MiNK Therapeutics, Inc.

Listed Company

INKTCIK 0001840229NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-12.49M

Total Assets

$14.24M

Equity

$-14.23M

Shares Out

4.97M

Op. Cash Flow

$-5.93M

Business

MiNK Therapeutics, Inc. develops allogeneic, ex‑vivo expanded invariant natural killer T (iNKT) cell therapies for cancer and immune‑mediated diseases. Its main products and services include native and engineered iNKT cell candidates (notably agenT‑797) plus proprietary personalized neoantigen libraries, CAR‑iNKT, TCRs and bispecific iNKT engagers. Key business segments encompass clinical development programs, preclinical engineered pipelines (e.g., MiNK‑413, MiNK‑215), proprietary manufacturing and discovery platforms, and strategic collaborations. MiNK distributes investigational therapies through clinical trials and an in‑house cGMP manufacturing platform targeting global patient populations, with activity concentrated in the U.S. and international research sites.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	6	6	15	23	14
General and administrative	7	4	7	8	5
Change in fair value of related party note	154,832	638,046	—	—	—
Operating loss	−13	−11	−23	−31	−28
Interest income, net	180,246	172,568	463,256	253,323	−2
Other income (expense), net	−32,000	331,000	−10	3	221,920
Net loss	−12	−11	−22	−28	−30
Basic net loss per common share	−2.93	−2.86	−6.54	−0.83	−1.16
Diluted net loss per common share	−2.93	−2.86	−6.54	−0.83	−1.16
Weighted average number of common shares outstanding, basic	4	4	3	34	26
Weighted average number of common shares outstanding, diluted	4	4	3	34	26
Foreign currency translation loss	−87,340	−200,629	−138,479	332,801	897,769
Comprehensive loss	−13	−11	−23	−28	−29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	13	5	3	20	39
Prepaid expenses	276,431	246,600	53,111	298,667	1,761
Other current assets	211,202	164,244	177,964	470,300	744,321
Total current assets	14	5	4	20	40
Equipment, net of accumulated depreciation of $612,245 and $524,639 at December 31, 2025 and December 31, 2024, respectively	391,000	733,000	954,000	1	607,000
Total assets	14	6	5	21	40
Accounts payable	3	3	4	6	3
Accrued liabilities	2	2	5	4	2
Related party note	5	—	—	—	—
Other current liabilities	3	2	2	3	6
Total current liabilities	13	7	11	13	16
Related party note	—	5	—	—	—
Due to related parties	15	13	11	9	—
Commitments and contingencies	—	—	—	—	—
Common stock, par value $0.00001 per share, 150,000,000 shares authorized, 4,706,246 and 3,963,045 shares issued at December 31, 2025 and December 31, 2024, respectively	48	40	35	339	335
Additional paid-in capital	143	125	116	111	107
Accumulated other comprehensive loss	−718,916	−631,576	−430,947	−292,468	−625,269
Accumulated deficit	−157	−144	−133	−111	−83
Total stockholders' deficit	−14	−20	−18	−401,303	24
Total liabilities and stockholders' deficit	14	6	5	21	40

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−12	−11	−22	−28	−30
Depreciation	181,745	215,437	204,617	121,749	77,960
Share-based compensation	3	2	4	3	2
Loss on disposal of assets	169,800	—	—	—	—
Gain on deconsolidation	—	−185,351	—	—	—
Gain on forgiveness of liability	—	−2	−266,780	−3	—
Interest accrued on related party note	100,000	79,444	—	—	—
Prepaid expenses	−29,788	−194,173	245,589	−296,945	488,752
Accounts payable	689,710	−1	−2	3	−152,042
Accrued liabilities and other current liabilities	720,196	−393,771	2	3	—
Other operating assets and liabilities	2	2	3	3	3
Net cash used in operating activities	−6	−10	−16	−19	−13
Net proceeds from sale of equity	14	—	—	—	—
Proceeds from issuance of related party note	—	5	—	—	—
Proceeds from sale of shares in private placement	—	6	—	—	—
Purchase of treasury shares to satisfy tax withholdings	−173,353	—	−477,639	−157,194	—
Proceeds from employee stock purchases and option exercises	440,309	19,986	70,466	1,595	—
Net cash provided by financing activities	15	11	−407,173	−155,599	49
Effect of exchange rate changes on cash	−13,429	−54,699	−25,250	19,385	16,899
Net increase in cash and cash equivalents	9	1	−16	−19	36
Cash paid for interest	9,516	13,135	27,509	10,820	—
Issuance of stock options for payment of certain employee bonuses	—	1	—	—	—
Insurance financing agreement	257,164	172,000	109,000	444,000	643,000
Issuance of related party note (Note 10)	—	792,878	—	—	—

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