Mink Therapeutics (INKT) Q1 2026 earnings summary

Executive summary

• Advanced allogeneic, off-the-shelf iNKT cell therapies, with lead program agenT-797 in randomized Phase II trials for ARDS and solid tumors, and presented new mechanistic and clinical data at major scientific meetings.

• Expanded platform through partnerships with C-Further for pediatric cancer and ImmunityBio for fungal pneumonia, and non-dilutive collaborations supporting commercial potential.

• Emphasized operational efficiency, scalability, and rapid deployment of cell therapies, with a focus on capital discipline.

• Advanced pipeline includes next-generation programs MiNK-413 (BCMA CAR-iNKT) and MiNK-215 (FAP CAR-iNKT) in preclinical development.

• Upcoming clinical data to be presented at the ATS conference on May 20, 2026.

Financial highlights

• Ended Q1 2026 with $9.5M in cash and cash equivalents, down from $13.4M at year-end 2025, after raising $3M via at-the-market sales and repaying a $5.2M convertible note.

• Net loss for Q1 2026 was $2.7M ($0.57/share), compared to $2.8M ($0.70/share) in Q1 2025.

• Research and development expenses decreased 5% year-over-year to $1.2M, while general and administrative expenses increased 32% to $1.7M.

• Accumulated deficit reached $159.4M as of March 31, 2026.

• Net cash used in operating activities was $1.7M for Q1 2026.

Outlook and guidance

• Preliminary data from the randomized Phase II ARDS trial expected in the second half of 2026.

• Will provide updates on the gastric cancer program and additional mechanistic data after upcoming scientific meetings.

• Management believes current cash and anticipated funding will cover liquidity needs for more than one year, but substantial doubt exists about the ability to continue as a going concern due to reliance on external funding.

• Additional funding will be sought through partnerships, collaborations, grants, and equity or debt financing.