MiNK Therapeutics Q3 2025 Earnings Report

MiNK Therapeutics EPS Results

• Actual EPS: -$0.65
• Consensus EPS: -$0.86
• Beat/Miss: Beat by +$0.21
• One Year Ago EPS: N/A

MiNK Therapeutics Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

MiNK Therapeutics Announcement Details

• Quarter: Q3 2025
• Date: 11/14/2025
• Time: Before Market Opens
• Conference Call Date: Friday, November 14, 2025
• Conference Call Time: 8:30AM ET

MiNK Therapeutics (NASDAQ:INKT) is a clinical-stage biotechnology company developing exosome-based immunotherapies for the treatment of solid tumors. The company’s proprietary platform isolates and engineers naturally occurring extracellular vesicles, or exosomes, to deliver therapeutic payloads—such as mRNA, proteins and modulatory factors—directly into the tumor microenvironment. By leveraging the innate cell‐to‐cell communication properties of exosomes, MiNK aims to reprogram immune cells and overcome immune suppression within solid tumors.

MiNK’s preclinical pipeline features multiple lead candidates designed to repolarize tumor‐associated macrophages and boost T cell–mediated tumor clearance. The company has established scalable, GMP‐compatible manufacturing processes to produce engineered exosomes at clinically relevant volumes. Research efforts focus on optimizing biodistribution, payload loading efficiency and safety profiles in animal models, with the goal of advancing IND‐enabling studies for first‐in‐human trials.

Headquartered in Cambridge, Massachusetts, MiNK collaborates with academic institutions and contract development organizations across North America and Europe to accelerate its research and development programs. The company’s integrated operations encompass discovery, preclinical testing and process development, supported by a team of experts in exosome biology, translational immunology and biomanufacturing. Through these partnerships and internal capabilities, MiNK aims to bring novel, precision immunotherapies to patients with high‐unmet‐need solid tumors.

MiNK Therapeutics Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Updated phase I data showed patients receiving agenT-797 with anti‑PD‑1 achieved a median overall survival of ~23 months, including a complete remission and multiple durable responses in heavily pretreated solid tumors.
• Positive Sentiment: The therapy reported a clean safety profile in the trial — no cytokine release syndrome, neurotoxicity, or graft‑versus‑host disease — with mild fatigue as the most common treatment‑related event.
• Positive Sentiment: MiNK is expanding into grant‑funded indications (GVHD with University of Wisconsin supported by DoD/NIH STTR awards) and launching a global phase II in severe pulmonary dysfunction using regulatory‑accepted endpoints like ventilator‑free days and 28‑day mortality, reducing near‑term capital burden.
• Negative Sentiment: Financially the company ended Q3 with $14.3 million (plus $1.2M raised post‑quarter via ATM) and reported widening net losses, providing runway into 2026 but signaling potential need for additional financing that could dilute shareholders.
• Positive Sentiment: Manufacturing progress shows billions of iNKT cells per donor with stability approaching ~2.5–3 years, enabling stockpiling and discussions for non‑dilutive scale financing to support broader commercialization.

Presentation

[Operator]

Good morning and welcome to MiNK Therapeutics' Third Quarter 2025 Conference Call and Webcast. All participants will be in a listen-only mode until the question and answer session. Please note this event is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to turn the conference over to Stefanie Perna Nacar, Chief Communication Officer. Stefanie, please go ahead.

