MeritValue

MiNK Therapeutics, Inc.

INKTdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

MiNK Therapeutics, Inc. earns about -127% on equity, and has bought back 84% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$30.2M1−$28M2−$22.5M3−$10.8M4−$12.5M4
Operating cash flow−$12.8M5−$18.9M6−$15.8M7−$9.56M8−$5.93M8
Capital expenditure$248,9839$250,04610$73,56111——
Free cash flow (derived)−$13.1M5−$19.1M6−$15.8M7——
Total debt—————
Cash & equivalents$38.9M12$19.6M13$3.37M14$4.58M15$13.4M15
Diluted shares26.0M33.7M3.4M3.8M4.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$33.32
your share of equity
Profit it earned you last year
−$29.26
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$33.32 of net worth that earned you −$29.26 last year.

iii. Is this a good business?
Moat signal · return on equity
-127% avg · 5y
FY21 -127%FY22 —FY23 —FY24 —FY25 —

It earned an average -127% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-009762 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-034672 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-041379 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-134813 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009762 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-034672 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-041379 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-134813 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009762 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-034672 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-041379 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-009762 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-034672 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-041379 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-134813 (CashAndCashEquivalentsAtCarryingValue)