Marker Therapeutics Reports 26% Revenue Decline and Increased Net Loss in Q2 2025

Marker Therapeutics, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenues of $861,184, a decrease of 26% from $1,169,236 in the same period of 2024. For the first half of 2025, revenues fell by 50% to $1,210,288 compared to $2,413,297 in the first half of 2024. The company attributed this decline primarily to reduced grant income from various funding sources, including the Cancer Prevention and Research Institute of Texas (CPRIT) and the National Institutes of Health (NIH). The net loss for the second quarter was $4,015,564, or $(0.29) per share, compared to a loss of $2,192,677, or $(0.25) per share, in the prior year. For the six months ended June 30, 2025, the net loss increased to $8,461,748 from $4,585,499 in 2024.

Operating expenses rose significantly, with total expenses for the second quarter reaching $5,122,217, up 47% from $3,477,301 in the same quarter of 2024. Research and development expenses surged by 79% to $4,177,054, driven by increased clinical trial costs. General and administrative expenses decreased by 17% to $945,163, reflecting cost management efforts. The company also recorded a loss of $453,135 due to the early termination of a vendor agreement with Cell Ready, LLC, which contributed to the overall increase in operating expenses.

Marker Therapeutics has made strategic moves to enhance its operational capabilities, including entering into a Statement of Work with Cellipont Bioservices for the manufacturing of its lead product candidate, MT-601. This partnership aims to support the scale-up and production of MT-601 for the ongoing APOLLO study. The company also reported a successful capital raise, selling 1,624,075 shares of common stock between July 17 and 21, 2025, generating net proceeds of $4.5 million. This funding is expected to help sustain operations into the second quarter of 2026, assuming no additional grant funds are received.

As of June 30, 2025, Marker Therapeutics had cash, cash equivalents, and restricted cash totaling approximately $11.8 million, a decrease from $19.2 million at the end of 2024. The company’s working capital also declined to $10.5 million from $18.6 million over the same period. The management indicated that the company continues to face substantial doubt regarding its ability to continue as a going concern, primarily due to its reliance on grant income and the lack of recurring revenues from product sales.

Looking ahead, Marker Therapeutics plans to continue its focus on research and development, particularly in advancing its MAR-T cell therapies for various cancer indications. The company is considering additional capital raises and intends to apply for further grant funding to support its operational and developmental needs. However, the management cautioned that there are no assurances regarding the successful acquisition of additional funding or the timely progression of its clinical programs.