[Stefanie Perna-Nacar, Chief Communications and Government Relations Officer at MiNK Therapeutics]

Thank you, Operator, and thank you all for joining us today. Today's call is being Webcast and will be available on our website for replay. I'd like to remind you that this call will include forward-looking statements, including those related to our clinical development, regulatory and commercial plans, timelines for data releases, and partnership opportunities. These statements are subject to risks and uncertainties. Please refer to our SEC filings available on our website for a detailed description of these risks. Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer; Dr. Therese Hammond, Head of Development; and Christine Klaskin, Principal Financial and Accounting Officer. I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thank you, Stephanie. Good morning, everyone. This quarter marks a defining period for MiNK Therapeutics. We're now a fully independent operating company, focused, agile, and singularly dedicated to the advancement of our iNKT Cell Therapy platform. Over the course of this year, we've not only strengthened our science but also elevated our global visibility, presenting major new findings at ASCO GI, AACR IO, the inaugural meeting, and most recently, last week, at the Society for Immunotherapy of Cancer, the SITC annual meeting. MiNK was founded on a bold idea that a single naturally derived immune cell type, one of the most highly conserved cells in immunology, the invariant natural killer T cell, a very potent subset of T cells, could be harnessed to both ignite and regulate immunity. In this quarter, that idea became a reality. We're going to go through this in some detail.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

At SITC this year in Washington, D.C., we presented updated clinical data from our ongoing trial of agenT-797, our allo off-the-shelf iNKT cell therapy. This product was administered alone or in combination with approved anti-PD-1 therapies in patients with relapsed or refractory solid tumors. These were patients with heavily pretreated, immune therapy resistant, and in most cases, without remaining clinical options. What we observed was really nothing short of remarkable. Patients who received 797 in combination with PD-1 achieved a median overall survival of approximately 23 months. This is really unexpected given this phase I clinical trial in a refractory setting. We would expect survival to really be under six months. We observed a complete remission in a patient with metastatic testicular cancer who had failed prior chemotherapy, stem cell rescue, and checkpoint inhibition.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

We also observed the durable partial response in a second-line gastric cancer patient who had failed prior therapies. We also saw disease stabilization with prolonged survival across multiple other difficult-to-treat cancers. These cancers include thymoma, cholangiocarcinoma, renal cell carcinoma, and adenoid cystic carcinoma, with survival extending beyond two and even three years in some cases. These observations demonstrate not only the durable activity of 797 but also its potential to restore immune function in patients who had exhausted all available therapies. Crucially, this was achieved without the hallmark toxicities that have limited other cell therapies. We observed no cytokine release syndrome, no neurotoxicity, no graft versus host disease. The most common treatment-related event was mild fatigue. In just a few moments, you're going to hear from Dr. Therese Hammond.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

She'll delve deeper into our findings, the immune mechanisms underlying the results, the translational data that explains agenT-797's unique biology and how these insights are shaping our next generation of trials. What we are seeing in our data is beyond a response. It's really a substantial improvement in immunity, immune restoration. These iNKT cells are doing what the immune system was really designed to do: identify danger, coordinate a response, and resolve inflammation with precision. In the case of cancer, what we observed is a controlled inflammatory response that was correlated with prolonged survival and, in some cases, with deep, durable, and complete remissions in some cancer types. Mechanistically, 797 operates through dual pathways, both a T cell receptor-dependent and a T cell receptor-independent pathway. These cells recognize glycolipid antigens through CD1D.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

They're naturally engineered in that way, enabling them to target both malignant and stress cells in ways conventional T and NK cells cannot. At the same time, these cells can reprogram the immune microenvironment. We've published these data and presented them publicly from our clinical trials. What we've observed is that iNKT cells can activate dendritic cells, repolarize macrophages towards an M1 pro-inflammatory phenotype in cancer, and reinvigorate exhausted T cells. The result is a potent but controlled immune reaction, a rise in interferon gamma, IL-2, TNF-alpha within 48 hours of infusion that turns these otherwise cold tumors hot without systemic toxicity. Our data over the course of this year really reinforced 797's position as a platform therapy, and that's how we intend to advance it. It also underscores how MiNK Therapeutics has become the most clinically advanced company in the world developing allogeneic iNKT cells.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Our science alone isn't the only component that makes MiNK unique. It's really how we're building with public-private partnerships and with very disciplined capital use and a clear sustainable strategy. I'll go into that in a little bit more detail. This quarter, we were honored to witness our leadership and board of director member, Dr. Robert Kadlec, participate in his confirmation hearing by the U.S. Senate. Dr. Kadlec is a national leader in biodefense and preparedness whose partnership has helped us forge deep collaborations with federal and academic institutions that have really propelled MiNK forward. As Dr. Kadlec continues his honorable life of service and upon his recommendation and to our tremendous enthusiasm, we also just recently welcomed Dr. John Holcomb to our board of directors. Dr. Holcomb is a U.S. Army colonel, trauma pioneer, and author of over 700 scientific papers whose work has saved countless lives.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

