Q1 2026 MiNK Therapeutics Inc Earnings Call

May 15, 2026

Terese Hammond: Good morning, and welcome to MiNK Therapeutics' Q1 2026 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, and I would now like to turn the conference over to Stefanie Perna-Nacar from MiNK Investor Relations. Stefanie, please go ahead.

Operator: Good morning, and welcome to MiNK Therapeutics' Q1 2026 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, and I would now like to turn the conference over to Stefanie Perna-Nacar from MiNK Investor Relations. Stefanie, please go ahead.

Speaker #2: Please note this event is being recorded. I would now like to turn the conference over to Stephanie Parinonakar from MiNK Investor Relations. Stephanie, please go ahead.

Speaker #2: 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.

Stefanie Perna-Nacar: Thank you, operator, thank you all for joining us today. Today's call is being webcast and will be available on our website for a 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, also available on our website for a detailed description of these risks. Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer of MiNK Therapeutics, Dr. Therese Hammond, Head of Development, and Melissa Orilall, Principal Financial Officer. I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter. Jennifer?

Stefanie Perna-Nacar: Thank you, operator, thank you all for joining us today. Today's call is being webcast and will be available on our website for a 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, also available on our website for a detailed description of these risks. Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer of MiNK Therapeutics, Dr. Terese Hammond, Head of Development, and Melissa Orilall, Principal Financial Officer. I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter. Jennifer?

Speaker #2: 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.

Speaker #2: These statements are subject to risk and uncertainties. Please refer to our SEC filings, also available on our website, for detailed description of these risks.

Speaker #2: Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer of MiNK Therapeutics; Dr. Therese Hammond, Head of Development; and Melissa Orleales, Principal Financial Officer.

Speaker #2: I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter.

Speaker #3: Thank you, Stephanie. Good morning, everyone, and thank you for joining us today. Over the past several weeks, we've presented data at four major international scientific meetings, beginning with findings in pulmonary fibrosis at a Keystone Symposium in February, followed by a presentation of our Phase 2 clinical data in refractory gastric cancer at AACR in April.

Jennifer Buell: Thank you, Stefanie. Good morning, everyone. Thank you for joining us today. Over the past several weeks, we've presented data at 4 major international scientific meetings, beginning with findings in pulmonary fibrosis at the Keystone Symposia in February, followed by a presentation of our phase II clinical data in refractory gastric cancer at AACR in April. Most recently, in fact, just earlier this week, we presented mechanistic findings at the American Society for Gene & Cell Therapy showing the context-dependent immune activity of invariant natural killer T cells in cancer and severe lung injury. We're also very excited that next week, Dr. Therese Hammond, our Head of Pulmonary and Inflammatory Diseases, will present at the American Thoracic Society Conference, the international conference in Orlando, Florida.

Jennifer Buell: Thank you, Stefanie. Good morning, everyone. Thank you for joining us today. Over the past several weeks, we've presented data at four major international scientific meetings, beginning with findings in pulmonary fibrosis at the Keystone Symposia in February, followed by a presentation of our phase II clinical data in refractory gastric cancer at AACR in April. Most recently, in fact, just earlier this week, we presented mechanistic findings at the American Society for Gene & Cell Therapy showing the context-dependent immune activity of invariant natural killer T cells in cancer and severe lung injury. We're also very excited that next week, Dr. Terese Hammond, our Head of Pulmonary and Inflammatory Diseases, will present at the American Thoracic Society Conference, the international conference in Orlando, Florida.

Speaker #3: And most recently, in fact, just earlier this week, we presented mechanistic findings at the American Society for Gene and Cell Therapy, showing the context dependence, immune activity, of invariant mastocellular T cells in cancer and severe lung injury.

Speaker #3: We're also very excited that next week, Dr. Therese Hammond, our Head of Pulmonary Inflammatory Diseases, will present at the American Thoracic Society Conference, the international conference, in our land of Florida.

Speaker #3: And she'll describe a combination of our invariant mastocellular T cell technology, Agent-797, in combination with an IL-15 superagonist named INCIVA, and the modulation of dysregulated inflammation and pathogen-clearing responses in severe pulmonary fungal infection.

Jennifer Buell: She'll describe a combination of our invariant natural killer T cell technology, agenT-797, in combination with an IL-15 superagonist named ANKTIVA, and the modulation of dysregulated inflammation and pathogen clearing responses in severe pulmonary fungal infection. Taken together, these presentations describe an increasingly coherent biologic and clinical story around iNKTs in cancer, severe lung injury, fibrosis, and immune dysfunction overall. For those newer to MiNK, our focus is on the development of off-the-shelf iNKT cell therapies designed to repair dysregulated immune biology and diseases characterized by immune failure, inflammatory injury, and impaired pathogen control. Unlike conventional cell therapies, agenT-797 is administered without lymphodepletion or HLA matching. In the approximately 100 treated patients to date, we've observed a favorable safety profile together with increasingly reproducible biologic and clinical observations. What continues to distinguish this platform is its clinical activity and its practicality.

Speaker #3: Taken together, these presentations describe an increasingly coherent biologic and clinical story around INKPs, from cancer to severe lung injury, fibrosis, and immune dysfunction overall.

Speaker #3: For those newer to MiNK, our focus is on the development of off-the-shelf INKP cell therapies designed to repair dysregulated immune biology in diseases characterized by immune failure, inflammatory injury, and impaired pathogen control.

Speaker #3: And unlike conventional cell therapies, 797 is administered without lymph depletion or HLA matching. In the approximately 100 treated patients today, we've observed a favorable safety profile together with increasingly reproducible biologic and clinical observations.

Speaker #3: And what continues to distinguish this platform is its clinical activity and its practicality. At MiNK, we believe we've addressed many of the barriers that have historically limited the broader application of cell therapy.

Jennifer Buell: What continues to distinguish this platform is its clinical activity and its practicality. At MiNK, we believe we've addressed many of the barriers that have historically limited the broader application of cell therapy. These include manufacturing complexity, scalability, timing, and deployability in acute care settings. As a result, we are now able to evaluate our living medicines and diseases in clinical environments that were previously impractical for cell therapy due to operational complexity and cost. Now, that same practicality is central to how we're expanding our platform through selective partnerships. In Q1 of this year, we announced a collaboration with C-Further to advance our PRAME-targeted TCR-engineered iNKT cell therapy for pediatric cancers.

Jennifer Buell: At MiNK, we believe we've addressed many of the barriers that have historically limited the broader application of cell therapy. These include manufacturing complexity, scalability, timing, and deployability in acute care settings. As a result, we are now able to evaluate our living medicines and diseases in clinical environments that were previously impractical for cell therapy due to operational complexity and cost. Now, that same practicality is central to how we're expanding our platform through selective partnerships. In Q1 of this year, we announced a collaboration with C-Further to advance our PRAME-targeted TCR-engineered iNKT cell therapy for pediatric cancers. This program is important not only because it brings non-dilutive support and potential meaningful commercial economics, but also because it applies our off-the-shelf iNKT platform to a setting where speed, tolerability, and access matter profoundly.

Speaker #3: These include manufacturing complexity, scalability, timing, and deployability in acute care settings, as a result, we are now able to evaluate our living medicines in diseases and clinical environments that were previously impractical for cell therapy due to operational complexity and cost.

Speaker #3: Now, that same practicality is central to how we're expanding our platform through selective partnerships. In the first quarter of this year, we announced the collaboration with C-Further to advance our PRAME-targeted PCR engineered INKP cell therapy for pediatric cancers, this program's importance not only because it brings non-diluted support and potential meaningful commercial economics, but also because it applies our off-the-shelf INKP platform to a setting where speed, tolerability, and access matter profoundly.

Jennifer Buell: This program is important not only because it brings non-dilutive support and potential meaningful commercial economics, but also because it applies our off-the-shelf iNKT platform to a setting where speed, tolerability, and access matter profoundly. For children with aggressive cancers, delays from individualized manufacturing and intensive pretreatment can be especially challenging. The C-Further collaboration allows us to extend MiNK's platform into a validated tumor antigen strategy while preserving our focus and capital discipline. I'll summarize our recent core data presentation before turning it over to Dr. Hammond. At AACR in April, investigators from Memorial Sloan Kettering presented data from our phase II study in gastroesophageal cancer. This trial is an investigator-sponsored trial led by the division chief, Dr. Yelena Janjigian, and her colleague, Dr. Samer Sater.

Jennifer Buell: For children with aggressive cancers, delays from individualized manufacturing and intensive pretreatment can be especially challenging. The C-Further collaboration allows us to extend MiNK's platform into a validated tumor antigen strategy while preserving our focus and capital discipline. I'll summarize our recent core data presentation before turning it over to Dr. Hammond. At AACR in April, investigators from Memorial Sloan Kettering presented data from our phase II study in gastroesophageal cancer. This trial is an investigator-sponsored trial led by the division chief, Dr. Yelena Janjigian, and her colleague, Dr. Samer Sater. The population was heavily pretreated, checkpoint refractory, with historically poor expected outcomes and limited therapeutic options after failure on prior first-line therapy. We observed prolonged survival in patients who received induction immune therapy prior to chemotherapy, including emergence of a meaningful tail of the survival curve.

