Mink Therapeutics Q1 2025 Earnings Report
Key Takeaways
MiNK reported no revenue for the quarter but significantly reduced its cash burn and net loss year-over-year, while advancing its clinical programs in solid tumors and immune-mediated diseases. The company ended the quarter with $3.2 million in cash and is pursuing strategic partnerships and non-dilutive funding.
Net loss for Q1 2025 was $2.8 million, improved from $3.8 million in Q1 2024.
Cash used in operations was $1.3 million, a reduction from $2.5 million a year earlier.
Cash and cash equivalents stood at $3.2 million at the end of Q1 2025.
Phase 2 gastric cancer trial is actively enrolling, and a peer-reviewed case study showed complete remission in metastatic testicular cancer.
Mink Therapeutics
Mink Therapeutics
Forward Guidance
MiNK aims to strengthen its liquidity through near-term capital transactions while advancing clinical partnerships and expanding its iNKT pipeline.
Positive Outlook
- Clinical data in PD-1–resistant tumors show promise for agenT-797
- Complete remission observed in testicular cancer case with no toxicity
- Active Phase 2 trial for gastric cancer ongoing at MSK
- NIAID expected to fund iNKT program in GvHD by June 2025
- Reduced operating cash burn from prior year
Challenges Ahead
- No revenue generated in Q1 2025
- Cash balance of $3.2 million may limit near-term flexibility
- Net loss remains despite reductions in expenses
- Heavy dependence on upcoming partnerships or capital raises
- Ongoing uncertainty around commercialization timelines