INKT

Good morning, and welcome to MiNK Therapeutics' first quarter 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.

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 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?

Thank you, Stefanie. 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 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 inflammatory diseases, will present at the American Thoracic Society Conference, the international conference in Orlando, Florida.

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, 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. 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. That same practicality is central to how we're expanding our platform through selective partnerships. In the first quarter 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.

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. Sam Spiteri. 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. 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. 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. As 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.

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 Cell and Gene 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. Very important. We observed distinct immune outputs depending on the disease environment. This supports our belief that iNKT cells participate in modulating immune biology across profoundly different disease states. 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. In severe lung injury, the profile shifted towards restoration-associated immune signaling. Dr. Hammond will go into this in more detail.

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 plus standard of care in patients with severe acute lung injury and respiratory distress identified using globally recognized ARDS criteria. The study's 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.

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 U.S. accounting for about 25% of mechanically ventilated ICU patients. Mortality remains very high. Approximately 40%-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, failed to consistently improve survival in randomized studies. In part, because broad immunosuppressive approaches may be insufficient in patients who simultaneously require modulation of an injurious inflammation together with preservation of pathogen clearing immune function.

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 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 who have few remaining therapeutic options. 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 UNBROKEN Ukraine.

Our study has been approved by the Ministry of Health of Ukraine and now clears the FDA for dosing. Our team has had the opportunity to spend on-site, time on-site evaluating the hospital and 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, survival is accompanied by complications including multi-drug resistant pathogens, chronic inflammatory issues, and downstream fibrosis.

Programs such as BARDA-funded JUST BREATHE program have demonstrated that appropriately targeted anti-inflammatory intervention can improve survival in patients with severe respiratory compromise. We believe the next evolution are therapies capable not only of dampening harmful inflammation, as we've observed with seven-nine-seven, 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, these environments where complex individualized manufacturing are simply not feasible. The ability to deliver cryopreserved allogeneic therapy rapidly without lymphodepletion 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 U.S. FDA, and 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 and 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 with a 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. As I mentioned earlier in the first quarter, the strategy was reflected in our C-Further collaboration support in the development of our PRAME-targeted TCR iNKT program 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 cap, 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. Terese Hammond. Terese?

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. 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.

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.

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, and 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.

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. It was 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.

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?

Thank you, Terese. 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 and subsequently completed the repayment of approximately $5.2 million associated with the Agenus convertible note during the first quarter of 2026. This further simplifies our balance sheet as it makes advances into randomized clinical execution. Following this repayment, in the three months ended March 31st, 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. 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 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. 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. The net loss for the first quarter of 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.

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, 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. Just quickly, at AACR, we presented so long survival in patients with refractory gastric cancer.

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.

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 second half of this year, so before the end of this year. We will expect to present preliminary findings also in the second half 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.

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.

Thank you. To ask a question, please press star then 1 on your telephone keypad. To withdraw your question, please press star and 1 again. We will pause for just a moment to compile the Q&A roster. Your first questions comes from the line of Emily Bodnar from H.C. Wainwright. Please go ahead.

Hi. Good morning. Thanks for taking the questions, congrats on all the progress. I want you 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 ANKTIVA? Thanks.

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 1:1 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 1:1 randomization.

These are patients that are in the ICU and patients that will be all treated with standard of care and will 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. 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, and I'm going to ask Dr. Hammond to speak a little bit about this. Fungal pneumonia is a substantial problem. It's a growing problem.

It's increasing in incidence and prevalence in the United States. It's endemic in certain regions and territories in the U.S., 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.

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.

Yes. Thank you, Jen, and 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 U.S. 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 U.S., but other endemic and pathologic fungi are across the U.S. and even We've actually had conversations with our colleagues at First Lviv Territorial Medical Union in Lviv. In war-injured patients, fungal pneumonia and fungal infections are becoming increasingly prevalent.

In, 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. 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. 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, it's really novel, and we'll present more detailed data next week at ATS.

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 U.S. and, frankly, worldwide.

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, and 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 and 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.

To go back to the randomized phase II, though, we talked about the sample estimates, but the endpoints. These are essentially endpoints. 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, and 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 second half of this year.

Perfect. Thanks for all the color.

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

Yes. Good morning, team. Thanks for taking our questions, 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? On the CMC, you know, for acute setting, I was just curious, you know, you wanna 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?