Speaker #3: For children with aggressive cancers, delays from individualized manufacturing and intensive pretreatment can be especially challenging. The C-Further collaboration allows us to extend MiNK's platform into a validated tumor antigen strategy while preserving our focus and capital discipline.

Speaker #3: Now, I'll summarize our recent core data presentation before turning it over to Dr. Hammond. At AACR in April, investigators from Memorial Sloan Kettering presented data from our Phase 2 study and gastroesophageal cancer.

Speaker #3: This trial is an investigative-sponsored trial led by the Division Chief, Dr. Yelena Gianchiglian, and her colleague, Dr. Sam Zatern. The population was heavily pretreated, checkpoint refractory, with historically poor expected outcomes and limited therapeutic options after failure on prior first-line therapy.

Jennifer Buell: The population was heavily pretreated, checkpoint refractory, with historically poor expected outcomes and limited therapeutic options after failure on prior first-line therapy. We observed prolonged survival in patients who received induction immune therapy prior to chemotherapy, including emergence of a meaningful tail of the survival curve. Now, these were patients whose expected survival is measured typically in months. Here, median overall survival extended beyond 23 months in the immune-primed cohort, and several patients remain alive years after dosing. In refractory gastric cancer, that is highly unusual. What's become increasingly important to us over time is not simply whether transient responses occur, but whether coordinated modulation of dysfunctional immune biology can actually fundamentally alter long-term disease trajectory and survival in patients with otherwise limited therapeutic options.

Speaker #3: We observed prolonged survival in patients who received induction immune therapy prior to chemotherapy, including emergence of a meaningful tail of the survival curve. Now, these were patients whose expected survival is typically measured in months.

Jennifer Buell: Now, these were patients whose expected survival is measured typically in months. Here, median overall survival extended beyond 23 months in the immune-primed cohort, and several patients remain alive years after dosing. In refractory gastric cancer, that is highly unusual. What's become increasingly important to us over time is not simply whether transient responses occur, but whether coordinated modulation of dysfunctional immune biology can actually fundamentally alter long-term disease trajectory and survival in patients with otherwise limited therapeutic options. Follow-up continues to mature, and this includes follow-up on our phase I trial, we observe durability of survival in multiple tumor types, and that includes gastric cancer, myeloma, renal cell carcinoma, and germ cell cancers. Importantly, these observations were accompanied by translational findings that show coordinated modulation of the tumor microenvironment, including activation of important tumor-killing immune pathways, restoration of exhausted immune responses, and remodeling of suppressive myeloid biology.

Speaker #3: Yet here, median overall survival extended beyond 23 months in the immune-primed cohort. And several patients remain alive years after dosing. In refractory gastric cancer, that is highly unusual.

Speaker #3: What's become increasingly important to us over time is not simply whether transient responses occur. But whether coordinated modulation of dysfunctional immune biology can actually fundamentally alter long-term disease trajectory and survival in patients with otherwise limited therapeutic options.

Speaker #3: As follow-up continues to mature and this includes follow-up from our Phase 1 trial, we observed durability of survival in multiple tumor types, and that includes gastric cancer, thymoma, renal cell carcinoma, and germ cell cancers.

Jennifer Buell: Follow-up continues to mature, and this includes follow-up on our phase I trial, we observe durability of survival in multiple tumor types, and that includes gastric cancer, myeloma, renal cell carcinoma, and germ cell cancers. Importantly, these observations were accompanied by translational findings that show coordinated modulation of the tumor microenvironment, including activation of important tumor-killing immune pathways, restoration of exhausted immune responses, and remodeling of suppressive myeloid biology.

Speaker #3: Importantly, these observations were accompanied by translational findings that show coordinated modulation of the tumor microenvironment, including activation of important tumor-killing immune pathways, restoration of exhausted immune responses, and remodeling of suppressive myeloid biology.

Speaker #3: And increasingly, these intrinsic immune-modulating properties appear to connect directly with the biology that we are now observing in inflammatory lung injury and ARDS. At the American Cell and Gene and Cell Therapy Conference this week in Boston, Dr. Jan Soon from our team presented translational analogies from patients with cancer and ARDS treated with the same donor-derived 797 product.

Jennifer Buell: Increasingly, these intrinsic immune modulating properties appear to connect directly with the biology that we are now observing in inflammatory lung injury and ARDS. At the American Society of Gene & Cell Therapy Conference this week in Boston, Dr. Yan Sun from our team presented translational analyses from patients with cancer and ARDS treated with the same donor-derived agenT-797 product. This is very important. We observed distinct immune outputs depending on the disease environment. Now, this supports our belief that iNKT cells participate in modulating immune biology across profoundly different disease states. Again, the same donor-derived product manufactured through our GMP process produced profoundly different immune biology in very different disease settings. In cancer, the biology showed a TH1-oriented tumor-killing cytotoxic immune activation. While in severe lung injury, the profile shifted towards restoration-associated immune signaling, and Dr. Hammond will go into this in more detail.

Speaker #3: It's very important we observed distinct immune outputs depending on the disease environment. Now, this supports our belief that INKP cells participate in modulating immune biology across profoundly different disease states.

Speaker #3: Again, the same donor-derived product manufactured through our GMP process produces profoundly different immune biology in very different disease settings. In cancer, the biology showed a pH 1-oriented tumor-killing cytotoxic immune activation.

Speaker #3: While in severe lung injury, the profile shifted towards restoration associated immune signaling. And Dr. Hammond will go into this in more detail. Importantly, these observations emerged again from the same unmodified allogeneic product.

Jennifer Buell: Importantly, these observations emerged again from the same unmodified allogeneic product. Yesterday, we announced the initiation of our randomized phase II clinical trial evaluating agenT-797 in combination with standard of care versus placebo of standard of care in patients with severe acute lung injury and respiratory distress identified using globally recognized ARDS criteria. This study has been carefully de-designed with endpoints and operational infrastructure that we believe will not only validate the observations in our earlier phase I-II study and, if prospectively confirmed, support rapid development through a seamless phase II-III pathway integrated already into the protocol framework. This structure allows us to move very efficiently from validation of our earlier observations into a potential registrational development strategy without interruption between phases of development. We expect to speak with the FDA in the impending weeks on our trial design and development plans. The need for new medications is significant.

Speaker #3: Yesterday, we announced the initiation of our randomized Phase 2 clinical trial. Evaluating 797 in combination with standard of care versus placebo plus standard of care in patients with severe acute lung injury and respiratory distress identified using globally recognized ARDS criteria.

Speaker #3: The study's been carefully designed with endpoints and operational infrastructure that we believe will not only validate the observations in our earlier Phase 1/2 study and, if prospectively confirmed, support rapid development through a seamless Phase 2/3 pathway already integrated into the protocol framework.

Speaker #3: This structure allows us to move very efficiently from validation of our earlier observations into a potential registrational development strategy, without interruption between phases of development.

Speaker #3: We expect to speak with the FDA in the impending weeks on our trial design and development plan. The need for new medications is significant.

Speaker #3: Acute lung injury and ARDS remain among the most serious unresolved conditions in critical care. ARDS affects an estimated 3 million people globally in approximately 200,000 people annually in the United States, and accounting for about 25% of mechanically ventilated ICU patients.

Jennifer Buell: Acute lung injury and ARDS remain among the most serious unresolved conditions in critical care. ARDS affects an estimated 3 million people globally and approximately 200,000 people annually in the US, and accounting for about 25% of mechanically ventilated ICU patients. Mortality remains very high. Approximately 40% to 50% of patients die from their disease. Despite decades of research, development of medicines for patients with this critical pulmonary problem, or ARDS, has been challenged by biologic heterogeneity and the complexity of prolonged illness. Prior approaches, including mesenchymal stromal cell or MSC therapies, demonstrated feasibility and a favorable safety profile, but failed to consistently improve survival in randomized studies. In part, because broad immunosuppressive or approaches may be insufficient in patients who simultaneously require modulation of an injurious inflammation together with preservation of pathogen-clearing immune function.

Speaker #3: Mortality remains very high, approximately 40 to 50% of patients die from their disease. Despite decades of research, development of medicines for patients with this critical pulmonary problem or ARDS has been challenged by biologic heterogeneity and the complexity of prolonged illness.

Speaker #3: Higher approaches including mesenchymal stromal cell or MSC therapies demonstrated feasibility and a favorable safety profile, but failed to consistently improve survival and randomized studies.

Speaker #3: And in part because broad immunosuppressive or paraffin approaches may be insufficient in patients who simultaneously require modulation of an injurious inflammation together with preservation of pathogen-clearing immune function.

Speaker #3: And we believe based on our observations that INKT cells and specifically Agent 797 may represent a fundamentally different biologic approach. Unlike MSCs, INKTs are active immune effective cells capable of localized modulation of inflammatory signaling together with coordinated activation of innate and adaptive immune pathways, including the ability to clear systemic pathogens.

Jennifer Buell: We believe, based on our observations, that iNKT cells, and specifically agenT-797, may represent a fundamentally different biologic approach. Unlike MSCs, iNKTs are active immune effector cells capable of localized modulation of inflammatory signaling together with coordinated activation of innate and adaptive immune pathways, including the ability to clear systemic pathogens. Our intended target population are patients who can be identified clearly, characterized biologically, and stratified thoughtfully, using globally recognized clinical and physiologic criteria. That matters from both a regulatory perspective as well as a clinical perspective. Critically, this patient population is a population where we believe we have already observed meaningful biologic and clinical signals, both in our clinical trials and through continued emergency use experience in critically ill patients who have few remaining therapeutic options.

