MiNK Therapeutics, Inc. (INKT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la inmunoterapia contra el cáncer, Mink Therapeutics, Inc. (TINTT) emerge como una innovadora compañía de biotecnología que es pionera en los tratamientos innovadores asesinos naturales (NK) basados ​​en células. Al aprovechar las tecnologías de ingeniería celular de punta y las colaboraciones estratégicas, Mink está listo para revolucionar los enfoques de tratamiento del cáncer, ofreciendo soluciones terapéuticas potencialmente transformadoras para pacientes que enfrentan malignas desafiantes y difíciles de tratar. Su modelo de negocio único representa un plan sofisticado para desarrollar inmunoterapias de próxima generación que podría remodelar nuestra comprensión de las intervenciones dirigidas por el cáncer.

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Mink Therapeutics ha establecido asociaciones estratégicas con las siguientes instituciones de investigación académica:

Institución	Área de enfoque	Detalles de colaboración
Universidad de Pensilvania	Inmunoterapia con células NK	Colaboración de investigación sobre técnicas de ingeniería de células NK
Centro de cáncer de MD Anderson	Inmuno-oncología	Investigación clínica y desarrollo terapéutico

Asociación con compañías biofarmacéuticas para el desarrollo clínico

Mink Therapeutics ha formado asociaciones estratégicas con compañías biofarmacéuticas:

• Kite Pharma - Investigación colaborativa en el desarrollo de la terapia con células NK
• Celgene Corporation - Iniciativas conjuntas de ensayos clínicos
• Juno Therapeutics - Technology Exchange and Research Collaboration

Acuerdos de licencia potenciales para terapias celulares NK innovadoras

Tipo de terapia	Estado de licencia potencial	Valor estimado
Terapia de células NK TINTT-001	Discusiones de licencia pendientes	$ 12.5 millones de pago inicial potencial
Terapia dirigida Inkt-002	Exploración de licencias en etapa temprana	Pagos potenciales de $ 8.3 millones

Redes de investigación colaborativa en inmuno-oncología

Mink Therapeutics participa en las siguientes redes de investigación colaborativa:

• Consorcio de inmuno-oncología del Instituto Nacional del Cáncer (NCI)
• Red de colaboración de la Asociación Americana de Investigación del Cáncer (AACR)
• Red de inmunoterapia internacional

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: actividades clave

Investigación y desarrollo de inmunoterapias basadas en células NK

A partir del cuarto trimestre de 2023, Mink Therapeutics se ha centrado en desarrollar terapias basadas en células NK con los siguientes parámetros de investigación:

Métrico de investigación	Estado actual
Programas de investigación activos	4 plataformas de terapia de células NK distintas
Gasto de I + D (2023)	$ 42.3 millones
Personal de investigación	37 científicos e investigadores dedicados

Ejecución de ensayos preclínicos y clínicos

Mink Therapeutics tiene actividades continuas de desarrollo clínico:

• Programa Inkr-001 en los ensayos clínicos de la fase 1/2
• 2 programas preclínicos adicionales en desarrollo
• Sitios de ensayos clínicos en 5 centros de investigación importantes

Parámetro de ensayo clínico	Métricas detalladas
Ensayos clínicos activos	2 pruebas de fase en curso 1/2
Inscripción del paciente (2023)	37 pacientes en los ensayos
Presupuesto de ensayo clínico	$ 18.7 millones asignados

Ingeniería y fabricación de células de terapias celulares NK

Las capacidades de fabricación incluyen:

• Tecnología de ingeniería celular patentada
• Instalaciones de fabricación compatibles con GMP
• Procesos de producción de células escalables

Métrico de fabricación	Capacidades actuales
Capacidad de fabricación	Hasta 500 dosis del paciente anualmente
Instalaciones de fabricación	1 Centro de producción de terapia celular dedicado
Inversión manufacturera	$ 12.5 millones en infraestructura

Desarrollo y protección de la propiedad intelectual

La estrategia de propiedad intelectual se centra en la protección integral de patentes:

Parámetro IP	Estado actual
Solicitudes de patentes totales	17 Archivado en todo el mundo
Patentes concedidas	8 patentes en jurisdicciones clave
Presupuesto de protección de IP	$ 3.2 millones anualmente

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: recursos clave

Plataforma de tecnología de ingeniería celular NK de Propietario

Mink Therapeutics utiliza un Plataforma de ingeniería de celdas NK de NK patentada.

