Financial Data and Key Metrics Changes - The company ended Q3 2025 with a cash balance of $14.3 million and raised an additional $1.2 million since the quarter end, providing a runway through 2026 [23] - The net loss for Q3 2025 was $2.9 million, or $0.65 per share, compared to a net loss of $1.8 million, or $0.46 per share, for Q3 2024 [23] - For the nine months ended September 30, 2025, the net loss was $9.9 million, or $2.39 per share, compared to $8.3 million, or $2.24 per share for the same period in 2024 [23] Business Line Data and Key Metrics Changes - The ongoing trial of agenT-797, an allo off-the-shelf iNKT cell therapy, showed a median overall survival of approximately 23 months in patients with relapsed or refractory solid tumors when combined with PD-1 therapies [4] - Observations included complete remission in a patient with metastatic testicular cancer and durable partial responses in other difficult-to-treat cancers, demonstrating the potential of agenT-797 to restore immune function [5][6] Market Data and Key Metrics Changes - The company has established a strategic partnership with the University of Wisconsin Carbone Cancer Center to advance the iNKT program in immune reconstitution following stem cell transplantation [10] - The company is preparing for a global phase II trial in acute pulmonary dysfunction with multi-drug resistant infections, targeting a patient demographic that mirrors U.S. demographics [12] Company Strategy and Development Direction - MiNK Therapeutics is focused on advancing its iNKT Cell Therapy platform and has become the most clinically advanced company in developing allogeneic iNKT cells [8] - The company aims to redefine immune recovery in various conditions, including cancer, infection, critical illness, and transplantation, through innovative partnerships and disciplined capital use [9][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of building public-private partnerships and emphasized the potential of iNKT cells to transform treatment in critical illness and transplantation [9][22] - The company expects to have multiple clinical programs actively enrolling patients by this time next year, with early readouts emerging from GVHD and pulmonary cohorts [28] Other Important Information - The company executed an at-the-market sales agreement, leveraging a significant increase in equity price to access cash while limiting dilution to shareholders [26] - The leadership team has been strengthened with the onboarding of Dr. John Holcomb and Dr. Therese Hammond, enhancing the company's clinical and operational capabilities [25] Q&A Session Summary Question: Expansion of the combination therapy cohort - Management indicated plans to expand the cohort for the combination therapy with PD-1, with a focus on patients who have failed prior PD-1 therapy, and will announce an expanded cohort moving into a phase two study [33][34] Question: Timing for the severe pulmonary disease trial - The company is in the activation phase and aims to dose the first patient by early next year, with efforts to initiate patient enrollment imminently [38] Question: Details on GVHD and pulmonary inflammation trials - Management provided insights into the GVHD trial, emphasizing endpoints such as GVHD presence or absence and the potential for significant improvements in patient outcomes [44][46] - For the pulmonary disease trial, the primary endpoint will be 28-day mortality, with a focus on patients with severe pneumonia and hypoxemic respiratory failure [51]

Financial Data and Key Metrics Changes - The company ended Q3 2025 with a cash balance of $14.3 million and raised an additional $1.2 million since the quarter end, providing a runway through 2026 [23] - The net loss for Q3 2025 was $2.9 million, or $0.65 per share, compared to a net loss of $1.8 million, or $0.46 per share, for Q3 2024 [23] - For the nine months ended September 30, 2025, the net loss was $9.9 million, or $2.39 per share, compared to $8.3 million, or $2.24 per share for the same period in 2024 [23] Business Line Data and Key Metrics Changes - The company presented updated clinical data from the ongoing trial of agenT-797, showing a median overall survival of approximately 23 months in patients with relapsed or refractory solid tumors when combined with PD-1 therapies [4] - Observations included complete remission in a patient with metastatic testicular cancer and durable partial responses in other difficult-to-treat cancers, demonstrating the potential of agenT-797 to restore immune function [5][6] Market Data and Key Metrics Changes - The company has established a strategic partnership with the University of Wisconsin Carbone Cancer Center to advance the iNKT program in immune reconstitution following stem cell transplantation [10] - The company is preparing for a global phase II trial in acute pulmonary dysfunction with multi-drug resistant infections, targeting critically ill patients [12] Company Strategy and Development Direction - The company aims to redefine immune recovery in cancer, infection, critical illness, and transplantation, focusing on innovative partnerships and disciplined capital use [9][22] - The leadership team has been strengthened with the onboarding of Dr. John Holcomb and Dr. Therese Hammond, enhancing the company's strategic direction [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of building public-private partnerships and emphasized the potential of iNKT cells in various therapeutic areas, including cancer and critical illness [9][22] - The company expects to have multiple clinical programs actively enrolling patients by this time next year, with early readouts emerging from ongoing studies [26] Other Important Information - The company executed an at-the-market sales agreement, leveraging a significant increase in equity price to access cash while limiting dilution to shareholders [25] - The company is preparing for a first-in-human phase I study with minimal capital impact, supported by public-private grants [11] Q&A Session Summary Question: Expansion of the combination therapy cohort - Management acknowledged the potential to expand the cohort for patients previously treated with anti-PD-1 therapies and indicated plans for a phase two study [28][29] Question: Timing for the launch of the severe pulmonary disease trial - Management confirmed that the activation phase is underway, targeting patient enrollment by early next year [32] Question: Details on GVHD and pulmonary disease trials - Management provided insights into the endpoints being evaluated, including GVHD presence and 28-day mortality, emphasizing the potential for significant clinical benefits [33][35][39]