Speaker #3: Our intended target population are patients who can be identified clearly, characterized biologically, and stratified thoughtfully using globally recognized clinical and physiologic criteria. That matters for both a regulatory perspective as well as a clinical perspective.

Speaker #3: Critically, this patient population is the population where we believe we have already observed meaningful biologic and clinical signals, both in our clinical trials and through continued emergency use experience in critically ill patients.

Speaker #3: We have few remaining therapeutic options. And our findings have emerged in real-world ICU environments and specifically Dr. Hammond is operating in those environments daily and she was a lead investigator on our trial.

Jennifer Buell: Our findings have emerged in real-world ICU environments, and specifically Dr. Hammond is operating in those environments daily, and she was the lead investigator on our trial. Through the data that we've now published and what we expect to see in the future is that we've observed evidence of local immune modulation within the lung, together with reductions in harmful inflammatory signaling and reduction in secondary infections. Dr. Hammond will speak more about this shortly. I want to highlight an important component of this effort. It's part of a partnership that we've developed with First Lviv Territorial Medical Union in Ukraine. Our study has been approved by the Ministry of Health of Ukraine and now clears the FDA for dosing.

Speaker #3: And through the data that we've now published and what we expect to see in the future is that we've observed evidence of local immune modulation within the lung together with reductions in harmful inflammatory signaling and reduction in secondary infections.

Speaker #3: And Dr. Hammond will speak more about this shortly. I want to highlight an important component of this effort. It's part of our partnership that we've developed with First Levine Territorial Medical Union and Unbroken Ukraine.

Speaker #3: Our study has been approved by the Ukrainian Ministry of Health and now cleared the US FDA for dosing. And our team has had the opportunity to spend on-site time on-site evaluating the hospital, talking with the team, meeting with the critical care team, discussing their capabilities.

Jennifer Buell: Our team has had the opportunity to spend time on-site evaluating the hospital, talking with the team, meeting with the critical care team, discussing their capabilities. We also reviewed the translational infrastructure and, most importantly, the patients. What we observed was remarkable. The clinical sophistication and quality of care being delivered under unimaginably difficult wartime conditions was incredible. We believe this collaboration creates an opportunity to evaluate iNKT-based cell therapies in patients where the biology is particularly relevant and increasingly common in modern warfare and critical care medicine. Modern conflict is increasingly producing survivors after devastating injury, but survival is accompanied by complications, including multi-drug resistant pathogens, chronic inflammatory issues, and downstream fibrosis. Programs such as BARDA-funded Breathe program have demonstrated that appropriately targeted anti-inflammatory intervention can improve survival in patients with severe respiratory compromise.

Speaker #3: We also reviewed the translational infrastructure and most importantly, the patients. And what we observed was remarkable. The clinical sophistication and quality of care being delivered under unimaginably difficult wartime conditions was incredible.

Speaker #3: And we believe this collaboration creates an opportunity to evaluate INKT-based cell therapies in patients where the biology is particularly relevant and increasingly common in modern warfare and critical care medicine.

Speaker #3: Modern conflict is increasingly producing survivors after devastating injury. But survival is accompanied by complications including multi-drug resistant pathogens, chronic inflammatory issues, and downstream fibrosis.

Speaker #3: Programs such as the BARDA-funded BREATH program have demonstrated that appropriately targeted anti-inflammatory intervention can improve survival in patients with severe respiratory compromise. But we believe the next evolution are therapies capable not only of dampening harmful inflammation, as we've observed with 797, but also restoring immune coordination and pathogen control in patients with critical illness and immune exhaustion.

Jennifer Buell: We believe the next evolution are therapies capable not only of dampening harmful inflammation, as we've observed with agenT-797, but also restoring immune coordination and pathogen control in patients with critical illness and immune exhaustion. Changing the trajectory of disease in these populations is becoming increasingly important, not only to clinicians, but also to governments and global health systems. Our program also demonstrates the practicality of an off-the-shelf approach in a real-world critical care setting, environments where complex individualized manufacturing is simply not feasible. The ability to deliver cryopreserved allogeneic therapy rapidly without lymph depletion or HLA matching is operationally important. As I've mentioned, the trial is now clear to proceed by the Ministry of Health of Ukraine as well as by the FDA.

Speaker #3: Changing the trajectory of disease in these populations is becoming increasingly important, not only to clinicians, but also to governments and global health systems. Our program also demonstrates the practicality of an off-the-shelf approach in a real-world critical care setting.

Speaker #3: These environments where complex individualized manufacturing are simply not feasible. The ability to deliver cryopreserved allogeneic therapy rapidly without lymph depletion or easily matching is operationally important.

Speaker #3: And as I've mentioned, the trial is now cleared to proceed by the Ministry of Health in Ukraine as well as by the US FDA.

Speaker #3: And we're proud to support this initiative alongside physicians and humanitarian leaders, and we're grateful to contribute to this important effort in a time when it's so urgently needed.

Jennifer Buell: We're proud to support this initiative alongside physicians and humanitarian leaders, and we're grateful to contribute to this important effort at a time when it's so urgently needed. Now, as I prepare to turn the call over to Dr. Hammond, I want to highlight next week's presentation at the American Thoracic Society meeting, where Dr. Hammond will present findings involving the combination of iNKT therapy with N-803, or ANKTIVA, an IL-15 superagonist in development is commercial development with our colleagues at ImmunityBio. Importantly, these findings further expand the potential applicability of iNKT biology in disease settings characterized by persistent infection, immune dysregulation, and severe inflammatory injury. Operationally, we're continuing to advance our programs at the level of capital efficiency that's uncommon in cell therapy, combining disciplined internal execution, scalable manufacturing infrastructure, and non-dilutive support through government and institutional partnerships.

Speaker #3: Now, as I prepared to turn the call over to Dr. Hammond, I want to highlight next week's presentation at the International American Thoracic Society meeting.

Speaker #3: Where Dr. Hammond will present findings involving the combination of INKT therapy with N803 or INKEVA and IL-15 super agonist in development and commercial development with our colleagues at Immunity Bio.

Speaker #3: Importantly, these findings further expand the potential applicability of INKT biology in disease settings characterized by persistent infection immune dysregulation and severe inflammatory injury. Operationally, we're continuing to advance our programs at the level of capital efficiency that's uncommon in cell therapy combining disciplined internal execution, scalable manufacturing infrastructure, and non-dilutive support through government and institutional partnerships.

Speaker #3: As I mentioned earlier in the first quarter, the strategy was reflected in our C further collaboration supporting the development of our PRAME targeted PCR INKT program pediatric cancers providing non-dilutive support for IND enabling activities together with potential downstream commercial participation.

Jennifer Buell: As I mentioned earlier, in Q1, the strategy was reflected in our C-Further collaboration supporting the development of our PRAME-targeted TCR iNKT program in pediatric cancers, providing non-dilutive support for IND-enabling activities together with potential downstream commercial participation. Our randomized phase II trial that we've mentioned and announced just yesterday has also been designed with a highly efficient operational infrastructure, leveraging substantial internal capabilities together with some experienced local support on the ground, allowing us to execute a global randomized study while maintaining a very disciplined burn for capital, essentially cash burn profile. As a result, we believe our current cash position provides operational runway for at least the next 12 months, inclusive of the launch and continued execution of the randomized trial that we've mentioned this morning. I'll now turn the call over to Dr. Therese Hammond. Therese?

Speaker #3: Our randomized Phase II trials that we've mentioned and announced just yesterday have also been designed with a highly efficient operational infrastructure, leveraging substantial internal capabilities together with some experienced local support on the ground, allowing us to execute a global randomized study while maintaining a very disciplined capital burn—essentially, a controlled cash burn profile.

Speaker #3: As a result, we believe our current cash position provides operational runway for at least the next 12 months, inclusive of the launch and continued execution of the randomized trial that we've mentioned this morning.

Speaker #3: I'll now turn the call over to Dr. Therese Hammond. Therese?

Speaker #2: Thank you, Jen. And good morning, everyone. I want to begin by discussing the actual patients we're enrolling in our phase two, three study because I believe understanding the intended target population is critically important to understanding both the scientific rationale and the potential regulatory trajectory of this program.

Terese Hammond: Thank you, Jen. Good morning, everyone. I want to begin by discussing the actual patients we're enrolling in our phase II/III study because I believe understanding the intended target population is critically important to understanding both the scientific rationale and the potential regulatory trajectory of this program. These patients with severe hypoxic respiratory failure all require some form of respiratory support, be it high flow oxygen, non-invasive ventilation, mechanical ventilation, or the most intense form of lung support, extracorporeal membrane oxygenation, or ECMO. They meet globally recognized criteria for acute respiratory distress syndrome and severe lung injury, including profound oxygen impairment, inflammatory lung damage, and all are at substantial risk for prolonged respiratory failure and mortality. Importantly, these patients represent a real-world critically ill population. Some present with highly hyperinflammatory disease, elevated cytokine signaling, diffuse alveolar injury, endothelial dysfunction, and rapidly progressive respiratory collapse.

Speaker #2: These patients with severe hypoxic respiratory failure all require some form of respiratory support be it high-flow oxygen, non-invasive ventilation, mechanical ventilation, or the most intense form of lung support extracorporeal membrane oxygenation or ECMO.

