MiNK Therapeutics, Inc.

MiNK ended Q2 2026 with $8.8 million in cash and cash equivalents, compared with $9.5 million at March 31, 2026 and $3.4 million at year-end 2025. Net loss for the quarter was $3.1 million, or $0.62 per share, versus $4.2 million, or $1.06 per share, in Q2 2025. For the first six months of 2026, net loss was $5.9 million, or $1.20 per share, versus $7.0 million, or $1.76 per share, last year. Cash used in operations was $2.1 million for the quarter versus $1.6 million a year ago. Management did not provide revenue guidance or formal forward financial guidance on the call. Operationally, the company said the randomized phase 2 ARDS study is underway in Ukraine, U.S. centers are being activated, and preliminary randomized readouts are expected in the first half of 2027 / early 2027.

Dr. Jennifer Buell framed the quarter as a proof-of-execution period for MiNK’s strategy: build an off-the-shelf cell therapy platform that can be deployed quickly in critical illness and also support responsible access. She emphasized the biological rationale of iNKT cells as immune regulators, the lack of approved pharmacologic therapy in ARDS, and the importance of the product’s logistics advantages because critically ill patients cannot wait for patient-specific manufacturing. Her tone was confident but cautious, repeatedly stressing that the early data are preliminary and that randomized evidence is still needed.

Melissa Orilall said the company ended the quarter with $8.8 million in cash and cash equivalents, down from $9.5 million at March 31, 2026. She reported Q2 net loss of $3.1 million, or $0.62 per share, improved from $4.2 million, or $1.06 per share, in Q2 2025, and six-month net loss of $5.9 million, or $1.20 per share, versus $7.0 million, or $1.76 per share. Cash used in operations was $2.1 million for the quarter, and she said the increase was deliberate because it reflected the cost of launching and operationalizing the randomized phase 2 study and preparing U.S. sites. Management also said they are keeping the footprint lean, not adding fixed infrastructure, using an inventory-based manufacturing model, and prioritizing non-dilutive funding where possible.

Analysts focused on the ARDS trial design, asking how many patients were in the run-in, what the baseline characteristics were, and how confident management was that the day 28 survival reflected agenT-797 rather than standard of care. Management said the run-in is scheduled for about 10 patients, the first two treated in Lviv had severe, multidrug-resistant pneumonia/ARDS, and the early outcomes are encouraging but non-randomized and should not be over-interpreted. Questions also centered on enrollment pace, the move toward phase 3, and the Brazilian paid-access program; management said U.S. sites should start enrolling in September, expects 4 to 8 patients per site per month when sites are active, and plans to meet with the FDA about a seamless phase III approach. On Brazil, management said the program was driven by physician demand and regulatory speed, is active, and has patients already brought in after quarter-end, but they would not disclose pricing yet.