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.

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, and 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, taking the same donor, the same manufacturing process, standardizing it, generating billions of cells through that manufacturing process, 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.

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 are 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, in other cases in cancer, and in some cases both.

And 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 with 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 Terese to say a little bit more about that.

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.

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 that was part of the rationale in our phase I/II trial.

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 the world, we're well behind the curve.

As we've had an improvement in our ability to measure biomarkers, an 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 significantly impact therapeutic and treatment decisions. These 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 Cell and Gene 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. 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.

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 U.S. market, but also ex-U.S.? 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 our questions.

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, 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 U.S. 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, 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. 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 the data from the randomized phase II, which we expect to be no later than the second half of this year. We've already designated some locations where we will be presenting our findings.

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.

Thank you, Jen.

Again, if you would like to ask a question, please press star and one 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.

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

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.

Good morning, and welcome to MiNK Therapeutics' fourth quarter and year-end 2025 financial results conference call. All participants will be in a listen-only mode until the question and answer session. As a reminder, this event is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to turn the conference over to Stefanie Perna-Nacar, Chief Communications Officer. Please go ahead.

Thank you, operator, and thank you all for joining us today. Today's call is being webcast and will be available on our website for replay. I'd like to remind you that this call will include forward-looking statements, including those related to our clinical development, regulatory and commercial plans, timelines for data releases, and partnership opportunities. These statements are subject to risks and uncertainties. Please refer to our SEC filings available on our website for a detailed description of these risks. Joining me today are Dr. Jennifer Buell, President and Chief Executive Officer, Dr. Terese Hammond, Head of Development, and Melissa Orilall, Principal Financial and Accounting Officer. I'd like to turn the call over to Dr. Buell to highlight our progress from this quarter. Dr. Buell?

Thank you, Stefanie. Good morning, everyone. For those new to MiNK Therapeutics, we are advancing a clinically validated allogeneic invariant natural killer T-cell platform, one that is fundamentally differentiated in its ability to restore and coordinate immune function across diseases or even in immune failure. Unlike conventional cell therapies, our MiNK iNKT cells are off-the-shelf. They are administered without lymphodepletion, without HLA matching. We've demonstrated clinical activity with a very favorable safety profile. MiNK cells are now in phase II clinical trials in patients with solid tumor cancers and autoimmune inflammatory conditions like GVHD and severe lung disease. Clinically, in cancer, MiNK cells have demonstrated durable survival beyond 23 months, with complete remission extending beyond two years in heavily pretreated refractory cancers with an expected survival of about six months.

Outside of cancer, we're also seeing clinical activity in patients with hypoxemic pneumonia or otherwise called severe acute respiratory distress, reinforcing the broader applicability of our immune restoration cell product. We're excited to discuss with you today our upcoming trials. We have secured external funding to advance MiNK cells into graft versus host disease with a trial in the activation phase at University of Wisconsin. We have also externally funded a trial in phase II in patients with gastric cancer, with results presented last year at AACR and expected to be presented at a major conference in the first half of this year. Finally, our soon-to-be enrolling MiNK-sponsored randomized phase II trial in patients with severe hypoxemic pneumonia or ARDS, a condition that affects approximately 200,000-300,000 patients per year. We'll talk more about that in just a few moments.

Most importantly, we're doing this with a level of capital efficiency that's really uncommon in cell therapy. We're combining disciplined internal execution with non-dilutive funding through government and institutional partnerships, and we're manufacturing at a scale that appears to be the most efficient in cell therapy at this time. At the same time, we continue to build scientific validation through multiple data presentations and peer review publications, many of which will be out in the first half of this year. Now, history tells an important story here on execution, and looking back at 2025, it was a year that we moved really from promise to proof, establishing durability, validating our mechanism, demonstrating that this platform can be advanced with both rigor and efficiency. In 2022, we demonstrated that our results were really quite durable, clinically and biologically.

At the Society for Immunotherapy of Cancer annual meeting in late 2025, just a couple of months ago, we presented updated clinical data in heavily pretreated checkpoint refractory solid tumor cancers. This is a substantial and growing population of patients. These were patients who had exhausted standard options. What we observed was meaningful. Median overall survival exceeding 23 months in combination with commercially available PD-1 therapies. Complete remissions extending beyond two years. Long-term survival across multiple solid tumor cancers, including gastric, thymoma, renal, adenoid cystic cancers, and lung cancer. These outcomes matter, particularly in this patient population, and importantly, because they have persisted over time. At the same time, we've deepened our understanding of how this is working.

