 2.

Pulmonary disease timeline? Activating right now. First patient dosing could be late this year or very early next year.

GvHD endpoints, other trial details? Funded by NIH. One of our scientific advisors has shown inkt cells can prevent GvHD. We are looking at dosing and engraftment success. Our cells do not require lymphodepletion or long hospitalization. Endpoint would be GvHD absense at 100 days. It is a differentiated opportunity. A 50% improvement, even a 20% improvement, in outcomes would be meaningful. We are looking at FDA interactions for a trial

Our pulmonary inflammatory disease therapy could help prevent secondary infections. We plan to use well-established endpoints. We will post details on clinicaltrials.gov. It is time to start incorporating cell therapies into this set of patients. We could also use these cells for a variety of organ failures.

Manufacturing scale up, financing? We have an incredibly talented manufacturing team. We are exponentiating the number of cells we can extract from donors, billions per donors. We have a strong stockpile which we will continue to build. We are negotiating non-dilutive financing for the pulmonary indication. Cells can be stored for up to three years. We are looking for collaborators with substantial scale in the public or private sectors.

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