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: Progress with trials and partnerships.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $2.6 million, up sequentially from negative $2.9 million, and down from negative $2.5 million year-earlier.

EPS (earnings per share), diluted, was negative $0.56, up sequentially from negative $0.65, and up from negative $0.62 year-earlier.

Guidance:

Has cash runway through 2026.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "2025 was a foundational year in which we sharpened our focus on immune restoration in auto-immune and inflammatory diseases and began to see the power of strategic, non-dilutive partnerships accelerate our progress. We are deliberately building a pipeline where iNKT cells address serious auto-immune and inflammatory conditions, from acute critical care in ARDS to chronic fibrotic disease in IPF and immune dysregulation in GVHD. The C-Further collaboration, together with the NIH NIAID STTR grant and Mary Gooze philanthropic award secured in 2025 for our GVHD program, reflects growing recognition of our platform's potential. We enter 2026 with strong momentum and multiple near-term opportunities to demonstrate clinical value." Listed types of cancers showing good patient responses so far. Increased the cash balance while reducing cash burn through support from partners.

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 March 2026 announced PRAME-TCR-engineered iNKT advancing under the C-Further Consortium collaboration. This provides up to $1.1 million in non-dilutive funding plus meaningful double-digit percentage revenue share. See MiNK Pediatric Cancers announcement.

Melissa Orillal was appointed Principal Financial Officer in Q1 2026.

Gastric cancer Phase 2 data will be released at a major cancer conference later this year (2026).

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. Translational analyses showed iNKT cells actively reprogramming the tumor microenvironment through dendritic cell activation, macrophage repolarization, and reinvigoration of exhausted T cells. 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. First clinical dose expected in May 2026, with preliminary data in 2H 2026. 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 in Q4 2025 as Head of Inflammatory and Pulmonary Diseases to lead the late-stage ARDS and GvHD programs. She said "There is a clear continuum from acute inflammation and autoimmune dysregulation to chronic fibrotic diseases like IPF and even immune-resistant cancers. MiNK's iNKT platform is uniquely suited to address this spectrum because of its ability to deliver context-dependent immune modulation, activating anti-tumor responses in cancer while restoring balance and suppressing harmful inflammation in acute and chronic lung disease."

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.

In 1H 2026 agenT-797 advanced in a randomized Phase 2 in hypoxemic pneumonia/ARDS, a severe inflammatory condition. Early data by year end. Market opportunity is 200,000 to 300,000 patients annually in US/EU.

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

MiNK has not confirmed some announcements of clinical partnerships by others, but will keep investors informed of developments.

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 2026.

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

Mink Therapeutics ended the quarter with a cash balance of $13.4 million, down sequentially from $14.3 million. Raised an additional $3 million cash in Q1 2026 using the ATM. In Q4 raised $1.2 million with an ATM equity stock sale.

Operating expenses were not given. $ million, consisting of: R&D $ million; G&A $ million. Change in fair value $ million. Other expense $ million.

Q&A selective summary:

Phase 2 pneumonia, ARDS details? Not given details yet. No approved therapies currently. Established dose in the Phase 1/2 trial. Versus physicians choice. Our cells appear to be active independent of steroid use. Will do on top of standard of care v. therapy alone. May be paradigm changing.

Gastric cancer trial? Will announce the conference for data release relatively soon.

IPF? This is a substantial opportunity, we have preclinical and human data. Should have a special meeting on this in the next few months, including how it will be funded.

Oxygenation level and organ function level will be used to select patients in GVHD. We will have an announcement and meeting soon. Our cells really persist and are not vulnerable to steroids, remain in peripheral system for a few days before targetting lungs. We can see clearance of lungs and inflamatory markers. We will be publishing anti-inflamatory data this year. We continue to supply therapy for emergency use for multi-drug resistant organs.

The inbound inquiries about IL15 super agonist trials have not been advanced. We are in a number of discussions, both specific and for general investment in MiNK. We will release any news when agreements are reached.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: