Q3 2025 MiNK Therapeutics Inc Earnings Call
Operator: Good morning, welcome to MiNK Therapeutics, Inc.'s Q3 2025 conference call and webcast. All participants will be in a listen-only mode until the question and answer session. Please note this event is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to turn the conference over to Stefanie Perna-Nacar, Chief Communication Officer. Stefanie, please go ahead.
Stefanie Perna-Nacar: Thank you, operator, and thank you all for joining us today. Today's call is being webcast and will be available on our website for replay. I'd like to remind you that this call will include forward-looking statements, including those related to our clinical development, regulatory and commercial plans, timelines for data releases, and partnership opportunities. These statements are subject to risks and uncertainties. Please refer to our SEC filings available on our website for a detailed description of these risks. Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer, Dr. Terese Hammond, Head of Development, and Christine Klaskin, Principal Financial and Accounting Officer. I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter.
Jennifer Buell: Thank you, Stephanie. Good morning, everyone. This quarter marks a defining period for MiNK Therapeutics. We're now a fully independent operating company, focused, agile, and singularly dedicated to advancement of our iNKT cell therapy platform. Over the course of this year, we've not only strengthened our science but also elevated our global visibility, presenting major new findings at ASCO GI, AACR IO, the inaugural meeting, and most recently last week at the Society for Immunotherapy of Cancer, the SITC annual meeting. MiNK was founded on a bold idea that a single naturally derived immune cell type, one of the most highly conserved cells in immunology, the invariant natural killer T cell, a very potent subset of T cells, could be harnessed to both ignite and regulate immunity. In this quarter, that idea became a reality. We're going to go through this in some detail.
Jennifer Buell: At SITC this year in Washington, D.C., we presented updated clinical data from our ongoing trial of agenT-797, our allo off-the-shelf iNKT cell therapy. This product was administered alone or in combination with approved anti-PD-1 therapies in patients with relapsed or refractory solid tumors. These were patients with heavily pretreated immunotherapy-resistant and in most cases, without remaining clinical options. What we observed was really nothing short of remarkable. Patients who received 797 in combination with PD-1 achieved a median overall survival of approximately 23 months. This is really unexpected given this phase I clinical trial in a refractory setting, we would expect survival to really be under 6 months. We observed a complete remission in a patient with metastatic testicular cancer who had failed prior chemotherapy, stem cell rescue, and checkpoint inhibition.
Or in combination with approved anti PD, one therapies in patients with relapsed or refractory solid tumors. These were patients with heavily pre treated immune therapy resistant and in most cases without remaining clinical option.
What we observed was really nothing short of remarkable patients who received seven eight and seven in combination with PD. One achieved a median overall survival of approximately 23 months. This is really unexpected given the this phase one clinical trial in a refractory setting we would expect survival to really be under six months.
Hershey complete remission in a patient with metastatic testicular cancer, who had failed prior chemotherapy stem cell rescue in checkpoint inhibition.
Jennifer Buell: We also observed a durable partial response in a second-line gastric cancer patient who had failed prior therapies. We also saw disease stabilization with prolonged survival across multiple other difficult-to-treat cancers. These cancers include thymoma, cholangiocarcinoma, renal cell carcinoma, and adenoid cystic carcinoma, with survival extending beyond 2 and even 3 years in some cases. These observations demonstrate not only the durable activity of agenT-797, but also its potential to restore immune function in patients who had exhausted all available therapies. Crucially, this was achieved without the hallmark toxicities that have limited other cell therapies. We observed no cytokine release syndrome, no neurotoxicity, no graft versus host disease. The most common treatment-related event was mild fatigue. In just a few moments, you're going to hear from Dr. Therese Hammond.
We also observed a durable partial response in a second line gastric cancer patient who have failed. Prior therapy is we also saw disease stabilization was prolong survival across multiple other difficult to treat cancers.
These cancers include same number cholangiocarcinoma.
Renal cell carcinoma.
And adenoid cystic carcinoma.
With survival extending beyond two and even three years in some cases.
These observations demonstrate not only the durable activity of 787, but also has potential to restore immune function in patients who had exhausted all available therapies.
And crucially this was achieved without the hallmark toxicities that have limited other cell therapies, we observed no cytokine release syndrome, no neurotoxicity, no graft versus host disease.
The most common treatment related event was mild fatigue.
And just a few moments you're going to hear from Doctor to a Shannon shall delve deeper into our findings the immune mechanisms underlying the results. The translational data that explains it is 780 sevens unique biology and how these insights are shaping our next generation of child well.
Jennifer Buell: She'll delve deeper into our findings, the immune mechanisms underlying the results, the translational data that explains agenT-797's unique biology, and how these insights are shaping our next generation of trials. What we are seeing in our data is beyond a response. It's really a substantial improvement in immunity, immune restoration. These iNKT cells are doing what the immune system was really designed to do: identify danger, coordinate a response, and resolve inflammation with precision. In the case of cancer, what we observed is a controlled inflammatory response that was correlated with prolonged survival and in some cases, with deep, durable, and complete remissions in some cancer types. Mechanistically, agenT-797 operates through dual pathways, both a T cell receptor-dependent and a T cell receptor-independent pathway. These cells recognize glycolipid antigens through CD1d.
What we're seeing in our data is beyond our response, its really a substantial improvement in immunity or immune restoration.
K T cells are doing what the immune system was really designed to do identify danger coordinated response and resolve inflammation with precision in the case of cancer. What we observed is that controls inflammatory response that was correlated with prolonged survival and in some cases with deep durable.
Complete complete remissions in some cancer types.
Mechanistically you should have a nice to have and operates through dual pathways. Both a T cell receptor dependent and a T cell receptor independent pathway. These cells recognize glycolipid antigen through C. D. One D.
Jennifer Buell: They're naturally engineered in that way, enabling them to target both malignant and stressed cells in ways conventional T and NK cells cannot. At the same time, these cells can reprogram the immune microenvironment. We've published these data and presented them publicly from our clinical trials. What we've observed is that iNKT cells can activate dendritic cells, repolarize macrophages towards an M1 pro-inflammatory phenotype in cancer, and reinvigorate exhausted T cells. The result is a potent but controlled immune reaction, a rise in interferon gamma, IL-2, TNF alpha within 48 hours of infusion that turns these cold, otherwise cold tumors hot without systemic toxicity. Our data over the course of this year really reinforced seven nine seven's position as a platform therapy. That's how we intend to advance it.
Naturally engineered and that way, enabling them to target, both malignant and stress shows and waste conventional T and NK cells cannot.
At the same time these cells can reprogram the immune microenvironment, we publish these data and presented them publicly from our clinical trials, what we've observed at the dining K T cells can activate dendritic cells re polarized macrophages towards an M. One pro inflammatory phenotype in cancer and reinvigorate exhausted T.
