Company: INKT
Filing Date: 2025-12-10
Form Type: S-3/A
Source: 0001193125-25-314252
Chunk: 43

Company: MiNK Therapeutics, Inc.
Filing Date: 2025-12-10
Form: S-3/A
Chunk 43
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 of net proceeds to be used specifically for such purposes. As a result, management will retain broad discretion over
the allocation of net proceeds.

S-7

DILUTION If you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the public offering price per share and the as-adjustednet tangible book value per share after this offering. We calculate net tangible book value per share by dividing the net tangible book value, which is tangible assets less total liabilities, by the number of outstanding shares of our common stock. As of September 30, 2025, we had a net tangible book value of $(13.5) million, or $(2.94) per share of common stock. Our net tangible book value per share represents total tangible assets less total liabilities, divided by the number of shares of common stock outstanding at September 30, 2025, after giving effect to the assumptions set forth below. After giving effect to the sale of our common stock in the aggregate amount of $50.0 million at an assumed offering price of $12.99 per share, the last reported sale price of our common stock on Nasdaq Capital Market as of December 9, 2025, and after deducting estimated offering commissions and expenses payable by us, our net tangible book value as of September 30, 2025 would have been $34.8 million, or $4.12 per share of common stock. This represents an immediate increase in the net tangible book value of $7.05 per share to our existing stockholders and an immediate and substantial dilution in net tangible book value of $(8.87) per share to new investors. The following table illustrates this per share dilutions:

| Assumed offering price per share                                   
 Net tangible book value per share as of September 30, 2025         |     |     | (2.94 | ) |     |   | 12.99 |   |
|:-------------------------------------------------------------------|:----|:----|------:|:--|:----|:--|------:|:--|
| Increase in net tangible book value per share after this offering  |     |     |  7.05 |   |     |   |       |   |
| As-Adjusted net tangible book value per share as of                
 September 30, 2025, after giving effect to this offering           |     |     |       |   |     |   |  4.12 |