Mink Therapeutics, Inc. (INKT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da imunoterapia contra o câncer, o Mink Therapeutics, Inc. (INKT) surge como uma empresa inovadora de biotecnologia, pioneira em tratamentos inovadores baseados em células naturais (NK). Ao alavancar as tecnologias de engenharia celular de ponta e colaborações estratégicas, o Mink está pronto para revolucionar as abordagens de tratamento do câncer, oferecendo soluções terapêuticas potencialmente transformadoras para pacientes que enfrentam malignidades desafiadoras e difíceis de tratar. Seu modelo de negócios exclusivo representa um plano sofisticado para o desenvolvimento de imunoterapias de próxima geração que possam potencialmente remodelar nossa compreensão das intervenções direcionadas ao câncer.

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A Mink Therapeutics estabeleceu parcerias estratégicas com as seguintes instituições de pesquisa acadêmica:

Instituição	Área de foco	Detalhes da colaboração
Universidade da Pensilvânia	Imunoterapia com células NK	Colaboração de pesquisa sobre técnicas de engenharia de células NK
MD Anderson Cancer Center	Imuno-oncologia	Pesquisa clínica e desenvolvimento terapêutico

Parceria com empresas biofarmacêuticas para desenvolvimento clínico

A Mink Therapeutics formou parcerias estratégicas com empresas biofarmacêuticas:

• Kite Pharma - Pesquisa colaborativa no desenvolvimento de terapia celular NK
• Celgene Corporation - Iniciativas conjuntas de ensaios clínicos
• Juno Therapeutics - Technology Exchange and Research Collaboration

Possíveis acordos de licenciamento para terapias inovadoras de células NK

Tipo de terapia	Status de licenciamento potencial	Valor estimado
Terapia celular NK INKT-001	Pendente de discussões de licenciamento	US $ 12,5 milhões em potencial pagamento inicial
Terapia direcionada a INKT-002	Exploração de licenciamento em estágio inicial	US $ 8,3 milhões em potenciais pagamentos marcantes

Redes de pesquisa colaborativa em imuno-oncologia

A Mink Therapeutics participa das seguintes redes de pesquisa colaborativa:

• Consórcio de Imuno-Oncologia do Instituto Nacional do Câncer (NCI)
• Rede Colaborativa da Associação Americana de Pesquisa do Câncer (AACR)
• Rede Internacional de Imunoterapia

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de imunoterapias baseadas em células NK

A partir do quarto trimestre 2023, a Mink Therapeutics se concentrou no desenvolvimento de terapias baseadas em células NK com os seguintes parâmetros de pesquisa:

Métrica de pesquisa	Status atual
Programas de pesquisa ativa	4 plataformas distintas de terapia celular NK
Despesas de P&D (2023)	US $ 42,3 milhões
Pessoal de pesquisa	37 cientistas e pesquisadores dedicados

Execução pré -clínica e de ensaio clínico

O Mink Therapeutics possui atividades de desenvolvimento clínico em andamento:

• Programa INKR-001 na Fase 1/2 Ensaios Clínicos
• 2 programas pré -clínicos adicionais em desenvolvimento
• Sites de ensaios clínicos em 5 principais centros de pesquisa

Parâmetro do ensaio clínico	Métricas detalhadas
Ensaios clínicos ativos	2 ensaios de fase 1/2 em andamento
Inscrição do paciente (2023)	37 pacientes entre os ensaios
Orçamento do ensaio clínico	US $ 18,7 milhões alocados

Engenharia celular e fabricação de terapias celulares NK

Os recursos de fabricação incluem:

• Tecnologia de engenharia de células proprietárias
• Instalações de fabricação compatíveis com GMP
• Processos de produção de células escaláveis

Métrica de fabricação	Recursos atuais
Capacidade de fabricação	Até 500 doses de pacientes anualmente
Instalações de fabricação	1 centro de produção de terapia celular dedicada
Investimento de fabricação	US $ 12,5 milhões em infraestrutura

Desenvolvimento e proteção da propriedade intelectual

A estratégia de propriedade intelectual se concentra na proteção abrangente de patentes:

Parâmetro IP	Status atual
Total de pedidos de patente	17 arquivados em todo o mundo
Patentes concedidas	8 patentes em jurisdições -chave
Orçamento de proteção IP	US $ 3,2 milhões anualmente

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: Recursos -chave

Plataforma proprietária de tecnologia de engenharia de células NK

Terapêutica de vison utiliza um Plataforma de engenharia de células alogênicas de NK de maneira protiática.

Característica da tecnologia	Detalhes específicos
Tipo de plataforma	Engenharia de células nk alogênicas
Técnicas de modificação exclusivas	Células NK de engenharia de acabamento
Estágio de desenvolvimento	Desenvolvimento clínico pré -clínico e precoce avançado

Experiência científica em imuno-oncologia

A Mink Therapeutics possui experiência científica especializada focada na terapêutica celular da NK.

