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Marker Therapeutics(MRKR) - 2024 Q3 - Quarterly Results
MRKRMarker Therapeutics(MRKR)2024-11-14 21:45

Financial Performance - Marker Therapeutics reported a net loss of 2.3millionforQ32024,animprovementfromanetlossof2.3 million for Q3 2024, an improvement from a net loss of 3.0 million in Q3 2023, representing a 23.3% reduction in losses year-over-year[10]. - The company reported a loss from continuing operations of 2.31millionforQ32024,comparedtoalossof2.31 million for Q3 2024, compared to a loss of 2.98 million in Q3 2023, indicating a 22.4% improvement[16]. - Net loss from continuing operations for the nine months ended September 30, 2024, was 6,893,691,comparedtoalossof6,893,691, compared to a loss of 11,305,768 for the same period in 2023[18]. - Total net cash used in operating activities decreased to 6,207,189fortheninemonthsendedSeptember30,2024,from6,207,189 for the nine months ended September 30, 2024, from 14,072,377 in 2023[18]. - The company reported a net decrease in cash and cash equivalents of 6,111,786fortheninemonthsendedSeptember30,2024[18].RevenueandGrants−TotalrevenuesforQ32024were6,111,786 for the nine months ended September 30, 2024[18]. Revenue and Grants - Total revenues for Q3 2024 were 1.93 million, significantly higher than 257,606reportedinQ32023,markinga650.5257,606 reported in Q3 2023, marking a 650.5% increase[16]. - The company received two 2 million grants from the NIH Small Business Innovation Research (SBIR) program to support the clinical investigation of MT-601 in lymphoma and pancreatic cancer[2]. Research and Development - Research and development expenses increased to 3.5millioninQ32024,upfrom3.5 million in Q3 2024, up from 2.0 million in Q3 2023, reflecting heightened clinical trial activity[9]. - The Phase 1 APOLLO study of MT-601 in lymphoma patients is ongoing, with preliminary safety and efficacy data expected by the end of 2024[2]. - The company anticipates starting the clinical program for MT-601 in metastatic pancreatic cancer in 2025[7]. Cash and Assets - As of September 30, 2024, Marker Therapeutics had cash and cash equivalents of 9million,whichisexpectedtofundoperationsintoOctober2025[8].−Cashandcashequivalentsattheendoftheperiodwere9 million, which is expected to fund operations into October 2025[8]. - Cash and cash equivalents at the end of the period were 8,999,664, down from 17,473,899attheendofthesameperiodin2023[18].−MarkerTherapeutics′totalassetsdecreasedto17,473,899 at the end of the same period in 2023[18]. - Marker Therapeutics' total assets decreased to 10.91 million as of September 30, 2024, down from 17.13millionattheendof2023[15].ExpensesandCostManagement−Generalandadministrativeexpensesdecreasedto17.13 million at the end of 2023[15]. Expenses and Cost Management - General and administrative expenses decreased to 0.9 million in Q3 2024 from 1.4millioninQ32023,reflectingcostsavingsfromareorganization[9].−Stock−basedcompensationfortheninemonthsendedSeptember30,2024,was1.4 million in Q3 2023, reflecting cost savings from a reorganization[9]. - Stock-based compensation for the nine months ended September 30, 2024, was 195,320, a decrease from 714,899in2023[18].−Netcashprovidedbyfinancingactivitiestotaled714,899 in 2023[18]. - Net cash provided by financing activities totaled 95,403, significantly lower than 1,099,982inthesameperiodlastyear[18].−Proceedsfromtheissuanceofcommonstock,net,amountedto1,099,982 in the same period last year[18]. - Proceeds from the issuance of common stock, net, amounted to 36,902, compared to 1,014,640inthepreviousyear[18].ChangesinFinancialPosition−Changesinaccountspayableandaccruedexpensesresultedinanincreaseof1,014,640 in the previous year[18]. Changes in Financial Position - Changes in accounts payable and accrued expenses resulted in an increase of 812,142 for the nine months ended September 30, 2024[18]. - Other receivables showed a significant decrease, with a net change of 283,405comparedto283,405 compared to 2,318,691 in the previous year[18]. - Cash flows from discontinued operations showed no net cash provided by investing activities for the current period, compared to $18,664,122 in 2023[18].