Mink Therapeutics (INKT) Q3 2026 earnings summary

Executive summary

• First $0.2M of pre-commercial agenT-797 revenue came from paid, physician-requested named-patient access in Brazil; therapy remains investigational and authorizations are case by case.

• Randomized, placebo-controlled Phase 2 agenT-797 ARDS/pneumonia-AHRF trial continued enrolling in Ukraine; U.S. dosing is targeted before year-end 2026, with comparative data in 2H2027.

• ARPA-H selected agenT-797 for the Draper-led BOSS program to advance room-temperature cell-therapy deployment; program-wide funding is up to $87M over four years.

• Development spans oncology, severe pulmonary disease and GvHD prevention; ~100 patients have received agenT-797 across oncology and critical pulmonary immune failure.

Financial highlights

• Q3 revenue was $200,000 versus none in Q3 2025; nine-month revenue was $200,000 versus none, all from the Brazil access program.

• Q3 net loss was $2.552M, or $0.50/share, versus $2.888M, or $0.65/share; nine-month net loss was $8.423M, or $1.69/share, versus $9.892M, or $2.39/share.

• Q3 operating expenses were $2.837M versus $3.184M; R&D rose to $1.8M from $1.1M, while G&A fell to $1.0M from $1.8M.

• Nine-month R&D was $4.9M versus $4.2M and G&A was $4.0M versus $5.0M.

Outlook and guidance

• Adaptive ARDS trial design starts with 124 randomized patients, with potential expansion to 300; it evaluates progression to VV ECMO and all-cause mortality through Day 28.

• U.S. ICU site activation and dosing, plus FDA discussions on the adaptive Phase 2b/3 design and supportive designations, are targeted before year-end 2026.

• Comparative ARDS data are expected in 2H2027; first dosing in the University of Wisconsin GvHD-prevention study is expected by December 2026.

• Additional funding is required; potential sources include partnerships, out-licensing, grants, fee-based services and equity or debt financing.