These two leaders embody what MiNK stands for: science with purpose, innovation, and service of human survival. Building on that foundation, we've established a strategic partnership with experts from the University of Wisconsin Carbone Cancer Center to advance our iNKT program in immune reconstitution following stem cell transplantation. Each year, tens of thousands of patients face the risk of graft versus host disease, infection, and relapse following hematopoietic stem cell transplantation. In fact, this impacts more than half of the patients undergoing stem cell transplantation. Our invariant natural killer T cells, by enhancing immune balance and also naturally preventing graft versus host disease, we believe can help prevent these complications and improve recovery and outcomes for these patients. We have two major public-private grants that are now supporting our work in delivering these therapies in the prevention and treatment of graft versus host disease.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

First, the Department of Defense and NIH STTR awards enabling MiNK and the University of Wisconsin teams to develop and test 797 in preclinical transplant models. A second, a philanthropic clinical grant to our team at University of Wisconsin that directly funds patient enrollment, immune monitoring, and biostatistical operations for the trial. These awards allow us to execute a first-in-human phase I study with minimal capital impact, demonstrating how MiNK's partnership model can amplify scientific impact while preserving shareholder value. As we advance these programs, we're also preparing for a global phase II, possibly phase II-III clinical trial in acute pulmonary dysfunction with multi-drug resistant infections. This is a setting where immune failure drives mortality. The study will launch within weeks in collaboration with a network of critical care centers that mirror U.S. patient demographics.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Our objective is to confirm that iNKTs can restore immune homeostasis, reduce ventilator days, and improve survival in critically ill patients. These studies are building on the phase I findings that Dr. Therese Hammond published in Nature Communications a short time ago. We believe that these cells and in this critically ill population can potentially transform how we treat immune collapse in both civilian and military populations. As we prepare for a more formal and comprehensive public announcement of the imminent launch of our grant-funded clinical trial in graft versus host disease and the advancement of our late-stage program in severe pulmonary inflammatory disease, I want to underscore the clinical leadership now guiding these efforts. Today marks the first participation of Dr. Therese Hammond as a member of MiNK Therapeutics.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Therese is a nationally recognized leader in pulmonary and critical care medicine with extensive experience advancing registration-stage programs in severe pulmonary and inflammatory diseases. She has served as principal investigator on pivotal trials and, including those at MiNK, is the lead author of our landmark Nature Communications publication demonstrating the clinical impact of agenT-797 in patients with acute Respiratory distress syndrome. Importantly, Therese will be leading the charge as we advance our iNKT platform into a broader range of inflammatory diseases, areas where patients face a profound lack of effective therapeutic tools. This includes interstitial lung disease, idiopathic pulmonary fibrosis, and other immune-driven conditions where our translational data and clinical observations point to compelling opportunities for impact. Her leadership, grounded in real-world ICU and pulmonary critical care medicine, will ensure that these programs are shaped by scientific insight and patient need.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

With that, I'm pleased to turn it over to Dr. Hammond, who will take you deeper into the biology, mechanistic underpinnings, and the clinical findings that make these opportunities so meaningful for patients. Dr. Hammond?

