Mink Therapeutics (INKT) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing off-the-shelf invariant natural killer T (iNKT) cell therapies for cancer and immune-mediated diseases, leveraging a proprietary allogeneic iNKT cell platform.

• Pipeline includes native and engineered iNKT cell therapies, with lead candidate agenT-797 in clinical trials for oncology and immune disorders.

• Proprietary neoantigen library enables personalized TCR-iNKT therapies for precision targeting in cancer.

• Next-generation preclinical candidates (MiNK-413, MiNK-215) target BCMA and FAP, showing robust preclinical activity.

• Nearly 100 patients treated to date across cancer and immune-mediated indications.

Financial performance and metrics

• As of June 30, 2025, net tangible book value was $(25.2) million, or $(6.31) per share.

• After a $50 million offering at $13.66 per share, pro forma net tangible book value would be $23.1 million, or $3.02 per share.

• Audit report notes recurring losses from operations and a net capital deficiency, raising substantial doubt about ability to continue as a going concern.

Use of proceeds and capital allocation

• Net proceeds intended for working capital and general corporate purposes, including R&D, preclinical and clinical development, commercialization, acquisitions, collaborations, and capital expenditures.

• Management retains broad discretion over allocation of proceeds.