The result is a potent but controls immune reaction a rise in interferon gamma IL two TNF alpha within 48 hours of infusion that turns east coast, otherwise cold tumors hot without systemic toxicity.
Our data over the course of this year really reinforced seven nine and seven position as a platform therapy and that's how we intend to advance. It. It also underscores how link therapeutic has become the most clinically advanced company in the world developing allogeneic NK T cells.
Jennifer Buell: It also underscores how MiNK Therapeutics has become the most clinically advanced company in the world developing allogeneic iNKT cells. Our science alone isn't the only component that makes MiNK unique. It's really how we're building with public-private partnerships and with very disciplined capital use and a clear, sustainable strategy. I'll go into that in a little bit more detail. This quarter, we were honored to witness our leadership and board of director member, Dr. Robert Kadlec, participate in his confirmation hearing by the United States Senate. Dr. Kadlec is a national leader in biodefense and preparedness, whose partnership has helped us forge deep collaborations with federal and academic institutions that have really propelled MiNK forward. As Dr. Kadlec continues his honorable life of service and upon his recommendation, and to our tremendous enthusiasm, we also just recently welcomed Dr. John Holcomb to our board of directors.
Our science alone isn't the only component that makes Nic unique it's really how we're building with public private partnerships and very with.
Very disciplined capital use and a clear sustainable strategy.
I'll go into that in a little bit more detail.
This quarter, we were honored to witness our leadership and board of director member Doctor Robert Cadillac participate in his confirmation hearing by the U S Senate.
Dr. <unk> is a national leader in Biodefense and preparedness, whose partnership has helped us forge deep collaborations with federal and academic institutions that has really propelled make forward.
Is that their Cadillac continues as honorable life of service and upon his recommendation and two are tremendous enthusiasm. We also just recently welcomed Dr. John Hogan to our board of directors, Dr. Hogan as the U S Army Colonel trauma pioneer and author of ours.
Jennifer Buell: Dr. Holcomb is a US Army colonel, trauma pioneer, and author of over 700 scientific papers, whose work has saved countless lives. These two leaders embody what MiNK stands for, science with purpose, innovation, and service of human survival. Building on that foundation, we've established a strategic partnership with experts from the University of Wisconsin Carbone Cancer Center to advance our iNKT program in immune reconstitution following stem cell transplantation. Each year, tens of thousands of patients face the risk of graft versus host disease, infection, and relapse following hematopoietic stem cell transplantation. In fact, this impacts more than half of the patients undergoing stem cell transplantation. Our invariant natural killer T cells, by enhancing immune balance and also naturally preventing graft versus host disease, we believe can help prevent these complications and improve recovery and outcomes for these patients.
700 scientific papers, whose work has saved countless lives.
These two leaders in body what makes stands for.
Science with purpose innovation and service and survival.
Building on that foundation, we've established a strategic partnership with experts from the University of Wisconsin, Carbone Cancer Center to advance our I N K T program and immune reconstitution following stem cell transplantation.
Each year tens of thousands of patients face the risk of graft versus host disease infection and relapse following hematopoietic stem cell transplantation.
And in fact, this impact more than half of the patients undergoing some cell transplantation.
Our invariant natural killer T cells.
Enhancing immune balance and also naturally preventing graft versus host disease. We believe can help prevent these counseling complications and improve recovery in outcomes for these patients.
Jennifer Buell: We have two major public-private grants that are now supporting our work in delivering these therapies in the prevention and treatment of graft versus host disease. First, the Department of Defense and NIH STTR awards enabling MiNK and the University of Wisconsin teams to develop and test agenT-797 in preclinical transplant models. A second, a philanthropic clinical grant to our team at University of Wisconsin that directly funds patient enrollment, immune monitoring, and biostatistical operations for the trial. These awards allow us to execute a first-in-human phase I study with minimal capital impact, demonstrating how MiNK's partnership model can amplify scientific impact while preserving shareholder value. As we advance these programs, we're also preparing for a global phase II, possibly phase II/III clinical trial in acute pulmonary dysfunction with multi-drug resistant infections. This is a setting where immune failure drives mortality.
We have two major public private grants that are now supporting our work.
In delivering these therapies in the prevention and treatment of graft versus host disease first.
And then of course, and then I H S. T T. Our awards, enabling link and the University of Wisconsin teams to develop and cash sat 97 in preclinical transplant models.
And then a second a philanthropic clinical grant to our team at University of Wisconsin that directly fun fishing enrollment I mean monitoring and biostatistics operation. So the trial. These awards allow us to execute our first in human phase one study with minimal capital in tops, demonstrating how many partnerships model can amplify scientific into.
While preserving shareholder value.
As we advance these programs. We're also preparing for a global phase two possibly phase two three clinical trial in acute pulmonary dysfunction with multi drug resistant infections.
Setting where immune failure, it's rice mortality.
The study will that well launch within weeks in collaboration with a network of critical care centers that near U S. Patient demographics. Our objective is to confirm that I NK Ts can restore and <unk>.
Jennifer Buell: The study will launch within weeks in collaboration with a network of critical care centers that mirror US patient demographics. Our objective is to confirm that INKTs can restore immune homeostasis, reduce ventilator days, and improve survival in critically ill patients. These studies are building on the phase I findings that Dr. Terese Hammond published in Nature Communications a short time ago. We believe that these cells, and in this critically ill population, can potentially transform how we treat immune collapse in both civilian and military populations. As we prepare for a more formal and comprehensive public announcement of the imminent launch of our grant-funded clinical trial in graft versus host disease and the advancement of our late-stage program in severe pulmonary inflammatory disease, I want to underscore the clinical leadership now guiding these efforts.
Homeostasis reduce ventilator days and improved survival in critically ill patients. These studies you're building on the phase one findings the doctor through Asia and published in Nature Communications, a short time ago, we believe that these cells and in this critically ill population could potentially transform.
How we treat and then collapse in both civilian and military populations.
As we prepare for a more formal and comprehensive public announcements as the imminent launch of our grant funded clinical trial in graft versus host diseases and the advancement of our late stage program and severe pulmonary inflammatory disease I want to underscore the clinical leadership now guiding these efforts.
Today marks the first participation of Doctor Strange Chairman as a member of make therapeutics two races nationally recognized leader in pulmonary and critical care medicine with.
