MiNK Therapeutics Secures $16.4M Runway, Starts ARDS Phase 2 in 1H 2026
MiNK Therapeutics ended 2025 with $13.4 million cash and raised $3 million more, supporting ARDS Phase 2 start and GVHD Phase 1 dosing by May 2026. Partnerships contribute $1.1 million non-dilutive funding to PRAME-TCR and NIH STTR plus Mary Gooze grants fully cover GVHD preclinical through clinical launch.
1. Q4 and Full-Year 2025 Results
MiNK reported a net loss of $2.6 million ($0.56 per share) in Q4 and $12.5 million ($2.93 per share) for full-year 2025. Cash and equivalents stood at $13.4 million on December 31, and an additional $3 million has been raised via an ATM facility, extending the cash runway through 2026.
2. Pulmonary & Critical Care Pipeline
The Phase 2 trial of agenT-797 in ARDS/hypoxemic pneumonia, targeting 200,000–300,000 annual US/EU patients, is set to begin in 1H 2026 with data expected by year-end. Preclinical IPF data showed significant iNKT depletion, and strategic discussions aim to advance into end-stage pulmonary fibrosis studies.
3. Transplantation & Oncology Programs
The GVHD program is fully funded through an NIH NIAID STTR grant and a Mary Gooze philanthropic award, with Phase 1 dosing expected in May 2026 and preliminary data in 2H 2026. Under the C-Further Consortium, the PRAME-TCR iNKT collaboration provides up to $1.1 million non-dilutive funding plus double-digit revenue share.
4. Operational & Financial Outlook
Leadership additions include a new Head of Pulmonary and Principal Financial Officer, while manufacturing is optimized across Lexington and Boston. These hires, combined with the increased capital base, position the company for multiple clinical catalysts throughout 2026.