MiNK Therapeutics Reports $4.2 Million Net Loss in Q2 2025, Sees Decrease in Total Assets

MiNK Therapeutics, Inc. reported a net loss of $4.2 million for the second quarter of 2025, compared to a loss of $2.7 million in the same period of 2024. For the first half of 2025, the company’s net loss totaled $7.0 million, slightly higher than the $6.5 million loss recorded in the first half of 2024. The increase in losses is attributed to a 74% rise in general and administrative expenses, which reached $1.8 million in Q2 2025, primarily due to higher professional fees and share-based compensation expenses. Research and development expenses remained stable at approximately $1.8 million for both quarters.

The company’s financial position has significantly changed since the end of 2024, with total assets decreasing from $5.7 million to $2.5 million by June 30, 2025. Cash and cash equivalents fell sharply from $4.6 million to $1.7 million during the same period. Total current liabilities surged to $13.2 million, up from $7.0 million, largely due to the addition of a $5.5 million related party note. MiNK’s accumulated deficit also increased to $151.2 million, reflecting ongoing operational losses since its inception in 2017.

Strategically, MiNK Therapeutics has made notable advancements in its clinical pipeline, particularly with its lead product candidate, agenT-797, which is currently in Phase 2 trials for gastric cancer and viral acute respiratory distress syndrome (ARDS). The company has established in-house manufacturing capabilities, enabling it to produce over 5,000 doses annually. Additionally, MiNK has entered into a collaboration with ImmunoScape to develop next-generation T-cell receptor therapies, further expanding its research and development efforts.

Operationally, MiNK has seen a decrease in its employee headcount, which has contributed to reduced research and development costs. The company reported a net cash used in operating activities of $2.9 million for the first half of 2025, a significant improvement from $4.8 million in the same period of 2024. Following the quarter, MiNK raised approximately $13.0 million through the sale of common stock, which it believes will support its liquidity needs for over a year. However, the company has acknowledged substantial doubt about its ability to continue as a going concern without additional funding.

Looking ahead, MiNK Therapeutics plans to continue its focus on advancing its clinical programs and exploring strategic partnerships to enhance its financial position. The company is actively seeking additional funding sources, including potential collaborations and non-dilutive financing options, to support its ongoing research and development initiatives.