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MT

MiNK Therapeutics, Inc. (INKT)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 extended liquidity beyond mid-2026 via a post-quarter $13.0M equity raise and ended the quarter with $1.68M cash, while maintaining external grant funding to advance GVHD and ARDS programs .
  • EPS of $1.06 loss missed Wall Street consensus of $0.55 loss*; net loss widened year over year on program investment and non-cash items, while operating cash burn fell meaningfully versus Q2 2024 .
  • Clinical narrative strengthened: Oncogene publication of a durable complete remission in refractory metastatic testicular cancer following a single agenT‑797 infusion; Phase 2 gastric cancer data expected in 2H2025; GVHD prophylaxis Phase 1 trial targeted to initiate in 2H2025 .
  • Key catalysts: GVHD Phase 1 enrollment start; gastric cancer efficacy readout; ARDS randomized Phase 2/3 design and regulatory path elaboration—management emphasized fully funded GVHD trials and external funding for ARDS as validation points .

What Went Well and What Went Wrong

What Went Well

  • “We further strengthened our financial position that extends our runway beyond mid-2026,” highlighting disciplined burn reduction, streamlined operations, and non-dilutive grants backing clinical advancement .
  • Landmark case: “Durable Complete Remission in Metastatic Testicular Cancer... following a single infusion of agenT‑797,” with disease-free status beyond two years, published in Nature’s Oncogene, reinforcing platform differentiation .
  • Grants-funded execution: “These are fully funded... trials are going to be going without our capital infusion,” providing flexibility to expand biomarkers and accelerate programs (GVHD and ARDS) .

What Went Wrong

  • Losses widened: Net loss increased to $4.24M and EPS loss to $1.06 vs $2.70M and $0.73 in Q2 2024; management cited program activity and non-cash equity award repricing impacts .
  • EPS materially missed S&P Global consensus in Q2 2025 (actual −$1.06 vs −$0.55*) and modestly missed in Q1 2025 (actual −$0.70 vs −$0.61*)—raising estimate-surprise risk near-term.
  • Low quarter-end cash ($1.68M) prior to post-quarter raise underscores reliance on timely external financing despite later runway extension .

Financial Results

Consolidated Metrics vs Prior Periods and Estimates

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD Millions)n/an/an/a
Net Loss ($USD Millions)$2.70 $2.77 $4.24
Diluted EPS ($USD)$(0.73) $(0.70) $(1.06)
Cash Used in Operations ($USD Millions)$2.29 $1.34 $1.57
Non‑cash Expenses ($USD Millions)$0.49 $0.84 $1.50
Cash & Cash Equivalents ($USD Millions)n/a$3.24 $1.68

Notes: Company did not disclose revenue figures in the period materials; margins are not calculable without revenue.

Actual vs S&P Global Consensus

MetricQ1 2025 ActualQ1 2025 Consensus*Q2 2025 ActualQ2 2025 Consensus*
EPS ($USD)$(0.70) $(0.61)*$(1.06) $(0.55)*
Revenue ($USD Millions)n/a$0.00*n/a$0.00*

Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporateCash through end of 2025 (Q4 2024 call) Runway beyond mid‑2026 post‑$13M raise Raised
GVHD Phase 1 (Prophylaxis) Initiation2H 2025Advancing design, pending funding (Q1 call) Target initiation 2H2025; fully funded with external grants Firmed timeline
Phase 2 Gastric Cancer Readout2H 2025Data targeted in 2H 2025 (Q1 call) Additional clinical readouts anticipated 2025 Maintained
ARDS Program2025+Pursuing broader access; planning trials (Q1 call) Expect announcement of randomized Ph2/3 with FDA‑directed endpoints (28‑day mortality, infections, VFDs, oxygenation) Advanced design clarity
MiNK‑215 (IL‑15 Armored CAR‑iNKT)2025IND filing planned 2025 (Q4 call) Featured in peer review; advancing; potential partner(s) Maintained; partnership optionality

