Mink Therapeutics (INKT) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on off-the-shelf invariant natural killer T (iNKT) cell therapies for cancer and immune-mediated diseases.

• Proprietary platform enables allogeneic, ex-vivo expanded iNKT cells with adaptive T cell precision and NK cell potency, designed to avoid graft-versus-host disease.

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

• Next-generation preclinical candidates target BCMA and FAP, with robust preclinical activity and IND-enabling studies underway.

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

Financial performance and metrics

• As of September 30, 2025, 4,600,585 shares of common stock outstanding.

• Net tangible book value as of September 30, 2025, was $(13.5) million, or $(2.94) per share.

• After a $50 million offering at $12.99 per share, pro forma net tangible book value would be $34.8 million, or $4.12 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.