Financial Performance - Marker Therapeutics reported a net loss of $2.3 million for Q3 2024, an improvement from a net loss of $3.0 million in Q3 2023, representing a 23.3% reduction in losses year-over-year[10]. - The company reported a loss from continuing operations of $2.31 million for Q3 2024, compared to a loss of $2.98 million in Q3 2023, indicating a 22.4% improvement[16]. - Net loss from continuing operations for the nine months ended September 30, 2024, was $6,893,691, compared to a loss of $11,305,768 for the same period in 2023[18]. - Total net cash used in operating activities decreased to $6,207,189 for the nine months ended September 30, 2024, from $14,072,377 in 2023[18]. - The company reported a net decrease in cash and cash equivalents of $6,111,786 for the nine months ended September 30, 2024[18]. Revenue and Grants - Total revenues for Q3 2024 were $1.93 million, significantly higher than $257,606 reported in Q3 2023, marking a 650.5% increase[16]. - The company received two $2 million grants from the NIH Small Business Innovation Research (SBIR) program to support the clinical investigation of MT-601 in lymphoma and pancreatic cancer[2]. Research and Development - Research and development expenses increased to $3.5 million in Q3 2024, up from $2.0 million in Q3 2023, reflecting heightened clinical trial activity[9]. - The Phase 1 APOLLO study of MT-601 in lymphoma patients is ongoing, with preliminary safety and efficacy data expected by the end of 2024[2]. - The company anticipates starting the clinical program for MT-601 in metastatic pancreatic cancer in 2025[7]. Cash and Assets - As of September 30, 2024, Marker Therapeutics had cash and cash equivalents of $9 million, which is expected to fund operations into October 2025[8]. - Cash and cash equivalents at the end of the period were $8,999,664, down from $17,473,899 at the end of the same period in 2023[18]. - Marker Therapeutics' total assets decreased to $10.91 million as of September 30, 2024, down from $17.13 million at the end of 2023[15]. Expenses and Cost Management - General and administrative expenses decreased to $0.9 million in Q3 2024 from $1.4 million in Q3 2023, reflecting cost savings from a reorganization[9]. - Stock-based compensation for the nine months ended September 30, 2024, was $195,320, a decrease from $714,899 in 2023[18]. - Net cash provided by financing activities totaled $95,403, significantly lower than $1,099,982 in the same period last year[18]. - Proceeds from the issuance of common stock, net, amounted to $36,902, compared to $1,014,640 in the previous year[18]. Changes in Financial Position - Changes in accounts payable and accrued expenses resulted in an increase of $812,142 for the nine months ended September 30, 2024[18]. - Other receivables showed a significant decrease, with a net change of $283,405 compared to $2,318,691 in the previous year[18]. - Cash flows from discontinued operations showed no net cash provided by investing activities for the current period, compared to $18,664,122 in 2023[18].
Marker Therapeutics(MRKR) - 2024 Q3 - Quarterly Results