Jennifer Buell: Today marks the first participation of Dr. Terese Hammond as a member of MiNK Therapeutics. Terese is a nationally recognized leader in pulmonary and critical care medicine with extensive experience advancing registration-stage programs in severe pulmonary and inflammatory diseases. She has served as principal investigator on pivotal trials and including those at MiNK and is the lead author of our landmark Nature Communications publication demonstrating the clinical impact of agenT-797 in patients with acute respiratory distress syndrome. Importantly, Terese will be leading the charge as we advance our iNKT platform into a broader range of inflammatory diseases, areas where patients face a profound lack of effective therapeutic tools. This includes interstitial lung disease, idiopathic pulmonary fibrosis, and other immune-driven conditions where our translational data and clinical observations point to compelling opportunities for impact.
With extensive experience advancing registration stage programs and severe pulmonary and inflammatory diseases. She has served as principal investigator on pivotal trials and including those that link.
The lead author of our landmark nature communications publication, demonstrating the clinical impact of agent 797 in patients with acute respiratory distress syndrome.
Importantly, <unk> will be leading the charge as we advance our I N K T platform into a broader range of inflammatory diseases areas, where patients face a profound lack of effective therapeutic tools.
This includes interstitial lung disease, idiopathic pulmonary fibrosis, and other immune driven conditions, where our translational data and clinical observations point to compelling opportunities for impact.
Jennifer Buell: Her leadership, grounded in real-world ICU and pulmonary critical care medicine, will ensure that these programs are shaped by scientific insight and patient need. With that, I'm pleased to turn it over to Dr. Hammond, who will take you deeper into the biology, mechanistic underpinnings, and the clinical findings that make these opportunities so meaningful for patients. Dr. Hammond?
Her leadership grounded in real World ICU pulmonary critical care medicine will ensure that these programs are shaped by scientific insight and patient need.
With that I'm pleased to turn it over to Dr. Hammond, who will take you deeper into the biology mechanistic underpinnings and the clinical findings that make these opportunities so meaningful for patients.
Dr Hammond.
Thank you so much John and good morning, everyone.
Terese Hammond: Thank you so much, Jennifer Buell, and good morning, everyone. At the heart of our work lies a fundamental question: What if the immune system could be retrained to heal itself? As both a physician and a scientist, I've spent decades caring for patients with cancer, respiratory failure, and severe infection, watching them decline not because we lacked medicines, but because we lacked a way to reconstitute the requisite immune function. Our iNKT cell data now show for the first time that such restoration may finally be possible. In much the same way that agenT-797 has been able to rescue patients with heavily pretreated solid tumors, we've observed that these cells can also rescue critically ill patients in respiratory failure that have failed all available standard of care treatments.
The heart of our work lies a fundamental question.
What does the immune system could be retrained to heal itself.
As both physician and scientist.
Thanks, Karen for patients with cancer respiratory failure, and severe infection watching them decline not because we lack medicines, but because we lacked a way to reconstitute the requisite immune function.
Our <unk> K T cell data now show for the first time that such restoration may finally be possible.
The same way that Asia 797 has been able to rescue patients with heavily pretreated solid tumors. We've observed that the cells can also rescue critically ill patients and respiratory failure.
Held all available standard of care treatments.
Terese Hammond: Building on Jen's summary of the phase I solid tumor study, I wanted to emphasize the depth and breadth of what we've observed. We treated patients with relapsed or refractory cancers, 82% receiving agenT-797 alone and 18% receiving combination therapy with PD-1 blockade. These patients had a median of 4 prior lines of therapy, so heavily pretreated. Nearly half had already failed PD-1 ligand inhibitors, and most had exhausted every standard option. Yet agenT-797 drove meaningful and durable activity across a diverse range of tumor types.
So building on Jim's summary of the phase one solid tumor study I wanted to emphasize the depth and breadth of what we've observed with <unk>.
Patients with relapsed or refractory cancers, 82%, receiving <unk> 797 alone and 18% for Z receiving combination therapy with PD one blockade.
These patients had a median.
Four prior lines of therapy, so heavily pretreated nearly half had already failed PD one ligand inhibitors.
And most of the exhausted every standard option.
Yes. It is from the line seven drove meaningful and durable activity across it.
First range of tumor types.
Terese Hammond: The complete remission observed in metastatic germ cell testicular cancer, now ongoing for more than 2 years following a single infusion of agenT-797 in combination with PD-1 blockade, is, to our knowledge, unprecedented in this population. The durable partial response in second-line gastric cancer is equally impactful in a disease where expected survival is typically measured in single digits. Beyond these published cases, we also saw exceptional survivors across both monotherapy and combination arms. A patient with myeloma treated with agenT-797 monotherapy remains progression-free more than 3 years after a single infusion. This finding is scientifically intriguing given the immune dysregulation inherent to hematological malignancies and the association with autoimmune conditions such as myasthenia gravis. In the combination cohort, a patient with metastatic renal cancer and another with adenoid cystic carcinoma each demonstrated prolonged survival far exceeding historical expectations, remaining progression-free beyond 2 years.
The complete remission observed in metastatic germ cell testicular cancer.
Now ongoing for more than two years following a single infusion of aged 797 in combination with PD one blockade.
As far as knowledge unprecedented in this population.
The durable partial response in second line gastric cancer is equally impactful in a disease, where expected survival is typically measured in single digits.
Beyond these published cases, we also saw exceptional survivors across both monotherapy and combination arms.
Official if I'm almost treated with agents 797 monotherapy remains progression free more than three years after a single infusion.
This finding is scientifically intriguing given the immune dysregulation inherently cyclical weaknesses.
The association with autoimmune conditions, such as myasthenia gravis.
And the combination cohort of patients with metastatic renal cell cancer and another was adenoid cystic carcinoma.
Each demonstrated prolonged survival far exceeding historical expectations remaining progression free beyond two years.
Terese Hammond: These cases underscore the potential breadth of the platform and reveal a consistent pattern. When you restore immune coordination rather than simply intensifying cytotoxic pressure, you get long-term survivors. What made these outcomes even more compelling was what we observed when we analyzed the patient's tumor biopsies and peripheral immune signatures. In responders, we saw dramatic infiltration of CD8 positive T cells, NK cells, and antigen-presenting dendritic cells into the tumor microenvironment. We also detected transient, well-regulated increases in interferon gamma, granzyme B, TNF alpha, and VEGF-D, reflecting a localized and productive pro-inflammatory burst rather than systemic immune toxicity. RNA sequencing confirmed broad activation of cytotoxic pathways, with gene set enrichment demonstrating strong cytolytic and innate immune signatures emerging after treatment. These findings collectively reveal that agenT-797 does not merely lyse tumor cells, it reprograms the tumor microenvironment. Very important.
These cases underscore the potential breadth of the platform and reveal consistent pattern.
He restore immune coordination rather than simply intensifying cytotoxic pressure.
You get long term survivors.
What made these outcomes, even more compelling with what we observed when we analyze the patient's tumor biopsies and peripheral immune signatures.
And responders, we saw dramatic infiltration of CDA positive T cells, NK cells, and the antigen presenting dendritic cells into the tumor microenvironment.
We also the types of transient well regulated increases in interferon gamma grandson, B TNF Alpha imager D, reflecting a localized and productive pro inflammatory burst rather than a systemic immune toxicity.
RNA sequencing confirmed broad activation of cytotoxic pathways with gene sudden richland, demonstrating strong subtle lytic and innate immune signatures emerging after treatment.
These filings collectively revealed that Asia, Southern 97 does not merely lives tumor cells.
Programs the tumor microenvironment, so very important shifting it from exhaustion to activation.
Terese Hammond: Shifting it from exhaustion to activation. Tumors that had been immunologically cold became immunologically hot and previously exhausted T cells regain killing potential. Mechanistically, this makes sense. Our translational research work shows that agenT-797 acts through dual TCR dependent and TCR-independent pathways, recognizing glycolipid antigens presented by CD1d and stress ligands such as MICA through NKG2D. This dual targeting enables direct cytolysis of malignant cells while simultaneously triggering a cascade of immune modulating events. We saw dendritic cell activation and maturation, reversal of an immunosuppressive M2 macrophage phenotype back to the inflammatory M1 phenotype, and rescue a particularly exhausted tumor-specific T cells.
Tumors immuno immuno logically cold became became immunological hot and previously exhausted T cells begin killing potential.
Mechanistically this makes sense.
Our translational research work shows that agent 797 acts through dual TCR dependent and TCR independent pathways, recognizing glycol lipid antigens presented by <unk> and stress ligand such as Micah through NK G. T D.
This dual targeting enables direct side cytolysis of malignant cells.
Simultaneously, triggering a cascade of immune modulating events.
We saw a dendritic cell activation of maturation.
Reversals in immuno suppressive M. Two macrophage phenotype back to the inflammatory phenotype.
Our SKU and rescue a particularly exhausted tumor specific T cells.
And co culture experiments exhausted T cells that is lost killing function regained it in the presence of <unk> or even the soluble factors. They said creek. The so called secret home demonstrating that agent 797 X, both as a killer and Edison immune orchestrator.
Terese Hammond: In co-culture experiments, exhausted T cells that had lost killing function regained it in the presence of iNKTs or even the soluble factors they secrete, the so-called secretome, demonstrating that agenT-797 acts both as a killer and as immune orchestrator, which I think is the most profound statement here. This mechanistic foundation helps explain why long-term survivors emerge even from monotherapy and why the combination cohorts show disproportionate benefit despite small numbers. This immune reprogramming capacity extends far beyond oncology. In preclinical ARDS and respiratory injury models, iNKTs protected the alveolar barrier, prevented the runaway inflammation of cytokine storm we often see in the ICU, and reduced bacterial and fungal outgrowth in the lungs. They restored coordination between innate and adaptive immune systems in settings where this coordination usually collapses.
<unk>, which I think is.
The most.
Profound statement here.
This mechanistic foundation helps explain why long term survivors emerge even for monotherapy and one of the combination cohorts associates.
Fortunate benefit despite small numbers.
This immune reprogramming capacity extends far beyond oncology and.
In preclinical <unk> and respiratory entry models.
<unk> protected the alveolar barrier prevented the runaway inflammation of cytokine storm, we often see in the ICU and reduce bacterial and fungal outgrowth in the lungs.
There are sort of close coordination between innate and adaptive immune systems and settings, where this coordination usually collapses.
Terese Hammond: These findings form the rationale for upcoming global phase II trial, with potential expansion to phase III in acute pulmonary dysfunction. Importantly, this trial uses endpoints already accepted by the FDA, ventilator-free days and 28-day mortality. Finally, our work in transplantation advances this immune restoration theme even further. Our University of Wisconsin graft versus host disease study, supported by the Department of Defense STTR grant and a federal clinical grant awarded to UW, will evaluate agenT-797 as a means to accelerate engraftment, reduce relapse, and prevent graft versus host disease, all without lymphodepletion. The concept is simple but profound. Rather than suppressing immunity to control inflammation, we aim to re-educate the immune system, the impaired immune system, so it can function correctly from the outset. This is what sets MiNK apart. We are not layering another drug onto existing regimes. We are not iterating on old ideas.
These findings from the rationale for upcoming global Phase II trial with potential expansion to phase III and acute pulmonary dysfunction.
Importantly, this trial uses endpoints already accepted by the FDA ventilator free days and 28 day mortality.
Finally, our work in transplantation advances as immune restoration theme, even further our university of Wisconsin graft versus host disease study supported by the Department of Defense S. GTR Grant and a federal clinical grant awarded to UW.
We'll evaluate agent 797.
Means to accelerate and grassland reduce relapse and prevent graft versus host disease.
Without lymphoma depletion.
The concept is simple, but profound rather than suppressing the immunity to control inflammation, we aim to re educate the immune system.
Impaired immune system silicon function correctly from the outset.
This is what sets <unk> apart.
We are not Larry another drug onto existing Reg and Rajiv.
We are not iterating on all of the ideas, we are redefining the architecture of immune recovery and cancer and infection and critical illness and in transplantation.
Terese Hammond: We are redefining the architecture of immune recovery in cancer, in infection, in critical illness, and in transplantation. The opportunities ahead are vast. I look forward to sharing more of our aggressive clinical and translational plans for 2026 during our next call. With that, I'd like to turn the call over to Christine Klaskin to review the financials. Christine?
And the opportunities ahead are fast I look forward to sharing more of our aggressive clinical and translational plans for 2020 fixture in our next call.
And with that I'd like to turn the call over to Christine <unk> to review the financials.
Christine.
Christine Klaskin: Thank you, Terese. During Q3 2025, we executed and implemented an at-the-market sales agreement and ended the quarter with a cash balance of $14.3 million. Since quarter end, we have raised an additional $1.2 million through this program, providing a runway through 2026. Our net loss for the quarter ended 30 September 2025, was $2.9 million, or $0.65 per share, compared to $1.8 million, or $0.46 per share for Q3 2024. For the 9 months ended 30 September 2025, our net loss was $9.9 million, or $2.39 per share, compared to $8.3 million, or $2.24 per share for the same period in 2024.
Thank you Terry.
During the third quarter of 2025, we executed and implemented an at the market sales agreement and ended the quarter with a cash balance of $14.3 million.
Since quarter end, we have raised an additional $1 $2 million through this program, providing a runway through 2026.
Our net loss for the quarter ended September 32025, with $2 9 million or 65 per share.
Compared to $1 8 million or 46 per share for the third quarter of 2024.
For the nine months ended September 32025, our net loss was $9 9 million or $2 39 per share compared to $8 $3 million.