We saw activation and expansion of important immune cell populations, dendritic cells supporting antigen presentation, repolarization of macrophages towards pro-inflammatory antitumor states, and reinvigorated or exhausted T-cells with restored function. We also observed controlled increases in cytokines such as interferon gamma, IL-2, TNF alpha, consistent with a productive immune response without systemic toxicity. The takeaway for us is very straightforward. The durability we're seeing clinically is supported by a coordinated immune activation state. This is not a single pathway effect, and it's what defines MiNK iNKT cells as our platform. In scientific validation beyond immuno-oncology, we asked how this biology goes beyond cancer. This year at the Keystone Symposia, Dr. Terese Hammond, our Head of Inflammatory and Pulmonary Diseases, presented human data showing significant depletion of iNKT cells in patients with end-stage idiopathic pulmonary fibrosis. This is important evidence of immune deficiency in patients with immune dysfunction.

When you see that forward, the path becomes really clear, restore what's missing. This is how we're approaching expansion. Follow the biology, validate in humans, and then move into clinical execution. We've taken this approach in patients with hypoxemic pneumonia or ARDS. This is a very serious condition. It's growing in prevalence and incidence, and it's affecting currently approximately 200,000-300,000 patients annually with a mortality rate of 30%-40% and no approved disease-modifying therapies. In our phase I/II trial in this particular population, we dosed critically ill patients with respiratory distress. These patients were on mechanical ventilation and/or VV-ECMO. These patients are consuming substantial resources in our ICUs, and our results showed that we can get the cells into patients in community hospitals. We can dose to 1 billion cells without deleterious tox.

As a matter of fact, the cells were tolerated quite well. We not only did not see cytokine release, we in fact dampened pro-inflammatory signals or harmful inflammation. We observed prolonged survival, 70% of patients alive compared to 10% of patients within hospital controls. We observed that these cells could locally modulate immune function in the lung, and they can restore function of lung tissue, specifically endothelial function and improved oxygenation in these patients. We saw rapid extubation. We saw patients coming off of the most severe life support, VV-ECMO. We saw that these cells also not only cleared infectious pathogens, but also we saw a reduction in the onset of secondary infections. This is important because secondary infections are often the cause of death for patients in the ICU.

As a result of these findings, we are now well on our way to announcing the first dosing of patients in our randomized phase II study that's designed to expand to a phase II/III study. This is a global program. It's designed very efficiently, and it's planned to launch with our colleagues at top centers in Ukraine and in the U.S. These are real-world environments that we are able to reach because of the practicality of our approach. We have an off-the-shelf therapy with a favorable safety profile and no requirement for complex infrastructure. We're working very closely with the Ministry of Health in Ukraine and the U.S. FDA to advance this program. With dosing starting imminently, we expect initial clinical data in the second half of this year. These are very rapid trials.

This will be our first randomized controlled study in pulmonary diseases designed for clinically meaningful and regulatory-aligned endpoints. We believe this will enable MiNK to pursue rapid development pathways. Now in other disease settings, we've spoken to you about our graft versus host disease program already. We've shared more detailed foundation of this program and the study design, in fact, and our intent is to help patients undergoing hematopoietic stem cell transplantation, where more than half of the patients have graft failure and GVHD. We plan to not only improve engraftment success, but prevent acute GVHD. The study's important. It's garnered the support of two distinct sources of non-dilutive funding. The NIH/NIAID STTR award supports the development of preclinical and translational work, while the Mary Goos Clinical Trial Award directly funds the clinical trial execution at the University of Wisconsin, including patient enrollment and trial operations.

The clinical trial is in final review at the university with clinical initiation targeted for the first half of this year. We believe we'll be dosing very soon. This structure allows us to advance into immune-mediated diseases in immune-tolerant settings without incremental capital burden. It's disciplined expansion. It's funded, targeted, and aligned with our platform. Non-dilutive funding is part of how we operate. In 2025, we secured multiple sources of non-dilutive capital funding, including NIH funding, philanthropic support, and consortium funding through C-Further most recently, which includes over $1 million to get into our IND-enabling studies and meaningful double-digit downstream economics. The C-Further collaboration is particularly important, not just for the non-dilutive funding to support IND-enabling development of a really important target, a PRAME-targeting iNKT TCR, but for what it represents strategically.