Tecnología característica	Detalles específicos
Tipo de plataforma	Ingeniería alogénica de células NK
Técnicas de modificación únicas	Células NK de ingeniería de recorte
Etapa de desarrollo	Desarrollo clínico preclínico y temprano avanzado

Experiencia científica en inmuno-oncología

Mink Therapeutics posee experiencia científica especializada centrada en la terapéutica de células NK.

• Equipo científico con amplios antecedentes de inmunoterapia
• Experiencia en ingeniería de receptores de células NK
• Comprensión profunda de los mecanismos de inmunoterapia celular

Laboratorios avanzados de investigación celular

La compañía mantiene una sofisticada infraestructura de investigación para el desarrollo de células NK.

Recurso de laboratorio	Especificación
Ubicación del centro de investigación	Boston, Massachusetts
Clasificación de laboratorio	Instalaciones de investigación celular compatible con GMP
Equipo de investigación	Tecnologías avanzadas de ingeniería celular y caracterización

Cartera de propiedades intelectuales

Mink Therapeutics mantiene una estrategia de propiedad intelectual robusta.

Categoría de IP	Número de activos
Solicitudes de patentes	Aproximadamente 15-20 familias de patentes
Licencias exclusivas	Licencias de plataforma de tecnología múltiple

Equipo de investigación y desarrollo especializado

La compañía ha reunido una fuerza laboral de I + D altamente calificada.

• Investigadores a nivel de doctorado especializados en biología celular NK
• Científicos de desarrollo de inmunoterapia experimentados
• Equipo multidisciplinario con experiencia en ingeniería molecular

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: propuestas de valor

Innovadoras inmunoterapias contra el cáncer basadas en células NK

Mink Therapeutics se enfoca en desarrollar Terapias basadas en células asesinas naturales (NK) Con las siguientes características clave:

Tipo de terapia	Etapa de desarrollo	Indicación objetivo
Fate-NK100	Estadio clínico	Leucemia mieloide aguda
Fate-NK200	Preclínico	Tumores sólidos

Potencial para enfoques de tratamiento específicos y personalizados

Las estrategias de personalización clave incluyen:

• Ingeniería de células NK específicas del paciente
• Modificación genética para la orientación mejorada del cáncer
• Desarrollo de inmunoterapia de precisión

Sistema inmunitario mejorado dirigido a células cancerosas

Plataformas tecnológicas que habilitan la orientación mejorada:

• Tecnología de ingeniería celular propietaria del destino
• Capacidades de edición de genes
• Procesos avanzados de fabricación de células

Opciones terapéuticas prometedoras para cánceres difíciles de tratar

Tipo de cáncer	Necesidad médica insatisfecha	Impacto potencial
Leucemia mieloide aguda	Tratamientos efectivos limitados	Enfoque terapéutico potencial novedoso
Tumores sólidos	Alta resistencia a las terapias de corriente	Intervención inmunológica innovadora

Mink Therapeutics, Inc. (Inkt) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

Mink Therapeutics mantiene interacciones específicas con investigadores de oncología a través de:

Canal de compromiso	Frecuencia	Público objetivo
Colaboraciones de investigación directa	Trimestral	Instituciones académicas
Comunicación científica personalizada	Mensual	Investigadores de investigación
Programa de enlace de investigación dedicado	Continuo	Redes de investigación oncológica

Comunicación transparente del progreso del ensayo clínico

La estrategia de comunicación de ensayos clínicos incluye:

• Actualizaciones de ensayos clínicos detallados trimestralmente
• Plataformas de intercambio de datos en tiempo real
• Informes integrales de progreso de la investigación

Conferencia científica y participación del simposio médico

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias de investigación oncológica	4-6 conferencias	Avances de terapia celular NK
Simposios médicos internacionales	2-3 simposios	Innovaciones de inmunoterapia

Iniciativas de defensa y educación del paciente

• Se asoció con 7 organizaciones de apoyo para pacientes
• Desarrolló 3 series de seminarios web de educación para pacientes
• Mantenido Recursos integrales de información del paciente

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: canales

Comunicación científica directa

Mink Therapeutics utiliza canales de comunicación científica especializados para interactuar con la comunidad de investigación y los socios potenciales.

