MiNK Therapeutics, Inc. (NASDAQ: INKT) reported a net loss of $12.5 million, or $2.93 per share, for the year ended December 31, 2025, up from a $10.8 million loss, or $2.86 per share, in 2024. The fourth‑quarter loss was $2.6 million, or $0.56 per share, compared with a $2.5 million loss, or $0.62 per share, in the same period last year. The company’s cash balance was $13.4 million at year‑end, and it raised an additional $3.0 million through an at‑the‑market equity sale, extending its runway through 2026.
The increase in the full‑year loss reflects continued investment in the company’s clinical pipeline, particularly the lead iNKT cell therapy agenT‑797. While the company has tightened its research and development spend relative to prior periods, the higher loss is driven by the need to fund late‑stage trials and expand manufacturing capacity. The Q4 loss beat analyst expectations by $0.12 per share, largely because disciplined cost management offset the higher clinical spend.
In oncology, agenT‑797 has shown durable responses, with median overall survival exceeding 23 months in combination with PD‑1 inhibitors and complete remissions lasting beyond two years in checkpoint‑refractory settings. The therapy is also advancing in graft‑versus‑host disease and acute respiratory distress syndrome programs, and a new collaboration with C‑Further is expected to accelerate pediatric cancer development.
MiNK continues to secure non‑dilutive funding, receiving grants from the Department of Defense and the National Institutes of Health, and forming strategic collaborations that provide both financial support and clinical expertise. These sources, combined with the equity sale, give the company a cash runway that extends into 2026, allowing it to pursue its clinical milestones without immediate dilution.
Dr. Jennifer Buell, President and CEO, highlighted the company’s durability in 2025 and the differentiation of its off‑the‑shelf allogeneic iNKT platform, noting its administration without lymphodepletion or HLA matching. Melissa Orilall, Principal Financial Officer, emphasized the disciplined execution of the at‑the‑market facility and the resulting cash position that supports key clinical milestones.
With a focus on cost control and strategic funding, MiNK is positioning itself to advance its pipeline while preserving capital. The extended runway provides a buffer for the company to achieve the next set of clinical readouts in the second half of 2026, after which the company will reassess its financial strategy and potential for future capital raises.
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