This program was selected as one of the first within the C-Further Consortium, an international pediatric oncology initiative supported by Cancer Research Horizons, LifeArc, and Great Ormond Street Hospital, reflecting external validation of both the maturity of our platform and its potential in high-need settings such as pediatric cancer. The collaboration advances our PRAME-targeted TCR-engineered iNKT program, combining a well-characterized tumor antigen with our iNKT platform, which is designed to bridge innate and adaptive immunity and coordinate broader immune responses within the tumor microenvironment. Importantly, the program is structured to generate rigorous comparative preclinical data across multiple pediatric tumor models to support data-driven candidate selection in advance to first-in-human studies. From a strategic standpoint, the model allows us to advance a next-gen program in a high-need indication with non-dilutive capital.

It also allows us to leverage leading academic and translational experts without building that infrastructure or expanding it internally. MiNK gets to retain meaningful double-digit downstream commercial participation, and we preserve the platform flexibility through a non-exclusive structure. This is simply not a funding mechanism. It's really a way to expand the platform, de-risk early innovation, and create long-term value while maintaining capital discipline. Taken together, these sources of capital have enabled us to advance clinical programs and expand the pipeline and generate translational data while preserving shareholder equity. It's deliberate, and it's a repeatable part of how we're building MiNK. On the financial discipline front, we're doing more with less. We strengthened our financial position over the year with our cash increasing to about $13.4 million from $4.6 million, and our operating costs decreasing nearly 40% over the course of the year.

The key takeaway is that we've increased cash while reducing burn and continuing to execute on important programs. With the scale and complexity of the work we're now undertaking, including randomized clinical trial execution, multi-program advancement, and increasing external engagement, we've strengthened our financial leadership. We recently appointed Melissa Orilall as Principal Financial Officer. Melissa brings deep experience in financial operations, planning, and disciplined execution, including her work at the Whitehead Institute and in corporate banking. Her focus is on ensuring that our capital allocation, reporting, and operational execution is tightly aligned as we advance through this next phase. Now our expanded pipeline, as I've mentioned, we continue to advance our PRAME TCR iNKT program by non-dilutive funding. Further, our MiNK-215, which is our CAR-iNKT program targeting stromal resistance, is very important.

We've continued to build our translational data set on this asset as we responsibly bring it into IND enablement. These currently do not have a specific near-term catalyst, but we would expect to be announcing some within the next three to five months on our 215 program. As our data set has strengthened, we have seen increased external interest in 797 and iNKT biology. Some of you have actually reached out to me specifically about third parties who have announced the combination of 797 in their clinical trials. As I've mentioned now publicly, MiNK has not formally announced any of our strategic collaborations yet. Strategic partnering does remain core to our strategy, and we plan to continue to keep you apprised as these developments ensue. What to watch for in 2026.

This year, we are focused on some substantial and measurable milestones, which are really quite exciting. In the first half of 2026, as I've mentioned, we expect to initiate our randomized phase II/III ARDS hypoxemic pneumonia study and the activation and dosing in our GVHD trial. In the second half of the year, we do expect to have initial clinical data from both of those programs, not only representing our first randomized data set in pulmonary diseases, but also early immune and translational readouts in GVHD as well as in lung disorders. In parallel, during the first half of 2026, we'll continue to build scientific validation through multiple data presentations and peer-reviewed publications, extending the data sets presented at SITC and Keystone.

Taken together, these milestones are designed to generate clear, interpretable data that informs our next steps, both in development and in potential regulatory and strategic pathways. Now, I'd like to turn the call over to Melissa to review our financials. Melissa.

Thank you, Jen. During 2025, we executed an at-the-market facility in a disciplined manner, ending the year with a cash balance of $13.4 million. Since year-end, we have raised an additional $3 million through this program, extending our runway through 2026 and supporting key clinical milestones. Our net loss for the fourth quarter of 2025 was $2.6 million or $0.56 per share, compared to $2.5 million or $0.62 per share for the fourth quarter of 2024. For the full year, net loss was $12.5 million or $2.93 per share, compared to $10.8 million or $2.86 per share in 2024. These results reflect continued focused investment in advancing our agenT-797 clinical programs while maintaining disciplined control over our operational spend.