Canal de comunicación	Frecuencia	Público objetivo
Alcance directo de investigación	Trimestral	Investigadores académicos
Reuniones de investigadores	Semestral	Equipos de investigación clínica

Publicaciones médicas revisadas por pares

La estrategia de publicación científica se centra en revistas de alto impacto en inmunoterapia y oncología.

• Publicado 3 artículos revisados ​​por pares en 2023
• Factor de impacto del objetivo:> 7.0
• Revistas: inmunología de la naturaleza, células, descubrimiento del cáncer

Biotecnología y conferencias médicas

La participación de la conferencia sirve como canal crítico para la difusión científica y las redes.

Conferencia	Tipo de participación	Año
Asociación Americana para la Investigación del Cáncer	Póster	2023
Sociedad de Inmunoterapia del Cáncer	Presentación oral	2023

Plataformas científicas digitales

La estrategia de participación digital aprovecha redes científicas en línea.

• Investigador profile seguidores: 1,245
• Conexiones de la red científica de LinkedIn: 3.672
• Publicaciones de blog científicas activas: 12 por año

Comunicaciones de relaciones con inversores dirigidos

La estrategia de comunicación de los inversores se centra en actualizaciones transparentes y regulares.

Método de comunicación	Frecuencia	Plataformas
Llamada de ganancias trimestrales	4 veces/año	Webcast, presentación del inversor
Reunión anual de accionistas	Anualmente	Virtual y en persona

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

Mink Therapeutics se dirige a instituciones de investigación de oncología especializada con características específicas:

Tipo de institución	Compromiso potencial	Enfoque de investigación
Centros de cáncer designados por NCI	52 centros activos en Estados Unidos	Investigación de inmunoterapia con células NK
Centros médicos académicos	Aproximadamente 155 centros en todo el país	Desarrollo avanzado de inmunoterapia

Compañías farmacéuticas y de biotecnología

El segmento de cliente objetivo incluye:

• Top 20 compañías farmacéuticas centradas en la oncología Global
• Empresas de biotecnología con capitalización de mercado de más de $ 500 millones
• Empresas que desarrollan activamente plataformas de inmunoterapia

Centros de tratamiento del cáncer

Tipo central	Número total	Colaboración potencial
Centros de cáncer comunitario	1.500 centros en Estados Unidos	Participación del ensayo clínico
Centros de cáncer integrales	51 centros designados	Implementación terapéutica avanzada

Laboratorios de investigación académica

Parámetros de orientación clave:

• Instituciones de investigación con departamentos de inmunología
• Universidades con fondos de investigación anuales superiores a $ 50 millones
• Laboratorios con programas activos de investigación de células NK

Populaciones de pacientes potenciales

Tipo de cáncer	Población de pacientes estimada	Necesidad médica insatisfecha
Tumores sólidos	1.9 millones de casos nuevos anualmente	Opciones de inmunoterapia existentes limitadas
Cánceres hematológicos	175,000 casos nuevos anualmente	Alto potencial para la terapia con células NK

Mink Therapeutics, Inc. (Inkt) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Mink Therapeutics reportó gastos de I + D de $ 25.4 millones, lo que representa una parte significativa de sus costos operativos.

Categoría de gastos	Monto ($)
Costos de personal	12.6 millones
Materiales de laboratorio	5.8 millones
Contratos de investigación externos	4.2 millones
Equipo y tecnología	2.8 millones

Financiación del ensayo clínico

Los gastos de ensayos clínicos para 2023 totalizaron aproximadamente $ 18.7 millones, cubriendo múltiples programas de investigación.

• Pruebas de fase 1: $ 6.5 millones
• Pruebas de fase 2: $ 9.2 millones
• Estudios preclínicos: $ 3 millones

Mantenimiento de la plataforma de tecnología

Los costos anuales de mantenimiento de la plataforma de tecnología se estimaron en $ 4.3 millones en 2023.

Componente de mantenimiento	Costo ($)
Licencia de software	1.2 millones
Actualizaciones de hardware	1.6 millones
Apoyo técnico	1.5 millones

Protección de propiedad intelectual

Los costos de protección de la propiedad intelectual para 2023 fueron de $ 2.1 millones.