$2 24 per share for the same period in 2024.
Christine Klaskin: These results reflect ongoing support of our operations and the activity supporting our agenT-797 programs discussed by Jen and Terese. I will now turn the call over to Jen for closing remarks.
These results reflect ongoing support of our operations and the activities supporting our agency 797 programs discussed by gender race.
I will now turn the call over to John for closing remarks, Thank you <unk> and Christine.
Jennifer Buell: Thank you, Terese and Christine. As you've heard, we've strengthened our leadership team with the onboarding of Dr. John Holcombe and Dr. Terese Hammond. We've also fortified our balance sheet and expect to continue to do so through strategic and collaborative partnerships. With this foundation in place, we're entering a period of meaningful execution. As Christine highlighted, there are select areas where our spend has expanded beyond the same time period of last year, and I want to reiterate that some of these activities are reimbursed through our STTR grant and that the upfront spend associated with our pulmonary and GVHD programs is reimbursable under the innovative awards from our government and collaborators. In addition, we have prospectively acquired critical reagents to ensure a seamless and uninterrupted US-based manufacturing supply of our allogeneic iNKT cells as our programs advance.
As you've heard we've strengthened our leadership team with the Onboarding of Dr. John Hogan and Dr. Chris Hammond with.
We've also fortified our balance sheet and expect to continue to do so through strategic and collaborative partnerships with this foundation in place, we're entering a period of meaningful execution.
Christine highlighted there are select areas, where our spend is expanded beyond the same time period of last year and I want to reiterate that some of these activities are reimburse our S. E T. Our grant and that the upfront spend associated with our pulmonary in Gvhd programs is reimbursable under the innovative award from our government and collaborators in addition.
We have prospectively acquired critical reagents to ensure a seamless and uninterrupted U S based manufacturing supply of our allogeneic NK T cells as our programs advance.
Jennifer Buell: These proactive steps reflect intentional and disciplined investment aligned with our development priorities. During Q3 2025, we also opportunistically executed and implemented an at-the-market sales agreement to leverage a substantial more than 700% increase in our equity price. This enabled us to access cash that limited dilution to shareholders and extend our cash runway through 2026, covering critical deliverables and meaningful inflections. In the coming quarters, we will advance our grant-funded GVHD study, progress our late-stage program in severe pulmonary disease, and broaden our iNKT platform into inflammatory conditions where patients have few or no effective therapies. By this time next year, we expect to have multiple clinical programs actively enrolling patients, early readouts emerging from our GVHD and pulmonary cohorts, and a clear line of sight towards pivotal enabling pathways across our inflammatory and critical illness portfolio.
These proactive steps reflect intentional and disciplined investments aligned with our development priorities.
During the third quarter of 2025, we also opportunistically executed and implemented an aftermarket sales agreement to leverage our substantial and more than 700% increase in our equity price.
This enabled us to access cash at limited dilution to shareholders and extend our cash runway through 2026, covering critical deliverables and meaningful inflections in the coming quarters, We will advance our grant funded Gvhd study progress our late stage program and severe pulmonary disease and brought in our <unk> platform into it.
Lamassoure conditions, where patients have few or no effective therapies.
By this time next year, we expect to have multiple clinical programs actively enrolling patients early readouts emerging from our gvhd and pulmonary cohorts and a clear line of sight towards pivotal enabling pathways across our inflammatory and critical illness portfolio.
Jennifer Buell: Each of these represent the potential value-creating inflection points supported by strong biology, peer-reviewed activity and data, and defined regulatory framework. We look so forward to updating you as we continue disciplined, patient-focused execution. With that, I'll turn the call back over to the operator to open the line for questions. Thank you.
Each of these represents a potential value, creating inflection points supported by strong biology peer reviewed activity and data and defined regulatory framework. We look so forward to updating you as we continue disciplined patient focused execution.
With that I'll turn the call back over to the operator to open the line for questions. Thank you.
Thank you Jacky question Press Star then one can we draw press Star then one again.
Operator: Thank you. To ask a question, press star then one. To withdraw, press star then one again. Our first question comes from the line of Emily Bodnar with H.C. Wainwright. Your line is open.
And our first question comes from the line of Emily Bodnar with H C. Wainwright. Your line is open.
Hi, good morning, Thanks for taking the questions I guess for.
Emily Bodnar: Hi, good morning. Thanks for taking the questions. I guess for my first one, obviously very nice to see long-term survival in some of the combination monotherapy patients that you presented at SITC. I was curious, given the combo portion was pretty small with 6 patients, have you thought about maybe expanding this cohort to include more patients or potentially initiate a dose expansion based on some of the solid tumors that you've seen the most benefit in? Separately, if you could provide a bit more details surrounding timing for the launch of the severe pulmonary disease trial and any kind of funding updates for that trial. Thanks.
For my first one.
Obviously very nice to see a long term survival endpoint combination monotherapy.
At present.
I was curious given the combo portion was pretty small with six patients have you thought about maybe expanding that cohort to include more patients potentially let's say Joseph Sanchez.
Full of good solid tumors that you're seeing the most benefit.
And then separately if you could provide a bit more detail.
Timing for the launch of the severe pulmonary disease trial.
You kind of funding update for about Ah trial.
Hi, I'm Lee. Thank you so much for your call your call and your questions as always and your continued support the.
Jennifer Buell: Hi, Emily. Thank you so much for your call, your call and your questions, as always, and your continued support. With respect to the combination with PD-1, as we are seeing an enormously growing population of patients who are previously treated with anti-PD-1 therapies, and what we've now published on a few occasions is that we could salvage patients who have failed prior PD-1 therapy. We've seen this now in areas where PD-1 is standard of care, as well as where it's being experimentally used. The opportunity to add the cells on and see this salvage opportunity, I think is really quite enormous. The patients that we have seen the most dramatic responses with are patients who have otherwise failed PD-1 but have continued it on.
With respect to the combination with PD ones, though is as we are.
The hangar enormously growing population of patients who were previously treated with <unk> with anti PD, one therapies and what we've now published in a few locations is that we could salvage patients who have failed prior PD one therapy and we've seen that now in areas, where PD one is standard of care as.
As well as where its being experimentally used so the opportunity to add themselves on and see this salvage opportunity I think it's really quite enormous the patients that we have seen the most dramatic responses with our patients who have otherwise failed PD, one, but a continued it on and it indeed the data that we've observed does.
Jennifer Buell: Indeed, the data that we've observed does set us up to expand this cohort. We're actually doing so very creatively right now and will be announcing relatively soon an expanded cohort that will be moving into a phase II, that we anticipate will be largely externally financed to support some of this effort.
Set us up to expand this cohort were actually doing so very creatively right now and we'll be announcing relatively soon and expanded cohort that will be moving into a phase two.
