Mink Therapeutics (INKT) Q4 2025 earnings summary

Executive summary

• Advanced allogeneic invariant natural killer T-cell platform with off-the-shelf, HLA-unmatched therapy showing durable clinical activity and favorable safety in solid tumors, autoimmune conditions, and checkpoint-resistant cancers.

• Phase II trials ongoing in solid tumors, GVHD, and severe lung diseases, with external funding secured for key studies.

• Demonstrated median overall survival exceeding 23 months in refractory solid tumor cancers, with complete remissions beyond two years and durable responses in combination with PD-1 therapy.

• Expanded clinical activity to hypoxemic pneumonia/ARDS and IPF, showing improved survival, immune restoration, and new data in end-stage pulmonary fibrosis.

• Strengthened leadership and operational readiness with key appointments and optimized manufacturing capabilities.

Financial highlights

• Ended 2025 with $13.4 million in cash, up from $4.6 million the prior year, and raised an additional $3 million post-year-end, extending runway through 2026.

• Net loss for Q4 2025 was $2.6 million ($0.56/share) vs. $2.5 million ($0.62/share) in Q4 2024.

• Full-year net loss was $12.5 million ($2.93/share) vs. $10.8 million ($2.86/share) in 2024.

• Operating costs decreased nearly 40% year-over-year; cash used in operations was $5.9 million for 2025, down from $9.6 million in 2024.

Outlook and guidance

• Randomized phase II/III ARDS hypoxemic pneumonia study and GVHD trial to initiate in H1 2026, with early data by year-end and initial clinical data from both programs expected in H2 2026.

• Multiple data presentations, peer-reviewed publications, and partnership momentum anticipated throughout 2026.

• Efficacy data from the second-line gastric cancer trial to be presented at a major conference in H1 2026.