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thank you so much, Jen, and good morning, everyone. At the heart of our work lies a fundamental question: what if the immune system could be retrained to heal itself? As both a physician and a scientist, I've spent decades caring for patients with cancer, Respiratory failure, and severe infection, watching them decline not because we lacked medicines, but because we lacked a way to reconstitute the requisite immune function. Our iNKT cell data now show, for the first time, that such restoration may finally be possible.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

In much the same way that agenT-797 has been able to rescue patients with heavily pretreated solid tumors, we've observed that these cells can also rescue critically ill patients in Respiratory failure that have failed all available standard of care treatments. Building on Jen's summary of the phase I solid tumor study, I want to emphasize the depth and breadth of what we've observed. We treated patients with relapsed or refractory cancers, 82% receiving agenT-797 alone and 18% receiving combination therapy with PD-1 blockade. These patients had a median of four prior lines of therapy, so heavily pretreated. Nearly half had already failed PD-1 ligand inhibitors, and most had exhausted every standard option. Yet, agenT-797 drove meaningful and durable activity across a diverse range of tumor types.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

The complete remission observed in metastatic germ cell testicular cancer, now ongoing for more than two years following a single infusion of agenT-797 in combination with PD-1 blockade, is, to our knowledge, unprecedented in this population. The durable partial response in second-line gastric cancer is equally impactful in a disease where expected survival is typically measured in single digits. Beyond these published cases, we also saw exceptional survivors across both monotherapy and combination arms. A patient with thymoma treated with agenT-797 monotherapy remains progression-free more than three years after a single infusion. This finding is scientifically intriguing given the immune dysregulation inherent to thymic malignancies and the association with autoimmune conditions such as myasthenia gravis. In the combination cohort, a patient with metastatic renal cancer and another with adenoid cystic carcinoma each demonstrated prolonged survival far exceeding historical expectations, remaining progression-free beyond two years.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

These cases underscore the potential breadth of the platform and reveal a consistent pattern: when you restore immune coordination rather than simply intensifying cytotoxic pressure, you get long-term survivors. What made these outcomes even more compelling was what we observed when we analyzed the patient's tumor biopsies and peripheral immune signatures. In responders, we saw dramatic infiltration of CD8-positive T cells, NK cells, and the antigen-presenting dendritic cells into the tumor microenvironment. We also detected transient, well-regulated increases in interferon gamma, granzyme B, TNF-alpha, and VEGF-D, reflecting a localized and productive pro-inflammatory burst rather than systemic immune toxicity. R&A sequencing confirmed broad activation of cytotoxic pathways, with gene set enrichment demonstrating strong cytolytic and innate immune signatures emerging after treatment. These findings collectively reveal that AGENT-797 does not merely lyse tumor cells; it reprograms the tumor microenvironment—so very important—shifting it from exhaustion to activation.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Tumors that had been immunologically cold became immunologically hot, and previously exhausted T cells regained killing potential. Mechanistically, this makes sense. Our translational research work shows that agenT-797 acts through dual TCR-dependent and TCR-independent pathways, recognizing glycolipid antigens presented by CD1d and stress ligands such as MICA through NKG2D. This dual targeting enables direct cytolysis of malignant cells while simultaneously triggering a cascade of immune-modulating events. We saw dendritic cell activation and maturation, reversal of an immunosuppressive M2 macrophage phenotype back to the inflammatory M1 phenotype, and rescue of particularly exhausted tumor-specific T cells. In co-culture experiments, exhausted T cells that had lost killing function regained it in the presence of iNKTs or even the soluble factors they secrete, the so-called secretome, demonstrating that agenT-797 acts both as a killer and as an immune orchestrator, which I think is the most profound statement here.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