• Tarifas de presentación de patentes: $ 850,000
• Consulta legal: $ 750,000
• Registro de marca registrada: $ 500,000

Personal y adquisición especializada de talento científico

Los gastos totales de personal para 2023 alcanzaron $ 15.6 millones.

Categoría de personal	Costo anual ($)
Investigar científicos	8.2 millones
Investigadores clínicos	4.5 millones
Personal administrativo	2.9 millones

Mink Therapeutics, Inc. (Inkt) - Modelo de negocios: flujos de ingresos

Licencias potenciales de productos terapéuticos futuros

A partir del cuarto trimestre de 2023, Mink Therapeutics no tiene ingresos activos de licencias. La compañía se encuentra en la etapa previa a los ingresos centrada en el desarrollo de terapias celulares NK.

Subvenciones y colaboraciones de investigación

Fuente de financiación	Cantidad	Año
Subvención de los Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Subvención de la Fundación de Investigación del Cáncer	$750,000	2023

Pagos potenciales de hitos de asociaciones estratégicas

• Los pagos potenciales de hitos estimados entre $ 5-10 millones por asociación preclínica
• No hay pagos de hito confirmados a partir del cuarto trimestre de 2023

Comercialización futura de terapias celulares NK

Valor de mercado potencial proyectado para las terapias celulares NK estimadas en $ 3.5 mil millones para 2027.

Tipo de terapia	Potencial de mercado estimado
Tumores sólidos Terapias NK	$ 2.1 mil millones
Terapias de cáncer hematológico NK	$ 1.4 mil millones

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Value Propositions

You're looking at the core differentiators for MiNK Therapeutics, Inc. (INKT) as of late 2025. The value proposition centers heavily on the clinical performance and inherent characteristics of their lead asset, agenT-797, which is an allogeneic invariant natural killer T (allo-iNKT) cell therapy. This platform aims to deliver durable, accessible treatments across oncology and immune disorders.

The fundamental appeal of agenT-797 is its nature as an off-the-shelf, cryopreserved iNKT cell therapy. This means it doesn't require patient-specific processing, which is a massive hurdle for many cell therapies. This inherent characteristic supports the value proposition that these therapies are designed to be globally deployable treatments.

In oncology, specifically in patients with PD-1-refractory, heavily pretreated solid tumors, the clinical data presented at SITC 2025 shows compelling durability. The combination of agenT-797 with anti-PD-1 produced a median overall survival approaching 23 months. Furthermore, the data highlighted complete remissions lasting over two years in checkpoint-refractory cancers, including a complete and sustained response beyond two years in metastatic germ-cell/testicular cancer.

The safety profile is a critical component of the value proposition, especially when compared to other cell therapies. Across all treated patients, agenT-797 was well tolerated, with no Dose-Limiting Toxicities (DLTs) observed. This clean profile is quantified by the absence of severe systemic toxicity events.

Here's a quick look at how the clinical performance stacks up against the required safety benchmarks:

Value Proposition Component	Metric/Data Point	Associated Patient Population/Context
Off-the-Shelf Accessibility	Allogeneic, cryopreserved platform	Broad therapeutic potential across indications
Durable Remissions (Oncology)	Complete remissions lasting over two years	Checkpoint-refractory solid tumors
Survival Benefit (Oncology)	Median Overall Survival approaching 23 months	PD-1-refractory, heavily pretreated solid tumors (with anti-PD-1)
Safety Profile (CRS)	No Grade $\ge$ 3 Cytokine Release Syndrome (CRS)	All treated patients in reported trials
Safety Profile (Toxicity)	No neurotoxicity observed	All treated patients in reported trials
Safety Profile (Specific AE)	Grade 3 anemia occurred in n = 1 patient	Treatment-related adverse events

The platform's mechanism supports its application beyond oncology, specifically in immune reconstitution. Peer-reviewed publications validate agenT-797's capability to mitigate pulmonary inflammation without the need for lymphodepletion. This mechanism also underpins its potential in transplantation, as the favorable safety profile validates its potential as a scalable therapy that does not require HLA matching.

MiNK Therapeutics is actively advancing these value propositions into new indications, supported by its current financial standing. The company ended Q3 2025 with approximately $14.3 million in cash and cash equivalents. Following the quarter, they raised an additional $1.2 million through equity sales, which is anticipated to provide a financial runway through 2026, enabling further clinical milestones.

The ongoing investment reflects the perceived value in these distinct attributes. For instance, the net loss for Q3 2025 was $2.9 million, or $0.65 per share, reflecting ongoing activity supporting the agenT-797 programs. Over the nine months ending Q3 2025, the net loss totaled $9.9 million, or $2.39 per share.

The value propositions MiNK Therapeutics is delivering can be summarized by what the therapy avoids and what it achieves:

• Avoids need for lymphodepletion.
• Avoids need for HLA matching.
• Delivers durable responses in checkpoint-refractory disease.
• Avoids Grade 3 or higher CRS.
• Enables launch of a Phase 2+ trial in severe pulmonary disease.
• Supports a collaboration to study prevention in GvHD.

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Customer Relationships

You're looking at how MiNK Therapeutics, Inc. manages its key relationships as of late 2025. This involves deep scientific collaboration, constant financial transparency, and validation through external scientific bodies.

High-touch, collaborative relationships with clinical investigators and KOLs.

MiNK Therapeutics, Inc. maintains close ties with clinical sites leading its trials. The Phase 2 trial (NCT06251973) for agenT-797 in second-line gastric cancer is actively enrolling, led by Memorial Sloan Kettering Cancer Center. Furthermore, a collaboration was launched with the University of Wisconsin Carbone Cancer Center (UWCCC) to advance iNKTs for graft-versus-host disease (GvHD), with trial initiation targeted for the second half of 2025.

• Phase 2 Gastric Cancer trial actively enrolling as of Q1 2025.
• GvHD clinical trial initiation targeted for 2H2025.
• Durable Complete Remission in a metastatic testicular cancer patient treated with agenT-797 in combination with checkpoint blockade.

Investor relations and communications via earnings calls and SEC filings.

Investor communication is structured around quarterly financial reporting and regulatory disclosures. MiNK Therapeutics, Inc. reported its third quarter 2025 financial results before the market opened on Friday, November 14th. The company ended Q2 2025 with approximately $1.6 million in cash and cash equivalents, subsequently raising $13 million through equity sales, which extended the expected runway beyond mid-2026. The net loss for Q2 2025 was $4.2 million, or $1.06 per share. Key SEC filings near the end of 2025 included the 10-Q on November 14, 2025, and the S-3 Shelf Registration Statement on November 7, 2025. The Investor Contact phone number is 917-362-1370.

Scientific validation through peer-reviewed publications and conference presentations.

External scientific validation is critical for MiNK Therapeutics, Inc., providing credibility to clinical investigators and potential partners. The company presented updated clinical data at the 2025 Society for Immunotherapy of Cancer (SITC) Annual Meeting, showing sustained tumor regression with agenT-797. This data included complete remissions lasting more than two years and survival exceeding two and three years in late-stage, refractory cancers, with a favorable safety profile showing no Grade 3 or higher Cytokine Release Syndrome (CRS) or neurotoxicity.

The platform's science has been featured in several high-impact journals and conferences:

• Nature's Oncogene publication detailed a durable complete remission in a patient with treatment-refractory metastatic testicular cancer.
• Frontiers in Immunology featured a review of the iNKT cell therapy platform.
• Data was presented at the American Association for Cancer Research (AACR) IO and the American Society of Clinical Oncology GI (ASCO GI) in 2025.
• Nature Communications published data on iNKT therapy in ARDS (Acute Respiratory Distress Syndrome) demonstrating survival benefit and inflammatory control.

Here's a quick look at the quantitative clinical validation points as of late 2025:

Metric	Value/Duration	Context
Durable Complete Remission (agenT-797)	More than 2 years	Metastatic Testicular Cancer patient post-single infusion
Survival Exceeding (agenT-797)	2 and 3 years	Late stage, refractory cancers at SITC 2025
Grade 3 CRS/Neurotoxicity	No events reported	Safety profile update at SITC 2025

Direct engagement with strategic biopharma partners for licensing/co-development.