That we anticipate will be largely externally finance to support some of this effort.
Jennifer Buell: In tumor types that we have previously demonstrated this combination benefit. First, the data that we've observed in second-line gastric cancer have set the stage for a study that is currently active at Memorial Sloan Kettering in Yelena Janjigian's group. We presented data at AACR IO, and we'll continue to read out clinical findings now that we've achieved some lengthy follow-up time that gives us an indication of the survival benefit. We see immunologic activity, and next will be the associated clinical activity in second-line gastric. Those data will help us understand where to take the program next in second-line gastric cancer or in an earlier disease setting, and that's something that we're currently discussing.
And tumor types that we have previously.
Demonstrated this combination benefit and when I first the data that we've observed and second in second line gastric cancer have set the stage for a study that is currently active at memorial Sloan Kettering and Jelena, Jim Sheehan's Group, we presented data at ACR I O and will continue to read out clinical fine.
<unk> now that we've achieved some some some lengthy follow up time that gives us an indication of the survival benefits. So we see immunologic activity and next will be the clinical be associated clinical activity in second line gastric lowest day that will help us understand where to take the program next.
And in second line gastric cancer or we're in earlier disease, setting and that's something that we're currently discussing.
Discussing secondly, the data that we observed it was a complete clinical response in a patient with testicular cancer Seminoma germ cell opens up an enormous opportunity for us we believe in a cohort of patients that could be super selected this is not the only case that we observed in the germ cell family.
Jennifer Buell: The data that we observed, that was a complete clinical response in a patient with testicular cancer, seminoma, germ cell, opens up an enormous opportunity for us, we believe, in a cohort of patients that could be super selected. This is not the only case that we observed in the germ cell family, where these cells that have been quite active. This is a study that's also very much under discussion. It allows us to homogenize the patient population and really interrogate dose and combination benefit in a population of patients that could enable a relatively rapid development pathway in an area of high unmet need. The findings, I agree, have really set us up now to do a deeper investigation. We have a small cohort where we saw some profound benefit and really quite remarkable long-term survival in a very refractory population.
Where these cells could be that have been quite active. So this is a study. That's also very much under discussion that allows us to homogenize, the patient population and really interrogate dose and combination benefit and a population of patients that could enable a relatively rapid developed.
[laughter] pathway and an area of high unmet need so the findings I agree has really set us up now to do a deeper investigation. When you have a small cohort where we saw some profound benefit and really quite remarkable long term survival in very refractory population and so those data are now leading.
Jennifer Buell: Those data are now leading us to take these into extended cohorts. Really, I'd like to get them into a more formally designed phase II study as opposed to an expanded cohort in the phase I, where we could have some stepping-off points with early signals of activity into rapid development pathways. Your second question was, I'm sorry, I forgot it. Can you remind me your second question?
US to take these into extended cohorts, but really I'd like to get them into.
A more formally designed phase II study as opposed to an extended cohort in the phase one where we could have some stepping off point with early signals of activity into rapid development pathways.
Your second question was I'm, sorry, I'm I forgot it.
Can you remind me your second question.
Emily Bodnar: Sure. Just on timing of launch for the severe pulmonary disease trial and any funding updates.
It is just around timing of launch for the pulmonary disease trial.
It's.
Jennifer Buell: Okay. We are actually in the activation phase right now, and we're hosting, the team is hosting a couple of activation visits really imminently as we speak, which will set us up for a dosing of our first patient, where we were targeting this year. It will be no later than very early next year. Our goal is to work to get a patient on the cohort imminently this year. We're working with the centers and the holidays, and it's going to be at the latest, very, very early, the Q1 of next year. It's moving.
Uh huh. Okay. So we are we are actually in the activation phase right now and we're hosting the team is hosting a couple of activation visits really imminently as we speak which will set us up for them.
Dosing of our first patients where we are targeting this year. It will be no later than very early next year. So our goal is to work to get our patients on the cohort imminently this year, but where we're working with the centers and the holidays and so it's going to be at the late.
That's very very early.
Q1 of next year, so so it's moving.
Great. Thank you so much.
Emily Bodnar: Great. Thank you so much.
Thank you.
Jennifer Buell: Thank you.
Our next question comes from the line of my <expletive> Montanan with B Riley Your line is open.
Operator: Our next question comes from the line of Mayank Mamtani with B. Riley. Your line is open.
Hi, yes. Good morning, Thanks for taking our questions and I appreciate the progress here on the broader allogeneic <unk> got them. So on the comment about the gvhd in the survey.
Mayank Mamtani: Yes. Good morning, team. Thanks for taking our questions, appreciate the progress here on the broader allogeneic iNKT platform. On the prior comment about the GVHD and the severe pulmonary inflammation condition, this program looks like multiple trials. Looks like 2 trials. Could you maybe share any details on the endpoints you're evaluating and maybe the number or kind of patients being enrolled? And obviously, relative to, you know, where standard of care, for example, is in acute GVHD, what does clinical success look like? Would be good to hear. Then I have a follow-up.
That information information condition. This program it looks like multiple trials it looks like the trials could you may be shares.
Any details on the endpoints you in evaluating and maybe the number of kind of patients being enrolled in.
Obviously.
Got it Thats too.
Standard of care for example is an acute gvhd what is clinical success look like would be it would be good to hear.
And then I have a follow up.
Okay. Thanks, very much fans there will be there are a couple of clinical trials that are moving forward and there's quite a bit of interest in the products and these are areas that we've been building on our preclinical models support advancing in our clinical data now do so specifically in the pulmonary disease setting I'll start with Gvhd. This is.
Jennifer Buell: Okay. Thanks very much, Mayank. There are a couple of clinical trials that are moving forward. There's quite a bit of interest in the products, and these are areas that we've been building on. Our preclinical models support advancing in our clinical data, now do so, specifically in the pulmonary disease setting. I'll start with GVHD. This is a trial that's been funded preclinically and now clinically. The preclinical activity is being conducted in advance in partnership with government collaborators at the NIH, the DoD, through an STTR grant. Those data are building off of one of our scientific advisor's really seminal findings that iNKT cells have an important role. Not only do they prevent GVHD, they naturally do not induce GVHD, they prevent it and can mitigate it as well.
Ah trial, that's been funded preclinical and now clinically to the preclinical activity is being conducted in advance in partnership with government collaborators at the NIH. The D O D through an S. T T. Our grant and those data are building off of one of our scientific advisors really seminal findings that I N K T cells.
Have an important role not only do they prevent gvhd. They they naturally do not induce gvhd, they prevented and can mitigate it as well and Mechanistically journey Gumpert Who's from University of Wisconsin has elucidated that in some elegant publications. We've we were building on onto that work.