Speaker #2: They need globally recognized criteria for acute respiratory distress syndrome and severe lung injury, including profound oxygen impairment, inflammatory lung damage, and all are at substantial risk for prolonged respiratory failure and mortality.

Speaker #2: Importantly, these patients represent a real-world critically ill population. Some present with highly hyperinflammatory disease elevated cytokine signaling, diffuse alveolar injury, endothelial dysfunction, and rapidly progressive respiratory collapse.

Speaker #2: Others evolve into profoundly hypoinflammatory or immunologically exhausted states characterized by impaired pathogen clearance, secondary infection, prolonged ventilator dependence, fibrosis of multi-organ dysfunction, from a clinical and regulatory perspective distinguishing these distinct populations of patients matters.

Terese Hammond: Others evolve into profoundly hypoinflammatory or immunologically exhausted states characterized by impaired pathogen clearance, secondary infection, prolonged ventilator dependence, fibrosis, and multi-organ dysfunction. From a clinical and regulatory perspective, distinguishing these distinct populations of patients matters because therapies that broadly suppress inflammation may behave very differently depending on whether a patient is in active hyperinflammatory phase versus an immunologically exhausted phase of disease. One of the reasons our earlier observations captured our attention is because agenT-797 appeared to function in both scenarios. As a practicing pulmonary critical care physician, what stood out to me, what has always struck me, has been that it's not simply inflammatory improvement that we see through using these cells. It's a combination of inflammatory modulation together with evidence of immune recovery and pathogen control. Many patients with severe respiratory distress don't die solely from early inflammatory injury.

Speaker #2: Because therapies that broadly suppress inflammation may behave very differently depending on whether a patient is in an active hyperinflammatory phase versus an immunologically exhausted phase of disease.

Speaker #2: One of the reasons our earlier observations captured our attention is because Agent 797 appeared to function in both scenarios. As a practicing pulmonary critical care physician, what stood out to me—what has always struck me—has been that it's not simply inflammatory improvement that we see through using these cells.

Speaker #2: It's a combination of inflammatory modulation together with evidence of immune recovery and pathogen control. Many patients with severe respiratory distress don't die solely from early inflammatory injury.

Speaker #2: They die later from persistent respiratory failure, health care acquired multi-drug resistant infections, opportunistic fungal infections, immune exhaustion, and progressive organ dysfunction. When we see profound depletion or exhaustion of critical immune populations in severe disease state the path forward becomes increasingly logical.

Terese Hammond: They die later from persistent respiratory failure, healthcare-acquired multi-drug-resistant infections, opportunistic fungal infections, immune exhaustion, and progressive organ dysfunction. When we see profound depletion or exhaustion of critical immune populations in severe disease state, the path forward becomes increasingly logical. We just need to restore what's missing. That's particularly relevant in modern critical care environments, including wartime medicine. In Ukraine, clinicians are managing highly complex patients with trauma-associated respiratory failure, prolonged ICU stays, resistant bacterial and fungal infections, and severe inflammatory injury. These conditions are occurring simultaneously. These are highly relevant populations for understanding how immune restoration therapies may function and benefit patients. The translational findings we presented at ASGCT this week provided important biologic basis for these observations. In ARDS patients, the same donor-derived agenT-797 product is associated with restoration-oriented anti-inflammatory cytokine signaling, including interleukin 4 and interleukin 13.

Speaker #2: We just need to restore what's missing that's particularly relevant in modern critical care environments including wartime medicine. In Ukraine, clinicians are managing highly complex patients with trauma-associated respiratory failure, prolonged ICU stays, resistant bacterial and fungal infections, and severe inflammatory injury and these conditions are occurring simultaneously.

Speaker #2: These are highly relevant populations for understanding how immune restoration therapies may function and benefit patients. The translational findings we presented at ASGCT this week provided important biologic basis for these observations.

Speaker #2: In ARDS patients, the same donor-derived Agent 797 product is associated with restoration-oriented, anti-inflammatory cytokine signaling, including interleukin-4 and interleukin-13. Contrast that to oncology patients, where the cytokine profile was distinctly different, with pro-inflammatory, TH1-associated interferon gamma activation and cytotoxic immune engagement.

Terese Hammond: Contrast that to oncology patients, where the cytokine profile was distinctly different with pro-inflammatory TH1-associated interferon gamma activation and cytotoxic immune engagement. Importantly, these divergent immune responses or agenT-797 responses emerged without disease-specific engineering or modification. These data suggest the cells may retain the ability to respond dynamically to the immune environment they encounter. At ATS next week, I'll present a patient with persistent Coccidioides immitis infection treated with agenT-797 and N-803 or ANKTIVA. This case amplifies the observations we've seen with a case of immune dysfunction and persistent inflammatory injury where conventional antifungal therapy and corticosteroids had not been sufficient. Following treatment, we observed evidence of both inflammatory stabilization and progressive fungal pathogen clearance. This is important because it reinforces a broader clinical question emerging across pulmonary and critical care medicine.

Speaker #2: Importantly, these divergent immune responses or Agent 797 responses emerged without disease-specific engineering or modification. These data suggest the cells may retain the ability to respond dynamically to the immune environment they encounter.

Speaker #2: At ATS next week I'll present a patient with persistent coccidioides imidus infection treated with Agent 797 and N803 or Antiva. This case amplifies the observations we've seen with a case of immune dysfunction and persistent inflammatory injury where conventional antifungal therapy and corticosteroids had not been sufficient.

Speaker #2: Following treatment, we observed evidence of both inflammatory stabilization and progressive fungal pathogen clearance. This is important because it reinforces a broader clinical question emerging across pulmonary and critical care medicine.

Speaker #2: In some forms of severe respiratory disease or critical illness, does immune failure itself become the dominant biology? That question is increasingly relevant not only for ARDS but potentially for trauma-associated lung injury, severe infection with multi-organ failure, fibrosis, and broader disorders of immune dysregulation.

Terese Hammond: In some forms of severe respiratory disease or critical illness, does immune failure itself become the dominant biology? That question is increasingly relevant not only for ARDS, but potentially for trauma-associated lung injury, severe infection with multi-organ failure, fibrosis, and broader disorders of immune dysregulation. The reason many of us are excited about invariant natural killer T cell biology is not because it simplifies these complex diseases. It's because the biology appears increasingly capable of operating within this complexity. I'll stop there. Thank you for your time and attention, and I'd like to turn the call over to Melissa Orilall to review our financials. Melissa Orilall?

Speaker #2: The reason many of us are excited about invariant natural killer T cell biology is not because it simplifies these complex diseases it's because the biology appears increasingly capable of operating within this complexity.

Speaker #2: So I'll stop there thank you for your time and attention and I'd like to turn the call over to Melissa Ariel to review our financials.

Speaker #2: Melissa?

Speaker #1: Thank you, Therese. Operationally and financially, the first quarter reflected continued disciplined execution as we advanced multiple clinical and translational programs simultaneously. We ended 2025 with approximately $13.4 million in cash and cash equivalents.

Melissa Orilall: Thank you, Therese. Operationally and financially, Q1 reflected continued disciplined execution as we advanced multiple clinical and translational programs simultaneously. We ended 2025 with approximately $13.4 million in cash and cash equivalents, and subsequently completed the repayment of approximately $5.2 million associated with the Agenus convertible note during Q1 2026. This further simplifies our balance sheet as MiNK advances into randomized clinical execution. Following this repayment, in the 3 months ended 31 March 2026, we raised approximately $3 million through our at-the-market sales agreement, resulting in a quarter end cash balance of approximately $9.5 million.

Melissa Orilall: Thank you, Terese. Operationally and financially, Q1 reflected continued disciplined execution as we advanced multiple clinical and translational programs simultaneously. We ended 2025 with approximately $13.4 million in cash and cash equivalents, and subsequently completed the repayment of approximately $5.2 million associated with the Agenus convertible note during Q1 2026. This further simplifies our balance sheet as MiNK advances into randomized clinical execution. Following this repayment, in the 3 months ended 31 March 2026, we raised approximately $3 million through our at-the-market sales agreement, resulting in a quarter end cash balance of approximately $9.5 million.

Speaker #1: And subsequently completed the repayment of approximately $5.2 million associated with the agenda's convertible note during the first quarter of 2026. This further simplifies our balance sheet as it advances into randomized clinical execution.

Speaker #1: Following this repayment in the three months ended March 31st, 2026 we raised approximately 3 million dollar through our at-the-market sales agreement. Resulted in a quarter-end cash balance of approximately 9.5 million dollars.

Melissa Orilall: Importantly, while continuing to advance our randomized ARDS development program, translational oncology initiatives, and next generation iNKT platform programs, we continue to operate with a level of capital efficiency that is truly uncommon within the cell therapy sector. As Jennifer highlighted earlier, our randomized ARDS program benefits from substantial internal execution capabilities combined with experienced local CRO support and established clinical infrastructure in Ukraine. This enables us to execute a global randomized study with a highly disciplined and efficient cost structure. As such, based on our current operating plan, we believe our cash position provides a runway for at least the next 12 months, including the initiation and continued execution of our randomized clinical trial.

