Mink Therapeutics, Inc. (INKT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de l'immunothérapie contre le cancer, Mink Therapeutics, Inc. (INKT) émerge comme une entreprise de biotechnologie révolutionnaire pionnière des traitements cellulaires innovants de tueur naturel (NK). En tirant parti des technologies d'ingénierie des cellules de pointe et des collaborations stratégiques, Mink est sur le point de révolutionner les approches de traitement du cancer, offrant des solutions thérapeutiques potentiellement transformatrices aux patients confrontés à des tumeurs malignes difficiles et difficiles à traiter. Leur modèle commercial unique représente un plan sophistiqué pour développer des immunothérapies de nouvelle génération qui pourraient potentiellement remodeler notre compréhension des interventions ciblées du cancer.

Mink Therapeutics, Inc. (INKT) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Mink Therapeutics a établi des partenariats stratégiques avec les établissements de recherche universitaires suivants:

Institution	Domaine de mise au point	Détails de collaboration
Université de Pennsylvanie	Immunothérapie aux cellules NK	Collaboration de recherche sur les techniques d'ingénierie des cellules NK
MD Anderson Cancer Center	Immuno-oncologie	Recherche clinique et développement thérapeutique

Partenariat avec des sociétés biopharmaceutiques pour le développement clinique

Mink Therapeutics a formé des partenariats stratégiques avec des sociétés biopharmaceutiques:

• Kite Pharma - Recherche collaborative dans le développement de la thérapie cellulaire NK
• Celgene Corporation - Initiatives conjointes des essais cliniques
• Juno Therapeutics - Collaboration d'échange de technologie et de recherche

Accords de licence potentiels pour les thérapies cellulaires NK innovantes

Type de thérapie	Statut de licence potentielle	Valeur estimée
Thérapie cellulaire INKT-001 NK	Discussions sur l'octroi de licences	12,5 millions de dollars de paiement initial potentiel
INKT-002 Thérapie ciblée	Exploration de licences à un stade précoce	8,3 millions de dollars de paiements potentiels

Réseaux de recherche collaborative en immuno-oncologie

Mink Therapeutics participe aux réseaux de recherche collaboratifs suivants:

• Consortium d'immuno-oncologie du National Cancer Institute (NCI)
• American Association for Cancer Research (AACR) Collaborative Network
• Réseau international d'immunothérapie

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: Activités clés

Recherche et développement d'immunothérapies à base de cellules NK

Depuis le Q4 2023, Mink Therapeutics s'est concentré sur le développement de thérapies à base de cellules NK avec les paramètres de recherche suivants:

Métrique de recherche	État actuel
Programmes de recherche actifs	4 plateformes de thérapie cellulaire NK distinctes
Dépenses de R&D (2023)	42,3 millions de dollars
Personnel de recherche	37 scientifiques et chercheurs dédiés

Exécution des essais précliniques et cliniques

Mink Therapeutics a des activités de développement clinique continues:

• Programme INKR-001 dans les essais cliniques de phase 1/2
• 2 programmes précliniques supplémentaires en développement
• Sites d'essais cliniques dans 5 principaux centres de recherche

Paramètre d'essai clinique	Métriques détaillées
Essais cliniques actifs	2 essais de phase 1/2 en cours
Inscription des patients (2023)	37 patients à travers les essais
Budget des essais cliniques	18,7 millions de dollars alloués

Ingénierie cellulaire et fabrication de thérapies cellulaires NK

Les capacités de fabrication comprennent:

• Technologie de l'ingénierie cellulaire propriétaire
• Installations de fabrication conformes aux GMP
• Processus de production cellulaire évolutifs

Métrique manufacturière	Capacités actuelles
Capacité de fabrication	Jusqu'à 500 doses de patients par an
Installations de fabrication	1 centre de production de thérapie cellulaire dédiée
Investissement manufacturier	12,5 millions de dollars en infrastructure

Développement et protection de la propriété intellectuelle

La stratégie de propriété intellectuelle se concentre sur une protection complète des brevets:

Paramètre IP	État actuel
Demandes totales de brevets	17 déposés dans le monde entier
Brevets accordés	8 brevets dans les juridictions clés
Budget de protection IP	3,2 millions de dollars par an

Mink Therapeutics, Inc. (INKT) - Modèle commercial: Ressources clés

Plateforme de technologie de l'ingénierie des cellules NK propriétaire

Mink Therapeutics utilise un Plate-forme d'ingénierie allogénique NK Cellule Offend-The NK propriétaire propriétaire.

Caractéristique technologique	Détails spécifiques
Type de plate-forme	Ingénierie des cellules NK allogéniques
Techniques de modification uniques	Cellules NK conçues
Étape de développement	Développement clinique préclinique et précoce avancé

Expertise scientifique en immuno-oncologie

Mink Therapeutics possède une expertise scientifique spécialisée axée sur les thérapies cellulaires NK.