I will now turn the call back to Jen for closing remarks.

Thank you so much, Melissa. Thank you all for being here. I think just in closing, I'll just reiterate that for us, if you just step back, the story is pretty simple. In 2025, we demonstrated durability. We showed mechanistic validation of our technology as well as human disease relevance. Those data have now set the stage for what we're doing going forward. In 2026, we're executing on an important randomized controlled clinical trial as well as signal detection and clinical advancement in very important disease settings, including GVHD. We'll be generating clinical data and publicizing that very quickly and advancing towards potential paths for regulatory approval. We have multiple readouts planned in the first half of this year, with data from our upcoming trials and preliminary readouts in the second half of this year. We're excited, and I look forward to your questions.

I'll now turn the call back over to the operator.

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. At this time, I would like to remind everyone in order to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Our first question comes from the line of Emily Bodnar with H.C. Wainwright. Please go ahead.

Hi. Good morning. Thanks for taking the questions. A couple from me, maybe starting with the phase II pneumonia and ARDS study. Could you kind of talk through how many patients approximately that trial is gonna be and what the appropriate control arm is here? Then you also talked about development in IPF, which sounds like would need to be a separate trial. Maybe just talk about how you're thinking of these different indications. Thank you.

Hi, Emily. Thanks so much for your question. Absolutely. While we have not publicly posted the program in hypoxemic pneumonia, what I'm gonna share with you is that currently in the disease population that we're pursuing, there are no approved therapies. Patients are treated with standard of care. This is the same state that we were in when we conducted our phase I/II trial, establishing the dose of these cells in this population of patients. What we've demonstrated is that patients are predominantly treated with steroid therapy, with and of course, anti-infectives, antifungals, et cetera, but really physician's choice in this disease setting. We have two things that are really important. One, we've already observed and presented that these cells appear to be quite active in restoring immune functionality and clearing pathogens independent of steroids being on board, which is unique.

Many times there's a concern about immune suppression with steroid use, standard of care steroid use, and we're not observing that. These cells appear to be sort of steroid resistant, their ability to modulate immune function, clear pathogens in the presence. We will be looking at physician's choice as effectively standard of care. The cells will be added on top of standard of care versus the cells alone. A critical piece of this is Dr. Terese Hammond is leading up our pulmonary disease programs. She's also clinically still seeing patients in the ICU. Terese is board-certified in pulmonary critical care, neuro critical care medicine, and has been treating patients with this disease profile for now decades of her life.

For us to be able to have such a thoughtful leader on this program and is such an informed clinician, it gives us a real opportunity to position these cells and to bring them forward into the patients who we believe they will be most effective in. Taking the cells plus or minus standard of care gives us not only the differentiation of the cells, the added potential of the cells, but also maybe paradigm changing for these patients in the ICU.

Great. Thank you. Maybe

Sure.

Oh, sorry. Can I just ask one more? On the second-line gastric cancer trial, could you just remind us the status of that and when we may be able to see efficacy data from that study?

You will be seeing some efficacy data in the first half of this year at a major conference, which we'll be announcing relatively soon. We're excited about that. I did not answer your question about IPF, and this is of course a very important pulmonary fibrosis, end stage in particular, is another disease setting. It's effectively an immune-related condition. We've demonstrated that with our human data, and it's a substantial opportunity for us to develop the cells in IPF. We have some important preclinical observations as well as some human data demonstrating that this is a pathway where we believe the cells can bring benefit. You're going to be hearing more about the design of that trial and the development path as we advance over the next couple of months.

We will very likely host a special meeting in this disease setting. We have selected a scientific advisory board of informed clinicians in this space and have developed a program to advance. We'll be very responsible, though, about how we're going to be funding that program, so you'll hear more about that relatively soon.

Great. Thank you.

Our next question comes from the line of Mayank Mamtani with B. Riley Securities. Please go ahead.

Yes, good morning. Thanks for taking our questions and appreciate the comprehensive update. Just on the last point on IPF and even GVHD, what target patient population, Jen, you have in consideration and wonder what differentiating aspects to the you know, some of the recently approved anti-fibrotic, anti-inflammatory approaches you know aspire to have the cell therapy you positioned against. Then I have to ask on some of the IL-15 iNKT cell combination trial launching on you know, ClinicalTrials.gov. Could you help us understand how and what you know, this 30-subject kind of total exposure you know, would inform what you are looking to independently do with looks like the randomized controlled trial in the ARDS setting.

