MiNK Therapeutics, Inc. Q2 FY2025 earnings call

Clinical Progress - Published important observations from clinical trials, including a complete clinical response in a 49-year-old man with metastatic testicular cancer and a durable response in a refractory gastric cancer patient. - AgenT-797's iNKT platform shows potential in addressing unmet needs in cancer and immune-related diseases. ### Operational Efficiencies - Reduced Q2 operating cash burn by over 30% year-over-year, demonstrating operational efficiencies. ### Strategic Partnerships - Momentum in late-stage strategic partnership discussions, with increased market capitalization post-Oncogene publication signaling investor confidence. ### Program Advancements - Upcoming Phase I trial of agenT-797 to evaluate prophylaxis of acute GvHD in allo hematopoietic stem cell transplant patients. - Expect to announce advancement of a randomized Phase II/III study in respiratory distress using external funding. - Engineered iNKT programs, including MiNK-215, are in development with preclinical data showing promise.

In the second quarter of 2025, MiNK Therapeutics reported a net loss of $4.2 million or $1.06 per share, compared to a net loss of $2.7 million or $0.73 per share in the second quarter of 2024. For the six months ended June 2025, the net loss was $7 million or $1.76 per share, versus $6.5 million or $1.82 per share in the same period in 2024. The company ended the second quarter of 2025 with a cash balance of $1.7 million. Since quarter end, the company strengthened its financial position by raising an additional $13 million through equity sales, extending its cash runway through mid-2026. The net loss reflects continued investment in the agenT-797 program and increased noncash expenses.

- Anticipates topline data from Phase II gastric cancer trial by end of 2025. - Plans to initiate Phase I trial for GvHD prophylaxis in 2025. - Aims to advance MiNK-215 program, potentially with strategic partners. - Expect to announce advancement of ARDS Phase II/III study with external funding soon.

• Forward-looking statements are subject to risks and uncertainties related to clinical development, regulatory approvals, and commercialization. - Refer to SEC filings for detailed description of risks associated with the company's activities.

Q: Could you talk a bit more about this preventative GvHD trial design, number of patients, endpoints you're looking at?

A: The trial is a phase I with a run-in for safety using a lower dose, then expanding to a target dose of 1 billion cells per patient for signal seeking in about 20-25 patients. The cells aim to mitigate GvHD, enable engraftment success, and reduce infections.

Q: Could you maybe give a little bit more color on what that could be for the 797 gastric cancer study before year-end?

A: The company has mature clinical follow-up on gastric cancer patients, with data on survival and immune modifying properties to be published.

Q: I'm curious if you can give us more info on how much these 2 grants are. I guess what percent of the clinical trial costs for the GvHD program do you expect those to fund?

A: The grants are fully funded, with MiNK retaining flexibility to provide additional support for biomarker or translational data.

Q: Curious if you could give more color on the Phase II/III trial you mentioned in ARDS and what the registrational path could look like there?

A: The trial will focus on 28-day mortality, prevention of secondary infections, ventilator-free days, and oxygenation, with endpoints designed for FDA registration in partnership with the FDA.