MiNK Therapeutics (INKT -15.34%), a biotechnology company developing therapies using invariant natural killer T (iNKT) cells for cancer and immune diseases, issued its second quarter results on August 14, 2025. The most notable headline was a net loss per share of $1.06 (GAAP). No revenue was reported, as expected for a clinical-stage firm. Cash used in operations (GAAP) improved to $1.57 million, while the company shored up its liquidity post-quarter, raising $13 million through equity sales after the period. Overall, while the period saw clinical progress and an improved operational cash use, the miss on earnings expectations and ongoing losses stood out.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | 1.06 | ($0.55) | ($0.73) | N/A |
| Net Loss | N/A | ($2.70 million) | (41.9 %) | |
| Cash Used in Operations | $1.57 million | $2.29 million | 31.4 % decrease | |
| Non-cash Expenses | $1.50 million | $0.49 million | 208.2 % |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus
MiNK Therapeutics is working to deliver off-the-shelf cell therapies using iNKT cells—a type of immune cell with both adaptive and innate characteristics. These cells are designed to target cancerous tumors and severe immune disorders in a way that harnesses both rapid action and memory for future immune responses.
The company’s focus has been on its agenT-797 product, an iNKT cell therapy, now in various stages of clinical trials for solid tumors and graft-versus-host disease (GvHD). MiNK is relying on its clinical trial progress, strategic partnerships, and scalable in-house manufacturing to advance development while managing tight capital constraints. Success for the business depends on demonstrating clinical benefit, securing non-dilutive funding, and building regulatory support to bring these therapies to market.
Highlights and Developments from the Quarter
The quarter was defined by deeper clinical validation and strategic funding, despite financial pressures. The net loss (GAAP) was $4.24 million. This higher loss was mainly due to a rise in non-cash expenses, which reached $1.50 million, with company statements citing the repricing of equity awards as a major factor.
No revenue was reported, which matched expectations for a company still pre-commercial and advancing early-stage therapies. Yet, MiNK did show clear cost control: cash used in operations (GAAP) fell to $1.57 million, an improvement of 31.4% compared to Q2 2024. This cash discipline comes alongside active investment in key research programs and operational efficiency efforts, such as internalizing clinical data management and research activity.
On the clinical side, agenT-797, the lead iNKT product, saw several noteworthy milestones. Notably, a long-term complete remission in a patient with treatment-resistant metastatic testicular cancer was published in Nature’s Oncogene, with the patient remaining disease-free two years after a single infusion. For gastric cancer, the Phase 2 trial continues to enroll and is targeting data readouts by late 2025 or early 2026. Expansion of clinical programs in GvHD was also reinforced by two new non-dilutive grants, including one from the Department of Defense, paving the way for a first-in-human study in the second half of 2025.
In regulatory discussions, the company confirmed imminent regulator meetings for its GvHD studies and highlighted supportive trends at the Food and Drug Administration for novel immune-based therapies, especially for acute respiratory distress syndrome (ARDS). No meaningful update was provided on progress in manufacturing. Collateral progress included confidential partnership negotiations and a new strategic collaborator engaged for an additional GvHD study.
Looking Forward: Capital Position and Outlook
As of quarter end, MiNK reported cash and equivalents at $1.68 million. After the quarter closed, it raised $13.0 million via equity sales, extending its projected cash runway through mid-2026. The company’s capital management has included a focus on both operational discipline and securing external grants to advance pipeline programs with minimal shareholder dilution.
No specific financial guidance was provided by management for upcoming quarters or the full year, staying consistent with the pre-commercial stage of the company. Management continues to expect further progress from its major clinical programs, with additional clinical readouts in gastric cancer and the initiation of a first-in-human clinical trial in GvHD anticipated in 2025. INKT does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
