Marker Therapeutics(MRKR) - 2025 Q3 - Quarterly Results

Clinical Development - MT-601 achieved a 66% objective response rate and a 50% complete response rate in relapsed Non-Hodgkin lymphoma patients during the APOLLO study[4] - The first patient was treated in the Off-the-Shelf (OTS) program investigating MAR-T cells for Acute Myeloid Leukemia or Myelodysplastic Syndrome[4] - The company anticipates additional clinical data from the APOLLO study in the first half of 2026[8] - Marker was awarded $2.0 million from the NIH and $9.5 million from CPRIT to support the development of MT-601 in metastatic pancreatic cancer[8] Financial Performance - The net loss for Q3 2025 was $2.0 million, an improvement from a net loss of $2.3 million in Q3 2024[11] - For the nine months ended September 30, 2025, the net loss was $10,460,410, compared to a net loss of $6,893,691 for the same period in 2024, indicating an increase in losses of approximately 51%[21] - Net cash used in operating activities for the nine months ended September 30, 2025, was $10,113,975, up from $6,207,189 in 2024, reflecting a 63% increase in cash outflow[21] - Cash, cash equivalents, and restricted cash at the end of the period were $18,942,953, a decrease from $19,192,440 at the beginning of the period[21] - The net decrease in cash, cash equivalents, and restricted cash for the nine months ended September 30, 2025, was $249,487, compared to a much larger decrease of $6,111,786 in 2024[21] Expenses - Research and development expenses for Q3 2025 were $2.3 million, down from $3.5 million in Q3 2024[10] - General and administrative expenses for Q3 2025 were $1 million, compared to $0.9 million in Q3 2024[10] - The company reported stock-based compensation of $426,409 for the nine months ended September 30, 2025, compared to $195,320 in 2024, representing a 118% increase[21] Cash Management - The company raised approximately $10 million through its ATM facility, extending its cash runway into 2026[4] - As of September 30, 2025, Marker had cash and cash equivalents of $17.6 million and restricted cash of $1.4 million, expected to fund operations through Q3 2026[9] - The company raised $9,863,883 from the issuance of common stock during the nine months ended September 30, 2025, compared to $36,902 in 2024, showing a significant increase in financing activities[21] Other Financial Metrics - Deferred revenue increased to $1,352,975 for the nine months ended September 30, 2025, indicating potential future revenue recognition[21] - The company experienced a significant change in accounts payable and accrued expenses, which decreased by $901,449 from the previous year[21] - Proceeds from the exercise of warrants and stock options were $605 for the nine months ended September 30, 2025, down from $58,501 in 2024, indicating a decline in stock option activity[21] - Other receivables increased to $681,550 for the nine months ended September 30, 2025, compared to $283,405 in 2024, reflecting improved collection or new receivables[21] Manufacturing Collaboration - Marker entered a cGMP manufacturing collaboration with Cellipont Bioservices to scale up production of MT-601[2]