Executive Summary

MiNK’s Q1 2025 print was steady operationally with materially lower opex YoY, while EPS missed consensus by ~$0.09 as the quarter included a $0.17M non‑cash fair value adjustment on a related party note and no revenue; cash used in operations fell to $1.34M (vs $2.54M YoY) and cash ended at $3.24M . EPS was -$0.70 vs S&P Global consensus -$0.61 (two estimates)*; revenue was expected at $0 and remained pre‑revenue .
Strategy progressed: management is in late‑stage discussions on three distinct partnering transactions (oncology, immunology/GvHD/ARDS, next‑gen engineered iNKT) intended to extend runway with lower dilution; management guided “very near term” potential to advance one or more .
Clinical momentum continued: Phase 2 2L gastric trial is actively enrolling with plans for an efficacy update in 2H25 (or early next year at the latest); new translational data show iNKT + BOT/BAL + chemo reprograms PD‑1–resistant tumors; a testicular cancer complete remission after one 797 infusion will be published and supports solid tumor potential .
Non-dilutive funding: NIAID selected MiNK for probable grant funding for allogeneic iNKT in GvHD with a formal award expected by June 2025 (a key near‑term stock catalyst), aligning with plans to initiate a Phase 1 in steroid‑refractory and/or prophylaxis settings supported primarily by external capital .

What Went Well and What Went Wrong

What Went Well

Operating discipline: R&D expense fell 51% YoY to $1.26M with flat G&A ($1.27M), reducing operating cash burn to $1.34M vs $2.54M YoY, and net loss narrowed to $2.77M (vs $3.81M YoY) .
Clinical/biologic validation: Q1 highlighted PD‑1–refractory gastroesophageal cancer translational data showing early iNKT induction boosted IFNγ, CD8 infiltration, and APC engagement; a complete remission case in metastatic testicular cancer after a single 797 infusion (no lymphodepletion/HLA match) reinforces platform differentiation .
Strategic optionality: CEO emphasized three late‑stage partnership proposals across oncology, immunology, and next‑gen engineered iNKT that could extend runway and accelerate programs with less dilution: “expect to advance one or more… in the very near term” .

Quote: “These proposals reflect strong external conviction in the value of our iNKT platform… a rare opportunity to diversify capital, reduce dilution and accelerate development” .

What Went Wrong

EPS miss vs consensus: Q1 EPS of -$0.70 was below S&P Global consensus of -$0.61 (two estimates), driven in part by a non‑cash $0.17M fair value change on a related‑party note and no revenue contribution* .
Liquidity still tight: Cash declined to $3.24M with going‑concern disclosure noting “substantial doubt” absent anticipated funding, despite management’s belief that cash plus anticipated funding covers >1 year; external funding remains a key execution risk .
Listing risk resurfaced post‑quarter: Company received a Nasdaq MVLS deficiency notice on May 13 with 180 days to regain compliance, creating headline risk (note: they had previously reported regaining compliance on Feb 20) .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$0.00 (pre‑revenue, no revenue line in statements)	$0.00 (no product revenue in period disclosures)	$0.00 (pre‑revenue, no revenue line in statements)
R&D Expense ($USD Millions)	$2.55	$1.41	$1.26
G&A Expense ($USD Millions)	$1.28	$0.81	$1.27
Change in FV of Related Party Note ($USD Millions)	—	$0.29	$0.17
Operating Loss ($USD Millions)	$3.83	$2.50	$2.70
Net Loss ($USD Millions)	$3.81	$2.46	$2.77
Diluted EPS ($)	$(1.10)	$(0.62)* (S&P Global normalized)	$(0.70)
Cash and Equivalents ($USD Millions)	$5.82	$4.58	$3.23
Cash Used in Operations ($USD Millions)	$2.54	$1.73	$1.34

Values marked with * for EPS (Q4 2024) reflect S&P Global normalization due to reverse split and inconsistent table formatting in the press release; Values retrieved from S&P Global.

Segment reporting: Single reportable segment (iNKT cell therapies) .
Margins: not applicable (no revenue) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Gastric Phase 2 efficacy update	2H 2025 (or early next yr latest)	Prior: data “early 2025” (Q3’24 call)	Update: targeting 2H25; no later than early next year per investigator discretion	Timing refined
GvHD Program	2025	Prepare to initiate Phase 1; contingent on funding	Phase 1 to initiate with external support; NIAID “probable funding” formal award expected by June 2025	Advanced; funding milestone added
Strategic transactions	Near term	Ongoing discussions (Q4)	Three late‑stage proposals; expect to advance ≥1 in “very near term”	Strengthened
Financial guidance	n/a	None provided	None provided	Maintained