I was not sure if, you know, the populations that you're exploring are overlapping across those combination and randomized trial settings. If you could clarify that would be great.

Mayank, thank you for your questions. I just wanna make sure that I have them correct because you did cut out for just a moment. I think on the randomized ARDS trial, the patient populations will be identified as hypoxemic pneumonia. There's a very specific global ARDS definition to system that allows us to be very specific and selective about this patient population. They will be selected and identified based on their oxygenation, a very quantifiable way of interrogating this, as well as important organ function states. We will put the detailed eligibility criterion on ClinicalTrials.gov, and this is another program where we're gonna be announcing very soon upon the announcement of the launch of the randomized phase II, as well as the dosing in GVHD.

We'll be hosting a very special R&D meeting that will allow you to talk with our experts, our clinical development experts, as well as review a deep dive of the programs and the eligibility of these patients. In ARDS, there are currently no approved therapies, so this becomes standard of care, really a physician's choice in this disease setting. There are no functional cell therapies in this setting. What we've been able to observe in our early stage development is that our cells really persist and that they are not vulnerable to steroids, and that allows the cells to continue to modulate immunity in this setting. We observe that. We see we can administer the cells, 1 billion cells, tolerably.

We observe that the cells are in the peripheral system for some time, a number of days before they then home very specifically to lung tissue. We've been able to use a special technique that allows us, particularly in ventilated patients, to take samples from within the lung tissues called a bronchoalveolar lavage, the assessment that we can test in order to interrogate the immune cell, the local immune modulating capability of the cells. It gives us two opportunities. In addition to just radiologically looking at what's happening clinically within a patient's lungs, we can start to see clearance of pathology, clearance of some inflammatory markers. You could see this radiologically, but then also when we really dig into lung tissue, we're able to see what is actually happening.

In these patients, we see these substantial pro-inflammatory signatures and what we've publicly disclosed and will be publishing even more this year in the first half, will be some of the anti-inflammatory signatures, signals that we see here in this population of patients. We're really dampening pro-inflammatory signals. We're eliminating fungal infections. We're eliminating some gram-negative bacteria, which is a major problem. This becomes an even more substantial problem in some austere regions like war zones or places where we will be studying these cells, where multi-drug resistant organisms are a substantial problem.

Given that we've already been able to demonstrate not only with our clinical trial that we've published on, but also through emergency use that we've continued to help patients with, we've demonstrated that we can really do an impactful clinical activity and modulate some of these multi-drug resistant organisms, clearing them from patients with some of the most severe critical illnesses. This is such an important part of the work that we're doing right now. You'll hear more about the eligibility of these patients, and I'm going to invite you specifically to talk with some of the experts in this disease setting. I think that was a longer way of answering the simple question on standard of care.

Okay.

What will be adequate controls, which would be really just physician's choice in this population.

I appreciate it. Thank you, Jen. I don't know if I missed that or my question was cut out. If you could address the combination approach with the IL-15 agonist, you know, that trial that launched on clinicaltrials.gov, what the rationale was, and how is that different than the study that you just referenced? Thank you.

Mayank, thank you. Thank you very much. The study that I've referenced is the MiNK-sponsored randomized phase II trial that we have not yet posted on ClinicalTrials.gov. We will be doing so. It's currently in review. The study that you're referring to, I'm grateful that you brought it up. I've received a host of inbound inquiries about this from investors as well as from regulators. I want to be very clear that MiNK has not formally announced any collaboration or any clinical trials with the IL-15 superagonist, and I think that's an important thing to understand. If we are to advance with these types of strategic collaborations, we will be very public about doing so.

At this time, strategic collaborations are really important to MiNK, and we have a number of discussions that are actively underway, not only for clinical trial combinations, there's a lot of excitement about 797, but also for broader strategic collaborations as well as minority financial investments in the company, none of which have we publicly disclosed at this time. We will do so during the appropriate time.

Thank you, Jen.

At this time, we have no further questions. I will now turn the call back over to Dr. Jennifer Buell for closing remarks.

Thank you, operator, and thank you all so much for your participation today.

Ladies and gentlemen, that concludes today's conference call. You may now disconnect your lines. Have a pleasant day.