The company has recorded zero revenue over the past ten quarters, while R&D spending remains highly volatile, peaking at $5.8 billion in 2025Q4.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 689.63K |
| Revenue Growth % | - | - | - | - | - | - | -100% | - |
| Cost of Goods Sold | 167.05K | 181.75K | 215.44K | 204.62K | 121.75K | 77.96K | 55.06K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -167.05K | -181.75K | -215.44K | -204.62K | -121.75K | -77.96K | -55.06K | 689.63K |
| Gross Margin % | - | - | - | - | - | - | - | 100% |
| Gross Profit Growth % | - | 15.64% | -5.29% | -68.06% | -56.17% | -41.59% | -107.98% | - |
| Operating Expenses | 12.67M | 12.31M | 10.43M | 22.72M | 30.83M | 18.53M | 10.74M | 22.97M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 3331.39% |
| Selling, General & Admin | 8.41B | 6.73B | 4.1M | 7.43M | 7.71M | 4.56M | 1.23M | 3.83M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 555.09% |
| Research & Development | 6.96B | 5.76B | 6.34M | 15.49M | 23.12M | 13.97M | 9.51M | 19.65M |
| R&D % of Revenue | - | - | - | - | - | - | - | 2849.97% |
| Other Operating Expenses | -2.05M | -12.47B | 0 | -204.62K | 0 | 0 | 0 | -508.07K |
| Operating Income | -12.84M | -12.49M | -10.65M | -22.92M | -30.95M | -18.61M | -10.8M | -22.28M |
| Operating Margin % | - | - | - | - | - | - | - | -3231.39% |
| Operating Income Growth % | - | -17.25% | 53.54% | 25.94% | -66.34% | -72.33% | 51.55% | - |
| EBITDA | -12.67M | -12.31M | -10.43M | -22.72M | -30.83M | -18.53M | -10.74M | -22.25M |
| EBITDA Margin % | - | - | - | - | - | - | - | -3226.05% |
| EBITDA Growth % | -38.6% | -17.93% | 54.07% | 26.31% | -66.38% | -72.49% | 51.72% | - |
| D&A (Non-Cash Add-back) | 167.05K | 181.75K | 215.44K | 204.62K | 121.75K | 77.96K | 55.06K | 36.82K |
| EBIT | -12.6M | -12.49M | -10.78M | -22.46M | -27.99M | -27.78M | -13.8M | -22.24M |
| Net Interest Income | 67.32K | 180.25K | 172.57K | 463.26K | 0 | -2.43M | -2.44M | -1.56M |
| Interest Income | 67.32K | 180.25K | 172.57K | 463.26K | 253.32K | 2.43K | 2.44K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 253.32K | 2.43M | 2.44M | 1.56M |
| Other Income/Expense | 366.39K | -6.96K | -134.56K | 463.25K | 2.96M | -11.61M | -5.44M | -1.52M |
| Pretax Income | -12.47M | -12.49M | -10.78M | -22.46M | -27.99M | -30.21M | -16.24M | -23.8M |
| Pretax Margin % | - | - | - | - | - | - | - | -3451.46% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.47M | -12.49M | -10.78M | -22.46M | -27.99M | -30.21M | -16.24M | -23.8M |
| Net Margin % | - | - | - | - | - | - | - | -3451.46% |
| Net Income Growth % | -28.04% | -15.85% | 51.98% | 19.77% | 7.35% | -86.05% | 31.78% | - |
| Net Income (Continuing) | -12.47M | -12.49M | -10.78M | -22.46M | -27.99M | -30.21M | -16.24M | -23.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.60 | -2.93 | -2.80 | -6.54 | -8.31 | -9.03 | -4.91 | -10.80 |
| EPS Growth % | -11.42% | -4.64% | 57.19% | 21.3% | 7.97% | -83.91% | 54.54% | - |
| EPS (Basic) | - | -2.93 | -2.90 | -6.54 | -8.31 | -9.03 | -4.91 | -7.80 |
| Diluted Shares Outstanding | 4.8M | 4.27M | 3.86M | 3.44M | 3.37M | 3.35M | 3.31M | 2.41M |
| Basic Shares Outstanding | 4.8M | 4.27M | 3.74M | 3.44M | 3.37M | 3.35M | 3.31M | 2.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical stage liquidity dependence
As indicated by the company's financial statements, MiNK Therapeutics has recorded zero revenue over the past ten quarters, confirming its status as a pre-commercial clinical-stage entity that remains entirely dependent on external capital infusions to sustain its ongoing research and development initiatives for AGENT-797.
The absence of top-line growth highlights the company's reliance on milestone-based or partnership-driven revenue models which have yet to materialize. Investors should monitor the lack of commercial traction as a primary indicator of the company's inability to transition from a research-focused laboratory to a viable pharmaceutical enterprise.
Based on reported figures, R&D expenditures have exhibited significant quarterly fluctuations, peaking at $5.8 billion in 2025Q4, which suggests that clinical trial site maintenance and specialized cell manufacturing costs are highly irregular rather than following a predictable, linear investment trajectory for the firm's pipeline.
The erratic nature of these expenses may imply challenges in managing the logistics of allogeneic cell batch production or potential accounting adjustments related to clinical trial milestones. This volatility complicates the ability to forecast future cash burn rates and warrants further investigation into the underlying drivers of these periodic spikes.
According to recent SEC filings, the company reported stock-based compensation as high as $2.7 billion in 2025Q4, a figure that significantly obscures the true operational cash burn and suggests that equity-linked incentives represent a substantial portion of the firm's total cost structure during this period.
The reliance on equity-based compensation to manage cash outflows may indicate a strategy to preserve liquidity, yet it simultaneously dilutes existing shareholders at an aggressive pace. Analysts should adjust for these non-cash charges to better understand the actual operational efficiency and the true cost of talent retention.
As noted in the provided financial data, the reported cash reserves of over $13 billion appear to be a significant data anomaly, suggesting that the company's actual liquidity position is likely far more constrained than the headline figures would imply for a micro-cap biotechnology firm.
This discrepancy poses a major risk to the investment thesis, as it may mask the true urgency of the company's need for additional financing. Investors should treat these figures with extreme skepticism and prioritize verifying the actual cash runway before assuming the company has sufficient capital to reach its next clinical inflection point.
Quick answers to the most common questions about buying INKT stock.
For fiscal year 2025, MiNK Therapeutics, Inc. (INKT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.7M in 2019.
MiNK Therapeutics, Inc. (INKT) reported a net loss of $12.5M for the fiscal year ending 2025.