Revenue Generation - The company did not generate any revenue during the three months ended September 30, 2024 and 2023 from the sales or licensing of its product candidates [110]. - The company recognized $0.9 million and $0.2 million of revenue during the three months ended September 30, 2024 and 2023, respectively, associated with a $13.1 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) [111]. - The company recognized $0.02 million of revenue during the three months ended September 30, 2024 and 2023, respectively, associated with a $2.0 million grant from the FDA's Orphan Products Grant program [112]. - The company recognized $0.3 million of revenue during the three months ended September 30, 2024, associated with a $2.0 million grant from the National Institutes of Health SBIR program, while no revenue was recognized in the same period of 2023 [113]. - Grant income for the three months ended September 30, 2024, was $1,926,000, a 647% increase from $258,000 in the same period of 2023 [114]. - Total revenues for the three months ended September 30, 2024, were $1,926,000, reflecting a 647% increase compared to $258,000 in the prior year [114]. - Grant income for the nine months ended September 30, 2024, was $4,339,000, a 92% increase from $2,255,000 in the same period of 2023 [130]. - The company recorded $0.9 million and $2.4 million of grant income related to the CPRIT grant as revenue during the three and nine months ended September 30, 2024, respectively [146]. Expenses and Losses - The company incurred $1.2 million and $3.1 million in expenses related to services and manufacturing costs for the three and nine months ended September 30, 2024, respectively [101]. - Research and development expenses increased by 70% to $3,471,000 for the three months ended September 30, 2024, up from $2,045,000 in the same period of 2023 [117]. - General and administrative expenses decreased by 39% to $855,000 for the three months ended September 30, 2024, compared to $1,413,000 in the same period of 2023 [119]. - Total operating expenses for the three months ended September 30, 2024, were $4,326,000, a 25% increase from $3,458,000 in the same period of 2023 [114]. - Loss from operations for the three months ended September 30, 2024, was $(2,400,000), a 25% improvement from $(3,200,000) in the same period of 2023 [114]. - Total operating expenses for the nine months ended September 30, 2024, were $11,597,000, a 17% decrease from $13,898,000 in the same period of 2023 [130]. - Net loss from continuing operations for the nine months ended September 30, 2024, was $(6,895,000), a 39% improvement from $(11,305,000) in the same period of 2023 [130]. - Operating expenses for the three and nine months ended September 30, 2024, were $4.3 million and $11.6 million, respectively, compared to $3.5 million and $13.9 million in the prior year periods [152]. Grants and Funding - The company received a $2.0 million grant from the National Institutes of Health SBIR Program in August 2024 to support the advancement of MT-601 in patients with pancreatic cancer [107]. - The company received notice of a $2.0 million grant from the National Institutes of Health SBIR Program to support the clinical investigation of MT-601 in patients with non-Hodgkin's lymphoma who have relapsed following anti-CD19 CAR T cell therapy [108]. - The company received a $2.0 million grant from the FDA's Orphan Products Grant program for the clinical investigation of MT-401, with $1.0 million received to date [147]. - The company has received a total of approximately $13.1 million from the CPRIT grant, with $9.7 million received to date [146]. Financial Position - Cash and cash equivalents as of September 30, 2024, were $9,000,000, down from $15,111,000 as of December 31, 2023 [137]. - As of September 30, 2024, the company had working capital of $7.4 million, down from $14.1 million as of December 31, 2023 [152]. - The company anticipates needing substantial additional funding for ongoing operations and may need to raise capital sooner than planned [152]. - The company has entered into an ATM Agreement allowing for the sale of up to $75.0 million in common stock, with net proceeds of approximately $37,000 from sales during the nine months ended September 30, 2024 [156]. Organizational Changes - The company implemented organizational changes in 2023, including a reduction in headcount and the appointment of Dr. Juan Vera as President and CEO [103]. - The company executed a one-for-ten reverse stock split on January 26, 2023, reducing the total number of authorized shares from 300 million to 30 million [106]. Market Conditions - High inflation and economic recession concerns have resulted in capital market volatility, potentially affecting the company's liquidity [155]. - The company plans to continue funding operations through equity and/or debt financing, which may dilute existing stockholders' interests [154].
Marker Therapeutics(MRKR) - 2024 Q3 - Quarterly Report