Speaker #1: Importantly, while continuing to advance our randomized ARDS development program, translational oncology initiative, and next-generation INKT platform programs, we continue to operate with a level of capital efficiency that is truly uncommon within the cell therapy sector.

Speaker #1: As Jen highlighted earlier, our randomized ARDS program benefits from substantial internal execution capabilities. Combined with experienced local CRO support and established clinical infrastructure in Ukraine, this enables us to execute a global randomized study with a highly disciplined and efficient cost structure.

Speaker #1: As such based on our current operating plan we believe our cash position provides a runway for at least the next 12 months. Including the initiation and continued execution of our randomized clinical trials.

Melissa Orilall: The net loss for Q1 2026 was approximately $2.7 million or $0.57 per share, compared to approximately $2.8 million or $0.70 per share for the same period in 2025. Overall, these results reflect our focused investment strategy in advancing the agenT-797 clinical program while maintaining disciplined control over operating expenses and prioritizing programs with clear translational, clinical, and regulatory pathways. With that, I'll turn the call back to Jen for closing remarks.

Speaker #1: The net loss for the first quarter of 2026 was approximately 2.7 million dollars. Or 57 cents per share. Compared to approximately 2.8 million dollars or 70 cents per share for the same period in 2025.

Speaker #1: Overall these results reflect our focused investment strategy in advancing the Agent 797 clinical program while maintaining disciplined control over operating expenses and prioritizing programs with clear translational, clinical, and regulatory pathways.

Speaker #1: With that, I'll turn the call back to Jen for closing remarks.

Speaker #2: Thank you so much, Melissa, and Dr. Hammond. For us at MINK this is an incredibly exciting time with some announcements that have just recently come out over the past few weeks.

Jennifer Buell: Thank you so much, Melissa and Dr. Terese Hammond. For us at MiNK, this is an incredibly exciting time. With some announcements that have just recently come out over the past few weeks, we have now moved from early signal generation towards really durable mechanistic validation, which is incredibly exciting. This is exactly where we want to be at a time when we can now take our pharmacologic findings, our clinical and immunologic findings, and now apply them to a registration path that we believe will not only validate our earlier observations but also set us up for a more rapid path to bring solutions to patients who are critically ill. Now, just quickly, at AACR, we presented for long survival on patients with refractory gastric cancer.

Speaker #2: We have now moved from early signal generation towards really durable mechanistic validation, which is incredibly exciting. This is exactly where we want to be at a time when we can now take our pharmacologic findings, our clinical and immunologic findings, and apply them to a registration path that we believe will not only validate our earlier observations but also set us up for a more rapid path to bring solutions to patients who are critically ill.

Speaker #2: Now, just quickly, at AACR we presented prolonged survival in patients with refractory gastric cancer. We will continue to follow those patients and will be providing an update on next steps for our gastric cancer program in the future.

Jennifer Buell: We'll continue to follow those patients, and we'll be providing an update on next steps for our gastric cancer program in the future. At the Cell and Gene Therapy Conference just this week, we demonstrated that the same unmodified product produced distinct immune output across cancer and ARDS. This secures not only our manufacturing process but also amplifies the scalability and the opportunity. Our team has already generated the material needed for the majority of our clinical program, which means we do not expect to have substantial manufacturing burn prospectively. Next week at ATS, very important evidence supporting the potential role of immune restoration in persistent pulmonary infection, which we think will have broad application. Additional data and plans will follow after that presentation.

Speaker #2: At the 17 therapy conference just this week we demonstrated that the same unmodified product produced distinct immune output across cancer and ARDS and this secures not only our manufacturing process but also amplifies the scalability and the opportunity.

Speaker #2: Our team has already generated the material needed for the majority of our clinical program which means we do not expect to have substantial manufacturing burns, prospectively.

Speaker #2: Next week at ATS, very important evidence supporting the potential role of immune restoration and persistent pulmonary infection, which we think will have broad application, will be presented. Additional data and plans will follow after that presentation.

Speaker #2: And, of course, most excitingly, yesterday the announcement of the initiation of our randomized Phase II trial is going to set us up for a clinical program in which we believe we will have a substantial amount of data before or during the second half of this year.

Jennifer Buell: Of course, most excitingly, yesterday, the announcement of the initiation of our randomized phase II trial is going to set us up for a clinical program which we believe will have a substantial amount of data during the H2 of this year, so before the end of this year. We will expect to present preliminary findings also in the H2 of this year, which we're incredibly excited about. For us, the path is really clear. We've got to execute on our randomized study, most importantly, prepare to generate and produce and present some data from that program by the end of this year. We'll continue to interrogate biology rigorously and contribute to science as we have continued to do.

Speaker #2: So before the end of this year and we will expect to present preliminary findings also in the second half of this year which we're incredibly excited about.

Speaker #2: So for us, the path is really clear. We've got to execute on our randomized study, and most importantly, prepare to generate, produce, and present some data from that program by the end of this year.

Speaker #2: We'll continue to interrogate biology rigorously and contribute to science as we have continued to do. Our scientific team is just so humbling and impressive and I couldn't be more excited to work with such a tremendous group of individuals.

Jennifer Buell: Our scientific team is just so humbling and impressive, and I couldn't be more excited to work with such a tremendous group of individuals. We'll now continue to evaluate our observations and the translation of those observations into meaningful clinical outcomes for patients who are critically ill. Thank you again for joining us this morning. I'll turn the call back over to the operator for questions.

Speaker #2: And we'll now continue to evaluate our observations and the translation of those observations into meaningful clinical outcomes for patients who are critically ill. So, thank you again for joining us this morning.

Speaker #2: I'll turn the call back over to the operator for questions.

Speaker #3: Thank you. To ask a question please press star then the number one on your telephone keypad. To withdraw your question please press star and number one again.

Operator: Thank you. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Emily Bodnar from H.C. Wainwright. Please go ahead.

Speaker #3: We will pause for just a moment to compile the Q&A roster. Your first questions comes from the line of Emily Bodnar. From HC Wainwright.

Speaker #3: Please go ahead.

Emily Bodnar: Hi. Good morning. Thanks for taking the questions, and congrats on all the progress. I want to maybe start with the ARDS trial. Can you disclose how many patients you're enrolling in each of the arms you discussed? Given your guidance for initial data in the second half of this year, maybe just touch on what endpoints you expect to have by that time point. Separately on the ImmunityBio collaboration that you discussed, can you talk about kind of the basis in terms of the collaboration and also what trials you're currently evaluating with their antibody? Thanks.

Speaker #4: Morning. Thanks for taking the questions, and congrats on all the progress. I have a few—maybe start with the ARDS trial. Can you disclose how many patients you're enrolling in each of the arms you discussed?

Speaker #4: And then given your guidance for initial data in the second half of this year maybe just touch on what endpoints you expect to have by that time point.

Speaker #4: And then, separately, on the ImmunityBio collaboration that you discussed, can you talk about the basis in terms of the collaboration, and also what trials you're currently evaluating with their ANTIVA?

Speaker #4: Thanks.

Speaker #5: Hi Emily. Thanks so much for your questions and your continued support. Regarding the trial the randomized phase two trial so we're designing the trial right now and speaking with the agency in a matter of just a couple of weeks to expand from the phase two which is about 90 patients randomized phase two.

Jennifer Buell: Hi, Emily. Thanks so much for your questions and your continued support. Regarding the trial, the randomized phase II trial, we're designing the trial right now and speaking with the agency in a matter of just a couple of weeks to expand from the phase II, which is about 90 patients, randomized phase II, and it's a 1-to-1 randomization. Going into a seamless phase III, which will be only based on the effect estimates that we have observed and that we expect to observe in the randomized part of the trial. We believe that the extension into the randomized phase III will be a very consolidated group of patients. We'll be back with the total number and the updated data on clin trials at that time after the interactions. For the randomized phase II, 90 patients split at a 1-to-1 randomization.

Speaker #5: And it's a one-to-one randomization going into a seamless phase three which will be only based on the effect estimates that we have observed. And that we expect to observe in the randomized part of the trial.

Speaker #5: We believe that the extension into the randomized phase three will be a very consolidated group of patients. So we'll be back with the total number and the updated data on clin trials at that time after the interactions.

Speaker #5: But for the randomized phase two, 90 patients split at one-to-one randomization. These are patients that are in the ICU, and patients that will all be treated with standard of care.

Jennifer Buell: These are patients that are in the ICU and patients that will be all treated with standard of care. We'll have agenT-797 on top of standard of care versus placebo on top of standard of care. Regarding the data presented next week at ATS, of course, there are some limitations to what we could say today. We're looking forward to providing a deep dive into the data as well as a broader look at how we came to this combination with our colleagues at ImmunityBio, the observations that we had, and what our plans are to develop the program further in a very difficult to treat. I'm going to ask Dr. Hammond to speak a little bit about this. Fungal pneumonia is a substantial problem, and it's a growing problem. It's increasing in incidence and prevalence in the US.

Speaker #5: And we'll have 797 on top of standard of care versus placebo on top of standard of care. Regarding the data presented next week at ATS of course there are some limitations to what we could say today.

Speaker #5: So we're looking forward to providing a deep dive into the data as well as a broader look at how we came to this combination with our colleagues at immunity bio the observations that we had and what our plans are to develop the program further in a very difficult to treat and I'm going to ask Dr. Hammond to speak a little bit about this.

