Mink Therapeutics (INKT) Q2 2026 earnings summary

Executive summary

• Advanced randomized phase II trial of agenT-797 for acute lung injury and ARDS, with initial dosing in Ukraine and U.S. site activation underway; early data showed improved survival, oxygenation, and no major serious adverse events.

• Launched international paid named patient access program in Brazil, expanding access and generating program revenue.

• Expanded operational infrastructure for global delivery of off-the-shelf cell therapy, supporting clinical trials and responsible access.

• Focused on developing allogeneic, off-the-shelf iNKT cell therapies for cancer and immune-mediated diseases, with a pipeline including native and engineered iNKT therapies.

• Collaborations and investigator-sponsored trials are expanding access and generating non-promotional revenue.

Financial highlights

• Ended Q2 2026 with $8.8 million in cash and equivalents, down from $13.4 million at year-end 2025.

• Net loss for Q2 2026 was $3.1 million ($0.62/share), improved from $4.2 million ($1.06/share) in Q2 2025.

• Net loss for the first six months of 2026 was $5.9 million ($1.20/share), compared to $7.0 million ($1.76/share) for the same period last year.

• Cash used in operations for the first half of 2026 was $3.8 million, up from $2.9 million in the prior year.

• Accumulated deficit reached $162.5 million as of June 30, 2026.

Outlook and guidance

• Enrollment in the phase II ARDS trial continues in Ukraine, with U.S. sites to begin enrolling in September; preliminary randomized data expected in early 2027.

• Plans to seek FDA meeting to transition from phase II to a seamless phase III study.

• Anticipates expanding the named patient access program to additional regions as regulatory approvals are obtained.

• Management expects continued operating losses and negative cash flows until commercialization or substantial partnering.

• Cash and anticipated funding expected to cover liquidity needs for more than one year, but substantial doubt exists about ability to continue as a going concern.