Jennifer Buell: Mechanistically, Jenny Gumperz from University of Wisconsin has elucidated that in some elegant publications. We were building onto that work in both preclinical setting as well as now in the clinical setting. The clinical study will be funded and it has been announced through the University of Wisconsin by an award that will enable us to interrogate, number 1, dose, number 2, engraftment success, so dosing the cells after engraftment to increase the probability of success for engraftment. Currently, as you know, these cells do not require cytotoxic lymphodepletion and can be administered without actually the lengthy hospitalization that's required and sometimes intolerable to many patients that are undergoing these procedures.
And both preclinical and setting as well as now in the clinical setting the clinical study will be funded and has has been announced through the University of Wisconsin by an award that will enable us to interrogate number one dose number two in grasmere success, so dosing the cells.
After an graph meant to increase the probability of success for in graft meant and currently as you know these cells do not require cytotoxic went the depletion and and can be administered without actually the lengthy hospitalization that's required and sometimes intolerable to many page.
Once that are undergoing these procedures and therefore, there's an opportunity and an unmet need for patients who either cannot tolerate the toxic in them for the police and or who are at high reservoir and graft meant failure or gvhd. The standard endpoints here from a regulatory perspective would be that Oh.
Jennifer Buell: Therefore, there's an opportunity and an unmet need for patients who either cannot tolerate the toxic lymphodepletion, or who are at high risk for engraftment failure or GVHD. The standard endpoints here from a regulatory perspective would be the GVHD presence or absence, essentially continuously but finally at day 100, so a relatively rapid readout in this setting. Based on the tolerability profile of these cells, the lack of a need for cytotoxic lymphodepletion, there is an opportunity that's really quite differentiated here. We believe with the cell's durability of response, we expect that this could be quite a differentiated therapy for patients beyond what is currently available. Success here currently still about half of the patients undergoing hematopoietic stem cell transplantation do succumb to GVHD. Bringing that down by 50% improvement or more would be substantially beneficial.
V H D presence or absence, essentially continuously but finally at day 100, so a relatively rapid readout and the setting to based on the Tolerability profile of these cells. The lack of a need for cytotoxic liquid depletion. There is an opportunity that's really quite dip.
Perenchio here and we believe with the cells durability of response, we expect that this could be quite a differentiated therapy for patients beyond what is currently available.
Success here currently still about half of the patients undergoing hematopoietic stem cell transplantation do succumb.
Two gvhd, and so bringing that down by 50% improvement or more would be substantially beneficial and in fact in and interactions with experts in this field, even a 20% reduction to be really quite meaningful, but we're looking for not an incremental change.
Jennifer Buell: In fact, in interactions with experts in this field, even a 20% reduction could be really quite meaningful. We're looking for not an incremental change, but a substantial benefit to patients. That is moving along, and we're looking forward to continuing to announce some upcoming milestones associated with the program, and we'll also expect to have some clinical data early next year. We've already been meeting with teams on building on the findings, based on some of the success observations we anticipate and what would registration interactions with the agency look like. We're in the process of those FDA interactions as well to ensure that this program is set up to move very quickly. Pulmonary diseases, well, I have no one better than Dr. Therese Hammond to speak to you about the selection of patients in this population.
But it's substantial.
The benefit to patients so that that is moving along and we're looking forward to continuing to announce some upcoming milestones associated with the program and we'll also expect to have some clinical data early next year, we've already been meeting with teams on building on the findings them based on some of this.
Success observations, we anticipate and what would registration interactions with the agency looked like so we're in the process of those FDA interactions as well to ensure that this program is set up to move very quickly.
Pulmonary diseases, while I have no one better than doctors race happened to speak to you about the selection of patients in this population now we have we will be.
Jennifer Buell: Now, soon we'll be posting the detailed eligibility of these, of the patient population, to ClinTrials the moment that we formally activate the program for enrollment. This will become publicly available relatively soon. In collaboration with Dr. Hammond, her experience with the cells in critical care and with patients who have really had a substantial benefit both on trial and through emergency use, we've designed a population of patients in which we're going to be able to interrogate a few very important endpoints. I'll have Terese come on and speak a bit about the eligibility of those patients. We're being somewhat broad, effectively looking at patients with hypoxemic pneumonia. That's a substantial number of patients.
Soon we will be posting the detailed eligibility of these of the patient population to cleanse trials on moment that where we formally activate the program for enrollment. So this will become publicly available relatively soon.
Collaboration with Doctor him and her experience with the cells.
In critical care and with patients who have really had a substantial benefit both on trial and through emergency use we've designed a population of patients in which we're going to be able to interrogate a few very important endpoints.
And I'll have to raise come on and speak a bit about the eligibility of those patients were being somewhat broad effectively looking at patients with hypoxemia pneumonia. That's a substantial number of patients. We have some technical definitions that we've designed and they're consistent with our interactions with the regular.
Jennifer Buell: We have some technical definitions that we've designed. They're consistent with our interactions with the regulators to interrogate survival, ventilator-free days, and other regulatory endpoints. What's different about our program is we also believe that we may, based on our observations from the phase I, also be able to prevent secondary infections, as we had seen a very strong signal of that in our earlier trials. We may be able to combat some substantial challenges that we anticipate could be an important advancement. Those are atypical bacterial issues or fungal complications that could result in premature death in this population. I'll turn it to Terese to build on that.
Leaders to interrogate survival.
Ventilator free days and other regulatory endpoints, what's different about our program as we also believe that we may based on our observations from the phase. One we may also be able to prevent secondary infections. As we had seen him very strong signal of that in our earlier trials.
And we may be able to combat some substantial.
<unk> that are that we anticipate could be an important advancement in those are atypical bacteria issues. Our fungal complications that could result in a premature death in this population so I'll turn it to to race to build on that.
Thank you Jan and thank you so much for your question and interest.
Terese Hammond: Thank you, Jen, and thank you so much for your question and interest. I, you know, I think, all told, the idea behind this is to try to use endpoints that have been well established in acute respiratory distress syndrome and hypoxemic respiratory failure. As Jen said, our primary endpoint will be 28-day mortality. As we release more public information as we post this on ClinicalTrials.gov, I think you'll find that there are some really intriguing secondary and also exploratory endpoints here. The concept of using these cells in respiratory disease and critical illness, I think is really timely. I always say that, I've learned so much of what I know now in medicine from listening to oncologists.
Think all told the idea behind this is to try to use endpoints that have been well established in our acute respiratory distress syndrome, and hypoxic respiratory failure. So as John said, our primary end point will be 28 day mortality, but.
But as we release more public information as we posted on clinical trials Gov. I think you'll find that there are some really intriguing secondary and also exploratory endpoints here the concept of using these cells in respiratory disease and critical illness, I think is really tie.