Speaker #5: Fungal pneumonia is a substantial problem and it's a growing problem. It's increasing incidence and prevalence in the United States. It's endemic. In certain regions and territories in the US particularly those arid climates we're seeing a growing number of individuals affected by this very difficult to treat fungus.

Jennifer Buell: It's endemic in certain regions and territories in the US, particularly those arid climates. We're seeing a growing number of individuals affected by this very difficult to treat fungus. There has also been some news around this particular technology as the possible biologic threat, which there are currently no treatments for a fungal pneumonia. The data that we will be presenting will help to elucidate mechanisms that we believe are going to be really important in mitigating any problem with respect to this type of exposure. While this is a case study that will be very conservative about how we interpret the findings, the mechanisms are very clear.

Speaker #5: And we there has also been some news around this particular technology as the possible biologic threat which there are currently no treatments for a fungal pneumonia.

Speaker #5: The data that we will be presenting will help to elucidate mechanisms that we believe are going to be really important in mitigating any problem with respect to this type of exposure.

Speaker #5: While this is a case study that will be very conservative about how we interpret the findings, the mechanisms are very clear. And based on what we've observed in respiratory distress overall, as well as now this particular data to be presented, we think that there's an important opportunity here to help patients with a critical and growing unmet need that's really specific to this particular pathogen.

Jennifer Buell: Based on what we've observed in respiratory distress overall, as well as now this particular data to be pre-presented, we think that there's an important opportunity here to help patients with a critical and growing unmet need that's really specific to this particular pathogen. This is where we will share some more detail about the work that we have underway with colleagues at ImmunityBio. I'll turn it to Terese to speak just a moment about fungal pneumonia, just as a setup, but without disclosing any of the data under embargo for ATS.

Speaker #5: And this is where we will share some more detail about the work that we have underway with colleagues at ImmunityBio. And I'll turn it to Theresa to speak just a moment about fungal pneumonia, just as a setup but without disclosing any of the data under embargo for ATS.

Speaker #6: Yes, thank you, Jen and Emily. Thank you, as Jen said, for your continued support. Fungal pneumonia, specifically Coccidioides immitis, is an increasing threat. So, cocci, or as it is sometimes called, Valley fever.

Terese Hammond: Yes. Thank you, Jen. Emily, thank you, as Jen said, for your continued support. Fungal pneumonia, specifically Coccidioides immitis, is an increasing threat. Cocci, or is sometimes called valley fever, has really spread across the Western United States. This is extending actually into some of the states in the Northwest. A very formidable challenge. In fungal pneumonia, and frankly, cocci is in the Western United States, but other endemic and pathologic fungi are across the United States and even in, we've actually had conversations with our colleagues at First Union in Lviv, in war-injured patients, fungal pneumonia and fungal infections are becoming increasingly prevalent. In terms of cocci, though, the real problem is that you have to eliminate the pathogen before you can heal the patient.

Speaker #6: Has really spread across the western United States and is extending actually into some of the states in the northwest. So a very formidable challenge in fungal pneumonia and frankly cocci is in the western United States but other endemic and pathologic fungi are across the United States and even in we've actually had conversations with our colleagues at First Union in Lviv in War injured patients fungal pneumonia and fungal infections are becoming increasingly prevalent.

Speaker #6: So, in terms of cocci, though, the real problem is that you have to eliminate the pathogen before you can heal the patient. And these pathogens are incredibly difficult to eliminate.

Terese Hammond: These pathogens are incredibly difficult to eliminate. Antifungals, traditional medications that have been used for these medications don't work for everybody. Oftentimes you combine them with corticosteroids to increase the chances of controlling the infection itself. That isn't always helpful in all patients. The idea that we could modulate, actively modulate the immune system, go from a sort of pro-inflammatory killing state to an anti-inflammatory healing state is really novel, and we'll present more detailed data next week at ATS. But being able to demonstrate that clinically is a really important inflection point for us and certainly, you know, in combination with something like the ANKTIVA IL-15 superagonist could be really potent in not just the cocci infections, but pathologic fungal infections across the United States and frankly, worldwide.

Speaker #6: Antifungals traditional medications that have been used for these medications don't work for everybody. And oftentimes you combine them with corticosteroids to increase the chances of controlling the infection itself.

Speaker #6: That isn't always helpful in all patients. The idea that we could modulate actively modulate the immune system go from a sort of pro-inflammatory killing state to an anti-inflammatory healing state.

Speaker #6: It's really novel. And we'll present more detailed data next week at ATS, but being able to demonstrate that clinically is a really important inflection point for us.

Speaker #6: And certainly in combination with something like the ANTIVA IL-15 super agonist could be really potent in not just the cocci infections but pathologic fungal infections across the United States and frankly worldwide.

Speaker #5: Dr. Hammond thank you very much. And I'm going to come back Emily to the last two questions that you had about the endpoint. So more to come at ATS and we're looking forward to providing a bit more color about our activities in this particular setting and importantly our observations build on what we have previously published and that you could deliver Agent 797 in very difficult to treat critical illnesses and what we have observed now is the potential to prevent secondary infections and clear pathogens which will be important in the randomized phase two that's actively underway as well as in some future interactions that we'll be talking about next week.

Jennifer Buell: Dr. Therese Hammond, thank you very much. I'm gonna come back, Emily, to the last two questions that you had about the endpoint. More to come at ATS, we're looking forward to providing a bit more color about our activities in this particular setting. Importantly, our observations build on what we have previously published that you could deliver agenT-797 in very difficult-to-treat critical illnesses. What we have observed now is the potential to prevent secondary infections in clear pathogens, which will be important in the randomized phase II that's actively underway, as well as in some future interactions that we'll be talking about next week.

Jennifer Buell: Dr. Hammond, thank you very much. I'm gonna come back, Emily, to the last two questions that you had about the endpoint. More to come at ATS, we're looking forward to providing a bit more color about our activities in this particular setting. Importantly, our observations build on what we have previously published that you could deliver agenT-797 in very difficult-to-treat critical illnesses. What we have observed now is the potential to prevent secondary infections in clear pathogens, which will be important in the randomized phase II that's actively underway, as well as in some future interactions that we'll be talking about next week.

Speaker #5: Following up to go back to the randomized phase two, though, we talked about the sample estimates, but the endpoint—these are essentially, we've designed the trial to meet the regulatory rigor and scrutiny, which includes endpoints in respiratory distress such as overall survival, ventilator-free days, number of ventilator days, and number of days in the ICU as well.

Jennifer Buell: Following, to go back to the randomized phase II, though, we talked about the sample estimates. The endpoints, these are, essentially endpoint We've designed the trial to meet the regulatory rigor and scrutiny, which include endpoints in respiratory distress such as overall survival, ventilator-free days, number of ventilator days, and number of days in the ICU as well. These are the endpoints that the trial are built around. The endpoints happen very quickly in this particular setting. Based on our observations, we think we will have early readouts quite quickly, and we're setting up already to be publicly presenting these data in the H2 of this year.

Speaker #5: So these are the endpoints that the trial are built around. The endpoints happen very quickly in this particular setting. So based on our observations we think we will have early readouts quite quickly and we're setting up already to be publicly presenting these data in the second half of this year.

Emily Bodnar: Great. Thanks for all the color.

Speaker #1: Gregory thanks for all the color.

Operator: Your next question comes from the line of Mayank Mamtani from B. Riley Securities. Please go ahead.

Speaker #7: Your next question comes from the line of Mayank Mamtan from B. Riley Securities. Please go ahead.

Speaker #8: Yes, good morning team. Thanks for taking my questions and congrats on a ton of operational progress you've been having. At the ASGCP the PH1 PH2 context depending dependent switching data was interesting.

Mayank Mamtani: Yes, good morning, team. Thanks for taking our questions and congrats on a ton of operational progress you've been having. At the ASGCT, the TH1/TH2 context dependent switching data was, you know, interesting. Obviously, want to understand a little bit like your understanding of how the reprogramming is kind of happening here. Is there a patient selection biomarker you can use prospectively, you know, to predict which patients will mount that, you know, desired immune phenotype? Then on the DMC, you know, for acute setting, I was just curious, you know, you want to have this seamless phase II to phase III. Are there requirements that are different in, say, ARDS versus maybe what you have previously discussed in oncology indications, for example?

Speaker #8: Obviously want to understand a little bit like you're not understanding of how the reprogramming is kind of happening here and is there a patient selection biomarker you can use prospectively to predict which patients will mount that desired immune phenotype?

Speaker #8: And then on the CMC for acute setting, I was just curious—you want to have this seamless phase two to phase three, so are there requirements that are different in, say, ARDS versus maybe what you have previously discussed in oncology indications, for example?

Speaker #5: Mayank thank you. Always see your very thoughtful questions and I'm going to have Theresa speak to something very important findings. Your question on biomarkers are so timely.

Jennifer Buell: Mayank, thank you. Always for your very thoughtful questions. I'm going to have Therese speak to something very important, findings. Your question on biomarkers are so timely, and there are data to suggest that biomarkers that are emerging that differentiate the inflammatory state for patients with ARDS are predictive of response and may be predictive of response with our therapy, which we believe they may be. This could help accelerate development timelines for us. We're measuring that. We've designed our statistical plan to actually interrogate this prospectively and stratify for the inflammatory state of patients. This, we do believe that there may be patients who may respond more effectively to the therapy if they have a specific biomarker present. We'll be talking more about that as patients enroll and the data evolve.

