MRKRNasdaqPharmaceutical PreparationsUS GAAP · USD

Marker Therapeutics, Inc.

Marker Therapeutics, Inc. is a clinical-stage cell therapy company developing multi-antigen targeted T-cell therapies, with a focus on its MAR-T platform and lead candidates such as MT-601 and MT-401. The company does not yet sell approved products and currently funds development through grants, equity financing, and collaborations with research and manufacturing partners.

Kysy yhtiöstä
Liikevaihto3,5milj. USD
−46,2 %v/v
Liikevoitto (EBIT)−12,9milj. USD
−15,9 %v/v
EBIT-marginaali−363,5%
−194,8 %-yks.v/v
Nettotulos−12,2milj. USD
−13,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−40−30−20−10010milj. USD2020: 0,50 milj. USD2020: EBIT −29 milj. USD20202021: 0,00 milj. USD2021: EBIT −39 milj. USD20212022: 3,5 milj. USD2022: EBIT −20 milj. USD20222023: 3,3 milj. USD2023: EBIT −15 milj. USD20232024: 6,6 milj. USD2024: EBIT −11 milj. USD20242025: 3,5 milj. USD2025: EBIT −13 milj. USD20253,5−13
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Cell therapy product candidates0 %

Clinical-stage MAR-T and OTS cell therapies being developed for AML, MDS, and other cancers.

Research grants100 %

Government and institutional grants that fund qualifying R&D and clinical trial activity.

Manufacturing and process development0 %

Technology transfer, process development, and outsourced cGMP manufacturing support for pipeline programs.

Tuotteet

Raportoitu · osuus liikevaihdosta
25,4%18,7%16,2%13,3%12,0%14,3%FY2025100 %
  • Cancer Prevention and Research Institute of Texas Acute Myeloid Leukemia25,4 %
  • National Institutes of Health Small Business Innovation Research for Lymphoma Grant18,7 %
  • Cprit Pancreatic Grant16,2 %
  • National Institutes of Health Small Business Innovation Research13,3 %
  • National Institutes of Health Small Business Innovation Research for Pancreatic Cancer12,0 %
  • Muut14,3 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Marker Therapeutics' direct economic counterparties are not commercial customers but grant agencies, clinical investigators, and manufacturing partners that support development of its product candidates. The eventual end users are patients with difficult-to-treat cancers such as AML and MDS, while the near-term buyers of services are public funding bodies and CDMOs that enable clinical execution.

Government grant agencies

CPRIT, FDA, and NIH fund specific development programs and reimburse qualifying research costs.

Clinical trial sites and investigators

Academic and clinical centers run studies for MT-401 and MT-601 and generate the data needed for approval.

CDMO and manufacturing partners

Cellipont and other third parties provide technology transfer, process development, and cGMP manufacturing.

Future oncology treatment centers

If approved, hospitals and cancer centers would purchase and administer the therapies.

Strategia

The company is focused on advancing MT-601 and MT-401 through clinical development while preserving cash through outsourced manufacturing and grant funding. Near-term priorities are technology transfer, patient enrollment, and generating early safety/efficacy data that can support additional financing, partnerships, and eventual regulatory filings.

Clinical advancement of MT-601Lyhyt aikaväli

The lead program needs manufacturing scale-up and clinical data to validate the MAR-T platform.

Progress MT-401 OTS developmentLyhyt aikaväli

The off-the-shelf AML program could broaden the platform and address rapidly progressing diseases.

Preserve liquidity and extend runwayLyhyt aikaväli

The company has no commercial revenue and must fund operations through external capital and grants.

Outsource manufacturing and scale process qualityKeskipitkä aikaväli

Third-party cGMP manufacturing reduces capital intensity and supports commercial scalability if approved.

Maantiede

Marker Therapeutics is headquartered in the United States and its development, manufacturing, and regulatory activities are centered there. The company previously operated cGMP facilities in Houston, Texas, and now relies on U.S.-based third-party manufacturing and U.S. clinical/regulatory infrastructure, making it highly exposed to FDA, NIH, and U.S. capital market conditions.

Riskit

Marker Therapeutics faces classic clinical-stage biotech risks: program failure, regulatory delay, and dependence on external capital before any product revenue exists. Its business is also exposed to government funding disruptions, FDA review delays, and the risk that outsourced manufacturing or clinical execution does not scale as planned.

Järjestetty vakavuuden mukaan
Clinical development failureKriittinen

The company has no approved products, so negative trial results would impair the core asset base.

KohdistuuMT-601MT-401Future pipeline candidates
Financing and liquidity shortfallKriittinen

Operations are funded through equity, debt, and grants, with no recurring product revenue.

Kohdistuu: Near-term operating runway and dilution risk

Regulatory delay or disruptionKorkea

FDA review timing and NIH/FDA grant administration can be slowed by staffing, budget, or shutdown issues.

KohdistuuINDsTrial amendmentsFuture approvals
Manufacturing execution riskKorkea

The company relies on third parties for cGMP manufacturing and technology transfer.

KohdistuuProduct qualitySupply continuityScale-up
Dilution from equity financingKorkea

ATM and other equity raises can materially dilute existing shareholders.

Kohdistuu: Common stock holders

Kirjanpito

Harkinnanvaraiset erät
Grant income recognition

Revenue is recorded only as qualifying costs are incurred, so timing of clinical spend drives reported revenue.

Vaikutus: Quarterly revenue volatility and deferred revenue balances

Restricted cash and deferred revenue

Grant proceeds received in advance can sit on the balance sheet until eligible costs are incurred.

Vaikutus: Liquidity presentation and liability recognition

Going concern assessment

Limited cash and recurring losses require management to assess whether operations can continue.

Vaikutus: Financial statement basis and investor risk perception

Stock-based compensation and ATM financing

Equity-based compensation and share issuances affect operating expenses and dilution.

Vaikutus: Net loss, share count, and per-share metrics

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Päivitetty: 24.9.2026