Marker Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $1.2 million, a decrease of 36% from $1.9 million in the same period last year. The decline in revenue was primarily attributed to reduced grant income, which fell from $1.9 million in Q3 2024 to $1.2 million in Q3 2025. For the nine months ending September 30, 2025, total revenue was $2.4 million, down 44% from $4.3 million in the prior year. The company recorded a net loss of $2.0 million for the third quarter, compared to a loss of $2.3 million in Q3 2024, and a net loss of $10.5 million for the nine-month period, up from $6.9 million in the previous year.
Operating expenses for the third quarter decreased by 22% to $3.4 million, down from $4.3 million in Q3 2024. This reduction was driven by a 32% decrease in research and development expenses, which fell to $2.3 million, while general and administrative expenses increased by 20% to $1.0 million. For the nine months ended September 30, 2025, total operating expenses rose to $13.4 million, compared to $11.6 million in the same period last year, largely due to increased research and development costs and a $453,000 loss on the early termination of a vendor agreement.
In terms of strategic developments, Marker Therapeutics has made significant progress in its clinical programs, particularly with its lead product candidate, MT-601, which is being evaluated in the Phase 1 APOLLO study for lymphoma. The company has also entered into a Statement of Work with Cellipont Bioservices for the manufacturing of MT-601, indicating a focus on scaling up production capabilities. Additionally, the company has been active in raising capital, having sold 5.4 million shares of common stock in August 2025 for net proceeds of $5.4 million, following a previous sale of 1.6 million shares in July.
As of September 30, 2025, Marker Therapeutics reported cash, cash equivalents, and restricted cash totaling approximately $18.9 million, a slight decrease from $19.2 million at the end of 2024. The company anticipates that its current cash reserves will be sufficient to fund operations through the third quarter of 2026, assuming no additional grant funds are received. However, the company has expressed concerns regarding its ability to continue as a going concern, given its reliance on grant income and the need for additional capital to support ongoing research and development activities.
Looking ahead, Marker Therapeutics plans to continue its focus on advancing its clinical programs and is considering raising additional capital through equity financing. The company remains committed to its goal of developing innovative T cell-based immunotherapies for cancer treatment, although it acknowledges the uncertainties and challenges associated with clinical development and regulatory approval processes.
About Marker Therapeutics, Inc.
Marker Therapeutics, Inc. is a clinical-stage immuno-oncology company developing non-engineered T cell therapies targeting multiple tumor antigens. Its proprietary MAR-T platform aims to treat hematological malignancies and solid tumors by expanding natural tumor-specific T cells, minimizing tumor escape and adverse effects. The company’s products include autologous and off-the-shelf therapies, with a focus on lymphoma, pancreatic cancer, AML, and MDS, leveraging broad-spectrum, cost-effective immunotherapies.
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