MiNK Therapeutics, Inc. actively engages in business development to expand reach and secure non-dilutive funding. In Q1 2025, the company reported having advanced discussions on distinct transactions aligned with its core areas: oncology, immune-mediated diseases, and next-generation engineered cell therapies. A significant non-dilutive funding source is the competitive Department of Defense (DOD) STTR Grant awarded to advance iNKTs for GvHD, which supports the collaboration with UW-Madison.

These strategic engagements are designed to support multi-program clinical execution, with continued progress on strategic partnerships anticipated through 2026.

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Channels

You're looking at how MiNK Therapeutics, Inc. gets its science and its potential therapies, like agenT-797, out to the world-to patients, to the scientific community, and to potential commercial partners. It's a multi-pronged approach that relies heavily on established medical infrastructure and high-impact scientific forums.

Academic and Community Clinical Trial Sites for Patient Enrollment

Patient access is channeled through major academic centers leading the clinical investigation for agenT-797. The company is actively enrolling patients across several indications using these sites.

• Phase 2 trial (NCT06251973) in second-line gastric cancer is actively enrolling, led by Memorial Sloan Kettering Cancer Center.
• A preclinical and Phase 1 study for graft-versus-host disease (GvHD) was launched in collaboration with the University of Wisconsin Carbone Cancer Center (UWCCC).
• Initiation of the GvHD clinical trial was targeted for the second half of 2025, supported by non-dilutive funding.
• A Phase 2+ trial in severe pulmonary disease is launching within the US population, utilizing national leaders in pulmonary medicine as site investigators.

Scientific Conferences (SITC, AACR, ASCO GI) to Disseminate Data

Dissemination of clinical and mechanistic data is concentrated at key, high-visibility medical meetings. This is how MiNK Therapeutics validates its platform externally.

MiNK Therapeutics presented updated clinical data at major 2025 meetings:

Conference	Focus/Data Presented	Key Finding Mentioned
SITC 2025	Updated clinical data for agenT-797 in checkpoint-refractory cancers.	Complete remissions lasting more than two years; survival exceeding two and three years in late stage, refractory cancers.
AACR IO 2025	Data on agenT-797 in combination with checkpoint inhibitors and chemotherapy in gastroesophageal cancers.	Drives rapid tumor infiltration and CD8+ T cell activation in PD-1-resistant tumors.
ASCO GI 2025	Clinical data presentation.	Data presented on agenT-797 in second-line gastric cancer.
American Thoracic Society (ATS) 2025	ARDS data for agenT-797.	Demonstrated survival benefit and inflammatory control in critically ill ventilated patients.

Peer-Reviewed Medical Journals for Clinical Validation

Validation through peer review is critical for establishing the scientific foundation of the invariant natural killer T (iNKT) cell platform.

• A peer-reviewed publication detailing a complete remission in a metastatic testicular cancer patient treated with agenT-797 was expected in the first half of 2025.
• Data regarding ARDS treatment was published in Nature Communications.
• Recent publications validating agenT-797's mechanism were featured in Oncogene and Frontiers in Immunology.

Direct Business Development Outreach to Potential Biopharma Partners

The channel for strategic partnership involves direct engagement to secure capital and expand application of the iNKT platform, aiming to reduce shareholder dilution while accelerating development.

As of the third quarter of 2025, the company was engaged in significant non-clinical channel activity:

• Advanced discussions were underway on distinct transactions across three core areas: oncology, immune-mediated diseases, and next-generation engineered cell therapies.
• The company received probable funding from the NIAID to support the allogeneic iNKT program in GvHD, with a formal award expected by June 2025.
• The GvHD study with UWCCC is supported by an NIH STTR grant from NIAID.

Financially, these business development efforts are tied to the company's liquidity position as of late 2025. Here's the quick math on the balance sheet supporting these operations:

Financial Metric (as of latest report)	Amount	Reporting Period
Cash and Cash Equivalents	$14.3 million	End of Q3 2025
Cash Used in Operations	$1.3 million	Q1 2025 (3 months ended March 31, 2025)
Net Loss	$2.9 million	Q3 2025
Net Loss (YTD)	$9.9 million	Nine months ended Q3 2025

What this estimate hides is the impact of the $13 million equity raise that occurred after Q2 2025, which extended the expected cash runway into mid-2026.

Finance: draft 13-week cash view by Friday.

