Marker Therapeutics, Inc. MRKR
We are a clinical-stage immuno-oncology company specializing in the development of novel T cell-based immunotherapies for the treatment of hematological malignancies and solid tumor indications. Harnessing millions of years of immunologic evolution, Marker's Multi Antigen Recognizing ("MAR")-T cell technology is designed to recognize and kill highly heterogeneous tumors without the need for genetic modifications. This approach selectively expands natural tumor-specific T cells from a patient's/donor's blood that are capable of recognizing a broad range of tumor associated antigens, or TAAs. Unlike other T cell therapies, MAR-T cells are able to recognize hundreds of different epitopes within up to six tumor-specific antigens to produce broad spectrum anti-tumor activity. Targeting multiple antigens simultaneously exploits the natural capacity of T cells to recognize and kill tumor targets via native T cell receptors ("TCR"), while limiting tumor adaptation/escape by antigen-negative selection or antigen down-regulation. When infused into a patient with cancer, the MAR-T cells are designed to kill cancer cells expressing the TAA.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5M | $6.6M | $3.3M | $3.5M | $1.2M | $466.8K | $213.2K | $206.0K | $183.1K | — |
| R&D | $11.8M | $13.5M | $10.4M | $12.0M | $27.8M | $18.9M | $12.8M | $8.0M | $5.3M | $3.8M |
| SG&A | $4.2M | $4.2M | $7.5M | $11.3M | $12.9M | $10.5M | $10.0M | $24.4M | $6.4M | $4.7M |
| Total operating expenses | $16.4M | $17.7M | $17.9M | $23.3M | $40.7M | $29.4M | $22.7M | $148.4M | $11.7M | $8.5M |
| Operating income | -$12.9M | -$11.1M | -$14.6M | -$19.8M | -$39.5M | -$28.9M | -$22.5M | -$148.2M | -$11.5M | -$8.5M |
| Pre-tax income | -$12.2M | -$10.7M | -$14.0M | -$19.8M | — | — | — | -$148.0M | -$11.0M | -$2.5M |
| Income tax | $15.2K | $50.0K | $3.7K | — | — | — | — | $0 | $0 | $0 |
| Net income | -$12.2M | -$10.7M | -$8.2M | -$29.9M | -$41.9M | -$28.7M | -$21.4M | -$148.0M | -$11.0M | -$2.5M |
| EPS, basic | -0.79 | -1.19 | -0.94 | -3.58 | -5.47 | -0.61 | — | — | -1.16 | -0.36 |
| EPS, diluted | -0.79 | -1.19 | -0.94 | -3.58 | -5.47 | -0.61 | -0.47 | -7.75 | -1.16 | -0.72 |
| Shares, diluted (wtd. avg.) | $15.3M | $9.0M | $8.8M | $8.4M | $7.7M | $47.0M | $45.6M | $19.1M | $9.5M | $7.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.1M | $19.2M | $15.1M | $11.8M | $43.5M | $21.4M | $43.9M | $61.7M | $5.1M | — |
| Total current assets | $19.1M | $22.0M | $17.1M | $16.6M | $46.0M | $24.4M | $45.5M | $62.0M | $5.2M | $7.9M |
| Property, plant and equipment | — | — | — | $12.3M | $12.3M | $10.4M | $418.0K | $147.7K | $0 | — |
| Total assets | $19.1M | $22.0M | $17.1M | $34.4M | $68.1M | $45.6M | $46.4M | $62.1M | $5.2M | $7.9M |
| Accounts payable | $793.7K | $1.1M | $961.0K | $1.1M | $5.1M | $2.9M | $993.0K | $1.6M | $1.0M | $680.0K |
| Total current liabilities | $2.3M | $3.5M | $3.1M | $7.8M | $12.9M | $6.4M | $2.0M | $2.8M | $1.5M | $1.7M |
| Total liabilities | $2.3M | $3.5M | $3.1M | $14.8M | $24.1M | $18.3M | $2.3M | $2.8M | $1.5M | $1.7M |
| Retained earnings | -$459.2M | -$447.0M | -$436.3M | -$428.0M | -$398.1M | -$356.2M | -$327.5M | -$306.1M | -$157.4M | -$145.8M |
| Total equity | $16.8M | $18.6M | $14.1M | $19.6M | $44.0M | $27.3M | $44.1M | $59.3M | $3.7M | $6.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.0M | -$10.9M | -$16.4M | -$27.0M | -$27.3M | -$20.0M | -$18.3M | -$14.5M | -$8.4M | -$6.5M |
| Depreciation and amortisation | — | — | — | $2.8M | $2.1M | $485.6K | $105.1K | — | — | — |
| Stock-based compensation | $537.5K | $245.9K | $858.3K | $3.3M | $6.0M | $5.2M | $5.4M | $16.4M | $2.7M | $1.6M |
| Capital expenditure | — | — | — | — | — | — | $375.0K | $147.7K | $0 | — |
| Investing cash flow | — | — | $18.7M | -$4.9M | -$3.1M | -$9.3M | -$375.0K | -$147.7K | $0 | — |
| Financing cash flow | $9.9M | $15.0M | $1.1M | $202.1K | $52.6M | $6.7M | $816.5K | $71.2M | $5.7M | $7.8M |
| Buybacks | — | — | — | — | — | — | — | $71.7K | $310.5K | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-031274.
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