This mechanistic foundation helps explain why long-term survivors emerge even from monotherapy and why the combination cohorts show such disproportionate benefit despite small numbers. This immune reprogramming capacity extends far beyond oncology. In preclinical ARDS and Respiratory injury models, iNKTs protected the alveolar barrier, prevented the runaway inflammation of cytokine storm we often see in the ICU, and reduced bacterial and fungal outgrowth in the lungs. They restored coordination between innate and adaptive immune systems in settings where this coordination usually collapses. These findings form the rationale of our upcoming global phase two trial with potential expansion to phase three in acute pulmonary dysfunction. Importantly, this trial uses endpoints already accepted by the FDA: ventilator-free days and 28-day mortality. Finally, our work in transplantation advances this immune restoration theme even further.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Our University of Wisconsin graft study, supported by the Department of Defense STTR grant and a federal clinical grant awarded to UW, will evaluate agenT-797 as a means to accelerate engraftment, reduce relapse, and prevent graft versus host disease, all without lymphodepletion. The concept is simple but profound: rather than suppressing immunity to control inflammation, we aim to re-educate the immune system, the impaired immune system, so it can function correctly from the outset. This is what sets MiNK apart. We are not layering another drug onto existing regimes. We are not iterating on old ideas. We are redefining the architecture of immune recovery in cancer, in infection, in critical illness, and in transplantation. The opportunities ahead are vast. I look forward to sharing more of our aggressive clinical and translational plans for 2026 during our next call.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

With that, I'd like to turn the call over to Christine Klaskin to review the financials. Christine?

[Christine Klaskin, VP and Finance, Principal Financial and Accounting Officer at MiNK Therapeutics]

Thank you, Therese. During the Third Quarter of 2025, we executed and implemented an at-the-market sales agreement and ended the quarter with a cash balance of $14.3 million. Since quarter end, we have raised an additional $1.2 million through this program, providing a runway through 2026. Our net loss for the quarter ended September 30, 2025, was $2.9 million, or $0.65 per share, compared to $1.8 million, or $0.46 per share, for the Third Quarter of 2024. For the nine months ended September 30, 2025, our net loss was $9.9 million, or $2.39 per share, compared to $8.3 million, or $2.24 per share for the same period in 2024. These results reflect ongoing support of our operations and the activity supporting our agenT-797 programs discussed by Jen and Therese.

[Christine Klaskin, VP and Finance, Principal Financial and Accounting Officer at MiNK Therapeutics]

I will now turn the call over to Jen for closing remarks.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thank you, Therese and Christine. As you've heard, we've strengthened our leadership team with the onboarding of Dr. John Holcomb and Dr. Therese Hammond. We've also fortified our balance sheet and expect to continue to do so through strategic and collaborative partnerships. With this foundation in place, we're entering a period of meaningful execution. As Christine highlighted, there are select areas where our spend has expanded beyond the same time period of last year, and I want to reiterate that some of these activities are reimbursed through our STTR grant and that the upfront spend associated with our pulmonary and GVHD programs is reimbursable under the innovative awards from our government and collaborators.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

In addition, we have prospectively acquired critical reagents to ensure a seamless and uninterrupted U.S.-based manufacturing supply of our allogeneic iNKT cells as our programs advance. These proactive steps reflect intentional and disciplined investment aligned with our development priorities. During the Third Quarter of 2025, we also opportunistically executed and implemented an at-the-market sales agreement to leverage a substantial more-than-700% increase in our equity price. This enabled us to access cash that limited dilution to shareholders and extend our cash runway through 2026, covering critical deliverables and meaningful inflections. In the coming quarters, we will advance our grant-funded GVHD study, progress our late-stage program in severe pulmonary disease, and broaden our iNKT platform into inflammatory conditions where patients have few or no effective therapies.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

By this time next year, we expect to have multiple clinical programs actively enrolling patients, early readouts emerging from our GVHD and pulmonary cohorts, and a clear line of sight towards pivotal enabling pathways across our inflammatory and critical illness portfolio. Each of these represents a potential value-creating inflection point, supported by strong biology, peer-reviewed activity and data, and defined regulatory framework. We look so forward to updating you as we continue disciplined, patient-focused execution. With that, I'll turn the call back over to the operator to open the line for questions, thank you.

[Operator]

Thank you. To ask a question, press star then one. To withdraw, press star then one again. Our first question comes from the line of Emily Bodnar with H.C. Wainwright. Your line is open.

[Emily Bodnar, Research Analyst at H.C. Wainwright]

Hi, good morning. Thanks for taking the question.