No revenue/EPS/opex/CF guidance was issued; disclosures focused on clinical and strategic milestones .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
iNKT + checkpoints + chemo sequencing	Early gastric cohort; mid‑enrollment; cost efficiencies in manufacturing	AACR IO translational data: early allo‑iNKT induction with BOT/BAL before chemo optimized immune activation	Reinforced: early iNKT induction drives IFNγ, T‑cell infiltration, APC engagement in PD‑1–resistant tumors	Positive, consistent
Testicular cancer CR	Durability/persistence emphasized; long‑term stabilization seen in Phase 1	—	CR case after single 797 infusion to be published; durable, no lymphodepletion/HLA match	Positive catalyst
GvHD program	Trial design in development; high unmet need; aiming 2025 start	Probable NIAID funding; 2025 dosing planned	Phase 1 plan with external support; NIAID formal award expected by June	Advancing toward start
ARDS (I&I)	—	80% survival on ECMO vs ~10% controls; fewer infections	Continues to pursue trials/compassionate use; FDA receptivity noted	Positive regulatory tone
Operating discipline	Burn reduction; scalability lowers COGS	Year‑end cash $4.6M; opex control	Cash used ops $1.34M; R&D -51% YoY; runway contingent on funding	Sustained cost focus
Partnerships/BD	—	Collab with Autonomous (encRNA)	Three late‑stage proposals across core areas; near‑term action expected	Increasing momentum

Management Commentary

“We have 3 distinct proposals… each aligned with one of our key therapeutic areas… These proposals may be mutually reinforcing… expect to advance one or more… in the very near term” — Jennifer Buell, CEO .
“Following a single infusion of AgenT‑797, the [testicular cancer] patient achieved a durable complete… remission… without lymphodepletion or HLA matching… cells persist beyond 6 months” .
“The most pronounced immune expansion… were seen when agenT‑797 was given concurrently with checkpoint inhibitors and before standard chemotherapy” (gastric combo) .
“We were recently selected for probable funding by NIAID… formal award expected by June” (GvHD) .

Q&A Highlights

Testicular CR details: CR designated at Month 24 post single 797 infusion with no additional treatment; multi‑lesion reduction including liver; supports broader re‑evaluation of Phase 1 cohort durability .
Gastric Phase 2 timing: still targeting initial efficacy update by year‑end 2025; latest possible early next year (investigator’s discretion) .
NIAID funding: government delays noted; “probable funding” with formal June decision anticipated; GvHD considered a high priority .
GvHD design: two settings—steroid‑refractory acute treatment and prophylaxis; external partnerships to defray costs; Phase 1 to observe infections, engraftment, relapse risks beyond GvHD endpoints .

Estimates Context

Q1 2025 vs S&P Global consensus: EPS -$0.70 actual vs -$0.61 consensus (2 ests) → modest miss; Revenue expected $0.0 (2 ests) and remained pre‑revenue .
Estimates marked with * are retrieved from S&P Global.

Metric	Q1 2025 Consensus	Q1 2025 Actual
Primary EPS Consensus Mean ($)	-0.61*	-0.70
Revenue Consensus Mean ($USD Millions)	0.00*	0.00 (pre‑revenue)
Primary EPS – # of Estimates	2*	—
Revenue – # of Estimates	2*	—

Values retrieved from S&P Global where marked with *.

Implications: Modest EPS miss reflects no revenue generation and inclusion of a $0.17M non‑cash note fair value change; the miss is not thesis‑changing given clinical/BD catalysts ahead .

Key Takeaways for Investors

Near‑term catalysts: (1) NIAID formal award decision by June (non‑dilutive GvHD funding), (2) execution of one or more strategic transactions across oncology/I&I/engineered iNKT, (3) 2L gastric efficacy update targeted for 2H25 (or early next year latest) .
Platform validation: durable CR in metastatic testicular cancer without lymphodepletion/HLA matching and PD‑1–refractory gastric translational data strengthen the allo‑iNKT thesis and potential combo synergy with BOT/BAL .
Cash discipline remains evident with YoY burn reduction, but liquidity is tight; funding execution (grants/partnerships/equity) is pivotal given going‑concern disclosure and MVLS compliance risk .
For trading: headline sensitivity around grant award, partnership announcements, and gastric data timing; absence of negative safety signals and continued external validation should bias sentiment positively into catalysts .
Medium term: advancing GvHD Phase 1 (treatment and/or prophylaxis) with external support could broaden iNKT optionality beyond oncology, while next‑gen IL‑15 armored CAR‑iNKT and TCR‑iNKT programs offer pipeline depth (IND activities ongoing) .
Risk monitor: dependency on partners/grants to maintain runway; Nasdaq MVLS remediation window through Nov 10, 2025 adds market‑structure overhang .

Appendix: Prior Quarter References

Q4 2024 results (for trend): cash $4.58M; net loss $2.46M; cash used in ops $1.73M .
Q3 2024 call (for trend): net loss $1.8M; enrollment mid‑way in gastric Phase 2; manufacturing efficiencies drove opex reductions .

Source Documents

Q1 2025 8‑K/Press Release: financials and clinical highlights .
Q1 2025 10‑Q: detailed financials, going concern, segment reporting .
Q1 2025 earnings call transcript: strategy, BD, clinical updates, Q&A .
Feb–Mar 2025 press releases: AACR IO gastric translational data; regained Nasdaq compliance; ASCO GI Trials‑in‑Progress .

Notes: All numeric and factual statements above are sourced to the cited documents. Values marked with * reflect S&P Global consensus data.

MiNK Therapeutics, Inc. (INKT)·Q1 2025 Earnings Summary