Jennifer Buell: Mayank, thank you. Always for your very thoughtful questions. I'm going to have Terese speak to something very important, findings. Your question on biomarkers are so timely, and there are data to suggest that biomarkers that are emerging that differentiate the inflammatory state for patients with ARDS are predictive of response and may be predictive of response with our therapy, which we believe they may be. This could help accelerate development timelines for us. We're measuring that. We've designed our statistical plan to actually interrogate this prospectively and stratify for the inflammatory state of patients. This, we do believe that there may be patients who may respond more effectively to the therapy if they have a specific biomarker present. We'll be talking more about that as patients enroll and the data evolve.

Speaker #5: And there are data to suggest that biomarkers that are emerging, that differentiate the inflammatory state for patients with ARDS, are predictive of response and may be predictive of response with our therapy, which we believe they may be. This could help accelerate development timelines for us.

Speaker #5: We're measuring that. We're also we've designed our statistical plan to actually interrogate this prospectively and stratify for the inflammatory state of patients. This we do believe that there may be patients who may respond more effectively to the therapy if they have a specific biomarker present.

Speaker #5: We'll be talking more about that as patients enroll in the data evolve. But it's such an important question. What was remarkable about the data that we presented yesterday now there are a number of approaches to interrogating INK T cells and delivering them and there are technologies that may take that seek to take an off the shelf approach that our IPSC derived or cell line derived donor derived cells.

Jennifer Buell: It's such an important question. What was remarkable about the data that we presented yesterday? There are a number of approaches to interrogating iNKT cells and delivering them. There are technologies that may take that seek to take an off-the-shelf approach that are iPSC-derived or cell line-derived, donor-derived cells. We believe at MiNK that actually developing a process that allows us to scale to billions of cells per donor using donor-derived cells, and these are thymic-educated iNKT cells, which have now demonstrated substantial activity and very specific activity, which the data at the Cell & Gene Therapy conference we presented yesterday, that immune modulation independent of the disease.

Speaker #5: Now, we believe at MiNK that actually developing a process that allows us to scale to billions of cells per donor using donor-derived cells—and these are thymic–educated INK T cells, which have now demonstrated substantial activity and very specific activity, which the data at the Cell and Gene Therapy conference we presented yesterday showed—that immune modulation, independent of the disease, so taking the same donor, the same manufacturing process, standardizing it, generating billions of cells through that manufacturing process so the scale is there, delivering it to patients, the same donor-derived cells in different disease settings and seeing very different immunologic, biologic, and clinical activity is a profound advancement to the science of INK T development, which we are just immensely excited about.

Jennifer Buell: Taking the same donor, the same manufacturing process, standardizing it, generating billions of cells through that manufacturing process so the scale is there, delivering it to patients, the same donor-derived cells in different disease settings and seeing very different immunologic, biologic, and clinical activity is a profound advancement to the science of iNKT development, which we are just immensely excited about. Taking those signals and observations of applying this particular formulation in patients with cancer and seeing essentially tumor-killing profile, activation, TH1 skewed, and a very different profile from the same formulation in patients with an inflammatory disease, essentially a pulmonary problem, and having those same cells effectively dampen that inflammatory problem is just groundbreaking, frankly. We'll be looking forward to publishing these data very soon after the presentation.

Speaker #5: So taking those signals and observations of applying this particular formulation in patients with cancer and seeing essentially tumor killing profile activation PH1 skewed in a very different profile from the same formulation in patients with an inflammatory disease essentially a pulmonary problem and having those same cells effectively dampen that inflammatory problem.

Speaker #5: It's just groundbreaking frankly and we'll be looking forward to publishing these data very soon after the presentation. Those findings helped us to not only elucidate biomarkers for our upcoming randomized phase two but also have really impressive confidence around development strategies in different disease applications.

Jennifer Buell: Those findings helped us to not only elucidate biomarkers for our upcoming randomized phase II, but also have really impressive confidence around development strategies in different disease applications. These data, of course, build from the previous findings that we presented in February of the iNKT cell importance in pulmonary fibrosis. I'll have Therese just speak to a couple of things. One, this inflammatory cascade that happens. We see it in critical illness, we see it in cancer. Patients essentially become vulnerable to a disease setting. Sometimes it's an infection, it could be cancer. You see this cascade that happens, an inflammatory cascade that results in fibrosis, fibrotic lesions in some cases, and in other cases in cancer, and in some cases both.

Jennifer Buell: Those findings helped us to not only elucidate biomarkers for our upcoming randomized phase II, but also have really impressive confidence around development strategies in different disease applications. These data, of course, build from the previous findings that we presented in February of the iNKT cell importance in pulmonary fibrosis. I'll have Terese just speak to a couple of things. One, this inflammatory cascade that happens. We see it in critical illness, we see it in cancer. Patients essentially become vulnerable to a disease setting. Sometimes it's an infection, it could be cancer. You see this cascade that happens, an inflammatory cascade that results in fibrosis, fibrotic lesions in some cases, and in other cases in cancer, and in some cases both.

Speaker #5: And these data of course build from the previous findings that we presented in February of the INK T cell importance in pulmonary fibrosis. And I'll have Theresa just speak to a couple of things.

Speaker #5: Once this inflammatory cascade happens, we see it in critical illness, we see it in cancer. Patients essentially become vulnerable to a disease setting—sometimes it's an infection, it could be cancer—you see this cascade that happens, an inflammatory cascade that results in fibrosis, fibrotic lesions in some cases, and in other cases in cancer, and in some cases both.

Speaker #5: And what we are observing now and presenting in sequence are the observations that by reconstituting the immune system it's such an important time with the therapy that can modulate both innate and adaptive immunity we may be able to get into a mechanistic approach where we can start to mitigate these problems going into ARDS and with in patients with and without trauma allow us to explore this in a setting that we have seen those inflammatory assaults whether it's from an infection from a trauma do result in downstream fibrotic lesions and we may be able to prevent that and prevent the sequelae that comes from these complications and I'll turn that to Theresa to say a little bit more about that.

Jennifer Buell: What we are observing now and presenting in sequence are the observations that by reconstituting the immune system at such an important time with a therapy that can modulate both innate and adaptive immunity, we may be able to get into a mechanistic approach where we can start to mitigate these problems. Going into ARDS and in patients with and without trauma allow us to explore this in a setting that we have seen those inflammatory assaults, whether it's from an infection, from a trauma, do result in downstream fibrotic lesions, and we may be able to prevent that and prevent the sequelae that comes from these complications. I'll turn that to Therese to say a little bit more about that.

Speaker #3: Yes, thank you, Jen. You know, during COVID we sort of had this important epiphany—epiphany where we repurposed cancer medications for this robust inflammatory cascade that caused COVID respiratory failure and was responsible in the beginning for such profound devastation and death.

Terese Hammond: Yes, thank you, Jen. You know, during COVID, we sort of had this important epiphany where we repurposed cancer medications for this robust inflammatory cascade that caused COVID respiratory failure and was responsible in the beginning for such profound devastation and death. I think it opened our eyes to the fact that cancer and critical illness are not that different. The basis is all chronic inflammation. If you can't take acute inflammation, resolve it becomes chronic. As it becomes chronic, it substantially changes the biology of our bodies and makes us susceptible to different pathways that both have bad consequences, either neoplasm or cancers or fibrosis and end-stage tissue damage. I think that this concept of sort of hyperinflammation, resolution of inflammation is incredibly important.

Speaker #3: I think it opened our eyes to the fact that cancer and critical illness are not that different. They're all the basis is all chronic inflammation and if you can't take acute inflammation resolve it it becomes chronic and as it becomes chronic it substantially changes the biology of our bodies and makes us susceptible to different pathways that are that both have bad consequences either neoplasm or cancer cancers or fibrosis and end stage tissue damage.

Speaker #3: So I think that this concept of sort of hyperinflammation and resolution of inflammation is incredibly important, and that's where our understanding—especially, I can speak mainly to ARDS—has been really enlightening. It's been driven over the last few years by a couple of visionaries who've understood that developing biomarkers and understanding the course for ARDS is important, and differentiating and recovering from the disease.

Terese Hammond: That's where our understanding, especially I can speak mainly to ARDS, has been really enlightening. It's been driven over the last few years by a couple of visionaries who've understood that developing biomarkers and understanding the course for ARDS is important in differentiating and recovering from the disease. About a third of patients with ARDS are gonna have the so-called hyperinflammatory cytokine profile. Things like interleukin 18 will be very, very high. Interleukin 6 will be very, very high. For that third of patients with hyperinflammation, their morbidity and mortality is substantially higher. If you can predict that, and if you can modulate that, I think that was part of the rationale in our phase I-II trial.

Speaker #3: About a third of patients with ARDS are going to have this so-called hyperinflammatory cytokine profile things like interleukin 18 will be very very high interleukin 6 will be very very high and for that third of patients with hyperinflammation their morbidity and mortality is substantially higher.

Speaker #3: And if you can predict that and if you can modulate that I think that that was part of the rationale in our phase one two trial certainly going into our phase two two three trial we're heavily depending on biomarkers to help us separate and help us interrogate the data that we collect from agent 797 INK T therapy.

