Marker Therapeutics Reports 72% Revenue Decline and Increased Net Loss in Q1 2025

Marker Therapeutics, Inc. reported a significant decline in revenue for the first quarter of 2025, generating $349,104 compared to $1,244,061 in the same period of 2024, marking a decrease of approximately 72%. The company's operating expenses also increased, rising to $4,957,777 from $3,793,078 year-over-year, primarily driven by higher research and development costs and a loss associated with the early termination of a vendor agreement. As a result, Marker Therapeutics recorded a net loss of $4,446,184, or $0.40 per share, compared to a net loss of $2,392,822, or $0.27 per share, in the prior year.

The company's financial position has also changed, with total assets decreasing to $16,993,266 as of March 31, 2025, down from $22,022,860 at the end of 2024. Cash and cash equivalents fell to $13,693,208 from $19,192,440, reflecting a net decrease of $5,499,232 during the quarter. The decline in cash reserves is attributed to the company's ongoing operational losses and increased expenditures in clinical trials and administrative costs. The total stockholders' equity also decreased to $14,491,871 from $18,558,406.

Strategically, Marker Therapeutics has undergone significant operational changes, including the termination of its Master Services Agreement with Cell Ready, LLC, which was a related party. The company incurred a loss of approximately $453,000 due to this termination. Following this, Marker Therapeutics is now relying on third-party manufacturers for clinical and commercial production of its product candidates. The company is actively evaluating additional manufacturing partners in anticipation of a pivotal trial for lymphoma set to commence in 2026.

Despite the challenges, Marker Therapeutics continues to receive grant funding to support its clinical investigations. The company recorded grant income from various sources, including $349,104 from the Cancer Prevention and Research Institute of Texas (CPRIT) and smaller amounts from other grants. However, the company has indicated that it expects to incur substantial losses in the coming years as it invests in research and development. The management has expressed concerns regarding its ability to continue as a going concern, projecting that current cash reserves may only sustain operations into the first quarter of 2026 without additional funding.

Looking ahead, Marker Therapeutics is considering raising additional capital through equity offerings and intends to apply for further grant funds. The company acknowledges the uncertainty surrounding its future funding requirements, which will depend on the progress of its clinical trials, regulatory approvals, and the ability to manage costs effectively. The management's outlook remains cautious, emphasizing the need for strategic partnerships and collaborations to support its long-term business objectives.