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Mar 31
Mink Therapeutics Q1 2025 Earnings Report
MiNK Therapeutics narrowed its operating loss and progressed key clinical trials during Q1 2025.
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