• Équipe scientifique avec un fond d'immunothérapie étendu
• Expertise en génie des récepteurs des cellules NK
• Compréhension profonde des mécanismes d'immunothérapie cellulaire

Laboratoires de recherche cellulaire avancés

La société maintient une infrastructure de recherche sophistiquée pour le développement des cellules NK.

Ressource de laboratoire	Spécification
Emplacement de l'installation de recherche	Boston, Massachusetts
Classification de laboratoire	Installations de recherche cellulaire conformes aux BPF
Équipement de recherche	Technologies avancées d'ingénierie et de caractérisation des cellules

Portefeuille de propriété intellectuelle

Mink Therapeutics maintient une solide stratégie de propriété intellectuelle.

Catégorie IP	Nombre d'actifs
Demandes de brevet	Environ 15 à 20 familles de brevets
Licences exclusives	Licences de plate-forme technologique multiples

Équipe de recherche et développement spécialisée

L'entreprise a rassemblé une main-d'œuvre de R&D hautement qualifiée.

• Des chercheurs au niveau du doctorat se spécialisent dans la biologie des cellules NK
• Des scientifiques du développement de l'immunothérapie expérimentés
• Équipe multidisciplinaire avec expertise en génie moléculaire

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: propositions de valeur

Immunothérapies de cancer innovantes à base de cellules NK

Mink Therapeutics se concentre sur le développement Thérapies cellulaires de tueur naturelle (NK) avec les caractéristiques clés suivantes:

Type de thérapie	Étape de développement	Indication cible
Fate-nk100	Étape clinique	Leucémie myéloïde aiguë
Fate-NK200	Préclinique	Tumeurs solides

Potentiel d'approches de traitement ciblées et personnalisées

Les principales stratégies de personnalisation comprennent:

• Ingénierie de cellules NK spécifique au patient
• Modification génétique pour un ciblage cancer amélioré
• Développement d'immunothérapie de précision

Ciblage amélioré du système immunitaire des cellules cancéreuses

Plates-formes technologiques permettant un ciblage amélioré:

• Technologie d'ingénierie cellulaire propriétaire du destin
• Capacités d'édition de gènes
• Processus de fabrication de cellules avancées

Options thérapeutiques prometteuses pour les cancers difficiles à traiter

Type de cancer	Besoin médical non satisfait	Impact potentiel
Leucémie myéloïde aiguë	Traitements efficaces limités	Approche thérapeutique potentielle
Tumeurs solides	Résistance élevée aux thérapies actuelles	Intervention immunologique innovante

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Mink Therapeutics maintient des interactions ciblées avec les chercheurs en oncologie à travers:

Canal de fiançailles	Fréquence	Public cible
Collaborations de recherche directes	Trimestriel	Institutions universitaires
Communication scientifique personnalisée	Mensuel	Chercheurs en recherche
Programme de liaison de recherche dédié	Continu	Réseaux de recherche en oncologie

Communication transparente des progrès des essais cliniques

La stratégie de communication des essais cliniques comprend:

• Mises à jour de l'essai clinique détaillé trimestriel
• Plates-formes de partage de données en temps réel
• Rapports de progrès de la recherche complète

Conférence scientifique et participation du symposium médical

Type de conférence	Participation annuelle	Focus de présentation
Conférences de recherche en oncologie	4-6 conférences	NK cellule des progrès de la thérapie cellulaire
Symposiums médicaux internationaux	2-3 symposiums	Innovations d'immunothérapie

Initiatives de plaidoyer et d'éducation des patients

• En partenariat avec 7 organisations de soutien aux patients
• Développé 3 séries de webinaires d'éducation des patients
• Maintenu Ressources complètes d'information sur les patients

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: canaux

Communication scientifique directe

Mink Therapeutics utilise des canaux de communication scientifiques spécialisés pour s'engager avec la communauté de recherche et les partenaires potentiels.

Canal de communication	Fréquence	Public cible
Outre la recherche directe	Trimestriel	Chercheurs universitaires
Réunions d'enquêteur	Semestriel	Équipes de recherche clinique

Publications médicales évaluées par des pairs

La stratégie de publication scientifique se concentre sur des revues à fort impact dans l'immunothérapie et l'oncologie.

• Publié 3 articles à comité de lecture en 2023
• Facteur d'impact cible:> 7,0
• Journaux: Immunologie de la nature, cellule, découverte du cancer

Biotechnologie et conférences médicales

La participation de la conférence sert de canal critique pour la diffusion scientifique et le réseautage.

Conférence	Type de participation	Année
Association américaine pour la recherche sur le cancer	Présentation de l'affiche	2023
Société pour l'immunothérapie du cancer	Présentation orale	2023

Plates-formes scientifiques numériques

La stratégie d'engagement numérique tire parti des réseaux scientifiques en ligne.