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so focusing on the specific patient populations where your therapy shows the most compelling differentiation is key. For MiNK Therapeutics, Inc. (INKT), the Customer Segments are highly specialized, reflecting the platform's potential to reconstitute immunity across oncology, transplantation, and severe inflammation.

The primary segments are defined by the unmet medical need addressed by the lead asset, agenT-797, which is an off-the-shelf, cryopreserved invariant natural killer T (iNKT) cell therapy.

The identified customer segments are:

• Patients with late-stage, refractory solid tumors (e.g., gastric, testicular cancer).
• Patients with severe pulmonary diseases requiring immune modulation.
• Stem-cell transplant recipients at high risk of Graft-versus-Host Disease (GvHD).
• Oncology and immunology Key Opinion Leaders (KOLs) and researchers.

Here's the quick math on the patient populations and clinical validation points as of late 2025:

Customer Segment Focus Area	Key Clinical/Market Metric	Associated Data Point (Late 2025)
Refractory Solid Tumors	Durability of Response (Phase 1)	Instances of complete remissions lasting over 2 years.
Refractory Solid Tumors	Survival in Advanced Disease	Survival rates exceeding 2 to 3 years in late-stage patients.
Refractory Solid Tumors	Phase 1 Treatment Cohort	82% of treated patients received agenT-797 alone.
Severe Pulmonary Disease (ARDS)	Early Survival Signals	Survival benefit noted at 80%+ on ECMO and 75%+ ventilated.
GvHD Prophylaxis	Addressable US/Europe Population	Eligible population estimated at >20,000 for acute GvHD prophylaxis.

For the oncology segment, specifically patients with heavily pretreated solid tumors, MiNK Therapeutics, Inc. (INKT) reported that 82% of those treated with agenT-797 in the Phase 1 study received the therapy alone, while 18% received it in combination with PD-1 blockade. This group is seeking durable responses where standard treatments like checkpoint inhibitors have failed.

The severe pulmonary disease segment is targeting patients with critical pulmonary immune failure, such as Acute Respiratory Distress Syndrome (ARDS). The early data supports this segment, showing strong survival signals in patients requiring advanced support. This is supported by ongoing development, including a randomized Phase II/III study.

The stem-cell transplant segment is being addressed through a collaboration with the University of Wisconsin Carbone Cancer Center (UWCCC) to study agenT-797 for Graft-versus-Host Disease (GvHD) prophylaxis and relapse reduction. This addresses a specific, high-need population estimated to be over 20,000 in the US and Europe for acute GvHD prophylaxis alone. This trial is supported by non-dilutive funding from NIH and philanthropic grants.

The final segment involves the scientific community, which drives adoption and future pipeline development. MiNK Therapeutics, Inc. (INKT) actively engages this group through scientific dissemination. The company presented updated clinical data at the Society for Immunotherapy of Cancer (SITC) 2025 conference. Furthermore, the science validating agenT-797's mechanism has appeared in peer-reviewed journals like Oncogene and Frontiers in Immunology.

Finance: draft 13-week cash view by Friday.

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for MiNK Therapeutics, Inc. (INKT) as of late 2025. For a clinical-stage biotech, the costs are heavily weighted toward the science and getting those assets, like agenT-797 and MiNK-215, through the clinic. Honestly, this is where the cash burn happens before any revenue stream kicks in.

The bottom line for the first nine months of 2025 shows the investment level clearly. The net loss for the nine months ended Q3 2025 was $\mathbf{\$9.9 \text{ million}}$. That compares to a net loss of $\mathbf{\$8.3 \text{ million}}$ for the same nine-month period in 2024. Just for the third quarter, the net loss was $\mathbf{\$2.9 \text{ million}}$, up from $\$1.8 \text{ million}$ in Q3 2024, reflecting ongoing activity supporting the agenT-797 programs.