[Emily Bodnar, Research Analyst at H.C. Wainwright]

I guess for my first one, obviously very nice to see long-term survival in some of the combination monotherapy patients. I was curious, given the combo portion was pretty small with six patients, have you thought about maybe expanding this cohort to include more patients or potentially initiate a dose expansion based on some of the solid tumors that you've seen the most benefit in? Then separately, if you could provide a bit more details surrounding timing for the launch of the severe pulmonary disease trial and any kind of funding updates for that trial.Thanks.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Hi, Emily. Thank you so much for your call and your questions as always and your continued support.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

With respect to the combination with PD-1, as we are seeing an enormously growing population of patients who are previously treated with anti-PD-1 therapies, what we've now published on a few occasions is that we could salvage patients who have failed prior PD-1 therapy. We've seen this now in areas where PD-1 is standard of care as well as where it's being experimentally used. The opportunity to add the cells on and see this salvage opportunity, I think, is really quite enormous. The patients that we have seen the most dramatic responses with are patients who have otherwise failed PD-1 but have continued it on. Indeed, the data that we've observed does set us up to expand this cohort.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

We're actually doing so very creatively right now and will be announcing relatively soon an expanded cohort that will be moving into a phase two that we anticipate will be largely externally financed to support some of this effort in tumor types that we have previously demonstrated this combination benefit. The data that we've observed in second-line gastric cancer have set the stage for a study that is currently active at Memorial Sloan Kettering and Yelena Janjigian's group. We presented data at AACRIO and will continue to read out clinical findings now that we've achieved some lengthy follow-up time that gives us an indication of the survival benefit. We see immunologic activity, and next will be the clinically associated clinical activity in second-line gastric.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Those data will help us understand where to take the program next in second-line gastric cancer or in an earlier disease setting, and that's something that we're currently discussing. Secondly, the data that we observed that was a complete clinical response in a patient with testicular cancer, seminoma, germ cell, opens up an enormous opportunity for us, we believe, in a cohort of patients that could be superselected. This is not the only case that we observed in the germ cell family where these cells could be that have been quite active. This is a study that's also very much under discussion. It allows us to homogenize the patient population and really interrogate dose and combination benefit in a population of patients that could enable a relatively rapid development pathway in an area of high unmet need.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

The findings, I agree, have really set us up now to do a deeper investigation. We have a small cohort where we saw some profound benefit and really quite remarkable long-term survival in a very refractory population. Those data are now leading us to take these into extended cohorts, but really, I'd like to get them into a more formally designed phase two study as opposed to an expanded cohort in the phase one where we could have some stepping-off points with early signals of activity into rapid development pathways.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Your second question was, I'm sorry, I forgot it. Can you remind me your second question?

[Emily Bodnar, Research Analyst at H.C. Wainwright]

Therese, just around timing of launch for the severe pulmonary disease trial and any funding updates.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

We are actually in the activation phase right now, and we're hosting, the team is hosting a couple of activation visits really imminently as we speak, which will set us up for a dosing of our first patient we were targeting this year. It will be no later than very early next year. Our goal is to work to get a patient on the cohort imminently this year, but we're working with the centers and the holidays, and so it's going to be at the latest, very, very early, the Q1 of next year. It's moving.

[Emily Bodnar, Research Analyst at H.C. Wainwright]

Great. Thank you so much.

[Emily Bodnar, Research Analyst at H.C. Wainwright]

Thank you.

[Operator]

Our next question comes from the line of Mayank Mamtani with B. Riley. Your line is open.

[Mayank Mamtani, Analyst at B. Riley]

Yes. Good morning, team. Thanks for taking our questions, and I appreciate the progress here on the broader allogeneic iNKT platform.

