MiNK Therapeutics, Inc.
INKTHealthcare|Biotechnology|US
$10.35
+0.30 (+2.99%)
DCF Value
$1.16
Cash / Share
$1.75
Financials
Financial Snapshot
Market Cap
$52.8M
Enterprise Value
$44.0M
Revenue (TTM)
$0.00
Net Income (TTM)
-$11.4M
Cash & Investments
$8.8M
Net Cash
$8.8M
Free Cash Flow (TTM)
-$6.8M
Operating CF (TTM)
-$6.8M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$8.8M
Quarterly Burn
$1.7M
Monthly Burn
$569.2K
Est. Runway
~5.2 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $299.0K | $2.7M | $38.9M | $19.6M | $3.4M | $4.6M | $13.4M | $8.8M | |
| Operating Cash Flow | -$14.9M | -$8.3M | -$12.8M | -$18.9M | -$15.8M | -$9.6M | -$5.9M | -$6.8M | |
| Free Cash Flow | -$15.4M | -$8.4M | -$13.1M | -$19.1M | -$15.8M | -$9.6M | -$5.9M | -$6.8M | |
| Capital Expenditure | -$426.5K | -$95.2K | -$249.0K | -$250.0K | -$73.6K | -$4.00 | $0.00 | -$3.00 | |
| Financing Cash Flow | $11.4M | $11.1M | $49.3M | -$155.6K | -$407.2K | $10.8M | $14.7M | $14.0M |
R&D Spending
R&D (TTM)
$5.7M
R&D Intensity
—
R&D Growth vs Prior
-0.2%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $689.6K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $19.7M | $9.5M | $14.0M | $23.1M | $15.5M | $6.3M | $5.8M | $5.7M | |
| R&D % of Revenue | 2850.0% | — | — | — | — | — | — | — | |
| SG&A | $3.8M | $1.2M | $4.6M | $7.7M | $7.4M | $4.1M | $6.5M | $6.5M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $689.6K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $55.1K | $78.0K | $121.7K | $204.6K | $215.4K | $181.7K | $154.3K | |
| Gross Profit | $689.6K | -$55.1K | -$78.0K | -$121.7K | -$204.6K | -$215.4K | -$181.7K | -$154.3K | |
| R&D | $19.7M | $9.5M | $14.0M | $23.1M | $15.5M | $6.3M | $5.8M | $5.7M | |
| SG&A | $3.8M | $1.2M | $4.6M | $7.7M | $7.4M | $4.1M | $6.5M | $6.5M | |
| Operating Income | -$22.3M | -$10.8M | -$18.6M | -$30.9M | -$22.9M | -$10.7M | -$12.5M | -$12.4M | |
| Interest Expense | $1.6M | $2.4M | $2.4M | $253.3K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$23.8M | -$16.2M | -$30.2M | -$28.0M | -$22.5M | -$10.8M | -$12.5M | -$11.4M | |
| Net Income | -$23.8M | -$16.2M | -$30.2M | -$28.0M | -$22.5M | -$10.8M | -$12.5M | -$11.4M | |
| EPS (Diluted) | -10.80 | -4.91 | -9.03 | -8.31 | -6.54 | -2.80 | -2.93 | -2.39 | |
| EBITDA | -$22.2M | -$13.7M | -$27.7M | -$27.9M | -$22.3M | -$10.6M | -$12.3M | -$12.0M | |
| Shares Out. (M) | 2.41 | 3.31 | 3.35 | 3.37 | 3.44 | 3.86 | 4.27 | 5.02 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $299.0K | $2.7M | $38.9M | $19.6M | $3.4M | $4.6M | $13.4M | $8.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $918.4K | $3.6M | $39.6M | $20.4M | $3.6M | $5.0M | $13.8M | $9.3M | |
| Total Assets | $1.3M | $4.6M | $40.2M | $21.5M | $4.6M | $5.7M | $14.2M | $9.6M | |
| Total Current Liabilities | $7.4M | $14.2M | $16.5M | $12.7M | $11.4M | $7.0M | $13.0M | $7.6M | |
| Long-Term Debt | $26.8M | $43.8M | $0.00 | $0.00 | $0.00 | $4.9M | $0.00 | $0.00 | |
| Total Liabilities | $37.6M | $58.4M | $16.5M | $21.9M | $22.6M | $25.3M | $28.5M | $23.6M | |
| Stockholders' Equity | -$36.3M | -$53.9M | $23.8M | -$401.3K | -$18.1M | -$19.6M | -$14.2M | -$14.0M | |
| Retained Earnings | -$36.5M | -$52.7M | -$82.9M | -$110.9M | -$133.4M | -$144.2M | -$156.7M | -$162.5M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.9M | -$8.3M | -$12.8M | -$18.9M | -$15.8M | -$9.6M | -$5.9M | -$6.8M | |
| Capital Expenditure | -$426.5K | -$95.2K | -$249.0K | -$250.0K | -$73.6K | -$4.00 | $0.00 | -$3.00 | |
| Free Cash Flow | -$15.4M | -$8.4M | -$13.1M | -$19.1M | -$15.8M | -$9.6M | -$5.9M | -$6.8M | |