I'm Lee I always say that I've learned so much of what I've, what what I know now and medicine from listening to one colleges.
Terese Hammond: I think as a pulmonary critical care doctor, we are now, the time is nigh for us to start incorporating cell therapies into the treatment of these really ill patients that oftentimes have higher mortalities than most solid tumors or hematologic cancers these days. The concept will be to look at a broad population of patients with severe pneumonia who also have moderate to severe hypoxemic respiratory failure and get a better sense both clinically and immunologically of what these cells are doing in this setting. We are excited. I think we are excited on multiple fronts to use these cells and to see the results more as an, almost as an agnostic treatment for a variety of organ failures.
And I think as a pulmonary critical care Doctor. We are now the time is now for us to start incorporating cell therapies into the treatment of these really ill patients patients that often times have higher mortality than most solid tumors hematologic cancers. These days.
So the concept will be to look at a broad population of patients with severe pneumonia.
We also have moderate to severe hypoxemia like respiratory failure and get a better sense, both clinically and immunological Lee.
What these cells are doing in this setting.
So we're we're excited I think we're excited on multiple fronts to use these cells and to see the results more of they've been almost as an agnostic treatment for a variety of organ failures and and I would just sort of and this by saying that I think the integration between our knowledge.
Terese Hammond: I'll just sort of end this by saying that I think the integration between our knowledge in solid tumors, especially tumors that are very immunologically active like thymoma, and our increased interest in critical illness and pulmonary disease, will be a very exciting avenue for us to pursue as we head into 2026.
These solid tumors, especially tumors that are very a mood immunologically active like some omer and our increased interest in critical illness, and pulmonary disease will be a very exciting avenue for us to pursue as we head into 2026.
Super helpful color and look forward to that.
Mayank Mamtani: Super helpful color and look forward to that, ClinicalTrials.gov posting on the protocol. Then, as you think about, like, having a product here that can be commercialized, Jen, if you can maybe help us understand the manufacturing scale-up activities and how do you think of having, you know, a scale here, knowing that you've been investing in manufacturing for a little while, and how you may be thinking of maybe even a non-dilutive financing or funding. In case there are some stocking requirements for some of the use cases we are discussing. Thanks for taking our questions.
Clinical trials Gov listing on the protocol and then as you think about like having a product.
That can be commercialized.
Yet if you can maybe help us understand the manufacturing scale up activities in and how do you think of having.
Our scheme here.
Knowing that you've been investing in manufacturing for a little while.
And how you're maybe thinking of maybe even non dilutive financing or funding.
In case, there are some stocking requirements for some of the use cases you are discussing thanks for taking my questions.
And fantastic question and I'm remiss, if I didn't bring this up sooner or the manufacturing team. As you know has just have such an incredibly talented group of manufacturing experts and and manufacturing scientists, we've been able to get ourselves even since our last earnings call. We continue to expand.
Jennifer Buell: Fantastic question, I'm remiss that I didn't bring this up sooner. The manufacturing team, as you know, has such an incredibly talented group of manufacturing experts and manufacturing scientists. We've been able to get ourselves, even since our last earnings call, we continue to exponentiate the number of cells that we can really pull out of some of our donors. We're working with a new team of donors, groups that can bring in new donors. What we're observing right now is that we not only can optimize our donors for enrichment, but also our manufacturing process has continued to increase the number of cells. We're getting billion cells per donor that give us not only substantial cost advantages, but also the ability to stockpile.
N C. H the number of cells that we can really pull out of some of our donors, we're working with a new team of of donors.
Groups that can bring in new donors and what we're observing right now is that we not only can optimize our donors for enrichment, but also our manufacturing process kit has continue to increase the number of cells, we're getting billions of cells per donor that give us not only a substantial cost advantage.
But also the ability to stockpile, we currently have quite a bit of material on hand to launch our trials and we're going to continue to build that stock now as I think about the future and I, particularly think about data that's coming out of this this large study with a potential multi drug resistant org.
Jennifer Buell: We currently have quite a bit of material on hand to launch our trials, and we're going to continue to build that stock. As I think about the future, and I particularly think about data that's gonna be coming out of this large study with potential multi-drug resistant organisms and benefits on mitigating those, as well as addressing a substantial need in patients with severe pulmonary complications. We expect and have launched some interactions for non-dilutive financing that would allow us to expand beyond the current infrastructure that we have today. I'll say stay tuned, but I think there's an opportunity for us. The cells, they're stable. We can store them for now stability beyond 2 and a half, almost 3 years. We can demonstrate that they still function.
And benefits on mitigating those as well as addressing a.
A substantial need in patients with severe pulmonary complications.
We have we expect and have launched some interactions for non dilutive financing that would allow us to extend beyond the current infrastructure have today. So I'll I'll say stay tuned, but I think there's an opportunity for us are the cells, they're stable, we can store them.
For it now stability beyond two and a half almost three years.
And we can demonstrate that they still function.
Jennifer Buell: Therefore, there's an opportunity for us to continue the production at scales that we as an organization don't necessarily need unless there is a substantial threat that would require a treatment beyond what our current commercial needs would be. That's what we're getting ready for and those are discussions that we currently have underway. I think it's best fit for collaborators who either have substantial scale in the private sector or substantial interest, which is in the public sector, and both of those discussions are actively underway.
Therefore, there is an opportunity for us to continue the production at scales that we as an organization don't necessarily need unless there is a substantial a threat that would require.
A treatment beyond what our current commercial needs would be and those are that's what we're getting ready for a number of discussions that we currently have underway and I think it's the best fit for our collaborators who either have substantial scale in the private sector or or substantial interest which is in the public sector a sector and both of those discussions are actively.
Under way.
Thank you Jim.
Mayank Mamtani: Thank you, Jen.
Thanks, so much Matt.
Jennifer Buell: Thanks so much, Mayank.
Seeing no further questions at this time. This concludes the Q&A session I now turn the call back to Dr. Jennifer Buell for closing remarks.
Operator: Seeing no further questions at this time, this concludes the Q&A session. I now turn the call back to Dr. Jennifer Buell for closing remarks.
Thank you all very much. Thank you for your continued support and I look forward to continuing to update you in the future.
Jennifer Buell: Thank you all very much. Thank you for your continued support, and I look forward to continuing to update you in the future.
This concludes today's call a replay will be available in the events and presentations section of our Investor website at https column double slash investors I mean therapeutics dot com slash events dash and dash presentation and thank you for your parts.
Operator: This concludes today's call. A replay will be available in the Events and Presentations section of our investor website at https://investor.minktherapeutics.com/events-and-presentation. Thank you for participating. You may now disconnect.
Dissipating you may now disconnect.
Yeah.
Okay.
Yeah.