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
GVHD (HSCT prophylaxis/acute SR)Probable NIAID funding; Phase 1 planned; dose/safety focus Two studies contemplated (prophylaxis and steroid‑refractory); funding/partner paths Prophylaxis Phase 1 targeted 2H2025; fully funded; dose escalation to ~1B cells; endpoints include GVHD incidence, engraftment, infections Execution plans firming; funding de‑risked
ARDS80% survival in VV‑ECMO vs 10% controls; infection reduction Regulatory receptivity; access via trials/compassionate use randomized Ph2/3 design with FDA‑aligned endpoints; external funding; rapid oxygenation improvements Toward registrational design
Oncology: GastricSequencing insights; immune desert → hot tumor; BOT/BAL synergy Active enrollment; 2H2025 data target Expect additional readouts 2025; survival follow‑up, CD8 infiltration biomarker narrative Continued momentum
Oncology: TesticularPreviews of CR case, durable activity Publication imminent; 24‑month CR confirmed; broad disease stabilization observed Oncogene publication of durable CR; platform differentiation reinforced Validation strengthened
Partnerships/BDAutonomous Therapeutics RNA collaboration; 2025 INDs Distinct proposals across oncology/I&I/engineered programs Active discussions; value‑maximizing structures; potential partners for MiNK‑215 Multi‑track optionality
Funding/Runway$4.6M YE cash; cost discipline Burn reduced ~47% YoY; probable NIAID funding June $13M equity raise post‑Q2; runway beyond mid‑2026; fully funded GVHD Liquidity extended

Management Commentary

  • “With our cash position, coupled with two separate non‑dilutive grants for the clinical advancement of allo‑INKTs in GvHD — we can achieve substantial clinical program advancements.”
  • “A single dose of 797 infusion without lymphodepletion and without HLA matching achieved a sustained remission for now more than two years with no cytokine release syndrome or GVHD.”
  • “These are fully funded... trials are going to be going without our capital infusion... at our discretion [to] interrogate more biomarkers and... support acceleration.”
  • “We reduced our Q2 operating cash burn by over 30% year over year reflecting our operational efficiencies.”

Q&A Highlights

  • GVHD trial design: Phase 1 prophylaxis study with two dose levels (up to ~1B cells), initial safety run‑in then expansion to ~20–25 patients; endpoints include GVHD incidence, time to engraftment, relapse, infections; positioned for tolerability and engraftment benefits vs current agents .
  • Gastric cancer updates: Mature follow‑up to assess survival; biomarker data shows CD8 infiltration and reversal of immune exhaustion in PD‑1–resistant cancers; targeting GI oncology conferences for clinical data .
  • Funding specifics: GVHD trials “fully funded” with flexibility to add translational work; ARDS path toward randomized Ph2/3 with 28‑day mortality and ventilator‑free days; strong survival signals and infection reduction observed in earlier experience .
  • Program prioritization: Focus near‑term on immune‑mediated indications (GVHD, ARDS) while advancing Fab/CAR‑iNKT IND‑enabling work efficiently and exploring partner acceleration .

Estimates Context

  • Q2 2025 EPS missed consensus: Actual $(1.06) vs $(0.55); Q1 2025 EPS modestly missed: Actual $(0.70) vs $(0.61). Revenue consensus was $0.00* for both quarters; company did not disclose revenue in period materials .
  • Given the magnitude of the Q2 miss and rising non‑cash expenses, Street models may need to reset near‑term EPS trajectories and incorporate the funded GVHD/ARDS timelines. Values retrieved from S&P Global.

Key Takeaways for Investors

  • Liquidity de‑risked: The $13M post‑quarter raise extends runway beyond mid‑2026, enabling multiple catalysts without immediate dilution pressure .
  • Clinical validation: Durable CR in refractory testicular cancer and biomarker‑driven gastric data bolster the iNKT thesis and potential for synergy with checkpoint inhibitors .
  • Funded execution: Fully funded GVHD prophylaxis trial and externally supported ARDS program reduce capital intensity and support rapid progression toward registrational endpoints .
  • Near‑term setup: Expect GVHD Phase 1 initiation and gastric cancer readout in 2H2025; monitor ARDS trial design update for FDA‑aligned endpoints—each a potential stock catalyst .
  • Risk monitor: EPS misses vs consensus and higher non‑cash charges (equity award repricing) add near‑term P&L volatility; operating cash burn trend is improving year over year .
  • Strategic optionality: Partnering interest across engineered programs (MiNK‑215) could provide non‑dilutive capital and accelerate INDs; track disclosures on partner structures .
  • Trading implications: Into catalysts, sentiment likely pivots on funded trial starts and gastric efficacy signals; EPS variance is less material for pre‑revenue biotech than clinical readouts, making data flow the key driver in the near/intermediate term.

Citations: Financials and business updates ; Q2 2025 call ; Q1 2025 press release/call ; Q4 2024 press release/call . Values retrieved from S&P Global for consensus estimates.