[Mayank Mamtani, Analyst at B. Riley]

On the prior comment about the GVHD and the severe pulmonary inflammation condition, this program looks like multiple trials, looks like two trials. Could you maybe share any details on the endpoints you're evaluating and maybe the number or kind of patients being enrolled? Obviously, relative to where standard of care, for example, is in acute GVHD, what does clinical success look like? Would be good to hear. I have a follow-up.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Okay. Thanks very much, Mayank. There are a couple of clinical trials that are moving forward. There's quite a bit of interest in the products. These are areas that we've been building on. Our preclinical models support advancing and our clinical data now do so specifically in the pulmonary disease setting. I'll start with GVHD. This is a trial that's been funded preclinically and now clinically.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

The preclinical activity is being conducted in advance in partnership with government collaborators at the NIH, the DOD, through an STTR grant. Those data are building off of one of our scientific advisors' really seminal findings that iNKT cells have an important role. Not only do they prevent GVHD, they naturally do not induce GVHD, they prevent it and can mitigate it as well. Mechanistically, Jennifer Gumperz from the University of Wisconsin has elucidated that in some elegant publications. We were building onto that work in both preclinical setting as well as now in the clinical setting. The clinical study will be funded and has been announced through the University of Wisconsin by an award that will enable us to interrogate number one, dose. Number two, engraftment success. Dosing the cells after engraftment to increase the probability of success for engraftment.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Currently, as you know, these cells do not require cytotoxic lymphodepletion and can be administered without actually the lengthy hospitalization that's required and sometimes intolerable to many patients that are undergoing these procedures. Therefore, there's an opportunity and an unmet need for patients who either cannot tolerate the toxic lymphodepletion or who are at high risk for engraftment failure or GVHD. The standard endpoint here from a regulatory perspective would be the GVHD presence or absence, essentially continuously, but finally at day 100. So, relatively rapid readout in this setting. Based on the tolerability profile of these cells, the lack of a need for cytotoxic lymphodepletion, there is an opportunity that's really quite differentiated here. We believe with the cell's durability of response, we expect that this could be quite a differentiated therapy for patients beyond what is currently available.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Success here currently still about half of the patients undergoing hematopoietic stem cell transplantation do succumb to GVHD. Bringing that down by 50% improvement or more would be substantially beneficial. In fact, in interactions with experts in this field, even a 20% reduction could be really quite meaningful. We are looking for not an incremental change, but a substantial benefit to patients. That is moving along, and we are looking forward to continuing to announce some upcoming milestones associated with the program. We will also expect to have some clinical data early next year. We have already been meeting with teams on building on the findings based on some of the success observations we anticipate and what registration interactions with the agency would look like. We are in the process of those FDA interactions as well to ensure that this program is set up to move very quickly.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Pulmonary diseases, I have no one better than Dr. Therese Hammond to speak to you about the selection of patients in this population. We will be soon, we'll be posting the detailed eligibility of the patient population to clin trials the moment that we formally activate the program for enrollment. This will become publicly available relatively soon in collaboration with Dr. Hammond, her experience with the cells in critical care and with patients who have really had a substantial benefit both on trial and through emergency use. We've designed a population of patients in which we're going to be able to interrogate a few very important endpoints. I'll have Therese come on and speak a bit about the eligibility of those patients. We're being somewhat broad, effectively looking at patients with hypoxemic pneumonia. That's a substantial number of patients.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

We have some technical definitions that we've designed, and they're consistent with our interactions with the regulators to interrogate survival, ventilator-free days, and other regulatory endpoints. What's different about our program is we also believe that we may, based on our observations from the phase I, we may also be able to prevent secondary infections as we had seen a very strong signal of that in our earlier trials. We may be able to combat some substantial challenges that we anticipate could be an important advancement, and those are atypical bacterial issues or fungal complications that could result in premature death in this population. I'll turn it to Therese to build on that.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thank you, Jen, and thank you so much for your question and interest.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