Terese Hammond: Certainly going into our phase II, III trial, we're heavily depending on biomarkers to help us separate and help us interrogate the data that we collect from agenT-797 iNKT therapy. It's just an important component of not just understanding critical illness, but finally having impactful therapies that can change the course of critical illness. The fact that in the last 26 years, we really haven't developed anything else in ARDS other than low tidal volume ventilation to really profoundly change mortality, well, that just has told us that we're well behind the curve.

Speaker #3: It's just an important component of not just understanding critical illness but finally having impactful therapies that can change the course of critical illness. The fact that in the last 26 years we really haven't developed anything else in ARDS other than low tidal volume ventilation to really profoundly change mortality well that just has told us that the world we're well behind the curve and as we've had an improvement in our ability to measure biomarkers an improvement in our understanding about what the immune system does we've been able to I think move along this path to where in the very near future we'll be able to we'll be able to significantly impact therapeutic and treatment decisions.

Terese Hammond: As we've had an improvement in our ability to measure biomarkers and improvement in our, in our understanding about what the immune system does, we've been able to, I think, move along this path to where, in the very near future, we'll be able to

Jennifer Buell: Will be able to significantly impact therapeutic and treatment decisions. These cells, iNKT cells, agenT-797, from the very beginning have captivated me for multiple reasons. I have to say the one thing that continues to impress me, and I think was really on display at the American Society of Gene & Cell Therapy presentation poster, is the fact that these cells are adaptable. They go to tissue that's injured, they taste the environment, they read the room, and they exert a response. They elicit a response through the local inflammatory or tumor microenvironment that drives either resolution or healing. You know, more to come. I'm excited to present at ATS next week. Excited to be able, as the year progresses, have more detail about our preliminary results.

Speaker #3: These cells, INK T cells, agent 797, from the very beginning have captivated me for multiple reasons. But I have to say, the one thing that continues to impress me—and I think was really on display at the American Society of Cell and Gene Therapy presentation poster—is the fact that these cells are adaptable.

Speaker #3: They go to tissue that's injured. They taste the environment. They read the room. And they exert a response they elicit a response through the local inflammatory or tumor microenvironment that drives either resolution or healing.

Speaker #3: So, you know, more to come. I'm excited to present at ATS next week—excited to be able, as the year progresses, to have more detail about our preliminary results, and just gratified as a clinician, as somebody who takes care of patients every day, that a truly revolutionary and important new therapy—cell therapy in critical illness—is on the horizon.

Jennifer Buell: Just gratified as a clinician, as somebody who takes care of patients every day, that a truly revolutionary and important new therapy, cell therapy in critical illness is on the horizon.

Mayank Mamtani: Very helpful and comprehensive. If I may just ask, quickly on the, you know, any commercial assessment work, Jen, that has occurred, you know, to Therese's earlier point, there hasn't been a lot in, you know, for decades, launching an acute care inflammatory disease-modifying drug, in this setting. Are there any other analogs you've looked at as you think about, you know, sort of the US market but also ex-US? I think relatedly, if you can maybe comment on, you know, what you may be thinking from a distribution, commercialization model standpoint, and if there's anything non-dilutive financing-wise that, you know, you'd wanna take care of in the near term. Thanks for taking my questions.

Mayank Mamtani: Very helpful and comprehensive. If I may just ask, quickly on the, you know, any commercial assessment work, Jen, that has occurred, you know, to Terese's earlier point, there hasn't been a lot in, you know, for decades, launching an acute care inflammatory disease-modifying drug, in this setting. Are there any other analogs you've looked at as you think about, you know, sort of the US market but also ex-US? I think relatedly, if you can maybe comment on, you know, what you may be thinking from a distribution, commercialization model standpoint, and if there's anything non-dilutive financing-wise that, you know, you'd wanna take care of in the near term. Thanks for taking my questions.

Speaker #4: They have for an incomprehensive and if I may just ask quickly on the you know any commercial assessment work Jen that has occurred you know Theresa's earlier point there hasn't been a lot in you know for decades launching an acute care inflammatory disease modifying drug.

Speaker #4: In this setting, are there any other analogs you've looked at as you think about, you know, sort of the US market, but also ex-US? And I think, relatedly, if you can maybe comment on, you know, what you may be thinking from a distribution and commercialization model standpoint, and if there's anything non-dilutive financing-wise that, you know, you'd want to take care of in the near term.

Speaker #4: Thanks for taking our questions.

Speaker #2: Thank you so much, Mayank. So yes, as we have been moving the program so quickly, we have, of course, in parallel launched our commercial assessments. From a distribution perspective, we've been able to demonstrate that we could take these cells and distribute them internationally, and we've really mastered the process to be able to do so.

Jennifer Buell: Thank you so much, Mayank. Yes, as we have been moving the program so quickly, we have, of course, in parallel, launched our commercial assessments. From a distribution perspective, we've been able to demonstrate that we could take these cells and distribute them internationally, and we've really mastered the process to be able to do so. From a distribution perspective, we've landed the process, the proprietary shipping, logistics and vessels that'll be necessary so that the logistics are really quite easy. As a matter of fact, we're able to ship these cells to Ukraine even under really difficult conditions, wartime conditions. That has given us quite a bit of confidence in the current process and the product.

Speaker #2: So from a distribution perspective we've landed the process the proprietary shipping logistics and vessels that will be necessary so that the logistics are really quite easy.

Speaker #2: As a matter of fact we're able to ship these cells to Ukraine even under really difficult conditions. Wartime conditions. That has given us quite a bit of confidence in the current process and the product and we haven't yet spoken about our next generation programs which will be forthcoming that will make the logistics even more exciting for the field.

Jennifer Buell: We haven't yet spoken about our next generation programs, which will be forthcoming, that will make the logistics even more exciting for the field. However, in the meantime, ARDS is a substantial problem. Respiratory distress impacts over 200,000 individuals in the US annually and more than 3 million patients globally worldwide. This is a substantial problem. There are some analogs that have demonstrated to be really quite active and broadly active in this particular setting. When we look at the expense of a patient in the ICU, it's over $100,000 essentially, and many times a day, particularly if the patient's on VV ECMO. These are substantial healthcare costs.

Speaker #2: And however in the meantime ARDS is a substantial problem respiratory distress impacts over 200,000 individuals in the US annually and more than 3 million patients globally worldwide.

Speaker #2: So this is a substantial problem there are some analogs that have demonstrated to be really quite active in broadly active in this particular setting.

Speaker #2: When we look at the expense of a patient in the ICU it's over 100,000 dollars essentially and many times a day particularly if the patient's on VVECMO.

Speaker #2: These are substantial healthcare costs and it also when the longer patients are in the ICU the fewer patients and we saw this during the pandemic fewer patients can be treated.

Jennifer Buell: It also, the longer patients are in the ICU, the fewer patients, and we saw this during the pandemic, fewer patients can be treated. Moving patients through the ICU very quickly and getting them extubated and out of the ICU quickly will have an enormous benefit to the healthcare system overall, particularly when we're succumbing to heavier demands, seasonally as well as, you know, different exposures and threats that enter the system. There's a substantial commercial opportunity. At this point, I'd like to lay that out for public consumption, in parallel with data from the randomized phase II, which we expect to be no later than the H2 of this year. We've already designated some locations where we will be presenting our findings.

Speaker #2: So moving patients through the ICU very quickly and getting them extubated and out of the ICU quickly will have an enormous benefit to the healthcare system overall particularly when we're succumbing to heavier demands seasonally as well as you know different exposures and threats that enter the system.

Speaker #2: So, there's a substantial commercial opportunity at this point. I'd like to lay that out for public consumption in parallel with data from the randomized Phase 2, which we expect to be no later than the second half of this year, and we've already designated some locations where we will be presenting our findings.

Speaker #2: So at that time, I think it'll be more appropriate to share the data, as well as the commercial preparation and plans to support patients in this, in the critically ill population.

Jennifer Buell: At that time, I think it'll be more appropriate to share the data as well as the commercial preparation and plans to support patients in this critically ill population. Thank you. Thank you very much for your questions and continued support.

Speaker #2: So thank you. Thank you very much for your questions and continued support.

Speaker #4: Thank you Jen.

Mayank Mamtani: Thank you, Jen.

Speaker #5: Again if you would like to ask a question please press star and number one. On your telephone keypad. There are no further questions at this time.

Operator: If you would like to ask a question, please press star and 1 on your telephone keypad. There are no further question at this time. This concludes the Q&A session. I now turn the call back to Dr. Jennifer Buell for closing remarks. Please go ahead.

Speaker #5: This concludes the Q&A session. I now turn the call back to Dr. Jennifer Buell for closing remarks. Please go ahead.

Speaker #2: Thank you, operator, and thank you all for joining us today. I appreciate your support, and we look forward to providing additional updates very soon.

Jennifer Buell: Thank you, operator, and thank you all for joining us today. I appreciate your support, and we look forward to providing additional updates very soon. Thanks again.

Speaker #2: Thanks again.

Operator: This concludes today's call. A replay will be available in the events and presentations section of our investor website at investor.MiNKTherapeutics.com/events-and-presentations. Thank you for your participating. You may now disconnect.

Speaker #5: This concludes today's call. A replay will be available in the Events and Presentations section of our Investor website at investor.minktherapeutics.com/events-and-presentations. Thank you for your participation.