| Investing Cash Flow | -$426.5K | -$95.2K | -$249.0K | -$250.0K | -$73.6K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $11.4M | $11.1M | $49.3M | -$155.6K | -$407.2K | $10.8M | $14.7M | $14.0M | |
| Issuance of Stock | $0.00 | $901.00 | $39.8M | $0.00 | $0.00 | $5.8M | $14.9M | $19.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$157.2K | -$477.6K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $11.4M | $11.1M | $9.5M | $0.00 | $0.00 | $5.0M | $0.00 | -$5.0M | |
| Stock Based Comp. | $219.6K | $87.8K | $1.7M | $3.0M | $3.9M | $1.8M | $2.7M | $2.2M | |
| Net Change in Cash | -$4.1M | $2.4M | $36.2M | -$19.3M | -$16.3M | $1.2M | $8.8M | $7.1M |
Dilution Tracker
Shares outstanding grew 29.1% over 5 years — significant dilution
Shares Outstanding
5M
5-Year Share Growth
+29.1%
Stock Issuance (TTM)
$19.4M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.41 | 3.31 | 3.35 | 3.37 | 3.44 | 3.86 | 4.27 | 5.02 | |
| Change vs Prior % | — | 37.4% | 1.2% | 0.6% | 2.0% | 12.4% | 10.5% | 17.6% | |
| Stock Issuance | $0.00 | $901.00 | $39.8M | $0.00 | $0.00 | $5.8M | $14.9M | $19.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$157.2K | -$477.6K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $219.6K | $87.8K | $1.7M | $3.0M | $3.9M | $1.8M | $2.7M | $2.2M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | — | — | — | — | — | — | — | |
| Operating Margin % | -3231.4% | — | — | — | — | — | — | — | |
| Net Margin % | -3451.5% | — | — | — | — | — | — | — | |
| EBITDA Margin % | -3219.8% | — | — | — | — | — | — | — | |
| FCF Margin % | -2228.9% | — | — | — | — | — | — | — | |
| ROE % | 65.5% | 30.1% | -127.1% | 6975.1% | 124.4% | 55.1% | 87.8% | 83.4% | |
| ROA % | -1818.5% | -356.5% | -75.1% | -130.4% | -493.3% | -188.5% | -87.7% | -118.1% | |
| ROIC % | 364.7% | 111.7% | -78.3% | -352.2% | 334.6% | 859.7% | -195.5% | -604.2% | |
| R&D / Revenue % | 2850.0% | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -108.0% | -41.6% | -56.2% | -68.1% | -5.3% | 15.6% | |
| Operating Income | 0.0% | 51.6% | -72.3% | -66.3% | 25.9% | 53.5% | -17.2% | |
| Net Income | 0.0% | 31.8% | -86.1% | 7.4% | 19.8% | 52.0% | -15.9% | |
| EPS (Diluted) | 0.0% | 54.5% | -83.9% | 8.0% | 21.3% | 57.2% | -4.6% | |
| Operating Cash Flow | 0.0% | 44.2% | -53.8% | -47.1% | 16.5% | 39.4% | 38.0% | |
| Free Cash Flow | 0.0% | 45.1% | -55.1% | -46.2% | 17.2% | 39.7% | 38.0% | |
| R&D Expense | 0.0% | -51.6% | 46.9% | 65.5% | -33.0% | -59.1% | -9.1% | |
| SG&A Expense | 0.0% | -67.8% | 270.1% | 69.1% | -3.6% | -44.8% | 59.8% | |
| Total Assets | 0.0% | 248.0% | 783.4% | -46.6% | -78.8% | 25.7% | 148.9% | |
| Book Value / Share | 0.0% | -7.9% | 143.6% | -101.7% | -4309.2% | 0.4% | 36.3% | |
| Debt | 0.0% | 63.6% | -100.0% | 0.0% | 0.0% | 0.0% | 5.2% | |
| Diluted Shares | 0.0% | 37.4% | 1.2% | 0.6% | 2.0% | 12.4% | 10.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B-3.71
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.16
Cash / Share
$1.75
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -15.38 | -24.44 | -4.94 | -3.14 | -1.64 | -2.40 | -3.81 | -4.33 | |
| P/S Ratio | 418.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -7.95 | -7.37 | 6.28 | -219.00 | -2.04 | -1.33 | -3.35 | -3.71 | |
| EV/EBITDA | -14.21 | -31.88 | -3.99 | -2.45 | -1.50 | -2.50 | -3.20 | -3.68 | |
| EV/Revenue | 457.37 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-26.27
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $200.0K | $750.0K | $7.5M |
| Net Income | -$10.8M | -$6.7M | -$6.4M |
| EPS | $-2.53 | $-1.56 | $-1.49 |
| # Analysts (EPS) | 2 | 1 | 1 |