Marker Therapeutics Reports $6.6M Revenue Growth and Improved Net Loss in 2024

Marker Therapeutics, Inc., a clinical-stage immuno-oncology company, reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of $6.6 million, a substantial increase from $3.3 million in the previous year, primarily driven by grant income. Operating expenses slightly decreased to $17.7 million from $17.9 million, with research and development costs rising by 29% to $13.5 million, largely due to increased clinical manufacturing expenses associated with its partnership with Cell Ready, LLC. The net loss from continuing operations improved to $10.7 million compared to a loss of $14.0 million in 2023.

In terms of strategic developments, Marker Therapeutics has made notable advancements in its clinical programs, particularly with its multi antigen recognizing T cell (MAR-T) therapies. The company is advancing two product candidates: MT-601 for lymphoma and pancreatic cancer, and an off-the-shelf product, MT-401-OTS, for various indications. The Phase 1 APOLLO study for MT-601 has shown promising early results, with 78% of patients achieving objective responses. Additionally, the company has received multiple grants, including a $9.5 million award from the Cancer Prevention and Research Institute of Texas (CPRIT) to support the clinical investigation of MT-601 in metastatic pancreatic cancer.

Operationally, Marker Therapeutics has undergone significant changes, including the termination of its Master Services Agreement with Cell Ready in March 2025, which had previously provided manufacturing support. The company is now seeking to establish new third-party manufacturing partnerships to ensure clinical and commercial supply. As of December 31, 2024, Marker had a working capital of $18.6 million, an increase from $14.1 million in the prior year, indicating a stronger liquidity position. However, the company continues to face challenges, including the need for additional capital to fund ongoing operations and clinical trials, with expectations of operating at a loss into the foreseeable future.

Looking ahead, Marker Therapeutics anticipates that it will need to raise additional capital through equity offerings and grant funding to support its clinical development efforts. The company has expressed uncertainty regarding its ability to continue as a going concern, given its reliance on grant income and the absence of revenue from product sales. The management has indicated that it expects to fund operations into the first quarter of 2026, assuming no additional grant funds are received. The company’s future success will depend on the successful development and commercialization of its product candidates, as well as its ability to navigate the complex regulatory landscape associated with bringing new therapies to market.