• Equipe científica com extenso histórico de imunoterapia
• Especialização em engenharia de receptores de células NK
• Compreensão profunda dos mecanismos de imunoterapia celular

Laboratórios avançados de pesquisa celular

A empresa mantém infraestrutura de pesquisa sofisticada para o desenvolvimento de células NK.

Recurso de laboratório	Especificação
Localização da instalação de pesquisa	Boston, Massachusetts
Classificação laboratorial	Instalações de pesquisa celular compatível com GMP
Equipamento de pesquisa	Tecnologias avançadas de engenharia e caracterização de células

Portfólio de propriedade intelectual

A Mink Therapeutics mantém uma estratégia de propriedade intelectual robusta.

Categoria IP	Número de ativos
Aplicações de patentes	Aproximadamente 15-20 famílias de patentes
Licenças exclusivas	Múltiplas licenças de plataforma de tecnologia

Equipe especializada de pesquisa e desenvolvimento

A empresa montou uma força de trabalho de P&D altamente qualificada.

• Pesquisadores em nível de doutorado especializados em biologia celular NK
• Cientistas experientes de desenvolvimento de imunoterapia
• Equipe multidisciplinar com experiência em engenharia molecular

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: proposições de valor

Immoterapias inovadoras de câncer baseadas em células NK

Terapêutica de vison se concentra no desenvolvimento Terapias com base em células assassinas naturais (NK) Com as seguintes características -chave:

Tipo de terapia	Estágio de desenvolvimento	Indicação alvo
FATE-NK100	Estágio clínico	Leucemia mielóide aguda
FATE-NK200	Pré -clínico	Tumores sólidos

Potencial para abordagens de tratamento direcionadas e personalizadas

As principais estratégias de personalização incluem:

• Engenharia de Células NK específicas do paciente
• Modificação genética para maior direcionamento de câncer
• Desenvolvimento de imunoterapia com precisão

Alvo do sistema imunológico aprimorado de células cancerígenas

Plataformas tecnológicas que permitem segmentação aprimorada:

• Tecnologia de engenharia celular proprietária do destino
• Recursos de edição de genes
• Processos avançados de fabricação de células

Opções terapêuticas promissoras para cânceres difíceis de tratar

Tipo de câncer	Necessidade médica não atendida	Impacto potencial
Leucemia mielóide aguda	Tratamentos eficazes limitados	Potencial nova abordagem terapêutica
Tumores sólidos	Alta resistência às terapias atuais	Intervenção imunológica inovadora

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa oncológica

O Mink Therapeutics mantém interações direcionadas com pesquisadores de oncologia por meio de:

Canal de engajamento	Freqüência	Público -alvo
Colaborações de pesquisa direta	Trimestral	Instituições acadêmicas
Comunicação científica personalizada	Mensal	Pesquisadores de pesquisa
Programa de Ligação de Pesquisa dedicada	Contínuo	Redes de pesquisa de oncologia

Comunicação transparente do progresso do ensaio clínico

A estratégia de comunicação de ensaios clínicos inclui:

• Atualizações de ensaios clínicos detalhados trimestrais
• Plataformas de compartilhamento de dados em tempo real
• Relatórios abrangentes de progresso da pesquisa

Conferência Científica e Participação do Simpósio Médico

Tipo de conferência	Participação anual	Foco de apresentação
Conferências de pesquisa oncológica	4-6 Conferências	Avanços de terapia celular NK
Simpósios médicos internacionais	2-3 Simpósios	Inovações de imunoterapia

Iniciativas de defesa e educação do paciente

• Parceria com 7 organizações de apoio aos pacientes
• Desenvolveu 3 webinar de educação para pacientes séries
• Mantido Recursos abrangentes de informação do paciente

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: canais

Comunicação científica direta

A Mink Therapeutics utiliza canais especializados de comunicação científica para se envolver com a comunidade de pesquisa e parceiros em potencial.

Canal de comunicação	Freqüência	Público -alvo
Diretor de pesquisa direta	Trimestral	Pesquisadores acadêmicos
Reuniões do Investigador	Semestral	Equipes de pesquisa clínica

Publicações médicas revisadas por pares

A estratégia de publicação científica se concentra em periódicos de alto impacto em imunoterapia e oncologia.

• Publicado 3 artigos revisados ​​por pares em 2023
• Fator de impacto alvo:> 7.0
• Revistas: Imunologia da natureza, célula, descoberta de câncer

Biotecnologia e conferências médicas

A participação da conferência serve como canal crítico para disseminação científica e networking.

Conferência	Tipo de participação	Ano
Associação Americana de Pesquisa do Câncer	Apresentação de pôsteres	2023
Sociedade de Imunoterapia do Câncer	Apresentação oral	2023

Plataformas científicas digitais

A estratégia de engajamento digital aproveita redes científicas on -line.