• Researchgate profile Followers: 1 245
• Connexions de réseau scientifique LinkedIn: 3 672
• Articles de blog scientifique actifs: 12 par an

Communications des relations avec les investisseurs ciblés

La stratégie de communication des investisseurs se concentre sur des mises à jour transparentes et régulières.

Méthode de communication	Fréquence	Plates-formes
Appel de résultats trimestriel	4 fois / an	Webdiffusion, présentation des investisseurs
Réunion des actionnaires annuelle	Annuellement	Virtuel et en personne

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Mink Therapeutics cible des institutions de recherche en oncologie spécialisées avec des caractéristiques spécifiques:

Type d'institution	Engagement potentiel	Focus de recherche
Centres de cancer désignés par le NCI	52 centres actifs aux États-Unis	Recherche d'immunothérapie des cellules NK
Centres médicaux académiques	Environ 155 centres à l'échelle nationale	Développement avancé d'immunothérapie

Sociétés pharmaceutiques et biotechnologiques

Le segment de la clientèle cible comprend:

• Top 20 des sociétés pharmaceutiques axées sur l'oncologie
• Les entreprises de biotechnologie avec une capitalisation boursière de plus de 500 millions de dollars
• Les entreprises développaient activement des plateformes d'immunothérapie

Centres de traitement du cancer

Type de centre	Nombre total	Collaboration potentielle
Centres de cancer de la communauté	1 500 centres aux États-Unis	Participation des essais cliniques
Centres de cancer complets	51 centres désignés	Mise en œuvre thérapeutique avancée

Laboratoires de recherche universitaire

Paramètres de ciblage clés:

• Institutions de recherche avec départements d'immunologie
• Universités ayant un financement de recherche annuel dépassant 50 millions de dollars
• Laboratoires avec des programmes de recherche sur les cellules NK actifs

Populations de patients potentiels

Type de cancer	Population estimée des patients	Besoin médical non satisfait
Tumeurs solides	1,9 million de nouveaux cas par an	Options d'immunothérapie existantes limitées
Cancers hématologiques	175 000 nouveaux cas par an	Potentiel élevé pour la thérapie cellulaire NK

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Mink Therapeutics a déclaré des dépenses de R&D de 25,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Catégorie de dépenses	Montant ($)
Frais de personnel	12,6 millions
Matériaux de laboratoire	5,8 millions
Contrats de recherche externes	4,2 millions
Équipement et technologie	2,8 millions

Financement des essais cliniques

Les dépenses d'essais cliniques pour 2023 ont totalisé environ 18,7 millions de dollars, couvrant plusieurs programmes d'enquête.

• Essais de phase 1: 6,5 millions de dollars
• Essais de phase 2: 9,2 millions de dollars
• Études précliniques: 3 millions de dollars

Maintenance de la plate-forme technologique

Les coûts de maintenance des plateformes technologiques annuels ont été estimés à 4,3 millions de dollars en 2023.

Composant de maintenance	Coût ($)
Licence de logiciel	1,2 million
Mises à niveau matériel	1,6 million
Support technique	1,5 million

Protection de la propriété intellectuelle

Les coûts de protection de la propriété intellectuelle pour 2023 étaient de 2,1 millions de dollars.

• Frais de dépôt de brevets: 850 000 $
• Consultation juridique: 750 000 $
• Enregistrement des marques: 500 000 $

Personnel et acquisition spécialisée de talents scientifiques

Le total des dépenses de personnel pour 2023 a atteint 15,6 millions de dollars.

Catégorie de personnel	Coût annuel ($)
Chercheur	8,2 millions
Chercheurs en clinique	4,5 millions
Personnel administratif	2,9 millions

Mink Therapeutics, Inc. (INKT) - Modèle d'entreprise: Strots de revenus

Licence potentielle de produits thérapeutiques futurs

Depuis le quatrième trimestre 2023, Mink Therapeutics n'a pas de revenus de licence actifs. L'entreprise est en phase de pré-revenue axée sur le développement de thérapies cellulaires NK.

Grants de recherches et collaborations

Source de financement	Montant	Année
Subvention des National Institutes of Health (NIH)	1,2 million de dollars	2023
Grant de la Fondation de recherche sur le cancer	$750,000	2023

Payments de jalons potentiels à partir de partenariats stratégiques

• Paiements de jalons potentiels estimés entre 5 et 10 millions de dollars par partenariat préclinique
• Aucun paiement de jalon confirmé au T2023

Commercialisation future des thérapies cellulaires NK

Valeur marchande potentielle projetée pour les thérapies cellulaires NK estimées à 3,5 milliards de dollars d'ici 2027.

Type de thérapie	Potentiel de marché estimé
Thérapies NK tumoral solides	2,1 milliards de dollars
Cancer hématologique NK Thérapies	1,4 milliard de dollars

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.