Marker Therapeutics(MRKR) - 2022 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2022, were $964,000, a 100% increase compared to the same period in 2021[76] - The net loss for the three months ended March 31, 2022, was $9.9 million, compared to a net loss of $8.8 million for the same period in 2021, representing a 13% increase[85] - Cash and cash equivalents as of March 31, 2022, were $28.8 million, down from $43.5 million as of December 31, 2021[86] - Net cash used in operating activities during the three months ended March 31, 2022, was $12.2 million, an increase of $4.1 million compared to $8.1 million in the same period last year[90] - As of March 31, 2022, the company had working capital of $22.8 million, down from $33.1 million as of December 31, 2021[99] - The company has not generated substantial product revenue and relies on raising additional capital for its operations[100] - The company is subject to risks that could adversely affect its financial condition and results of operations[119] Expenses - Research and development expenses increased by 25% to $7.0 million for the three months ended March 31, 2022, compared to $5.6 million for the same period in 2021[79] - General and administrative expenses rose to $3.7 million for the three months ended March 31, 2022, up from $3.1 million in 2021, reflecting a 19% increase[82] - The company anticipates continued net losses as it invests in research and development activities for its MultiTAA T cell product candidates[85] Funding and Capital - The company plans to continue funding operations through equity and/or debt financing, which may dilute existing stockholders' interests[101] - The company received a Product Development Research award of approximately $13.1 million from CPRIT to support the Phase 2 clinical trial of MT-401, with $2.4 million received to date[97] - The company sold 148,000 shares under the ATM Agreement for net proceeds of $63,600 from April 1, 2022, to the date of the filing[107] - The company has a common stock purchase agreement with Aspire Capital for up to $30.0 million, with $6.2 million raised as of December 31, 2021[104] Clinical Development - The company plans to submit an IND to the FDA for MT-601 for the treatment of pancreatic cancer in 2022, aiming to initiate a Phase 1 trial in 2023[71] - The company is advancing three product candidates as part of its MultiTAA-specific T cell program, including MT-401 for post-transplant AML currently in Phase 2[71] Operational Outlook - The company expects its cash, cash equivalents, and restricted cash as of March 31, 2022, to fund operations into the second quarter of 2023[99] - The company entered into a binding services agreement with Wilson Wolf for $8.0 million to support the transition of cell therapies to mainstream society[98] - The company does not expect any material impact on its long-term liquidity due to the COVID-19 pandemic[102] - The company recorded a $2.5 million judgment related to an arbitration proceeding, which was paid on March 24, 2022[118]