Analyst Conference Summary

biotechnology

conference date: August 13, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2)

Forward-looking statements

Overview: Positive preliminary Phase 2 ARDS results.

Basic data (GAAP):

Revenue was zero.

Net income, diluted, was negative $3.1 million, down sequentially from negative $2.7 million, and up from negative $4.2 million year-earlier.

EPS (earnings per share), diluted, was negative $0.62, down sequentially from negative $0.57, and up from negative $1.06 year-earlier.

Guidance:

Cash runway for at least next 12 months.

Conference Highlights:

Dr. Jennifer Buell, President and CEO of MiNK said: "We are building cell therapy for the real world—off the shelf, available from inventory, and deployable where patients receive care. This quarter, we put that mission into action. We moved agenT-797 into randomized Phase 2 evaluation and delivered it to mechanically ventilated patients within days of regulatory authorization—even in an active conflict environment. The initial clinical course and mechanistic readouts moved in the same direction over the same interval, consistent with the host-directed immune regulation our study was designed to evaluate. These observations are early, and we look forward to sharing additional data from the randomized trial in 2027. In parallel, we are building a new model for responsible access. Our paid named-patient program enables physician-directed access, generates program support from product supplied, and establishes the cross-border infrastructure required to deliver agenT-797 beyond clinical trials. Together, these advances are moving cell therapy beyond specialized cancer centers and toward a readily available treatment that can reach patients when and where it is needed."

In the agenT-797 Phase 2 trial, initial day 28 observations were presented by Terese C. Hammong, MD. Treated patiens were alive and fever-free at day 28, with resolution of ARDS including return to spontaneous breathing. Showed infection control, but with a small number of patients so far. Randomized v. standard of care, in Ukraine, with a U.S. IND, study C-1300-02. U.S. clinics now being activised, with additional data due in early 2027. A paid international access program is being established.

I May 2026 two presentations made. At American Thoracic Society agenT-797 reported pathogen suppression, lung immune restoration and activation of tissue-repair pathways following administration with an IL-15 super agonist (N-803), in a Coccidioides (fungal) infection. At the American Society for Gene and Cell Therapy Meeting reported that a single off-the-shelf iNKT-cell product produced context-dependent immune activity—immune activation in cancer and anti-inflammatory activity in ARDS, without genetic engineering.

Mortality in ARDS, with current treatments, is over 50%.

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. It is off the shelf. Pathogen-agnostic and requiring no patient pretreatment. 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.

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

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 Therapeutics ended the quarter with a cash balance of $8.8 million, down sequentially from $9.5 million. $2.1 million cashed used in operations in Q2. Had raised an additional $3 million cash in Q1 2026 using the ATM.

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:

Confirm how many patients in initial data? Hypoximic pneumonia patients, meet ARDS global definition. 10 patient run in, all patients received therapy. Survival data was on just 2 patients, adults, they both had multi-drug resistant pneumonia. Had best standard of care plus 797. Typically would have 30% chance of mortality in first 28 days. So just preliminary data.

How many patients dosed to date? Any in U.S.? We are not releasing that data yet, but enrollment is continuing in Ukraine and set up in U.S. to begin in September. 4 to 8 patients per site per month. Also asking FDA to seemlessly move the Phase 2 trial into a Phase 3 confirmatory trial. In Ukraine evidence is 100% of patients with multidrug resistant pathogens have been succumbing. Seeing emergence of multi-drug resistant, virulent infections in combat zones. In U.S. expect to see nursing home patients who have resistant infections, but now seeing young people with these infections.

Phase 3 population? Expect to be comparable to Phase 2. Looking for secondary endpoints. Seeing a spread of multi-drug pathogen resistance from combat zones, including into Europe.

Program began in Brazil, regulators were faster there, there was physician demand, started patients near the beginning of Q3, will include financial information when we report q3.

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