MiNK Therapeutics, Inc.

What they do

MiNK develops allogeneic, ex-vivo expanded iNKT cell therapies for cancer and immune-mediated diseases using wholly owned or exclusively licensed assets. Its lead program, agenT-797, is a native iNKT cell therapy that has been given to nearly 100 patients across oncology and critical pulmonary immune failure. The company is also developing engineered iNKT candidates, including MiNK-215 (FAP-CAR-iNKT) and MiNK-413 (BCMA-CAR-iNKT), and a personalized neoantigen library for TCR development. It operates with administrative and research support from Agenus Inc. under an Amended and Restated Intercompany Services Agreement and an Intellectual Property Assignment and License Agreement.

Revenue drivers

• agenT-797 named-patient access — MiNK established its first paid international named-patient access program with Orphan Drug Consulting, allowing physicians to request agenT-797 for individually identified patients subject to per-patient regulatory authorization; no revenue figures were disclosed.
• agenT-797 clinical development — The lead asset is being evaluated in a randomized Phase 2 trial (C-1300-02) in acute lung injury and ARDS, and the company states agenT-797 is also in clinical trials for solid tumors and GvHD; these are pre-revenue development programs.
• Engineered iNKT pipeline — Earlier-stage wholly owned or exclusively licensed candidates include MiNK-215 and MiNK-413, plus iNKT cell engager technology and personalized TCR development; no product revenue is reported.

Recent performance

For the second quarter ended June 30, 2026, MiNK reported a net loss trend consistent with a clinical-stage company; annual net loss was $12.5 million in 2025 versus $10.8 million in 2024, and operating cash flow was negative $5.9 million in 2025 versus negative $9.6 million in 2024. At June 30, 2026, total assets were $9.6 million and cash and equivalents were $8.8 million, with shareholder equity of negative $14.0 million. The company began dosing patients in May 2026 in the randomized Phase 2 C-1300-02 trial in Lviv, Ukraine, and reported initial Day 28 observations of treated patients alive and afebrile with improved oxygenation and liberation from ventilator and vasopressor support. The company also established a first paid international named-patient access program for agenT-797.

Strategy

MiNK is prioritizing randomized clinical validation of agenT-797, transitioning from single-arm experience to the placebo-controlled Phase 2 C-1300-02 trial in acute lung injury and ARDS. Enrollment continues in Lviv, Ukraine, and activation of U.S. clinical centers is underway, with additional data expected in early 2027. The company is advancing a differentiated franchise in critical pulmonary immune failure under Dr. Terese C. Hammond and building cross-border access infrastructure through its paid named-patient program. It also continues discovery work on engineered iNKT cells, including CAR-iNKTs and iNKT cell engager technology, and a personalized neoantigen library for TCR development.

Risks

• Early-stage clinical risk — The randomized Phase 2 C-1300-02 trial has only recently begun dosing, and the disclosed Day 28 observations cover initial patients rather than the full study population.
• Going-concern and liquidity risk — At June 30, 2026, MiNK had $8.8 million in cash and equivalents and negative shareholder equity of $14.0 million, while annual operating cash use was $5.9 million in 2025.
• Dependence on external support — MiNK relies on Agenus Inc. for general and administrative support, facilities, laboratory space and equipment, and certain insurance coverage under intercompany agreements.
• Regulatory and access uncertainty — The named-patient access program requires per-patient regulatory authorization, and the company's clinical activities in Ukraine occur in an active conflict environment.

Outlook

Management stated that additional data from the randomized Phase 2 acute lung injury and ARDS trial are expected in early 2027. Enrollment continues in Lviv, and activation of U.S. clinical centers is underway. MiNK is also building cross-border infrastructure for physician-initiated named-patient access to agenT-797. No revenue or profitability guidance was provided.