Marker Therapeutics(US:MRKR)2025-11-13 22:29Financial Performance - Total revenues for the three months ended September 30, 2025, were $1,233,000, a decrease of 36% compared to $1,926,000 in the same period of 2024[122]. - Total revenues for the nine months ended September 30, 2025 were $2.4 million, a decrease of 44% from $4.3 million in 2024[139]. - The net loss for the nine months ended September 30, 2025 was $10.5 million, an increase of 52% from a net loss of $6.9 million in 2024[139]. Research and Development - Research and development expenses decreased by 32% to $2,346,000 for the three months ended September 30, 2025, compared to $3,471,000 in 2024[122]. - Research and development expenses increased by 15% to $9.7 million for the nine months ended September 30, 2025, compared to $8.4 million in 2024[152]. - The company has a pipeline that includes two product candidates for three clinical indications as part of the MAR-T cell program[105]. Clinical Trials and Studies - Eight out of 12 Non-Hodgkin Lymphoma (NHL) patients achieved objective responses (66%) in the Phase 1 APOLLO study, with 50% demonstrating complete response (CR)[111]. - The company reported no treatment-related side effects in the APOLLO study, indicating a favorable safety profile for the MAR-T cell therapy[110]. - The company entered into a Statement of Work with Cellipont Bioservices for the manufacturing of MT-601, supporting the scale-up for the APOLLO study[114]. Grants and Funding - The company received a $2.0 million grant from the NIH SBIR program in August 2024 to support MT-601 for pancreatic cancer, recognizing approximately $0.2 million in revenue for the nine months ended September 30, 2025[129]. - An additional $9.5 million grant from CPRIT was awarded in December 2024 for MT-601 in metastatic pancreatic cancer, with $1.4 million recorded as restricted cash and deferred revenue as of September 30, 2025[130]. - The Company received a total of $2.0 million in grants from the NIH SBIR program to support the development of MT-401 for AML patients, with $1.5 million received to date[170]. Operating Expenses - Operating expenses for the three months ended September 30, 2025 were $3.4 million, a decrease of 21% from $4.3 million in the same period in 2024[131]. - Operating expenses for the three and nine months ended September 30, 2025, were $3.4 million and $13.4 million, respectively, compared to $4.3 million and $11.6 million in the prior year periods[177]. - General and administrative expenses increased by 20% to $1.0 million for the three months ended September 30, 2025, primarily due to headcount-related expenses[135]. Stock and Capital - The company sold 1,624,075 shares of common stock for net proceeds of $4.5 million at an average price of $2.87 per share between July 17 and 21, 2025[119]. - An additional 3,734,217 shares were sold for net proceeds of $5.4 million at an average price of $1.48 per share on August 26, 2025[176]. - The Company plans to continue funding operations through equity and/or debt financing, which may dilute existing stockholders' interests[179]. Future Outlook - The company anticipates continued net losses as it invests in research and development activities, including clinical development of MAR-T cell product candidates[138]. - The company expects to fund its operating expenses through the third quarter of 2026, assuming no additional grant funds are received[159]. - High inflation and economic recession concerns may negatively affect the Company's liquidity and ability to access capital[180].