The equity position has deteriorated into a $12.7 million deficit as of 2026Q1, reflecting a lack of tangible assets to support long-term operations.
| Total Current Assets | 10.02M | 13.85M | 4.99M | 3.6M | 20.4M | 39.63M | 3.56M | 918.4K |
| Cash & Short-Term Investments | 9.53M | 13.36B | 4.58M | 3.37M | 19.64M | 38.89M | 2.69M | 299.04K |
| Cash Only | 9.53M | 13.36B | 4.58M | 3.37M | 19.64M | 38.89M | 2.69M | 299.04K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 23K | 254K | 526K |
| Days Sales Outstanding | - | - | - | - | - | - | - | 278.4 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87.7K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 232.26K | -13.35B | 164.24K | 177.96K | 470.3K | 721.32K | 120.58K | -82.04K |
| Total Non-Current Assets | 354.52K | 390.87K | 732.93K | 953.98K | 1.07M | 606.6K | 997.38K | 390.52K |
| Property, Plant & Equipment | 354.52K | 390.87K | 732.93K | 953.98K | 1.07M | 606.6K | 458.38K | 390.52K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | 1.77x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 539K | 0 |
| Total Assets | 10.38M | 14.24M | 5.72M | 4.55M | 21.47M | 40.24M | 4.56M | 1.31M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | 0.53x |
| Asset Growth % | 319.04% | 148.9% | 25.67% | -78.8% | -46.64% | 783.42% | 248.01% | - |
| Total Current Liabilities | 7.29M | 13.03M | 6.96M | 11.4M | 12.68M | 16.47M | 14.22M | 7.42M |
| Accounts Payable | 3.39M | 3.43M | 2.73M | 3.91M | 5.82M | 3M | 3.14M | 2.46M |
| Days Payables Outstanding | 7.55K | 6.88K | 4.62K | 6.98K | 17.46K | 14.03K | 20.83K | - |
| Short-Term Debt | 0 | 5.18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191.01K |
| Other Current Liabilities | 3.53M | 4.43M | 3.51M | 5.66M | 5.21M | 5.76M | 10.84M | 3.08M |
| Current Ratio | 1.38x | 1.06x | 0.72x | 0.32x | 1.61x | 2.41x | 0.25x | 0.12x |
| Quick Ratio | 1.38x | 1.06x | 0.72x | 0.32x | 1.61x | 2.41x | 0.25x | 0.11x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 15.78M | 15.44M | 18.35M | 11.21M | 9.19M | 0 | 44.21M | 30.22M |
| Long-Term Debt | 0 | 0 | 4.92M | 0 | 0 | 0 | 43.82M | 26.79M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 15.78M | 15.44M | 13.42M | 11.21M | 9.19M | 0 | 383.06K | 3.43M |
| Total Liabilities | 23.06M | 28.47M | 25.31M | 22.61M | 21.87M | 16.47M | 58.43M | 37.64M |
| Total Debt | 0 | 5.18M | 4.92M | 0 | 0 | 0 | 43.82M | 26.79M |
| Net Debt | -9.53M | -13.36B | 347.57K | -3.37M | -19.64M | -38.89M | 41.13M | 26.49M |
| Debt / Equity | -0.00x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.75x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -110.50x | -11.42x | -5.65x | -14.25x |
| Total Equity | -12.69M | -14.23M | -19.59M | -18.06M | -401.3K | 23.78M | -53.87M | -36.33M |
| Equity Growth % | 40.2% | 27.36% | -8.48% | -4399.21% | -101.69% | 144.13% | -48.28% | - |
| Book Value per Share | -2.64 | -3.33 | -5.07 | -5.25 | -0.12 | 7.10 | -16.28 | -15.09 |
| Total Shareholders' Equity | -12.69M | -14.23M | -19.59M | -18.06M | -401.3K | 23.78M | -53.87M | -36.33M |
| Common Stock | 51 | 48 | 40 | 346 | 339 | 335 | 87 | 241 |
| Retained Earnings | -159.42M | -156.68M | -144.18M | -133.4M | -110.94M | -82.95M | -52.74M | -36.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -697.43K | -718.92K | -631.58K | -430.95K | -292.47K | -625.27K | -1.52M | -132.59K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical stage liquidity dependence
As reported in financial statements, MiNK Therapeutics has seen its equity position deteriorate into a deficit of $12.7 million by 2026Q1, reflecting a consistent trend of accumulated losses that underscores the company's ongoing struggle to achieve operational self-sufficiency while advancing its clinical-stage pipeline.
The persistent negative equity trajectory suggests that the company is consuming its capital base to fund R&D without generating offsetting value. Investors should monitor whether this trend forces further dilutive financing or if the company can reach a value-inflection point before the deficit deepens further.
Based on the provided financial data, the current ratio has fluctuated significantly, reaching 1.38 in 2026Q1, though this metric remains highly sensitive to the timing of capital raises and the apparent misclassification of cash reserves noted in recent quarterly filings.
The volatility in the current ratio indicates a lack of stable working capital management, which is typical for pre-revenue biotech firms. The reliance on external funding to maintain even minimal liquidity buffers suggests that the company remains highly vulnerable to shifts in capital market sentiment.
According to recent SEC filings, total assets have remained constrained at approximately $10.4 million as of 2026Q1, with net property, plant, and equipment representing a negligible portion of the balance sheet, highlighting an asset-light model that lacks significant tangible collateral for potential debt financing.
The lack of meaningful PPE suggests that the company is heavily reliant on outsourced manufacturing or shared infrastructure, which may limit its control over long-term production costs. This asset composition reinforces the company's dependence on intellectual property and clinical trial success as the primary drivers of enterprise value.
As noted in the provided financial data, the reported cash balance of $13.3 billion in 2025Q4 appears to be a material data error, which significantly distorts the perceived liquidity profile and warrants extreme caution when evaluating the company's actual runway and financial health.
This discrepancy suggests that headline liquidity metrics may be fundamentally unreliable, potentially masking a much tighter cash position than the reported figures imply. Analysts should treat all cash-related ratios with skepticism until the company provides a reconciled and accurate view of its liquid assets.
Quick answers to the most common questions about buying INKT stock.
As of 2025, MiNK Therapeutics, Inc. (INKT) had total assets of $14.2M including $13.8M in current assets.
MiNK Therapeutics, Inc. (INKT) carries total debt of $5.2M, offset by $13.36B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MiNK Therapeutics, Inc. (INKT) has total shareholders' equity (book value) of $-14.2M ($-3.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MiNK Therapeutics, Inc. (INKT) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.