Mink Therapeutics (INKT) investor relations material

Executive summary

• Achieved durable complete remission in metastatic testicular cancer and >40% tumor shrinkage in refractory gastric cancer, with ongoing Phase II trials and peer-reviewed publications supporting the INKT platform's potential in hard-to-treat cancers.

• Advanced immune-mediated disease programs, including GVHD and ARDS, with new grants and fully funded trials; first-in-human GVHD trial planned for 2H2025.

• Extended cash runway beyond mid-2026 through disciplined capital management and $13 million raised via equity sales.

• Strategic partnership discussions and collaborations, including with ImmunoScape, are ongoing to expand the pipeline and access novel TCR therapies.

• Completed Phase 1 trials in solid tumors and viral ARDS, showing durable responses and survival benefits.

Financial highlights

• Ended Q2 2025 with $1.6–$1.7 million in cash; raised an additional $13 million post-quarter through equity sales, extending cash runway through mid-2026.

• Q2 2025 net loss was $4.2 million ($1.06/share), compared to $2.7 million ($0.73/share) in Q2 2024; net loss for the first half of 2025 was $7 million ($1.76/share) versus $6.5 million ($1.82/share) in 2024.

• R&D expense for Q2 2025 was $1.8 million, flat year-over-year; six-month R&D expense decreased 29% to $3.1 million.

• G&A expense increased 74% year-over-year to $1.8 million for Q2 2025, and 33% to $3.1 million for the six months, mainly due to higher professional fees and share-based compensation.

• Accumulated deficit reached $151.2 million as of June 30, 2025.

Outlook and guidance

• Anticipates top-line data from Phase II gastric cancer trial and initiation of GVHD Phase I trial by end of 2025.

• Plans to advance ARDS program into a randomized Phase II/III study with external funding.

• Cash position and recent grants expected to fund operations and clinical milestones into mid-2026, but substantial doubt remains about going concern due to funding uncertainty.

• Additional funding may be sought via partnerships, non-dilutive financing, or further equity/debt offerings.

• Multiple value-creating milestones expected, including potential strategic partnerships.