I think all told, the idea behind this is to try to use endpoints that have been well established in acute Respiratory distress syndrome and hypoxemic Respiratory failure. As Jen said, our primary endpoint will be 28-day mortality. As we release more public information, as we post this on clinicaltrials.gov, I think you'll find that there are some really intriguing secondary and also exploratory endpoints here. The concept of using these cells in Respiratory disease and critical illness, I think, is really timely. I always say that I've learned so much of what I know now in medicine from listening to oncologists. I think as a pulmonary critical care doctor, we are now, the time is nigh for us to start incorporating cell therapies into the treatment of these really ill patients, patients that oftentimes have higher mortalities than most solid tumors or hematologic cancers these days.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

The concept will be to look at a broad population of patients with severe pneumonia who also have moderate to severe hypoxemic Respiratory failure and get a better sense both clinically and immunologically of what these cells are doing in this setting. We're excited. I think we're excited on multiple fronts to use these cells and to see the results more almost as an agnostic treatment for a variety of organ failures. I'll just sort of end this by saying that I think the integration between our knowledge in solid tumors, especially tumors that are very immunologically active like thymoma, and our increased interest in critical illness and pulmonary disease will be a very exciting avenue for us to pursue as we head into 2026.

[Mayank Mamtani, Analyst at B. Riley]

Super helpful, Color, and look forward to that clinicaltrials.gov posting on the protocol.

[Mayank Mamtani, Analyst at B. Riley]

As you think about having a product here that can be commercialized, Jen, if you can maybe help us understand the manufacturing scale-up activities and how do you think of having a scale here, knowing that you've been investing in manufacturing for a little while, and how you may be thinking of maybe even non-dilutive financing or funding in case there are some stocking requirements for some of the use cases you're discussing. Thanks for taking our questions.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Fantastic question. I'm remiss that I did not bring this up sooner. The manufacturing team, as you know, just have such an incredibly talented group of manufacturing experts and manufacturing scientists. We've been able to get our cells even since our last earnings call. We continue to exponentiate the number of cells that we can really pull out of some of our donors.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

We're working with a new team of donor groups that can bring in new donors. What we're observing right now is that we not only can optimize our donors for enrichment, but also our manufacturing process has continued to increase the number of cells. We're getting billions of cells per donor that give us not only substantial cost advantages, but also the ability to stockpile. We currently have quite a bit of material on hand to launch our trials, and we're going to continue to build that stock.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Now, as I think about the future, and I particularly think about data that's going to be coming out of this large study with potential multi-drug resistant organisms and benefits on mitigating those as well as addressing a substantial need in patients with severe pulmonary complications, we expect and have launched some interactions for non-dilutive financing that would allow us to expand beyond the current infrastructure that we have today. I'll say stay tuned, but I think there's an opportunity for us. The cells, they're stable. We can store them for now stability beyond two and a half, almost three years. We can demonstrate that they still function. Therefore, there's an opportunity for us to continue the production at scales that we as an organization don't necessarily need unless there is a substantial threat that would require a treatment beyond what our current commercial needs would be.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

That is what we are getting ready for and the discussions that we currently have underway. I think it is best fit for collaborators who either have substantial scale in the private sector or substantial interest, which is in the public sector. Both of those discussions are actively underway.

[Mayank Mamtani, Analyst at B. Riley]

Thank you, Jen.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thanks so much, Mayank.

[Operator]

Seeing no further questions at this time, this concludes the Q&A session. I now turn the call back to Dr. Jennifer Buell for closing remarks.

[Jennifer Buell, President and CEO at MiNK Therapeutics]

Thank you all very much. Thank you for your continued support, and I look forward to continuing to update you in the future.

[Operator]

This concludes today's call. Our replay will be available in the events and presentations section of our investor website at https://investor.minktherapeutics.com/events/end-presentation. Thank you for participating. You may now disconnect.

Participants

Executives

• Jennifer Buell, President and CEO
• Stefanie Perna-Nacar, Chief Communications and Government Relations Officer
• Christine Klaskin, VP and Finance, Principal Financial and Accounting Officer

Analysts

• Mayank Mamtani, Analyst at B. Riley
• Analyst
• Emily Bodnar, Research Analyst at H.C. Wainwright