Analyst Conference Summary

biotechnology

conference date: May 31, 2026 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1)

Forward-looking statements

Overview: Progress with trials and partnerships, new data due May 20.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $2.7 million, down sequentially from negative $2.6 million, and up from negative $2.8 million year-earlier.

EPS (earnings per share), diluted, was negative $0.57, down sequentially from negative $0.56, and up from negative $0.70 year-earlier.

Guidance:

Cash runway for at least next 12 months.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "MiNK entered 2026 focused on converting a growing body of clinical and translational evidence into prospective validation. During the first quarter and subsequent period, we advanced agenT-797 into a randomized Phase 2 study in acute lung injury and critical illness, presented data that further support the context-dependent biology of iNKT cells, and continued to expand the platform through selective, non-dilutive collaborations. This is the next phase of MiNK’s strategy: disciplined clinical execution, rigorous translational validation, and capital-efficient expansion of a broadly deployable cell therapy platform. What continues to distinguish agenT-797 is both its biology and its practicality. As an off-the-shelf iNKT cell therapy administered without lymphodepletion or HLA matching, agenT-797 is designed for settings where immune dysfunction drives poor outcomes and where speed, tolerability and deployability matter. We believe this is particularly relevant in severe acute lung injury and critical illness, where patients often face a cascade of respiratory failure, secondary infection and organ dysfunction with limited therapeutic options." We have moved from signal generation to validating data.

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.

Financial execution was very disciplined. High capital efficiency, including the study in Ukraine.

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.

In Q1 agenT-797 began a Phase 2 trial for severe acute lung injury and critical illness for ARDS, including acute hypoxemic respitory failure from pneumonia. Designed to roll seamlessly into Phase 3. International trial (US and Ukraine) with preliminary data in 2H 2026. See May 14 2026 MiNK Therapeutics press release.

In Q1 data from the Phase 2 trial in PD-1 refractory gastoesophageal cancer that showed 77% disease control and PFS, in the primed subgroup, of 6.9 months, v. 3.5 months in the control group. Data presented at ASGCT. Missed primary endpoint, but showed long-term survival in the subgroup of patients treated with immune induction prior to chemotherapy. Also at ASGCT showed disctinct immune outputs in ARDS patients v cancer patients. See MiNK Therapeutics at ASGCT 2026

Current externally supported programs include its graft-versus-host disease program supported by NIH STTR funding and the Mary Gooze philanthropic award.

In Q2, on May 20, 2026, MiNK will present agenT-797 (with an IL agonist) clinical data for unresolving coccidioides immitits infection at the American Thoracic Society conference. Partner is Immunity Bio.

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 fibrosis (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 $9.5 million, down sequentially from $13.4 million. Raised an additional $3 million cash raised in Q1 2026 using the ATM. It also repaid $5.2 million on the Agenus convertible note.

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:

ARDS trial size? Endpoints? Randomized Phase 2, speaking with FDA about Phase 3. Based on effect estimates. Phase 2 90 patients, number in Phase 3 will be given after FDA consultation.

Immunity Bio (IBRX) collaboration? Data will be presented at ATS, will be a deep dive and include plans for further devolopment. This fungus is very difficult to treat. Data will help to elucidate mechanisms.

Reprogramming by agent-797, biomarkers? There are emerging biomarkers that may predict response. That would accelerate development, allowing us to stratisfy patients. Our cells, allowing immune modulation independent of the disease, are highly differentiated from competition.

We are observing that reconstituting the immune system can help us mitigate inflamatory assault problems like downstream lesions. Cancer and critical illness turn out to not be all that different in relation to the immune system and hyperinflamation. The responsiveness and flexibility of inkt cells is truly amazing.

We have already mastered the logistics of international distribution. Future products will enhance these capabilities. Costs for treating these ARDS patients are very high, so getting them better quickly will be highly advantageous. Substantial commercial opportunity. Will see Phase 2 data supporting this later this year.

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