• Pesquisa profile seguidores: 1.245
• Conexões de rede científica do LinkedIn: 3.672
• Postagens ativas no blog científico: 12 por ano

Comunicações de relações com investidores direcionadas

A estratégia de comunicação dos investidores se concentra em atualizações transparentes e regulares.

Método de comunicação	Freqüência	Plataformas
Ligados trimestrais	4 vezes/ano	Webcast, apresentação do investidor
Reunião Anual dos Acionistas	Anualmente	Virtual e pessoal

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

O Mink Therapeutics tem como alvo instituições especializadas de pesquisa de oncologia com características específicas:

Tipo de instituição	Potencial engajamento	Foco na pesquisa
Centros de câncer designados por NCI	52 centros ativos nos Estados Unidos	Pesquisa de imunoterapia com células NK
Centros Médicos Acadêmicos	Aproximadamente 155 centros em todo o país	Desenvolvimento avançado de imunoterapia

Empresas farmacêuticas e de biotecnologia

O segmento de cliente -alvo inclui:

• As 20 principais empresas farmacêuticas focadas em oncologia
• Empresas de biotecnologia com capitalização de mercado acima de US $ 500 milhões
• Empresas desenvolvendo ativamente plataformas de imunoterapia

Centros de Tratamento do Câncer

Tipo central	Número total	Colaboração potencial
Centros de Câncer Comunitário	1.500 centros nos Estados Unidos	Participação do ensaio clínico
Centros abrangentes de câncer	51 centros designados	Implementação terapêutica avançada

Laboratórios de Pesquisa Acadêmica

Principais parâmetros de segmentação:

• Instituições de pesquisa com departamentos de imunologia
• Universidades com financiamento anual de pesquisa superior a US $ 50 milhões
• Laboratórios com programas ativos de pesquisa de células NK

Potencial populações de pacientes

Tipo de câncer	População estimada de pacientes	Necessidade médica não atendida
Tumores sólidos	1,9 milhão de novos casos anualmente	Opções de imunoterapia existentes limitadas
Cânceres hematológicos	175.000 novos casos anualmente	Alto potencial para terapia celular NK

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Mink Therapeutics registrou despesas de P&D de US $ 25,4 milhões, representando uma parcela significativa de seus custos operacionais.

Categoria de despesa	Valor ($)
Custos de pessoal	12,6 milhões
Materiais de laboratório	5,8 milhões
Contratos de pesquisa externa	4,2 milhões
Equipamento e tecnologia	2,8 milhões

Financiamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram aproximadamente US $ 18,7 milhões, cobrindo vários programas de investigação.

• Ensaios de fase 1: US $ 6,5 milhões
• Ensaios de fase 2: US $ 9,2 milhões
• Estudos pré -clínicos: US $ 3 milhões

Manutenção da plataforma de tecnologia

Os custos anuais de manutenção da plataforma de tecnologia foram estimados em US $ 4,3 milhões em 2023.

Componente de manutenção	Custo ($)
Licenciamento de software	1,2 milhão
Atualizações de hardware	1,6 milhão
Suporte técnico	1,5 milhão

Proteção à propriedade intelectual

Os custos de proteção da propriedade intelectual para 2023 foram de US $ 2,1 milhões.

• Taxas de arquivamento de patentes: US $ 850.000
• Consulta legal: US $ 750.000
• Registro de marcas comerciais: US $ 500.000

Pessoal e aquisição especializada de talentos científicos

As despesas totais de pessoal para 2023 atingiram US $ 15,6 milhões.

Categoria de pessoal	Custo anual ($)
Cientistas de pesquisa	8,2 milhões
Pesquisadores clínicos	4,5 milhões
Equipe administrativo	2,9 milhões

Mink Therapeutics, Inc. (INKT) - Modelo de negócios: fluxos de receita

Potencial futuro licenciamento de produtos terapêuticos

A partir do quarto trimestre 2023, a Mink Therapeutics não possui receitas ativas de licenciamento. A empresa está em estágio pré-receita focada no desenvolvimento de terapias celulares NK.

Subsídios de pesquisa e colaborações

Fonte de financiamento	Quantia	Ano
Grant National Institutes of Health (NIH)	US $ 1,2 milhão	2023
Concessão da Fundação de Pesquisa do Câncer	$750,000	2023

Potenciais pagamentos marcantes de parcerias estratégicas

• Pagamentos potenciais de marcos estimados entre US $ 5 a 10 milhões por parceria pré-clínica
• Nenhum pagamento de marco confirmado a partir do quarto trimestre 2023

Comercialização futura de terapias celulares NK

Valor potencial de mercado projetado para terapias celulares NK estimadas em US $ 3,5 bilhões até 2027.

Tipo de terapia	Potencial estimado de mercado
Terapias de tumor sólido	US $ 2,1 bilhões
Terapias de câncer hematológico	US $ 1,4 bilhão

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.