Detailed financial statements for MiNK Therapeutics, Inc. (INKT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MiNK Therapeutics, Inc. is a biopharmaceutical firm currently undergoing clinical trials. Its primary focus is on the identification, advancement, and market introduction of innovative invariant natural killer T (iNKT) cell therapies. These treatments are allogeneic and designed to be "off-the-shelf," providing readily available options for combating various cancers and conditions rooted in immune system dysfunction.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $11.59, INKT has negative trailing earnings (P/E not meaningful) and an ROE of 83.45%. Market capitalisation stands at $58M.
Balance sheet quality for INKT: current ratio of 1.1, net cash position of $8.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $689626 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $55060 | $77960 | $121749 | $204617 | $215437 | $181745 |
| Gross Profit | $689626 | -$55060 | -$77960 | -$121749 | -$204617 | -$215437 | -$181745 |
| Research & Development | $19.7M | $9.5M | $14.0M | $23.1M | $15.5M | $6.3M | $5.76B |
| Selling, General & Admin | $3.8M | $1.2M | $4.6M | $7.7M | $7.4M | $4.1M | $6.73B |
| Operating Expenses | $23.0M | $10.7M | $18.5M | $30.8M | $22.7M | $10.4M | $12.3M |
| Operating Income | -$22.3M | -$10.8M | -$18.6M | -$30.9M | -$22.9M | -$10.7M | -$12.5M |
| EBITDA | -$22.2M | -$13.7M | -$27.7M | -$27.9M | -$22.3M | -$10.6M | -$12.3M |
| Interest Expense | $1.6M | $2.4M | $2.4M | $253323 | 0 | 0 | 0 |
| Pre-tax Income | -$23.8M | -$16.2M | -$30.2M | -$28.0M | -$22.5M | -$10.8M | -$12.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$23.8M | -$16.2M | -$30.2M | -$28.0M | -$22.5M | -$10.8M | -$12.5M |
| EPS | $-7.80 | $-4.91 | $-9.03 | $-8.31 | $-6.54 | $-2.90 | $-2.93 |
| EPS (Diluted) | $-10.80 | $-4.91 | $-9.03 | $-8.31 | $-6.54 | $-2.80 | $-2.93 |
| Shares Outstanding (Diluted) | $2.4M | $3.3M | $3.3M | $3.4M | $3.4M | $3.9M | $4.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$43654 | -$38563 | -$36066 | -$36064 |
| Operating Income | -$3.0M | -$3.3M | -$2.9M | -$3.2M |
| EBITDA | -$2.8M | -$2.6M | -$2.7M | -$3.2M |
| Net Income | -$2.9M | -$2.6M | -$2.7M | -$3.1M |
| EPS | $-0.65 | $-0.55 | $-0.57 | $-0.62 |
| EPS (Diluted) | $-0.65 | $-0.55 | $-0.57 | $-0.62 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $299036 | $2.7M | $38.9M | $19.6M | $3.4M | $4.6M | $13.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $526000 | $254000 | $23000 | 0 | 0 | 0 | 0 |
| Inventory | $87700 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $918400 | $3.6M | $39.6M | $20.4M | $3.6M | $5.0M | $13.8M |
| Property, Plant & Equipment | $390519 | $458384 | $606595 | $1.1M | $953977 | $732929 | $390869 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.3M | $4.6M | $40.2M | $21.5M | $4.6M | $5.7M | $14.2M |
| Accounts Payable | $2.5M | $3.1M | $3.0M | $5.8M | $3.9M | $2.7M | $3.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $5.2M |
| Total Current Liabilities | $7.4M | $14.2M | $16.5M | $12.7M | $11.4M | $7.0M | $13.0M |
| Long-term Debt | $26.8M | $43.8M | 0 | 0 | 0 | $4.9M | 0 |
| Total Liabilities | $37.6M | $58.4M | $16.5M | $21.9M | $22.6M | $25.3M | $28.5M |
| Retained Earnings | -$36.5M | -$52.7M | -$82.9M | -$110.9M | -$133.4M | -$144.2M | -$156.7M |
| Total Equity | -$36.3M | -$53.9M | $23.8M | -$401303 | -$18.1M | -$19.6M | -$14.2M |
| Total Debt | $26.8M | $43.8M | 0 | 0 | 0 | $4.9M | $5.2M |
| Net Debt | $26.5M | $41.1M | -$38.9M | -$19.6M | -$3.4M | $347572 | -$8.2M |
| Working Capital | -$6.5M | -$10.7M | $23.2M | $7.7M | -$7.8M | -$2.0M | $816525 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $14.3M | $13.4M | $9.5M | $8.8M |
| Total Assets | $15.0M | $14.2M | $10.4M | $9.6M |
| Total Liabilities | $28.5M | $28.5M | $23.1M | $23.6M |
| Total Equity | -$13.5M | -$14.2M | -$12.7M | -$14.0M |
| Total Debt | $5.7M | $5.2M | 0 | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$23.8M | -$16.2M | -$30.2M | -$28.0M | -$22.5M | -$10.8M | -$12.5M |
| Depreciation & Amortization | $36816 | $55060 | $77960 | $121749 | $204617 | $215437 | $181745 |
| Stock-based Compensation | $219571 | $87829 | $1.7M | $3.0M | $3.9M | $1.8M | $2.7M |
| Change in Working Capital | $4.1M | -$324932 | $3.7M | $8.8M | $2.9M | $459728 | $3.3M |
| Operating Cash Flow | -$14.9M | -$8.3M | -$12.8M | -$18.9M | -$15.8M | -$9.6M | -$5.9M |
| Capital Expenditure | -$426469 | -$95212 | -$248983 | -$250046 | -$73561 | -$4 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$157194 | -$477639 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.4M | -$8.4M | -$13.1M | -$19.1M | -$15.8M | -$9.6M | -$5.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$941348 | -$2.1M | -$1.7M | -$2.08B |
| Capital Expenditure | 0 | -$3 | 0 | 0 |
| Free Cash Flow | -$941350 | -$2.1M | -$1.7M | -$2.08B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $620585 | $2.67B | $630386 | $422.2M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -100.0% | | | | | |
| Net Income Growth (YoY) | | +31.8% | -86.1% | +7.4% | +19.8% | +52.0% | -15.9% |
| EPS Growth (YoY) | | +37.1% | -83.9% | +8.0% | +21.3% | +55.7% | -1.0% |
| Shares Change (YoY) | | +37.4% | +1.2% | +0.6% | +2.0% | +12.4% | +10.5% |
| FCF Growth (YoY) | | +45.1% | -55.1% | -46.2% | +17.2% | +39.7% | +38.0% |
| Gross Margin | 100.0% | | | | | | |
| Operating Margin | -3231.4% | | | | | | |
| EBITDA Margin | -3219.8% | | | | | | |
| Net Margin | -3451.5% | | | | | | |
| FCF Margin | -2228.9% | | | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-6.38 | $-2.55 | $-3.91 | $-5.68 | $-4.61 | $-2.47 | $-1.39 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.4M | $3.3M | $3.3M | $3.4M | $3.4M | $3.7M | $4.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 83.45% |
| Return on Invested Capital | -604.20% |
| Return on Assets | -118.15% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.23 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.38 | -24.44 | -4.94 | -3.14 | -1.64 | -2.40 | -3.81 |
| P/B | -7.95 | -7.37 | 6.28 | -219.00 | -2.04 | -1.33 | -3.35 |
| P/S | 418.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -3231.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -3451.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |