Mink Therapeutics (INKT) Q2 2026 earnings summary

Executive summary

• Advanced agenT-797 into a randomized phase II trial for acute lung injury and ARDS, with initial dosing, early patient data showing improved survival and oxygenation, and no major adverse events at Day 28.

• Launched the first international paid named patient access program in Brazil, expanding global operational infrastructure and generating program revenue.

• U.S. clinical center activation underway, with ongoing enrollment in Ukraine and additional data expected in early 2027.

• Focused on developing allogeneic, off-the-shelf iNKT cell therapies for cancer and immune-mediated diseases, with a pipeline including native and engineered iNKT cell therapies.

• Collaborations and investigator-sponsored trials are expanding access and generating non-promotional revenue.

Financial highlights

• Ended Q2 2026 with $8.8 million in cash and equivalents, down from $13.4 million at year-end 2025.

• Net loss for Q2 2026 was $3.1 million ($0.62/share), improved from $4.2 million ($1.06/share) in Q2 2025.

• Net loss for the first six months of 2026 was $5.9 million ($1.20/share), compared to $7.0 million ($1.76/share) for the same period last year.

• Cash used in operations for the first half of 2026 was $3.8 million, up from $2.9 million in the prior year period.

• Accumulated deficit reached $162.5 million as of June 30, 2026.

Outlook and guidance

• Preliminary readouts from the randomized phase II trial expected in the first half of 2027.

• Planning to meet with the FDA to discuss a seamless transition from phase II to phase III.

• U.S. site enrollment to begin in September, with anticipated 4–8 patients per site per month when fully active.

• Management expects continued operating losses and negative cash flows until commercialization or substantial partnering.

• Cash and anticipated funding expected to cover liquidity needs for more than one year, but substantial doubt exists about ability to continue as a going concern due to funding uncertainty.