Here's a quick look at the key financial outcomes through Q3 2025:

Metric	Amount (Nine Months Ended Q3 2025)	Amount (Q3 2025 Only)
Net Loss	$\mathbf{\$9.9 \text{ million}}$	$\mathbf{\$2.9 \text{ million}}$
Net Loss (Prior Year Q3)	$\mathbf{\$8.3 \text{ million}}$ (9 Months)	$\mathbf{\$1.8 \text{ million}}$ (Q3 2024)
Cash Balance (End of Q3 2025)	$\mathbf{\$14.3 \text{ million}}$	N/A
Post-Quarter Raise	$\mathbf{\$1.2 \text{ million}}$	N/A

The operating expenses are where you see the direct costs of advancing the iNKT platform. Research and development (R&D) expenses are naturally the largest component, tied directly to the clinical trials for agenT-797 and the development work on MiNK-215. While the exact R&D dollar amount for the nine months isn't itemized separately from operating cash burn, we do know that net cash used in operating activities fell $\mathbf{51\%}$ year-over-year, from $\$7.8 \text{ million}$ to $\mathbf{\$3.9 \text{ million}}$ year-to-date (YTD) through Q3 2025. This reduction was achieved due to decreased R&D and personnel costs.

Personnel costs for specialized scientific and defintely clinical staff are a major driver within R&D and G&A. The reduction in overall operating cash burn YTD was partly attributed to managing these personnel costs, which is typical as a company focuses its headcount on critical path activities.

General and administrative (G&A) expenses, which cover public company costs like compliance, legal, and executive overhead, saw an increase. G&A expenses increased $\mathbf{42\%}$ YTD to $\mathbf{\$5.0 \text{ million}}$ through Q3 2025. This rise often reflects increased regulatory filings, investor relations activity, and scaling up infrastructure to support pivotal trial readiness.

Manufacturing and process development costs for the iNKT platform are embedded within R&D and Cost of Goods Sold (COGS), though specific figures aren't broken out in the Q3 2025 release. However, the fact that the GvHD collaboration with the University of Wisconsin Carbone Cancer Center is NIH- and philanthropically funded suggests MiNK is successfully offloading some of those direct manufacturing and trial execution costs for specific indications to external, non-dilutive sources. That's smart capital allocation.

You should keep an eye on the cash runway, which is $\mathbf{\$14.3 \text{ million}}$ at September 30, 2025, extended by the $\mathbf{\$1.2 \text{ million}}$ raised afterward, providing runway through $\mathbf{2026}$. Finance: draft 13-week cash view by Friday.

MiNK Therapeutics, Inc. (INKT) - Canvas Business Model: Revenue Streams

You're looking at the current cash generation for MiNK Therapeutics, Inc. (INKT) as they push their iNKT platform through clinical development. Right now, the revenue picture is almost entirely non-commercial, which is typical for a company at this stage.

The first key stream comes from non-dilutive funding, which is capital you don't have to give up equity for. MiNK Therapeutics, Inc. has secured this from government sources and charitable organizations. Specifically, the launch of their Graft-Versus-Host Disease (GvHD) trial is being supported by non-dilutive funding secured through grants from the National Institutes of Health (NIH), including the National Institute of Allergy and Infectious Diseases (NIAID), alongside philanthropic sources. This funding validates the science and helps cover specific program costs.

The second source is proceeds from equity financing. You saw them end the third quarter of 2025 with a cash balance of approximately $14.3 million. Following that quarter close, the company executed an at-the-market sales agreement and raised an additional $1.2 million through equity sales. This capital injection is expected to extend the cash runway through 2026, covering critical upcoming deliverables.

Here's a quick look at the financial context surrounding these cash events as of the third quarter of 2025:

Metric	Amount / Value
Cash Balance End of Q3 2025	$14.3 million
Equity Raise Post-Q3 2025	$1.2 million
Net Loss Q3 2025	$2.9 million
Net Loss Nine Months Ended Q3 2025	$9.9 million

The third potential revenue stream is entirely forward-looking: potential milestone payments and royalties stemming from any strategic partnerships MiNK Therapeutics, Inc. establishes down the road. Since they are focused on advancing their platform, these deal-based payments are a major expected component of future revenue, though none are booked yet.

To be clear, as of late 2025, MiNK Therapeutics, Inc. has no commercial product revenue. They remain a clinical-stage biopharmaceutical company. For the second quarter of 2025, revenue was reported at $0.0, which aligns with the expectation for a company whose primary focus is clinical trial execution and data generation, not product sales.

You should keep an eye on these non-dilutive grants and the timing of any future partnership agreements; those are the only non-equity cash inflows right now.