MiNK Therapeutics, Inc. (INKT): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech, MiNK Therapeutics, Inc., trying to crack the code on off-the-shelf cancer and immune cell therapy with their lead asset, agenT-797. As an analyst who's seen countless capital-intensive plays, the key question is how they fund the next steps, especially with a net loss of $9.9 million through Q3 2025, relying on their $14.3 million cash runway. Honestly, understanding their full strategic blueprint-from their unique value proposition of durable responses without lymphodepletion to their reliance on non-dilutive funding-is crucial before making any call; dive into the full Business Model Canvas below to see exactly how they plan to bridge that gap.

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

You're looking at the external relationships MiNK Therapeutics, Inc. relies on to move its allogeneic invariant natural killer T (iNKT) cell platform forward, especially in non-oncology indications like GvHD. These aren't just handshake agreements; they represent crucial, often non-dilutive, financial and operational support.

• University of Wisconsin Carbone Cancer Center (UWCCC) for GvHD trial.
• National Institute of Allergy and Infectious Diseases (NIAID) for potential GvHD funding.
• Strategic partners for late-stage platform transactions.
• Contract Manufacturing Organizations (CMOs) for scalable production.

The collaboration with the University of Wisconsin Carbone Cancer Center-Madison is central to advancing agenT-797 for GvHD prevention and reducing relapse in stem-cell transplant patients. This is a preclinical and Phase 1 study. The trial initiation for the Phase 1 GvHD study with UW-Madison is targeted for the first quarter of 2026.

The National Institute of Allergy and Infectious Diseases (NIAID), a part of the National Institutes of Health (NIH), provides significant backing. This support comes via a Department of Defense STTR Grant and an additional clinical competitive grant. The GvHD program is described as being federally and philanthropically funded.

Here's a quick look at the funding and trial scale associated with these immunology partnerships as of late 2025:

Regarding strategic capital partners, MiNK Therapeutics opportunistically executed an at-the-market sales agreement. This was done to leverage a substantial more than 700% increase in its equity price. This action accessed cash while limiting dilution to shareholders, supporting the extension of the cash runway through 2026 to cover critical deliverables.

For scalable production, MiNK Therapeutics emphasizes its 'scalable manufacturing process' for its off-the-shelf, cryopreserved iNKT cell therapies. Specific CMO names or associated financial contracts were not detailed in the latest public updates.

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

You're looking at the core engine driving MiNK Therapeutics, Inc. (INKT) right now-the things they absolutely must execute well to move their pipeline forward. It's all about clinical execution, pipeline advancement, and securing the capital runway to keep the lights on and the science moving.

Executing Phase 2 Trials and Clinical Advancement

A major focus is pushing the lead asset, agenT-797, through later-stage studies. The company is actively enrolling patients in its Phase 2 trial for second-line gastric cancer, with clinical updates anticipated in the second half of 2025. Furthermore, MiNK Therapeutics is launching a Phase 2+ trial in severe pulmonary disease, using FDA-validated endpoints, as noted in their Q3 2025 update. This gastric cancer Phase 2 study involves a complex, multi-immunologic combination including agenT-797 iNKT cells alongside botensilimab, balstilimab, ramucirumab, and paclitaxel.

The clinical activity also includes launching a preclinical and Phase 1 study of agenT-797 in graft-versus-host disease (GvHD) in collaboration with the University of Wisconsin Carbone Cancer Center (UWCCC). The target initiation for this GvHD clinical trial was the second half of 2025 (2H2025).

Research and Development of Next-Generation Engineered iNKT Programs

Research and development centers heavily on next-generation assets like MiNK-215. This is an IND-advancing, IL-15-armored, FAP-targeting CAR-iNKT therapy designed to penetrate fibrotic, immune-excluded tumors. Key activity here involved the publication of new preclinical data on November 20, 2025, showing MiNK-215 dismantles the protective stromal barrier by eliminating FAP-positive cancer-associated fibroblasts (CAFs). This activity demonstrated potent, lasting anti-tumor activity in preclinical models of refractory lung and MSS colorectal cancer liver metastases.

Scalable, Off-the-Shelf Manufacturing of Allogeneic Cell Therapies

The platform's viability hinges on its allogeneic, off-the-shelf nature, meaning the cells come from healthy donors and don't require patient-specific matching. MiNK Therapeutics is advancing its platform with a design specifically to facilitate scalable and reproducible manufacturing for this off-the-shelf delivery. This manufacturing capability is a core activity supporting the multi-program clinical execution across oncology and immunology.

Securing Non-Dilutive Funding and Strategic Partnerships

Financial health is maintained through disciplined operations and securing external, non-dilutive capital. MiNK Therapeutics was selected for probable funding by NIAID to support its allogeneic iNKT program in GvHD, with a formal award expected by June 2025. This was reinforced by a competitive Department of Defense (DOD) STTR Grant awarded to advance iNKTs in GvHD. Financially, MiNK Therapeutics 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, providing an expected runway through 2026. The net loss for the nine-months ended Q3 2025 was $9.9 million. The company is also advancing confidential discussions for three distinct partnering proposals across oncology, immunology, and next-generation assets.

Publishing Peer-Reviewed Data to Validate the iNKT Platform

Validation through scientific publication is a critical activity. Peer-reviewed publications in Oncogene and Frontiers in Immunology further validated agenT-797's ability to rejuvenate immune-exhausted T cells and reduce pulmonary inflammation without lymphodepletion. Specifically, Nature's Oncogene published a landmark case showing a patient with treatment-refractory metastatic testicular cancer achieved a durable complete remission following a single infusion of agenT-797, with the patient remaining disease-free more than two years post-treatment. Furthermore, updated clinical data presented at SITC 2025 showed complete remissions lasting more than two years and survival exceeding two and three years in late-stage, refractory cancers with agenT-797.

Here's a snapshot of the clinical validation milestones:

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

The Key Resources for MiNK Therapeutics, Inc. center on its proprietary cell therapy technology and the financial backing to advance its clinical pipeline as of late 2025.

The foundation is the proprietary allogeneic iNKT cell therapy platform and its associated intellectual property. This platform is designed to deliver off-the-shelf treatments without the need for HLA matching or lymphodepletion, combining innate cytotoxicity with adaptive memory response.

The lead clinical asset, agenT-797, represents a critical resource, showing compelling clinical activity in checkpoint-refractory cancers. Data presented at SITC 2025 highlighted:

• Durable clinical activity in advanced solid tumors.
• Instances of complete remissions lasting over two years.
• Survival exceeding two and three years in late-stage, refractory cancer patients.
• Favorable safety profile with no Grade 3 CRS or neurotoxicity reported.

Financially, the company held cash and equivalents of approximately $\text{\$14.3 million}$ as of Q3 2025. This balance, supplemented by an additional $\text{\$1.2 million}$ raised post-quarter, provided an expected runway through 2026.

Operational resources include a specialized scientific and clinical management team. Recent additions targeted expertise in pulmonary, trauma, and biodefense areas. Leadership has been instrumental in establishing in-house cell therapy manufacturing capabilities, including cGMP setup.

The company relies on a scalable, cryopreserved, off-the-shelf manufacturing process. This capability is central to advancing the new class of immune reconstitution therapies designed for durable, accessible, and globally deployable treatments.

Here's a quick view of the recent financial and clinical metrics supporting these resources:

The platform also supports pipeline programs, including TCR-based and neoantigen-targeted iNKT programs aimed at tissue-specific immune activation.

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:

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:

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:

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:

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:

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:

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:

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.